New SEC Crypto Proposal Could Finally Fix Tokens
Спикеры
Jason Yanowitz
— Сооснователь, Blockworks
Rob Hadick
— Генеральный партнер, Dragonfly
Santiago R. Santos
— Соведущий, Empire / Основатель, Inversion Capital
The Empire roundup debates whether the SEC/CFTC crypto asset proposal is a real catalyst for US token issuance and token design. The group also covers CLARITY odds, Hyperliquid's institutional moment and HYPE outlook, Uniswap as a potential regulatory first mover, and token transparency infrastructure. Market conclusions include a cautious near-term view on Bitcoin and more focused interest in HYPE and UNI.
- SEC/CFTC propose two token offering exemptions, up to $5 million for startups and $75 million for fundraising, with disclosure and safe harbor provisions.
- Jason and Rob see the framework as positive for US token issuance, while Santi argues it is reversible without CLARITY legislation.
- Rob says the market is positioned for no CLARITY and a positive surprise would lift crypto.
- Santi is not nibbling Bitcoin yet but flags Hyperliquid/HYPE and Uniswap as more interesting setups.
- Rob remains a Hyperliquid bull but expects competition from Nasdaq and centralized venues to increase.
- Santi says Uniswap may be an early mover under the new SEC framework, potentially reducing fee-switch risk.
- Token Transparency Framework reaches the Bloomberg terminal as Blockworks launches an AI filing tool.
- The episode also discusses Druckenmiller's 13F, stablecoin activity, and founder/VC culture.
Идеи
SEC framework boosts US token issuance
The SEC/CFTC crypto asset proposal is a real catalyst because it creates the first US fit-for-purpose token offering framework, including a $75 million fundraising exemption and a safe harbor. Jason argues it lets teams collapse offshore lab and foundation structures into Delaware entities, improve token design, and onshore issuance, even if the market did not react strongly on day one.
Don't nibble Bitcoin yet
Santi is not nibbling Bitcoin yet even with the four-year cycle conversation pointing toward mid-October. He wants to see option/leverage signals and believes there are more interesting sectors to park capital than BTC, implying near-term Bitcoin risk/reward is not compelling until the cycle inflection becomes clearer.
HYPE could reignite crypto interest
Rob calls himself a huge Hyperliquid bull: the tech is best-in-class, execution is strong, and Hyperliquid is serving demand for weekend price discovery and offshore perps that others are not serving. However, he warns that centralized venues and Nasdaq's move toward 24/5 and 24/7 will make the product access market much more competitive over the next 18 months.
Uniswap may be regulatory first mover
Uniswap is the first project that comes to mind as a regulatory first mover under the new SEC framework. It has been through SEC scrutiny, is sufficiently decentralized, has community-driven fee switch discussions, and could reduce regulatory risk around a future fee switch by certifying under the new framework.
Далее
This Empire video, published August 20, 2026, features Jason Yanowitz, Santiago R. Santos discussing BITO, BTC, HYPE, UNI. 4 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Jason Yanowitz, Santiago R. Santos · Tickers: BITO, BTC, HYPE, UNI