This editorial is from last week’s edition of the newsletter Week in Review. Subscribe to the newsletter to get this weekly editorial the second it’s finished. The newsletter also includes the biggest stories of the week with a comment on each story.
The stock market’s parabolic advance to repeated record levels is somehow adding to an unnerving macro backdrop.
That’s why regulatory progress matters so much, and progress is indeed underway. The CLARITY markup was held on Thursday, and the Senate Banking Committee advanced the bill on a 15-9 vote.
Instead, it lands into a market still struggling to sustain attention.
Circle’s vision of focusing on global financial plumbing may actually make sense, as it’s one of the fastest growing selling points in the digital asset economy. Sometimes markets misprice boring progress. The rails matter more than the memes, even if the memes still get more engagement.
This market has grown less forgiving. Capital wants clarity, not just conviction theater.
-Alex Richardson
