Bankless - ROLLUP: Circle’s $25B IPO Mania | Genius Act Passes? | Stripe Buys Privy | Polymarket Meets Twitter

Episode Date: June 13, 2025

This week, Ryan and David unpack Circle’s stunning IPO debut, soaring to a $25B market cap and triggering Wall Street’s stablecoin frenzy. They break down the landmark Genius Act vote, bringing unprecedented regulatory clarity to stablecoins, and dive into Stripe’s latest crypto bet, acquiring wallet innovator Privy. Polymarket goes mainstream in an official integration with Twitter, while SEC Chair Paul Atkins embraces DeFi as fundamentally American. Plus, Gemini quietly files for IPO, Plasma’s billion-dollar Tether chain ignites, and Trump unexpectedly endorses crypto at Coinbase. ------ 📣LIMITLESS | SUBSCRIBE & FOLLOW https://pod.link/1813210890 https://x.com/LimitlessFT 📣BANKLES JOBS | COME WORK WITH US https://x.com/i/jobs/1929889475783520481 https://x.com/i/jobs/1929890683927638133 https://x.com/i/jobs/1915861900677812658 ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🌐SELF | PROVE YOUR SELF https://bankless.cc/Self 🟠BINANCE | THE WORLDS #1 CRYPTO EXCHANGE https://bankless.cc/binance ------ TIMESTAMPS & RESOURCES 0:00 Intro 3:59 Markets https://x.com/KobeissiLetter/status/1932526577897595233 https://x.com/rovercrc/status/1930951805191778369 https://x.com/hosseeb/status/1931457548760334723 https://x.com/elonmusk/status/1932695486684950962 https://x.com/DavidShapiro98/status/1932696393937785058 https://x.com/blknoiz06/status/1932072994731647435 https://x.com/nypost/status/1933109968510550430 15:02 US Senate is about to pass the GENIUS Act https://x.com/Cointelegraph/status/1932988965037978084 https://x.com/intangiblecoins/status/1932868994165354703 https://x.com/SenatorBennet/status/1932864987208249597 https://x.com/SenWarren/status/1932858887482507604 https://www.banking.senate.gov/imo/media/doc/20250611_warren_blumenthal_letter_to_meta_re_stablecoin.pdf https://x.com/RyanSAdams/status/1932877097623588922 27:35 Did Circle kickoff Stablecoin Summer? https://www.tradingview.com/chart/?symbol=NYSE%3ACRCL https://x.com/MikeIppolito_/status/1932070226939810164 https://x.com/TaikiMaeda2/status/1929538665560031641 https://x.com/RyanSAdams/status/1932424510738673711 https://x.com/PlasmaFDN/status/1932072359080415702 https://www.barrons.com/articles/circle-ipo-crypto-retail-frenzy-06659b30? https://x.com/perkinscr97/status/1931032964349276313 39:54 Stripe acquired Privy https://x.com/privy_io/status/1932816495719166167 https://x.com/patrickc/status/1932817864450584939 42:41 Polymarket became official prediction market of X! https://x.com/xai/status/1932481207180406923 https://x.com/shayne_coplan/status/1931008087688614155 44:50 Morpho Labs will be soon fully owned by MORPHO token holders https://x.com/PaulFrambot/status/1930971485142761909 https://youtu.be/IJN_pgkKPjA?si=963i8GioANnNoVAR https://x.com/MorphoLabs/status/1933162070465208423 49:17 Paul Atkins defended DEFI as the foundation American values https://x.com/SECGov/status/1932137708068970924 https://x.com/SECGov/status/1932137708068970924 53:15 World Liberty Financial will acquire TRUMP for its treasury https://x.com/EricTrump/status/1931089248926490772 https://x.com/coinbase/status/1932836009034617183 54:38 Closing & Disclaimers 55:13 Moment of Zen https://x.com/BitcoinMagazine/status/1933172630099837134 ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Bankless Nation is the second week of June. It's time for the Bankless Weekly Rollup. We got Stripe buying another crypto company. We also have, David, I know you're going to love hearing this. Stablecoin Summer is in full swing. Do you know how many times I've seen Stablecoin Summer on my feed this last week? It was a solid like four times from people all across crypto Twitter. What can I say? You heard it here first. All right?

This is where the narratives are born. We got the Genius Act votes. We've got Circle Pumping. We've got every bank in America. seems like talking about issuing a stable coin, and there's a whole bunch of other tokens I think people should pack on staple coin summer. I've got some takes on what that might be.

David, I want to hear yours as well. And outside of the world of stable coins, polymarket and X have an official partnership, which is probably, I think, one of the most mainstreaming things I've ever heard come out of crypto. So the Polymarket prediction market directly integrated into Twitter. And then we also got the SEC chair, Paul Atkins, saying Defi is as American,

as Apple Pott, which, wow. Music to my ears. That's incredible. It's also the year of the IPO, David, 2025. I think that's what's going to be remembered by. So who is next on the IPO list? And finally, we got Trump making an unexpected appearance at the Coinbase conference. He has a few words.

We're going to share that at the end. Ryan, did you, so the limitless podcast where we now do the AI roll-ups. If anyone's curious is to wear the AI roll-ups on Bankless Wednesday, It went on to the limitless podcast. Do you catch that one this morning? Oh, yeah. I catch it every, like, it's the first thing I do on Thursday mornings. This is the second thing I do, but that's the first thing.

I listen to it on Spotify so people can get it there. They can also get on YouTube. Okay. What's the common consensus take about Apple's WWDC that you hear on Twitter? What is it? Everyone is sad about it. Everyone thinks Apple missed the boat on AI completely, and they flubbed it. They flub the ball.

Okay, so one of our host, Josh, is a huge. Apple fanboy has been for years, continues to be. He has a completely contrarian take. I know. You listen to the episode, so I'm already telling you. He actually thinks that Apple is doing the high IQ, high IQ 40 chess thing. I enjoyed it. I think that I think the show is fantastic.

The AI roll-up is just like a great way for me to get downloaded on AI stuff. And I also heard in that episode, David, you now subscribe to the $200 a month, chat GPT plan. I pay $200 a month for chat. That's a lot. You're aware that it's $2,400 a year, right? You just do the math? I just aped into it because he just told me to. And it's 03 Pro and it's good, right?

