🐕 Wild Dog Crypto · Morning Briefing (October 28)
1️⃣ Bessent put it bluntly: crypto is now a weapon for the dollar. At Ripple’s Swell conference, the U.S. Treasury secretary said the U.S. “will win in digital assets,” and that stablecoins will continue to strengthen the dollar’s position (CoinDesk, CryptoBriefing). The logic is simple and blunt: more than 90% of stablecoins are pegged to the dollar, and issuers park their reserves in U.S. Treasuries. Every new stablecoin is effectively another buyer for U.S. government debt. After Congress failed to pass the CLARITY Act, Bessent said the Treasury would work directly with the SEC and CFTC on regulation and rules against “debanking.” He also compared the GENIUS Act to Lincoln’s National Currency Act of 1863. Let’s be honest: the empire isn’t suppressing crypto—it’s just planting its own flag in it.
2️⃣ VanEck has stuffed Bitcoin into Wall Street’s most boring product—and that’s exactly the point. The newly listed Wealth Builder ETF (WBMO) bundles global stocks, bonds, and real assets such as gold, with a target Bitcoin allocation of 2% (range: 1–5%). It gets exposure through spot Bitcoin ETPs rather than holding Bitcoin directly (Cointelegraph, BusinessWire). The fee is 0.33% (0.26% net). VanEck manages about $244 billion, and this move effectively brings model portfolios previously available only through financial advisers to the NYSE, where anyone with a brokerage account can buy them. Put simply, the classic “60/40 portfolio” just got a 2% crypto side hustle—and your financial adviser will pretend it was their idea.
3️⃣ The guests are crashing the tokenized-stock party themselves. Intel, IBM, Oracle, and IonQ have just withdrawn from the OKX-ICE stock-tokenization initiative, bringing the total number of companies that have opted out to 26—about 41% of the original 62 candidates (Cointelegraph, CoinDesk). Under the SEC’s five-year “innovation exemption” rules, companies have 30 days to block their own shares from being traded as tokens. An OKX-ICE co-chair called this “a very natural reaction”—translated: nobody wants a synthetic version of their stock running around naked on an untested new venue. Wall Street built the on-chain stage, and one listed company after another said, “We’re not going.”
4️⃣ Robinhood’s third-quarter results make for a striking contradiction: record revenue of $1.4 billion (up 12% year over year), a record 5.2 million Gold subscribers, and $16 billion in net deposits—but crypto revenue plunged 55% year over year (TheBlock, Decrypt, CoinDesk). Net income was $476 million, down 14% year over year. A surge in prediction-market revenue filled the gap, while Robinhood also deepened its partnership with Ripple, bringing RLUSD to retail and institutional markets. In other words, the company is printing money while its crypto business quietly shrinks. This isn’t really a crypto company anymore—it’s a brokerage with a crypto side hustle.
Facts only—no predictions, no shilling. 🐕
Not investment advice.
1️⃣ Bessent put it bluntly: crypto is now a weapon for the dollar. At Ripple’s Swell conference, the U.S. Treasury secretary said the U.S. “will win in digital assets,” and that stablecoins will continue to strengthen the dollar’s position (CoinDesk, CryptoBriefing). The logic is simple and blunt: more than 90% of stablecoins are pegged to the dollar, and issuers park their reserves in U.S. Treasuries. Every new stablecoin is effectively another buyer for U.S. government debt. After Congress failed to pass the CLARITY Act, Bessent said the Treasury would work directly with the SEC and CFTC on regulation and rules against “debanking.” He also compared the GENIUS Act to Lincoln’s National Currency Act of 1863. Let’s be honest: the empire isn’t suppressing crypto—it’s just planting its own flag in it.
2️⃣ VanEck has stuffed Bitcoin into Wall Street’s most boring product—and that’s exactly the point. The newly listed Wealth Builder ETF (WBMO) bundles global stocks, bonds, and real assets such as gold, with a target Bitcoin allocation of 2% (range: 1–5%). It gets exposure through spot Bitcoin ETPs rather than holding Bitcoin directly (Cointelegraph, BusinessWire). The fee is 0.33% (0.26% net). VanEck manages about $244 billion, and this move effectively brings model portfolios previously available only through financial advisers to the NYSE, where anyone with a brokerage account can buy them. Put simply, the classic “60/40 portfolio” just got a 2% crypto side hustle—and your financial adviser will pretend it was their idea.
3️⃣ The guests are crashing the tokenized-stock party themselves. Intel, IBM, Oracle, and IonQ have just withdrawn from the OKX-ICE stock-tokenization initiative, bringing the total number of companies that have opted out to 26—about 41% of the original 62 candidates (Cointelegraph, CoinDesk). Under the SEC’s five-year “innovation exemption” rules, companies have 30 days to block their own shares from being traded as tokens. An OKX-ICE co-chair called this “a very natural reaction”—translated: nobody wants a synthetic version of their stock running around naked on an untested new venue. Wall Street built the on-chain stage, and one listed company after another said, “We’re not going.”
4️⃣ Robinhood’s third-quarter results make for a striking contradiction: record revenue of $1.4 billion (up 12% year over year), a record 5.2 million Gold subscribers, and $16 billion in net deposits—but crypto revenue plunged 55% year over year (TheBlock, Decrypt, CoinDesk). Net income was $476 million, down 14% year over year. A surge in prediction-market revenue filled the gap, while Robinhood also deepened its partnership with Ripple, bringing RLUSD to retail and institutional markets. In other words, the company is printing money while its crypto business quietly shrinks. This isn’t really a crypto company anymore—it’s a brokerage with a crypto side hustle.
Facts only—no predictions, no shilling. 🐕
Not investment advice.