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The Four Rules That Bind Crypto Compliance
Crypto compliance is not one rule but four binding obligations. Here is what each demands, the onchain evidence that satisfies it, and where the data breaks down.
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Tempo: The Stripe-Backed Stablecoin Blockchain
Tempo is a payments-focused Layer 1 built around stablecoins and backed by Stripe and Paradigm. Here is what primary sources confirm, and what remains unannounced.
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CLARITY Act: Will the SEC or CFTC Rule Crypto?
The CLARITY Act tries to settle the one question institutions still cannot answer: is a given digital asset a security under the SEC, or a commodity under the CFTC. Here is what the bill proposes and what has not yet become law.
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Polymarket Fees: Where Your Money Goes
Polymarket advertises zero trading fees, and that is true. But a $100 trade is rarely free. Here is where the money actually leaks out, with a worked example.
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BUIDL: A $2.7B Fund With Few Holders
BlackRock's BUIDL token holds billions in tokenized Treasuries, yet its holder count is small enough to fit in a room. That concentration is the real story.
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Kalshi Fees: Why the Cost Peaks Near 50 Cents
Kalshi's trading fee is not flat. It follows a curve that peaks when a contract trades near 50 cents and falls toward both price extremes. Here is what that costs on a real trade.
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How Does Polymarket Make Money?
Polymarket lets people bet on real-world outcomes. Here is how the platform actually earns revenue, and why its business model is still contested.
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What Does a Crypto Index Provider Actually Do?
A crypto index provider builds the reference prices and benchmarks that markets trust. Here is how the function works, what it borrows from TradFi, and why onchain fragmentation makes it hard.
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Is Kalshi Gambling? What the Law Actually Says
Kalshi lets people trade on whether real-world events will happen. Whether that counts as gambling depends on who is asking, and the answer is more settled than most people assume.
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What Is an Onchain Index?
An onchain index bundles crypto assets into a single, rules-based product managed by smart contracts. Here is how it works, where it fits, and what to watch.
Explainers
Can You Run a Repo Market on Tokenized Collateral?
Repo is the plumbing of short-term funding. Here is what changes when the collateral is a tokenized asset settling onchain, and what does not.
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Is Kalshi Legal in California?
Kalshi operates as a federally regulated exchange, which is why it treats its event contracts as legal nationwide. Several states, including California, disagree. Here is the state of play.