It takes a long time to think. It takes like multiple minutes to generate an output, but the output is, I mean, it would have taken me multiple minutes to think that. So as you guys were talking about this, I was like, I am not smart enough to actually generate a prompt for a PhD level. The constraint is the quality of the human's input. Okay. Well, that's kind of a problem.

If that's a PhD researcher, I don't know how to prompt a PhD level researcher. And so like what? I post this on Twitter and people were like, yeah, what you have to do is you have to ask it how to pump it. And at that point, why am I even here? Yeah, these are the existential questions that we kind of ask that a lot on the AI roll. Anyways, so go subscribe to the AI roll up because you just want, it's bankless for AI. We cover the weekly news in AI. It's a ton of fun.

EJazz and Josh are great hosts. And then we are also looking for. for a growth manager for bank lists because the AI roll-up is doing very well, and we need to just hit the gas on that. And so if you are good at growth, podcast growth, Twitter, virality, YouTube virality, we're looking for a growth manager and bank list. So there is a link. A human person, a human growth manager, growth marketer,

to just help press on the gas on this podcast. There's a couple other jobs as well. There are links in the show notes to go check them out as well. Right. Tell me about Bitcoin price. Yeah. What's the Bitcoin price? Up 2.8% on the week, $107,000, $600. Pretty good. Pretty good. This last week, the Bitcoin ETF became the fastest ETF ever to break $70 billion. That's Black Rock's Bitcoin ETF. Look at this chart, man. That's pretty nuts. That's pretty nuts. This is for those they can't see. This is Ibit, the Black Rock Bitcoin ETF.

And it's charted over time since, you know, it was first, I guess, released. And it's comparing to gold ETF and some of the other big ETFs and it just hits the what was the key number? 70 billion. It hits it so much sooner than all of these other ETHs. Like four times sooner. Granted, this doesn't account for inflation so there's like two to three times more

dollars out there than there were when those ETFs but still is exciting. Very exciting. Tell me about ETH price in the week. Heath price up 5.6%. So we're back to another Ryan Sean Adams week where things are up and ETH is up more than Bitcoin. Call that RSA week. $2,738.

Okay. Is where ETH is at this week. But also, I think the ETH ETH-EF story is telling a very interesting story. What is that story? David, that story is about green, positive numbers, flows into the Ethereum ETF. This is the Ethereum ETF from July 2024. That's when it was released. July 23rd, 2024, all the way down.

See, look at that. this table, look, there's a lot of red on this table. And I'm going to keep scrolling down. We see lots of red, red, red, red, red, red, red, red, as we're finishing the outflows of the grayscale Eth E trust. Exactly. When it's red, it's outflows, when it's black, it's inflows. And so, let's look at this. Let's look at this like the last, you know, two, three weeks or so. It's all black. It's all inflows. And so black is good. Black is green. Black is green. Black is green. Yeah, so black is green, black is good. We're confusing folks here. The bottom line is we've got a total of 3.7 billion in net inflows into the Ethereum ETF with some really strong performance with the last

couple of weeks, which 18 days in a row of inflows? Yeah, it feels pretty good. I mean, it's like maybe the institutions are kind of changing their mind on ether of the asset. Maybe they're starting to get bullish. What are they seeing that the rest of crypto Twitter isn't? That's what some of the eth bulls are asking, and I'm among them. There's another metric. Do you remember Jim Bianco? Bianco. You used to talk about this, which is like the amount of stable corn. and how that is correlated to both defy, token valuations, and also valuation of ether of the asset. Look at this chart here.

How would you describe this chart? We are looking at two charts. We are looking at the ETH price overlayed stable coin supply on Ethereum. I'm guessing that's on Ethereum. And stable coin supply, I mean, it dipped a little bit throughout 20, 23, 24, not that much. And it's at all-time highs now. We're coming in at $130 billion. And then, ETH price is overlaid on top of that.

And, I mean, ETH price, everyone knows what ETH price has done over the last four, five years. I do not consider these things to be correlated. Those don't look correlated to me. It's, I mean, you see kind of a bump in the chart, right? And then Eith price follows. It's kind of maybe a lagging type thing. Maybe you can start to see that outland of correlation. There was very strong correlation.

That's because everything was up in 2021 to 2022. Maybe, maybe. Or maybe stable coins are just net good for. If we want ETH to be correlated as stable coins, it needs to go up. We need to go up right now. Yeah. Well, we're up 5% on the week. I'm staying humble.

I'm staying humble this week. I'm not making that mistake. I did the week before last when I got all clocky. I glow you up. You don't blow yourself up. Nope. I'm just staying humble, okay? So we'll see what happens, David.

We just don't know. Should we do a quick macro drive-by and what's going on in the quote-unquote real world? Yeah. Let's talk about the inflation numbers. So inflation rose, but less than expected, David. So that surprised some analysts. The forecast was a bit of, about a rise of 0.3% for CPI and 2.9% for core CPI.

And it came out, not 2.9%, but 2.8. So that means the annual inflation rate is 2.4%. So it's burning less hot than some people said it would. And of course, J.D. Vance, the Trump administration, took no time to do a victory lap on this and call on Fed Chair Powell to reduce rates. inflation's not hot, you can reduce rates. This is what he said. The president has been saying this for a while, but it's even more clear.

The refusal by the Fed to cut rates is monetary malpractice. He said this on the back of the lower than expected. Monetary malpractice. I like those words. I'm going to use that. That's pretty good. I bet he plugged that into chat dpD, David, to get that. So, you know, others are saying, look, the forecast is reassuring.

Inflation is not as hot as we thought, but we haven't seen the tariffs affect these numbers yet, and that is still to come. Sure, sure, sure. Yeah, the politicization of the Fed chair. is, I think, going to be a reoccurring theme throughout the rest of this year. I think there's been a crescendo of, like, Donald Trump wants somebody else to be the Fed chair.

Someone who's a bit more easy money than Powell. A little more lenient, you know? A little more submissive, if you will. All presidents want that, but Trump really, really wants that. He's making it very obvious that he wants that. A while ago we talked about, during the tariff media,

we talked about the polymarket recession indicator, recession odds market. And it got up to his highest. 60% during the depths of the tariff scare. It is clocking right now, Ryan. 26%, which in 20, that's a recession in 2025. There's a 26% chance of recession in 2025. Now, granted, we have like three months left in 2025 than we last did when we checked in when it was 60%.

