On September 15, the Senate failed to move the CLARITY Act forward. After over a year of negotiation and more than 1M contacts from advocates, the Senate walked away from clear rules millions of Americans needed. In November, remember who stood up for crypto—and who stood in the way.

Here we go again! The WSJ is working on a story blaming Coinbase and me personally for the CLARITY Act not passing. The Journal has repeatedly been hostile to CLARITY in its reporting, regurgitating bank lobby talking points, while I’ve spent years pushing for crypto legislation, but that’s not stopping them from trying to reverse the blame. The boring TLDR: in January I opposed a draft of the bill going into a committee vote, because it needed a lot of work on DeFi, tokenization, CFTC authority, and stablecoin rewards. At the time, the bill had major issues that would have harmed crypto. Support was fractured, and it wasn’t passable. We worked with a number of parties who improved the bill and made it passable. All four of the items I called out were fixed in the draft that then went through the committee about four months later. I'm proud to have done it, and would do it again, because it helped create a better bill. One step of many along the way. The final draft of CLARITY that went to the Senate was great, and I strongly supported it. I'll continue showing up for our customers and pushing for clear rules that treat crypto fairly, even if those who feel threatened by crypto try to plant false stories. It's a shame that the WSJ takes direction from bank lobbyists instead of reporting the truth, but luckily, people are smart enough to see through it these days, and it backfires on them every time.

My thanks go to everyone who put so much effort into the CLARITY Act— across the Administration, Congress, investors, and innovators. Our collective conviction that America must continue to lead is indispensable. I have been unequivocal: with or without legislation, we will act decisively within the SEC’s statutory authority to deliver certainty for American investors and for the entrepreneurs shaping our technological future. Stay tuned.

After a year of intense daily bipartisan negotiations, this bill is ready. Here is the final text. President Trump voluntarily agreed to new ethics provisions holding every federally elected official, judge, and their spouses to some of the toughest ethics restrictions in U.S. history. This new text includes more than 120 of Democrats' demands. A no vote on Tuesday means opposing real ethics reforms on politicians' personal investments, handing American leadership in digital assets to our foreign competitors, and leaving Americans with zero protections in the digital asset markets. Democrats got what they wanted; now they need to take yes for an answer. Here's the latest: lummis.senate.gov/press-rele…

$IREN: The Good, The Bad, & The Ugly We just released our new $IREN deep dive into last week's earnings results. I've spent the past week going through everything; the call, the deck, the 10-K and the filings around it, and I can say this with full confidence.... I haven't seen a single sell side report or X post that covers these earnings anywhere near as comprehensively as this piece does. As some of you may already know from my recent post, the biggest takeaway from $IREN's Q2 (FYQ4) earnings was the company's emerging financing flywheel. $IREN has quietly built a structure of GPU financing, customer prepayments, and soon data center refinancing, all working together to fund the build-out without leaning on the equity market the way the company used to. This report goes several levels deeper than that post, breaking down $IREN's evolving financing strategy piece by piece and showing why it's turning into a genuine moat that very few competitors can replicate. It fundamentally changes the dilution math this stock has been punished over for years. I firmly believe this is the most important development since the company committed to building its own cloud, and most investors still haven't fully grasped what it means. The entire first section covering the financing flywheel is free to read (no paywall). If you're on the fence, start there & get a sense of the depth you can expect from the rest. The report also covers what genuinely disappointed me this quarter, from the Q4 2027 liquid-cooled timeline and what it says about $IREN's standing with $NVDA, to the soft AI Cloud print, to an IR track record that keeps undercutting one of the strongest stories in the sector. Throughout it all, I'm reflecting on my broader $IREN thesis at large, so this is as much an assessment of where the company stands today as it is an earnings breakdown. We also made a dozen custom graphics for this report, because topics like the flywheel are far easier to grasp visually, with supporting imagery, than through text alone. As always, it's written so that virtually every investor can follow it. Whether you hold $IREN, cover it, or are considering a position, I'm certain you'll derive great value from this one. Once you've read it, I'd love to hear your feedback in the comments. Thank you very much! Enjoy! ✌️ agrippa.investments/p/the-go…

On radically different incomes life in America can be surprisingly similar. Imagine three single mothers, each raising a ten-year-old boy. One is a public-school teacher in Tampa earning $50,000 a year. Another is a lawyer in Atlanta earning $200,000. The third is a venture-capital partner in Chicago earning $1 million. On paper, they inhabit three different Americas. One earns twenty times more than another. One is 25th percentile im wealth the other 84th the last one top 1%. They describe inequality in the USA. Now look at their sons. All three wake up with electricity, running water, refrigeration, heating and air conditioning. They eat plenty of food, ride in safe modern cars, wear sneakers, watch YouTube, play the same video games, use similar phones and tablets and have access to vaccines, antibiotics, dentists and modern medicine. One goes to public school, another to private school, the third perhaps to an elite private school. One flies economy once a year, another travels frequently, the third may occasionally fly private. Their houses, neighborhoods and vacations are different. But their actual daily lives are far less different than their mothers’ incomes suggest. The socialist argument has always been about equality of outcomes. Well, look around. In much of ordinary material life, capitalism has already produced something remarkably close to it. The millionaire’s refrigerator does not keep milk twenty times fresher. Her son’s iPhone does not make YouTube twenty times more entertaining. He cannot eat twenty breakfasts, sleep twenty hours at once or enjoy a video game twenty times more because his mother earns twenty times as much. For several hours every day, these three boys may be doing almost exactly the same thing. This would have been unimaginable two centuries ago. The child of a rich family and the child of a laborer often lived in genuinely different physical worlds. One had plentiful food, warmth, books, servants, doctors and transportation. The other might lack adequate calories or clean water. Industrial capitalism destroyed much of that inequality by doing something socialism never managed very well: making formerly scarce things cheap enough for almost everyone. Cars, refrigerators, televisions, air conditioning, computers and smartphones began as luxuries and became mass-market goods. The entrepreneur became rich precisely by making what the rich had available to everybody else. And that may explain one of the great ironies of the new American enthusiasm for socialism. Capitalism’s victories are now so complete that nobody notices them. Clean water is not considered wealth. Neither is electricity. Nor refrigeration. Nor an air-conditioned bedroom, instant global communication, unlimited music, thousands of films or a computer in your pocket more powerful than anything that existed when many of today’s billionaires were children. Those things have become invisible because almost everyone has them. What remains visible are the inequalities capitalism has not eliminated: the mansion, the private school, the beachfront house, the prestigious university, the best neighborhood. But if the political demand is that ordinary people should be able to enjoy many of the same basic experiences as the rich, something extraordinary has already happened. Put these families on a chart and the inequality looks enormous. Put their ten-year-old boys on three sofas at eight o’clock at night, eating pizza in sweatpants and staring at nearly identical screens, and the difference becomes surprisingly hard to see. Equality of income? Obviously not. Equality of many of the outcomes that actually fill a human day? Far more than we admit.

Great news. Thank you to our friends at @NationalSheriff for being a valued partner and for working with us throughout this process. The momentum continues to build for the Clarity Act, let’s get it done!

Crypto. AI. Quantum. The next decade belongs to all three.

Apple didn’t predict Uber, TikTok, or Coinbase. But the iPhone enabled an entirely new wave of companies. Tokenized assets on blockchains will be similar. We already know the immediate benefits (global access, better utility, 24/7 trading), but a new set of finance companies we can't imagine will be built on top.

