Excited to share that we're expanding the desk. Hiring junior and senior traders. Juniors get to learn how vets with decades in the markets think and position. Seniors get the capital to run their edge properly. Seats are limited, so don't sit on this one. credo-v.com/careers

We dug into the rumour about the SEC paving the way for tokenization. Two items in the Sep 1 proposal matter. Rule 17ad-9 rewrites what the official record of share ownership can be. A transfer agent keeps that list today and it is the legal truth of who owns what. The SEC now says a blockchain can be the list itself and not a mirror of it. Form TA-2 then forces every agent to report how many tokenized issues it services and name the chain it runs on. The way is paved. What is missing is a vote and not the plumbing. Most of them registered before the rule was proposed. Kimber Aug 2025, Texture July, Injective Jul 28, Securitize Aug 27. It also already works. Franklin Templeton has kept a US fund's official ownership record on Stellar since 2021. Related: ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 owns Oasis Pro, a registered transfer agent, broker dealer and ATS. $PLUME owns Kimber outright. injective-protocol:native filed its own in July. stellar:native is the chain the precedent runs on. Since Sep 1 vs a +7% benchmark: injective-protocol:native +30%, $CC -10%, ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 +9%, stellar:native +7%, $PLUME -5%.

is red since Friday close. On the other hand, 331 of 455 altcoins are green. $RAYSOL +42%, $ARB +28%, $SUSHI +26%, aerodrome-finance:native +24%, $CAKE +12%, $UNI +11%. They are the venues memes trade on, and every one of them repriced after the onchain activity picked up significantly over the past few days. - Hunter Biden is launching $LAPTOP on Base this Wednesday. 1B supply, founders keep 30% locked six months then released over two years. 20% goes out as airdrops, part of it to wallets underwater on . - aerodrome-finance:native is where that trade is showing up. $UNI runs on Base too, but Aerodrome is what Base routes through. aerodrome-finance:native is up about 12% today (mostly since the news) while $UNI is down 3%. - $RAYSOL is the same read one chain over. StonkFun routes every deployment through LaunchLab and will pair a launch against any market, and the fees land on Raydium. - $ZEC is the clearest version of this. StonkFun lets a launch choose what it trades against, and $ZECAT paired with $ZEC. $ZECAT cleared $160M over the weekend, and $ZEC ran to $1250. Happy Labor Day.

*HYPERLIQUID IN TALKS WITH KRAKEN PARENT ON US MARKET ENTRY - BBG HYPE

Treasury is doubling long end liquidity buybacks to at least $4B per operation from September 9. Yields and the dollar fell, gold ran. Equities never joined, with QQQ and NVDA both closing red. $BTC went instead, up 5.77% against a 30 day average daily move of 0.88%. $1.91B liquidated, $1.74B of it shorts against just $173M of longs, one of the largest short liquidation events on $BTC in two years and possibly the largest. Notably it was the majors, not the long tail. $ETH +9.3%, $ZEC +9.4%, $INJ +8.9%, $HYPE +6.1%, all of them ahead of $BTC. Breadth 85% green. - SEC opens 60 days on Regulation Crypto Assets, $5M and $75M exemptions and a safe harbor - $INJ moved on its SEC transfer agent registration, putting securities ownership records onchain. - $BIO caught a sympathy bid as Moderna doubled on cancer vaccine data. Full brief attached.

Payrolls printed -23k against +83k expected and September hike odds went 57% to 44% on the print. Hold is the base case at 60%, up from one in three a week ago. Metals took it best. Silver +11.5% on the week, gold +7.4%, and both added another 2 to 3% today. Equities are grinding now after the melt up. Nasdaq +4.4% and SPX +3.1% for the week. Few altcoin news: ethereum:0xfe0c30065b384f05761f15d0cc899d4f9f9cc0eb +8.7%, now over 10% off its EIP fud low. ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 opened pools.trade on Robinhood Chain and took 54% of every launchpad dollar on the chain on day one, $99.1M out of $182.6M. ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 has a governance problem. The late founder's mother is suing in Delaware to remove the interim CEO, claiming control through his estate. canton-network:native 's CEO answered the selloff directly. One seller, then some liquid funds, and a subnet burn proposal landing first week of September. CPI coming Wednesday. Good weekend.

Plenty happening in traditional markets and very little demand for crypto. Since Friday's open the Mag7 median is +6.8% while $BTC is +0.1% and $ETH is -1.0%. Semis got hit last week, bounced, and are being lackluster again. Median semi -4.0% since Friday open. The bid rotated into software and compute. - $MSTR sold 1,638 $BTC to cover preferred dividends and $STRC. - Coldcard firmware made seed phrases guessable and roughly $114M drained. - The New York Fed sold euros to buy yen for the Treasury. - $SPCX reports tomorrow, then unlocks 911.5M shares Thursday, 1.64x its entire IPO float. - $ENA +15%, presumably on the back of the Arthur Hayes rotation. - $KAITO -13%, selling into its own Katalyst launch with a 32.5M unlock overhang.

The narrative keeps heating up - Robinhood Chain. - ethereum:0xb50721bcf8d664c30412cfbc6cf7a15145234ad1 fee revenue share - ethereum:0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66 syrupUSDG at $200M in a week - ethereum:0x58d97b57bb95320f9a05dc918aef65434969c2b2 ~68% of chain TVL - ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 the meme DEX rails, $500M day on chain - $ENA 70%+ of Earn allocation - ethereum:native the broadest proxy for the meta - cash-cat:native the breakout meme, ran $10M to ~$200M This time feels different?

We shared this dydx-chain:native headline 3 days before the $HOOD event on our Insights channel. Don't miss out on this. t.me/CredoInsights

We shared a small ethereum:0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66 thesis yesterday in our Insights channel. We regularly drop such nuggets there, so head over to the channel if you want to follow our ongoing research t.me/CredoInsights