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Today's macro and crypto landscape is fascinating, and here's what I'm watching closely. The Fed held rates steady, dropping forward guidance for the first time under new Chair Warsh. QQQ sits at $722, while crypto's total market cap is $2.298T. For perspective, SpaceX SPCX is now the 8th largest asset globally at $2.55T, bigger than all of crypto combined. Ethereum sits at $209B, ranking 107th. Gold dipped to $4,290, oil to $76.48. Coinbase dropped major news yesterday, including a tokenized stock initiative and an AI-powered advisor app. Saylor's STRC hit year-to-date lows. HYPE continues to outperform everything. The Aave vs Morpho debate is heating up, with mixed sentiment on Aave's decline. Satori Finance's perps protocol shut down. Plasma One from XPL launches next week. MegaETH Terminal rewards are due for distribution. AERO surged, sparking excitement. Illinois Governor JB Pritzker signed harsh anti-crypto legislation taxing all transactions, including wallet transfers. This could go national if the wrong person wins in 2028. World Cup attention is boosting prediction markets like Polymarket, Kalshi, and others. The Gacha/TCG craze continues. Fastest-growing chains by TVL this week are Stable, X Layer, Tempo, Bittensor, and World Chain. Now, the main story is the Fed. This was Warsh's first FOMC as chair. If Trump wants rate cuts but Warsh didn't deliver, what does that mean? Three possibilities come to mind. One, Trump can't appoint people who follow his orders, a recurring issue from his first term. Two, Warsh pushed for cuts but faced opposition. Three, they'll wait for the Iran situation to resolve and inflation to drop, giving them more room to cut. After watching the entire press conference, I think it's a mix of all three. Warsh didn't sound overly hawkish. He seems intent on being a good Fed chair, keeping Trump reasonably happy without doing anything reckless. I wouldn't be surprised if we see a couple of rate cuts later this year, but it...