Michael Grimes is rejoining Morgan Stanley after a stint in the Commerce Department to lead the anticipated IPO of SpaceX. Grimes has a history with Elon Musk, having helped take Tesla public during his previous time at the bank. His return raises questions about his decision to leave government for a potentially lucrative role in the private sector.

The article explores the potential of perpetual contracts (PERPS) as a means to bring real-world assets (RWAs) on-chain, arguing that they offer a more effective alternative to traditional tokenization methods. It also critiques the IPO process, highlighting how investment banks manipulate pricing to benefit institutional investors at the expense of retail traders.