10Y hit 4.974% Friday - highest since Oct 2023. 30Y already at 5.35%.
Why it matters for us in crypto/stocks:
• 5% = bonds now compete with stocks • Higher mortgages, loans, corporate debt • Fed rate hike odds now 90% for next week • $40T US debt just got more expensive to hold
> Senate cloture vote at 2:15pm ET > Needs 60 votes - GOP has 53 > If it fails, crypto regulation moves to 2027 > If it passes, it splits SEC/CFTC oversight finally
It’s my birthday Sept 15, and this is the only gift I want: 60 YES votes.
Key changes: • Allows up to 15% NAV in digital commodities • Adds formal "digital commodity" definition • Removes passive-only rule - now actively managed crypto trusts allowed • BTC, ETH, SOL, XRP named as currently eligible
This is same framework SEC already approved for Nasdaq in July, now extended to Nasdaq Texas. Big step for crypto ETPs in US.