The US bans CBDCs
plus: a twist in the perps debate, MPOR, market pain
“We invent our technologies and then we turn around and use our technologies to reinvent ourselves as individuals, communities and cultures.” – Paul Saffo ||
Hello everyone!! Cripes, it’s hot here – I hope you’re keeping refreshed.
Shortly after you receive this, Izabella Kaminska and I will be launching a livestream of a new 📽 seasonal pilot podcast series 📽 – Monetary Forces – where we pick at a couple of key developments shaping the intersection between technology and money, and we dive into a recent paper to extract the nuance AI will miss. Come join us! Details below.
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Tokenized US fund wallets by chain: what drives concentration?
Arbitrum leads with 12,571 wallets, 93% of which are Theo’s thBILL. Solana (8,703) is 85% Ondo plus Etherfuse. Sui (6,318 wallets) is 100% Ondo. Chain wallet rankings are a ranking of where one issuer chose to distribute a retail product.
Want to find out more? Check out Allium’s latest report on tokenized US funds.
→ Read the report: https://www.allium.so/reports/tokenized-us-funds-june-2026
IN THIS NEWSLETTER
The US bans CBDCs
A twist in the perps debate
Term of the day: Margin Period of Risk (MPOR)
Markets: ouch
Crypto is Macro Now offers ~daily commentary and updates on the overlap between the crypto and macro landscapes. Plus links and more.
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WHAT I’M WATCHING:
PODCAST
✨Introducing Monetary Forces, a seasonal podcast hosted by Izabella Kaminska and Noelle Acheson. ✨
First episode: Tuesday, June 23rd
📽 Link to livestream at 10am EST / 4pm CEST: https://open.substack.com/live-stream/247923 📽
The US bans CBDCs
The US is about to pass a law banning CBDCs.
This is such a weird story, as it highlights how messy US law-making is, how contentious the topic of CBDCs, and how digital currencies are, inherently, political.
Yesterday, the US Senate passed the 21st Century ROAD to Housing Act by a strong bipartisan margin (85-5). It now goes back to the House of Representatives, and since the chamber overwhelmingly passed earlier versions, process should be smooth and fast. From there it goes to the President’s desk for signing – possibly as soon as this week.
The Housing Act contains a provision prohibiting the Federal Reserve from issuing a CBDC until the end of 2030. I don’t know what a CBDC has to do with housing, but there it is. And it will get passed.
