Pinned Tweet
Over centuries, trade was done on stone tablets, then paper, then computers, then computers that are online. Now trade is onchain.
Blockchains arenāt databases, theyāre programs with self-executing code, and payments that are built in to the value exchange layer.
Why tokenized RWAs, finance, and trade? Because wealthy merchants adapt to use the latest technologies. Donāt overthink it. Use the best tech to access global markets, not your local ones.
Blockchains arenāt databases, theyāre programs with self-executing code, and payments that are built in to the value exchange layer.
Why tokenized RWAs, finance, and trade? Because wealthy merchants adapt to use the latest technologies. Donāt overthink it. Use the best tech to access global markets, not your local ones.
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Alex Palmer retweeted
Q3 closed with $1B+ in total assets minted, as Plume continued doing the hard work of putting real-world yield inside the platforms people already use.
Here are the highlights from our Q3 update š
Here are the highlights from our Q3 update š
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Alex Palmer retweeted
As I testified before the House Financial Services Committee in March, the SEC needs to update its approach to broker-dealers so they can fully support capital markets as they move onchain.
We are delighted to see our onchain-first approach to brokerage services fit within the US regulatory architecture.
Broker-dealers will continue to play an essential role as the trusted perimeter into U.S. securities markets, particularly in onboarding users moving onchain. This is in addition to key protections of US securities laws, ensuring robust disclosures and op and cyber risk management among many other things. The role of the broker-dealer continues to be affirmed under the Atkins SEC.
@Citi estimates that stablecoins will grow 6-12x, to $1.9t-$4t by the end of the decade. Those stablecoins will need a compliant way to earn yield and invest in compliant, regulated infrastructure. We're building for that future.
Now it is time to build that future in America alongside @ThatAlexPalmer @chriseyin @teddyP_xyz and the Kimber Labs (Plume) team.
We are delighted to see our onchain-first approach to brokerage services fit within the US regulatory architecture.
Broker-dealers will continue to play an essential role as the trusted perimeter into U.S. securities markets, particularly in onboarding users moving onchain. This is in addition to key protections of US securities laws, ensuring robust disclosures and op and cyber risk management among many other things. The role of the broker-dealer continues to be affirmed under the Atkins SEC.
@Citi estimates that stablecoins will grow 6-12x, to $1.9t-$4t by the end of the decade. Those stablecoins will need a compliant way to earn yield and invest in compliant, regulated infrastructure. We're building for that future.
Now it is time to build that future in America alongside @ThatAlexPalmer @chriseyin @teddyP_xyz and the Kimber Labs (Plume) team.
Kimber Digital Securities, Plume's affiliated broker-dealer, has been approved for FINRA membership and is now registered as a broker-dealer with the SEC.
This is a milestone for Plume and a major step toward achieving Plume's mission to bring the real world onchain, r-dealer is built to put real tokenized securities with full shareholder rights into an investor's wallet. It carries the protections of a regulated firm, e.g., best execution, independent oversight of operational and cyber risk, and clear, continuous disclosure.
Broker-dealer registration also gives our customers access to the core of U.S. market infrastructure, the Depository Trust Company. Investors will be able to hold eligible stocks, ETFs, and bonds in their self-custodial wallets while keeping the book-entry claim that's already recorded at the DTC.
DTC entitlements give these tokens what most onchain assets lack, a settled, recognized claim on the real U.S. equity, ETF, or bond asset.
Real ownership. Onchain distribution. Designed for compliance.
Read the full announcement: plume.org/blog/%20Kimberā¦
Securities offered through Kimber Digital Securities LLC, member FINRA. Investment products are Not FDIC Insured, Not Bank Guaranteed and May lose value.
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Alex Palmer retweeted
First, the SEC-registered transfer agent. Now, the SEC-registered broker-dealer.
The regulated stack for tokenized securities is coming together at @plumenetwork.
The regulated stack for tokenized securities is coming together at @plumenetwork.
Kimber Digital Securities, Plume's affiliated broker-dealer, has been approved for FINRA membership and is now registered as a broker-dealer with the SEC.
This is a milestone for Plume and a major step toward achieving Plume's mission to bring the real world onchain, r-dealer is built to put real tokenized securities with full shareholder rights into an investor's wallet. It carries the protections of a regulated firm, e.g., best execution, independent oversight of operational and cyber risk, and clear, continuous disclosure.
