Bankless - ROLLUP: Coinbase Ships | JPMorgan Onchain | Solana Firedancer | Aave Civil War | DTCC Tokenizes

Episode Date: December 19, 2025

Crypto prices are down, but the most important players are still building. In this week’s Weekly Rollup, Ryan and David break down Coinbase’s push to become a financial super app, JPMorgan’s first tokenized money market fund on Ethereum, and why regulators are quietly opening the door for onchain settlement through DTCC pilots. They also unpack Solana’s Firedancer finally going live, the growing fight over tokenholder rights at Aave and what Uniswap’s unification proposal gets right, and why tokenization and prediction markets are advancing faster than prices suggest. --- 📣M0 | THE UNIVERSAL STABLECOIN PLATFORM https://bankless.cc/m0  --- BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep --- TIMESTAMPS & RESOURCES 0:00 Intro 2:14 Markets https://www.google.com/finance/beta/quote/BTC-USD?hl=en&window=1Y&comparison=SOL-USD%2CETH-USD&type=line https://www.coindesk.com/markets/2025/12/12/barclays-sees-down-year-for-crypto-in-2026-without-big-catalysts https://www.nbcnews.com/business/economy/cpi-november-inflation-rate-rcna249847 https://x.com/0xNonceSense/status/2000561186497233247  https://x.com/leshka_eth/status/2000738467953967362 12:38 Bankless Announcements https://x.com/Bankless/status/2001694903084937469 https://www.bankless.com/ico-watch/ https://x.com/JustDeauIt/status/2001380424329892009 20:12 Coinbase System Update https://x.com/i/broadcasts/1BRJjgWpwwpxw  https://www.coinbase.com/ccm https://dune.com/entropy_advisors/robinhood-stock-tokens https://www.coinbase.com/prediction-markets https://app.morpho.org/base/borrow https://swap.cow.fi/#/1/swap/0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48/GOOGLON 37:50 Aave Drama, v4 & the 2026 Master Plan https://governance.aave.com/t/aave-cowswap-integration-tokenholder-questions/23530 https://x.com/aave/status/1996591393817473247 https://x.com/DefiIgnas/status/1999728596626342177 https://www.circle.com/blog/circle-signs-agreement-to-acquire-interop-labs-team-intellectual-property https://x.com/howdymerry/status/1991932582938943798 https://x.com/haydenzadams/status/2001566377656602705 https://x.com/StaniKulechov/status/2001036446098919461 https://x.com/RyanSAdams/status/2001303903447466476 47:20 Solana BreakPoint https://x.com/solana/status/1999399841957576741 https://x.com/phantom/status/1999442547039756491 https://x.com/jerallaire/status/2000926577727562023 https://x.com/theoneandomsy/status/1999654845607710749 52:48 SEC says DTCC can tokenize stocks https://x.com/Snapcrackle/status/1999389068321300814 https://www.youtube.com/watch?v=CS5cDEyEf38 https://www.dtcc.com/news/2025/december/17/dtcc-and-digital-asset-partner-to-tokenize-dtc-custodied-us-treasury-securities https://www.coingecko.com/en/coins/canton 57:06 JPMorgan launched their first ever tokenized money market fund - Ethereum https://x.com/ethereum/status/2000665928598524014 57:56 Do Kwon was sentenced to 15 years in prison  https://x.com/zoomerfied/status/1999237162361888869 59:43 New York Times put out another anti-crypto piece  https://x.com/intangiblecoins/status/2000334663479447557 https://x.com/EricBalchunas/status/2000573428093341865 1:01:23 Netflix announced new Bitcoin comedy  https://x.com/BitcoinArchive/status/1999491003451867515 1:03:02 Closing & Disclaimers  --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Bankless Nation is the third week of December last week before the holidays. Time for the Bankless Weekly roll up. We've got some Coinbase updates. December 17th, that was a date on which they were supposed to give an announcement. And they definitely gave an announcement. They had their system update, announced a whole bunch of things. We're going to cover all of them. And my big question going into this was, did we just get tokenized stocks yet?

Hmm. Hold your breath. We'll let you know. But not just Coinbase. Also, Bankless, that's us, shipped two new products. this week that had the entire industry on the edge of their seats. What did bankless ship? We're going to talk about the cool new things that we introduced into the market.

And we're also going to talk about the AVE equity versus token misalignment conversation. I was wondering if that was going to be a thing. I was wondering how come Avey just escaped all of the token equity misalignment conversations? Turns out they didn't. What triggered it? How is it going to get resolved? Also, Solana, they had their breakpoint conference and they announced a number of things, including Salinas Fire Dancer upgrade.

So we'll talk about that. J.P. Morgan, the biggest bank in the U.S., they finally deployed something directly on Ethereum L1. I think it's a big deal. We'll talk about that as well. But before we do, got a shout out our friends and sponsors over at M0. Tell us about M0, David. Stablecoins are the killer app of crypto.

You know it. I know it. M.0 knows it. But right now, the current system of stable coins just fragmented, just digital silos, digital islands of liquidity that do not talk to each other. M0 was the first to come up with a very simple solution. Stable coins that brands can wrap and customize while maintaining fungibility with the underlying assets. That means there's one large pool of liquidity without conformity, which is what makes the M0 architecture unique.

M0 was our partner over at the Bankless Summit. Ryan, I know you watched Luca's talk at the Bankless Summit. It was all about money. It was very cool. Highly recommended for anyone who wants to get that money philosophy itch scratch, which is where this podcast started. If you want to learn more about M0, bankless.c.c.c. slash m0 is making me want to launch a bankless staple coin, David. I don't know what we do with it.

I don't know. They make it so easy. I feel like we should at some point. It's what the market wants. Well, what is the market want right now? What is the market want? Tell us, what are the Bitcoin prices? The market wants specifically $86,400 Bitcoin, which happens to be down 4%.

I'm part of the market. That's not what I want. That's not what you want? Well, the other people disagree with you, Ryan. down 4% on the week, but down 17% on the year. Bitcoin started the year a smidge above $100,000. Not exactly the year, exactly 365 days ago, so December 18th, 2024.

ETH, down 10% on the week to $2,850, down 26% on the year. 10% on the week? Did this feel like a 10% down on the week? Yeah, I don't know where that came from. I do know that prices, both Bitcoin and Eith prices, are just jumping. all over the of the, remember the barding

that we talked about all of last week? Yeah. The barting has continued. More barting. More barting. Left and right. Don't like it.

Don't like it at all. Down 26% on the year. East started the year at $3,600. We are not there anymore. No. It's crazy that we got an all-time high in ether this year

because like that was just like a few days of celebration before just returning just to just not awesomeness. Do you know though? If you zoom out, if you look at it, If you zoom out, if you zoom out, though.

