Michael Pennella

[Nass Eddequiouaq @nassyweazy]

Today we’re announcing Bastion’s strategic round, led by @cbventures with @Sony_Innov_Fund, @SamsungNext, @a16zcrypto, and @Hashed_Official.

This brings our total funding to $40M+

Here's why this moment matters 🧵

[Nass Eddequiouaq @nassyweazy]

Our Proposal at @bastion to issue USDH

https://t.co/Rmbd1iOG02

[Nass Eddequiouaq @nassyweazy]

@bastion Utility & distribution

USDH made accessible and spendable via:
• Bastion's strong banking access
• Global on/off-ramps & card rails @raincards
• Cross-chain interoperability @LayerZero_Core
• Dedicated liquidity programs with the top liquidity providers and market markers

[Michael Pennella @MichaelPennella]

8/ The key takeaway:
Stablecoins are about to go mainstream.
This regulation isn’t just about crypto—it’s about modernizing financial infrastructure for the biggest players in the economy.
Enterprises that adapt early will gain a competitive advantage.

[Michael Pennella @MichaelPennella]

1/ U.S. stablecoin regulation is finally happening.
For enterprises, this isn’t just a policy shift—it’s the foundation for integrating stablecoins into payments, treasury management, and global finance.
Here’s what this means for businesses. 🧵👇

[Michael Pennella @MichaelPennella]

7/ Next steps:
- Stablecoin bill moves first.
- Market structure framework follows.
- Enterprises gain the compliance clarity they’ve been waiting for.
This is a turning point for stablecoin adoption at the enterprise level.

[Nass Eddequiouaq @nassyweazy]

I don’t think most people realize the full extent of the damage Operation Chokepoint 2.0 has caused beyond mere “debanking.” It’s still happening at another level: fiat on-ramps & off-ramps.

Operation Chokepoint 2.0 wasn’t just about taking away operating and treasury accounts from companies, founders, and employees as @nic_carter and @pmarca have covered extensively in a pivotal moment for our industry and our nation.

What many don’t know:

1. They closed most fiat on-ramps, off-ramps, and settlement networks for crypto companies, preventing the onboarding hundreds of millions onchain. They did this by shutting down the banks and the FBO accounts that regulated crypto companies building fiat-to-crypto gateways depended on.

2. They continue to severely limit access to the accounts needed to provide fiat on-and-off-ramps.

Operation Chokepoint 2.0 is still ongoing.

It blocks new, fully regulated crypto companies from offering on/off-ramp services, making fiat<->crypto expensive today and adding friction to U.S. onchain adoption.

But soon, converting between fiat and crypto will be incredibly cheap, so cheap we’ll be able to automatically swap fiat into stablecoins 24/7 at near-zero costs and off-ramping on the fly whenever only fiat is supported as a payment method.

Digital fiat is likely to become the new physical cash and stablecoins the new digital fiat.

Some people argue crypto companies deserved this because they don't follow regulations.

Don’t listen to them.

The compliance bar for crypto companies is already *far higher* than the vast majority of the equivalents in the traditional fiat-only world—whether it’s money transmission, banking, qualified custody, or brokerage.

Traditional finance’s AML/BSA rules are known to be less effective at preventing illicit activity on fiat rails compared to when they are paired with crypto’s transparent, open ledgers. There’s no traditional equivalent to investigators like @zachxbt, who have helped recover hundreds of millions in stolen & sanctioned funds, or helped law enforcements globally arrest & sentence financial criminals.

Dozens of regulated U.S. crypto companies have waited years for banking access to accounts that enable fiat on/off-ramps. They’ll probably keep waiting until the current banking guidance is reversed.

There’s a huge task ahead for @DavidSacks and the administration to fix this damage. I fundamentally believe that restoring robust fiat on/off-ramps is the one of the most urgent steps to unlocking the crypto industry.

Insanely bullish on the future of crypto.

[Michael Pennella @MichaelPennella]

If you’re looking for things to do in NYC tonight, we are offering free rides in @bastion cybertrucks:

Ensuring safe custody of your assets

dm me for details…

[Nass Eddequiouaq @nassyweazy]

Today, we���re excited to announce the latest version of Bastion.

Instead of spending a bunch of money on a video, we decided to do something more impactful—giving out free rides across NYC in our branded Cybertrucks.

Details on the launch and how to grab a ride below ⬇️

[Bastion @Bastion]

This vulnerability in Kraken's deposit management system is a reminder that deposit flow security is as critical as key management security for many organizations.

We wrote about this very topic: https://t.co/Dpi6VIzzOw

[Bastion @Bastion]

We’re making big things happen with HIFI and are thrilled to welcome them to the Bastion platform as they usher in the next generation of payments and payouts at scale.

Learn more: https://t.co/W4RQQJTOvb

[Michael Pennella @MichaelPennella]

Excited about the rise of embedded wallets in the Web3 space! 🌐 They’re not just for transactions anymore—they offer identity verification, DeFi integrations, and more. Discover how platforms like Bastion are driving business growth. Read more: https://t.co/1sQVi4zNAR

[Michael Pennella @MichaelPennella]

Big win for crypto! The Senate's repeal of SEC's SAB 121 and the growing division among Democrats show a major shift in crypto regulation. Bipartisan support is paving the way for clearer, innovation-friendly policies. Exciting times ahead! 🚀 #CryptoRegulation #Crypto

[The Tie @TheTieIO]

$440,436,800 worth of Grayscale outflows today