Broker-dealer registration also gives our customers access to the core of U.S. market infrastructure, the Depository Trust Company. Investors will be able to hold eligible stocks, ETFs, and bonds in their self-custodial wallets while keeping the book-entry claim that's already recorded at the DTC.
DTC entitlements give these tokens what most onchain assets lack, a settled, recognized claim on the real U.S. equity, ETF, or bond asset.
Real ownership. Onchain distribution. Designed for compliance.
Read the full announcement: plume.org/blog/%20Kimberā¦
Securities offered through Kimber Digital Securities LLC, member FINRA. Investment products are Not FDIC Insured, Not Bank Guaranteed and May lose value.
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Live with @andyyy @robbieklages and @banamlas on the @therollupco come hangout! Talking about @plumenetwork news
š“ó §ó ¢ó „ó ®ó §ó æ LIVE: DAS LONDON DAY 1! Is The Bottom In? Institutional Bull Market Rages On. CPI DAY! Broadridge, Nickel Digital & Coinbase, Monad, RockawayX & More x.com/i/broadcasts/2ā¦
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An onchain non-custodial broker-dealer will let us @plumenetwork bring 1:1 tokenized securities to payment networks, users, and fintechs in the US.
This adds to our growing fintech stack:
ā Broker-dealer (Kimber Digital Securities) - connect investors and issuers
ā Asset manager (Kimber Digital Assets Bermuda) - connect vaults to centralized exchanges
ā Transfer agent (Kimber Transfer Agency) - issue and manage equities onchain
More to be done. Standby š«”
This adds to our growing fintech stack:
ā Broker-dealer (Kimber Digital Securities) - connect investors and issuers
ā Asset manager (Kimber Digital Assets Bermuda) - connect vaults to centralized exchanges
ā Transfer agent (Kimber Transfer Agency) - issue and manage equities onchain
More to be done. Standby š«”
Kimber Digital Securities, Plume's affiliated broker-dealer, has been approved for FINRA membership and is now registered as a broker-dealer with the SEC.
This is a milestone for Plume and a major step toward achieving Plume's mission to bring the real world onchain, r-dealer is built to put real tokenized securities with full shareholder rights into an investor's wallet. It carries the protections of a regulated firm, e.g., best execution, independent oversight of operational and cyber risk, and clear, continuous disclosure.
Broker-dealer registration also gives our customers access to the core of U.S. market infrastructure, the Depository Trust Company. Investors will be able to hold eligible stocks, ETFs, and bonds in their self-custodial wallets while keeping the book-entry claim that's already recorded at the DTC.
DTC entitlements give these tokens what most onchain assets lack, a settled, recognized claim on the real U.S. equity, ETF, or bond asset.
Real ownership. Onchain distribution. Designed for compliance.
Read the full announcement: plume.org/blog/%20Kimberā¦
Securities offered through Kimber Digital Securities LLC, member FINRA. Investment products are Not FDIC Insured, Not Bank Guaranteed and May lose value.
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Alex Palmer retweeted
Looking forward to building American onchain capital markets!
Kimber Digital Securities, Plume's affiliated broker-dealer, has been approved for FINRA membership and is now registered as a broker-dealer with the SEC.
This is a milestone for Plume and a major step toward achieving Plume's mission to bring the real world onchain, r-dealer is built to put real tokenized securities with full shareholder rights into an investor's wallet. It carries the protections of a regulated firm, e.g., best execution, independent oversight of operational and cyber risk, and clear, continuous disclosure.
Broker-dealer registration also gives our customers access to the core of U.S. market infrastructure, the Depository Trust Company. Investors will be able to hold eligible stocks, ETFs, and bonds in their self-custodial wallets while keeping the book-entry claim that's already recorded at the DTC.
DTC entitlements give these tokens what most onchain assets lack, a settled, recognized claim on the real U.S. equity, ETF, or bond asset.
Real ownership. Onchain distribution. Designed for compliance.
Read the full announcement: plume.org/blog/%20Kimberā¦
Securities offered through Kimber Digital Securities LLC, member FINRA. Investment products are Not FDIC Insured, Not Bank Guaranteed and May lose value.
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Alex Palmer retweeted
this is by far the best lesson for everyone re-learning how to code right now
Agentic coding is a form of machine learning. Generated code is best treated as a blackbox artifact whose behavior and generalization should be managed via empirical evaluation, like with any ML model.
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A+ for satire. This is too funny š
Holy shit. There's no patch for this, and every shell has been vulnerable since 1971. š
terminal2shell.com
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Orca and Loopscale merged to become @formation_so. Interesting.
Public company shares, trading onchain around the clock, with voting and dividend rights intact.
Superstate is proud to be a tokenization partner for @formation_so, which plans to operate the first tokenized securities venue on @solana.
Same shares. Same rights. New market
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TLDR agents doubled machine traffic to sites and monetization through pay-per-use (x402) is cool.
blog.cloudflare.com/agentic-web/
blog.cloudflare.com/agentic-web/
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Alex Palmer retweeted
š¤š¤š¤
Transfer agents still run on 1970s rules ā they need your name and a physical mailing address.
For tokenized securities, a digital wallet address does the job better: more privacy, faster settlement, more engaged shareholder governance.
We filed a joint comment with Securitize, ume asking the SEC to modernize transfer agent rules. š§µ
@Securitize @bullish @equiniti @centrifuge @plumenetwork
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Alex Palmer retweeted
Can I invest in @AlpacaHQ lmaoooooooo
91% of all tokenized stocks lead back to one broker.
Tokenized stocks total $4.60B today, and $4.17B of that is backed by real shares held at a single US broker:
@AlpacaHQ Securities.
ā¢ 7 issuers use it: Binance bStocks, @ondo, @xStocksFi, @RobinhoodApp, @RealityFi_xyz, obal.
ā¢ Alpaca holds those shares at DTC, the central US securities depository. On the company's books, the owner is Cede & Co., not you.
ā¢ @Securitize stock tokens and @Backpack take a different route through RQD Clearing, but still end up at DTC.
ā¢ @SuperstateInc and @Securitize's issuer-sponsored tokens are the only ones that skip both. The shares sit on the company's own register, with no broker and no DTC.
That's 4.7M token holders (wallets) across those 7 issuers, with one broker between all of them and the real shares.
h/t @steinRWA for the original breakdown
Data: @tokenterminal, @Blockworks
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Harness/factory/agent discourse will unfortunately be the next stand in for jira/linear/prd line of mental masturbation
Ship product and tell people what it does for them, and how itās helpful
Thanks for coming to my ted talk
Ship product and tell people what it does for them, and how itās helpful
Thanks for coming to my ted talk
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Iām impressed that Tesla, Rivian, BYD, Volvo (Polar) have started up and are basically best in class
Itās cool, I like that
I think every one of them is competing in different/new arenas though
Itās cool, I like that
I think every one of them is competing in different/new arenas though
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*takes careful notes*
So the right amount of vaccines to take on a Friday is *not* one in each arm
So the right amount of vaccines to take on a Friday is *not* one in each arm
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Can they unbuild it orā¦
ā¼ļø Security firm Varonis built a hacking tool that hides inside Amazon's cloud and uses Amazon's own AI to carry out an attacker's orders.
Called NotC2, it lets an attacker already inside an AWS account type "list all running EC2 instances with their IPs" and Bedrock, Amazon's he commands.
It never connects to the attacker directly. Every step runs on Amazon's own queue, code and notification services.
Varonis calls it "functionally, a backdoor with an AI assistant."
It is a proof of concept, not seen in real attacks. Varonis says tight permissions are the best defence.
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Alex Palmer retweeted
Today, as part of Operation Economic Outcast, Treasuryās Office of Foreign Assets Control designated eight money services businesses based in Canada that enable the Iranian regime.
Additionally, @FinCENnews issued an order effectively cutting off MEXC Globalās access to the U.S. financial system for facilitating at least $16 billion in illicit transactions, including activity connected to Iran sanctions evasion.
Additionally, @FinCENnews issued an order effectively cutting off MEXC Globalās access to the U.S. financial system for facilitating at least $16 billion in illicit transactions, including activity connected to Iran sanctions evasion.
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Alex Palmer retweeted
Strongly agree with @milesjennings. A few comments from someone also helping build vault infrastructure @plumenetwork for institutional use cases in particular. We made 101-level suggestions to @SECGov in September. I am grateful that @crypto_council, @Morpho, @KaminoFinance, in the work to put together a graduate school-level seminar.
