Key takeawaysMichael Saylor posted a nine-post X thread on July 28 framing Bitcoin's consensus rules as a "constitution" and calling BIP-110, covenants, and larger-block proposals all the same "constitutional offense." That framing, applied simultaneously to BIP-110, covenants, and block-size expansion, is the news. Saylor's thread is not a single-issue intervention; it is a governance position with institutional weight behind it. The July 28 thread pushes that dispute up the stack from relay rules to consensus rules and frames it in terms institutional allocators understand: constitutional rights and economic theft. Watch whether Saylor's constitutional framing gets adopted, modified, or rejected by other large institutional holders, sovereign wealth funds, and ETF allocators who now hold Bitcoin as a reserve asset.