World Liberty Financial — the stablecoin company co-founded by President Trump and his sons — is about to get a national trust bank charter. The reporter Jeff Stein at NOTUS broke it. Former officials at the agency that grants these charters told him a denial is "inconceivable."

That agency is the OCC, the federal regulator for national banks. Its current head is a Trump appointee. He's already waved through about a dozen crypto firms since arriving, cutting what used to be a two-year wait down to a 120-day target.

What does the charter actually do? Right now World Liberty's stablecoin, USD1, reaches users through a middleman. A bank charter lets the company issue USD1 to people directly and settle the transactions in-house, taking a cut on the way through the way PayPal does on a payment.

A charter turns a stablecoin into a bank-grade business. The company can issue directly, settle in-house, and earn fees on both.

Now the part that makes it strange. Trump holds a 70% stake in an entity that controls most of the company behind USD1. He reported $57 million in personal earnings from the venture for 2024 alone. That figure has almost certainly grown since. A federal regulator he appointed is about to hand his own crypto business the credibility of government oversight.

The narrow read is simple. USD1 is $4 billion in circulation, backed by Treasuries, and a charter makes it sturdier. Fine if you ever touch it. The wider read matters more. The same door that let Coinbase into the banking system is now open to crypto that the sitting President personally profits from. That's a new kind of company, and a charter doesn't answer the questions it raises.

We upgraded the prize. The old draw was a pair of Zach Bryan tickets in Cork — but most of you don't live in Ireland. So we've made it bigger and opened it to everyone, everywhere.

One reader wins 1 ETH, drawn at random. Our top three referrers each win 1 SOL, guaranteed.

It works the simple way. Every reader you send to The Crossover is one entry — refer two, get two; refer ten, get ten. More referrals, more chances, and the harder you share, the closer you get to a guaranteed top-three spot. Already entered the ticket draw? Every entry rolls over. You keep them all.

Your referral link is at the foot of this email. They have to sign up through it and confirm to count.

We draw on 31st July, or the moment we hit 1,000 readers — whichever comes first. Full terms here.

About 54 million ETH is held above the price people paid for it. That's the deepest the supply has been underwater since November 2022, when the FTX crash bottomed Ether near $1,100. Most of those coins date to last August's peak near $4,950.

Glassnode pulled the figure. Last time this many holders were underwater, the selling had burned out before a long recovery.

That's the hopeful read. The plain one is that a loss extreme shows pain, not demand coming back. It can mark a bottom, or a stop on the way lower.

One buyer isn't waiting to find out. Tom Lee's Bitmine, the biggest corporate ETH holder at 5.62 million tokens, kept stacking through all of it.

If you hold ETH, this marks where you are, not where you're headed. It's the same loss zone the last cycle bottomed in. That's been a floor before. It promises nothing now.

Milk Road's head of research did something that made people blink. He sold half his Coinbase stock, a position up more than 4x from where he bought it.

He didn't turn bearish. The problem was his portfolio. He held Bitcoin, Ether, Coinbase, Robinhood and Galaxy Digital — and every one of them rips when crypto rips and bleeds when crypto bleeds. That's five tickers acting like one trade.

Coinbase was the heaviest piece, so trimming it took the most risk off the table. The fresh cash is now hunting for something that doesn't move in lockstep with everything else he owns.

That's the lesson hiding in a green week. A bounce makes a concentrated portfolio feel diversified, because everything's up together. When things turn, you find out you only ever owned one bet. De-risking into strength means buying something that zigs when your crypto zags.

This is The Crossover. We tell you what happened and what it might mean — never what to do with your money, which we're only barely qualified to manage ourselves.