Crypto index ETFs are projected to capture 2-10% of 2026 ETF inflows.
But ETFs still settle in days, trade during market hours, and charge 0.5%+ fees.
DTFs settle instantly, trade 24/7, and you actually hold the underlying.
That’s the unlock we’re chasing.
I respect Bessent not because he is competent and brighter than 99.9% of the people who have ever served in elected office.
I respect him because he volunteered to take a job that he knew would cause him to be despised by the social circles he has spent the last thirty years immersed in.
Even in a best case scenario where we successfully decouple a large contingent of his former colleagues in Europe and Asia will despise him.
A gay hedge fund manager who spent most of his career in NYC and London and who has teenage children.
But he saw a problem that needed fixing and gave up tranquility by stepping up.
He didn’t need the prestige. He had that in spades given his career.
And at the end of this if he is successful most people won’t appreciate the complexity of what they have (hopefully) pulled off.
No one will talk about stablecoins, swap lines or issuance schedules in the history books.
Trump will probably get most of the credit.
And that is fine by Bessent. Seems like all he wants is to leave a country behind for his children that is stable again without an overhang of eroding hegemony and everything that is downstream of that.
Respekt 🫡
Pretty much the most direct clash between the Fed and the Executive Branch since 1951.
The "2020s = 1940s" thesis still on track.
https://t.co/a0PbU8sppA
🚨EPA Administrator Lee Zeldin announces that $20 billion in taxpayer funds were just discovered, laundered into in external financial institutions managed by agents of the Biden Admin to finance left wing NGOs.
“$7 billion was sent to an entity called the Climate United Fund.”
But Zeldin has now clawed back the money and referred the case to the Department of Justice. Boom.
This is one of my favorite charts. It’s the chart that saved President Trump’s life.
But it tells the story of how our country was being invaded from every corner of the world.
Thank God President Trump is in the Oval Office again working around the clock to secure our border!
I’m pleased to hear that Paul Atkins is in the running for SEC chair!
Paul has been open to working with crypto clients in his consultancy since 2017. I believe he would take a principled approach and I’d be very excited to work with him and his team on productive rule makings via our work at https://t.co/teePegvJEz
For those who are wondering, Paul is not actively consulting on Reserve and was only an advisor back at the beginning of the project, but in our interactions I was impressed by his open mindedness and the fact that he was cool with his Reserve advisorship being publicized shows he was very willing to lean in on crypto.
Go Paul!
I still don't understand why so many macro guys/girls still mess around in rates, FX, precious metals, "value investing" commodities and EM when the biggest macro trade of ALL TIME is happening.
$3trn >>>>>$100trn potential in 10 years.
Everything else is a waste of capital.
Oakland had 30 brutal attacks & robberies at Westlake Christian Terrace Senior Living in a week
85 year old Asian grandmas getting beaten/robbed so bad they're sent to the ER every few hours.
And yet it is still not being investigated as a hate crime