Insights
From information to understanding: longer timelines, fuller analysis
Where Does Stablecoin Reserve Income Go?
The Circle–Coinbase contract, USDC rewards, and the GENIUS Act's interest prohibition. Two layers, two sets of rules, and no public evidence of a fixed pass-through.
The Deal, the Text, and the Vote Were Three Different Things
The Senate never voted on the September 14 CLARITY Act ethics compromise draft. We read the text — and corrected our own earlier reporting.
我们以为看到了一个矛盾
预测市场的法律风险与资本估值——补齐资料之后，两边都比标题弱
加息那天，比特币为什么没跌
美联储影响加密市场的另一个渠道正在变得可见，而市场对它的定价远不如对利率成熟
三天与五年
一场表决的失败，如何在三天内被行政程序替代，并在十一天内被市场涨回
How these are written
Topics are not chosen by feel. A subject must meet five criteria — mention density, cross-domain sourcing, time span, sustained weeks, and degree of dispute — before it is written. Facts, judgements and inferences are then separated, and a falsifiable claim is left on the record. We are not here to prove ourselves always right; we are here to leave a judgement the future can test.