How about this? How about this? If you compare the price is in April of 2025, Ether is looking pretty good right now. What was that like 1,400? At the very bottom of the Trump tariff scare, if we pick the bottom, Eth is looking pretty good.

Dark times. Yeah, some benchmarks. You said it, right? So 17% for Bitcoin down on the year. Ether was down 27%. Solano was down 45%. So it could be worse for Bitcoin and Ether. Oh, there's always salon it.

Why did we decide to include a lot of this week? We got some bullish news on Salon on the week, a fire dancer. So maybe it's just a price thing, not a fundamentals thing. You know what else this ad, Ryan? Yeah, what? The total crypto market cap. Oh, it starts with a two. I must miss that.

What? Starts with a two. 2.988 trillion dollars. It can't be. Yep. Not great. We're below three. Yeah, started the year at 3.8 trillion.

We are now at $2.99 trillion. Well, okay. What's your take on 2026? Now we're at the end of 2025. It's a down year. Let's call it. It's been a down year for crypto. Yeah. Only down like a little bit, though. What? Are you talking about a little bit? What are we just whatever the numbers? 16% for Bitcoin, 27% for Eith. That's a down year. Yeah, that is a down year. I'm not disputing that. It's just like only a little bit. Like down 26% for an asset that can also go up hundreds of percent. Like, yeah, I'll take that. Okay. So that's rose-colored, I suppose. What's your outlook on 2026 then? Slow grind up.

Slow grind up. So you think... I feel like that'll be my outlook as a default. Slow grind up. So that means up, though. At the end of next year, at the end of 2026, you're predicting up year. Slow grind up. That's right. Okay. Barclays is not with you on that prediction. Okay. The top analyst at Barclays... That's just the... That's the basketball. Verena that the Knicks play at in Brooklyn. I don't know what the hell they know.

I don't know what they know about crypto either, to be honest. This is just a report that they published and they see that 2026 will be a down year for crypto. Why do you ask? They cite weaker retail participation. They say fading speculative activity

and they say constrained revenue growth for retail exchanges like Coinbase. They basically saying that while tokenization seems like a big deal, that's not going to affect prices next year in the short to medium term. And they say there's some silver lining, you know, maybe the Clarity Act comes forward. But even if that legislation passes, it'll take a while for that to bake into crypto prices.

That's the Barclays take. I think that's pretty fair. That also sounds pretty aligned with the take that we got from Joey Groog, who just interviewed, where he was like the interesting big things on the horizon for 2026 is like the SpaceX IP. ICO. I wish I was ICU. Or the Open AI or Anthropic IPOs. And those are just going to be liquidity sucks. And there's not much attention to be gone on crypto. But that also means that he also continued saying, well, that's kind of why he's bullish and buying in 2026. Really good interview. That comes out next week. Yeah. I think so next week of the week after. We got your holidays covered, guys. So we're going to keep publishing podcasts during the Christmas season for sure. As if bankless would ever. Stop. There's a bunch of stuff that has made me question things, but I have never questioned getting three episodes out in a week. We're working for you guys every day. David, do you remember that one time Warren Buffett called Bitcoin Rat Poison Squared? Do I remember? That was seven years ago.

Oh, my God. Seriously. That was 2018. It seems like just yesterday. Well, it's kind of interesting because I saw this clip from Warren Buffett and I'm going to play it. And he talks about. Theot. And I sort of get the impression that maybe Theat is the rat poison squared. Maybe. He didn't say those words, but let's play what he did say. I mean, people can study economics and you can have all kinds of arrangements. But in the end, if you've got people that control the currency, uh, you can, you can issue paper money and you will or you can engage in clipping currencies like they, you can, you can, you can issue paper money and you will. You can, used to do centuries ago.

There will always be people, and it's the nature of their job. I'm not singing them out as particularly evil or anything like that, but the natural course of government is to make the currency worth less over time, and that's got important consequences. And it's very hard to build checks and balances. into the system to keep that from happening.

Does that sound like a crypto advocate? He sounds like a bitcoiner, dude. That's what a Bitcoiner says. I'm not going to lie. When he first started talking, I was like, why is Ryan playing a clip of RFK Jr.? He's, look, Buffett's 95, okay? He's got a little raspy into his 90s,

but I mean, still, obviously, an incredible investor for his tenure just has never come around to non-sovereign monies, like gold or like Bitcoin or let alone Ethereum, but he has all of the logic there. Look, it took Warren Buffett 95 years to come around to what we knew a decade ago. Try to keep up, Buffett. Yeah, keep up Buffett.

This was actually a clip that caught my eye. It said, Berkshire is moving, that's Warren Buffett's company, $348 billion into the Japanese yen. And I was like, wait, what? That is not true. If you saw that on Twitter or wherever, Buffett is not deploying, you know, $350 billion. in the Japanese yen. Yeah, that sounds bad. He does have, however, about $380 billion in treasuries and dollar-based assets.

So on cash, on the Berkshire Hathaway balance sheet right now. So that positions him in about a 30% cash position at this point in time. It's always good to have cash. You've got to have that spare dry powder, right, for buying the dips. And Buffett has seen his share of dips, and he's done his share of buying. throughout the decades. But this is up from like other positions where he's had like 15%, 20%,

now he's up to 30%. So he's Fiat Barish, dollar bearish, but he still likes to have that cash reserve just in case some of the assets he does like go down. Yeah. Pretty sensible.

I'm not sure that you play it. Do you play it like that too, dude? No, I don't have any cash. What are you talking about? You fully deployed all the time? Every time I've tried to hold cash, I'm like, I want to buy that thing. Do you know why it's so hard to hold cash?

This is another take from billionaire investor, Ron Barron, who summarizes it like this. Basically summarizes why you feel poorer today. Most people feel poor. It's because money kind of sucks as an instrument, the dollar. Money loses, this is the dollar, 4 to 5% purchasing power per year. That, of course, is inflation. The economy grows at 2% annually. That's roughly a 7% combined erosion.

So what this means is that prices, double every 10 to 12 years. Price is double. And your savings are cut in half every 15 years. And so this system is basically designed to punish you if you hold Fiat. That's why you can't store your wealth in Fiat. This is why you don't store a lot of your wealth in Fiat and why it's painful to hold dollars over the long time horizon because they're just leaky.

They're just leaking every year. At least in 2025, that we have a bunch of options to actually get real yield, which we never had in 2021. Remember the big discourse in 2021 It's like there's no yield to be found anywhere So you have to buy The AVE app Because the rates at were like zero basically

Yeah so we were in ZERP Yeah the AVE app is giving you like 8 to 9% yield on your stables Morpho's given you 6% So at least you can kind of like Hold steady Prices are still doubling while you're holding steady So like that's still phenomenon is happening

But at least to some degree There is a viable way for like You know end investors Retail of investors to act actually get some amount of yield to keep up with things. It's hard to keep up, right? But even from an income side, if price doubles every 10 years, like your salary, if you're a $100K,000, you better be making $200K just to break even in 10 years time.

