Newsletter Roundup: ROBINHOOD AND WASHINGTON JUST LIT A FIRE UNDER CRYPTO 🔥 Crypto has made a resurgence this week on the back of Robinhood’s new chain and increased pressure to pass the Clarity Act. Traders are trying to decipher if this bull market has come early or if this is a trap before more pain. The four-year cycle would say the latter. Bitcoin tapped $65,000 and ETH remains steady above $1,900. There two main drivers of the fresh liquidity coming onchain. 1. Robinhood created an EVM-compatible layer two meant to bring tokenized stocks to the masses. In typical crypto fashion, it has been turned into a memecoin casino. The top runner in the Robinhood trenches is Cashcat, which peaked at a $226 million market cap four days ago. Since then, it has been straight pain for Cashcat bagholders, with the current market cap sitting at less than half of its all-time high. The alpha for these coins was that it was initially challenging to bridge to Robinhood. Those who figured it out quickly were able to get early positions in the handful of memes on the chain, and each subsequent day's marginal buyers were people who had finally figured out how to bridge. I’m all for memecoin degeneracy, and bringing liquidity to a very dry market is a plus in my book. Furthermore, this speculation has pushed ETH up as people need to buy ETH to use the EVM chain. 2. The other factor causing coins to rally is increased pressure from the President to pass the Clarity Act. On Friday, the House Financial Services Committee is holding a field hearing on the Clarity Act. It currently has a 41% chance of being passed this year, according to Polymarket. Robinhood and Washington have given crypto exactly what it was missing: a reason to speculate again.