Btc gunning for it.

We’ve broken 82k with confidence and finally entered a new bull regime. For the technical traders we also closed above the 50 week SMA which has been a strong signal for leaving the bear market.

Onchain stalled a bit due to the SEC’s “Innovation Exemption” shortly after the FOMC on Thursday last week.

Tldr: Tokenized Securities Venues (TSVs) run permissioned AMM/liquidity pools for tokenized NMS stocks without registering as exchanges. Certain liquidity providers also get a dealer exemption. It is not a free for all. The conditions are:

• Permissioned access (not open DeFi)
• Tokens must confer the same rights as the real stock (dividends, voting), not synthetics or price linked wrappers
• Symbol and volume caps
• Public notices, auditable smart contracts on a public chain
• Halt trading if the listed stock is halted

Any listed NMS stock can be used if the token meets the rights test. The venue files public notice, there is no individual ticker SEC sign off.

For third party tokenized versions, the TSV must give the company 30 days written notice. If the issuer objects in writing, that token cannot trade on that TSV under the exemption.

Long xyz’s asset structering is an ERC 20 debt security issued by Robinhood Assets (Jersey) Ltd. It’s backed 1:1 by a share held in custody, with price and dividends reflected onchain via an adjustable multiplier.

Stonkfuns asset structering is xStocks which are SPL tokens on Solana that are each 1:1 collateralized by a real U.S share held by a regulated custodian. Like Robinhood’s tokens, xStocks give only price exposure, holders get no equity votes or dividends on chain.

Vlad must of got early wind of this change from the SEC as he was mentioning in kind redemption with shares for 1:1 voting rights 2 days before the innovation exemption. Dividend stocks have been upgraded to automatically distribute rewards on ex dividend date as opposed to weeks later by RH.

Sol’s xStocks give only price exposure, holders get no equity votes or dividends on chain. The AMM pool holds these wrapped tokens (or any chosen crypto/stablecoin), not the underlying share certificates. So I think like Vlad has done, we’ll see an announcement from Toly/xStocks regarding their “dealers exemption” for providing liquidity and obtaining voting rights + dividends.

The dealer exemption only covers liquidity providers inside a qualifying Tokenized Securities Venue, a U.S person, permissioned AMM that meets notice, volume and halt rules. Solana xStock trading is mostly permissionless DEX/launchpad flow (Raydium, Jupiter, StonkFun). They can keep operating offshore for non U.S. users under their existing foreign code, but this won't immediately protect from native legalities. (similar to hyperliquid)

This is why Stonks has been the better performing launchpad since Thursday as they’re mostly crypto pairing based as opposed to Long’s equities. Since Stonk has been performing well and has mindshare, I’m expecting to see more performing stock pairings as the best they’ve had is GP paired to gold. Clarification to the dealers exemption will help a lot with this as we know where Vlad/Nate stand.

Most traders still seem like they’re in uncertainty mode with stock pairings. As far as I’m concerned it’s a big green flag that the SEC have tried to fast track but added the “permissioned” clause so things don’t get too out of hand like they tend to do onchain.

Once BTC slows down from this initial leg I think onchain goes nuts, mainly returning to stock pairing coins. This is where it can get really interesting for a novel utility meta now we’ve broken the bear shackles (codec coded).

Next targets: 90k Btc, 3k Eth, 140 Sol