On The Brink with Castle Island - Weekly Roundup 09/01/23 (SEC loses vs Grayscale, Impact Theory implications) (EP.447)

Episode Date: August 31, 2023

Matt and Nic are back for another week of news and deals. In this episode:  Tether is actually the most interventionist stablecoin when it comes to freezing Should we be bullish on PYUSD?  Why stablecoin data shows meaningful utility for public blockchains  Is the idea of a 'crypto generalist' dead?  The meaning of the SEC's loss in court to Grayscale Why the SEC was 'arbitrary and capricious' The SEC's blunder over their approval of Futs ETFs The SEC's possible options  Our guesses for how the SEC reacts to their loss The SEC delays other pending spot ETFs The SEC wins against Impact Theory  Why the case against Impact Theory could implicate a lot of other NFT projects  Uniswap wins a class action case  What does the SEC's case against Binance being under seal mean?  Content mentioned:  BH Digital, The Relentless Rise of Stablecoins WSJ, The SEC Strikes Out Again on Crypto With Grayscale Sponsor notes: Coin Metrics STATE OF THE NETWORK — Coin Convergence: Piecing Together Common Ownership Patterns Across Major Stablecoins In Coin Metrics State of the Network Issue 222, we highlight trends in user behavior & common ownership across major stablecoins on Ethereum

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 to Britain's ailing economy with a new round of Conjecturee easy. 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 Nick Carter. And this episode is brought to you by Coin Metrics. And here is the Metrics Minute. All right. For today's Metrics Minute, we're looking at co-ownership of stable coins. So we're looking at wallets that hold different kinds of stable coins at the same time. So there's about 7 million accounts on EF that have a non-zero balance of major stables. The bulk of those is Tether and the USDCs number of. Number two, co-ownership is uncommon. So there's 6.1 million unique USDA or Tether accounts on ETH.

Only 150K or 2% hold both. So there's just not a lot of people that are both USDC and Tether users. Analysis of account cohorts based on creation dates reveal some insights on user behavior. If you look after the SBB collapse, new accounts on ETH created hold 7.8 billion of USDC compared to 5.8 billion of USDC, which shows the post-SVB, USDC is kind of disfavored, and Tether has been gaining market share dramatically, as we've seen. That's your metrics minute. I mean, I guess it makes sense that there wouldn't be a lot of accounts that hold both assets,

unless you were in exchange, right? As an individual, you'd probably just pick one, right? Yeah, you just have a preference for one. And, you know, so I just interviewed Peter Johnson from Reverend Howard Digital about stable coins. And he had kind of this interesting observation, which is Tether, if you look at their activity in terms of number of accounts frozen and assets in the aggregate frozen is more interventionist than other stable coins. But they have the perception of being the most immune to law enforcement or regulation. But that doesn't actually appear to be the case. Like they tend to freeze accounts more aggressively than other stable coins, including USDC.

So kind of a, but they definitely benefit from the perception that they're the most kind of regulatory, remote stable coin. So I thought that was pretty interesting. That is pretty interesting. I mean, there, there is certainly the perception that if the U.S. government tells them to do something that they're just not going to do it unless they absolutely have to. Yeah, but I think they actually do listen to U.S. law enforcement when they ask them to freeze. wallet. Interesting. So when's that podcast coming up? Well, we have another one on proof reserves first, I think. So that'll be in two Mondays from now. That was a great episode. Peter is not to pat myself on the back or anything. I think alongside me is one of the most

vocal pro-stable coin folks on the allocator side historically. I was going back at his old predictions. He's made stable coin predictions three, four years in a row now. And he's been a stable coin megabole since 2019 when they basically didn't exist. The only mistake, I guess, if you can say that he made was he said stable coin supply would go to 500 billion in 2022. 500. What are we at right now? Well, right now we're at 120. We peaked at 180. We have been still declining. That's kind of my signal. There's a little bit of alpha for you for Brink Nation right here. That's my signal for when things are really going to turn around is when stablecoin apply stop shrinking.

Yeah, I could see that. I mean, imagine what it would have been like if Libro was able to launch as a stable coin. We would have definitely been in 500. So his view is that, you know, some people call it Pyongyang USD, PYUSD, PayPal Stablecoin is going to be a huge winner. He thinks possibly the number one. Number one stable coin.