Mainstream finance and policymakers have been explicit that the prize of onchain finance is collateral mobility and utility, and they cannot capture it without legal certainty. GFMA and SIFMA estimate tokenization could free roughly $100B in collateral. DTCC calls tokenized collateral a way to unlock billions and transform liquidity management. MASās Project Guardian and IOSCOās tokenization work point the same direction. Regulated institutions will not move size onto these rails on faith. Legal certainty is the unlock.
How do we get legal certainty? We need a pragmatic reconciliation of the vaults with the @SECGov regulatory perimeter. What matters is control, not code. Writing and publishing immutable, non-custodial smart contracts should never trigger regulatory obligations. Regulation should attach only where a centralized actor retains discretion after a user deposits and derives financial benefit from it: curating a vault, setting and reconfiguring parameters, intermediating returns. That is Milesās point. If no one can unilaterally reconfigure the parameters, the user did not buy a security and the protocol is not an investment.
On the CCI versus Aave/Veda/Kamino strategy debate in this thread: these are complementary, not competing papers.
The Aave, Veda, and Kamino paper does the doctrinal work, showing why decentralized lending and non-custodial vaults do not fit the existing securities laws: no note under Reves, no common enterprise under Howey, no issuer under the 1940 Act, user-custodial throughout.
CCIās āUnder Controlā framework takes the next step. For the cases where a person does retain control, it builds proportionate regulated pathways where none currently exist nor are likely to exist absent some acceptance of regulation. The pathways are calibrated to that control rather than defaulting to blanket registration, and it recognizes that fully immutable, non-custodial vaults can fall outside the statutes entirely. Nothing in it undermines DeFi. It puts guardrails where investment returns are intermediated, which is where accountability belongs.
Blanket relief is also not realistic for the subset of vaults that actually carry these risks. The Advisers Act exists to eliminate, or at least expose, the conflicts of interest inherent in investment advisory services. The 1940 Actās declared policy targets pooled vehicles operated in the interest of insiders rather than investors and inadequate disclosure. Where a compensated curator exercises discretion, the SEC will not exempt it wholesale. Yes, DeFi infrastructure reduces many of the risks securities laws target, but they do not eliminate them. Hence the meme below from @ConcreteXYZ "If you donāt know where the yield comes from, you are the yield.ā
That is precisely why control-calibrated pathways, not blanket exclusion, are the credible ask and far more likely to unlock regulated use cases.
The worry that a framework picks winners and losers has it backwards. Uncertainty is what picks winners, because it deters the entry of regulated institutions into this ecosystem. For DeFi use cases to grow, DeFi needs compliant pathways to integrate into mainstream finance.
I'll reiterate my core point: legal certainty is what unlocks institutional use of lend protocols and vaults, and legal theories that reach the end point of blanket deregulation are unlikely to earn much accommodation from this otherwise open-minded SEC. Look at how tepidly the agency has moved AMMs toward the regulated perimeter under the "Innovation Exemption."
Deep respect for the expertise of Miles, @TuongvyLe12, and @LindaJeng1, who have done as much as anyone to make these distinctions legible to regulators.
The CCI paper is not capitulation. It is how you give a risk-averse regulator @SECGov a reason to say yes to regulated use cases of lend protocols and vault infra.
Mainstream finance and policymakers have been explicit that the prize of onchain finance is collateral mobility and utility, and they cannot capture it without legal certainty. GFMA and SIFMA estimate tokenization could free roughly $100B in collateral. DTCC calls tokenized collateral a way to unlock billions and transform liquidity management. MASās Project Guardian and IOSCOās tokenization work point the same direction. Regulated institutions will not move size onto these rails on faith. Legal certainty is the unlock.
How do we get legal certainty? We need a pragmatic reconciliation of the vaults with the @SECGov regulatory perimeter. What matters is control, not code. Writing and publishing immutable, non-custodial smart contracts should never trigger regulatory obligations. Regulation should attach only where a centralized actor retains discretion after a user deposits and derives financial benefit from it: curating a vault, setting and reconfiguring parameters, intermediating returns. That is Milesās point. If no one can unilaterally reconfigure the parameters, the user did not buy a security and the protocol is not an investment.
On the CCI versus Aave/Veda/Kamino strategy debate in this thread: these are complementary, not competing papers.
The Aave, Veda, and Kamino paper does the doctrinal work, showing why decentralized lending and non-custodial vaults do not fit the existing securities laws: no note under Reves, no common enterprise under Howey, no issuer under the 1940 Act, user-custodial throughout.
