A new wave of retail crypto giants

plus, jobs, elections, tariffs, BlackRock, Sony, Circle and more

“Remember: in order for a perception to change one must be frustrated in one's actions or change one's purpose.” – Neil Postman ||

Hi everyone! I hope you all had a great weekend. And happy Cinco de Mayo for those who celebrate!

Production note: I’m travelling this week (in London to visit my father and catch up with friends), so will have to skip publication Thursday-Saturday inclusive.

IN THIS NEWSLETTER:

• Coming up: geopolitics, US rates and more

• A new wave of retail crypto giants

• Macro-Crypto Bits: jobs, elections, tariffs, BlackRock, Sony, Circle and more

If you’re not a premium subscriber, I hope you’ll consider becoming one! You get ~daily commentary on markets, tokenization, regulation and other signs that crypto IS impacting the macro landscape. As well as relevant links and music recommendations ‘cos why not.

WHAT I’M WATCHING:

Coming up: geopolitics, US rates and more

It’s a relatively quiet week in terms of economic data, but a big deal in terms of geopolitical moves.

• Today, we get indicators of US services activity for April from S&P Global and ISM – both are expected to show a growth deceleration.

• Also, today is the deadline for a decision from the SEC on Canary Funds’ Litecoin ETF proposal – the securities regulator has to approve, disapprove or delay. The final deadline is in October. There is not much institutional interest in LTC (it’s not a particularly active network), but approval would be a step forward for the ecosystem as it would signal more diversified “mainstream” crypto products ahead. More signal than substance, though.

• On Tuesday, newly elected Canadian Prime Minister Mark Carney will meet with President Trump at the White House. Oh to be a fly on the wall for that one.

• On Wednesday, we hear the verdict from the FOMC, which is expected to hold rates steady. In his post-statement press conference, we can expect Fed Chair Jerome Powell to be peppered with questions about his relationship with Trump, and the sanctity of central bank independence.

• Wednesday is also the start of the conclave to determine the next pope.

• Friday brings a military parade in Moscow, with many world leaders in attendance, including China’s President Xi Jinping. Some are dropping out though, which may or may not have something to do with Ukraine President Volodymyr Zelenskyy suggesting that he can’t guarantee the city won’t be attacked by drones.

A new wave of retail crypto giants

Over the past couple of weeks, two of the largest retail brokers in the US – Charles Schwab with roughly 37 million retail accounts and Morgan Stanley’s E*Trade with well over 5 million – have announced plans to launch spot crypto trading some time next year.

Neither is a surprise: