When you combine Ethereum’s privacy roadmap, Bessent stable shilling, the whole Bo Hines -> Tether thing, Tron parabola mode, to Trump children saying Ancap stuff about needing to resist being unbanked You’re left with the basic conclusion that every esoteric financial instrument ends up on your browser in 2 clicks with no banking or brokerage intermediary, and very little compliance or KYC. Because fundamentally if there’s on-chain privacy you don’t know who anyone is. And if Tether and Tron are blessed by the highest levels of government, most teams need not be concerned. And if Sergei is doing one-on-ones with the SEC flowing his enterprise revenue into a “reserve” and that’s somehow not a security… We already know all the users of hyperliquid are US people who couldn’t get Binance accounts because of KYC and hyperliquid is thriving — more proof. The gloves have been completely taken off. That’s why it’s such a big deal that A) Vitalik is full tilt privacy mode B) the clarity bill is written by a16z for ETH C) the SEC is saying put everything on-chain. This reminds me a bit of 2008 insofar as the US seriously loosened KYC AML restrictions to get liquidity into the system. This was how Jho Low partied with Paris Hilton with money stolen from the Malaysian Sovereign wealth fund. The zoomed-out picture is that the US knows fiat is failing so is trying to embed the US dollar as the default on-chain base layer similar to how they wanted drug cartels to use the dollar in the 70s after going off the gold standard. I don’t think tradfi has fully internalized how incredibly dank this is. They’re operating on a legacy playbook that’s now totally obsolete and encumbered with rules being ignored at the highest levels of government. Anyone who can put up a compelling financial product in front of this monsoon of capital is going to completely fucking crush it. Ethena is the first of many.