🚨カルダノが「ビットコインをDeFiで動かす」巨大市場を本気で取りにいっている₿🔥🪙 チャールズ・ホスキンソン氏がBitcoin DeFiについて、機関投資家向け製品が急速に立ち上がりつつあり、12月頃には最初のグループが見え始め、2027年前半には「膨大なTVL」が動き始める可能性があるとの見通しを示している📈 これが実現すればカルダノにとってかなり大きな転換点になる⚡️ 狙っているのはADAだけのDeFi市場ではなく、世界最大の暗号資産Bitcoinが持つ巨大な資本をカルダノの金融インフラへ接続することだ🔥🚀 Bitcoinはこれまで「買って保有する価値保存資産」としての使われ方が中心だった₿ しかしBitcoin DeFiが本格化すれば、BTCを売らずに担保として使う、ステーブルコインを借りる、流動性を提供するなど、眠っていたBTCを“働く資産”へ変えられる可能性がある🏦⚡️ そしてカルダノは、その巨大市場への入口を取りにいっている🔥Input OutputのロードマップでもBitcoinの流動性をCardano DeFiへ接続し、さらにMidnightのプライバシー機能まで組み合わせる方向性が示されている🔗 ここが機関投資家にとって特に面白い🚀 大口投資家や金融機関にとって、ポジション・取引先・担保・資金移動をすべて公開したままDeFiを使うのは難しいケースがある🔐 そこで「Bitcoinの巨大流動性＋Cardano DeFi＋Midnightの選択的プライバシー」が成立すれば、これまでDeFiへ入りにくかった機関資金を呼び込める⚡ そしてホスキンソン氏が注目しているのがTVLだ💰 2027年前半から本当に大量のBTC資本がDeFiへ動き始めれば、DEX、レンディング、ステーブルコイン、担保市場などBitcoinを中心とした新しい金融圏が生まれる可能性がある📈 カルダノ側へのインパクトも大きい🔥 Bitcoin資本がCardano上のDeFiで実際に利用されれば、カルダノは「ADAを使うブロックチェーン」から「Bitcoinの巨大な流動性を金融サービスへ変えるインフラ」へ役割を拡大する可能性がある🌐 これまでDeFiの中心はEthereumだった♦️ しかし次の競争は「どのチェーンのTVLが大きいか」ではなく、「Bitcoinという最大の暗号資産流動性を誰がDeFiへ取り込めるか」になるかもしれない🏁 もし12月頃から機関向けBitcoin DeFi製品が姿を現し、2027年前半から巨大なTVLが本当に動き始めるなら、Cardanoが今作っているものの意味は一気に変わってくる🚀 Bitcoinを“眠るデジタルゴールド”から“働く金融資産”へ₿🪙 その巨大なBitcoin経済圏をカルダノが取り込めたら、とんでもなく面白いことになりそうだ🔥🚀

The Edinburgh Decentralisation Index (EDI) may be one of the best frameworks yet for answering a question crypto usually gets badly wrong: How decentralised is a blockchain, really? It doesn't just count validators. EDI looks across multiple layers including: 🔹 Consensus 🔹 Token distribution 🔹 Software development 🔹 Network infrastructure 🔹 Geography And its wider research framework also considers hardware, APIs and governance. Crucially, it tries to identify the real entities behind validators/pools, rather than pretending 50 nodes controlled by one organisation are 50 independent actors. Applying that logic across the largest L1s gives me roughly: 1. 🥇 ADA — 91 2. 🥈 BTC — 90 3. LTC — 88 4. XMR — 84 5. ETH — 83 6. BCH — 82 7. AVAX — 80 8. DOGE — 79 9. ZEC — 76 10. TON — 75 11. SOL — 75 12. SUI — 73 13. HBAR — 72 14. Canton — 71 15. XLM — 70 16. BNB — 68 17. XRP — 67 18. TRX — 66 19. CRO — 64 20. HYPE — 58 ⚠️ Important: EDI currently provides comparable live scores for Cardano, Bitcoin, Ethereum and Litecoin. The others are my EDI-style estimates using the same principles — not official Edinburgh scores. And the individual stories are fascinating. Bitcoin remains extraordinary: exceptional token distribution, huge node/network resilience and arguably the strongest resistance to governance capture. Its weakness is mining-pool concentration and increasingly industrialised hardware. Ethereum has phenomenal software and network decentralisation, but validator count is misleading once stake and validator infrastructure are clustered into real entities. Solana is far more decentralised than its critics claim — but around half of validators currently receive Solana Foundation delegation. Only ~5% of total stake is Foundation delegated, so this isn't Foundation control, but it is an economic dependency worth measuring. XRP is also more nuanced than "Ripple runs everything." Anyone can operate a validator — but practical consensus revolves around a relatively small curated default UNL and very high overlap between trusted validator lists. That deserves a substantial decentralisation discount. Zcash has arguably the best deployed private-money technology of the group, but privacy ≠ decentralisation. Mining concentration remains a weakness. And then there's Cardano. 👉 EDI currently gives Cardano an extraordinary 99.37/100 for consensus decentralisation. 👉 No approved validator list. 👉 No need for Foundation permission to become an SPO. 👉 No industrial ASIC arms race. 👉 Non-custodial stake delegation. 👉 Thousands of pools. 👉 Explicit on-chain governance distributed between ADA holders/DReps, SPOs and the Constitutional Committee. Cardano doesn't win every decentralisation dimension. Bitcoin actually beats it on EDI's tokenomics measure. But across the EDI dimensions currently measured: ADA: 91.3 BTC: 89.5 LTC: 87.6 ETH: 83.4 So I think we need to retire the lazy assumption that: Bitcoin = decentralised Everything else = varying degrees of centralisation Bitcoin may still be the world's hardest and most battle-tested monetary network. But if the question is: “Which major blockchain is the most comprehensively decentralised?” There is now a very serious research-driven case for the answer being: Cardano. $ADA

