Don’t Fight Changes in Global Liquidity Conditions (Core Strategy Rebalance)

Regulatory Threats More Bark than Bite (To Asset Prices)

Last week we discussed that more regulatory actions would be coming – and they certainly were. 

On Monday morning, Paxos was ordered to shut down its services surrounding Binance’s BUSD stablecoin on the grounds that it might be deemed a security. There were worries that there would be additional regulatory action against other centralized stablecoin issuers, but as the week progressed, it certainly appeared that this was a...

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