On The Brink with Castle Island - Weekly Roundup 05/24/24 (ETH ETF, FIT21 Act, Anti CBDC bill) (EP.530)

Episode Date: May 24, 2024

Matt and Nic return for another wild week in crypto. In this episode: Whip Emmer returns to OTB Matt's animal problems Congress passes the SAB121 overturn Gruenberg offers his resignation and what it means for crypto In a stunning overturn the SEC approves the ETH ETF The significance of the FIT21 act The anti-CBDC bill passes the House Sponsor notes: Decoding the Digital Dollar In Coin Metrics' State of the Network issue 260, we assess the growth and usage patterns across Coin Metrics' suite of stablecoin coverage

Brought down by bad mortgage investments, Lehman, which has 25,000 employees, will be liquidated. The federal government loans American International Group, AIG, $85 billion. This is a different kind of market, and the Fed is asleep. The federal government is stepping it to stabilize Fannie Mae and Freddie Mac, the two mortgage giants that have been threatened by the housing crisis. The Bank of England has pumped 75 billion pounds more into Britain's ailing economy with a new round of concentrated easing. You've printed a couple trillion dollars, and all of a sudden, people start to worry.

So out of this worry, we have something called the Bitcoin. Welcome to On the Brink. I'm Matt Walsh. And I'm Nate Carter. And this episode is brought to by Coin Metrics. And here is the Metrics Minute. All right. Today's Metrics minute we're talking about stable coins.

Total market value of stable coins stands above $160 billion. With Tether leading at $112 billion total supply and USDC at $32 billion. Ethereum holds 54% of Stable Coin Network share. followed by Tron at 36, ETH roll-ups at 4.6, and Solana, Avalanche, BSC, holding four and a half between them. The weekly adjusted transfer value

for stable coins exceeded $50 billion in April of this month. USDT on Ethereum and Tron accounting for half of this. As Coin Metrics has pointed out in the past, USDC activity peaks during U.S. market hours, while USDT sees more activity on Asian and European markets. That is your metrics minute. I mean, what a week. I cannot say that enough.

This has been the craziest week in my career in this industry. Yeah, I mean, diddo. This has been the most remarkable political crypto week of all time, bar none. I think it's probably the best week that the industry has ever had from a political perspective. Undenidly. It's not just like one or two things. it's five things as far as I can tell. I don't even know where to start.

I mean, Sab 121, ETH, FITF, FID Act, Groomberger Zines, anti-C, trauma braces crypto, Biden waves veto on fito, Biden comes out with a statement. That's eight things now. Now we've eight things. It's eight things. I mean, what the heck. Chuck Schumer, companies. coming out against the administration.

Turned cloaks. Like something huge has changed. I don't even know what it is. The political, I mean, the political calculus has completely changed. I mean, there's a lot of people to be thankful for. I can tell you that. So, you know, we're recording this at, what, 10 o'clock at night on Thursday, which is much later than we normally do.

But the information is just happening so fast. Yeah. We couldn't record earlier. We put out an episode with WIPMER, emergency episode with Emmer covering the week's developments, and that episode became obsolete three hours later because the ETH-ETF is approved. That is, Emmer is just a national treasure.

I think he is, he's just a textbook example of someone who has actually spent the time to understand the technology. and just didn't, you know, he didn't dismiss it. He just spent the time to get a lot smarter about it. And I would say at this point, him and McHenry are some of the most knowledgeable people about blockchain technology out there, period.

