Cap spends most of the morning weighing whether Trump has been a net positive or net negative for crypto, as World Liberty Fi and the Trump memecoin conference clash with the policy tailwinds around the Clarity Act. He questions the optics of Trump-linked crypto activity even as the industry keeps gaining regulatory ground. The other major thread shifts to Yuga Labs, where the upcoming Snoop compound meetup and a steady run of ape ecosystem events show how strong its IRL execution has become. He also pushes back on Abstract’s XP system, arguing that farming is being rewarded more than organic participation.

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Trump’s Crypto Problem, Yuga Heads to Snoop’s Compound