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Welcome to the On the Margin Newsletter, brought to you by Ben Strack, Felix Jauvin and Casey Wagner. Here’s what you’ll find in today’s edition:

A pulse check on short-term interest rates and where we stand now. 
Ether ETFs hit the market today. Find out what we’re watching for.
Kamala Harris is close to securing the official Democratic nomination. Where do her top VP picks stand on crypto? 

Monetary plumbing deep dive

The monetary plumbing network, often referred to as short-term interest rates (STIR), is the…

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