Two Stacks, One Problem: Who Owns the Infrastructure When AI Spends Your Money?

REGULATORY FLASH UPDATE

SEC/CFTC Joint Interpretive Release on Crypto Asset Classification Release Nos. 33-11412 / 34-105020 | Published March 17, 2026 The Bottom Line The SEC, jointly with the CFTC under "Project Crypto," has published its first comprehensive interpretive release on crypto asset classification. Announcing the release, SEC Chairman Paul Atkins stated:

The Ship That Got Sued

In 1840, an English admiralty court named a ship as the defendant in a lawsuit. The vessel itself was treated as a legal person and held directly accountable for debts its owners had never authorized and essentially knew nothing about. This radical approach of holding a ship accountable was entirely

Now Europe Is Saying It Too

The EU's securities regulator just published 96 responses confirming that the compliance infrastructure Bessent described to Congress is equally overdue on this side of the Atlantic. Last week, this blog analysed the US Treasury's report to Congress under the GENIUS Act and identified a structural convergence:

Questions Received: Open Floor Update

Four questions have landed since the Q&A form went live. Here they are, in the order they were submitted: 1. Seed round funding, runway, and debt "Has the initial funding from the seed rounds been burned already? How long is the current runway and does Concordium have