Don’t create a new security. Upgrade the one that already exists. Modernize the system itself. @rleshner joined @fintechfrank on @GSR_io’s The Crypto Tape to discuss Superstate’s approach to tokenization.

“We want it done in this country so this country wins.” Jamie Selway, SEC Trading & Markets Director, on bringing tokenization onshore while preserving the rights that come with the underlying equity. More from @BloombergTV: bloomberg.com/news/videos/20…

Today at 4:21 UTC Payy’s bridge contract on Ethereum was exploited and drained of its full balance. Investigation is ongoing and we are following incident response guidelines. While we investigate, all Payy Network transactions are paused including deposits, withdrawals, transfers and card transactions. We will continue to communicate updates here.

I just won the tradfi lottery

Straight from the horse's mouth: "We won't protect the American people unless we can stop President Trump." Prioritizing 1 person over 350 million people. Politics > Policy

Superstate is bringing tokenized equities onchain through Uniswap Powered by the Permissioned Pools hook

Update: As predicted, the SEC and CFTC are creating clarity for the market, because legislators did in fact abdicate their responsibility. Onwards 🇺🇸

If you or a friend do structured credit at a bank and are looking for a new job that is amazing at Superstate, let me know

The Clarity Act failing today makes everybody a loser, all because partisan jockeying beat out common sense: The lines between tokens and securities are no more clear. Entrepreneurs will still prefer to build and raise capital offshore. Investors will receive no more information, or protections. Developers have no additional safeguards for decentralized systems. Banks are stuck with stablecoins able to pay rewards (yield). There are zero ethical guardrails for government employees and crypto. The list goes on. But mostly I just feel for the countless folks in the industry and across the House and Senate (of both parties) that worked on this for so long, and the light of American leadership dimming just a tad. Onwards

Senators that vote FOR the Clarity Act today demonstrate that they are on the side of consumers, technological innovation, and regulation. Senators that vote AGAINST the Clarity Act today demonstrate that they are for the unregulated, swampy status quo. Simple as that.

Today, @BlockchainAssn joins @Crypto_Council and @DigitalChamber in respectfully urging every Senator to vote YES on Clarity. Our joint statement follows:

🚨Ahead of today’s 2:15 CLARITY vote, the White House @CEA47 has some inconvenient math for the bank lobby — and even built an interactive model for those for whom math isn’t their strong suit (like, apparently, said bank lobby). The banks want Congress to go further than GENIUS’s *existing ban on issuer-paid yield* and *also ban all stablecoin rewards from other intermediaries too,* a compromise which was carefully negotiated in CLARITY already. The shrill calls by the bank lobby that mass deposit flight will allegedly happen absent congressional action was modeled and unambiguously disproven by CEA earlier this year, and this examines the counterfactual. (And lest we forget, if CLARITY fails, the GENIUS status quo, which they claim is intolerable, will remain.) So, let’s play this out — What happens if the banks get their way, and ban rewards, and kneecap stablecoins? 1) Bank lending rises … 0.02%. 😂 That’s $2.1B in CEA’s baseline. Community banks get $500M—a whopping 0.026% increase. (For reference, current community banks deposit base is $2.3T.) **Large banks, meanwhile get 76% of the additional lending.** So much for the community bank rescue mission — community banks are the unwitting stooges here for the very big banks who are *actually* squeezing their margins and gobbling them up. And those big banks just want to maintain their hegemony against any and all competitors (while they issue their very own stablecoins!) 2) Consumers pay for it. CEA estimates a net welfare loss of $800M/year. Costs exceed benefits 6.6 to 1. What a great deal! Thank you banks! 3) “But what if stablecoins get MUCH bigger?” CEA ran that too. A $3.7T stablecoin market, holding reserve composition and the Fed’s framework constant: roughly $20B in additional lending. Still under 0.2%. 4) “But deposits disappear!” Buying a stablecoin doesn’t make money evaporate. When an issuer buys a Treasury bill, the seller gets the deposit. It changes hands. The only way money leaves the deposit system is if you’re sticking it under your mattress. Don’t believe me? Use the interactive model to find out for yourself. Congress should probably check the math before taking away Americans’ rewards. And market participants should focus on competing, not lobbying for monopolies. whitehouse.gov/research/2026…

1/ The following statement is attributed to Blockchain Association CEO @SummerMersinger ahead of tomorrow’s Senate cloture vote on the Clarity Act:

Crypto companies have been offering rewards on stablecoins for years. We don’t need to speculate: If the deposit flight myth were real, it would have already occurred. Instead, data shows bank deposits are going up, not down. Still, the compromise contained in Section 404 of the Clarity Act restricts the payment of stablecoin rewards that mimic interest on bank deposits. The latest draft now also adds a “circuit breaker” granting the Secretary of the Treasury extraordinary authority to further restrict stablecoin rewards in the event the boogeyman of deposit flight materializes. If Clarity fails, banks get none of these protections.

If you search CLARITY for "fraud," you'll find more than a dozen provisions that explicitly preserve fraud and manipulation authorities like this one. This claim is baseless.