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◢ J◎e McCann 🧊 Profile picture
@joemccann
Jun 20 • 17 tweets • 5 min read Twitter logo Read on Twitter
On June 15th, @BlackRock, the world’s largest asset manager with nearly $10T under management, filed a #Bitcoin spot ETF with the SEC.

Here’s why this ETF gets approved.
Blackrock’s story arc for the past 18 months is the blueprint for the coronation of the banks and asset managers to be crowned digital assets' regulated royalty.
Blackrock has had two significant areas of focus: 𝗨𝗦𝗗𝗖/𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻𝘀 𝗮𝗻𝗱 𝗕𝗶𝘁𝗰𝗼𝗶𝗻.
Step 1. Become a massive investor in Circle.

bloomberg.com/news/articles/…
Step 2. Launch the Circle Reserve Money Market Fund.

blackrock.com/cash/en-us/pro…
Step 3. Apply for RRP eligibility for CR MMF.
Step 4. The NY Fed changes the eligibility rules for the first time in ages disallowing CR MMF from accessing RRP - the change almost explicitly targets the CR MMF.
April 21, 2023 Eligibility Requirements:
web.archive.org/web/2023042107… Image
April 22, 2023 (current)

newyorkfed.org/markets/rrp_co… Image
The Bank Policy Institute (the strong arm of the banking industry, a lobbying group) went to the NY Fed and complained.

However, Circle still has access to RRP via tri-party dealer repo with the banks (banks indirectly acknowledge and accept Circle by participating). Image
Step 5. Lobby heavily in DC to get the Stablecoin Bill passed (this will pass and make every other stablecoin illegal).

congress.gov/bill/117th-con… Image
Step 6. Integrate @coinbase into Blackrock's Aladdin to pressure test their custody solution for Bitcoin specifically.

coinbase.com/blog/coinbase-… Image
Step 7. File for a Bitcoin Spot ETF when you know the answer is yes. Choose Coinbase as your custody provider.

Gensler’s political career is over in DC, and he’ll approve it and go back to work for the private sector, likely at Blackrock or Fidelity.

reuters.com/business/finan…
Step 8. Integrate USDC into Aladdin (pending/unconfirmed, but this is almost certainly coming next). Image
Rob Goldstein, COO of Blackrock, suggests Aladdin is a “common language for portfolios” while discussing their partnership with Circle’s CEO, Jeremy Allaire.

Step 9. Monopolize USDC distribution and all spot Bitcoin ETF flows.
Step 10. Profit.

• • •

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More from @joemccann

◢ J◎e McCann 🧊 Profile picture
Mar 10
.@naval's tweet about treasuries is not far off from what could happen.

Why would people and companies favor treasuries over a savings account?

Here's why:
1. You can sign up directly on TreasuryDirect.gov and wire money in from your bank directly to it.
2. Yields on 4-week t-bills are *higher* than any savings account now.
Read 10 tweets
◢ J◎e McCann 🧊 Profile picture
Mar 10
A flurry of TD Sequential 9 buys firing today on huge volume and deep wicks.

Not Financial Advice.

Don't be Dumb™️.
$BTC 9 buy
$SOL 9 buy
Read 22 tweets
◢ J◎e McCann 🧊 Profile picture
Dec 1, 2022
This morning I got the same question @mdudas got from a mutual friend about what I'd say to 100 of the world's largest asset managers as to why crypto will be a $10T asset class.

My response was to use "storytelling by analogy."

See below. Image
Remember what music was like in the 1990s? You would go to Tower Records or your local music shop, and buy a CD, in some cases, in an oversized cardboard box, you’d get maybe 12-14 tracks of music, and the cost was around $16.
This model served the near monopoly that a handful of powerful record labels had, but it also controlled how music was selected and, most importantly, how music was *distributed*.
Read 21 tweets
◢ J◎e McCann 🧊 Profile picture
Oct 2, 2022
Let’s clear up some FUD and misinformation on the recent @solana outage. 🧵
Many folks are asserting the outage was due to a spam attack.

This is incorrect.

The outage was due to an extremely rare consensus bug.
Some of you may be thinking that the improvements to the network such as QUIC, localized fee markets and QoS should help Solana avoid outages. This is true! But these changes help avoid *spam attacks* which this outage was not a victim of.
Read 9 tweets
◢ J◎e McCann 🧊 Profile picture
Sep 18, 2022
Two words that matter the most with the Fed on Wednesday: Dot Plot.

WTF is the "Dot Plot"? 🧵
The Fed's dot plot is a chart that records each Fed official's projection for the central bank's key short-term interest rate.
The dot plot is only updated 4 times a year, at the end of every calendar quarter, during the "Summary of Economic Projections," or SEP for short.

If you want to nerd out, here's June's SEP document from the Fed directly.

federalreserve.gov/monetarypolicy…
Read 15 tweets
◢ J◎e McCann 🧊 Profile picture
Aug 3, 2022
Today is the day normies learn what the meaning of a "software supply chain attack" is.

This is a major issue for ALL developers, not just @solana.

web2 has had massive security breaches and exploits due to supply chain attacks.

What is a supply chain attack?
Attackers hunt for unsecured network protocols, unprotected server infrastructures, and unsafe coding practices. They break in, change source code, and hide malware in software build and update processes.
Because software is built and released by trusted vendors, these apps and updates are signed and certified. In software supply chain attacks, vendors are likely unaware that their apps or updates are infected with malicious code when they're released to the public.
Read 10 tweets

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