GM to all of you nutcases. It’s Crypto Nutshell #974 bringin‘ the news… 🥜

We’re the crypto newsletter that’s more of a main character than a cub held aloft over the whole savannah at sunrise… 🦁🌅

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: SEC grants temporary exemption for tokenized US stock trading

Two days after the Senate killed crypto's market-structure bill, the SEC wrote a rulebook of its own.

On Wednesday it opened a five-year pilot that lets tokenized versions of US stocks trade on public blockchains, no act of Congress required.

(Tokenized stocks are just company shares wrapped as blockchain tokens, so they can trade around the clock and settle onchain.)

The SEC is calling it an "innovation exemption."

Qualifying venues can list real tokenized shares and match trades through automated pools, without registering as a stock exchange the way Nasdaq and the NYSE must.

It comes fenced in, with caps on how many stocks a venue can carry, limits on how much of a stock's daily volume can move onchain, KYC at the door, and a 30-day window for companies to block their own shares from being tokenized.

The catch is what doesn't qualify.

The tokenized-stock products people already use, from Robinhood and Kraken, are synthetics that only track a price, and those are shut out.

Only fully-backed shares carrying real voting and dividend rights get in, which hands the opening to compliance-first firms like Securitize rather than the retail apps that got there first.

The CFTC moved the same day, clearing wallet and app makers to route users into regulated derivatives without registering as brokers.

So the agencies are now building the rulebook Congress couldn't pass.

That's faster, and it's already delivering.

It's also an exemption rather than a law, a five-year experiment the next SEC chair can let expire.

Crypto wanted a permanent statute and got a reversible rule instead, the exact trade the failed bill was meant to avoid. 🚀

The next Apple may already exist. Insider sources say Elon has spent two years building a secret device inside Tesla's facilities — one he claims will be "10x bigger than the largest product in history."

There's just one problem: the company is private, and unless you know Elon personally, you can't buy a single share. That was true until Guardian's research team found three public ticker symbols sitting in the launch supply chain.

Click here to see all 3 tickers, free of charge.

You won't hear these names on CNBC — Wall Street hasn't published a word on the connection. But when the launch hits September 21, that quiet ends.

Some are already calling this the biggest opportunity since AI. For anyone who missed Apple before the iPhone, this may be a second look at that kind of setup.

Get the 3 ticker symbols here.

Unlock the free briefing now.

Fred Krueger put a name this week to what happens to a Bitcoin holder long before the money ever shows up.

He's a Stanford PhD mathematician, former Wall Street prop trader, and author of "Bitcoin One Million: The Final Chapter of Fiat."

Here's what he posted:

Strip the zen and it's a supply argument.

Past a certain pile of Bitcoin, Krueger reckons, a holder stops thinking about the exit at all.

They stop waiting to sell.

They count the coins they'll never own.

And the number of wallets holding any Bitcoin keeps climbing.

So new buyers keep arriving while the oldest holders refuse to leave.

Price is set at the margin, by whatever's for sale.

When demand widens and the float keeps thinning, it takes less buying to lift the price and a lot more selling to break it.

That's the ballast under a week that handed the market every excuse to sell.

The Fed raised rates for the first time since 2023 on Wednesday, with more pencilled in, and Bitcoin barely flinched.

A quarter-point hike moves traders.

It doesn't move someone who reached Krueger's "state of zen" long before this week's headlines.

The rate hike fades from the headlines by next week. The coins that stopped moving don't come back. 🔒

Today we’ll be taking a look at the amount of wallets that hold at least some Bitcoin. (anything greater than 0)

This metric offers a bird’s-eye view of user activity and adoption across the Bitcoin network.

But there’s a slight catch…

One wallet does not equal one user. A user can have many wallets.

What matters here is the trend of the chart.

60,295,000 wallets now hold Bitcoin. That’s 439,592 more than two weeks ago (59,855,408).

The round 60 million is done.

Two weeks ago we flagged it was a single fortnight’s reach away, 144,592 wallets off, and said the next update was the one to cross it.

It did more than cross it.

The network added roughly 440,000 non-zero wallets this fortnight, more than double the 169,000 and 172,000 of the prior two periods.

That’s the fastest fortnight of new wallets in months, landing right as the milestone fell.

The 60 million line that took all year to approach is already 295,000 wallets behind us. 🤑

CFTC expands regulatory relief for passive trading software providers. A no-action letter lets crypto wallets and apps connect users to regulated derivatives and prediction markets without registering as brokers.

Financial Data Giant S&P Global Moves Deeper Into Crypto With OpenZeppelin Deal. S&P Global agreed to acquire smart-contract security firm OpenZeppelin, pushing the ratings giant deeper into auditing stablecoins and tokenized funds.

UK signals end of 'light-touch' era with multi-agency raid on peer-to-peer crypto hubs. UK agencies raided peer-to-peer crypto trading hubs in London, signalling tougher enforcement ahead of the full framework taking effect in late 2027.

World launches 'World Money' super app with stablecoins, Stripe integration and boosted rewards. The self-custody app plugs into Stripe, Kalshi and Morpho, with World ID verification unlocking boosted rewards for verified users.

Want to get even smarter? Check these out.

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Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)

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

Trivia Answer: Permanently removing them from circulation by sending them to an unspendable address 🥳

Burning sends tokens to an address no one holds the keys to, permanently shrinking the supply, which projects often do to try to support a token’s price.

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