Why RWAs Just Out-Traded Crypto on Hyperliquid for the First Time

**Ram Ahluwalia** (0:00)
It's a marginal impact on the market. International investors have access to US securities. It does expand the market somewhat. It's cute, the toy, nice. We have 80 yards on chain. That's what that is. It's not transformational. Transformation is where the opportunity and the excitement is.

**Austin Campbell** (0:15)
Hey, everybody. Welcome to Bits and Bips, where we explore how crypto and macro collide one basis point at a time, now that my mic is working. We're here to discuss the latest stories in the worlds of crypto and macro, and just remember, nothing we say here is investment advice.
Let's talk markets for a second. Bitcoin is around 65 to 64K today. Brent is down significantly. Range has been 86 to 89 after closing at 100 on June 23rd. Tenure is at about 4.65.
FOMC hike odds are at about 36%, and they will decide on Wednesday. Now, before we get going, a quick commercial break.

**SPEAKER_3** (0:56)
This episode is brought to you by Cape, America's privacy-first mobile carrier. Same premium service you'd expect from any other carrier, but designed so your number, your location, and your data actually stay yours. Get 33% off six months at cape.co.unchained.
Heads up everyone, we've now fully transitioned Bits and Bips to its new dedicated channels. So if you're not yet subscribed to the new Bits and Bips channels on X, YouTube, Spotify, Apple Podcasts, or wherever you get your podcasts, go there and subscribe now. For the next few weeks, we'll play segments of the full interviews on Unchained as a reminder. But for now, you'll only hear those short segments of Bits and Bips on Unchained. No more full episodes. You can get links to all of the dedicated channels with the full episodes at unchainedcrypto.com/bitsandbips, spelled B-I-P-S. Thanks again.

**Austin Campbell** (1:55)
All right. As always, I'm your host, Austin Campbell, High Scholar of Zero Knowledge Group. I'm here with my usual two co-hosts, Ram Ahluwalia, Maester of Wealth, leader of Lumida, and Chris Perkins, the golden hand of Franklin Crypto who has heroically stayed up late into the night to join us from Asia. However, we also have a very special guest today, Lorenzo Valente, Raider of ARK Invest, Director of Research. So, we're going to talk a bunch of things, but to start with, let's quickly take a beat on clarity.
There is allegedly a motion to proceed expected on Monday or Tuesday, but it's not certain that we have the votes.
The live wire that we have right now is essentially that Senator also Brooks called the White House's offer on ethics, quote, an un-serious author, and says she won't support the bill in the current form. Crypto groups are pushing for clarity to get 60 votes. So, the Democrats most seen as gettable are also Brooks, Gallego, Warner, Cortez Mastro, Booker, Hickenlooper and Warnock. Some of those names will be familiar to you from Genius, along with of course Gillibrand. But I think one of the other problems that we're hearing about now is fragmentation on the Republican side. You may have lost Rand Paul, you may have lost Hawley. You may not have Mitch McConnell showing up for a vote at all. Excuse me, all of this means Paulie market odds are now below 40%. So Chris, I'm going to start with you. What are you hearing on this one? How are you feeling about clarity?

**Chris Perkins** (3:33)
Yeah, it's a numbers game at this point. As you mentioned, what's the path to 60 votes? And what we're seeing, whatever any bill that you saw, you saw this with Genius, things get really weird towards the end. And that's where maximum politics takes hold. And that's the era that we're in. The 38% from Paulie market is a little bit concerning because it is. And as time goes on, we're seeing prediction markets are really starting to get pretty good at this stuff.
But I'm also very encouraged by what I'm seeing across broad industry. We came out today and said that we are supportive officially of the Clarity Act. So BlackRock did it, Charles Schwab. So you're seeing a lot of buy-side members coming together and saying that this is important. You also saw people like Goldman Sachs say as well. And like for us, folks around the table have been around traditional markets for a long time. It's very rare that you get buy-side and sell-side sometimes together pushing in the same. So what does this mean? It really means that we're down to politics and that is the issue.
Anyway, go ahead, Austin, you have some thoughts. I'll add some more later. But here's my biggest concern. What happens if this law is not passed, OK? If you are a Democrat who is against this bill at all costs, or a Republican who hates this bill, what happens? Or a bank, by the way, like I said last week, I think all the banks love this bill. We get federal preemption. It's going to be great to unlock business models. But you have to think about the counterfactual. What happens if this bill does not pass? Where are we? Well, we're back. We're in this era where if the issue is ethics, where those ethical provisions, where we did make some progress, are not part of the law anymore. We're back to where we were. If you're a bank, you're back to the old genius act, quote, loophole.