I'm not even just saying politicians. Shout out to Amar leaving the House floor after presiding over the vote of his bill, the Anti-CBDC Act, and jumping on on the brink, you know? I love it. That's a priority. That's a man in understands priority.

priorities. Gary Gensler, worthless, he's calling Marty Gruenberg. What do you call him a rat? Yeah. A bomb? I think I what he was so fired up. I mean, Marty Grunberg is a bum. He's bum for sure. And you know, he didn't even resign. I asked the question wrong in the episode. I said, what do you make of his resignation? He didn't actually resign. He said I'll resign if Biden picks a successor. Yeah, Marty Grunberg is a bum. him. He sucks in like five different ways. Yeah, it's terrible. All right, let's try to go through the normal flow of this podcast and then we'll spend a bulk of the time after the deals talking about just what has happened. Because I do have a take on how we got here. I think that's important to kind

of stitch this together in terms of the order of events. And it's not like Joe Bowden woke up one day and just decided he was going to be pro-crypto. So there's been a confluence of events here. I do have to give a quick animal update. This has been a thing. thing. So I was cooking dinner and I looked out onto my deck and there was a rabid raccoon on my porch this evening. So I just had to get that across. How do you know it was rabid? I mean, it was walking around like it was drunk. It was like stumbling around and it was sniffing at my, I mean, it was a big raccoon. We just had a huge rainstorm too, so I don't know if that had something to do with it. The rain just somehow in Culkegakes animals.

with rabies? I don't know. It was like a huge storm, so I don't know if that's, they come out. And he was confused, because usually you don't see raccoons that it was still light out. It was like 6.30. And it walked up the stairs of my deck, almost like I was trying to get into my house. It was sniffing around my grill. And the thing was enormous. It was like a small dog. And clearly, clearly. Maybe it's homeless because of the flood and it was looking for a new home. It's possible. It really. freaked out my kids though.

They thought it was trying to get into the house and it kind of was if we're being honest. So last week you had a rat in your wall somewhere that died and it's decomposing in a smelly manner, right? Yeah, I didn't talk about that on the podcast. I don't want to talk about that. Okay. That's been a rough spot.

That's been. There is something about you met that attracts animals and in a negative way. Like in a period of sense. I was doing a lot better in the city. Yeah, this rural move, you've been just the wildlife, the fauna has come for you repeatedly. I just need better, I don't know, I don't know who to call to get rid of some of these things. It's there's not, I just need a jack of all tradesperson that will protect my home from turkeys. Apparently now raccoons, definitely the mice thing.

Yeah, you get, I mean, I live in a house that was built in the 1800s is part of the issue. You need weaponry. You need to train yourself and learn how to combat these creatures. Well, we've, that's underway. Elsewhere in our content this week, you sat down with Keone of Monad at the SCB 10X Redefined Tomorrow conference. That was great. That was a lot of fun. I do this SCB 10X conference every year, and it's one of my favorite events.

They get some great, great folks at this conference. I realized while I was interviewing Keone that I call it Mo. I call it Monad. I'm really interchangeable on it. I mean, it's one of our bigger investments ever. And I really can't say it. Which one is it? I should know. I don't know. We should both of us should know, frankly. I think it's Monad. Yeah, I agree, but I also say Monad. I think it might be a British thing. You don't have a excuse. No, I don't know. I was just, I think I just figured if we go 50-50 on it, then half of the time I would be right. It's not a common word at all. It's not. No, it's not. But a lot of fun. Let's take it to the deals. First stop, we have forecaster. Of course, they're the blockchain-based

social media platform. There is 150 million from Paradigmundon and Hahn. Then we have Plume, which is a layer two blockchain for real world assets. They raise $10 million from Han Galaxy, reciprocal SV Angel and a number of others. Then we have SISIC. There is zero knowledge hardware company. They raised 12 million from Hachkey and OkX Ventures. Blockless, which is a D-PIN project, raised $8 million from NGC, M31, and No Limit Holdings.

Then we have Elfee, a derivative's trading platform. They raise $5 million from IDG Capital and Ku-coin. Then we have Weather FM. This is a decentralized platform for weather monitoring. So they raised 7.7 million from light speed faction, borderless, placeholder, consensus, and others. This is a cool one. So we've talked to these guys. So they have these devices.

So you could like put them at your home and it monitors the weather. And the idea is to kind of build a network of, uh, I'm kind of, uh, one of these weather nerds. Like I used to love dark dark sky out. I like the weather. I like knowing if it's going to rain and exactly when it's going to rain. I do like that app. I like that app because the dark sky. Well, it's gone. Now it's like integrated into Apple.

