📌 The next bull market will look like this

Yesterday’s “deal” turns out to be a White House-backed proposal, not a bipartisan agreement. The language would bar the president, VP, members of Congress and other federal officials from issuing crypto, but put enforcement in the hands of the Justice Department rather than state attorneys general. Democratic negotiator Angela Alsobrooks pretty much called that a nonstarter and said state-level enforcement is an absolute requirement. Bipartisan talks are still active, but ethics remains the biggest obstacle to finding 60 votes with progressive groups now pressuring Democrats not to compromise. Read more →

S&P Dow Jones Indices and Pantera launched a new crypto benchmark built around revenue rather than hype or market cap alone. To qualify, protocols must post consecutive quarters of positive revenue and show that some of that value flows back to tokenholders through mechanisms like buybacks, staking rewards or distributions. The index launches with 18 assets, led by ETH, BNB, SOL, TRX and HYPE, while excluding bitcoin, memecoins and economically inactive chains. Pantera says the constituents generated more than $3 billion in annualized revenue over the past two quarters, and discussions are already underway for ETFs and other products tied to the index. Read more →

Bitwise CIO Matt Hougan thinks the next crypto cycle won’t be led by another wave of speculative tokens. His bet is on the convergence of crypto and traditional finance – stablecoins, tokenized assets, 24/7 markets and financial products moving onchain. He points to Hyperliquid (HYPE) and Robinhood (HOOD) as two versions of the same trade — one building outward from crypto, the other moving traditional finance onto crypto rails. The broader question though is which tokens and companies are actually positioned to capture that shift. Read more →

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