@alexanderelorenzo: In ten days, the four institutions that run the entire US financial system all moved onto crypto rails, and almost nobody connected the dates. May 28: The CFTC approved Kalshi's BTCPERP, the first federally regulated Bitcoin perpetual futures contract in US history, and cleared Coinbase to route perps through its Bermuda arm. Perpetual futures were the one product the US walled out for a decade. Gone in a day. May 28: The SEC registered Paxos Securities Settlement Company as a clearing agency under Section 17A, the first blockchain-native firm to sit beside the DTCC, which has owned US equity clearing for 50 years. May 29: Jeff Sprecher, whose company owns the New York Stock Exchange, told a Bernstein conference that Hyperliquid, an offshore decentralized exchange run by 11 people, is bigger than Nasdaq in trading activity, and that he's met the founders. May 29: The CME deleted the weekend. Crypto futures went 24/7. The CME gap, the chart pattern every trader has leaned on for a decade, stopped existing. May 29: The DTCC connected its tokenization service to Stellar, a public blockchain. DTC-custodied securities, major indexes and US Treasuries in scope, are heading on-chain. Nobody used the word surrender. The receipts said it for them. This is the plumbing of the financial system changing underneath the price. The people who read the receipts early are the ones who aren't surprised later. Follow for the next breakdown.

alexanderelorenzo

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Monday 01 June 2026 23:00:00 GMT