The RIA DeFi Letter

One free issue a month: what the regulators did, how one on-chain mechanism works, what moved on the Register, and what to tell a client who asks. Every issue has a link to unsubscribe.

What an issue holds

The month: Three or four events from last month, a paragraph each, with the source beside each claim.
The mechanism: How one on-chain mechanism works, step by step, with every source cited. About ten minutes to read.
The Register: What moved this month: asset, protocol, chain, custody, verdict, who can freeze it, what changed.
The client question: A question a client will ask, the answer, and the sentence for the file.
The footer: Who writes the Letter, what Ketju Research does, and the link to unsubscribe. The issue carries no advertising.

The first year, one mechanism a month

What a tokenized treasury fund does when you redeem
Who can freeze a stablecoin, how the freeze works on chain, and when issuers have used it
Qualified custody for on-chain assets: what the custodian holds, what a key is, and what an examiner asks
Form D, Reg D, and the accredited gate: how a tokenized private fund is sold
Proof of reserves and audits: what an attestation covers, and three times one was wrong
Transfer agents on chain: what TA-2 reports, what a key change means, and why we read the contract before the press release
Chains: finality, validator sets, whether a large position can be sold, and why Ketju approves some and not others
Lending protocols: where the yield comes from, who the borrower is, and how liquidation works
The brokerage statement line: how a tokenized asset appears at a custodian and how to read the account that holds it
Size: whether a large position can be sold, the size limit for a full review, and the programs below it
How Ketju reaches a verdict, how it keeps the old one, and how to read a changed memo
A year of filings: what the SEC and the issuers did in twelve months, with sources