Policy Formulation Survival Guide for Security Status Focus: Regulatory posture toward crypto assets,...I recently gave a speech in front of a policy-focused crowd at the Decentralization Research Center’s...The policies we advocate for today will determine whether we foster sustainable, long-term growth or...view: policy requires balance.

In this memo, we will explore Arbitrum’s newly proposed transaction ordering policy, Timeboost....We will examine how these transaction ordering policies influence value capture at both the application...Transaction ordering policies are a critical aspect of network design, as they directly affect value...

...resonance[2] while actually promoting decentralization: a disclosure based-model with antitrust-like policy...However, from a policy perspective, regulators are very experienced and adept at recognizing and addressing...Our proposed framework will serve to help bring crypto in a larger public policy framework by policing...

Bitcoin & Tighter Policy May Not Mix The last few months of 2021 saw a material shift in the macro...

fiscal sustainability concerns (capped off with Moody’s recent downgrade of U.S. creditworthiness), and...Global Fiscal Sustainability & Spiking Bond Yields The tariff situation has catalyzed a global shift...The focus on bolstering domestic industries and priorities over fiscal austerity will likely lead to...

Inflation is a lot more under control than it was 12-18 months ago — but there’s still a risk that easing policy...spending and “greater coordination” between monetary and fiscal authorities....It’s also marked notable turning points for Fed policy, giving credence to the argument that rate cuts...

More fiscal deficits —> more UST debt —> more USD liquidity —> higher asset prices This has...Despite all the rhetoric surrounding irresponsible spending or fiscal extravagance, the show must go...With the path for future fiscal deficits all but inevitable, we’re finally seeing the currency debasement...

Add in the growing spotlight on the unsustainable US fiscal situation and you’ve got a recipe for more...The Only Way Out Is Through The path for sizable US fiscal deficits is clear at this point....More fiscal deficits —> more UST debt —> more USD liquidity —> higher asset prices This is the...

Eventually, we believe the pressure for lower policy rates will curb the Fed’s ability to remain steadfast...The outlook for the US fiscal deficit is only getting worse, which means more Treasury debt issuance...Past instances of similar readings have typically seen some kind of policy intervention to stabilize...

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...forward looking, and as such are starting to look beyond the incoming downturn towards its expected policy...The bond market is signaling that policy is too tight, just like we saw back in late 2018 – early 2019...Tighter policy for longer would put a cap on how loose financial conditions can get and, as a result,...

...morphed into an asset colloquially known as ‘digital gold’, a hedge against global fiat debasement and fiscal...These developments have taken form through policy shifts in both domestic and foreign markets....And the constructive policy shifts don’t stop with the Fed, as we’ve seen China & the PBOC begin...

During periods of fiscal constraint such as debt ceiling standoffs, the Treasury often draws down the...Why This Refill Cycle Is More Fragile While TGA refills are a recurring feature of U.S. fiscal operations...from issuers could rise by $900 billion, creating a feedback loop between digital dollar growth and fiscal...

...on record, policymakers have started to tamper expectations for future stimulus on both monetary and fiscal...In just the last 18 months, we’ve watched the line between monetary and fiscal policy get so blurred...For several months now, we’ve heard a lot of rumblings about the size and scale of the policy response...

...revival of USD strength Tighter funding conditions for crypto All of these can be mitigated with policy...The deterioration in the US fiscal position is finally getting the recognition it warrants....policymakers will eventually have to try and cap them – as we know, higher bond yields only exacerbate the fiscal...

We’re finally starting to see a real shift in policy after 18 months of “money printer go brrr” memes...We’ve noted before how years and years of dovish policy and low interest rates pushed average investors...All that fiscal support was bound to impact consumer demand somehow, and the rapid rebound in spending...

...tend to be forward looking and eventually begin to look past the negative data and towards potential policy...The Fed has reiterated that a period of tighter-for-longer policy will likely be necessary in order to...This type of policy caps risk asset performance while increasing the probability of tipping the economy...

And it came with a fiscally loose budget....Coming out with this fiscally loose budget while you’re trying to fight inflation and raise interest...and fiscal policy, quad one, quad two, three, and four....which is what we’ve been in for the last several months, which is essentially when you have tightening fiscal...

Sentiment is dire, momentum is weak, and all this talk about inflation and policy uncertainty has us...Fed, ECB, and the BOE all meeting this week, which may spark more concerns over the pace of global policy...However, we still maintain the view that economic momentum will begin to slow next year as monetary and fiscal...

We all know how aggressive monetary and fiscal policymakers were in the aftermath of COVID-19 as they...The giant backstops put in place by such policies turned markets around almost on a dime, and were a...Policymakers Change Their Tune We got a taste for how BTC would react to tighter policy conditions last...