So, you know, there's 25% for only the last six months of the year. Yeah. But still, it's down. It sounds. So, no, I mean, Pollymark's saying probably no recession. in 2025. Maybe we'll see what 2026 looks like. And David, you know, last week we talked about the breakup

of Elon Musk and Donald Trump, and there was a lot of that drama late last week. We cut the very beginnings of it, but we ended the roll up. Right after we ended the roll up, Elon kind of called a mud. Pedophile. Yeah, he did call him a pedophile. Well, the relationship seems to be back

on this week, or at least it's not as hot as it was. This is Elon Musk. I regret some of my posts about President Trump last week. They went too far is what he said. Well, you know, I wouldn't want to go up against the president of the United States either. Yeah.

He's kind of the most powerful man that exists right now. So I think this is kind of a logical outcome, especially when Tesla shares got rocked and then have since recovered. But also, I've noticed Donald Trump just being a very, taking the high road on this, right? No way, really? Yeah, it's not twisting the knife. He didn't fire back. He didn't fire back. Yeah, he didn't take a victory lap. I think he like opened his arms. I think, yeah, they are making up. Kiss and make up. All right. So I guess the bromance is back on and maybe that's good for assets. It seems like assets were down at the end of last week as a result of the Trump and Elon breakup. But I don't know. Maybe that's all fine. Who knows?

Why my coin stock was down because Trump and Elon broke up? I don't know. We got a lot more to talk about in this episode. But there is a bowl tweet that maybe. sums up some of the themes right now as we're heading into the summer. What's this? Yeah, this is even happened before the very recent Stripe acquisition of Privy. So even more of a plus one to what this tweet is trying to say. This says, this is Ann Am from Ansem. Appetite for crypto exposure has never been higher, various entities alongside Sailor, buying multi-billion dollars of Bitcoin, Circle IPO 25x over-subscribed, 5X on Open. Plasma, $500 million dollar ICO filled within two minutes. That happened again, by the way. We're going to talk about that

a hot second. Another $500 million got opened up, got filled within 30 minutes. Wow. Government pushing regulatory clarity. I'm just like, this has been the sentiment going around crypto Twitter this week. People are just saying like appetite for crypto, very strong, very high right now. Very good. Why did you include this link, David? What is this? This also came out this morning. Just in case you were curious is like what's going on in Trad Media. The New York Post put out an article titled, How to Buy Pepe Coins. This is not real. And is it a good investment?

This is not real. This is real. This is what the Normies are reading. Pepe coin. It's not even a new meme coin. It's like an older one. Yeah, this feels very bull market vibes. Maybe alarming levels.

Hopefully we're not there yet. Hopefully we've got a ways to go. But what's next in the roll-up? All right, coming up next, Ryan's going to talk to us about the genius act because we've got some, in addition to the very bullish appetite coming from Tradfi, we have very bullish sentiment towards the genius act, which is, I think, from, I'm going to quote, Ryan Sean Adams right before we started recording is going to pass. So hopefully he's not getting too bold about that one. And then he's also going to talk to us about stable coin summer even more because he just really loves those words.

Circles live on the NASDAQ, we're going to check in on that. And we're going to talk about the second order effects of Circle trading at five times its IPO price. And holding that price, by the way. Before we get to all of that and more, we're going to talk to some of these fantastic sponsors that make this show possible, like Uniswap, to Browser Wallet, to Mobile Wallet. It's also just the best place to do Defi. Let's go here from Uniswap right now. Uniswap is your gateway to a more efficient defy experience.

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It'll likely pass there. and it is the first stablecoin bill. This is a senator on the floor showing his support. Senator Thune. This president's clear that cryptocurrency is here to stay. And it's time that we bring it into the mainstream. Passing the Genius Act is a good first step. The Genius Act would provide a clear regulatory framework for stable coins.

It would ensure Americans can trust who they're doing business with when they purchase stable coins, allowing the American people to exercise. financial freedom with confidence. He goes on. He talks about the stable coin. Financial freedom with confidence. Yeah. And this line is great. Like cryptocurrency is here to stay and it's time we bring it to mainstream and the genius bill is the first step. The first step. You know, I love the nuances. Yeah. It's great. So what happened this week was there was another vote, you know,

they had votes before the votes before the votes. This is not the final vote. The final vote will probably happen next week. But basically, because this passed and the way it did, 68 votes in favor to 30 against. It means it's pretty much certain that the Genius Act will get past the Senate next week when they hold the final vote. I'm expecting that Elizabeth Warren crossed arms meme to be passed around crypto Twitter quite frequently next week.

Yeah, I think so. And she had some things to say. We should just actually, before we get to her, we should recap what's in the Genius bill because this is probably going to be the law of the land after it gets through the House. And it looks likely we'll get through the House as well. well. The first is this. There are reserve requirements. So every stable coin must be matched with

one-to-one cash reserves in the bank. Right. So these are all custodial, fully collateralized stable coins. Another thing, the issuer eligibility, so who can actually issue stable coins under this act, any bank that's regulated can do this, any credit union can do this. And so you know what? We've been noticing, we haven't really covered it in the roll-up, but we've been noticing almost like every bank is like, oh, we're doing a stable coin. I saw like one from Bank of America this week, just we're doing a skip, stable coin. It's because now they have the legal ability to do it under the Genie's Act. So they're just trying to get ahead of that a little bit. Importantly, tech platforms, tech companies, Apple, Amazon cannot. They are specifically barred from issuing stable

coins. Yes. And that was something that Elizabeth Warren wanted to make sure happened. And she got her way on that one, but crypto and fintech firms can also issue stablecoins is not just banks and credit unions. What they do need, though, is a brand new OCC license. Okay. The licensing for stablecoins before this was like really weird. It was state by state. It was really, you know, crappy and confusing. And now all they need is this brand new OCC license. There's also a state route as well, but that only is capped to $10 billion. Now, the thing I was really worried about in any stable coin legislation, David, was AML KYC. All right, it's like, were they going to do a thing where you couldn't send stable coins

from one wallet to another, non-custodial wallet, without doing some sort of AML KYC check? This is like some of the legislation going on in Europe. So this was kind of a sticking point for the bill. Of course, there were many folks, Elizabeth Warren, who wanted additional increased AML KYC. And where they finally landed on this is basically where we, are now, that the issuers of the stable coin would have full AML KYC rule set as they basically do today. So that means customer identification, right? If you're holding a stable coin on an exchange, they need to know your ID, who you are, it needs to be, you know, government-issued

license. They're doing the SARS report under the Bank Secrecy Act. If there's anything suspicious, they file a SARS report. They're doing sanction screening, all of this. But we have preserved our ability to move assets from one non-custodial wallet to another without any additional AML KYC. And importantly, from a custodial wallet to a non-consodial wallet, which is unlike Europe, because there are currently KYC restrictions on that right now. I believe so. I mean, I'm not sure with kind of the latest that's going on, but that at least has been discussed.

