YAZBECK CALLS SELF-CUSTODY A CIVIL LIBERTY — WRAPPERS “NOT BITCOIN”.

Tony Yazbeck, founder of Bitcoin Way, delivered a framing at Bitcoin 2026 that the sovereignty-first camp needs on record: self-custody is a civil liberty, and wrappers are “not Bitcoin.” The Maximalist read: the wrapper trade may serve capital-structure operators, but conflating a share of a treasury-holding corporation with holding the bearer asset itself is a category error. When ETFs and wrapper equity get called “Bitcoin exposure,” the sovereignty layer disappears from the conversation. Yazbeck is drawing the line editorially so operators keep the definitions honest. The wrapper is an instrument. The keys are the position.