Archive

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Forget Equities. The Real On-Chain Prize Is the Repo Market.

May 5, 2026

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3 min read

Forget Equities. The Real On-Chain Prize Is the Repo Market.

Daily repo exposures of $12.6 trillion dwarf equity and Treasury trading combined. DTCC, JPMorgan, and Euroclear are all building on-chain settlement infrastructure for it right now.

The Banking Lobby Wrote a Yield Ban Into Federal Law. The White House Just Proved It Doesn't Work.

May 4, 2026

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2 min read

The Banking Lobby Wrote a Yield Ban Into Federal Law. The White House Just Proved It Doesn't Work.

The GENIUS Act prohibits stablecoins from paying yield to protect bank deposits. The White House Council of Economic Advisers published the math in April. The protection is nearly zero.

Banks Aren't Fighting the CLARITY Act. They're Writing It.

May 3, 2026

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2 min read

Banks Aren't Fighting the CLARITY Act. They're Writing It.

The CLARITY Act passed the House 294 to 134. It has stalled in the Senate for four months while bank lobbyists negotiate the terms. That is not coincidence.