And that was my nightmare scenario for any stable coin legislation that they would try to AMLKYC everything on-chain, everything in defy. It looks like we basically preserved kind of the right. that we have today, which is fantastic. It's worth noting that that was actually a pretty big fight to fight. And Stablecoins is one of those big ask for forgiveness things where it moved because of the technology, the Overton window was moved. So like the correlate before Stablecoins came out was like PayPal, right?

Well, I had PayPal bucks in my PayPal account. And if I wanted to send it to Ryan, Ryan would need to make a PayPal account and then give him his PayPal his ID. With Stablecoins, that technology enabled me to send Ryan USDC. without him signing up for the Circle platform. Exactly. And so that was outside of the law. That was a legal gray area that we did not know, even though it makes intuitive sense for all people who got into crypto.

It was like, oh, yeah, I'll send you USC. You don't need to sign up. That's great. That's good U.X. But that was outside of like regulatory certainty up until right now, which is pretty cool. Yeah. So there were 30 senators who voted no on this. Most of those were Democrats.

As you can guess, Elizabeth Warren was one of them. Also, Chuck Schumer, Amy Klobuchar. Those are some names that you might recognize. They also voted no. Some of the reasons, of course, like Elizabeth Warren wanted far stricter AMLKYC. She said, like, North Korea uses this stuff. You know, stable coins are used for scams. So, like, we basically, she wanted to kind of regulate it very tightly, almost regulated out of existence.

But there were other Democrats who said things like this. Should be issuing crypto while they're in office or a vice president. There's no reason any person on this. floor should do it or anybody in the House of Representatives should do it. And now in a partially regulated regime. So this was Senator Bennett basically saying that, you know, I want an amendment on this bill that says vice presidents, presidents, members of Congress can't issue these staple coins or other crypto assets. So this is a shot at World Liberty Financial. It's a shot at the Trump coin. You could kind of understand. I don't have a problem. I don't have a problem with that. I mean, that piece of the

amendment. I'm like, I agree with. That's great. Give them that compromise so that we can get more Democrats to sign. Well, it was already signed overwhelming majority without that amendment. So it looks like that amendment's not going forward. But you can understand the rationale for why it was wanted. So presidents can issue stable coins? Yes, they can. And they are. David, they actually are. Wow. Okay. All right. Okay. So the final passage will happen on Monday. Monday is the vote. So I think that is the day to tune into this? It could bleed into Tuesday.

Okay. All right. And on Tuesday, we have Senator Bill Haggerty on the podcast, who's going to be giving us an update, hopefully with some good news about the passage of this bill. And then it goes to the House, of course. If all goes well, this whole thing could get done by the third week of July. Could be on Trump's desk. He, of course, would sign it. If it doesn't go so well, it could be August or September.

If there's some fighting in the House, that kind of thing. Third week of July, that's six weeks away. that's soon this is soon how long have we been waiting for this thing David I've been patient years it's been years

six weeks that's it so long as Ryan Sean Adam says it's going to pass it's going to pass and we're going to get it during the summer okay

because it's stable coin and that's what allegedly is stable coins summer yeah yeah there is another bill actually I wanted to mention to you too

that I've been kind of monitoring but I haven't gone deep on we've talked about before, that's the Clarity Act. And so this is sort of what's a, what's the difference between a commodity and a security when it comes to tokens? The house is a house bill. They're trying to provide clarity for this. This is the market structure bill. It's not a market structure bill. Yes. It used to be called fit, you know, 21. Now it's called the Clarity Act. It's kind of a revision to it. But it has a

moderate, you know, chance of passing. It's not going to pass before the Staplecoin bill. They're still kind of debating it. It needs to get through committee. But this is the most interesting piece of it, actually, there is a decentralization test right now in the bill. Okay? I think that's the most fascinating part. That's going to be a big deal because there's going to be layer ones that pass or fail this test. And there are also going to be layer ones that are going to need to spend a lot of lobbying

effort to make sure that their particular layer one passes that test. Uh-huh. And this is a core part of the bill. It's not something that will be stripped out, at least the concept of a decentralization test because it's providing a bright line, right? So if you're on one side of the line, you're a commodity. You're decentralized. If you're on the other side of the line, you're a security. You are not decentralized. You do not want to be on the other side of that line. Yeah. So I plug the text of the bill into chat GPT and there's a few things. There's a few

criteria for being on the decentralized side of the line and being a deemed a commodity. The main net has to be functional and live. It can't be in beta. It has to be like mostly done. There has to be programmatic operations, so everything is enforced by code, no off-chain discretion. This is interesting. Distributed ownership, so insiders can't own more than 20% of the supply. Huh. Or it's still security. I wonder how they define insiders.

Right. And they also have governance limits, so no one coordinated group can unilaterally change consensus or command greater than 20% of the on-chain voting power. feel like that's pretty stringent. That's a pretty high bar. Well, so if you run it through like ChatGPT and, you know, ChatGPT, who knows how it divines this, but it says it's likely, if this were the criteria that gets in the finalized bill, it's likely that Bitcoin, ETH, Minero, Lightcoins, and these OG things pass. Because by the way, if your asset was 2020 or before, some different rules kind of apply.

Wow. Okay. Okay. So there's some different provisions. What flunks right now, according to Chat, XRP would flunk B&B would flunk Yeah Tron, Aptosui would flunk Solana would flunk Ooh

To me that is the big line Is like Is the line before or after Solana Okay I think it's like There's a Bitcoin Ethereum Those two things are pretty easy To clump together

Sure Then there's a line there And then there's a bunch of the other ones That you also mentioned Like Minero pretty decentralized Then there's a bunch of those and then there's like a space for another line before Solana. And then Salana, to its credit, has some amount of decentralization.

And then there's a line after Solana, which follows like Sui, Aptose, like, it's going to be Monad, like all of those. Right. And those are the layer ones, right? But there's also defy tokens too. How about Uni? How about Avey? How about DYDX? Oh, interesting.