No kidding. Do you know that PayPal has 400 million users worldwide? I mean, that's probably more. users than all of crypto has. That's fascinating. I saw this week that MasterCard and Visa are both increasing their rates. And so it looks like a pretty good timing if you're PayPal. I've been surprised that the,

I know Visa has been fairly active in terms of stablecoins. I've been surprised they haven't been more active and MasterCard for that matter. I mean, what do you think the play is there, launched their own stablecoin network? It's hard to see. it's almost like an innovator's dilemma issue for them, isn't it? Yeah, I mean, if you think about cross-border, stables probably are affecting their revenues to a certain extent,

but they maintain large payments networks, not just credit. And, yeah, I could see them internalizing the yield from stables, not just partnering with stables, but creating on themselves. I don't know. Either way, Peter Johnson, very bullish on. PYUSD. The problem is PYUSD cannot easily go to other chains because in New York you need to get approval for new blockchains and they're only approved for Ethereum. Ah, okay. Interesting. Well, I'm sure that'll change. I was just rereading the report they wrote and we'll plug it again. We'll put

in the show notes very good. Relentless for us as the stable coins. One of the most interesting charts I thought is there's two very interesting takeaways in that thing. One is crypto exchange volumes have fallen dramatically, but stable coin transactional value in dollar terms has not really. So it remains robust. So it shows like, okay, the speculative side of the market has declined, yes, the kind of utility side of the market is still going strong. I think that's a very strong signal. The other one is stable coin supply has stagnated since peak, right? But daily active wallets and users and transactions using stablecoins has only grown linearly. We're at the all-time highs there. So even if you look in the aggregate supply metrics, it looks like stagnation, actual usage

continues to grow. I mean, if you just index it based on how many pitches we're seeing that are in the stable coin category, I'd say the attention has never been brighter, right? I mean, we're getting pitched left and right from folks that are starting remittance apps using USDC. It's really a fascinating killer app. People that say that there's no use case for blockchains. It's right there. I mean, it's just moving US dollars is clearly a killer use case here. Stable coins are for dollars. Factually speaking, I mean, 70% of on-chain volume. On-chain volumes are stables. So yeah, that episode was awesome. Can't wait to publish it. There's not a lot he and I disagree on, actually. We basically have the same views. Well, you did another podcast this week. You did the

blockworks light speed podcast talked about stable coins you're just a stable coin guy yeah you know i've always like stable coins you know we did our white paper in 2020 i decided to refresh all that data um so we're working our little booties off trying to do that um most of my talks here will be about stable coins i was just thinking to myself today as an allocator you could just be focused on stable coins and you would have a full-time job yeah i think that's right I mean, frankly, that probably applies to other niches in crypto like ZK. I guess you could just be full-time on ZK as well. That was another thing I was thinking to myself recently.

I think the notion of a generic general crypto investor is not going to be a thing in three years. Just more and more concentration. You're going to need to specialize. You see that already. I mean, you know, if you're trying to do blockchain-based gaming deals and you don't have an expertise there, you're in for a hard time. You know, we saw that with the, like, the deep. We don't do gaming.

The D.Y guys that escape velocity, that's all they do is decentralized wireless, decentralized, like, internet architecture. Yeah, I think it's literally impossible in terms of the information flow to actually be sufficiently deep across the board in crypto today. It'll be like the internet, right? In the early days of the internet, there were quote unquote internet funds that actually called themselves internet funds. And now that would just seem like a ridiculous thing. Yeah. All right, so we had a couple deals this week. First one up is Deform.

This is a Web 3 marketing firm. There raised 4.6 million from Kindred, Scalar, and Elad Gill. Deform, huh? That's like an agree thing. I don't know. Deform or is it deform? Yeah, is that the form or deform? I don't know.

Who can say? Next up we have the Stroom Network. It's a company building liquid staking on Bitcoin's Lightning Network. Don't know what that means. they raise three and a half million from Greenfield Lemnus Cap and others. Bitcoin's Lightning Network doesn't have staking, does it? I guess there is a yield though, right, on the running those watchtowers? Yeah, in theory, yeah.

Maybe that's what they're referring to. Yeah. So your block clock back there is not working. No, my block clock hasn't worked in years. But, you know, Galaxy just keeps on selling all this Alameda coin. So it just keeps on going down anyway. So, you know, it shows a zero on the block clock. That's basically what the market is.

Yeah, it's not too far. John Ray's coins are just getting dumped. Not too far off the truth. We thought that we had to reprieve there with obviously the news of the week here. It's the SEC's stunning loss in court. But we didn't really have a reprieve. We're still down only. Well, I mean, so let's get into the news of the week.

