Why investors should say ‘no’ more often

This is a segment from the Blockworks Daily newsletter. To read full editions, subscribe.

“Half of the troubles of this life can be traced to saying yes too quickly and not saying no soon enough.”

— Josh Billings

If you’ve ever tried meditation, you’ll know that doing nothing for more than about 10 seconds is weirdly difficult.

If you haven’t, you might not realize just how much the human mind rebels against inactivity — an evolutionary inheritance from when doing nothing meant starving on the savannah (or getting eaten), I guess.

These days, our bias for taking action is nowhere more evident than in financial markets, where the headlines are always…

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Crypto players eye more tokenization tests after latest SEC talk

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

A day after the SEC’s tokenization-focused roundtable, an asset manager launched its first tokenized fund. We just saw stablecoin-related M&A, too.

First, SEC Chair Paul Atkins reiterated Monday that SEC policymaking “will no longer result from ad hoc enforcement actions.” (Yes, the agency italicized “ad hoc” in the transcript.)

On tokenization, he likened securities moving onchain to the transition of audio recordings from vinyl records to cassette tapes to digital software.

“Blockchain technology holds the promise to allow for a broad swath of novel use cases for…

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Dubai Partners To Accept Bitcoin And Crypto For Government Services

Dubai is officially making Bitcoin a part of everyday life. 

At the Dubai FinTech Summit, the city’s Department of Finance (DOF) signed a Memorandum of Understanding (MoU) with Crypto.com enabling people to use cryptocurrencies such as Bitcoin to pay for government services.

The deal was signed with Dubai officials including His Excellency Abdulla Mohammed Al Basti and His Excellency Abdulrahman Saleh Al Saleh, and was made official by Ahmad Ali Meftah from DOF and Mohammed Al Hakim, President of Crypto.com UAE.

“Dubai continues to advance through coordinated efforts… deploying the latest secure financial technology solutions that support its cashless strategy,” said Al…

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Missouri Bill Would Enable Tax-Free Bitcoin Spending

Missouri’s House Bill 594 (HB594), which would eliminate capital gains taxes for residents in the state, recently passed a vote in the state’s House of Representatives and now awaits a signature from Missouri’s governor, Mike Kehoe (R).

If the bill passes, Missourians can write off “one hundred percent of all income reported as a capital gain for federal income tax purposes,” according to the language in the bill. This means that residents of Missouri would not have to pay a capital gains tax when they spend (or sell) their bitcoin.

Page 1 of HB594

This bill differs from a bill recently introduced in Rhode Island that would permit the state’s residents to spend…

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Public Companies Have Already Bought 3.3x More Bitcoin Than This Year’s New Supply

It’s only May, and public corporations have already bought 3.3 times more Bitcoin than has been supplied in 2025, according to a new graphic from asset manager Bitwise. To put that into perspective, the new supply for the year is around 60,000 BTC, and companies have already surpassed 196,000 BTC in purchases.

*** NOTE: In 2025, public corporations already bought

*checks notes*

3.3 x times the amount of new supply in 2025.

Already exceeds the est. annual supply of 164,250 BTC. pic.twitter.com/raEcbAgtFM

— André Dragosch, PhD⚡ (@Andre_Dragosch) May 13, 2025

A year ago, there were only a few companies, notably Strategy and Metaplanet, holding Bitcoin on their balance sheets. Now…

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‘It’s out of reach of the autocrat’: How Cypherpunk Phil Zimmermann feels about Bitcoin

This is a segment from the Supply Shock newsletter. To read full editions, subscribe.

Money is speech.

Those three words are arguably the most succinct way to express the importance of Bitcoin. 

To the idealist, Bitcoin is an obvious frontier in the war for personal freedoms. It embodies the freedom to transact in the same way that art and newspapers represent freedoms of expression and speech.

Today’s Supply Shock episode features legendary Cypherpunk Phil Zimmermann, the creator of Pretty Good Privacy (PGP) who fought tirelessly for our freedom of digital privacy during the 1990s. Check out one of our previous retrospectives for a primer on Zimmermann.

Who better…

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LATEST: OCC Clears Path for US Banks to Engage in Crypto Activities

Federal banking regulators have greenlit national banks to engage in crypto activities. The Office of the Comptroller of the Currency (OCC) released new guidance confirming that digital asset operations are permitted if conducted safely and fairly. Interpretive Letters 1183 and 1184 now pave the way for broader crypto adoption across traditional financial institutions.

OCC Acting Comptroller Rodney E. Hood highlighted that over 50 million Americans already hold cryptocurrency. Digital assets now represent hundreds of billions in financial activity across the economy. Hood emphasized that this is not a passing trend but a major financial transformation.

This move signals strong government support for blockchain innovation within the banking sector. With clearer regulations in place the US banking system is set to play a key role in shaping the future of digital finance.

Fartcoin Nets Trader $7 Million In Unrealized Gains, But He Refuses To Cash Out: ‘It Is Priming For THE Move’

Fartcoin FARTCOIN/USD has surged 57% over the past month, drawing traders’ attention, who predict the run to continue.

What Happened: In an X post on May 13, prominent trader Unipcs gave his first update in three weeks, revealing that his long Fartcoin position has grown to $7.1 million, up $2 million since mid-April.

Despite major accounts calling for a tos, he’s stayed the course.

Generational wealth comes not from entries, he said, but from holding through fear and volatility.

He emphasized the importance of conviction, especially when tested by noise and short-term sentiment.

Unipcs says Fartcoin’s current setup looks “explosive across multiple timeframes” and believes a breakout…

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Bitcoin’s Battle Over Arbitrary Data

An OP_RETURN debate flared up in the Bitcoin industry in recent weeks and has by now invaded most conversation spaces within the industry. The topic is rich and complex, and many people have strong opinions on the matter.

OP_RETURN is an opcode in Bitcoin’s scripting language used to store meta data or arbitrary data that is not relevant for bitcoin transaction validation, as such can be pruned by node runners without much issue, enabling more efficient management of spam while also giving developers a controlled environment to anchor data on chain. 

Taking a harm reduction approach to the problem of spam, the OP_RETURN controversy was recently triggered by a pull request…

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Metaplanet Issues $15 Million In Bonds To Buy More Bitcoin

Japanese public company Metaplanet announced Monday it will issue $15 million in zero-interest bonds to fund additional Bitcoin purchases, marking its latest move to expandBitcoin holdings amid rising institutional adoption.

According to regulatory filings, the company’s 15th Series of Ordinary Bonds will be issued exclusively to EVO FUND, with each bond carrying a face value of $375,000. The bonds will mature on November 12, 2025, and investors will receive full principal repayment without interest.

The latest bond issuance follows Metaplanet’s recent acquisition of 1,241 Bitcoin valued at $126.7 million, bringing its total holdings to 6,796 BTC (approximately $705…

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