Yeah. It's in Apple, right? Yeah. But it's not as good as it used to be. The weather is very unpredictable here. So you actually do need to do the advanced weather analysis because the generic forecast doesn't work. No. So we need to go one layer deeper. So maybe there's room for weather fM. I think so. I think that's a use case.

Pretty cool idea. next up we have kelp Dow they're a liquid restaking platform and they raise 9 million from SCB Limited Laser Digital Bankless and others Then we have strip chain Which is an interoperability protocol That raised 10.1 million

From Mechanism, Hypersphere and Shima Strip chain wouldn't be the name I would have picked for that for an interoperability protocol Yeah, that's an interesting one Lastly we inversify digital asset lending and trading platform They acquired Ather Digital For an undisclosed amount

All right, so let's let's get into it. I don't even know where to set the table here. I think we need to rewind a little bit. So Sab 121 has been out there. Everybody has known that this is complete garbage. The bank lobby has started to get behind the crypto industry in pretty meaningful force, I would say, over the past few months, because it's ridiculous that the banks cannot compete in the custody business. So that's been kind of percolating.

At the same time, I don't think people are. broadly aware that the crypto industry is completely flexing its muscles in Washington, D.C. over the past few months. So Fairshake, which is this pack, you know, which is fighting, I would say, some of the most hostile crypto politicians in the world. This is now the third largest pack in the United States of America. And going after some really interesting races. So John Tester out of Montana is really in the crosshairs.

Sherrod Brown in Ohio. Obviously, Katie Porter was a huge win. So the industry is really reacting to the complete overreach of the Biden administration, the SEC, Marty Greenberg, the whole cast of characters, Elizabeth Warren. So Sab 121 comes about, Biden comes out and says he will veto this on the same day that the House is about to vote to repeal Sab 121, to allow the banks to come in. And on that same day, so then, by the way, it passed the House.

bunch of Democrats got in support of it. Jake Ochenklaas up here in Massachusetts, who's a Democrat, broke ranks. So some really brave people broke ranks almost immediately after the White House said that. Then on that same day, and I think you can't discount this as a factor, Trump came out as pro-crypto and had this event at Marilago where Ryan Selkis played a role. And, you know, I think you can't really, you can't undersell what the impact of Trump getting on board with this. and I'd give Selkis a lot of credit for what he did down there.

All of a sudden, the calculus started to shift. So it goes to the Senate, Sab 121. This is the end of last week. And it actually passes the Senate with a bunch of Democratic support, including Chuck Schumer. And so maybe I'll pause there. But where we stand on Sab 121 is that the Senate just today, so we're recording this on the 23rd, sent the bill to the resolution to the White House. And the White House now has 10 days from today. So it's not 10 days from when it passed.

So will Biden veto Sab 121 or will he do the politically smart thing, which is to just tell the SEC to make the rule go away so that he doesn't actually have to act on it? And everyone kind of gets what they want. So, yeah, I hadn't considered that second possibility, though, something that Whip Emmer brought up in the podcast, too, is Biden doesn't have to back down on the veto threat, nor does he have to follow through with what would be clearly an unpopular veto. he can just tell the SEC to get rid of the rule because they work for him in theory.

That's what he should do here. I mean, so stepping back, I mean, why does this need to be a political issue? Like, why do the Democrats need to have anti-crypto as a core thing when 40 plus million Americans own crypto and there's a ton of influence in this industry? There's a lot of very politically active people as of about six months ago. So the calculus here, I think, has totally shifted where they were just punching down on the industry for the longest time, trying to shut it down, fit in neatly with Elizabeth Warren running the country on the financial services side of the House, which she has been doing since Biden was elected. But now I think that calculus is completely shifted where, you know, John Tester is not going to have a job. Like, that's just the facts. Like, John Tester is going to lose in Montana. They have a very good chance of losing Ohio for the Democrats with Sherrod Brown.