Under the criteria, they don't pass either. Okay. Well, yeah, it makes. sense to me that like uni and AVE are not commodities. That makes sense to me. If they're not commodities, are they securities? I don't feel comfortable with that. Right. You can't file a 10K for something that's all on chain revenue like Avey or Uniswap. I do not envy anyone who has to deal with this. They're getting into the specifics. They're getting into the specifics of defining decentralization. Okay. So I was talking to Austin Campbell a while ago at Blockworks,

the Digital Assets Summit. He thinks that the market structure bill, the clarity bill, is too ambitious. It's going to get bike-shaded. It's going to get argued all the hell. And it's going to get unbundled because it's just too big. That was his take. So we won't have the bright line decentralization test at all because it's too messy. It's too hairy. There's too many vested interests. Maybe we do, but it will get like unbundled and argued inside of its own bill and then other parts of the market structure bill because this isn't the only thing about the bill. There are other parts of this bill. So the bill just gets like kind of unbundled and like passed separately. That's what he thinks. That's definitely one to watch because the bright line

decentralization test would shake things up in a big way. David, let's check in on Circle. So this is the Stable Coin Summit leader asset. Okay. What's, what's the price of Circle in the week? Yeah. So let's see. Over or under $100, bankless listener, place your bets while Ryan figures out how to get Alex Honnold out of Trading View. We are coming in at what is it, $110, $110, which is $25 billion dollars so circle is holding the line holding the line a pretty pretty juicy valuation still 31 it's still three to four x times it's uh IPO price uh and so the longer that it stays here the more stable coin summary it is i feel like that's the rule you know it's funny is i don't think crypto natives are buying circle i don't think they're not buying circle right there's no way we

talked about this last week like they're 120 million dollars of yearly revenue to justify a $5 billion valuation. If it's not us, who's buying it? Intride-Bide. Try who is looking for a stable coin. Because you said it. Like, every single bank is like trying to do a stable coin. And then there are investors like, oh, stable coins are hot.

How do I get stable coin exposure? You can't get stable coin exposure via coin base because it's too money. Like they got an exchange and they got a layer two and they got all these other things. Circle is just stable coins. And so like to me, when I see circle at $25 billion, I see people are aping in. People are not thinking. people are trying to buy a narrative and Circle's the only way to express that narrative.

Yeah, I see Froth when I see the Circle price. But what's interesting about that is the people that are doing this, the people are buying into this, like in your words, they're not our people. They're not us. Right. You know what I mean? What's exciting about it is it's kind of a new cohort of buyers.

It's not people on crypto Twitter. This is the institutions that are fomoing into this asset, which in and of itself is interesting. This is Mike Epilito. He says, Circle is a great example of price-leading narrative two weeks ago. Circle was on its deathbed. Today, my timeline thinks it's better. It's a better buy than coin. He's speaking about basically the crypto Twitter bubble of which we are probably in as well. Yeah, I was talking about this with Brett and John on the roll-ups.

Like, is crypto Twitter right in their bearishness about Circle? Because we know the actual fundamentals and Wall Street is just like top blasting this thing that's clearly overvalued? Or are we just so disconnected from Wall Street and Wall Street appetite? And it's like, well, right now, crypto Twitter's wrong because Circles 5X, the IPO price or whatever. I just, I think crypto natives are going to fomow into things that, like, appeal to them and appeal to their narratives. And institutions are going to fomow into things that appeal to their narratives. One of those is Kathy Wood, Ark Invest. So she purchased 4.48 million circle across her T.S.

She didn't fomo win. She bought the IPO. So she is up for like 3, 4X because she bought the IPO. She's not top last. Yeah. On the, on the analyst side, some analysts are. cautious, market cap of $22 billion. Circle is selling at 140x earnings.

140x earnings. That's less than Tesla. What is Tesla? 108? Also a big narrative. But yeah, I guess Brian Tesla's worked out. Yeah. Others say the intelligent investor should just wait.

Wait for like 90 to 180 days. Wait for this thing to cool down post-IPS right now. Yeah, maybe don't buy it during staple coin summer. But that lends the question to like, are there other assets that are doing? well on the Staplecoin narrative. And I think the answer to that question is yes. And some of them are crypto-native assets. So I put out this tweet because I was just, you know, brainstorming. I didn't actually pack my bags for Staplecoin summer. You know, I just talked about packing your bags. I've previously owned some of these assets and just like they've been long-term holds,

not all of them, but like many of them. But packing my bags for Staplecoin summer, what do you buy? What do you buy for Staplecoin summer? Avey is doing quite well recently, kind of like money-marked. for DeFi? Maybe because of the go stable coin. Maybe people are just looking at the assets in Ave, you know, surpassing, what is it, $50 billion and just being like, okay, we're in the clear. Maker, now called Sky. Athena, doing quite well. FRAX doing quite well. Maybe there's a play for ether. Maybe that's why some of the institutions are buying that ETH, ETH, David. Maybe that's why Ease is up on the week. Some people are saying, like, Tron could be a good buy under these circumstances. I'm looking at all these charred one by one as you say them none of them are oh tron just kidding tron's doing great uh yeah uh but

none of them other than than tron are really expressing any sort of like anything about circle doing well and tron has been doing well for a while so it just continues to do well abbe a obvious seems to be like just crushing it recently yeah that's true but also the ghost stable coin is only at 220 million dollars yeah i i don't know what do you think about this do you think this is a play for people I think this is much more of IPO season than on-chain staple coin related assets season. Like Athena Ave, like none of them are responding, like I just said, none of them are responding to the circle price. And so I think it's much more of just like, can we go public? And then I would also like to see, like, Cracken and Gemini go public and see where they get comps to,

because I think their appetite for going public is downstream of Circle launching at like a 4X IPO price. but they're going to get comps to Coinbase, not to circle. I don't know, man. I don't know. I think we could see some animal spirits in stable coin, summer narrative, on-chain assets as well. I mean, explain this one. So this is plasma doing an ICO on Kobe's echo platform, right? What is plasma? Kind of.

