sgdz⛷️⛳️

VIP 🧑🏻‍🌾🚜

[sgdz⛷️⛳️ @sgdz_x]

Happy every day.🐾🐾

[sgdz⛷️⛳️ @sgdz_x]

你是个明白人，👀

[Treasury Secretary Scott Bessent @SecScottBessent]

More than a year ago, the House passed the Clarity Act.

There’s been progress since — thousands of hours of bipartisan negotiations took place at the staff and Member levels. The Senate Committees on Banking and Agriculture advanced their respective titles. And Senate Republicans produced a floor-ready product that, as I type this, is waiting for a vote.

It’s disappointing — but not surprising — that Senate Democrats are choosing politics on the cusp of a major victory for American leadership. Find another instance in history where Congress, when given the choice, opted to push an industry out of the United States rather than smartly regulate it. American Exceptionalism was once a bipartisan goal; if Clarity fails, I have serious doubts.

These same Democrats — many of whom have taken millions of dollars from the crypto industry — proclaim that Clarity lacks safeguards for consumers and falls short in countering illicit finance. Nothing could be further from the truth. Titles II and III materially uplift regulatory and compliance obligations for digital asset intermediaries, placing them on similar footing with traditional financial institutions. The Blockchain Regulatory Certainty Act — which Washington lobbyists have spun up as a boogeyman for certain groups of prosecutors and law enforcement — does nothing other than codify longstanding Treasury Department policy that’s remained consistent across Administrations: non-custodial builders and developers are not, and have never been, subject to registration obligations under the Bank Secrecy Act. And at this point, major law enforcement trades that once opposed the bill, including the Fraternal Order of Police, have now endorsed it.

The Senate needs to vote NOW on this landmark legislation. The truth is that Senate Democrats are afraid to advance the Clarity Act as they fear Senator Warren and the “Anti-Crypto Army” she once promised to build. In the days ahead, Leader Thune will put this theory to the test. Will Senate Democrats be on the side of American Exceptionalism, or will they opt to cede American leadership of a global industry for fear of the bespectacled squirrel’s Left flank?

America will lead or America won’t. It’s not more complicated than that. I believe Satoshi once said it best:

“If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”

[Mark Minervini @markminervini]

A New Fed. An Old Playbook.
Will the Fed Start Surprising Investors Again?

When I started trading more than 40 years ago, the Federal Reserve wasn't in the business of telegraphing every policy move weeks or months in advance. There were no dot plots. No quarterly economic projections. No press conferences after every meeting. And certainly, no endless stream of speeches designed to prepare markets for every possible policy move.

If the Fed changed policy, there was often no advance notice. You'd simply hear across the trading desk, "The Fed just lowered the Discount Rate." That was the announcement.

Over time, that changed dramatically.

The Evolution of Fed Communication
• Before February 1994 – The Fed generally did not issue immediate public announcements after FOMC meetings. Market participants often had to infer policy changes by observing the Federal Reserve's open-market operations.

• February 4, 1994 – For the first time, the FOMC publicly announced a policy decision immediately after a meeting, marking the beginning of a significant shift toward transparency.

• February 2000 – The Fed began issuing a statement after every FOMC meeting, regardless of whether rates changed.

• Early 2000s – The Fed increasingly embraced forward guidance, using communication to shape expectations about future policy.

• After the 2008 financial crisis – Forward guidance became a central policy tool, reinforced by press conferences, economic projections, and the now-famous dot plot.

The objective was understandable. Greater transparency was intended to reduce uncertainty, improve the transmission of monetary policy, and help households, businesses, and investors prepare for changes in interest rates. In some respects, it succeeded.

But like most things in markets, every benefit comes with a trade-off.

The more policymakers reveal in advance, the more that information becomes embedded in prices before the event occurs. Markets become more efficient. Surprises become less frequent. And opportunities created by mispriced expectations become harder to find.

For active investors, that's an important distinction.

Information alone has never produced exceptional returns. Insight does. Markets reward investors who recognize something the crowd hasn't yet fully appreciated. When policy is carefully choreographed months in advance, one of the market's greatest sources of investment opportunity - information gaps - begins to disappear.

That's one reason I've found the recent discussion surrounding Chairman Kevin Warsh's desire to reduce the Federal Reserve's reliance on forward guidance so interesting. Some commentators view it as a dramatic departure from modern central banking. I don't.

To me, it's simply a return to a style of policymaking that was standard for much of my career. Whether that's ultimately better for the economy is a legitimate debate.

From the perspective of an active investor, however, I have little objection to a Federal Reserve that reveals less and lets markets do more of the analytical work. Markets should respond to changing facts—not to an endless stream of forecasts about what policymakers might do months from now, which is simply a form of manipulation. Too often, those forecasts create as much confusion as clarity.

Markets function best when independent thinking is rewarded, not when everyone is handed the same script.

Will the Fed start surprising investors again? Time will tell.

But one thing hasn't changed. Markets have never paid investors for knowing what everyone else already knows. They reward those who prepare better, think independently, and recognize change before it becomes consensus. Whether it's the Federal Reserve, corporate earnings, or the next market leader, the edge has never come from following the crowd.

[BMAN @BMANLead]

Now you got him 10 years later. Trust the process man @JoelEmbiid @KingJames

[sgdz⛷️⛳️ @sgdz_x]

祝福和尊重，愿越来越好。

[LeBron James @KingJames]

another championship.

