Latest Articles
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Futures or Swaps? Perpetuals Meet US Regulators
Kalshi's listing of crypto perpetuals has forced a long-deferred question: under US law, are perps futures, swaps, or something the CEA never anticipated?
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Tokenized Equities: Rails, Failures, and SpaceX
The SpaceX allocation collapse at three major exchanges exposes what tokenized equity rails actually are — and what genuine ownership would require.
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Structured Credit Onchain: Ethena's $250M CLO Bet
Ethena's $250M allocation to Securitize's tokenized AAA CLO fund pushes DeFi reserves beyond T-bills into structured credit. We examine the mechanics and the risks.
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The Quantum Threat to Bitcoin's Exposed Coins
A technical analysis of how quantum computing endangers reused Bitcoin addresses, which UTXOs are exposed, and what post-quantum migration would require.