This is huge. So the SEC has lost in horrific fashion this lawsuit, this Administrative Procedures Act lawsuit from Grayscale. So Grayscale was arguing that they were not being treated in a justified way on the denial of their ETF. They won three to zero in terms of the total, the judges that actually opined on here. And one of the judges was an Obama appointee. One of them was a Carter appointee. And I think one was a Republican. I'm not sure which Republican, but 3-0, they said the SEC was arbitrary and capricious.

It was an absolute beatdown. Go and read the opinion. We'll put it in the show notes in our newsletter. But they dissected point by point all of the SEC's arguments, and they just went boom, boom, boom, incorrect. We disagree. That makes no logical sense. The wording in there was just remarkable. This Savage.

I wanted to pound myself on the... I don't know where did we say this. We must have said it on this show that it was incoherent that the SEC approved the FUT's futures-based ETF didn't approve the spot-based ETF and the SEC's theory

that the futures in spot market were not inherently connected was an insane, crazy thing to believe if you have a background in finance. The court completely agreed with that take. Yeah.

I mean, that was actually the thrust of it, really. I mean, I'm not sure you should have someone who's not a lawyer running the SEC. It's not going very well. Or like doesn't understand finance or at least is making arguments that portray the author of the argument as someone that doesn't understand finance. Because of course, spot in futures markets are connected. They're inherently linked. So I think that's the arbitrary nature of their denial that the court is saying arbitrary capricious, great phrase. it's arbitrary to approve a futures

ETF and then not approve a spot ETF, it's the same market. So the losses are piling up here. I mean, so he just lost Ripple, that big case, he just lost this one. He's taken a couple L's in this coin base on going back and forth.

Now, I guess the question is what happens now to the gray scale ETF proposal and what happens to the overall ETF proposals? This doesn't mean that it gets approved. So it just goes back to the drawing board SEC needs to reconsider. Meanwhile, there's something like eight Bitcoin ATFs that are on file right now waiting to either be approved or rejected. That includes

BlackRock, Fidelity, Bitwise, Galaxy, and Vesco. So, you know, I have some theories on what's going to happen here, but let's hear your theory. What happens next? What does the SEC do here? Well, let's review the options. All right. First option is something called an all-bank review. I guess this is French, French term for whatever, en banc review. I don't know how to pronounce it. Okay. Which means that apparently the whole circuit reviews the case, not just the three judges. Yeah, so that would be an appeal.

I'd be really surprised if that happens. The other option is to appeal a direct of the Supreme Court as far as I understand. They're not going to take it. But the Supreme Court would not grant cert as it said. You know, as Supreme Court watchers, you know, they would not grant a writ of certiorari, something like that, whatever. The Supreme Court wouldn't take the case, in my opinion, because it's actually a ruling on a rather narrow matter of fact.

And it's not a kind of a fundamental constitutional question at all. So it wouldn't be worth the Supreme Court's time. Okay, so those are the two legal options. what the SEC can do is revisit the application, find some other reason to deny it. So I think they'd have to come up with a pretty good reason now. And it's not clear what that reason would be. Maybe someone to do with custody. The other thing they could do is, given that the court has said it's arbitrary that you approve the futures ETFs, you didn't approve the spot ETF.

You should go back and disapprove the futures ETFs. It's possible. opens them up to another big legal challenge for sure. Or, I suppose they could approve the spot ETFs. That's an option. So those are, I think that's the full suite of options there. All right. So, and then what do you think happens? Most likely, and I would say 60% probability is that they exit with their dignity somewhat intact and they concede the point. They let the spot ETF go through or ETFs. They can save face to a certain degree by saying, hey, we disagree with this, but the court has spoken, so we respect the rule of law. The second most likely thing, in

my opinion, is they find some other reason to disapprove the spot ETF while still keeping the futures ETFs intact. So my guess on what happens here, you have to remember that Gary Gensler is a politician above all else and he only cares about Gary Gensler. So he's going to want to save face here to preserve his future political career. And I think the way you do that is you approve, but you spin a narrative along the way. So I don't think he will approve anytime soon. It looks like they were just, they just exercised their delay on Invesco, Bitwise, and Galaxy for another 45 days. I think you could conceivably push this out after the first of the year with these delays. And I think what Gensler will probably go for is just the overall narrative that, hey,

