Our Read on Inflation, Clarity's Odds of Passage & DeFi's Revenue Era

In this CF Benchmarks live X Space, recorded August 13, 2026, Head of Research Gabe Selby is joined by Research Analyst Mark Pilipczuk and Kraken Chief Economist Thomas Perfumo for a roundtable covering markets, macro, and Fed policy, with a surprise appearance from Bitwise Research Analyst Ishmael Asad.Chapters:00:00 – Intro & Team Welcome02:46 – Strategy's STRC Preferred: Racing Back to Par08:02 – ETH Treasury Preferreds, Issuance & the EIP That Could Lower Staking Rewards11:35 – July CPI: A Setup for a Fed Pause?16:43 – Bitcoin vs. Stocks vs. Gold: Who Wins on CPI Surprises?19:52 – Oil, Iran & the Fed's Reaction Function25:33 – 2022 Redux? Comparing Today's Labor Market to the Last Hiking Cycle32:38 – Jackson Hole Preview: What to Expect From Chair Warsh37:33 – Clarity Act: Reading the September Senate Vote44:47 – DeFi's Revenue Era: Hyperliquid, Aave, Uniswap & Pump.fun47:31 – Tokenized Equities: The Next 10x for RWAs51:28 – The Return of Buybacks: DeFi's Value Accrual Thesis54:25 – From Layer 1s to App Layer: Where Fees Actually Accrue57:30 – Week Ahead: Jackson Hole, Clarity & ETF Flows