On The Brink with Castle Island - Weekly Roundup 11/14/25 (Miran speech, Cash App adds Stables, DAT Hangover)(EP.685)

Episode Date: November 14, 2025

Matt and Nic are back for another week of news and deals. In this episode:  The Senate Ag Cmte publishes a Market Structure draft Paul Atkins' token taxonomy speech Fed Governor Stephen Miran gives a major stablecoin speech Grayscale files their S-1 Coinbase announces a tokensale platform Coinbase is leaving Delaware The Coinbase BVNK deal falls through Visa Direct adds stablecoin support The Czech republic buys Bitcoin DATs are struggling CBDC holdouts Jack Dorsey bends the knee on stablecoins  Content mentioned: Stephen Miran, A Global Stablecoin Glut: Implications for Monetary Policy  

Matt Walsh and Nick Carter are partners at Castle Island Ventures. All of these expressed by them or the guests on this podcast are solely their opinions and do not reflect the opinions of Castle Island Ventures. Guests and host may maintain positions in the assets discussed in this podcast. You should not treat any opinion expressed by anyone on this podcast as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of their personal opinion. This podcast is for informational purposes only. Brought down by bad mortgage investments, Lehman, which has 25,000 employees will be liquidated.

The federal government loans American International Group, AI, $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 quantitative easing. You print 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. Coming off a busy conference week, you and I. Yeah, you know, I don't. really do conferences very much anymore, but when they're right in my backyard, then I'll do them. Yeah, that was the canter. The canter crypto, AI and energy conference. There's something for

everyone. It's a lot of people in town. It was good. I had a good time. I thought they did a good job with that. Yeah, no, I mean, it was heaving. It was incredibly busy. Tons of bigwigs, not just from crypto, of course. The CFO of Open AI spoke. I don't think she said anything. There were no newsworthy flubs this time. That's good. And the sentiment there, you wouldn't know that the coins are trading like they're going to zero. You wouldn't know it. You know what I like about these Miami conferences?

You always have an event that's on a boat. Yeah. The trick with the boats is you can't sign up for a boat that's six hours long. No, two hour bill wind up. Two hour is the absolute optimum amount of time to be on a boat. Yeah, we had a good boat set up. Busy Newsweek, huh? Less so on the deals, but I feel like a ton of news was happening this week.

Yeah, so much. Almost no deals. I don't know what happened there, but lots to talk about on the news front. All right, let's do the few deals that we had here right at the outset. Lighter, which is a decentralized purpose exchange, there is $68 million from Founders Fund, Ribbet, Han Ventures, and Robin Hood. Seismic is a privacy focused on one blockchain. raised $10 million from A16 Z, crypto, polychain, and Amber Group.

Then commonware, which is a blockchain infrastructure company. They raised $25 million from Tempo, which is the blockchain that Stripe is launching. Oh, that's a nested deal right there. Then you have Curvance, a defylining protocol. There is $4 million from F Prime, primal capital, and GSR. And then it's Rift, which is a P-to-P Bitcoin exchange. They raised $8 million from Paradigm. All right, where do we even start this week?

Should we start with clarity? Clarity, yeah. So market structure bill moving forward here, the Senate Agriculture Committee released a draft market structure bill this week. You know, the draft, I would say there was a lot in here, but there was also a section on defy that was just entirely black. So I'm not really sure how to react to that. I think the goal of the industry is to kind of put DFI to,

the side and let's worry about regulating that later. Let's focus on the centralized companies. So the D-Fi section was blank. It did kind of classify coins like Bitcoin and Ethereum as digital commodities. We'll talk more about Atkins and his taxonomy. So I think it looked compatible with what Atkins is trying to do. Had some content in there around centralized exchanges having stricter listing standards, which I thought made sense.

All in all, from what we could react to, It seems like a good step forward. But I think the big question is, what do we do with Defi here? Is Defi going to be in this bill or not? Yeah, I like what I'm seeing so far. But as you say, there's big open questions. You know, in my panel that I did at the counter conference, we had a lightning round. And the last question was, when, if at all, do you think clarity is going to pass?