I cleaned up the crypto industry. So I made sure we get these surveillance sharing agreements in place. BlackRock came in. They were the adults in the room. And then we ended up approving it once we got the surveillance sharing agreements. Now, that's totally logically incoherent, because I actually don't even think you need the surveillance sharing agreements with the spot market. And if it was that easy, you know, folks would have done it years ago. But I think that's the face-saving move that don't be surprised if you start seeing articles spun by Gensler, you know, leaked to the press around, hey, I'm cleaning up this market, I'm institutionalizing it. You know, it's all about BlackRock. It's all about these bigger institutions going

forward. And eventually you get the spot approval. But I think they're in a very difficult legal situation if they continue to disprove these. And they certainly would not want to be in a legal fight with Black Rock on this. So I think it happens. I think it'll happen probably after the first of the year. And if you're a regulator, you have limited financial resources, of course, significant but limited. So you want to be judicious and you may get questions if you keep losing these cases. You might get questions as to why are you spending so much money losing these cases. And then you also have limited political capital.

So I think if you're spending a ton of time and energy fighting these battles, which, the rest of the political establishment may see is not the right battle to fight. I think you're also expending that political capital. So I agree. I think the, can you hear that? Yeah, the thunderclap. Yeah, I can.

It's so loud. I think at this point, he concedes the point on the spot, ETF, while still maintaining his otherwise hostile posture to the industry and grants the, grants the cryptospace a narrow victory and a victory that, actually serves the interests of the large incumbents in finance.

I think the Wall Street Journal editorial board hit the nail on the head. So they came out with an op-ed that will appear, I think, in the Friday morning, WSJ. It says, Mr. Gensler is holding Bitcoin spot ETPs hostage in his crypto market power grab. Until crypto exchanges register with the SEC, he won't authorize spot Bitcoin ETPs. Arbitrary regulation and regulatory overreaches are a current themes of the Gensler, SEC in the Biden administration. Is he trying to match Lena Kahn's losing record at the FTC? It's a pretty sharply worded op-ed, and it's hard to disagree.

Yeah, I actually didn't know anything about Lena Kahn, so what's the deal there exactly? Well, similar to Gary Gensler, all Lena Kahn seems to do is lose court cases. So the SEC also did, I guess, get a small dub. They picked up a dub in terms of they won against an NFT project or they got them to shut down effectively. Well, so yeah, I'd never heard about this thing, but there's something called Impact Theory. I did the podcast. I did that podcast. You were on these guys' podcast? Yeah, I did the Impact Theory podcast. I thought it was

pretty weird, actually. He was like, looked like he was recording from inside the International Space Station or something. Okay. Well, all right. I never even heard of this thing, but I guess they sold $30 million worth of NFTs. There was multiple tiers. It looked like it was kind of security in nature from the article. So the SEC went after them. The company is going to pay $6.1 million in penalties to settle. But what I thought was interesting is that Hester Purse and Mark Ueda both had a dissent that said that the SEC's case was overly broad. that not all NFTs are securities, basically, that we don't go after people for baseball cards, trinkets, collectibles, and things like that. So I don't know. I think it's just maybe this was a case where this was an unregistered security, but the view from the dissenters here was that the SEC's being overly broad in NFT-related enforcement action. Yeah, actually, so I don't really have any allegiance impact theory.

They actually had some pretty good guess on the show. Not me. I mean, like other, like actually famous people. But I think this is an interesting case, because the bulk of the thrust of the SEC's reasoning is, well, they kind of promised that they would undertake their own entrepreneurial efforts to make the NFTs be worth something in the future, which as an issue of NFTs, of course, you actually do want to make kind of implicit promises like that. You want people to think it's going to be worth something. Otherwise, why would they buy it? So that's kind of the dance with NFTs. the SEC thinks it's straight into securities territory.

But in this case, that's probably fair. But if that's the line of reasoning, then that also does kind of apply to many things. Like, you know, you buy a watch from Rolex. Like you're buying the implicit guarantee that Rolex is going to keep maintaining scarcity, that they're going to perform marketing, right, that they're going to ensure that the second, that that watch is, worth something in the future, especially something of the vibrant secondary market. So I'm kind of sympathetic to Hester Purse's view here that this is pretty broad

interpretation of securities laws and brings a lot of different types of collectibles under that rubric for sure. The other interesting takeaway is if this, if impact theory got dinged for their kind of relatively anodyne marketing, this dings every major NFT project. Oh, yeah, for sure. Yeah. Like, they have all said they're going to be the next Disney. Okay.