I mean, that's a pretty big hill to climb. Yeah, people always, people talk about, like, becoming a millionaire in these days. I would like, that's the whole of the mean, like, got to become a millionaire. Like, but people were talking about becoming a millionaire in like the 90s where $1 million is like $10 million. So like the new millionaire is actually $10 million, which is just, it seems a little bit more difficult. Yeah. I mean, for our kids, they'll be looking for like, you know, $1 million coming out of college or something in salary.

Tell us about these big bankless announcements you promised, David. You got two. Okay. We got two secret products. I'm leading one. Ryan's leading the other. Oh. We're got to fight on our hands.

I'm making this a rivalry. Okay. What's your product? The project that I really like is called ICO watch. I'm making this with the news. team. And it's just an aggregation of all the information that an investor needs to be informed about ICOs. There have just been a ton of token sales getting announced and we know that there are more coming down the pipe. And so this will be updated as more token sales get online.

But it's just a page to go to get all the relevant information that you need as an investor to be informed about token sales. Like registration and sale dates, so to make sure you don't miss the deadlines, the valuation of the token being sold, the raise target, how much they're raising, the sale mechanism? Are they doing a uniswap cca, are doing a coinless sale, a sonar sale, what the lockup schedules are, who the team is, who the previous investors are, any useful links that we found, and if we've done one, an interview with the team directly linked. And so I did an interview with Mike Demeray from the Rainbow Wallet and also his... Demeray, that's how you say his last name. That's his name, yeah. I've always been mispronouncing it.

Yeah, same. And you can click the link and it'll take you straight to an interview that we did about the sale. about the investor rights and investor protections. And so if you want to be an informed ICO public sale participant. If you got any money still to invest. There's a button to get alerts for any incoming new ICOs. And also, if you're doing an ICO at me on Twitter so we can add your ICO to the ICO watch page. Wait, wait, you don't want just any ICO.

You're only picking the cream of the crop, right? Are you open to any shit coin ICU out there? I do kind of expect the possibility of there being just like too many ICOs And then we'll have to start curating But right now we are listing every single ICO that we do not find a red flag for And you will notice that there are is a disclaimer saying these projects are not vetted by bank lists Do your own research So we are listing ICOs that we cannot find red flags for is our

Is our curation criteria Now I'm going to put you under the gun Tell me your favorite one that's coming out on this list You're going to pick your favorite Oh, there's a handful of here. Okay, so I... Just pick one. Can't pick favorites.

Here's why, here's a reason why I like Rainbow is because they have a proposed strategy for equity token alignment. Oh. Where the foundation owns a significant amount of the equity and the foundation is a fiduciary duty to token holders. I appreciate that. Okay. I like that. What's a topic about that coming up in the episode with Aubay. Yep.

You can find out more about that in the interview I did with them. I also like Zama because they make you shield your stable coins in order to participate. So you actually have to use Zama and the value of the Zama project is being used in their own public sale. I think that's also noteworthy. But I think there's a lot of innovation left. So I'm going to reserve my favorite ICO for the future ICOs that come down the pipe. Yeah. Keep in mind, guys, if you do one of these, you could lose everything, right?

Like, who knows, right? These could drop to zero as ICOs have in the past. Okay, my product, I guess, is a podcast. Wait. Yeah. What? Yeah. So it's Mike from the Defi report.

We've been doing these monthly bankless podcasts. He's really great. But he writes weekly reports. And I was like, well, doing something weekly on bank lists, that'd be like a bit too much. Why don't we just do a TDR, the Defi report. That's what TDR stands for. Separate podcasts. And just cover.

Like so I'm going to read his report every Wednesday. I read these anyway. And then we get on a podcast, record it. And basically it's an opportunity to follow an investor. on his crypto journey, and he invests very much in the different crypto cycles. So he's got to take on where we are in the cycle. Right now, he's, you know, like even, I suppose, different than Buffett, he's only got 20% in crypto and 80% in cash. So he's really ramping up to deploy during the bear market. Yeah. So he's very opinionated, and it's just very interesting. So you can catch that on the

Defy report feed. There's a link in the show notes. Or I think you just search. It is not this podcast. It's called the Defi Report. We did one episode on the Bankless Feed. That'll be the only one I think we do for the Defy Report. All of those others will be published in the D5 Report, Spotify, YouTube. Go search. Go find that. All right.

David, we got some other announcements coming up. Maybe bigger announcements than the bankless announcements we just launched. Nothing's bigger than that. Coinbase product announcements. They are trying to become the Everything app. And there's an AVE Civil War. I want you to tell me about that too. All this and more.

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On December 17th, Coinbase hosted their system update event. That is what they're calling their, it kind of like Apple debut. Like, here's all of our new products event, system update. It's nice because it's the Coinbase system update. So Coinbase is getting a system update. But they're also trying to update the system. So they're kind of giving progress on that. And so some key things here.

Goal is to become the number one financial service app in the world. Not crypto-specific to finance generally. And a lot of the announcements here at the System Update event is definitely aligned with finance broadly rather than crypto specifically. Gary Tan tweeted out, Coinbase just launched on Instagram, a Robin Hood, a Venmo, and a MasterCard today. And so this was all the collection of all the different things that they announced this week. Perhaps the big one, the first one, the one that they led with, stock trading. So stocks are now available on Coinbase.

Stocks like Nvidia, Apple, Amazon, Tesla, all listed right in the Coinbase. Coinbase app alongside crypto assets like Bitcoin and Ether and all the other crypto assets that you know. This is rolling out to every Coinbase user over the next few weeks. So some people have this right now. Some people do not. I opened up my Coinbase app. Couldn't find it, but I'm sure it'll be able to me shortly. Let's actually take a look at what this looks like in the demo.

So let's see how this works. I open up my Coinbase app where I can now see a dedicated section for stocks on the trade tab. I'm going to buy Nvidia for this demo. And after just a few taps, I can buy NVIDIA using USDC, where I'm also earning best-in-class rewards. And the best part is that you only need one account. So now you can trade stocks and a huge selection of crypto all in one place. That's the theme, right? All in one place.

Now they have the stocks. So this is available not to everyone you said it's rolling out, but it's only rolling out to the U.S. as well. Right. All right, only U.S. users. Australia and Canada. It's only U.S. accounts. It's kind of inverted, right? Because I feel like Europeans used to get everything sooner than Americans,

but now we're getting tokenized. Actually, these aren't tokenized stocks. These are not tokenized stocks. These are normal equities in the same way that Robin Hood provides them or your any other brokerage has them. Maybe you're wondering, how do they do that? How does this work, legally speaking? So, Coinbase, thanks for asking, right?

