Weekly Roundup 09/25/26 (Post Clarity rulemaking, Sherrod…

PodcastOn The BrinkMatt WalshSep 25

The discussion ranges from Ohio's data-center debate and Fair Shake's planned $30 million campaign against Sherrod Brown to crypto rulemaking, tokenized assets, and stablecoin adoption. Speakers also assess data-center noise, the potential economics of Anthropic's business model, and the practical use of Chinese open-weight models. In crypto markets, they discuss Binance's USDC deal, prediction-market demand, BitMEX's legacy, and efforts to recover Bitcoin.

Crypto Regulation Tokenization Stablecoins Bitcoin Crypto Markets Prediction Markets

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Key Takeaways

Ohio’s data-center debate has both political and local dimensions: Fair Shake plans to spend $30 million opposing Sherrod Brown, while speakers cite rising electricity prices and say 70% of Ohioans oppose data centers. A review found noise complaints at about six of the 25 largest hyperscale sites, and the speaker argues that careful siting and sound barriers can help mitigate noise.

Tokenized finance is advancing through both private-sector initiatives and rulemaking: the NYSE and Blockchain.com agreed to explore tokenized stocks, ETFs, and a 24/7 trading venue, while BlackRock launched three on-chain model portfolios for non-U.S. investors. A speaker expects CFTC-SEC coordination to clarify tokenized-securities market structure and the status of L1 and L2 protocols, but is less certain developer protections will be addressed.

Stablecoin adoption may be shaped by market infrastructure as well as regulation: one speaker questions whether government action is necessary but says changes to financial rails could improve integration and access, while another identifies issuer access and brokerage rules as steps already taken. Binance invested $100 million in Circle and signed a five-year USDC promotion deal with an incentive fee tied to balances, despite Binance flows having largely been dominated by Tether.

GEO-POLITICS

Ohio Spending — Fair Shake plans to spend $30 million opposing Sherrod Brown in Ohio. One speaker says the spending is worthwhile.

“Fair Shake, of course, is the crypto industry super pack. They plan to spend $30,000,000 opposing shared Brown in Ohio. He's trying to come back…”—

Data Center Opposition — The speakers say electricity prices have risen in Ohio amid debate over data centers. One speaker says 70% of Ohioans oppose them and that this opposition is central to Brown's platform.

“Yes. They have a lot of data centers and electricity prices have gone up there and the battle lines have been drawn on the data centers.”—

TECHNOLOGY

Data Center Noise — A review of the 25 largest hyperscale data centers found noise complaints at about six. Those sites were within 500 yards of a population cluster, often had on-site gas turbines, and were generally over 400 megawatts. The speaker argues that careful site selection and sound barriers can mitigate noise, and that on-site generation should be avoided in somewhat urban areas if possible.

“But about half dozen of them of the top 25 did. And they all had the same characteristics. They were within 500 yards of the nearest population cluster…”—

Tokenized Offerings — The New York Stock Exchange and Blockchain.com signed an agreement to explore tokenized stocks and ETFs, as well as a 24/7 digital trading venue. BlackRock launched three on-chain model portfolios for non-U.S. investors, each with a different mix of stocks, bonds, and Bitcoin.

“New York Stock Exchange and blockchain.com signed an agreement to explore tokenized stocks and ETFs. They're planning a 20 fourseven digital trading venue.”—

ECONOMY

Stablecoin Rules — One speaker says two key market-structure steps have already been taken: allowing large stablecoin issuers into the market and clarifying rules for brokerages that hold stablecoins.

“Yeah, I mean, I think the biggest thing has already been done, which is genius…”—

MARKETS

Stablecoin Adoption — One speaker questions whether government action is needed for stablecoins to proliferate. They suggest that changes to financial rails could make stablecoin payments more integrated and accessible.

“Wouldn't it just naturally be the case that stablecoins would proliferate without the US government doing anything at all?…”—

Binance-Circle Deal — Binance invested $100 million in Circle and signed a five-year deal to promote USDC across its platform, with Circle paying an incentive fee tied to USDC balances. The speakers say Binance's flows had largely been dominated by Tether.

“So elsewhere in stablecoins, Binance has invested 100,000,000 in Circle, and they've signed a five year deal to push USDC across their platform with Circle paying Binance an incentive fee…”—

Prediction Markets — One speaker says prediction markets were intended to produce useful information flows but have instead become a somewhat more efficient way to bet on sports. They add that if sports betting does not work, the platforms will need traction in markets with natural hedgers.

“I think some of the prediction market old timers probably look at the state of prediction markets right now and they think, well, this is a little sad because it…”—

Data Center Noise

The hosts discuss Montana, cloud seeding, and findings that data-center noise complaints are concentrated near large facilities with on-site generation; they argue careful siting and mitigation can limit the problem.

Stablecoin Expansion

After reviewing crypto deals, the hosts see overseas dollar stablecoin adoption as a natural fit and describe Circle’s Binance investment and USDC partnership as a major move into Binance’s market.

CFTC Crypto Rulemaking

The hosts welcome parallel SEC and CFTC rulemaking, expecting greater clarity on tokenized securities and whether protocols fall under securities or commodities rules, while noting some protections may be omitted.

Fair Shake Targets Brown

Fair Shake plans to spend $30 million opposing Sherrod Brown’s Ohio comeback bid; the hosts say his stance on crypto remains hostile, but data-center and AI concerns may shape the race more than crypto.

Tokenized Assets And Markets

The hosts discuss tokenized portfolios and equities, then question whether prediction markets can move beyond sports betting as platforms face legal challenges, fee competition, and uncertain market structure.

BitMEX Legacy And Recovery

The hosts praise BitMEX’s role in popularizing perpetual swaps and its record of protecting customer funds, then consider white-hat Bitcoin recovery and what that precedent could mean for Satoshi’s coins.

Anthropic’s Business Model

The hosts argue Anthropic may seek to capture value from discoveries made with its models, while ordinary enterprise work could shift to cheaper Chinese open-weight models and leave frontier labs focused on scientific breakthroughs.

Effective Altruism Debate

The hosts debate claims that effective altruism is cult-like and dangerous, comparing AI leaders’ influence to physicists in the atomic era and arguing technical expertise alone does not justify political authority.