Not just impact theory. So every kind of venture-backed NFT project where there was a significant amount of marketing, this kind of implicates all of them with the exception of like, you know, generative art, like things that are sold with absolutely no representations whatsoever, no notion of ongoing utility. but anything where there isn't mention of future utility, et cetera, where the team was in place, they're going to keep building working on this thing. This court logic,

which was first of its kind, implicates all of those. Yeah. I mean, it's a good point on, you know, other things that are non-digital that you buy with the expectation of profit,

a Damien Hearst piece or something like that. You're sort of expecting that he won't introduce hundreds of thousands of new pieces and dilute the supplies. So that's a really interesting point. I think that you'd be hard pressed to not make a security's law argument in a case like that, too. Yeah, you could certainly find other domains to apply it to. And maybe that's where this goes.

You know, maybe everything's the security. Everything's the security. And then we're tokenized them and we'll trade them on Prometheum or something. Promethean member, ATS. Whatever happened to those guys. Did they get that capital? raised on. So that's the SECC.

That's all we talk about. Yeah, someone told me that we need to make the podcast more upbeat. It's like we just deal with what we're, what's coming out here. We can't make up news. And I think this GBTC thing is pretty upbeat this week. That was a great morning.

That was for the first time in a long time. You know, we needed that. We did need that. Price, uh, price on GBTC. A lot of people's,

uh, rollover IRAs were very happy that morning. What did it go up? Like 20%? Yeah, it was a nice pop. Yeah, I mean, look, the world serves us slop and then we just feed it to you in the canteen. Okay, we can't decide what happens in the world. Or at least the archivists. How much of this, though, the lack of deals do you think is just that we go on Coin desk and the block and they've both like really reduced head counts? And so maybe there's a lot of deals that just aren't getting reported. And maybe we're just not seeing them.

Well, I thought we'd some sort of proprietary sourcing methodology there with the deals. You tell me you just get them from the news organizations? Pretty much. Twitter and then the news orgs, yeah. Well, so for the listeners, it's Matt that writes the newsletter. So I'd always thought you had some kind of, like, fancy scraping tool for the deals. No, I don't. No, it's just that I read Twitter all day.

Yeah. Well, maybe Axios should cover it or something. People ask me all the time, what's the best newsletter to cover the deals? It's our newsletters. Yeah. I say it's ours. Maybe it's not anymore. Now I'm having second thoughts about this whole thing.

I think there'll be more deals after Labor Day. There are some other bits and pieces. Class action lawsuit against Uniswap was dismissed by New York court. they were trying to hold the Uniswob developers and financial backers of Uniswap responsible for sort of nefarious activities undertaken by users of the protocol. So I'd say it's actually the right decision and a pretty welcome one from the court. Yeah, and then the court also said that ETH is a commodity in that ruling. For what it's worth.

Yeah. It's interesting. We haven't seen SEC enforcement actions against a lot. large-cap defy. And you wonder if that's something that we'll see before Gensler's done here. So one thing that a lot of people have been talking about recently is the SEC has an under seal case pending against Binance. Have you seen this? I have. Yeah, the market's pretty jittery about this. So the SEC filed in their ongoing litigation with Binance. They filed something under seal this week. And a lot of people are speculating that they're using some information from the DOJ.

in the DOJ's ongoing investigation. So maybe there's something in there around getting information from a cooperating witness who works at the company, or maybe there's something in the terrorist financing realm, something like that. So I don't know. What did you make of it? Yeah, look,

I don't know anything about this stuff, but I have seen the movie The Departed. Okay, so. Great movie. Yeah. Great film. So clearly something, there's like kind of some superseding bigger indictment.

going on from some bigger agency, probably DOJ. At least that's my interpretation. And the SEC doesn't want to step on their toes. Yeah. So something's going to happen there, for sure. You know, what it is, who knows? But yeah, I would say that's the big kind of blacks. I mean, there's the two big ones.

People think Tyler's going to go down. They think Binance is going to go down. Certainly seems like the aggression directed at Binance has intensified dramatically in recent. So did you see that Coinbase is going to list PayPal's USDC? I can't even say that word. What is it, PiUSD? How do you say that?

