GM. This is Milk Road, the daily newsletter that adds a ‘why’ to the ‘what’ of crypto.
Here’s what we got for you today:
- ✍️ Everything is green. Here’s why.
- ✍️ The SEC’s latest crypto catalyst
- 🎙️ The Milk Road Show: Bitcoin Is Entering a New Market Structure & It's Stronger Than Ever w/ Matt Hougan & Ryan Rasmussen
- 🍪 BTC ETFs are on a 5 day inflow streak
Outskill is hosting a hands-on bootcamp designed to make you an AI-expert in just 16 hours. Reserve here for $0 (first 100 people only).
Prices as of 2:00 PM ET. Trade today with Milk Road Swap.
EVERYTHING IS GREEN. HERE’S WHY. 🟢
You could pour me a bath, put a goblet of fine wine in my hand, and play some silky smooth jazz…
Even then, it wouldn’t match the sweet, sweet relief that this image brings me:
ICYMI: over the last 24hrs or so, the crypto market moved ~9% (bottom to top), adding ~$260B to its total market cap.
And the biggest winner of this latest pump? SUI – which is up 18.8% over the last 24hrs!
The key question here? A big, breathy hhhhh-why?
Short answer: it was most likely Vanguard’s doing.
Long answer: as we covered yesterday, Vanguard is the second-largest provider of exchange-traded funds (ETFs), with ~$11T worth of assets under management.
If you have a retirement account (within, or outside of the U.S.), there’s a good chance you own one of Vanguard’s funds.
Yesterday, Vanguard allowed their clients to start allocating to crypto ETFs for the first time – and boy did they jump at the chance:
And that volume was just on BlackRock’s Bitcoin ETF (IBIT).
As we keep saying: crypto's biggest roadblock right now is access to institutional-level capital.
There’re a whole bunch of rules and regulations keeping big money from allocating to the broader swath of digital assets.
The Market Structure Bill and Clarity Act will help to solve that.
In the meantime, we have internal, self-imposed rule changes like this one from Vanguard to help us along.
…oh, and this one, from Bank Of America’s $2T wealth management fund, which dropped a few hours ago. 👇
Aaah… sweet, sweet relief.
BECOME AN AI EXPERT (IN JUST 16 HOURS)
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Outskill is hosting a hands-on bootcamp designed to make you an AI-expert in just 16 hours.
Here’s what you’ll learn:
- How to simplify your daily tasks by 70%
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This session is usually $395 but as a part of their Holiday Season Giveaway, you can get in for completely free.
But hurry, there are only 100 free seats.
WHAT THE SEC’S INNOVATION EXEMPTION MEANS FOR CRYPTO 💪
If you run around topless, scream-singing the lyrics to Natalie Imbruglia’s 1997 smash hit ‘Torn’ in your teen years, people might laugh it off and chalk it up to ‘kids being kids’.
But if you do it in your mid 30’s you’re seen as ‘a mess’ and ‘banned from Home Depot’.
(I’m a Lowes guy now.)
And a similar lens is being brought to the regulatory space by the SEC – where they plan to police younger crypto projects differently to mature ones.
The idea is this:
If you’re a new project, you’re probably not going to be decentralized yet – meaning your governance is controlled by a central entity (not a decentralized network of token holders).
And a centralized project with a token that people expect to grow in value is the rough definition of a security.
…if such an entity doesn’t register with the SEC and put (crippling) regulatory restraints on itself – it’s considered an unregistered security, and is grounds for the SEC to attack.
So how can the SEC support new projects in their infancy, and allow the crypto industry to flourish in the U.S.?
They can let kids be kids. 👇
This ‘innovation exemption’ would essentially say to new projects:
“Yeah, you’re technically an unregistered security right now – but we’ll give you some wiggle room. You’ll have a fixed amount of time in which you can remain centralized.
Just make sure you decentralize your governance by the end of the exemption period.”
The result:
More crypto innovation in the U.S., at a faster clip.
Hell yeah!
INTRODUCING: THE MILK ROAD AI NEWSLETTER 🥛
There's an all out war happening in Big Tech, and if you're not paying attention, your portfolio is probably caught in the crossfire.
Forget Silicon Valley; this is Succession level drama with microchips. And you can read all about it right now in our brand new AI newsletter.
We’re giving you the playbook to see where the puck is headed across the earnings, capital flows (and betrayals) shaping AI.
Twice a week we’ll be tracking the biggest moves in the space and showing you how to invest in the future.
BITE-SIZED COOKIES FOR THE ROAD 🍪
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It’s gonna take a hot minute (if at all) — MSTR just outlined what kind of market conditions would force them to start selling their BTC.
This is a great sign: the BTC ETFs are on a 5 day inflow streak (with 4/5 days seeing 10’s of millions of dollars in flows).
More betting markets onchain: Kalshi just launched tokenized versions of thousands of its prediction markets on Solana.
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MILKY MEMES 🤣
ROADIE REVIEW OF THE DAY 🥛
VITALIK PIC OF THE DAY
