Hester Peirce used her penultimate week as an SEC commissioner to urge replacing bulk KYC collection with zero-knowledge proofs of eligibility. She filed no proposal and spoke for herself, so the collection rules she criticized stay as written.
Perspective Coverage
3 publishers
- Builder
- Builder 35%
- Operator
- Operator 37%
- Investor
- Investor 28%
Reality
- Evidence62
- Adoption
- Insufficient
- Hype gap+25
- Incentives50
- Confidence65
A September 15 cloture vote needs 60 votes, and only 14 working days remain before the October recess. The SEC is drafting a token exemption in the meantime.
Perspective Coverage
3 publishers
- Builder
- Builder 15%
- Operator
- Operator 38%
- Investor
- Investor 47%
Reality
- Evidence55
- Adoption
- Insufficient
- Hype gap+25
- Incentives60
- Confidence50
Regulation Crypto Assets borrows the JOBS Act structure for digital assets and preempts state registration, including on secondary trades. The preemption is the part that changes deal papering.
Perspective Coverage
7 publishers
- Builder
- Builder 29%
- Operator
- Operator 35%
- Investor
- Investor 36%
Reality
- Evidence78
- Adoption
- Insufficient
- Hype gap+25
- Incentives60
- Confidence72
Fed Chair Kevin Warsh said hyperscaler fundraising partly explains rising yields, as companies add about six times the Treasury's increase in bond supply. Pension funds and insurers that buy 30-year paper are being asked to fund both borrowers from a pool Employ America's Skanda Amarnath calls finite.
Reality
- Evidence55
- Adoption
- Insufficient
- Hype gap+10
- Incentives
- Insufficient
- Confidence55
An American Banker column argues banks retreat from digital asset relationships because a duty built on 2013 FinCEN guidance cannot be measured, and its own precedent, an adviser rule proposed in 2003 and effective in 2028, shows how slowly a statutory fix binds.
Reality
- Evidence40
- Adoption
- Insufficient
- Hype gap+15
- Incentives65
- Confidence45
Hayden Adams calls tokenization the next test for automated market makers. The composition of the $18 billion already on-chain, and a fresh SIFMA warning, suggest it may not go his way.
Reality
- Evidence44
- Adoption52
- Hype gap+22
- Incentives76
- Confidence41
Gilts at 5.81% and 30-year JGBs above 4% put the US long bond inside a range of sovereign alternatives rather than above it. The 10-year was back at 4.74% by Friday.
Reality
- Evidence58
- Adoption
- Insufficient
- Hype gap+12
- Incentives46
- Confidence55
The SEC killed its Regulation Crypto Assets meeting three days after calling it. Sources point to the White House, and to SIFMA weighing a challenge to the agency's authority.
Reality
- Evidence40
- Adoption
- Insufficient
- Hype gap+32
- Incentives74
- Confidence44