OX85 — Working papers on market structure, onchain settlement and crypto capital markets. From OX85, a crypto native principal investment and acceleration house. ox85.com

What does preemption not reach?

Illinois taxes the asset rather than the gain, and the rule the SEC proposed does not touch it

• Blockchain
• Crypto

Who pays for security?

Fees are at a ten year low, and hashpower just found another bidder

• Bitcoin
• Market structure
• Crypto

The death spiral of the digital asset treasury

The digital asset treasury model is collapsing as vanished stock premiums turn the growth flywheel in reverse, forcing companies to sell crypto and threatening the broader market.

Who issues the money?

As banks, stablecoins, and central banks find their roles onchain, the real contest is no longer over who issues regulated digital money, but who orchestrates and routes it.

Who enforces the rules?

The CLARITY Act is currently stalled over ethics enforcement and jurisdictional authority, which will set the blueprint for future crypto regulation.

What does the money fund?

US banks aren't building a deposit token consortium to win payments—they're doing it to keep cheap deposits from fleeing into stablecoins and stripping the financial system of loan funding.

What does the wrapper cost?

Capital isn't leaving bitcoin; it's shifting from treasury companies to ETFs. High preferred dividends force asset sales, making spot ETFs a safer wrapper during drawdowns.