a16z’s Bold Play: Decentralized Identity & ZK Proofs Answer Treasury’s GENIUS Call

Silicon Valley's crypto heavyweight fires back at regulators with privacy-first solutions.

Zero-knowledge proofs meet digital identity—because Wall Street still thinks 'blockchain' is a spreadsheet upgrade.

1. Stock Futures Point to Higher Open After Dow Hits Record High

Stock futures are moving higher as investors keep close tabs on developments in Washington D.C., with a key vote scheduled later today that could end government shutdown. Dow Jones Industrial Average futures were up 0.2% recently after the blue-chip index closed at a record high on Tuesday. Futures tied to the benchmark S&P 500 index and the tech-heavy Nasdaq were up 0.4% and 0.6%, respectively. Bitcoin was at just under $105,000, up from an overnight low of around $102,500. Gold futures rose 0.6% to $4,140 an ounce, trading near their highest levels in three weeks. The yield on the 10-year Treasury note, which affects borrowing costs on a wide array of consumer loans, was at 4.08%, down from the previous close of 4.11%.

2. House Set to Vote on Spending Bill That Would End Shutdown

The House of Representatives is set to vote on a spending measure that would reopen the government through January and end the longest government shutdown in U.S. history. A key House committee moved the Senate-passed legislation forward in an early-Wednesday vote, rejecting attempts by some Democrats to amend the legislation. President Donald TRUMP is expected to sign the legislation, bringing an end to the shutdown, which is now in its 43rd day. The work stoppage has contributed to a freeze on U.S. government economic reports, while also creating staffing issues in the air traffic control system that prompted officials to reduce the number of flights.

3. AMD Shares Jump on Forecasts of Strong Revenue Growth

Shares of Advanced Micro Devices (AMD) jumped in premarket trading after CEO Lisa Su said the chipmaker’s revenue could grow by 35% annually over the next three-to-five years owing to continued strong demand for artificial intelligence chips. At the company’s first-ever analysts day on Tuesday, Su said that the company’s AI data center business could grow by 80% annually over the same period, potentially hitting tens of billions of dollars in sales by 2027. AMD also said its gross margins WOULD come in at around 55% to 58% in coming years, ahead of analysts' forecasts. Shares of AMD, which have nearly doubled in value since the start of the year, were up 6% ahead of the bell.

4. White House Considering Measure to Undercut Influence of Proxy Advisers

The White House is looking at new measures that would reduce the influence of proxy advisers and index-fund managers on shareholder voting, according to a report in The Wall Street Journal. The report said that Trump administration officials are considering executive orders that could ban proxy advisers such as Institutional Shareholder Services and Glass Lewis from making recommendations on shareholder votes. Officials are also looking to curtail the influence of index-fund managers such as BlackRock, Vanguard and State Street, according to the report. The influence of proxy firms has been criticized by top corporate executives, including Tesla CEO Elon Musk, who faced resistance from proxy advisers ahead of a recent shareholder vote on his trillion-dollar pay package.

5. On Holding Shares Soar as Sneaker Maker Boosts Guidance, Again

Shares of On Holding (ONON) are soaring in premarket trading after the Roger Federer-backed Swiss sneaker maker reported better-than-expected third-quarter results and raised its full-year outlook. On posted adjusted earnings of 0.43 Swiss francs ($0.54) per share on net sales that jumped 25% year-over-year to 794.4 million Swiss francs ($994.2 million), well above Wall Street estimates. The Zurich-based company, which lifted its guidance for a third straight quarter, now expects full-year sales to grow by 34% on a constant-currency basis, up from a previous projection of at least 31%. Profitability is also expected to rise. On co-founder and executive co-chairman Caspar Coppetti told CNBC the company won't be offering Black Friday deals and will be "full price through the holiday season." On shares, which through yesterday's close had shed more than a third of their value this year, were up 8% in recent trading.