And they should. And everyone should really be zoned in on those two races because, you know, John tester is someone who said, and I quote, it's all bullshit when talking about crypto back in 2022. He said, I don't think it passes the smell test. I can't figure out who supports it. Well, guess what, John, you're about to figure out who supports it because you're going to be looking for a job here in November.

So I just don't get this. You know, it makes zero sense for Biden to have this as a weight on his shoulders heading into the election. I mean, he's got enough issues. Sab 1-21 in particular is a very stupid hill to die on because... Stupid hill. It only makes sense if you think crypto is bad and you want it to not exist. But if you think crypto will exist and you want it to be done safely,

then you would want the big banks to be able to custody it, the banks that are the most highly regulated, that the government has the most insight into. So from the generic democratic perspective, if you want surveillance and more control, et cetera, you would want crypto to be the purview of the banks. You wouldn't want it to be pushed out of the fringes to niche boutique firms.

So it never made sense to me that the Democrats were so opposed to it. Jake Tremensky had an interesting tweet, I think, saying a lot of folks, progressives, I think, thought crypto would just go away after FTCS. and they didn't plan for the world in which it came back. And so they thought it would go away. So ridiculous. They thought it was just dead.

So, okay, they launched their final volleys against it. Okay, crypto's dead. It's gone, whatever. And now it came back and they weren't ready. And I think that's it. They weren't prepared for the political might, the cloud that's being thrown around, and for the genuine grassroots support

that's evidence by the crypto industry. And now with the bank lobby. I mean, you persuaded the bank lobby to join the side of crypto. Good job. Yeah, odd bad fellows. So heading into the week, Sab 121 was kind of a good way to end last week, go into this week. Monday got absolutely crazy. Monday might have been the craziest day that I've had in this crypto industry.

So Marty Greenberg, first of all, in the morning, comes out, and Sherrod Brown came out and just said, kind of lost faith in this guy. he comes out and says that he will step back, caveat, once a replacement is found. So RIP, Marty, I mean, one of the worst public servants to ever do it. I mean, our orchestrated choke point 1.0, shutting down all sorts of industries that were ill-favored, I would say, by the Obama administration. All this came to light. This guy's been running the FDIC for 13 years, 13 out of the last, what, like 18 years? It's just absolutely remarkable.

So he's been orchestrating. a choke point 2.0 to shut down anyone who is banking the crypto industry. So really putting pressure on the bank saying you're going to have enhanced investigations into your bank if you're doing anything with these crypto companies. So you've seen a bunch of banks just wholesale leave this industry as a result. So he's going away. So that was a good enough thing to happen. Yeah, that was the thing that gave me more joy than any of these other things that happened.

and it's because I've been on a kind of a one-man hate campaign against Grunberg for over a year now. But yeah, I mean, this guy's the first ballot Hall of Famer in terms of worst bureaucrat of all time. I mean... Really? Yeah. Joe Boy 1.0 going after perfectly legal industries in an unconstitutional way gets called out.

Okay, stops that. Chugpoint 2.0 tries to kill crypto, tells the banks, again, with insinuations. and threats of examinations, not with any rulemaking, tells the banks they can't service crypto, moves on to fintechs. People don't know this, but if your bank and you provided services to fintech,

you're invited finance, you're at a much higher risk of FDIC examination. So they're trying to quash all innovation in financial technology, not just crypto. And it's very far-reaching effects. It's terrible for any U.S. firm that's doing anything remotely in trust. and needs banking, which is every firm.

Everyone needs banking. It's a catastrophe, honestly. And then, meanwhile, he presides over this culture of sexual harassment and bullying and abuse. One-tenth of the staff at the FDIC reported some kind of misconduct. One-tenth. That's unbelievable. That number is almost hard to wrap your mind around that he was just overseeing. And those are just the people that came forward.

harassment. Yeah, it's just crazy. It's crazy. And he's the guy responsible. I mean, you know, it's ultimately his responsibility. He, the fact that he is still in that suit right now is actually a national scandal. Same with Gensler, who moving to Gensler, also on Monday, comes out and says that he is in disagreement with this Sab 121. He thinks that it makes everything, whatever, less safe. His rationale makes absolutely no sense. So fast forward to the afternoon.