I call it Pyongyang USD. Pyongyang USD. So Coinbase will list PayPal's stable coin. I mean, yeah, this is this. According to Peter Johnson, this is the start of a glorious ascent. And PYUSD may be the number one stable. Wow. Actually, I don't think that's likely to happen because onshore stables,

have really been suffering, actually. I mean, the offshore stables have been the ones that have been winning. So what people want in a stable coin is the feeling of remoteness from the U.S. Yeah. You know, regulatory apparatus.

That's where you're selling with a stable coin. So you went to a, what did you, would you go to a soccer game yesterday? Yeah, so, you know, we've run out of things to talk about, so we're going to talk about sports.

So, yeah, inter Miami. This is funny, I was telling Matt about this and now it's like who's the player that plays for Inter Miami? Like who's that? He's like some like good soccer player or something right?

Yeah it's like with all the famous soccer players come over to the MLS when they're done right? So I didn't know it's messy. He's like 36. Anyway so yeah messy and some of his former Barcelona teammates Jordi Alba, Sergio Biscuits they all came together

to Inter Miami. So I went to a game Thank you to the XPTO team. They're the shirt sponsors. Talk about a sponsorship that paid off. Oh, did they get that before this guy came over? Yeah, they've been kind of inaugural sponsors. Then Messi comes in.

The value of the franchise just sky rockets. They're by far the probably the most valuable franchise in the league now. How many goals did the guy score? Zero. In fact, nobody scored a goal. Zero, zero, zero. It's a tie game. Oh man, that's a typical soccer game there.

I didn't want to tell you that because I knew you'd make fun of me in the sport. So they just kicked it down to one end and it kicked it back, but yeah, that was it. It was a thrilling, a thrilling nil-nill-nill draw. Okay. There were approximately two shots on goal in the game. But Floyd Madeweather was there. Oh, so you got that. Yeah.

I don't know. It was cool. Okay. Here's my bone to pick, though. It's called Inter-Miamy. The stadium is not in Miami. It's not even close to Miami. Where is it?

North of Fort Lauderdale. It's not like an hour away? Yeah, it's nowhere near Miami. Miami's not the nearest city. Yeah. It's Inter-Fort Lauderdale. Do you think everybody was just looking forward to football season? Yeah.

I mean, the stands were packed. Like, people were totally keen on it. But yeah, the guys, game itself was was not great. I think the, the Patriots was going to win it all this year. I may or may not have a, really?

Yeah, online gambling is the thing now up here. In Massachusetts? Yeah. May or may not have some action. We're still not allowed to it in Florida. Yeah. Really? Yeah.

What are the odds? I had great odds. I forget exactly what they were, but it was not a very popular pick. The Patriots over under is seven. You got to hammer the over. Seven what? Seven wins.

or seven and a half wins or something. Really? Yeah. Wow. I'm predicting. The bookies hate you. I'm predicting 15. Yeah, that's more like it.

But we're down to one quarterback. They cut the second string and third string. They cleared waivers. They signed both of them to the practice squad, but there's only one quarterback in the team right now. I think personally, so it's Tom Brady Day in the first week of the season. He's coming back to be honored. I think there's a chance that he just put. What's the jersey back on?

Well, isn't the first game like next week or something? It's coming up. Yeah, I think it's a week from Sunday. Yeah, well, maybe you can just play the whole season with one QB. Well, that's what we used to do. That was talking sports. Yeah, I mean, look, if you don't want us to talk sports, I don't know, make some things happen in crypto.

So we have things to talk about. Yeah, we didn't do any of the bad boys this week because all there was was just back and forth in the courts. Yeah, I mean, we're all. almost at the end of kind of the bad boys saga. I mean, I guess SBF asked the court for more time to prepare, which I don't like. I want this thing to be over and done with in October. If this thing drags on, it's going to be brutal. When do you think they select the jury? Is it like the first day of the trial in October? That's when they do it? Yeah, that's a good question.

I had jury duty the other day and I was lucky they just made me sit in a waiting room all day and then sent me home and that was it. But yeah, I mean, for high-profile cases, jury selection is a big deal. I mean, because they want defendants that are likely to rule one way or another, or jurors. Yeah.

But yeah, if this thing drags on another two quarters, it's going to be a nightmare. I just emotionally need to be past this. Yeah, we need to have this wrapped up by Thanksgiving. That would be great. All right, so I think that's it for the week. We'll be back on Monday with a special episode. Have a safe and healthy weekend.

We'll see you on Monday.