| gm Bankless Nation,
Trump called his own bluff this week, but was the damage already done? Today's Issue ⬇️ - 🗞️ Recap: New Sheriff
Paul takes the helm at the SEC. - 📺 Rollup: Trump's Gamble
Is the trade war already almost over? - 🕰️ Catch Up: What We Published
5 Resilient Tokens. What Etherealize is Doing.
Sponsor: Frax — Fraxtal Ecosystem: Where DeFi Meets AI. . . . WEEKLY RECAP The SEC's New Sheriff 1️⃣ Atkins AppointmentThe United States Senate has narrowly confirmed the nomination of Paul Atkins for a five-year term as chair of the SEC, the regulatory agency that was established to protect investors and ensure trust in the financial system. Widely regarded to be a “pro-crypto” pick by President Trump, Atkins is a career regulator who began service at the SEC in 1990 and worked in various federal government roles until 2017, after which he founded a consulting firm to advise both traditional and crypto companies on financial regulatory compliance. Atkins previously criticized the lack of clear rules surrounding cryptocurrency as a "fundamental underlying issue" for regulators to address, and it is expected that his SEC will imminently provide guidance on the ambiguous intersection between digital assets and securities laws. 2️⃣ Synthetix Depeg DeepensSynthetix USD (sUSD) is experiencing its worst depeg event since September 2021. The stablecoin plunged to lows of $0.835 late Thursday amid tariff-induced volatility, compounding on its persistently steepening discount since the end of March. The recently launched Synthetix “420 Pool” has been blamed for the drop; it lowered the collateralization ratio required to mint sUSD to 200% for SNX stakers, forgave $60M in staker debts, and – most importantly – eliminated liquidation risk for stakers. While Synthetix founder Kain Warwick insists that sUSD remains overcollateralized and has rejected all notions of an impending death spiral, onchain liquidity pools have become heavily weighted towards sUSD in recent days. The stablecoin’s value risks falling further should SNX prices continue to decline. 3️⃣ Bankers Want CutsBond yields have been soaring since the April 6 stock market bottom, with the brunt of the move having been disproportionately borne by the long end. Yields on the U.S. 30 Year Treasury, for example, threatened to break cycle highs after briefly surging above 5% during Wednesday’s Asian trading session. In JP Morgan’s earnings call Friday morning, CEO Jamie Dimon said he expects “a kerfuffle” in the US Treasury market to prompt Federal Reserve intervention once “they start to panic a little bit.” Seemingly mirroring concern for the value of long bonds, in an interview with CNBC’s “Squawk on the Street” early Friday, BlackRock CEO Larry Fink indicated the market continues to underestimate the probability of future inflation, particularly when factoring in the potential impact of tariffs. Both Dimon and Fink have indicated they expect an American recession in recent weeks, and while extremely elevated inflationary fears are plainly visible in the most recent University of Michigan consumer survey, both consumer and producer inflation metrics came in negative and below expectations on a month-to-month basis for March. 4️⃣ Ripple to Acquire Hidden RoadOn Tuesday, XRP ecosystem services provider Ripple Labs announced a $1.25B agreement to acquire prime brokerage firm Hidden Road. As a prime broker, Hidden Road offers a full suite of services for institutional-grade investors, providing access to both digital and traditional asset trading, as well as financing solutions. According to a press release about the deal, Hidden Road is one of the fastest-growing prime brokerages in the world, clearing $3T in annual trading volume across markets for more than 300 institutional customers. Ripple’s acquisition is expected to “inject billions of dollars of capital to provide immediate scale and satisfy the demand for Hidden Road’s prime brokerage,” meanwhile, Hidden Road has committed to migrating “post-trade” activity onto the XRP Ledger and leveraging Ripple’s USD stablecoin (RLUSD) as trading collateral. 5️⃣ Ether ETF Options ApprovedAfter nearly nine months of spot Ethereum ETF trading activity on American stock exchanges, the SEC has finally given the green light to listed options (i.e.; calls and puts). In a release published April 9, the SEC granted “accelerated approval” to permit options for BlackRock’s iShares Ethereum Trust (ETHA) – the second-largest spot ETH ETF by assets under management behind Grayscale’s legacy ETHE. The approval of spot Ether ETF options is expected to unlock a slew of exotic exchange-traded funds that intend to improve upon ETH price performance, like income-generating covered call overwriting ETFs and downside-protected buffer ETFs. 
FRIEND & SPONSOR: FRAX The Fraxtal ecosystem is expanding at lightning speed—this month’s biggest highlight is IQAI.com, the newest Agent Tokenization platform from IQ and Frax. IQ is building autonomous, intelligent, tokenized agents launching on Fraxtal in Q1. Empower on-chain agents with built-in wallets, tokenized ownership, and decentralized governance—all within a fast-growing Fraxtal ecosystem. . . . WEEKLY ROLLUP Trump's Gamble This week, Haseeb Qureshi joins us to break down Trump’s explosive new tariffs that rocked global markets and triggered a full-blown trade war with China. Stocks whipsawed, recession odds spiked, and the world scrambled to the negotiation table — except China. Was it 3D chess or policy chaos? Plus, we explore the ripple effects on crypto markets, investor sentiment, and what this all means for the future of U.S. economic leadership. It's a jam-packed Weekly Rollup you don't want to miss. Tune into this week's rollup with Haseeb 👇 . . . GET CAUGHT UP What We Published 📰 Articles:📺 Shows: . . . Thoughts on how to make Bankless even better? Tweet me!
🧑💻 Lucas Matney, Bankless Editor | 
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