Oh, what did you say? Every member of the panel said they thought it wouldn't, including me. I don't know. I'm holding out hope that something is going to happen here. But I think the question is, you know, the Trump family is a big part of this. So a lot of the Senate Democrats here would like to see some language in the bill that prohibits the Trump family from being involved in the industry in various capacities. And I just don't think, I don't think that's going to happen. Trump's the things that are working against the bill in my view I mean Congress is so divided we just shut down for 40 days Trump's political capital is at an all-time low as far as Trump 2 is concerned there were worse times in Trump 1 and then the Trump family is involved in crypto which doesn't help so all of these things conspire and the Dems just kind of

trounce the Republicans if we're honest in the mid-mid term, whatever. What do you call the mid-mid term? The one-year election. I like what you did there. Yeah. Off cycle. So the Dums won the mid-mid terms. So we're on as the mayor of New York City. So they're going to feel empowered. I don't think they're going to even feel like they want to compromise. So I don't know. Not feeling good about clarity's odds. All right. So the logical next question is, if you don't get a market structure bill, what happens here? And SEC Chairman Paul Atkins had some timely news this week. So he did a speech. He outlined, quote, coherent token taxonomy, basically a step towards clarifying what makes a security

and what makes not a security. I'll just give a few highlights here. Network tokens that are intrinsically linked to and derive their value from the programic operation of a crypto system that is functional and decentralized would not be a security. So in that category, I think you could put a lot of different cryptocurrencies. Certainly you could put L1s and L2s and D5 protocols in that bucket, I would think. there's clear language here that says that digital collectibles like NFTs or tokenized trading cards are not securities. That's very different from the Gensler admin. It says digital tools such as tokenized

tickets, membership cards, identity badges, that whole crop of digital assets are not securities. And then it says tokenized securities, basically stocks, things that exist in the real world that are tokenized as securities. Those are in fact still securities. So I mean, that all just sounds like like common sense to me. Yeah, like what I'm seeing here. I think maybe crypto makes it harder to taxonomize this stuff. I feel like we've been talking about taxonomies for a decade now. And maybe it's an inherent crypto thing because we just blur the lines between the categories.

Yeah. I mean, you could get very nuanced, I think, with network tokens. And the definition of decentralization is not specific. here. But if you have a D5 protocol that is owned, you know, 75% by one team who has a centralized way to control what happens on the network, to me that would be a security. But, you know, I think that that'll all just be flushed out on a case-by-case basis, I'd imagine. It was interesting. He said in the coming months, I hope that the commission will consider a package of exemptions to create a tailored offering regime for crypto assets that are part of or subject

to an investment contract. I suppose this is pending some legislation that gives the SEC authority to do that. But it's, I think it's quite helpful that he's saying that that's his intent. Yeah, it's a good question on the regulatory actions and their tie into the legislative agenda. But I think in terms of just putting out some rules here, this is a really good first start. And I think the market will respond to that. So especially on tokenized securities, you have just so many issue. here that want to put funds on chain and do various things. So to have some sort of

exemptive relief to do that, I think would be huge. So there was another landmark speech this week from a certain governor Stephen Moran, who is now part of the Federal Reserve, called a global stable coin glut implications for monetary policy. Did you see this? I did see this. Pretty impressive, huh? Yeah, you know, there's a few speeches from folks at the Fed that I have really enjoyed. In particular, Chris Waller, I think it's always been extremely sensible when it comes to stable coins. Michelle Bowman said some really good stuff lately, but this is probably my favorite. I think this is also the most important speech from someone at the Fed about stablecoins to date. So this is my number one.

So just read an excerpt here. My thesis is that stable coins are already increasing demand for U.S. Treasury bills, another dollar denominated liquid assets by purchasers outside of the United States, and that this demand will continue growing. All else equal, this new demand lowers borrowing costs for the U.S. government. So kind of tying into what we've kind of reached a bipartisan consensus on right now is that stable coins are very good for the dollar. Yeah, this was, I think, the strongest statement of the whole speech. And I don't think he would say something like that if it was unsupported by the evidence. And he does hedge a lot and he looks at private sector estimates of stablecoin growth.

He says one to three, four trillion maybe. But he takes them very seriously. So I'm assuming their staff have done a lot of work on this. The other thing he also said was because genius stable coins don't offer yield, he doesn't see deposit flight as being likely domestically. So he does see this as the inflow being from foreign depositors that lack good dollar access. So I thought that was interesting. So, you know, obviously the Fed is concerned about that. And the other thing he says is he thinks the growth of stable coins reduces the neutral rate of interest. So basically he thinks that stable coins push

down interest rates if they grow really quickly, which kind of makes sense. And so then the basically lowering the cost of capital overall. So it was a very interesting speech. It was very nice to see his endorsement in a way or at least acknowledge when stable coins are a very meaningful, like monetary force to be reckoned with. You know what really kind of gets me when people are talking about deposit flight and, hey, we should be afraid that the banking sector will be destabilized by stable coins and people pulling their deposits and putting them into stable coin related instruments. Everyone sort of defends the fractional reserve banking system as we have it in the U.S. right now as if it's a constitutional mandate that that's the way things always need to be.

If the banks can be outcompeted in various parts of their business, why wouldn't we just let that happen as a free market? Look at LBO financing. Like banks used to do all of the senior secured lending on LBO transactions. They don't anymore. I mean, that's taken up by alternative asset managers at this point. Yeah, and if you look at the history of banking in this country, it's been a very free market system historically, not only with the federal government regulating, but also the states.

That's been a huge part of the system. And we have more banks. I think America has literally more banks in any country on the. the planet. And so we've always had this kind of, you know, fairly competitive system. Like, if you go up to Canada, they've like four banks. Yeah. You know, and it's the same in Mexico, for instance. So America's always been a little bit different in that we've allowed the banks to compete. Since Dodd-Frank, that was reversed. And it became impossible for new banks to compete or get charters. And now we're finally entering a new era, a narrow banking era, in my mind,

where banks are a little bit less important, and there will be more ways to compete. So I think that's very good. It may not be good for bank shareholders, but I think it's good for everyone else. Yeah, and I guess you could make an argument. I mean, there's a good book called Fragile by Design that the bankless guys had the author of this book on a month or two ago,

talking about how the U.S. banking sector has historically been more prone to crises incidents over the years because of some of the things you just said versus Canada. which has four or five major banks and basically operate as a branch of the government, you would say. So I think you can take the good with the bad, but this is a free market. And so I think we should allow for competition.

And we shouldn't just assume that the banks have a monopoly on deposits. So elsewhere this week, this is another big piece in his gray scale has probably followed their S-1. So they've kicked off their IPO process. Yeah, that's very exciting. I was with some of the DCG folks down in Miami. It's exciting to see Grayscale come out. Very impressive numbers there in that S-1.

Elsewhere in public companies, Coinbase has announced their new platform for public token sales. That will allow retail participation of new token sales, including U.S. customers. And the very first protocol to launch is Monad. Monday, November 17th, next Monday. Yeah, excited about that. We're investors in Monad, full disclosure.

That's an interesting new line of business. I could see Coinbase taking a lot of things public here, you know, taking commodities public, as well as taking securities public eventually. Obviously, they bought Echo. I don't know if I guess this is their own platform here. It doesn't look like it's running on Echo, the sale in particular, but could be a really interesting new business for Coinbase. Yeah, it looks like they had built this independently of Echo. I don't think the Echo purchase will hurt, though, as they hurt their ambitions.

to be a major place for new issuances. Did you see that they put in some language into this token sale that said that if you get these tokens and you immediately dump them, then you're going to get kind of throttled back on future offerings on the platform? I think that's how it works with Robin Hood and IPO allocations as well, right? Yeah. Yeah, they don't want you just coming in there buying it and flipping it. Coinbase was also in the news this week.

They're leaving the state of Delaware. They're reincorporating the business in Texas. In an op-ed in the Wall Street Journal, Coinbase Chief Legal Officer Paul Graywall said that Delaware has, quote, left us with little choice. Basically, they're worried about everything that Elon has faced and a number of these activist judges in Delaware. Yeah, I get it. Honestly, I mean, it's a great feature of the U.S. system that we have 50 states to pick from. And I don't think, I think Delaware totally overplayed their hand. They thought, you know, because the courts in Delaware are sophisticated, it's the only place you

can incorporate. And that one, there's probably, there were more than one, but that one decision of particular by the judge to overrule a very reasonable and valid pay package for Elon Musk has had huge reverberations. And I don't blame Coinbase. And I think, you know, Coinbase and others and Andreessen, they're calling Delaware's bluff. And I'm sure Texas can stand up courts with the same level of sophistication. It's kind of brutal for Delaware. That's the number one thing they have going as a state in terms of collecting taxes. It's just they were the monopoly for the longest time on incorporating companies. Yeah, I mean, what do they have left? They've got Joe Biden or Hoboth Beach. I think that one's in Delaware. They've got, didn't Joe Flacco play football at Delaware?

They've got that going for them. She got Joe Flacco. I mean, that's all I can think of. Yeah, they did. The beaches, I guess you already said that. but they're supposed to be beautiful. That's where I would always go as a kid. Oh, you would go there? I think I've only ever just driven through Delaware, just on 95 there. Yeah, I guess the bridge, the key bridge in Baltimore,

that's a Maryland thing, the one that collapsed. I'm talking about the one on 95. Don't they have that bridge where you're just always naturally slow down? You have to go like 35 miles an hour over? That sounds right. Well, they don't have Coinbase anymore. Next up, Van Duel is launching a prediction market for sports betting. That will go live in certain.

states where they can't offer its traditional sports betting platform. Very interesting. So Drafkinks has also announced a prediction market with Kalshi. So it looks like Fandall is kind of filling the gap with prediction markets. Did you see that ICE had actually put two billion into polymarket? I don't know if that was previously reported, but they came out with a regulatory filing, I think earlier in the week that said they did a billion in primary and a billion in secondary. That's a big investment for ICE. Next up, we have Visa. I thought there's quite interesting. Visa is rolling out a program to allow businesses to send payouts to stable coin wallets directly, mostly targeted at payroll for creators and gig workers. This is part of their Visa Direct program quite different from Visa Credit Cards. Visa Direct is a global push network, open loop. It was the thing in Tradify that most reminded me of stable coins. So it makes a lot of sense that they're mirroring the two together.

I was quite impressed by this. These are direct. You can push directly to a debit card if I recall correctly, right? So you could imagine this being useful to push to a stable coin balance. It also is integrated to a debit card. Yeah. I mean, and just think about it. Some parts of the world, you know, people do have debit cards and other places.

Maybe they just literally have a finance account, you know, or a stable coin wallet. So just this just increases. the coverage for an already good product. Yeah. Another big story this week. Uniswap is working towards a governance proposal to turn on protocol fees and drive value to the token explicitly. What do you make of this?

I think my take is that we're going to see much more of this. Yeah, I get why they waited so long. It feels like it's a little too late, frankly. I would still feel a little hard done by if I was a uniswap token holder, to be honest. I think a lot of the value has already been harvested by the shareholders. It's just such a tough thing to drive value to a token and equity within the same project or the same ecosystem. You know, very few examples.

I guess Ripples is an example, uniswops, an example. It's hard to do both. people need to think hard about the preference stack in these dual token shareholder models. You know, even with an equity, I mean, of course, you've debt first, then you've different tranches of equity, and then, you know, it's tokens. And you don't really even, you know, typically you have a legal claim to anything. So equity used to be the residual claim. And then I guess after equity is there's token.

I mean, it's very tough. I just, I don't think it's sustainable to have two parallel cap tables. You kind of have to tell this myth to the token holders that they have a claim on something. But if you have shareholders, why would any shareholder ever agree to fork over revenue to the token holders? I don't get it. Yeah, they're just kind of naturally in conflict. And I guess you could reason via analogy on this to some extent by looking at software companies that build on top of open source. but those open source Web 2 protocols don't have value capture, so it's quite different. Yeah, and it's, I'm not going to say it's a zero-sum game,

but there's a finite amount of cash flows and different stakeholder groups of different claims to them. And if you as a token holder think you're entitled to something, that trades off against someone else's entitlement fundamentally. Right. So we've struggled with this since the start, and, uh, still struggle with it. I think it's cleaner just to have token holders or just have shareholders. Yeah, I would agree with that. I guess we covered a bunch of Coinbase stuff already, but another,

they were also in the news this week. They called off their deal with BVNK, the stable coin orchestration platform. Kind of a high profile deal that had been in the works it looks like for a while and had already been leaked publicly. So not sure what happened there, but that was supposed to be a $2 billion dollar acquisition. Yeah, no, no details really as to what happened. Elsewhere, ClearTogun, or the financial market infrastructure company in the UK, they got FCA approval to launch their digital asset settlement system. This is also on the heels of the UK announcing that they're going to limit stable coin ownership to 20,000 pounds. Well, didn't they increase it from 10,000 pounds to 20,000 pounds. It's like, congrats guys. You're still shooting yourself in the foot. Do you want

the pound to be a stable coin or not? I mean, it's just unbelievable. Yeah, I haven't been very impressed by the Brits do occasionally say that they're going to do something good for stable coins, and then they don't do it. It's just incredible. I mean, you look at Stephen Mirren's post. Is it Mirren or Moran. No idea. Yeah. So you look at someone like Stephen M at the Fed and everything that he's saying about what stable coins are going to do for the U.S. dollar. Does anyone read that over there in the UK?

