Hello Frens,
We’re kicking off a new kind of content here on the Milk Road - monthly AMAs for our Macro Pro community!
Holds for applause. Bows. Bows again. Catches flowers.
We know not everyone is able to make the live AMAs so we thought it would be a good idea to share a recording and a written summary.
To be clear - this is NOT replacing our Monthly Macro Pro Report - this is in addition to it.
Think of it like an extra tasty macro snack to enjoy with your milk and cookies.
The next market update is scheduled for October 4th so be on the lookout for that.
We covered a lot of ground in this AMA, everything from DeFi development, to the Fed, and how the dollar is learning to co-exist with Bitcoin.
Let’s jump right in and run down the quizzical Qs and the alpha-filled As.
Question: What regulatory clarifications are most critical for the next phase of crypto growth? What actions could most threaten innovation in DeFi?
Answer:
- The FOMC meeting was framed as important but often overhyped — Powell aims to promote stability, not shock.
- Regulatory clarity in the U.S. hinges on the Genius Act (stablecoins) and Clarity Act (digital asset classifications).
- CFTC and SEC are sprinting to define digital assets; regulatory progress could unlock institutional participation.
- DeFi innovation isn’t at risk. What’s at risk is value dilution as legacy firms enter with regulatory clarity.
Question: What hurdles must be solved for tokenized assets like private credit and real estate to trade at scale? What would make firms like BlackRock comfortable holding and trading them onchain?
Answer:
- Tokenization hurdles: private credit is ripe due to its analog nature; real estate lags due to illiquidity and legacy systems.
- BlackRock and others will adopt tokenization once client demand, control, and robust infrastructure align. The timeline is hard to pin down, but it’s in progress and announcements will happen when they’re ready to go live.
- The Canton Network is an example of a B2B tokenization stack that legacy players are building behind the scenes.
Question: What’s your outlook for the dollar’s long-term dominance amid CBDCs and non-dollar trade? Over the next 2–3 years, will CBDCs, corporate stablecoins, and Bitcoin compete or coexist in a new financial stack?
Uh, Oh… 😧 The rest of this report is exclusive to Macro PRO members!
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WHAT’S LEFT INSIDE? 👀
- How do you assess the risk of an AI bubble, and when and how should one take a more defensive position?
- Could markets run hot through next year with mid-term elections and a new Fed chair coming in 2026, or does liquidity data suggest only six months left in this cycle?
- If the macro environment is risk-on with rate cuts ahead, why is gold (traditionally a safe haven) pumping so strongly, and does it signal something less obvious?
Upgrade your subscription today to unlock access to all of the milky insights above, PLUS:
- Monthly macro updates to help you manage investments, allocate capital, take profits, and stay ahead in macro 📊
- Live AMAs where our analysts break down the latest trends and answer your biggest questions. 🎙️
- Access to the PRO Community, where you can chat directly with our analysts and fellow Macro PRO members in our private Discord. Ask questions, share ideas, and stay plugged in between reports. 🫂
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WHAT MACRO PRO MEMBERS SAID LAST WEEK:
