Disagree with this take, Joseph.
1. MiCA & Arbitrage: The entire point of MiCA is to eliminate EU regulatory arbitrage. Under Article 85, once a CASP is designated as systemic (which Binance clearly is), exclusive local control ends. It legally triggers ESMA’s mandate to coordinate an EU-wide supervisory approach and ensure absolute cross-border harmonization.
2. FTX: FTX didn't collapse from a lack of EU regulation. Official records show it was a classic case of old-school embezzlement, fabricated balance sheets, and misappropriated user funds. You simply cannot regulate away outright fraud. On top of that, my view is that @SBF_FTX was treated outrageously with Sullivan & Cromwell zealously gunning for FTX's bankruptcy to milk legal fees.
3. CZ: CZ's prison sentence was a grave injustice. He is the only financial services executive in history to serve jail time for an AML compliance failure. TradFi executives routinely violate AML laws with zero personal accountability. The DOJ were weaponized against @cz_binance. Have you forgotten about Operation Chokepoint? Plus, Trump’s 2025 pardon rightfully corrected this politically motivated hit job.
"The CEO of Western Union is here because he realizes onchain settlement can save his firm billions on the float."
"That is the real Institutional FOMO."
@santiagoroel says we’ve transitioned from a retail-driven "buy the coin" market to an institutional "fix the P&L" market.
The pressure is coming from a "basket of public companies" that are already using these rails to outperform the S&P, forcing the old guard to either innovate or be liquidated.
Our interpretation on crypto assets—grounded in existing law and informed by extensive public input—acknowledges what the former administration refused to recognize...
Most crypto assets are not themselves securities.
@zackbshapiro This 100%. “Under the new model, a small firm or even a solo practitioner with AI can match or exceed the output of a big-firm team on all three dimensions simultaneously. That has never been possible before.”
Kalshi raised $1B at an $11B valuation.
A decade ago, only a few thousand people knew what a prediction market was.
Eighteen months ago, most prediction markets were banned - until we overcame the government to set them free.
Over the past seven years, our community has opened up an entirely new category.
Today, Kalshi is trusted, used, and loved by millions of people. It’s a part of everyday culture, and it’s driving one of the most important shifts in consumer behavior in recent history.
The time has finally come for prediction markets to achieve their full potential and we are intent on making that happen.
To all the believers and the early adopters: thank you.
We’re excited to share our 2025 State of Crypto report.
This year’s story: the maturation of the crypto industry — with growing institutional adoption, the rise of stablecoins, better infrastructure, new consumer experiences, and long-awaited regulatory clarity.
Read the full report → https://t.co/P3gzQphOEx
Here are the biggest trends of 2025…