I believe I can help make the Philadelphia 76ers a championship team and I am so excited to energize a new fan base and start this incredible journey one last time.  

Thank you LA. Miami I’ll forever love and Northeast Ohio will always home!

🙏🏾🫡👑

[CM @chenmo]

Saylor在发布新的资本框架后，3周做了这样几件事:

第一周，卖BTC +2.16亿 USD
第二周，卖MSTR +4.67亿 USD
第三周，卖MSTR +2.64亿 USD

现金储备已经32亿，差不多可以支付近2年的股息。

股息的安全感我觉得差不多了，市场缺少的是价格上的安全感，如果BTC能回到7.5-8w，STRC价格大概率会修复

[sgdz⛷️⛳️ @sgdz_x]

干得漂亮，请继续，不要停哈！👀

[Michael Saylor @saylor]

Strategy has sold 3,588 $BTC for $216 million to fund dividends on our Digital Credit securities. As of 7/5/2026, we hodl ₿843,775 in our BTC Reserves and $2.55 billion in our USD Reserves. https://t.co/Cssgz29Psj

[Grass Foundation @grassfdn]

https://t.co/bDDpsX2n4r

[sgdz⛷️⛳️ @sgdz_x]

@Predator_fund 小板凳已摆好，等老普头闹磕🤓

[sgdz⛷️⛳️ @sgdz_x]

@Predator_fund 666

[普达特 @Predator_fund]

我为什么说hyperliqiud本质还是中心化交易所：
1、客户实际上还是需要入金的，只不过是将USDC存入hyperliqiud的金库合约，客户授权会使资金记入链上 Clearinghouse（清算所） 的账户余额中，当你挂单或开仓时，Clearinghouse 会实时在链上检查并锁定/预留所需保证金（Initial Margin），锁定的保证金从你的 Clearinghouse（清算所）可用余额中划出，用于支持该订单或仓位。而存入的资金并不在客户控制中；

2、客户的挂单和撤单是“假上链”，客户的挂单、撤单等交易指令是先进入服务器的交易队列的，进行异步排序和批处理。然后异步的打包进区块，虽然能在链上看到行为，能在链上看到最终的订单簿状态、成交、强平都是链上确定性的、可验证的，没有隐藏的离链订单簿等，实际上还是是链下计算链上记录的障眼法，想不给你看、或者造假记录毫无障碍；

3、订单成交，与中心化交易所的撮合引擎完全一样，成交规则、爆仓规则也完全一样。本质还是在服务器里撮合成交，然后把成交结果异步写到链上，表面上是公平、透明地靠链上执行，实际上还是服务器撮合；

4、资金安全：客户将USDC存入 HLP 后资金有锁定期（目前是 4 天），不能随时自由提取，理论上hyperliqiud是可以禁止你提现的。

5、早期的Hyperliquid主网是在 Arbitrum上线的。HyperCore 负责订单匹配和状态更新，但最终结算和资金桥接依赖 Arbitrum。可以理解为“Layer 1.5”或 App-chain 形态，2024年后Hyperliquid才迁移到自己的所谓L1链上，2025年推出HyperEVM，其实就是增加 EVM 兼容环境，目的是使用7702协议，让普通用户在做更复杂的 DeFi 操作时，也能享受到精细授权、gas 代付、批量执行等现代体验，而这个7702让我损失31万u，本质上所谓这个HyperEVM链实际上就是个数据库！

[sgdz⛷️⛳️ @sgdz_x]

@nangongyuan 同村人可以买卖宅基地的���但只限于户籍地本村户口。

[Dan Scavino @Scavino47]

Just prior to this evenings dinner at Versailles in France, hosted by President @EmmanuelMacron—President @realDonaldTrump signed the Iran Memorandum of Understanding, once Secretary Rubio received it…

“A pretty key moment in history we are sharing together…” @SecRubio

[sgdz⛷️⛳️ @sgdz_x]

@Predator_fund 点赞

[Elon Musk @elonmusk]

Make our Sun sentient to understand the Universe and extend the light of consciousness to the stars

[Elon Musk @elonmusk]

It is humbling to consider that if we harness just 1 millionth of the Sun’s power for AI, that will be much more than a million times the intelligence of all of humanity

[DogeDesigner @cb_doge]

SpaceX has overtaken Amazon and is now the 5th most valuable company in the world.

[诺鸭船长3 @noahduck283]

《乌合之众》里有这样一句话

大众没有辨别能力，无法判断真伪善恶，他们只会干两件事

锦上添花或落井下石

[章工 @435hz]

#父亲节
你得认清一个现实：
你的爸妈只是老了，并没有长大。
你爸只是一个遇到问题就沉默寡言的孩子，宁可翻脸也不认错；
你妈是个没被人疼过的小姑娘，光知道委屈，从来不会解决问题。

[sgdz⛷️⛳️ @sgdz_x]

恭喜恭喜，必须来句：法克吹扬！🤨

[NBA @NBA]

FOR THE FIRST TIME IN 53 YEARS, THE KNICKS ARE NBA CHAMPIONS 🏆

New York defeats San Antonio 4-1 in the NBA Finals, capturing their third championship in franchise history!

[The Kobeissi Letter @KobeissiLetter]

BREAKING: SpaceX, $SPCX, is now the 7th most valuable public company in the world, worth $2.19 trillion.