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Curious Cryptos’ Commentary 12th May 2026 > > Ethena, Arthur Hayes, & the CLARITY Act
Mark Timmis4 min read·Just now--
tl;dr
Ethena and all its flaws. Arthur Hayes calls it. The CLARITY Act is still dead and buried.
Market Snap
Market Wrap
Charles Schwab is recommending that clients put 2–7% of their investments into BTC which aligns with my long-held belief that 5% of all investment monies will flow into cryptos, almost entirely into BTC.
Curious Cryptos’ Commentary — Ethena
The CCC has long been sceptical about the Ethena ecosystem, and for one very good reason.
At the heart is an algorithmic stablecoin. I am sure everyone remembers the golden rule about such financial chicanery — all algorithmic stablecoins are destined to burn and die. The CCC has never given financial advice, and we are not about to start now. But I think I can fairly point out that in the CC Treasury investment guidelines is a blanket ban on anything Ethena related.
I have found this new analysis:
https://x.com/defiscan_info/status/2048762926287204570
The headline is “15 ways Ethena can have a fund loss”.
It is a damning tale of problems created, accidentally or otherwise, within the Ethena…
