GM to all of you nutcases. It’s Crypto Nutshell #932 divin‘ on in… 🐬🥜

We're the crypto newsletter that's more time-savvy than a Time Lord finding the fixed point before the universe misses its appointment… ⏳🛸

What we’ve cooked up for you today…

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BREAKING: Bipartisan support 'critical' as Democrats push back on GOP crypto bill on ethics grounds

Yesterday we got the fine print. Today we got all 616 pages.

The CLARITY Act text is finally out, ethics section included.

And it does what Democrats asked for, on paper.

Public officials, their employees and their spouses would be barred from issuing or sponsoring digital assets.

Exchanges couldn't list those tokens either.

Republicans are calling it "the most powerful ethics language in U.S. history."

Then you read the details…

It expires on January 20, 2029. That's not a random date. It's the exact day Trump's term ends.

Enforcement sits with the Justice Department, whose acting head is Trump's former personal lawyer.

And it doesn't cover children.

All three of Trump's sons co-founded World Liberty Financial, and two of them run a Bitcoin mining company.

Officials can still invest in crypto too. Nobody has to divest anything.

To be fair, Republicans have a real argument here.

Lummis says letting state attorneys general enforce it was a "bright red line" - senators didn't fancy being sued by rival states' AGs, and the White House has been on the wrong end of exactly that.

States can still sue exchanges that list offending tokens.

And ethics is one section of a very long bill.

The draft keeps the developer protections crypto treats as non-negotiable, meaning coders who never touch your funds aren't regulated like money transmitters. It adds a disclosure regime, consumer protections and a full illicit-finance chapter.

Which is why the industry is thrilled and the banks aren't. Lenders are still fighting the stablecoin yield limits.

But the maths hasn't moved.

Seven Democrats - including the only two who voted for this in committee - say it "falls short."

Warren says dead on arrival. The bill needs 60 votes, so at least ten of them.

Thune's taking it to the floor next week regardless.

So the real question isn't whether the ethics language is strong enough.

It's whether ten Democrats decide the other 600 pages are worth swallowing it for. 🚀

At $1.75 trillion, SpaceX is now worth more than Coca-Cola, Disney, and Netflix combined — a company with no public earnings track record and a $135 price tag set by the people selling it to you.

Do the math. To justify that valuation, SpaceX would have to grow into one of the largest companies on Earth before you ever see a profit. History is brutal on day-one IPO buyers who pay that kind of premium. Most are underwater within a year.

There's a smarter way to ride the wave. Our analyst found 3 stocks positioned to ride the SpaceX boom — without the bubble pricing. You get the tickers, entry guidance, price targets, a bonus 4th pick, and a 3-phase buy/sell playbook.

The window before Wall Street rotates in is closing.

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Hunter Horsley just quote-tweeted the US national debt hitting an all-time high with a single word.

Horsley is the CEO of Bitwise Asset Management, managing over $15 billion in crypto.

Here's what he posted:

The headline: US national debt officially at $39.5 trillion.

His reply, in full: "Bitcoin."

That's it. No thread, no argument. Because the chart is the argument.

Look at the shape of that line. Flat through the 90s. Bending upward through the 2000s. Then going near-vertical from 2020. It doesn't look like a policy choice anymore, it looks like a physical process with no brake attached.

And that curve is exactly the one Raoul Pal keeps pointing to. Debt is issued to offset a shrinking workforce, then more debt is issued to service the old debt, and the compounding does the rest. Fred Krueger's list said the same: the deficit passes $50 trillion.

You can't vote that line back down. You can only decide what you hold against it.

One asset has a supply cap that no government can amend.

Bitcoin. 🪙

Time for check in on Ethereum’s supply side dynamics.

To do that we’ll be focusing on the amount of Ethereum currently being staked.

Quick Note: Ethereum staking involves locking up ETH to support the blockchain’s security. In return, users earn rewards for staking.

If you’d like to learn more about staking, check out this article.

41.02 million ETH is now locked in staking. Up from 40.51 million two weeks ago.

Another marker falls: staked ETH just cleared 41 million for the first time.

That's a 510,000 ETH jump this fortnight - the fifth straight increase, and a bigger step than last period. Staking has been a one-way street all year, and the pace isn't letting up.

Since January, roughly 5 million ETH has flowed into staking contracts - supply deliberately pulled off the table to earn yield.

A full third of all Ethereum now sits voluntarily locked up, out of circulation and climbing regardless of price. The tradeable float keeps shrinking, print after print. 💪

S&P launches blockchain fundamentals index for digital assets. S&P and Pantera launched a benchmark ranking blockchain networks by protocol revenue rather than market capitalization.

Coinbase Wants to Be Canada’s One-Stop Shop for Stocks, Crypto and Prediction Markets. Coinbase plans a Canadian Everything Exchange, although no launch date has been set.

SEC’s Peirce warns crypto vault builders against twisting securities law. Onchain vaults and lending can still trigger securities, investment-company, or adviser rules.

Tesla holds bitcoin treasury steady, reports $112M impairment loss. Tesla kept its 11,509 BTC position unchanged during the second quarter.

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Because what would the crypto world be without its share of memes?

Trivia Answer: Each token is distinct rather than interchangeable one-for-one. 🥳

Unlike interchangeable units such as individual bitcoins, NFTs carry distinct identifiers and can represent different items, rights, or metadata.

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