I guess we need to, you owe someone a tungsten cube here because we have long been saying, as far as we understand, the SEC has had almost no engagement with these Ethereum ETF sponsors. So the asset management firms that are trying to launch ETH ETFs. And so we've said, look, I don't think this is going to happen. That completely changed on Monday afternoon in a 180 degree way where I think it was Eric Balcunis's tweet that was the first kind of thing out there publicly. but it came out that the SEC had been reaching out to the exchanges who were applied for these 19B4s to list these Ethereum ETFs and said, hey, it's happening.

So Thursday was the deadline. They just got approved a couple hours ago. I've never seen anything like this. Clearly the Biden administration must have leaned on Gensler and said, look, buddy, you're not going to take us down with you here. Like you're on a one-man crusade to get your name in the headlines. I don't know what your goal is. You're not getting Treasury Secretary, but you're not going to destroy my. chance of having a second administration give these guys the eat the tiffs and just shut the hell up about it

i mean it's completely remarkable and yeah i did lose a tungsten cube bet to just and drake as of a few hours ago but that's fine i think my call was still right in most ordinary universes it's just we happen to live in the universe in which trump embraced crypto at an nfti dinner at marilago and the biden admin melted down and panicked yeah and did a 180. Like, okay, that's fine. I'm happy to lose that bet. And we're thrilled to have the ETH ETFs.

I'm very much looking forward to my bitwise and fidelity ETH ETFs. ETH completely deserves an UTF, obviously. The only people that seem upset about it are, you know, the no-corner's enough weirdly, you know, the sort of like laserized Bitcoin people thought that Bitcoin had some regulatory baptism from the SEC and that was why it was special. It's like, no, the case for Bitcoin is nothing to do with the

SEC. It has nothing to do with Bitcoin getting a financial instrument, ETH not getting that. High profile Bitcoin has believed in this. Just a little sidebar, but that's insane. So yeah, I mean, the calculus internally to Biden admin completely changed. I don't know who is responsible. I want a book to be written

about this. I mean, someone senior in the admin took note of the polling, maybe, the fact that there is clearly tons of grassroots, pro-crypto, maybe even single-issue voters. They looked at the reaction to Trump's statement. I mean, I don't know what it is that they saw, but this ETH-TF thing was not trending in a positive direction, and it was a total reversal at the 11th hour. Well, it probably was not John Donenberg, who is an economic advisor to Biden who used to be Warren's chief of staff because he's clearly not smart enough to see this. But I'm pulling up the election

betting odds right now, which is the aggregation of all these betting markets. Trump is 52.4% against Biden, 39%. These guys were dead even about 10 days ago. So it's clear, I'm not saying crypto is all of this, but it's clearly a trend here. And so it is not inconceivable to me that someone at the White House picked up the phone and called Gensler and said, just stop. Yeah, I mean, I'm very curious as to who the White House operative was. I mean, I'm imagining it wasn't Biden himself. The call maybe it was. But it shows that the Warren wing of the parties totally lost power.

And they had this iron grip on the financial regulatory apparatus within the Biden admin. They were making all those key appointments. They were all Warrenites, former aides, former staffers, et cetera. Some things changed. Warren no longer has that vice like. grip on the Biden admin. And good for some of these Democrats that have voted for Sab 121, and we'll get over to the Fit 21 bill next, because it's really just the will of the people is being expressed here

through the Congress, which is what you need. Yeah, that's democracy. That's how it works. So, so anyways, ETHETF, so real quick on this, so the 19B4s got approved. That is from Trading and Markets division at the SEC. the S-1s are not approved yet, probably because the SEC was ready to deny this. And I would love for someone to put out a FOIA request to actually see if the denial is something that can be produced. Because it's clear from where I said that the SEC was getting ready to say that Ethereum is a security

and that the only way it can trade is on this rinky dink prometrium, which RIP Prometheum, by the way. Couldn't happen to a nicer group of guys. Yeah, that business didn't work out. Dunzo. Like that thing doesn't exist anymore. So anyways, you know, I think they were going to deny this, but now that it is approved at the 19B4 level, it's not like it will start to trade right away.

