Today’s edition is brought to you by Qubic - the L1 built for AI.
GM. This is Milk Road – the crypto version of your gossipy neighbor, Jan.
(We keep you up to date with EVERYTHING).
Here’s what we got for you today:
- ✍️ The biggest day in crypto’s political history
- ✍️ Everything else that just happened
- 🎙️ The Milk Road Show: Bitwise CIO Predicts Major Demand Coming from Countries and Institutions
- 🍪 Bitcoin ETFs recorded over $3.6B inflows in the past 6 days
Prices as of 2:00 PM ET. Click here for our Fear & Greed Index.
THE BIGGEST DAY IN CRYPTO’S POLITICAL HISTORY (MAYBE EVER) 🏛️
Imagine if the Super Bowl, World Series, Stanley Cup, and NBA Finals all happened on the same day.
That’s kind of like what just happened in the world of crypto politics yesterday afternoon.
Here’s everything you missed!
1/ We got our first crypto-focused executive order (EO)
The executive order basically appoints a ‘working group’ to create regulatory framework proposals around:
- Protecting blockchain and digital asset use. The aim: ensure individuals and companies can lawfully use public blockchains without needing intermediaries.
- Promoting dollar-backed stablecoins. The aim: support the growth of legitimate, dollar-pegged stablecoins to strengthen the US dollar's dominance globally.
- Giving fair access to banking services. The aim: guarantee law-abiding individuals and businesses fair and equal access to banking without unjust restrictions.
- Creating clear rules for digital innovation. The aim: create transparent, technology-neutral regulations that will encourage innovation in the digital economy.
- Opposing Central Bank Digital Currencies (CBDCs). The aim: ban CBDCs in the US (hell yeah!).
- Evaluating a national Digital Asset Stockpile (aka: Crypto Strategic Reserve). The aim: figure out what it would take to create/maintain a national stockpile of digital assets.
The ‘working group’ now has 180 days (starting yesterday) to deliver their regulatory proposals to the President.
Which also means…
2/ We now have new clarification on ‘Wen Bitcoin Strategic Reserve?’
“Hey Siri, remind me to check Twitter on July 23” 👇
3/ SAB 121 was overturned!
If you’re not familiar with SAB 121, we covered it here – but in short, it made banks’ accounting processes way more complicated the moment they took custody of a customer’s crypto.
(Incentivizing banks to avoid crypto altogether).
4/ The launch of the “Senate Banking Digital Assets” subcommittee
Ok, so you know how the Executive Order from above asks for a ‘working group’ to research/draft different crypto regulatory frameworks, and then present them to the President?
The Senate Banking Digital Assets subcommittee is pretty much tasked with doing the same thing, but they’re forming legal frameworks, and then presenting them to congress.
Meaning they’ll eventually try to get their recommendations passed into law. 🔥
Ok, now – go chug some water, stretch your legs, and tell yourself “you got this” in the bathroom mirror…
‘Cause we have a list of four more events (outside the realm of crypto politics) that recently went down, and they’re waiting for you in the next article. 👇
CRYPTO X AI
AI is one of the world's hottest sectors.
Inside of web3, the intersection of AI and crypto is booming.
But what projects fall under this “Crypto x AI” thing?
One of them is Qubic - the L1 blockchain built specifically for AI.
It’s a super complex project filled with nerdy buzzwords, but here’s the TL;DR:
- "Useful" PoW: Mining compute is directed specifically towards powering AI ⚡
- No fees: All native token transactions are feeless 💸
- Blazing speed: Smart contracts execute in under one second 💨
Crypto x AI is only getting bigger and you don’t want to get left behind.
EVERYTHING ELSE THAT JUST HAPPENED OUTSIDE OF POLITICS 💪
Electrolytes replenished? Cortisol reduced? Chakras centered?
Perfect! Let’s unwind all of that hard work…
1/ Larry Fink wants to move bonds and stocks onchain
If this feels like a bit of a snooze fest ‘cause you only trade crypto assets – slow your roll!
Not only would such a transition make US-based stocks and bonds available to a larger global audience and allow 24/7 trading – but every tokenized stock and/or bond would also contribute trading fees to the underlying blockchain it's hosted on.
More trading fees generated = more network value being created.
2/ $SOL / $XRP futures incoming?
Someone just found a testing page live on the CME website that suggests the CME Group is about to launch $SOL and $XRP futures products…
Why does this matter? ‘Cause futures have historically been the common pathway to spot crypto ETFs being launched in the US!
3/ The co-founder of Ledger was kidnapped and had his finger cut off
PSA: don’t publicly brag about how much crypto you have. David Balland has a target on his back just by being known as a Ledger co-founder – but you have a choice.
These kinds of attacks are also known as ‘$5 wrench attacks’, because you don’t need any kind of hacking abilities to pull them off – just a $5 wrench.
4/ The first major web2 AI agent (‘Operator’) was announced by OpenAI
Oooft – it appears crypto AI agents now have some solid competition!
OpenAI’s ‘Operator’ agent can book tables for you using OpenTable, order groceries for you via Instacart, book tickets for you on Stubhub, and a whole lot more!
The kicker? It’s live today for ChatGPT Pro users, in the US!
It’s ok! Shhh, shhh, shhh!
You made it. It’s over. The news feed can’t hurt you anymore.
YOUR NEW FAVORITE CRYPTO TOOL JUST DROPPED… 🥛
Ever wondered what we think about Token X or Token Y? Now you don’t have to. Yesterday we launched our Token Centre, which gives you instant access to our takes on the hottest tokens of the moment.
Like $AVA, the flashy new AI token launched by Holoworld. With backing from Binance this token combines multimodal social media integrations with blockchain for immersive experiences. All sounds very impressive, right?
But what do you think we’ve rated it? Bullish, bearish or neutral?
BITE-SIZED COOKIES FOR THE ROAD 🍪
Bitunix is handing out 400 USDT for free. All you gotta do is deposit some money, make a trade and the cash is yours. Free money? You gotta love crypto.*
Bitcoin ETFs recorded over $3.6B inflows in the past 6 days. We’re lowkey used to hearing numbers like this often now but if you step back, these flows are absolutely insane. Wild times.
Solana TVL soars 600%. Launch of $TRUMP has really brought all the attention back to Solana.
$IVANKA is fake. In case you were planning to ape in, you gotta know that this memecoin wasn’t launched by Ivanka Trump.
We’ve added a new job opening! We now have 3 job positions available, the latest one being a social media manager here at Milk Road.
Uphold just launched its own rewards program. From stablecoin yields to exclusive token reports, we can promise you that this rewards program is pretty unique.*
*This is sponsored content.
MILKY MEMES 🤣
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
