DeFi Day, and South Korea's shift

plus: market reactions, inflation expectations and more

“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” – Sun Tzu ||

Hi everyone, I hope you’re all doing well! So much going on, as always my backlog of things to get to is growing… 🤨

Yesterday, I guest-hosted Scott Melker’s Macro Monday show – you can see the replay here.

IN THIS NEWSLETTER:

• DeFi Day

• A South Korean inflection point

• Macro-Crypto Bits: market mood, inflation expectations

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:

DeFi Day

CZ, founder of Binance – the crypto market’s largest exchange by volume – posted yesterday that the 9th of June would henceforth be known as “DeFi Day”.

The claim may seem hyperbolic, but it taps into the grateful astonishment from most in the crypto industry at the rapid turnaround in the official stance towards decentralized finance in the US.

The occasion was yesterday’s SEC roundtable titled “DeFi and the American Spirit”, with a varied and deep panel (at least one of whom had previously been served and fined by the SEC) and speeches by key SEC personnel, including Chair Paul Atkins.

We expected Atkins to say some nice words around the potential for innovation to unleash new financial efficiencies, etc. We didn’t expect his support to be quite so emphatic.

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