Why the tariff chaos matters for crypto

plus: Switzerland, developers, privacy, BTC and Fed governors

“The aeroplane will never fly.” - Lord Haldane, Minister of War, Britain, 1907 ||

Hello everyone! Summer is going by too fast.

I have to take the day off tomorrow, so no Premium Daily – but I will publish the free weekly on Saturday. And I have a few more days off coming later this month, will keep you posted. Although, the principle behind summer vacation is to take advantage of a quiet news flow in order to recharge… WHAT quiet news flow???

Today’s newsletter ended up longer than I hoped for – but since I have some days off coming up, it averages out!

The edited version of Monday’s Bits & Bips livestream is out! Steve Ehrlich, Ram Ahluwalia and I chat to Swan CIO Ben Werkman about the macro data, IPOs, tokenized equity and more.

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IN THIS NEWSLETTER:

• Why the tariff chaos matters for crypto

• Switzerland: decentralization brings stability but at a cost

• Developer liability: why it matters

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:

Why the tariff chaos matters for crypto

Sigh, I loved the brief respite from talking about tariffs, but since the new rounds are now active as of this morning, and since there has been more drama, that blissful break is over.

Most of the recent news is more noise, but there are a couple of loud signals, none of them unexpected, that point to a new dynamic.

Promise anything