Okay. Plasma is a tether-based payment chain. It is a layer one that is going to be optimized for payments. It's like, you know how like Tron is like 99% stable coin activity, but Tron, Tron fees right now are like $4 to $7 for a transaction. So that's not great. So Plasma is making a layer one that's dedicated for Tether. And so it's a payments layer one. It's just for payments for Tether. So it's kind of centralized, but it's super juiced. It also has some kind of Bitcoin minor settlement to the Bitcoin blockchain, be the way Stax does. Interesting. Oh, yeah. They're trying to do, they're trying to be some. like Bipfem extension. That's more of a cherry on top, I would say, for what it is right now. Right now, people are just trying to get like, well, Circle is coming in at $25 billion, but I'd like to get exposure to Tether, which is like so much time, many times bigger than Circle.

Right. So plasma is kind of like incubated by Tether. They had their first initial checks cut by Tether. And they're not the only ones or others as well. But their timing of this sale. And again, this deposit cap wasn't a sale. The deposit cap was people. depositing tether onto the plasma chain and then it's like waiting room once plasma chain goes

live and then when plasma chain goes live it'll have one billion dollars of people's deposits their tethered deposits on the plasma chains will start with a billion dollars of tether tvl to kind of bootstrap itself and the people that deposited will have a right to access the iCO so it's like you are buying a ticket you're not you're not actually selling anything because you're not buying any ticket, but you're reserving your right to buy into the presale by depositing tether into the plasma chain. And the appetite for this has been incredibly high. They first started with like a $250 million cap, got filled in an instant. They raised it again to $500 million. They raised it again to a billion dollars just this morning. It just got filled instantly. And so people are looking

towards plasma as like a way, a more crypto-native way to get stable coin summer exposure. It's fascinating, right? Just to just just to see that kind of the animal spirit. jump into this. And the construction here is very interesting. It's got some pieces of Ethereum, too. It's like plasma ref under the covers. Oh, really? Yeah. Yeah. So obviously we don't know. I mean, is this more narrative play in the short run or does a plasma just dedicated layer one for tether actually makes sense? I guess we'll have to see on that. But there are some other. So, I mean, that to me is animal spirits and kind of like crypto-native assets around this narrative. We'll see if it picks up in other areas. But this is certainly going to be the year.

of crypto IPOs to your point. So you mentioned Gemini. Well, I mean, I think we're already seeing it, right? Like we've seen, I guess Galaxy's not an IPO. We've seen one. We've seen Gemini file to go public. They filed their S1 or whatever. Yeah.

Yes. Yeah. So Gemini, just crypto from Gemini, confidently, files for US IPO. Confidentially. They're going next. What do you think that valuation is going to be? I don't know many people who use Gemini.

still. In 2021, Gemini raised at a $7.1 billion valuation. Yeah, well, in OpenC, raised it at a $12 billion valuation. Over or under on that? And that was before, by the way, Gemini got rocked by the whole Gemini earned thing with, like, you know. I don't know. I don't know the financials, but I'm going under on $7 billion. Okay.

I mean, there's some other names here, which is like Cracken could IPO. They've not filed paperwork, but, you know, that's something that's speculation. I've been wanting to do that for a while going public. Phantom wallet was also mentioned. Really? Which would be fascinating, I think. Really? Yeah.

Could be fascinating. It could be possible. It's odd. I mean, if you're going to IPO, though, 2025 is the year. I mean, I have the successive circle. Other people have named Chainalysis, Anchorage. There's a few other companies. Yeah.

But like, oh, there's also, we're going to talk about in a hot sec. Just a very hot mergers and acquisition timeline right now. Not mergers, just acquisitions. Overall, there's just like a lot of money changing hands. Yeah, so what are we going to talk about next? Coming up next, Polymarket, fully integrated into Twitter into X. So we're going to talk about what that means, Stripe. The thing that I just mentioned, Stripe buys a crypto company.

And then LSO, SEC Chair, Paul Atkins, the anti-Garry Gensler. He's ready to support the right of Americans to self-custody in Defi. Wow, that feels so good. Very progressive, yeah. Yeah, we're going to talk about all that, and more. But first, we're going to talk to some of these fantastic sponsors. That makes this show possible, like FRAX, the StableCoin in celebration, I'm StableCoin summer. They got their FRAX stable coin.

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And for bankless listeners, you can use Frax.com slash R slash bankless when bridging to Fraxel for exclusive Fraxel perks and boosted rewards. Imagine verifying yourself without handing over personal data. No hacked databases, no unnecessary personal exposure for airdrops, and no AI bots ruining community governance. Meet Self, the on-chain identity verification protocol built for privacy and control. Self-Proticle uses zero knowledge proofs to confirm your identity safely. Users prove key details like age or citizenship without revealing sensitive personal information. Self never stores your data. It only generates cryptographic proofs. Here's how it works in three steps.

First, register and verify. Use the self-app app to scan your biometric passports RFID chip. Self-verifies authenticity with zero knowledge proofs. Each passport creates one unique identity. Second, you can share proofs privately. Third-party apps request identity proofs like confirming your over 18. You can also link proofs securely to public wallets for airdrops or governance participation. And then last secure verification.

Apps validate your proofs instantly on chain, like on cello, or off chain. Audited by ZK security, the self app is live on iOS and Play Store. Visit self.x. com. And follow self protocol on X. Breaking as of this week, this happened on Wednesday, Stripe has announced that they are acquiring Privy. So Stripe, the payments company, is acquiring Privy. the good UX embedded wallet's infrastructure company,

backend infrastructure company. So Privy just makes it really easy for people who download an app to get a wallet that's native into the app automatically without having to do any seed phrases and all that stuff. A non-custodial wallet, right? Consodial, yeah, that's right. And so if you ever use FrenTech, that was enabled by Privy. There are a bunch of just applications that you might not even know

or enabled by Privy. Hyperliquid. Yeah. The banker bot people on Twitter would, Like everyone to know that they are enabled by Privy as well. BankerBot is this thing you can just add on Twitter. And you have a, as a Twitter account, you have a wallet. Really?

By this application called BankerBot and it uses Privy. And so you can just go at BankerBot. And if you don't have a wallet yet, it'll give you one. I mean, that's impressive. That shows how easy it is to actually, like, spin up a non-custodial wallet using Privy. Yeah, exactly. Yeah. So everyone on Twitter has a Ethereum wallet, thanks to BankerBot.

You just add it and say, and you have to add money to it, obviously. but you can just like tell it to buy. It's one of those like AI things. Yeah. It interprets what you want and interprets your intent and you can go buy me this like shit coin and it'll take the funds in your wallet and go buy it. It's pretty fun. Anyways, acquired by Stripe.