Coinbase has launched their own brokerage arm called Coinbase Capital Markets, If you find out more, I was doing some digging, Coinbase.com slash CCM. You open up a brokerage account within your Coinbase log, with your Coinbase login to trade stocks and ETFs. And so you sign on to their service agreement for Coinbase Capital Markets. That's how they're regulated to do this as a broker-dealer.

Yes, U.S. broker-dealer, dealer, Finra member, S-I-P-C member, exact same kind of category of document that you would sign at, like Robin Hood, Schwab, Fidelity. One small difference, which I guess is useful, is who actually holds the stocks? In Coinbase, there is a third-party company called Apex Clearing, Custody, and Settlement. So Coinbase runs the UI, the account access, and the order routing, but Apex Clearing and Custody

stocks. Slightly than Robin Hood. Robin Hood Securities holds the custody and settlement, while Robin Hood, as we know it, also runs the UI and order routing. So differences like outsourcing versus vertical integration here. This is a good move. This is an expected move, I think, by Coinbase. I was very excited.

about it and hopeful that this is the direction that they're going. It's really a catch-up to where Robin Hood has always been. I mean, Robin Hood has started basically with equities. I think they make a ton of their money on options and other more complicated, but they do have spot market for equities. So this is Coinbase catching up. I would still say, though, that Robin Hood is a step ahead, particularly on the tokenized stock game, right? So remember they partnered with Arbitrum, and there are like hundreds of tokenized Robin Hood stocks right now on chain on Arbitrum 1. There's about 13 million in value, so not a ton of value. But there is still a step ahead of Coinbase on the tokenized stock game, I would say.

And this is Coinbase catching up a little bit. Yeah, and the chart that we're looking at on the Dune dashboard is a nice up into the right chart. So only $13.4 million, as you said, but it's going up. I actually was surprised by this. It says 1900 number of assets tokenized, which is a pretty good number. But I actually really haven't run into a Robin Hood tokenized stock in my on-chain explorations. And so I haven't really interfaced with it personally. But you do use Robin Hood for just purchasing stocks.

Normal Robin Hood to do normal things. Custodial stocks, that sort of thing. Correct. Now, are you excited to have this on Coinbase as well? Yeah, I want to know about the fees. Robin Hood has the whole no fees for their equities. and then when you go and try and buy crypto in Robin Hood, it's like extremely expensive.

The fees are terrible. Like don't buy crypto in Robin Hood. The fees are too high. And then you go to Coinbase and like Coinbase doesn't have low fees. They're not low fees for crypto, but they're way lower than Robin Hood's. And I would expect the fees on the stocks to be kind of the same. So like the fee parity, the fee matching I would like to explore that a little bit. Yeah.

But all in one place. All in one place, yeah. That wasn't the only thing they rolled out. They also rolled out equity perps. What are these? 24-7 access to trade equity perps. So we can now do equity. Not yet, I can't find it in my app, but they say this rolling out soon.

24-7 access to perps, contracted to 20x leverage, which would also allow users outside the United States to gain continuous capital-efficient exposure to U.S. equities via a perp. So interesting. Would also like to see that roll out and see what happens. I mean, it's, perps are a crypto product, right? And now they're being applied to the equities world. I still have some older non-crypto brokerage accounts, and they don't offer perps, but I think it's a valuable product.

Not that I go margin long on many things or anything, but it's really intuitive. It's very useful. To me, it makes much more sense for the retail investor than something like an option, right? You just go 2x NVIDIA or 5X long Apple or whatever and just hold that until you get margin called. Yeah, you get margin called. Yeah. Whenever I look at options, I just get so overwhelmed. It's like, okay, there's a strike price and there's a call, like, call price, all this kind of stuff. I'm just like, I can't. There's too many variables for here. Yeah. Just let me gamble in a simple life. Just let me do 20x and I'll hold it for a few days. Like, I don't understand how to do that. It is worth noting that there are future perps currently available in Coinbase. But like, it's kind of wonky because if you hold it over the weekend, they increase your margin requirement just because of regulations. You have to require more margin because it's less liquid. And so it demarges you or it de-leverages you over the weekends. And so that's kind of clunky.

It's like not hyper-liquid or any other like Perth platform where you can just simply hold a 20x position and it's just uniform for as long as you want. That's the thing I want. I will see, we will see if that's how it works in Coinbase. Still, I don't have access to it yet, so I don't know. This is something that Coinbase is ahead of Robin Hood on. Robin Hood promised perp equities has not yet shipped it.

Okay. Interesting. What else we got? prediction markets directly through the Coinbase app with Colchie in the back end. And so you can bet on sports and anything else related to the public prediction markets directly through Coinbase. I would imagine it's the same model used by Robin Hood where Coinbase takes probably the majority of the fees from Kalshi, but they are able to just provide their customers with prediction market demand. This is another catch up to Robin Hood, I suppose, because Robin Hood has been offering this. And you told me, I think Robin Hood is actually planning to roll out their own. prediction market as well. So Robin Hood owns their customers. And so why don't they just build

a prediction market themselves? And so they rely on call share rather than have Colchie in the backend, which is what they're doing. And so they kind of just use Colchie to bootstrap their own demand for prediction markets, but now they're just doing it themselves. Are you surprised that a crypto-native company like Coinbase picked Colchie rather than Polymarket, which is more crypto-native? No, because Polymarket is to tether as Colchie is to USDC. So Polymer, market is like kind of the offshore less regulated entity. Kalshi operates a prediction market. It's getting there. It's getting there. It's getting there. It's pretty close now.

They just got their license agreement. Yes. So it should have feature parity or regulation parity, maybe I should say. But the call sheet is currently, uh, their event contracts are compliant with the CFTC. And so that is what gives Coinbase of regulatory compliance to be able to do this. Uh, again, Pauley, Pauley Market will do this in the future, but that's, they're not here today. So that's why it's call sheet. And I would imagine like why would, to your point, why would Coinbase pick Colchia over a polymarket in the future? Like, I would expect them to just have both there at the same time. I think they're just going to aggregate all the prediction markets that they can.

And maybe the bigger question is, does Coinbase build their own prediction market? Yeah, and they could. But they're pretty busy. I mean, there's a lot of products that they're rolling out just now. Another big feature was the Dex access to Solana tokens. So right now in the Coinbase app, of course, any asset that's traded via base on AirDrum is available to you. And they just extended that.

This is kind of the defy-Mullet approach to all of the tokens on Jupiter and the Solana platform. So any Solana token, you can now access inside of the Coinbase app. So should you choose to do that? Also, some other things they didn't announce as net new, but they kind of underlined. Just beaded about. Yeah. And reminded us that they're still there, one of which was the token sale platform, right?

Yeah. So they talked about their own modad, ICO, and kind of gave some metrics just kind of to show the power of their sale platform. So with a Monad SEO, $260 million in allocation requests from 85,000 unique accounts that they have KYC'd and verified. So these aren't like on-chain potential like Sybil accounts. It's good sale. These are just ICOed people over 70 countries. So use the success of the Monad ICA to talk about their ICO platform.

And then there's a few other like marginal updates that are still kind of useful to illustrate Coinbase's direction. So they have the new direct deposit flow. So anytime you have your direct deposit from your employer, you can set aside some amount of that direct deposit to go straight into Coinbase to automatically buy crypto, now equities, ETFs with every paycheck that you make. They talked about their loan program. And so you can take out $5 million of a loan against your Bitcoin.

They announced their ETH loan program. So you can take a $1 million line of credit out with ether. And that uses Morpho in the background, right? That uses Morpho on base. And so there's over a billion dollars of Bitcoin on base using this program. And so we'll now be able to see Ether have a line of credit there. There's an incoming pay tab. And so if you have a coin-based account and your friend has a coin-based account,

you can hit the pay tab to pay them to their phone number, email, or a wallet. Actually, I don't know if the friend needs a coin-based account. This is something I need to go investigate. But they said you can pay using crypto. This would be USDC. To anyone with a phone number, email or wallet address. So wallet address obviously implies crypto. but maybe just an email and if phone number's enough to kind of get them started,

they have to download an app and then they can receive it. Yeah, yeah, yeah. They also talked about their Coinbase 1 card. Apparently users have received $16 million of Bitcoin as a reward from swiping their Coinbase 1 card, which is a Visa card, I believe. They also announced Coinbase Advisor. So shout out Lincoln Mer. He talked at the Bankless Summit.

Lincoln Mur debuted an AI-powered advisor to help manage your financial life. It can evaluate portfolio. You can ask it questions. It can ask you questions. and prompt you, it can prompt you, Ryan. Like, imagine your chat, EBT, hey, would you like to rebalance your portfolio? Go ahead and press this button.

And it can also include prediction market bets. And so if you say, hey, you know what? I'm really bullish on AI. And you can say, hey, well, if you're bullish on AI, you can bet that AGI is going to arrive by 2030. And you can take that prediction market position right now. And it will prompt you in that chat window, which scares me a little bit.

Does it support abotional counseling? because I feel like a lot of the journey of crypto trading is a very emotional journey, you know. Yeah, they also announced Coinbase Therapy for all the crypto investors out there for the bear market. Yeah, they should. Also, the base app was mentioned too. So Brian Armstrong comes out and he says, that's our custodial offerings, but we also have non-custodial offerings, including the base app. And Jesse. Wait, wait, wait, wait.

How many times did Jesse talk about it? creators and funding creators and tokenizing content. So what I was going to tell you. Was that the best? The whole bit was it's basically the base app, right? Which it wasn't beta and now it's available to everyone. That was the news. But this is very much a creator economy thing, social media.

That's where Gary Tan, you said, the Instagram product. This is the Instagram type product, which is all your posts, all your things are tokenized. It's very much a Farcaster Zora type feel. It's an interesting part of the, I guess, it's like a on-chain social type of play, and that's a very specific implementation of what a non-custodial wallet is. Yes, yes. Yeah, it's also interesting that last week we talked about how Farkas, it was like, on-chain social doesn't work, we're pivoting to a wallet.

And then base is like, we're going to make on-sane social work. I want to see if they can make it work. We'll see. But I'm very bullish on all of these other coinbase. products. And what I would say is, I think this is good for Defi because it's Defi Mullet. If I am at a bank or if I am a brokerage like a Fidelity or an E-Trade or whatever, Charles Schwab or whatever, or even if I'm a bank, I'm shaking in my boots with this type of announcement. Between Robin Hood and Coinbase, which are kind of neck and neck here, seems to me they are

eating the demand for financial services, the Everything app demand. for younger generations, right? It's like millennials and Gen Z, that's their core demographic. And this has got to be a shot across the bow because it does create like an everything app type experience. Now, they're missing the bank piece. You said Robin Hood just rolled out like a banking type of feature. Yeah, which is a white labeled service on top of a bank.

So when you sign up for Robin Hood banking, you get a bank account with some other bank. Yeah, but the full stack at one location. I do have to say I did sign up for Robin Hood banking. and they gave me a Robin Hood checkbook, too. Oh, wow. That's so weird to see it. Yeah.

Are you ever going to use that pubby? Well, I have a check. For people who are paying attention. I'm sorry, I'm sorry I have a checkbook. I have an 87-year-old landlord. It's the only way that he takes. You're going to write those texts from your Robin Hood. Check.

Yeah, yeah, yeah. So, Ryan, Coinbase Financial SuperHap, Robin Hood, Financial Super App. You know, notable mention World also launched its super app. It has, like, Cryptopay. It's got a super app now. And encrypted chat features. Everyone's getting a super app.

You know what is also the super app, the superiest of all super apps? What? Are you going to show me something crypto-native? Oh, yeah, Ethereum. Ethereum is the super app. Let's not forget it. And so, like, all of these, the fintech layer around Ethereum and blockchain generally are all launching their super apps.

But we also forget Ethereum itself is a super app. You can go to Kalswap. Okay, so type in 500,000. We're going to buy 500,000. thousand of something of your money of dollars this is usc 500,000 USC. You want to buy ETH? I'd love to buy ETH. I already have enough of that. I would like to diversify. I would like to diversify using my Ethereum super app that I have because I have a wallet. Type in G-O-O-G-L-O-N. This is a shit coin you on? Sure. Google on Google. This is an ondo tokenized

Google. You can buy half a million dollars of Google. How much, what slippage is it telling you that you're going to get? 0.03%. With that half a million dollars buy, you can get a 0.03% slippage on Google. And now you might be asking, are you actually paying the fair execution price of what Google is currently trading at in Tradfai? Well, I compared it and it was like pretty damn close, effectively the same. So maybe. Look at the, look at the fees too.

It's just very low fee. $100 plus a network cost of $1.49 to buy a half a million dollars of Google. on your Ethereum super app. Wow. So while all these companies are launching super apps, don't forget about the super app. Don't forget the OG.

The OG. So remind us what Ondo tokens are actually tokenized equities. Actually tokenized equities. That's right. And we did an entire episode with Ondo.

They have a pretty slick mechanism where they're getting liquidity and they're keeping spreads tight and is a pretty seamless sort of representation of what a tokenized asset should be. And you're saying that's already on available.

available on Ethereum today. Yeah, yeah, yeah. So I was, I, I'm interested in a lot of the, like, Google owns so much, and they're only going to continue to grow more. So I was like, okay, I would like to buy a little bit of Google. I went to Robin Hood, looked at it, and I was like, okay, I could buy it here. It'd be easy. But I could buy you, but you, the fees are cheaper on the Ethereum layer one.

