My thanks go to everyone who put so much effort into the CLARITY Act— across the Administration, Congress, investors, and innovators. Our collective conviction that America must continue to lead is indispensable.
I have been unequivocal: with or without legislation, we will act decisively within the SEC’s statutory authority to deliver certainty for American investors and for the entrepreneurs shaping our technological future.
Stay tuned.
With CLARITY stalled, I expect the SEC, CFTC, and Treasury to advance rules under existing law, banks to expand Bitcoin custody and loans against it, and more capital to favor Bitcoin and digital credit. GENIUS supports stablecoin adoption. Progress need not wait for Congress.
I find it hilarious that RuneScape prepared me for the pitfalls of modern society:
-Scams
-Pump and dumps
-Market manipulation
-Social engineering
-Gambling
It also taught me how progress compounds over long stretches of time.
Solid game.
America's debt problem now has 3 exits:
1. Cut spending
2. Let yields run
3. Let the dollar weaken
Washington just picked door 3.
It's the only one that doesn't hurt immediately.
With our new proposal, the SEC is taking the most historic step yet to modernize federal securities regulations for crypto assets.
As the Crypto Capital of the World, the U.S. must and will lead. Regulation Crypto Assets will ensure that we do. 🇺🇸
A lot of people on X are new to the markets. So I'll make this as simple and harsh as possible.
The economy is not going up. It is not going down. It is doing both at the same time. This is called a "K-shaped
economy" and almost nobody talking about affordability on your timeline understands what it actually means.
If you own assets, stocks and real estate, you are on the upper arm of the K. Your wealth has compounded aggressively since 2020. The S&P is at all-time highs. Home prices are up 50% since the pandemic. Your 401k is the best it has ever been.
If you do NOT own assets, you are on the lower arm. Rent is higher. Groceries cost more. A home that cost 2.2x the median income in 1960 now costs 5 to 7x. You are working harder and falling further behind, and it is not your imagination.
The top 10% of Americans own 93% of all stocks. The bottom 50% own 1%. The top 10% hold 68% of total wealth. The bottom 50% hold 2.5%. This is not an opinion. This is Federal Reserve data.
When the S&P goes up 25% in a year, the people who own stocks get 25% wealthier. The people who don't own stocks get nothing. That is the K. Same economy.
Two completely different outcomes based on one thing: whether you owned assets before the run started.
This is why your timeline is split in half. Half the people saying the economy has never been better. The other half saying they can't afford to live. Both are telling the truth. They are just on different arms of the K.
How long does this last?
The honest answer is that it has been going on for decades. The Richmond Fed traced this pattern back 30 years. It happened after 2001. It happened after 2008. It happened after COVID. Each time the gap widened and never fully closed before the next shock hit.
The last time wealth concentration looked like this was the Gilded Age, 1870 to 1900. That lasted 30 years before structural reform changed anything.
What does this mean for you?
The K-shaped economy is not a reason to panic. It is a reason to understand where you sit and what you can control.
The people on the upper arm did not get lucky. They owned assets. That is the entire difference.
Change your life and start small. No matter how small your account balance is. I only started with $10K, twenty years ago. This is your time to retire your whole family. They are counting on you.
Everyone keeps debating “affordability” like it’s some giant mystery...
It’s not. We printed nearly 40% more dollars in two years during COVID. Asset prices and everyday costs exploded as a direct result. Homes, food, insurance, and borrowing costs all reset higher. Mortgage rates that were once near historic lows are now stuck around 7%.
The affordability crisis is the direct aftershock of the largest peacetime money expansion in modern US history — future generations are absolutely cooked.
We are witnessing the largest CapEx spending spree in history.
Hyperscalers have committed a record $2.6 trillion in future spending across data center leases and equipment purchases.
This includes leases for data centers and power infrastructure that have not yet commenced, and existing purchase contracts for equipment and services.
These obligations do not appear on company balance sheets and are disclosed only in limited accounting footnotes, despite their enormous size and duration.
Alphabet, $GOOGL, has the largest total, with $811 billion in purchase commitments and $85 billion in leases not yet commenced, bringing its combined obligations to ~$896 billion.
By contrast, Oracle, $ORCL, has committed $32 billion to purchases, but $260 billion to leases that have not yet commenced, the largest lease obligation among the group, bringing its total to ~$292 billion.
The AI buildout has become one of the largest long-term capital commitments in corporate history.
Main focus personally from here to EOY is getting allocated to Bitcoin again in a very meaningful way. Had fun with gold/silver breakouts last year & did pretty well with equities this year, but mostly from momentum & think less easy from here, esp w all of CT trading there now.
The #Colts and star RB Jonathan Taylor have agreed to terms on a big-time 2-year, $44M extension, per me and @AdamSchefter. $47M is the max with $39M guaranteed.
The largest 3rd contract for a RB ever and one of the highest paid ever. Deal done by @malkikawa of @FirstRoundMgmt.
🇺🇸JUST IN: The CLARITY Act is not included on the U.S. Senate's legislative schedule for Thursday, August 6.
The bill is not expected to be considered during today's Senate session.