It's like, hey, guys, maybe we should lift these arbitrary caps on people holding pounds because it's going to stifle the ability to actually run stablecoin infrastructure with this currency. I think they're dimly aware. Like they must know, but I think they're still stuck believing, in particular the Europeans. I think they genuinely think that they're going to come out with a CBDC, and that's just going to destroy the stablecoins. And just people are going to want a CBDC instead of stable coins. It's just such a flawed basis for interpretation of what's going on here. Yeah, we need to name this fallacy, which is they think if you can create a really good

efficient fast settlement network that's digital that's good enough but i think there's the monetary element too you know there's the do i trust the issuer do i think i'm going to be able to save value in this currency for and so like that's the thing they're missing you know also just different privacy and autonomy characteristics like will a cbdc really be something you can transact with free Really? Probably not. It's such a weird mindset they have. Just the idea of the CBDC, I'm surprised that people don't immediately hop to what I think would happen very quickly here if there was a retail CBDC in the Western world, which would be expiration dates on money. And so you do these stimulus programs like we did during COVID and, you know, you'd get airdrop $2,000, but it would expire in six months because they want you to go put it to work. I mean, what about the trucker protest and came?

where they froze everyone's bank accounts, you know, now you can just do that. Right. Directly reach into people's wallets and freeze their cash. Or in the UK, they arrest thousands of people for tweets and online posts every year. Is it arrest now also plus find them automatically? You know, it's like, why would you give the government that amount of power? That's insane. The only people that I've ever met that are really excited about CBDCs are central bankers.

I've never met anyone who was like, hey, I really want a central bank digital currency. And I was just looking at this data recently. There have been innumerable pilots of CBDCs and they haven't caught on anywhere. And the places they've actually had full launches, I think, the Bahamas and Nigeria were the two full launches. It didn't go well. No, they didn't go anywhere. Like, I went to the Bahamas actually when this was running. I think it's still running.

It's called the San Diego. dollar and I would ask people about it and no one had heard of it. They thought it was a crazy person like asking for sand dollars like the shell. I think it would really, if you saw a number of Western countries pushing a CBDC, I think it would send the price of bearer cryptocurrencies to the moon. I mean, people would just be opting into Bitcoin and Zcash and things like that. That's the UK elsewhere in Europe. The Czech National Bank has purchased Bitcoin. I actually didn't think they would follow through on this. Wow, good for them.

So this is a test portfolio of digital assets, which also consists of a USD stable coin and a tokenized deposit receipt. A little test portfolio, little paper trades, but maybe with a million dollars. It counts. It all counts.

Welcome to the family, Czech Republic. Pretty cool there, a little test portfolio. Here's a weird story. So in Dubai, a court froze. 456 million of assets that were tied to the alleged mismanagement of true USD, which is Justin's son's stable coin.

So I'm sure we talked about this at the time, but they're alleging that they had a shortfall and true USD. It was not fully backed and he covered the shortfall. And apparently this is the money that they're saying was tied to that. So it's really hard to keep up with all the shenanigans of Justin's son these days. So this is a huge amount of, money. Is the true USD is that defunct at this point? I have no idea. So it's not genius compliant. No, that's why I mean like genius stable coins. Goodness, what an incredible story. We're going

to have to dig into that a little bit more. Did you hear about this Chinese woman that was arrested for scamming 100,000 Chinese individuals and she was arrested in the UK because she was trying to buy buy property. I did. And the police asked her for a source of wealth and she couldn't prove it. And did they get the bitcoins from her? I think so. I think the UK is now in possession of a number of bitcoins. So they're they've joined the party. Interesting. You know, you had that story and then you had the, so the Chinese government came out and said that the US, they alleged that the US illegally confiscated 13 billion of Bitcoin from a Chinese mining pool that the U.S. government apparently did that years ago, pretty covertly. So there's a lot of Bitcoin reserve things going on here

