My take on the Clarity Act:
1. For Bitcoin. Very Bullish. Self Custody explicitly protected. Clear legal framework for lending, wrappers etc.. Banks can go nuts.
2. For DeFi. Generally Bullish. Protocols are intact as long as they are decentralized. Front ends need to do more Geo Blocking / SAR / potentially KYC.
3. For Stablecoins. Bullish, but yield bearing coins get heavily restricted. Banks win.
4. For "Crypto/Bitcoin Companies". Very Bullish. US Companies building truly decentralized protocols are fine. Products can start out more centralized and decentralize to comply.
This would start being enforcable in summer 2027 according to Claude.
Anthropic just pulled Claude Code from the Pro plan.
Pro users wanting it need Max now.
$100/month minimum. 5x jump.
I'm on Max 20x so I'm fine.
Flagging for anyone on Pro who's about to find out.
No announcement. Just a pricing page edit.
"so you staked your ETH on the Ethereum blockchain to earn yield?"
"yes, Dave"
"except you didn't want your capital to be locked up so you actually staked it with a liquid staking protocol called Lido?"
"that's correct, Dave"
"and Lido gave you a liquid staking receipt token called stETH in return?"
"yes, Dave"
"and then you didn't think that was enough, so you juiced the yield even further by depositing your stETH receipt tokens into a restaking protocol called Eigenlayer?"
"you are correct, Dave"
"and now you didn't want to lock up your capital, so you actually restaked with a liquid restaking protocol called KelpDAO who provided you with a liquid restaking receipt token called rsETH?"
"you got it, Dave"
"and then that was surely not enough juice, so you then deposited your rsETH tokens into a lending protocol called AAVE so that you could open a leveraged looping position that borrows ETH against the rsETH collateral and restakes the ETH into rsETH which is then deposited as collateral, except it turns out rsETH used a cross-chain bridge called LayerZero whose security is held together by a 1/1 toothpick, which was obviously hacked by north koreans causing rsETH to become undercollateralized and now these looping positions are stuck and unprofitable, and everyone is pointing fingers at each other, and also DeFi is a very serious industry"
"you are 100% correct, dave"
jfc.
You could retire with $1M
- deposit $1M into Solana or Ethereum DeFi
- think youโll earn around $7k-$8k per month
- within a couple months have the underlying protocol get hacked
- lose 98% of your principal
- unable to write off any of the losses on your taxes
- owe the IRS mid 6-figs
- go to debtors prison for life and have taxpayers cover your room and board
What's stopping you?
NEW: SENATE BANKING COMMITTEE RELEASES UPDATED MARKET STRUCTURE BILL DRAFT THAT STIPULATES THAT OFFERING, SELLING OR TRANSFERRING AN NFT DOES NOT CONSTITUTE A SECURITIES OFFERING OR SALE OF AN INVESTMENT CONTRACT - PER BLOCKWORKS