FINANCE IS HAVING A NERVOUS BREAKDOWN

Summary from the TLDR Crypto newsletter

Financial systems are struggling under pressure. JPMorgan has begun charging for open banking amid regulatory disarray, and autonomous AI agents are trading stocks via browser tabs. A crypto treasury company holding BTC staged 2025's largest IPO, outpacing even Circle, as TradFi investors scramble for indirect exposure. Meanwhile, Ramp raised $500M at a $22.5B valuation just 45 days after its last round, betting on AI-powered finance teams. JPM's partnership with Coinbase reopens card rails, but only through closed deals, not open protocols. It all adds up to a market “mania moment” where innovation is real, incentives are distorted, and systemic risks are compounding fast.