COLLEGE: Harvard and Brown have bought $IBIT. Harvard is pretty sizable too, the 29th biggest holder out 1,300 holders. IMO Endowments are the hardest institution to hook, they rarely bite on ETFs.. h/t @TheBlock__

BlackRock immediately calls me out… Says *no* plans at this time to launch spot xrp (or sol) ETF. IMO, this will be looked back on as a mistake. We shall see. via @ForTheWynn_

When I want to get caught up on what’s going on with crypto ETFs, @NateGeraci and @JSeyff are it. And @EricBalchunas, ofc!

Hot off the presses. Great convo with Nate earlier today and the full episode is already dropped. Thanks for having me on @NateGeraci

HERE'S HOW THIS👇IS GONNA GO: * Fed investigator to bank: "Why did you debank Custodia?" * Bank: "Because you told us to debank Custodia." * Fed investigator: "Ummm..." This conversation will play out for every debanked crypto company, again and again and again...

Two quotes from yesterday that stick with me. - "Regulators should provide the minimum effective dose of regulation necessary to protect investors while allowing entrepreneurs and businesses to flourish. We should not overburden them with paternalistic regulation that could drive them offshore or make American companies less competitive internationally." - “Decentralized finance software systems—like automated market makers—facilitate automated, non-intermediated financial market activity. Federal securities laws have always assumed the involvement of intermediaries that require regulation, but this does not mean that we should interpose intermediaries for the sake of forcing intermediation where the markets can function without them.” American markets needed @SECPaulSAtkins in this moment. "From the leaves of a buttonwood tree to ledgers on a blockchain, the winds of innovation still blow—and it is our task that they carry American leadership forward. After all, ladies and gentlemen, we have never been content to follow. We will not watch from the sidelines. We will lead. We will build. And, we will ensure that the next chapter of financial innovation is written right here in America."

The massive downward revisions (-258k) are puzzling. Even as someone who long believes payrolls are overstated by massive amount, these downward revisions are anormay large outside of benchmark month or weather related events. The downward revision are largest for state and local government, but also broad based. So far we can rule out the following explanations: 1. Seasonal adjustment. The revisions are mostly NSA. 2. Collection rate of the survey. The collection rate not abnormally low and in fact higher than last year’s may to july. 3. Birth and death model revisions. But BD is for private payrolls not government. Plus the published page got BD shows estimates were unchanged. Notably government payrolls are not connected from survey but from administrative data. Why the administrative data is missing by so much is a quandary.

You: “crypto is a scam” SEC Chairman: launching “project crypto” to “modernize the securities rules & regulations to enable America’s financial markets to move on-chain” You’re surely paying attention now, right?

Amazing stat: 75% of the investors who bought $IBIT ($87b via one million people) were first time customers of BlackRock. And 27% of them went on to buy another iShares ETF. Just a total coup for BLK all around.

Kinda surreal to see this tweet from the US Secretary of the Treasury