So a division of corporate finance needs to approve the S-1s of all of the, I believe it's eight issuers. My guess is that takes, I don't know, at least four, six, eight weeks. So, you know, it's going to take a little bit of time here, mostly because the SEC was about to deny it and then couldn't. So that's not even all the news. I mean, there's more. We haven't even talked about Fit 21.

Let's get into it. This might have been the biggest stunner. So Fit21, Financial Innovation Technology for the 21st Century Act, Mark Instructed Bill. That was brought to a House vote and passed by an enormous margin, 279 to 136, 71 Democrats breaking ranks and voting for the measure. and this bill basically carves out CFTC versus SECC duties and market oversight

stimulates when some things is security, when it's not, when it's commodity. This is the regulatory clarity we're waiting for. Is it perfect? No. Is it comprehensive? No. But is it a great start, certainly. I think this is, if you get a market structure bill, look,

the contents of this bill are going to change. But if you get oversight that can allow banks, broker dealers to play in this market somehow, and if you can allow for it to be very clear what is a security and what is a commodity, I think you get, you know, I don't know, 85% of the way there on full-blown regulatory clarity, maybe even more. So to me, this one has always been kind of the holy grill of a concept. I'm not saying I like every piece of the bill. It's not a perfect bill.

and I think it will be reworked as it moves into the Senate. However, I just didn't see this coming. I mean, for the longest time, I think the view was we're going to try to do stable coins and then maybe market structure, but market structure probably gets kicked into the next administration because we're not going to be able to get enough Democrats on board with it. I mean, there are 71 Democrats that voted for this thing. The average age of the yes votes on the Democrat side was 51. The average age of the no votes was 63.

I mean, this thing totally broke a long age, really, not even really Democrat or Republican. It's a bipartisan consensus here that Congress needs to act because the SEC has failed. So I'm just super impressed. And the fact that McKenry was able to push this up a hill for as long as he did is also impressive. I remember I actually met McKenry about two years ago. And, you know, he said that he was going to bring this forward, he had a market structure bill. And I was deeply skeptical. But kudos to him.

I mean, it's just an incredible feat of, yeah, I don't know, being a good politician, I suppose. Yeah, I mean, if you'd ask us a couple of months ago, we would have said probably the only bill we could maybe expect this year to be stable coin bill. Right. And this one came through, Saab 1-21 overturn came through. Now, keep in mind, this needs to go through the Senate. There needs to be a sister bill in the Senate. my understanding is there hasn't been as much work done in the Senate on a bill. So we're not at the finish line yet.

But nevertheless, I mean, it's a strong statement of intent, strongly bipartisan, whether it's in this administration. And Biden also said he wouldn't veto it. That's a key thing. Yeah, we miss that. Yeah. So whether it's in this administration of the next, things are trending in an exceptionally positive direction in Congress.

And crypto is a priority. You know, they can be passing bills on anything. thing, but they're doing crypto. All right. And lastly, the anti-CBDC bill passed the house. I don't have the final margin, but that happened a couple of hours ago here, too. So this is with Emmer's bill, basically prohibits the Fed from doing a CBDC without explicit approval from the, from the Congress.

