Two quotes from yesterday that stick with me. - "Regulators should provide the minimum effective dose of regulation necessary to protect investors while allowing entrepreneurs and businesses to flourish. We should not overburden them with paternalistic regulation that could drive them offshore or make American companies less competitive internationally." - “Decentralized finance software systems—like automated market makers—facilitate automated, non-intermediated financial market activity. Federal securities laws have always assumed the involvement of intermediaries that require regulation, but this does not mean that we should interpose intermediaries for the sake of forcing intermediation where the markets can function without them.” American markets needed @SECPaulSAtkins in this moment. "From the leaves of a buttonwood tree to ledgers on a blockchain, the winds of innovation still blow—and it is our task that they carry American leadership forward. After all, ladies and gentlemen, we have never been content to follow. We will not watch from the sidelines. We will lead. We will build. And, we will ensure that the next chapter of financial innovation is written right here in America."

The massive downward revisions (-258k) are puzzling. Even as someone who long believes payrolls are overstated by massive amount, these downward revisions are anormay large outside of benchmark month or weather related events. The downward revision are largest for state and local government, but also broad based. So far we can rule out the following explanations: 1. Seasonal adjustment. The revisions are mostly NSA. 2. Collection rate of the survey. The collection rate not abnormally low and in fact higher than last year’s may to july. 3. Birth and death model revisions. But BD is for private payrolls not government. Plus the published page got BD shows estimates were unchanged. Notably government payrolls are not connected from survey but from administrative data. Why the administrative data is missing by so much is a quandary.

You: “crypto is a scam” SEC Chairman: launching “project crypto” to “modernize the securities rules & regulations to enable America’s financial markets to move on-chain” You’re surely paying attention now, right?

Amazing stat: 75% of the investors who bought $IBIT ($87b via one million people) were first time customers of BlackRock. And 27% of them went on to buy another iShares ETF. Just a total coup for BLK all around.

Kinda surreal to see this tweet from the US Secretary of the Treasury

The SEC's "Listing Standards" for crypto ETPs is out via new exchange filing. BOTTOM LINE: Any coin that has futures tracking it for >6mo on Coinbase's derivatives exchange would be approved (below is list). It's about a dozen of the usual suspects, the same ones we had at 85% or above in our odds. Question still tho is timing. Likely Sept/Oct for all. Greg has good thread below with some more lawyer-y details.

This is the Framework and Generic listing standards we’ve been looking for with regards to digital assets in an ETF wrapper. This is a pretty Big deal

Thank you Western nations for sacrificing your economies to save the planet.🫡 (You just buy everything from China now)

Sharing a few of the technical reasons why this is a bigger deal than you think. I get a lot of "what's the big deal here"

Breaking: Credit card debt is in the same 3-4% of GDP band it has been in for 15 years.