The Clarity Act
A new version of the Crypto Clarity Act may be released as soon as next week. It is stuck in the Senate. Congressman French Hill said on Fox Business that lawmakers are pushing for a July Senate floor vote. His logic: set a floor date in July, and that deadline forces the final meetings and discussions to happen. Congress needs a deadline to move and find agreement.
I am not worried about it. To me it is a no-brainer that gets approved.
The Clarity Act is a huge piece of crypto law. It will let new pools of money enter the space, not right away but in the months after. The day after it passes, I don't think much happens. The 6, 12, and 18 months after do a lot, because that is what gives big companies and big institutions the green light to deploy money quarter by quarter, whether that is 10 billion, 20 billion, or 50 billion per organization.
Middle East sovereign wealth funds also follow US regulatory clarity, and clear rules would let them buy aggressively and in size. Over the past year, every major Bitcoin drawdown has seen groups like Mubadala out of Abu Dhabi systematically buy Bitcoin at what they see as a discount. They are more than tripling their positions.
Watch the altcoins whose fundamentals are improving even before the Act passes. If it improves them now, consider what happens after.
Robinhood and Ethereum
Robinhood Chain, Robinhood's Layer 2 built on Ethereum, has grown to nearly 80 million in total value locked, 200 million in stablecoins, and 800 million in cumulative DEX volume since launch. The bigger Robinhood Chain gets, the better for Ethereum.
Robinhood's CEO argues crypto and traditional finance have lived in two separate worlds but will fully merge, covering tokenized stocks and other real-world assets, with stablecoins as an early form. Crypto technology has so many advantages that in the future there will be no distinction. He compares it to how technology was long treated as its own sector of the economy. Crypto will go through the same shift: we think of it in its own bucket now, but eventually everything will be on chain. Vlad is pushing Robinhood's hundreds of millions of users onto Robinhood Chain on Ethereum.
Betting on Mega Trends
My strategy is to invest in mega trends, and tokenization is a growing one. Tokenized equities hit a record $3.4 billion in volume in June. That is 279% growth month over month and 1,400% growth year over year. The growth came mainly from the record SpaceX IPO and surging demand for 24/7 trading.
The Solana network now handles over 90% of volume traded in these assets. Even when price falls or moves sideways, the fundamentals improve. Much of the volume growth comes from Jupiter, the largest on-chain platform in the world, a kind of DEX for Solana, whose volume has grown over 56% month over month. Around 60% of tokenized equity volume happens during off hours and weekends. Tokenized asset growth is exploding.
Bittensor and Decentralized AI
AI and robotics are two mega trends, and Bittensor is the blue-chip crypto that fits them. Its token is called TAO. If Bitcoin is decentralized money, Bittensor is decentralized intelligence.
Software today splits into closed source and open source. Closed source, like Instagram and Facebook, hides its algorithms. Open source can be read and built on by anyone who understands computer science, and closed-source companies use open-source software all the time. The same split is happening in AI. Blue-chip centralized AI companies like Perplexity, ChatGPT, and Claude already draw a small percentage of their use from Bittensor's intelligence.
The listed closed-source models include OpenAI, Anthropic, Perplexity, and Grok. Bittensor instead builds AI models in the open, where anyone can contribute.
Bittensor's underlying structure is called subnets. Each subnet works like a business application. One subnet could focus on inference, another on medical intelligence, another on financial intelligence. As subnets get more sophisticated, they feed information into the closed-source systems. Perplexity, ChatGPT, and Claude answer a small share of their questions using Bittensor intelligence, license that information, and don't disclose it. That share will grow significantly over time.
TAO has the same unit economics as Bitcoin. Only 21 million tokens will ever exist. It is proof of work, so computing power is needed to earn tokens into circulation, and it has a predictable halving schedule. Just as Bitcoin cuts its daily issuance in half every four years, Bittensor does the same, building long-term scarcity.
A recent subnet upgrade made "conviction" fully live. In startups, founders show commitment through vesting. In Bittensor, a subnet owner can prove commitment by locking alpha, the subnet tokens. For the first time, subnet ownership can be challenged by a higher conviction score. If the true owners of a subnet, the people building the AI or robotics companies, genuinely believe in their work, they can show the community, where anyone in the world can invest in early-stage AI startups, that they are locking their tokens. It is a choice, not a requirement, and a high conviction score signals why one subnet is better than others. This game theory will be massive.
The Takeaway
Pay attention to the mega trends: smart contracts, tokenization, AI, and robotics. If and when the Clarity Act passes, which I believe it will, you want to be positioned in these trends. If it fails, we likely get one final dip and capitulation at the end of the year. Either way, this is a long-term play.
