Gary has paved the way for the ETH ETF, and it’s Colton here, the CEO of Hedgehog, the app that helps you buy baskets of cryptocurrency and automate your digital asset exposure wherever you custody funds. Don’t forget that also now includes a self-custody MPC wallet where Hedgehog can invest on-chain on your behalf without knowing your private key! Watch the short demo, because we now support native assets on Optimism, Base, and Arbitrum!

It’s a good thing too, because Vitalik decided to share his thoughts about L2 UX, saying that we need all the ETH L2s to feel like one network and one liquidity pool. We aim to fix that!

And while we’re fixing the state of on-chain user experience, Congress has been up to some tricks lately:

About face

As we discussed a couple weeks ago, SAB 121 is a nasty piece of bureaucracy that requires custodians to report customer digital assets as a liability on their balance sheet. But no more, as now both the House and Senate have passed a resolution invalidating the bulletin in a show of bipartisan solidarity rarely seen these days. Biden’s office said the resolution would be vetoed, but there’s a lot of pressure mounting on his office when it comes to crypto these days.

In a well-coordinated PR maneuver, the House has ridden its momentum to pass the FIT21 Act, laying much needed groundwork for sensible regulation and division of responsibilities among US regulatory bodies. Of course, Gary is against the whole thing, but that didn’t stop him from giving broad approval for institutions to host an Ethereum ETF yesterday.

Overall, it’s a red letter week for crypto advocacy, and a vindication of the efforts of web3 champions in the space who have raised unprecedented funds to sway politicians toward the side of web3. There’s enough campaign money in the offing, that even staunch party-liners on the Dem side of the aisle are being swayed to vote for financial freedom over financial protections.

Biden needs every vote he can get, given the state of polling at the moment, and it seems like the web3 bloc might be ascendant as a force to be reckoned with.

What could we do to earn your trust as a client? What feature would make you reactivate and subscribe? Truly, I want to understand what’s working and what’s not so we can keep improving.

Keep hedging,
— Colton