🏛️ Congress Puts Webull on the Naughty List. Robinhood Buys a $25 Million Bitcoin Bag. Anchorage Buys Routable.

A congressional panel says Webull's China ties are a national security risk, and the stock took the hit. Robinhood is putting $25 million of Bitcoin on its own balance sheet, and Anchorage Digital bought Routable to own the fiat last mile. We break down what each move says about who really holds the money and where the plumbing runs.