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THE DAILY INDEX

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TLDR Crypto

$190B WEALTH MANAGER GREENLIGHTS 4 BITCOIN ETFS FOR ALLOCATORS

Cetera Financial Group will now let its advisors include four bitcoin ETFs into client portfolios. The approval of these ETFs, offered by BlackRock, Fidelity, Invesco, and Franklin Templeton, for client portfolios marks another important step in adoption with established wealth managers’ support. Cetera will provide educational training for its financial professionals on the Bitcoin ETFs. As of now, the firm manages $190 billion in assets, and it plans to continually assess the implications of bitcoin ETFs for its clients.

STURDY SUBNET: A BITTENSOR SUBNETWORK

Sturdy Finance has launched the Sturdy Subnet Bittensor subnetwork on testnet as part of its efforts to build yield optimization infrastructure. Sturdy, backed by Pantera and Y Combinator, utilizes a groundbreaking architecture that experts claim could cut risk while maintaining liquidity. Furthermore, the Sturdy Subnet opens up opportunities for DeFi protocols and off-chain funds to increase yields in a secure, decentralized manner.

ON DUNAS AND BORGS

This thread lays out two new crypto law concepts that were recently introduced - DUNAs (Decentralized Unincorporated Nonprofit Associations) and BORGs (Cybernetic Organizations). DUNAs are intended to grant legal personhood to DAOs, allowing them to contract, sue, and pay taxes under US tax law. BORGs are legally wrapped multisigs that limit liability while setting parameters for their activities. Experts suggest these concepts, while not universal solutions, add to the growing toolkit for managing DAOs within a legal framework.

EIGENLAYER: MY VALUE ANALYSIS OF ECONOMIC SECURITY

EigenLayer, a security abstraction and application layer, offers Ethereum validators the ability to earn additional revenue by lending out staked capital for various uses. By utilizing staked capital that's already serving as security collateral, modules established on EigenLayer can leverage the existing Ethereum validator pool and introduce additional slashing conditions. This process, known as "restaking," has the potential to reduce the financial strain associated with security for users of decentralized applications, lowering the bar for innovation and reshaping the landscape of protocol financing.

ON POLICYMAKERS’ PERSPECTIVES ON BITCOIN

Policymakers' opposition to Bitcoin, especially Bitcoin ETFs, is more rooted in concerns about the financial system's stability than investor protection or criminal use. Bitcoin acts as a stark signaling device, highlighting problems with excessive government spending and monetary policy. The ETFs also provide an easy ‘exit ramp’ for all people, which could prove to be problematic for a regime reliant on excessive government spending.

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