So details undisclosed. So I wish I kind of knew the actual valuation that they bought it for. But I mean six to seven to eight million businesses use Stripe. Everybody uses Stripe. And so I don't know if they are just like using Privy just to integrate their wallet infrastructure straight into Stripe would make sense. I love that. Pretty big acquisition.

Apparently, Privy has about 75 million accounts. So that's probably 75 million non-custodial wallets that spun up over time. I mean, some of these will have very small dollar amounts. But, you know, seven to eight million businesses in Stripe, this is the non-custodial wallet infrastructure API SDK play. Remember, was it earlier this year or was it last year, David? When did they buy Bridge? They brought Bridge this year, right?

This year, yeah. Okay. Yeah, and so Bridge was basically a stablecoin play. So Bridge has its own stable coin, and it enables companies to create stable coins with reserves in U.S. treasuries, and it handles all the compliance and regulatory stuff. And since they acquired Bridge, they've really expanded it. So Bridge now active in 101 countries through Stripe and allows people to hold balances in stable coins like USDC and their own bridge stable coin. So you got non-custodial wallets. You got bridge level stable coin stuff.

It seems like Stripe is like just going all in to stable coins. Yeah, it really doesn't take a big imagination to put those two things together. That's wild. Okay. What's happening with Polymarket, speaking of imagination? Yeah. So I also want to start to actually see this roll out, please. But they announced X and XAI.

So this is Twitter. XAI actually technically isn't X. It's a separate company, but I think they're trying to fold it all together. have announced that they are integrating Polly Market straight into Twitter. And so this has been a theme that has been brewing around the media space where, I mean, kicked off by Polly Market. I think everyone in crypto was talking about post-election. They were watching the TV, watching the news, but they were really watching Polly Market report the news way faster. And so media companies, of which we would be familiar, are all talking about there's something about,

prediction markets and markets generally that need to be integrated into news sites. And I think this is downstream of that. So Twitter and Polymarket X and Polymarket formally integrated. So you're going to be able to just see Polymarket things on Twitter. And I would imagine, I would hope that there is a way to just easily see some sort of outcome and be like buy sell to express some bet on that outcome pretty natively in Twitter. I don't know how that would work, but details will come out, I'm assuming, over the time. And so pretty crazy partnership from Polymarket. Maybe with like a privy wallet inside of Twitter, right?

Within reason, yeah. X already uses Stripe, like under the covers as well. So maybe that's something that they could do. Right now you can also see Groch in the Polymarket UI. So I think that's happening too. And so in the Polymarket UI, on the Polymarket side of things, if you have the question about a certain prediction market, so what are the odds of US?

for saying, tell me more about this prediction market than GROC is right there to tell you more, too. It really makes sense. Like the AI plus X Citizen News plus prediction market team up, it's like pretty good synergies here. Yeah. Yeah. Shane Coplin, the CEO of Plymarket, tweeted the top two truth-seeking apps on the internet are stronger together. It's a pretty good synthesis, I would say. Yeah, like that. David, tell me about Morpho Labs, because according to you, they are doing the whole DeFi token thing.

right. Tell me what they're doing. Yeah, so they've always done this pretty well. Maybe I'll start with actor something slightly unrelated, but definitely related. Do you know that all the Morpho founders, when they started Morpho, they all signed a contract with each other to not Angel Invest and not advise other companies? I don't know how long that contract stands for, but yeah, they're like, yeah, we're not going to get distracted by anything else. No distractions. No divided loyalties. No divided loyalties, just Morpho. No one's going to, we're not going to use our position as Morpho execs to gain access to exposure and just morpho. And so down in spirit of that, they have always been pursuing this idea of just like this single asset to control an or morpho.

Full alignment. Full alignment. This is in like kind of contrast to the equity token split that we see at Uniswap Labs versus the Uni token. There's just misaligned incentives there. And like I'm not going to like people love to harp on Uniswap for this. They were born inside of the Gary Gensler era. That's downstream of that. environment. I'm not really blaming them at all. It's unfortunate. It is what it is. There's no malpractice there. Morpho was not, well, they were created in the Gary Gunzer environment, but really at the tail end of it. But the Uniswap example shows divided incentives, right? Because there's Uniswap labs with separate kind of equity, separate set of holders, and they're optimizing things for

Uniswap labs, right? And then there's the Uniswap token, which is the Uniswap token, which some people feel like it gets kind of the leftovers. It's not fully aligned at least with everything that Labs produces. Yeah, it doesn't have a big voice. It doesn't have Uniswap Labs is not advocating for the UniToken. And so the front end fees and Uniswop.com is owned by Uniswap Labs. And the Uniswop.com fees goes to Uniswop Labs. And then the token holders are like, well, what about us?

And so there's no like strong leadership that's like advocating for the Uni token holder specifically. Yeah. And so again, this like a byproduct of the Gary Gensler, you can blame Gary. Gensler for that. I totally well. I'm happy to. Yeah. Morpho built just later, like a couple of years later after really. It was like started like two, three, three years ago. There's only one asset for morpho. There's just a morpho token. And they made a blog post around this, which is like really trying to focus on just like there are the Morpho Labs entity is owned by a structure that is

controlled by the token, which is pretty cool, pretty cool. So no equity alignment issues. And And then also they also release Morpho v2. So there's a second version of Morpho coming out on the back of this, which it's not technically correct, but like think about it as like an order book for loans. So you have buy, you have bids and asks for loan terms. And then they have like kind of a matching engine. Again, these things aren't technically true, but they're meaning, they're directionally true. And so they're just, I know there's like a lot of modules here.

So KYC and compliance so that institutions can come in. Just like a lot more expressive features in Morpho. I think this is this is about more than Morpho. right? It's about sort of converting our defy tokens from sort of, you know, lemons with divided loyalties into sort of, you know, unified, aligned, like, assets that you want to hold to get all of the upside of both the initial product and the protocol and any other product or protocol that the team spins out. The way you get with equities, you sent me that a link to a presentation of a bankless guest that you had on the podcast when I was out. Felipe from Thea Capital.

And his point was he called, like, existing, a lot of existing defy tokens sort of, like lemons, right? They're sort of, they're sort of neutered. They don't have, you know, like the full alignment that equities have. And so, I mean, he made the point that if, like, something like Amazon spun out a different, you know, token, essentially, a different equity asset for every business it created. Right. AWS token. Yeah. Imagine that.

