01
The New Crypto Taxonomy Has Edges
A field guide to the SEC and CFTC's 2026 crypto taxonomy, with attention to the transactions and relationships that can still bring a nominally non-security asset inside federal securities law.
NEWSROOM
Rules
02
Crypto Vaults: Automation Does Not Erase the Manager
The label 'vault' covers fixed smart-contract strategies, discretionary allocation, staking, and lending. Control, conflicts, liquidity, and legal structure matter more than automation branding.
Money
01
GENIUS Moves From Law to Compliance
The stablecoin debate has shifted from whether a federal framework will exist to how reserve, redemption, anti-money-laundering, and sanctions duties will work in practice.
Power
01
The Dollarization Question Inside Stablecoins
Dollar stablecoins can reduce payment friction while increasing currency substitution, capital-flow sensitivity, and dependence on foreign issuers in emerging markets.
02
Stablecoins Are Now Sanctions Infrastructure
Stablecoin issuers, exchanges, brokers, wallet flows, and cash-out networks have become enforcement points in sanctions and illicit-finance cases, with costs for both bad actors and ordinary users.
Markets
01
A Tokenized Stock May Not Be the Stock
Issuer-backed, custodial, and synthetic securities tokens can show the same reference asset while giving holders different ownership, voting, dividend, bankruptcy, and redemption rights.
02
Perpetual Futures Come Onshore, Along With Leverage Risk
New U.S. regulatory paths for crypto perpetuals change venue oversight but retain the product's funding, liquidation, collateral, affiliate, and re-use risks.
Protocols
01
Ethereum's Glamsterdam Bet: More Capacity, New Coordination Risk
Ethereum's next upgrade aims to raise capacity and reduce relay trust through block-level access lists, gas repricing, and enshrined proposer-builder separation.
Security
01
Bitcoin's Quantum Plan Is a Governance Story
BIP 360 proposes an optional quantum-resistant output path, but migration timing, exposed keys, old coins, emergency choices, and user consensus remain unresolved.
02
Bitcoin Software Risk Reaches the Wallet
Recent Bitcoin Core advisories show why protocol security, release safety, operator configuration, backups, and privacy behavior must be reported as distinct claims.