And it's where all the rest of my money is. And so I did it through a cop swap. It was nice. That's cool. Let's talk about. So that was Coinbase. That's going to be. Big announcement week.

I think it lived up to the hype. AVE. There's some AVE drama on the week as well. What's going on here? Okay, so AVE is in the middle of a governance fight over who captures value from the AVE brand. Does this story sound familiar, Ryan? Yeah, it does. It sounds a lot like Uniswap.

Yeah, a lot like Uniswap, which has solved a lot of it, or is voting to solve some of its issues. Okay, so what sparked it? So the AVE Labs front end replaced Pereswap with Kow Swap on the official Avey front end. That just redirected the fees from the Dowd, to the treasury. So that when they had the paro swap on the front end, those fees went to the Dow. The cow swap fees go to the labs,

the equity ownership. So this would cost the Dow, an estimated $10 to $15 million of year in potential revenue for the Dow. So the core dispute on the Dow side, they call it stealth privatization, the AVE brand, and the front end were built with the Dow funding

and governance legitimacy. So the revenue tied to the brand should accrue to the AVE token holders, according to the DAO. The Labs side of things is that the front end is a separate, a paininated product maintained by Labs, which owns the trademark and the domain and also has Labs risk around the trademark and domain.

Monetizing it doesn't touch the protocol itself. And so there's a pretty hard line between the Dow here and which governs the protocol in on-chain economics and the front end by Labs, which builds products on top of it, including the main interface. So, of course, the big question is that we've been asking for like almost years. like five years now. The brand, the IP, the fiduciary duty, what rights do token holders have?

What ownership does token holders have? Do they have all those things? Or does AVE Labs or the Labs entity have all the good stuff? And the Dow has all the less good stuff. This really isn't really an AVE only problem. So also news this week was that Circle acquired this company called Interop Labs, which is the core team behind Axelar, which is an interop protocol. So they acquired the entity and the team, maybe it's an aqua hire,

Maybe they also acquired their technology. You know what they didn't acquire, Ryan? Probably all the tokens. The tokens, they did not. Yeah, why would they acquire their tokens? They don't need the tokens. They bought the IP and they bought the IP and all that stuff. So all the investors in the tokens feel pretty rugged at this point.

Yeah, well, especially after the token dropped 45%. Wow. And now maybe you look a circle and be like, you assholes. But also, Circle has fiduciary duty to share their shareholders to provide shareholder value. Well, they have actual fiduciary. fiduciary duty. Yeah. So if they don't have to pay for the token holders, then why would they do that?

This also happened with Coinbase a while ago. Coinbase bought the NFT tensor platform. They bought the team. They bought the IP. They bought the website, all that good stuff. Did they buy the token? No. Left the token out to dry.

Which is just like a really bad look for the industry with its tokens. Like how can you say, hey, come invest in our crypto assets. You might get rugs. Yeah, I was actually, exactly. I was actually talking to Martin about this and he was talking about, we were just on cow swap. Yeah, from Cow Swap, he's one of the builders behind Cow Swap. And he was just like, Cow Swap is crushing it in terms of volume. But the token's only worth $100 million.

He's like, it's far more volume in the last 45 days than Polymarket has in its entire lifetime. And like, why is the token only worth $100 million? I'm like, cow swap as a product is great. The cow token? Like, I don't know. No, yeah. What happens if Coinbase Buy is Cow Swap? Exactly.

Our products have some of our Defy Native Crypto Products have product market fit, but our tokens are kind of shit from a fiduciary investor protection perspective. And that's just the reality. And it's work that we have to do. They won't always be this way. I'm not, I don't believe that.

I think we are taking some steps to improve that, including what Uniswap has done recently with their unification. Or is doing. Not done yet. Okay, is doing. This is Hayden Adams. Tell us about this. Just submitted the unification.

proposal for final governance vote. So Uniswap had Uniswap Labs, and then they had the Uniswop Protocol, and Uswamp Foundation, and these were separate islands once again. They had the fee switch. It's very reminiscent of what you just described with AVE, but they are in the process of trying to solve this. What's their solution? Yeah, Uiswap, which really has been kind of the core example of equity token misalignment is now kind of leading the charge to fixing that. Hopefully they solve it in such a way that provides kind of a template to the rest of the of the industry. Again, they're calling this the unification. So here's what happens with the unification. The Dow gets a in real life legal entity, a Wyoming Duna. They're calling it Aduni.

Labs becomes a main operator to the Duna via a service provider agreement. And so the Dow Foundation, the Dow Foundation kind of becomes the thing, which employs contracts the Labs entity to be the main service provider. Kind of cool. They have a growth budget. So the Labs has a growth budget given to them by the DUNA $20 million unitokens a year as their as their budget to work on Uniswap quarterly, being paid out quarterly starting January 1st, 2026 per the forum post. So the labs gets funded to do the protocol growth work and explicitly commits to alignment with token holder interests under that agreement. And then the Uniswap Foundation moves into the lab.

So the Uniswap Foundation is already an existing thing. They give out grants and they kind of support the broad, Unswap ecosystem, they become part of the, part of LAPS. And so a bigger foundation is made with the Dooney, the Duna, and then the Unswap current foundation moves into Labs, and then Labs becomes a service provided to the Duna. Seems maybe, seems complicated. It doesn't seem that complicated, really to me. It's not that complicated.

I think it means the Dow is in charge, the token is in charge. The fees go to the token holders and the token gets some sort of legal representation, so can have bank accounts and things like this and basically employees labs. It's maybe it's not perfect. There's probably some flood. I don't think it's perfect. I think there's a bunch of models like this coming forward that I think the market will need to evaluate. It's a big step in the right direction.

And honestly, David, I think we have to fix this during this next, during 2026 in order to get our tokens back to where they should be. Because do you know, Avey is still down 62% from all time high. Yeah, but TVL is up so much. It is. It's up like 50x. Like it's never been bigger. It's growing like crazy. The team, I mean, Stani, J.

just published a 2026 master plan. Like, it's incredible, the product itself is incredibly bullish. Okay, so why is the token down so bad? It's because investor rights aren't enshrined and protected. Investor rights probably, now that we have the regulatory green light to do things, the first thing we need to do is fix investor rights and investor protections. Let's go do it. I think we will.

And I think some of these tokens will be steals this cycle in terms of entrance price. David, we've got a few things. coming up. We got to talk about Solana's biggest conference in what was announced. And also, J.P. Morgan just chose Ethereum for something pretty big. We'll talk about all that and more. But first, I want to shout out our friends and sponsors over at Frax, the decentralized central bank. Fantastic Stable Coin. Go check it out. Introducing Frax USD, the genius aligned digital dollar from Frax. It's secure, stable, and fully backed by institutional grade real world assets, custody by BlackRock, superstaping.