Amazon Fresh token. Yeah. Yeah. What would you invest in? How would you get Amazon, how would you, exactly. There would be like an Amazon book token.

And then when it expands, you have different equity for every single thing. That's not the way equities work. The way they work is kind of compounding gains from the successful product launch of two, three, four, and five. Anyway, our defy tokens don't quite work like that and he wants them to.

So I guess Morphozek is a good example of something Philippe A would approve of. Yeah. And again, a lot of this is downstream of the SEC. And the reasons why we can't have nice things is because of the SEC, which brings us to talking about Paul Atkins and the SEC. What happened with Paul Atkins this week? He said some pretty bullish things about Defi. So he said this.

This was a speech title, Defy and the American Spirit. Okay. He said this. The American values of economic liberty, private property rights, and innovation are in the DNA of Defy or decentralized finance, the movement. The prior administration, we know he's talking about, discouraged Americans from participating in blockchains by asserting through lawsuits, speeches, regulation, and threatened regulatory action that participants and staking as a service providers may be engaged in securities transactions. And he goes on, basically he's going to stop all of that.

But think of that line, David. The American values of economic liberty, private property, and innovation are in the DNA of Defi. That sounds like something straight out of bank, like circa 2020. Yeah. This is the chair of the SEC saying this. This is pretty cool. I did wish he would say the privacy word.

I don't think he said. I don't think I heard privacy. One step at a time. One step at a time. But think of, okay, this is a complete 180 from Gary Gensler. Around this time last year, do you remember the whole Sab, you know, like 121, where the SEC led by Gary Gensler was trying to sneak an obscure accounting rule to stop banks from custody and crypto that's had to go to the Senate.

The Senate voted said this was like, you can't do this. SEC doesn't have the authority. And then Biden vetoed it. That's what we were dealing with 365 days ago. We were all like, Biden's going to pivot. He's not, he's going to not veto it. And then he totally vetoed it. He totally vetoed it.

A little loser. It is a completely different world. And so this speech, by the way, was given at a panelist, kind of a panel, a roundtable. So Jill Gunter was there. Peter Van Valkenberg from Coin Center. Eric Voorhees was there. And also Paul Atkins, Hester Perce, Caroline Crenshaw. So they're talking about it. And I know, David, you've had questions about like, what is the SEC actually doing? So it's nice to hear the speeches, certainly. But what are they doing? So one of the things they're doing are hosting roundtables on tokenization and defies. They're talking about this stuff with crypto industry leaders. So something we asked for. That is something we asked for. That is action. Also, they're rolling out FAQ sheets on crypto. So they're giving more clarity to the extent they can. I know they have talked about, and we've talked about this on the roll-up, they've signaled carve-outs for regulatory ATSs, right?

So these are brokers that can spot list Bitcoin and Ether. So like merging together the ATS kind of regulation in crypto. And I think what we can expect next is some more proposed rulemaking around Hester Persis' innovation sandbox idea. so when crypto projects start, they're not automatically securities. I think they'll do more around token classification rules. So we'll get some more clarity that way. And ultimately, I think they'll give their take, independent of the Clarity Act, they'll give their take on which assets are securities and which are free to trade like commodities.

So I think we can expect to see a lot more clarity out of this SEC. Yeah. Yeah. And which is not to say that like I'm disappointed with the progress from the SEC. That's not true at all. I know that it's a very unwieldly haribal of BS that, like, Hester Purse has been delivered from previous, the previous administration. And so it's just, I, yeah, I just want all things to happen, like, now and, like, immediately. And I know it just doesn't work that way.

Anyone who I've ever talked to who has, like, interface with Hester Purse is, like, they are just doing exactly what we've wanted them to, finally. But also at the same time, I'm like, okay, let's actually put pen to paper and, like, do something. Yeah. Well, Donald Trump is doing something, David. And so is the World Liberty Financial team. So there was news this week that World Liberty Financial was acquiring Trump, Trump the meme coin, for its treasury. So of course, they hold other crypto assets. I think Avey is in their treasury as well as Ether and now also Trump.

So any hot takes on this? Trump's World Liberty Financial defy app is acquiring Trump's meme coin. Yes. To me it just reads like he's taking money from one pocket and putting it in a different pocket. I just don't think this helps us right now. No. No, none of the great things. All of this stuff is a deal with the devil.

Yeah. It definitely doesn't help us. I guess, I mean, we talked about this. I feel like we talk about this every way. It's a lot better than the previous administration. It's a lot better than the previous administration. I wish he stopped at NFTs. NFTs were fine.

Nothing wrong with the NFTs. But meme coin, world livery financial. and their incoming stable coin. It gets really hard to defend. Well, I guess we'll have to end it there. It is good to have a bullish crypto-bush present. Look at that McCarthy tree right below it. He's Trump shaking hands with Trump signed by Trump.

That's great. I think we'll have to end it there for the week. I mean, bullishness, I think we're in bullish season for sure. Oh, by the way. We have a moment of Zen, I believe. We'll include this in the moment of his end. So President Trump actually unexpectedly, at least I didn't expect it, showed up at a Coinbase conference. So we'll play you a snippet from his speech because he gave a speech.

But think of this. The President of the United States attending a Coinbase conference and saying some positive words on crypto. That's where we are in 2025. We'll leave it there. Of course, you know, none of this has been financial advice. Crypto is risky. You could lose what you put in. We are headed west.

This is the frontier. It's not for everyone. But we're glad you're with us on the bankless journey. Thanks a lot. one at the Coinbase State of Crypto Summit. I'm delighted to speak to some of the greatest visionaries and pioneers in the fields of tech and finance who are working to build a future powered by crypto. Many have called me the first crypto president.

That's an honor. I really do consider that a very big honor, actually. And starting on day one, we ended the Biden administration's war on crypto. It was an absolute war and very un-eastern. unfair, and we unleashed American innovators to do what you do best, lead the world into new frontiers. We ended Operation Chope Point 2.0. I created the first presidential working group on digital assets. I named a pro-freedom, pro-innovation SEC chair, a great man named Paul Atkins, and we created the U.S. Strategic Bitcoin Reserve and the United States digital asset stockpile.

But we are not done yet. My administration is working with Congress to pass the Genius Act, supporting the creation of dollar-backed stable coins. And we also will be working to create clear and simple market frameworks that will allow America to dominate the future of crypto and Bitcoin. Congratulations to everyone at this exciting time in your industry and in our country's life. I wish you all the best of luck.