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On March 17th, the Securities and Exchange Commission and the Commodity Futures Trading Commission finally issued some guidance, classifying 16 cryptocurrencies as “digital commodities.” It’s a bit like finally getting a map when you’ve been wandering around in circles, though whether it’s a terribly accurate map remains to be seen. The list includes familiar names – Ethereum, Solana, XRP, Cardano, even Dogecoin, which, let’s be honest, still feels like a delightful, improbable accident – and this clarification could have some rather interesting consequences. Three of these coins, in particular, look poised to benefit, and it’s worth considering why.

Campbell’s, a name synonymous with hearth and home, with the comforting aroma of soup on a cold day. A lineage of brands—Campbell’s, Prego, Rao’s, V8, Goldfish—a veritable pantry of American nostalgia. Yet, the market, that fickle mistress, has seen fit to diminish its standing. The stock has fallen, a descent of forty-one percent over the past year, pushing its dividend yield to a tempting 7.4 percent. Is this a bargain, a chance to acquire a piece of enduring legacy? Or merely a reflection of deeper troubles?

The first of these is energy. The Strait of Hormuz, a narrow throat of the world’s oil supply, is constricted, and the price of black gold, and the gas that feeds our homes and cars, has risen accordingly. A gallon of gasoline, a necessity for so many, has climbed almost a dollar. It’s a harsh reality, but for those who draw their income from the earth, it’s a moment of bounty. ExxonMobil, a giant among them, has seen a lift of over 3% this month. Chevron, too, is climbing. And companies like ConocoPhillips, Phillips 66, Valero Energy, and Marathon Petroleum are all showing double-digit gains. It’s a simple equation, really: scarcity breeds profit, and someone always benefits from the hardship of others.

In times like these, the discerning investor – or, let us be honest, the professional gambler – begins to sniff around for opportunities. Solana, a cryptocurrency with a certain… audacity, has found itself rather bruised in the recent downturn, losing a full 66% of its value since its January zenith. A steep decline, certainly, but also a potential entry point for those with a fondness for risk and a healthy disregard for conventional wisdom.

And then there’s China. Oh, China. It’s always China, isn’t it? For months, Nvidia was essentially locked out of the Chinese market, which, let’s be honest, is a significant chunk of potential revenue. They were stuck in this incredibly awkward dance with the U.S. government, trying to appease everyone while also, you know, making money. They were basically playing geopolitical chess with silicon. Huang’s been lobbying, doing the whole Washington D.C. schmooze, and it seems to have… worked? They’re restarting sales of the H200 processors. The older model, naturally. Because giving China the really good stuff would be… problematic.

She added to positions in Figma, Arcturus Therapeutics, and 10x Genomics. Which, if you’re scoring at home, is a lot like picking the slightly bruised fruit at the grocery store. It could be perfectly fine, or it could lead to a digestive adventure. Let’s unpack these choices, shall we? Because, as a macro strategist, I’m less interested in the stock picking and more interested in what this tells us about the overall risk appetite—or lack thereof—in the current environment.