X @Raoul Pal

Regulatory Changes & Liquidity - eSLR (Supplementary Leverage Ratio) changes are in effect since January 1st [1] - The next step involves removing Treasuries from leverage ratio calculations [1] - Removing Treasuries is a significant move, potentially shifting liquidity provision from the Fed to the Treasury [1] - There is consideration for removing Treasury securities and reserves from leverage ratio calculations due to liquidity requirements forcing banks to hold them [1]