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The November Crash: How Leverage Broke the Bull Market

November 2025   ·   MARKETS Let me tell you something I’ve learned the hard, expensive way: every crypto bull market ends in more or less the same fashion. Not with a gentle, dignified fade, but suddenly — the floor simply vanishing beneath everyone’s feet at once. And the trapdoor is always built from the same material.

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Real-World Assets on the Blockchain Reach $8 Billion

Throughout 2025   ·   INSTITUTIONAL FINANCE I want to tell you about the most important thing happening in crypto right now, and I’ll warn you up front: it is gloriously, almost defiantly boring. No meme dogs. No overnight millionaires. No laser eyes. Just the quiet, unglamorous business of the world’s biggest financial institutions moving the actual

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Congress Kills the DeFi Broker Rule — A Win

March–April 2025   ·   POLICY & REGULATION Every so often, a piece of lawmaking comes along that accidentally exposes just how little the rule-makers understood the thing they were trying to rule. The IRS’s “DeFi broker rule” was one of those, and its unwinding in 2025 tells you something rather important about where crypto regulation is

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