The Empire Newsletter

Kick off your day with essential news, insights, and information about the world of crypto, brought to you by the Blockworks News team.

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How tokenization's 'superpowers' could transform US stock access

1 day ago | blockworks.co | Ben Strack

A major topic at Permissionless was stablecoins and broader tokenization. It was, in fact, one of the main themes of the "Rebooting the Global Financial System" panel I moderated yesterday. "Rebooting" could have been replaced with "rebuilding," a couple panelists agreed. But first, from an offstage chat with CoinFund president Christopher Perkins: He told me "stablecoin summer" is going to unlock "DeFi fall." "Tokenization is the new ETF," he explained.
Why the fight for Bitcoin to exist might not be over yet

1 day ago | blockworks.co | David Canellis

It's satisfying to think that Bitcoin has won. After all, the sitting US President himself is a big fan. Regulators are, meanwhile, paying it little mind, at least publicly, while many of Wall Street's largest operators support bitcoin trading and even offer ETFs directly to their customer base.
It's a 'hedge against instability'

2 days ago | blockworks.co | David Canellis

Bitcoin is full of catchphrases. "BTC is a store of value" just means that you can buy it, and if the price remains steady, you wouldn't have lost any money. That Bitcoin protects against "currency devaluation" is only a brainy way of saying that it might go up, while the foreign exchange rate for whatever fiat currency you use in everyday life could go down. My favorite of all is that bitcoin is a "hedge against global instability."So how does that play out in real life?
Newly tokenized Janus Henderson CLO strategy sees $1B inflow

3 days ago | blockworks.co | Ben Strack

Before writing about crypto, I spent a couple years covering the traditional asset management industry (mutual funds, ETFs, etc). Janus Henderson was one of the companies on my beat. So when I saw the investment firm's name in my crypto-centric inbox this morning, I was once more reminded of the ongoing TradFi-DeFi intersection.
More crypto ETFs coming? A key SEC deadline is one week away

3 days ago | blockworks.co | Ben Strack

With capital pouring into spot bitcoin and ether ETFs in recent weeks, a fast-approaching SEC decision could spur the next wave of crypto fund launches. Though filings for single-asset ETFs have multiplied in recent months, products holding a basket of tokens could be the next to get the regulatory nod. Specifically, the securities regulator is set to rule on Grayscale Investments' proposal to convert its Digital Large Cap Fund (GDLC) to an ETF. Its deadline to do so is July 2.
Gaming-focused chain Sei surges 85% on the week

3 days ago | blockworks.co | Donovan Choy

Sei is a L1 blockchain launched in August 2023. A confluence of positive tailwinds have given its native SEI token a monster pump of 85% over the past week. Earlier this week, the Wyoming Stable Token Commission announced the selection of Sei (and Aptos) as the final two candidates for its WYST stablecoin pilot, the first initiative of its kind by a US state. Two other factors are possibly contributing to SEI's price action.
Peter Todd tells Permissionless why people don't care about Bitcoin

3 days ago | blockworks.co | David Canellis

Bitcoin is everything, everywhere, all at once. Yes, Bitcoin has reshaped the financial order. It has also altered the way money and value move in developing economies, either directly or indirectly. But Bitcoin is also pragmatic in its simplicity, compared to other blockchain networks and the projects built on top of them. Those hardboiled sensibilities are at odds with what could be Bitcoin's endgame - a global, trustless settlement layer and eventually, hyperbitcoinization.
Permissionless IV, Day I takeaways

3 days ago | blockworks.co | Byron Gilliam

This is a segment from The Breakdown newsletter. To read full editions, . "We know more than we can tell."- Michael Polanyi on the importance of IRL collaborationHewlett and Packard; Jobs and Woz; Gates and Allen; Page and Brin; Bezos and (the now-forgotten) Kaphan. The history of technology in America is a history of two people incubating whole new industries from a garage. Would any of Hewlett-Packard, Apple, Microsoft, Google or Amazon have been incubated over Zoom?
Yield protocol infiniFi replicates fractional reserve banking onchain

4 days ago | blockworks.co | Donovan Choy

Banks take in deposits to invest a portion in riskier, illiquid assets - that's how they make money. This "borrow short, lend long" business model is otherwise known as fractional reserve banking. As long as not every depositor wants their money at once, everyone's happy!When crisis mode hits and users rush for the exits, the risk models of banks are put to the test. At the heart of the problem is non-transparency around a bank's liabilities and available assets.
If companies, countries and ETFs are buying bitcoin

4 days ago | blockworks.co | David Canellis

Who's selling bitcoin? It's a question that's popping up routinely. The wonder is somewhat justified: Strategy alone is buying up billions in bitcoin every other week - so there must be an equivalent force dumping coins at the same time. For more context, public stocks like Strategy, Metaplanet, Semler, Coinbase and two dozen others have scooped up about 251,700 BTC since the start of the year, a sum currently valued at $26.51 billion.