Scott

What stablecoins did for access to the dollar, tokenized equities will do for US capital markets. The assets are here. Distribution is the next unlock. That's the thesis behind Passage, and @ArrakisFinance's data is starting to show it. passage.coinlist.co/?utm_sou…

Was there an undisclosed sendgrid breach? I’ve gotten an innumerable number of phishing emails today, this one is my favorite - definitely going to bait someone.

I wonder what kind of 4-D chess is being played in DC right now around the future of crypto legislation. We have a Biden memecoin (+crash) when Trump ethics are a huge concern from Dems. We have a vote on a supposed DOA bill on the 15th. You don’t put an important bill to vote that you know wont pass. All happening ahead of midterms. Are we building ammunition in the fall to put to voters? Dems blocked good regulation that would protect investors? See where the votes land to start spending Super PAC dollars - both for and against? We want to see a bill fail to give the reigns formally over to SEC/CFTC? Nothing in DC is an accident. Curious what the motivations are.

All of this contemplation to solve U.S. soccer after the World Cup. The solution is in plain sight. This U.S. Open QF is featuring two children of billionaires, both American. Clearly, we need more billionaire parents if we want a World Cup (or mens major title).

Looking forward to talking about Reg Crypto, Token to Equities conversions, and what the future holds for crypto fundraising.

Proud of all the work that @CoinList has put in over the last 8 years in the trenches with the SEC and others. This is an exemption actually works for entrepreneurs building in the US with clear rules of the road. Crypto is actually coming home.

The issuer led, direct ownership model of @SuperstateInc resolves this issue. Investors can submit a w-8 and get rid of onerous withholding. You can use Passage by @coinlist to embed this entire workflow into your app/platform and enable fully self-custodial equity ownership. This model will also exist with @Securitize or @Bullish 's structure as well - and we'll make that seamless and easy - so any app can offer the entire universe of equities and funds regardless of platform directly with a single integration.

Saw 3 different wind downs from crypto projects today. That’s after what feels like 100+ in the past months. Startups grow and die all the time. This is normal and honestly more mature than how it was handled in prior cycles (silent quitting/rug). Kudos to our maturity I guess?

We are doing this with Passage by @CoinList - powering the DeFi front ends. One of our initial asset issuance partners is in fact @SuperstateInc! Any front end can plug in and offer their products directly to their users fully self-custodial, no additional compliance, payments, etc. More assets and issuers coming soon

Today, most tokenized equities assets trade on centralized exchanges like Kraken or Bybit. While that is great, it's largely a similar product to your normal brokerage account. To get the real benefit of a tokenized asset, you need assets and investors onchain. This partnership is a small step to making equities more accessible onchain with @SuperstateInc . Accessing real (non-wrapped) equities requires complex compliance and eligibility management flows on top of existing smart contracts and payment rails. Not every wallet or app has those capabilities built in, but it's at the core of our existing workflows for token sales which we migrated fully onchain in 2025. Our existing 12M users will be easily able discover Superstate supported equities, purchase through smart contracts, and receive equity tokens directly to their non-custodial wallets. Distribution. Beyond that, any of our partnered applications or wallets can leverage our workflows, smart contracts, and embed Superstate offerings directly into their frontends or apps with a simple integration. No need to build a compliance department on your own or manage eligibility for each user. In the future, we plan to support more assets and asset issuers. If you are interested in bringing more assets directly to onchain investors, we'll work with you to make that happen. Or if you want to make these assets available directly in your front end, we'll make it easy.

Not saying we are doing great... but doesn't a weaker dollar help achieve the goal of strengthening US exports, balancing trade. The same objective of tariffs. We spent two decades of accusing China (rightfully) of artificially devaluing their currency to strengthen exports and attempt to prop up domestic consumption.

Although I suspect AGM is referring to a different type of PJ and I’m missing the joke. I’ve been fortunate enough to be around people with access or ownership (not me sadly) of private jets and not once has anyone said “pj” They might say “we’re taking the plane to Miami this weekend” or “So sorry we couldn’t send the plane back with you, but we bought you a ticket commercial. Hope it’s not too much of hardship” In some cases, they might specify the type of aircraft e.g. “we’re taking the G5” because there are potential alternatives in varying size/speed/expectations of service (or lack thereof). The difference between eating lobster served by staff or just having the wine or sodas that was put on board. In all cases, the implication is by saying plane that unless otherwise specified that they/you are flying on a private plane, and yes it’s a jet, not some turbo prop. You don’t need to specify nor ask. Maybe it’s my east coast sensibilities. But I assume PJ is probably gauche to say, and might get you a side eye, but at a minimum totally unnecessary. “The” “my” plane is appropriate and fully descriptive of the situation. I assume AGM has dealt with this (or may have a share in his own plane!) but for others if you do end up in this scenario for not your plane. It’s well expected that you would already know exactly the etiquette for locating and gaining access to their preferred private air terminal. It’s easy but slightly different everywhere requiring some weird knowledge. Once you do it once, you know. Just ask their assistant, your friend/boss/whoever can’t explain it, they just show up.

Huge news! @doublezero received a no-action letter from the SEC for their network (and incorporates their Validator Sale conducted on @CoinList). This is pushing open the door to building, operating, and using genuine decentralized networks in the U.S. Let's go 🇺🇸🇺🇸🇺🇸