CCIās āUnder Controlā framework takes the next step. For the cases where a person does retain control, it builds proportionate regulated pathways where none currently exist nor are likely to exist absent some acceptance of regulation. The pathways are calibrated to that control rather than defaulting to blanket registration, and it recognizes that fully immutable, non-custodial vaults can fall outside the statutes entirely. Nothing in it undermines DeFi. It puts guardrails where investment returns are intermediated, which is where accountability belongs.
Blanket relief is also not realistic for the subset of vaults that actually carry these risks. The Advisers Act exists to eliminate, or at least expose, the conflicts of interest inherent in investment advisory services. The 1940 Actās declared policy targets pooled vehicles operated in the interest of insiders rather than investors and inadequate disclosure. Where a compensated curator exercises discretion, the SEC will not exempt it wholesale. Yes, DeFi infrastructure reduces many of the risks securities laws target, but they do not eliminate them. Hence the meme below from @ConcreteXYZ "If you donāt know where the yield comes from, you are the yield.ā
That is precisely why control-calibrated pathways, not blanket exclusion, are the credible ask and far more likely to unlock regulated use cases.
The worry that a framework picks winners and losers has it backwards. Uncertainty is what picks winners, because it deters the entry of regulated institutions into this ecosystem. For DeFi use cases to grow, DeFi needs compliant pathways to integrate into mainstream finance.
I'll reiterate my core point: legal certainty is what unlocks institutional use of lend protocols and vaults, and legal theories that reach the end point of blanket deregulation are unlikely to earn much accommodation from this otherwise open-minded SEC. Look at how tepidly the agency has moved AMMs toward the regulated perimeter under the "Innovation Exemption."
Deep respect for the expertise of Miles, @TuongvyLe12, and @LindaJeng1, who have done as much as anyone to make these distinctions legible to regulators.
The CCI paper is not capitulation. It is how you give a risk-averse regulator @SECGov a reason to say yes to regulated use cases of lend protocols and vault infra.
Regulators aren't incentivized to take on risk. There's very little benefit for them to take a narrow vision of the law because if the path they create works they don't often get credit, but if it results in disaster they do get blamed.
So, if you want regulators to act, some believe that you need to give them every reason and assurance that it's okay to act. That means asking for incremental steps rather than asking for everything you want.
It would be great if the SEC came out and agreed with Aave's interpretation. But if they don't agree, would we rather end up with nothing or what CCI proposed? I think the answer is obvious.
Further, nothing about what CCI proposed would undermine DeFi. It'd just mean that where you have people intermediated investment returns, that those people are subject to regulatory guardrails.
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Hell yeah. Choose your fighter.
This makes me think that I hate Claude harness irrationally and like warp/codex harness unquestioningly? Also grokbot (cursor really) and grok harnesses both do things I need them too
Brb soul searching commences now
This makes me think that I hate Claude harness irrationally and like warp/codex harness unquestioningly? Also grokbot (cursor really) and grok harnesses both do things I need them too
Brb soul searching commences now
I burned a shitload of compute so you don't have to. Releasing the Harness Leaderboard.
Which harness should you run your open model in? I ran 28,849 trials to find out.
The leaderboard compares nine coding-agent harnesses on open models. In each comparison only the harness vider and reasoning effort stay fixed, and every task gets three attempts.
The trials ran GLM-5.3-Flash, DeepSeek-V4.1-Flash and Flint on Terminal-Bench 2.1 and DeepSWE, for $4,746 of inference.
Averaged over the three models, mini-swe-agent (@KLieret), a bash-only agent, solves 51.4% of tasks and @openclaw 27.3%. Four others are statistically tied with mini-swe-agent.
One of them is Pi (@pidotdev), at 49.4% for $0.29 per solved task, about 45% less than mini-swe-agent's $0.53.
The best harness depends on the model: mini-swe-agent on GLM-5.3-Flash, Hermes Agent (@NousResearch) on DeepSeek-V4.1-Flash and Kimi Code (@Kimi_Moonshot) on Flint.
@opencode costs $3.35 per solved task, 11.7 times as much as Pi.
See Harness Hub's Harness Lens for what the nine harnesses do differently. It documents the prompts, tools and compaction of 34 coding-agent harnesses and links every claim to its source.
Leaderboard: huggingface.co/spaces/joelnikā¦
Harness Lens: huggingface.co/spaces/harnessā¦
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