The Evolution of Capital Markets: From Railroads to Crypto

For this Long Read Sunday, NLW hands the mic to AI to read three of Byron Gilliam’s standout essays from the Breakdown newsletter. First, “Crypto’s Competitive Advantage” draws a bold parallel between 19th-century U.S. capital markets and the wild world of meme coin ICOs—arguing that pump.fun may be the Erie Railroad of Web3. Next, “Can the Genius Act Save Banks from Stablecoins?” explores how America’s newest crypto legislation recalls the era of Regulation Q, money market funds, and toaster giveaways. Finally, “Anarchy, Crime, and Stablecoins” reflects on how Timothy May might interpret Congress' surprising embrace of crypto—and where the fences still stand. A sweeping historical and philosophical ride through one of crypto's most pivotal weeks.

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