Vision board: 1. Strong bipartisan vote on CLARITY Sep 15th 2. Uptober 3. Next crypto bull run begins Just as the prophecy foretold

Community banks face real challenges, and they deserve real solutions, including regulatory relief and the tools to compete. But restricting stablecoin rewards won’t solve those challenges. Stablecoins aren’t the problem; in fact, they can be part of the solution - giving smaller banks access to modern, low-cost payment rails and new ways to serve their customers. Let’s focus on what will actually make community banks stronger.

Cardano spent years building while others chased narratives. Native liquid staking. No lock-ups. No slashing. Native assets. eUTXO. Decentralised on-chain governance backed by a Constitution. Research first. Security first. Decentralisation first. The foundations are built. Now watch $ADA scale just as the next bull market begins.

What it means to be a Boilermaker 💛 📺 @ProFootballHOF Enshrinement on ESPN/NFLN

Right - societies have to decide if they want to optimize for overall growth or equal outcomes. Would you rather: 1. be 10% better off even if some others are 100% better off 2. be 0% better off while all others are also 0% better off The first maximizes overall growth for all people in society and teaches striving for your personal best (instead of comparing yourself to others). The second teaches envy (if I can't have it, I will destroy positive outcomes for everyone). Now you can quibble with these hypothetical numbers of course. In #1 if most people are -10% and a few are +10,000%, that is clearly worse. In #2 (socialism) usually the average person is worse off, while some corrupt elites seize power. So there is a big difference between intentions and actual outcomes. So what does the data say? In high economic freedom countries (which optimize for scenario #1) the poorest 10% of people in society are better off. Whether you are optimizing for the bottom 10% (the compassionate choice) or for everyone in society in aggregate (the logical choice) you get the same answer.

The Senate has had CLARITY for a year. Since then, lawmakers have negotiated hundreds of pages of changes, reached agreement on SEC and CFTC nominations, and secured unprecedented ethics commitments. The crypto and banking industry have compromised as well. That’s how legislation is supposed to work. No one gets everything. Everyone gets most of what they need. At this point, the only thing left isn’t negotiation—it's whether some group will try to stall or block legislation that already has broad bipartisan support. Millions of Americans own crypto and are watching. It’s time to call the vote.

3 million SWC advocates are organized. Where lawmakers land on CLARITY won't be forgotten this November.

Every file you store on Storj lives across a global network of thousands of independent nodes run by real people and businesses sharing spare capacity, not one company's warehouses. Decentralization isn't a buzzword here. It's who's actually holding your data.