So, you know, you don't want to turn into a dystopian place with full state surveillance, like some other nations. So I thought that this one made a good deal of sense. It's hard for me to tell if that one's going to go forward in the Senate. too, but that passed the House. Yeah, so this is a more partisan bill, I believe. The three Democrats voted for it in the House. Senate, obviously, being Democrat controlled,

would likely have a harder time getting through the Senate, but still totally rear with the spirit of the bill, frankly. I don't see CBDCs coming to fruition in this country, but might as well pass some insurance legislatively as well making sure that if they do exist, they behave like cash, they have privacy built in, which, you know, whenever you look at the CBDC plans from governments, they don't talk about privacy. They talk about surveillance and the need to have KYC and AML, et cetera, built into the CBDC.

So people always say this. If cash was invented today, it would be illegal. I think that's very true. Whenever Central Bankers talk about CBDCs, they never talk about making cash. And that's what this bill asked for. So, you know, I guess my message overall is just keep the foot on. the gas. What we're doing is an industry is working. The fact that so many people have donated to Fair Shake, the fact that so many people have donated to stand with crypto, the fact that so many people

are going on to stand with crypto and sending letters to their elected officials, it's clearly working. So the tides have completely shifted here. And it's time to get, honestly, it's just time to get rid of some of these politicians that are hostile to innovation that are in these tight races. So best thing we can do as an industry is to continue to fight for what we believe in. And this week was a great show of what happens when you do that. Yeah, I mean, the pressure has clearly been gathering and I think, you know, it's a multi-channel approach. It's not just calling your congressman or donating, but it's making noise and being active and making your voice heard in a number of ways. And, you know, we hear this from folks in D.C. like things that you do make a difference,

even if they're not explicitly political acts. And I think. think we have been persuasive. I think the resurgence crypto is been persuasive, the fact that there's meaningful utility now, the fact there's stable coins, the fact that a good percentage of Americans hold these things, and that there's smart, sophisticated advocacy groups that make the case for crypto in Washington every day. All those things together. It's not just one thing. it's not just Trump embracing crypto although that was a big deal I think

yeah that was a very big deal yeah I mean they thought it was dead and we rose from the ashes again and now we're a meaningful political force so yeah keep pressing so what's next year so we're going to get some clarity on sub 121

that's going to totally change the market if this goes through I mean you're just going to see a big entry here of a few of the bigger banks that have actually built out custody. So that's one. I guess we'll see where a market structure goes. As you say, you know, you have Lummis Jill Brand in the Senate.

It's not clear that that fully comports with Fit 21. There's a lot of differences there. We'll see if something comes out of the Senate. And then you just need to keep an eye on who the people are that are in charge of these agencies. I'm starting to get to the point where I'm frankly just shocked that Gary Gensler still has a job. Like, he is such a political liability.

that could be he could be the next dominant of fall i would i would hope to see a stable coin bill and then i think another big change is just the senate races and obviously the presidential race but the contour and the texture of congress some of those key races we saw in the primaries some of the primaries most of the pro-crypto folks won where there was um you know lobbying and super pack efforts i would expect to see something similar in the tight senate race where there's a clear, you know, pro-crypto-ante-crypto side, especially Ohio. That's one I've got my eye on. But there's a few of these.

Yeah. So there's a few races that weren't mentioning. So I think Montana is the most winnable. John Tester is probably the most hostile besides Elizabeth Warren. Then you have Ohio with Sherrod Brown. Nevada has a really tight race where there's a very pro-crypto candidate on the Republican side. Sam Brown, I believe his name. is. You know, you have a Pennsylvania race that's very tight, very pro-crypto candidate. So there's a

bunch of these races that are, I would say, increasingly important here. Well, keep going. Keep pushing. Keep the ground game moving. All right. So it's getting late. I think we're going to call it. Might even catch the end of this Celtics game here. Looks like we're up big. So City of Champions striking again here. We watch a Celtics game. They lost, though, to the heat. Yeah. was a tough loss. Yeah. Well, they always drop one, but I don't know. Paisers were a good draw, I think, for the Celtics here. So looking forward to that. All right, everyone, this was a great week. Everyone keep it up out there. Brink Nation, doing a great job. Have a safe and healthy weekend, and we will see you on Monday.