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If you're launching a token and want an on-chain transparent sale that gets tokens into the hands of real believers, the Uniswop Continuous Clearing Auction is the way to do it. Check it out at cca.uniswop.org. As the resident Salana expert on this podcast, I'll tell you about the three things that happened at Salana Breakpoint in Dubai. The three big things.

First one, Fire Dancer. Do you remember what Fire Dancer is? It's been a while. Yeah, it was the other Solana client, basically, that Jump Capital was deploying that promised insane throughput. Like a million transactions per second throughput. They were making everything incredibly efficient.

and it's been long awaited. Yes. Yeah. So that is now on main net written in Scratch and C by Jump Crypto, not Jump Capital, but basically the same. Reimplements Salana's networking runtime consensus pipeline to be highly, highly optimized. 600,000 to over 1 million transactions per second in controlled tests. Probably doesn't really relate too much to what happens in the wild.

So we'll probably see what Salana actual throughput increases. It gets from Firedancers shortly. It is out in the wild as deployed before Breakpoint. It was already running on a subset of validators for about 100 days and successfully produced over 500,000 blocks. But don't you have, don't you have, like, don't the majority of validators have to upgrade to Firedancer for it to actually impact the Salana network? Res.

Res. Salana Bowl, right? Because you're still limited by your weakest link, aren't you? Yes, but Solana takes turns. And so if you have a Fire Dancer client producing the blocks, then in that moment of time, you have the fire dancer client as the producing the blocks at the end of the chain. Right. But the more validators that adopt it, the greater the effect that fire dancer will have. Yeah, but I don't think there's like a hard line. Like it just slowly increments upwards. And so it's, yeah, incremental is the keyword.

So a minority of nodes are adopting it right now just for security reasons. Got to play it safe. Interesting strategy from Solana. It is a pretty big milestone to have their second client from an independent development. out. Yes, but it is not a second client in the same way that Ethereum has multiple clients. The intent is that the network goes into FireDancer and it's just a single client. And then it has the Agave client as like kind of a fallback. But that's still useful for fallback purposes.

It's better. It's better. It's not the security mindedness that Ethereum has, but sure, it's something. Okay, so congratulations to FireDancers getting made net. Can't wait to see all the data that comes in. It is a big achievement for Solana. Number two, out of breakpoint. Phantom is launching prediction markets feature with Kalshi.

Phantom also in this super app game. Kind of the same thing that Robin Hood had and Coinbase just announced. You have Kalshi in the back end. Small difference, perhaps large difference. Positions are tokenized, actually. The positions are actually tokens on Solana. Yeah. And so this maybe makes it integrated with the Solana defy ecosystem.

And so you can do more. an important feature. That's pretty cool. I didn't realize that. Yeah. I would like to see how it rolls out and like what like how much surface area is there to do more things with tokenized call sheet positions. Colchie has like be distressed saying like, yo, we're a crypto company and everyone else

is like, are you guys? Yeah. Well, now they have tokenized positions. So that's real. Again, third, Visa also offers a stable coin settlement for U.S. banks on Solana. So a U.S. settlement service for U.S. financial institutions using. Solana as the rails to send USC around. So those are the big things. Yeah. Another item on

prediction markets, David, was IBKR. What does the CEO think about prediction markets? What is IBKR? Why is why did we include this? Isn't that? That's interactive brokers. So Thomas Peter Fee. Peter Fee. Interesting last name. Founder of Interactive brokers, which is a very large brokerage, spoke at the Goldman Sachs conference and talked about prediction markets. I thought what he said was notable. Right now there's a big conversation on crypto Twitter about like, oh, prediction markets are just gambling. Right.

There's just blah, blah, blah, blah. They had this conversation with Joey Crew too, which is actually really fascinating. What's the value of a prediction market? There's been this theorized value of prediction markets in a world where prediction markets literally have prediction markets about everything that are also very liquid, about the opportunities that arise.

And I think these statements from the CEO, founder of Interactive Brokers, kind of illustrate that future. He suggested that institutional prediction markets could move beyond simple forecasting to directly influence automated portfolio management. For instance, if a market predicts a heat wave, a portfolio might automatically address energy investments or hedge electricity price risk. And so we are talking about prediction markets about the weather, connecting that to your financial portfolio to buy or sell energy

based off of weather predictions and whether the world will need more energy or less energy. And I think you can use your imagination, extend that to just like, if there are more prediction markets about more things, you could really integrate that into hedge fund strategies. I guess that's right. Because what are prediction markets? They're truth markets. They're really information markets. More information, better information, higher quality signal, better trading outcomes and signals and faster ability to respond. Yeah.

And energy markets are very, very large. So, like, the weather and financial markets are actually already interconnected. Yeah. And with prediction markets, they can get interconnected in a much higher fidelity ways. That's fascinating. Very creative. David, speaking of Tradfey or maybe suit coiner's and suit five, which has been a theme lately on bankless, the DTCC. You're familiar with the DTCC, right?

Sure. Yeah. Okay. Well, so this is the company. They're like Fedwire for U.S. equities and securities. So do you remember when Sergey from ChainLink came on and talked about how ChainLink was like working with the DTCC, and we're like, okay, tell us more about the DTCC. And he told us at the time that the DTCC settles three to four quadrillion annually.

Oh, yeah, that's a settlement layer for quadrillions annually in securities. Okay, that's the DTCC. The SEC just greenlighted the DTCC. So again, settlement for all U.S. capital market securities to tokenize their assets. Okay? the first time the SEC has ever done this, basically greenlighting them, giving them the go-ahead, encouraging them to tokenize their assets. On Ethereum.

Well, okay, let's talk about that. So what the SEC did was they approved a three-year pilot for certain L1s and L2s, not all. They had some requirements, the ability to operate from a primary and secondary location, a maximum four-hour recovery time objective. So you can't be down greater than four hours. a maximum of two minutes of data loss from an outage. Oh, you can't, never mind, you can't be down for greater than two minutes, an annual out-of-region disaster recovery.

So they basically said, hey, whatever chain, whatever settlement layer meets these requirements, then you can use them. We're not going to tell you what to use, but maybe you can't use Solana if it's down. Well, your counsel can't lose Ethereum layer twos then. You can't. A lot of Ethereum layer twos have gone down too, right? But you can't use Ethereum, the world's greatest super app. This leaves a smaller kind of set that have had a history of not going down.

And so people naturally said, okay, well, have their theory. I guess you can technically use Bitcoin too. There was actually a demo that I saw. These are the DTC guys right here, okay? So these are developers of DTCC. I'll scan through this demo. I won't play it. But like, basically, you can see they have Apple.

