GC, @Ethena_Labs | Principal, Rosehill Legal | Not your lawyer, unless I am | Tweets are not legal advice
Joined December 2017
- Tweets17.2K
- Following655
- Followers9.7K
- Likes30.6K
Ethena Labs submitted comments to Treasury on its proposed stablecoin rules under the GENIUS Act. We think Treasury is mostly on the right track. Our main point is simple: leave “payment stablecoin” defined the way Congress defined it, no broader.
1/
Unclear rules push builders offshore. If the lines are drawn clearly, new dollar-adjacent products can be enabled here in the US, with US oversight.
5/
Zach Rosenberg (🥩,🥩) retweeted
Never f*ck with a winning streak...
In this weeks Material Non-Public partner letter, I talk about where all this (new) money is coming from.
read below, txt me thoughts (my cell is in the outro):
materialnonpublic.beehiiv.co…
🫡💸
Zach Rosenberg (🥩,🥩) retweeted
This generation had every chance to fix it and chose the can over the courage, every single time. Now they want to finish the job and rob their own children outright even further. Let them meet the only fair ending: collapse under the weight of everything they stole and hoarded
89% percent of baby boomers back higher taxes on younger Americans as a means to protect their Social Security benefits.
84% of those aged 55 to 64 also support tax hikes on young Americans who, on average, suffer an inferior quality of life to their parents.
This is from a 2025 Cato Institute poll.
Follow: @AFpost
Zach Rosenberg (🥩,🥩) retweeted
Binance Wallet has enabled USDe rewards.
USDe has been selected as one of only three assets eligible for @BinanceWallet's new Hold to Earn - and offers the highest rate available.
Hold USDe and earn rewards automatically, paid by Binance.
Who says you need to stake to earn?
Activate Hold to Earn for U, USDS, and USDe in your #Binance Keyless Wallet and earn automatically. @ethena @sparkfinance @SkyEcosystem @UTechStables
A HOLD new way TO EARN is here. Up to 4.75% APR 👉 binance.com/en/support/annou…
Went to my first local card show since the National and have a few thoughts. Many, many parallels to be drawn with prior crypto (and general market) cycles I think the collectibles industry should learn from.
Recognize this chart? Study it.
1/
In the last 4 months, I have not been to a local show where most vendors didn't have several 5+ figure cards in their cases. Not just that, but they have been looking to buy, and buy heavy.
On Sunday - the second day of a two day show in Baltimore - there will still many, many cases with huge cards in them. Vendors were buying pretty much everything they could.
I sold several items, and would have sold more - except vendors were completely out of cash. The last sale I made was to a vendor who needed to borrow from a neighboring vendor to complete the transaction.
Many of the sales I made were at last direct comps, which is unheard of. Why? Everything is going to continue going up. Everyone knows it. You're buying high to sell higher; counting your "fake losses" missed out on selling tons of inventory too early, not making that mistake again. You're all in; paper rich, cash poor. Doesn't matter. You're making it.
Thrill; Euphoria
4/
This is not a top call. If we've learned anything from crypto, it's that things can get way more insane than you think possible.
The sports card market is, unquestionably, closer to a top than a bottom. I have seen several tweets from industry leaders, "KOLs", etc. discussing the "structural" reasons why this time is different, any pullback is temporary, and this run is still early.
It is not different. Complacency is coming. You will best recognize it in your own emotions.
When it comes, be ready to position accordingly...and have plenty of powder ready for anger and depression.
5/5
Zach Rosenberg (🥩,🥩) retweeted
Proud to announce that Ethena has completed a SOC 2 Type II audit based on the Security Trust Services Criteria, receiving a clean opinion from an independent auditor with zero exceptions noted.
SOC 2 is a widely recognized standard for enterprise-grade, operational security assurance: an independent audit of how Ethena actually run access control, change management, monitoring, and incident response.
Unlike a Type I report, which checks that controls are designed correctly at a single point in time, a Type II examination tests that those controls actually operated effectively over time.
The audit covers infrastructure and processes supporting our products. It is distinct from, and complementary to, the smart contract audits and security reviews covering the Ethena protocol.
We believe rigorous operational security should be table stakes for any onchain infrastructure handling billions of dollars, and we intend to maintain continuous SOC 2 coverage into the future.
Ethena joins a very short list of onchain businesses that have completed SOC 2 Type II, including Circle, Chainlink and Aave.
The full report is available to partners on request under NDA.
Zach Rosenberg (🥩,🥩) retweeted
Many of us have mentioned how the stablecoin yield debate playing out in Clarity, and the arguments made against yield by the bank trades, mirror the battle over money market funds in the 1970s. Well here's some proof.
Here's a letter submitted by the Independent Bankers Association of America (a predecessor to the ICBA) in a 1980 hearing of the Senate Banking committee on money market funds.
As you can see, many of their arguments against stablecoins are almost verbatim a copy from what they argued back then: threat to deposits, harms lending, uniquely dangerous for smaller banks.
And we know today that argument was dead wrong. Money market balances grew parabolically into the trillions, and yet banks remain flush with deposits.
Everyone - and I mean everyone - should read The Fourth Turning.
It’s all happening in the same way it always has, for the same reasons.
a.co/d/047O4dbg
