Front Stage Exit

Here’s the question you have to ask yourself about the Biden White House: Did it understand that singling out the crypto industry for persecution was inappropriate? That is, did people inside understand that putting the screws to companies that were operating within the bounds of the law was just really not what government is supposed to do?

Connecting Vanguards surrender, Tether, China's bad mood, Britain's weird shift and the Solana phone, if only by proximity.

Two things are true right now. First, the crypto industry has won. It has enough of a foothold in the world that it’s not going anywhere, and it will eventually reach everything. Second, the vibes are awful, because nothing is proceeding as expected. The oldheads of this space got used to a rough script of good times and bad times, and this particular good time is not good in the way it “should” be if the old patterns held. And a fresh bad time might have already begun. Crypto denizens begged...