Right, this is an Apple share settled on DTCC. And what they're doing is they are transferring it to Ethereum. They're tokenizing it. And they're doing some things with USDC to buy and sell. So this is a demo on Ethereum. World's Greatest Super App. All right. So that happened.

But also, but also the DTCC launched a press release to partner with a blockchain company called the Canton Network. Canto? Canton Network, not Canto. And this partnership between the DTCC indicates that the Canton Network is one of the first pilots where they're actually going to tokenize some of their securities. with U.S. Treasuries. Is the Canton Network a blockchain? The Canton Network is kind of a blockchain. This is big news, by the way.

So they've been operating in the background. They've been in Wall Street for a very long time, talking about real-world assets, tokenizing things in the background. But just like, I think crypto-natives have been completely unaware of what the Canton Network is doing because it's not public.

It's not a fully permissionless chain. It's not... But that's part of the... the value proposition that they're bringing to the DTCC because it's fully private. Anyway, we just booked the CEO of the Canton Network for the first week of January, so we're going to talk to them and learn more about this. There's actually a Canton Network token. Do you know this?

Did it pump for something? 2.7 billion dollars? Yeah. Okay. Where did this number come from? I got to figure out what this thing is. We got to figure out what this thing is, but that's where their first pilot is. It doesn't mean they're going to be exclusive.

This is just U.S. Treasuries. This is the first half of the first quarter, but it was a pretty big press release. How is there a network out there? Those were $2.7 billion. I have never heard of. Crypto is big. And this is Sucoigne crypto, okay? So it's a different world than the world we're used to. So it seems like the DCC is doing things in parallel. They're doing some things with Kanton Network. Maybe they're doing some things with Ethereum and we'll have to see where all of this, quote, unquote, settles, right? Oh, nice. Nice. Nice. Well done. Well done. This is big, though.

J.P. Morgan launched their first ever tokenized money market fund, and it is on Ethereum. World's greatest super app. This is the first time we've seen J.P. Morgan actually deploy something, as far as I'm aware, on the Ethereum L1, the public chain. They've done some things on base. They've had their own private ledger that's EVM-based. Oh, yeah, JP Morgan, those are the quorum people, right?

Yeah, Corum. They have quorum in the background that's also doing things that we don't know what it does because we never get to see it. But this is the Biddle Fund essentially. You know BlackRock's Biddle Fund, kind of money market on chain. This is their version of it. You know what they called it?

$100 million. What? My on-chain net yield fund, money, M-O-N-Y. Which, of course, because banks can totally issue money. That's very cute. Yeah, so they're on Ethereum now, and that's bullish. David, Doe Kwan got sentenced.

I actually haven't read about this. I just saw the headline. Yep. What happened? 15 years in prison. pleaded guilty in August of 2025 of conspiracy to commit fraud and wire fraud. Judge Paul Engelmayer called this the crime a fraud of an epic generational scale. The sentence was higher than the 12 years requested by the prosecutors.

Oh, my God. And the five years sought after the defense, apparently if you read the notes, there was a bunch of letters that people that got harmed by the Terra Luna collapse sent in and saying just, like this material. I lost everything. Destroyed my life. People committed suicide. Oh my God. And like,

Doquan was given an opportunity by the judge to read them. And he was like, I'm good. And the judge did not like that. So people are thinking like, people are thinking like maybe that's why he got the extra, extra years added onto that. Man, he could have just pretended to read them.

Doe Kwan. Where is he going to serve the time? In the United States for the first half, but then the second half he goes to South Korea. to finish his time, but also he might also face criminal charges unique to South Korea where he could get up to 40 more years in South Korea. So he's not done yet, dude, yeah. This is like, this seems worse.

What did SBF get? 25 years? 25 years, okay. It's not worse than SBF. Yeah, yeah, yeah, yeah. All right, well, end of an era, I suppose. Yeah, I remember when, what's his face? The Farmer bro was on Up Only, and he was like, don't worry, though, jail's not so bad.

Oh, my God. Here we are. Here we are. David, remember last week we were talking about a New York Times piece on staple coins where they were chipping all over them? Oh, yeah. This week. Did they apologize? No.

They issued retractments or corrections. They wrote a piece on how the SEC was basically bending under Trump's will. And let's see, under the second. The second Trump administration, the SEC inherited about 23 crypto-related cases from the Biden era, and it pulled back from roughly 60% of them via dismissals, pauses, freezes, or favorable settlements. They linked this to basically crypto donations and all sorts of other things, basically implying that the crypto industry and Trump are kind of in cahoots working together, and he is giving favorable access to, like,

giving favorable rulings to crypto, basically. Which is not completely untrue, but the fact that they are not realizing how unprecedented the SEC's attack on crypto was in the first place. Yeah, the implicit assumption anchor point being made here is that the SEC administration of the Biden era was the normal case and not in cahoots with Elizabeth Warren and the Democrats. It's just the same thing. Now we're pointing it in a different direction. Exactly.

This is the kind of thing. I think the attacks from the New York Times and other entities like it will continue just because the Trump administration has come out so pro-crypto, and they just have to default be, if Trump's for it, then we're against it. And so it's unfortunate, but crypto's moved once again into partisan territory. And I don't see that changing in the short run. Nope. All right, Ryan, we got the last news of the week, perhaps the most important. When crypto comes into culture, you know, we're on to something. Netflix has announced a new Bitcoin comedy.

They have greenlit. Just what we needed. A crypto-themed romantic comedy called One Attempt Remaining. Is this real? Led by Jennifer Gardner. It follows an ex-couple who years after a messy divorce discover that the Bitcoin they won during a wild drunken night on the cruise is now worth $35 million. Only problem is, Ryan, can you guess what the problem is? They lost their seat phrase, right?

They no longer remember the seed phrase. They have one single login attempt in a very short deadline before the funds become inaccessible forever. I would like to know how that happens. You know, this seems like it could be real. I know you're waiting on the edge of your seat to watch Jennifer Gardner and her love interest, ex-love interest, figure out their private keys. I don't know. I don't know how funny they're going to be able to.

This is like straight to Netflix movie, right? Yeah, I don't know how we're going to watch this. I'm really interested because there's also the detail that they only, only have a single login attempt and a very short deadline before the funds becomes inaccessible. Right? So I actually want to watch this with an eye towards how accurate it is to actually have a prediction for you. I have a prediction for you. What's your prediction? It's not going to be accurate. Don't get your hope. I think you're going to be very disappointed. Well, maybe I'll come for the tech, but I'll stay for the comedy. That's my hope. Ryan Ryan is a big rom-com guy. Huge, huge wrong.

Maybe I can actually get my wife to watch something on crypto over the first time. Guys, we'll have to end it there. Got to let you know. Of course, none of this has been financial advice. Crypto is risky. You could lose what you put in. But 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. Happy holidays. Oh, God. I'm sorry. Ethereum. World's greatest super app.