Wallstreet meets HYPE. @Grayscale's @mzhao8 discusses the institutional bid for HYPE with @dschamis @BlakePlayerSays @dknox_hypd Check out the full recording below

Hyperliquid Forum by @Yield_Summit is a wrap. Thank you to everyone who joined us at Raffles Hotel Singapore on Oct 6. A huge shout out to our co-host @Grayscale, our title partners @HyperLink_xyz and @Outcomexyz, and all of our other partners @ValantisLabs, @FireblocksHQ, @HyperionDeFi, @DoubleZero, @silhouette_ex, @tradeparagon, @CoinRoutes, @ensembleio, @looping_col, @TradeFills and @blockaid_ Speakers on the day included @CryptoHayes, @gametheorizing, @RyanWatkins_, @dschamis, @HansonBirringer, @ianweisberger, @dknox_hypd, @BlakePlayerSays, @0xNessus, @grayscalemzhao, @spencerapplebau, @Austin_Federa, @IamGyomei, @jbfxdotme, @rajivpoc, @tahathinks, @tahathinks, @devenmat, @chandlerdkk, @YoannTurpin1, @chrisling_dev & @0xpostscryptum The HL Forum is an invite-only, community-led event series connecting institutional capital with the teams building on Hyperliquid. Our next stop is Miami, 3 May 2027. Request an invite or apply to partner: hyperliquidforum.com/miami

FNB customers can now invest in crypto via the FNB Share Trading platform, from just R10. As CEO Sizwe Nxedlana puts it, the move gives customers secure access to a curated range of crypto assets backed by FNB’s investment expertise. 🔗 bit.ly/4i5UPNd

Well done to FNB! @VALRdotcom is excited to support you.

Ready to invest in crypto? Buy and sell crypto simply and securely on the FNB App. Trusted banking. Smarter investing.

Tomorrow (30 September) is the last day to submit comments to National Treasury and SARB on the Draft Crypto Asset Manual. Please do. One point worth considering in your submission: The proposed Authorised CASP framework appears to be modeled on the existing ADLA framework used in foreign exchange. (CASP = Crypto Asset Service Provider & ADLA = Authorised Dealer with Limited Authority) But there is a critical difference. In FX, an ADLA sits below an Authorised Dealer (a bank with broader authority). If a transaction falls outside the ADLA’s mandate, a client can still go to a bank. There is no equivalent upper tier for crypto. No bank or crypto exchange or any other entity is being authorised under the draft manual to provide the crypto activity that an Authorised CASP is prohibited from providing. So a limitation that is relative in the FX system would become a prohibition in the crypto system. The result is that two businesses trying to facilitate economically equivalent cross-border payments would face very different regulatory outcomes purely because one uses conventional banking rails and the other uses crypto rails. The restriction attaches to the technology rather than the underlying risk or economic activity. In essence, this bans crypto assets from being used as a cheaper, faster, and more transparent payment mechanism by all South African businesses. This outcome is neither fair nor technology agnostic nor in the best interest of South Africa. New technology should be regulated appropriately. Regulation should focus on the economic activity and risks involved, and allow useful new technologies to compete... not prohibit them without a sound, risk-based justification. Please submit your comments by tomorrow. South Africa needs to get this right. [Repost for reach if you'd like to help]

Token2049, the world’s largest crypto event, is right around the corner. If you’re attending and interested in partnering with Africa’s largest crypto exchange and infrastructure provider by trade volume, be sure to reach out to our Chief Commercial Officer, @BlakePlayerSays, or VALR’s APAC Business Lead, @waynewu_io #VALR One planet. One financial system.

He runs a bit like Eben.

Looking sharp! Well done guys - ready for the new season 💪

Crypto. Gold. Bundles. Perps. Futures. Equities. Commodities. Payments. Investing. Borrowing. Yield. Tokenization & onchain finance changes everything. VALR is building the infra to bring it all together. And make it accessible to everyone. Still early. Still building. Doing our best to serve you ❤️

Time for SA Inc to mine bitcoin.

Really don’t think it’s that obvious. There are hardly any L1 infrastructure plays outside of HYPE that have a clear way to return value to token holders. This places a natural ceiling on the market caps of assets like SOL.

ZARsc is now live on @VALRdotcom . South Africans can now buy, hold and move a Rand-backed stablecoin on one of the country's largest crypto exchanges. ZARsc. Rands on the rails. #ZARsc #VALR

Introducing Cloudflare Wallets. They will allow you to store stablecoins, purchase services, and receive funds across the web. cfl.re/455An86

My first statement on National Treasury and SARB's draft Crypto Asset Manual for Cross-Border Activities: While I am encouraged by the media statement’s acknowledgement that the draft Regulations and Crypto Asset Manual remain subject to refinement following public comments and stakeholder engagement - and that the draft Manual now treats withdrawal from a CASP, rather than the purchase of a crypto asset, as the reportable transaction - there remain significant concerns that will need to be addressed. First and foremost, as I have written previously, South Africa would be better served by abolishing exchange controls altogether while preserving appropriate reporting, transparency and regulatory surveillance, rather than attempting to retrofit a half-century-old regulatory regime onto modern technology and the digital economy. If South Africa chooses to retain capital controls, it should at least apply them on a principled, fair and technology-neutral basis. Regulation should govern the movement of value and manage the associated risks; it should not dictate which technologies individuals and businesses can use. The draft Crypto Asset Manual, in its current form, is prejudicial to crypto assets and licensed CASPs and risks severely damaging South Africa’s crypto industry. This is particularly concerning when stablecoins and other crypto assets can facilitate cross-border payments more quickly, cheaply and transparently than traditional channels, while remaining fully subject to appropriate reporting and oversight. On what principled basis should corporations and institutions be prohibited from using this technology to move value legitimately between South Africa and the rest of the world? By prohibiting legitimate corporate activity through regulated providers, the proposed framework is likely to drive transactions underground or offshore. This would reduce the very visibility and surveillance that National Treasury and the SARB seek to achieve, while undermining employment, tax revenue, investment, innovation and business formation. Regulation must, at the very least, provide a level playing field for new technologies rather than entrenching legacy systems and practices. The treatment of self-custody wallets also requires substantial reconsideration. The draft treats transactions originating from such wallets as “non-permissible” from the perspective of a South African CASP. This is neither practical nor sensible. It would effectively push South Africans using self-custodial wallets to transact through exchanges outside South Africa rather than regulated local CASPs - a perverse outcome for a regulatory framework that seeks to do exactly the opposite (i.e., keep capital in the country). We face a fundamental choice in South Africa: whether we are serious about overcoming our economic challenges, unlocking growth and becoming a globally competitive force, or whether our frameworks undermine those ambitions. I'm hopeful that through the public commentary process, we can land on a regulatory framework that will help the country rise above its challenges, not make that task more difficult. (More thoughts to come on other aspects of the draft Manual soon.)

Ken Griffin lighting up everyone's timelines today, but the real story here is that, in the end, Leopold was just one of us.

Well done @SaccoGian

VALR Perps is now officially live on the web, with mobile app availability to follow shortly. Seamlessly access 200+ perpetual markets spanning equities, indices, commodities, precious metals, forex and crypto. Trade the universe on VALR: valr.com/signup @HyperliquidX

Let’s start with opening up our financial borders for digital transactions by revisiting the need (or lack there of) for severe exchange controls. So much more business to be done with the world when you don’t have a moat stopping money coming in and out.

Imagine the confidence boost capital allocators would have if they didn’t fear their funds would be stuck if they invested onshore. You always keep more out than in when building financial walls.