behind the scenes here, I think, with some of these criminal seizures. Yeah, and it's always a little weird when a government seizes Bitcoin from a criminal, and they kind of make really half-hearted efforts to find the original victims. Yeah. Yeah. Well, generally, they're on like drug marketplaces so people aren't coming forward saying hey i had three bitcoins on a drug marketplace and in the case of this chinese lady in the uk a lot of her victims they were like affiliates you wouldn't invest directly and so it's very hard to do an accounting of who's owed what and there's also the mount gox problem where i think she stole the funds in like 2017 really long time ago and the coins went up a huge amount since then so the question is do you give the bitcoin

denominated value back with the fiat. So I think the UK government can just say, look, we're giving you back your cash, but we're keeping the remainder. We're keeping the coin. We're dollarizing the claims here. Yeah, exactly. That's tough.

I think that's it. Here is an interesting story. So we've been talking about Zcash and just the crazy move in that asset over the past few weeks. The Winklebos twins announced Cypherpunk, which is a new crypto treasury company that has the goal of accumulating

5% of the total Zcash. supply looks like they've already bought about 50 million dollars worth of Zcash so on the question of who's buying these guys are buying that's right the Wall Street Journal had a piece on Dats speaking of Dats everybody I ran into at the Canter Conference that had a DAT was actually pretty chipper yeah you know the thing about people that run Dats and I like a lot of the people that run these Dats but you have these conversations and it's like yeah Dats generally aren't going to work but my dad is a lot different. That's true. Everybody says my dad's the good one, and all the other dads suck.

Yeah. Dads in general just have huge, huge problems that I'm solving with my dad that doesn't have a chief financial officer. So this Welshman journal piece is called the year's hottest crypto trade is crumbling. I'm seeing an exposés now. Laura Shin had an expose on ProCAP. I saw that. I saw that. I haven't read that yet. But there's some very generous. compensation packages out there. Will the dots recover? I don't know. What I think is we are now going to have a two-year hangover as we digest the dads. Two-year dad hangover. Is that going to be like the ICU? ICU hangover? Yeah. Or like the credit crunch of 22, which took, let's say, two years to recover from. It's like the worst hangover your life, you know? You're in Vegas. You

party too hard, you got to go home. Got to take the 6 a.m. flight home. Terrible. You don't have never been to Vegas? Right. Honestly, you're not missing anything. Terrible place. Don't go. Tacky.

Not good. Yeah. No, just never had the occasion to go. So I think of the worst thing over your life, that's where we're at. We're actually, we're still at the party right now, and we're starting to, like, get a little anxious because we know what's coming next. Well, I saw that micro strategy traded at a discontradite. intraday the other day. Yeah, and this is the thing, you know, this is the conceit of the

debt because the debt promoter says, we're never going to trade a discount. What happens when they do? What happens when they do? They have to sell the coins. They have to. They don't have a choice. They will be made to sell the coins. A couple other stories this week. Moonpay announced a partnership with M-Zero. They'll become the newest regulated stable coin issuer in the U.S. with that. and then Franklin Templeton announced that they're expanding their Benji platform for tokenization onto the Canton blockchain. I just feel like we have a lot of announcements this week. And then Cash App did something too, right? Oh, yeah.

How do we forget that one? Cash App is launching stable coins. Same week that they announced certain merchants can accept Bitcoin, but this was the more salient announcement for me. We've been complaining on this show for years that cash shop should be doing stable coins. They really, yeah, they were late to the game on that. Yeah. my reaction. They're five years too late. Better late than never, but boy, were they late. I'm not a big cash app user. I have cash app, but I don't have a lot of people in my life that

use it. I thought it was interesting that Miles Souter, who's a good friend of mine in this fortune article, said if I were founding cash app today, I would build it on stablecoin rails natively. And for those who don't know, Miles is a huge bitcoiner. So that's a very telling statement right there. Yeah, and obviously Jack Dorsey's all in on Bitcoin, so I guess he's coming around to it. Yeah, I think it's actually very revealing that Jack finally relented and did stable coins with cash up. It shows that even he's very ideologically committed to Bitcoin, even despite that, he saw the writing on the wall. Yeah. I think that's all the news of the week. Not looking great for your commanders, I would say, these days. think we might be the worst team of the league maybe slightly better than the Jets who you play tonight

yeah we've got the Jets tonight I always love playing the Jets yeah they're two and eight two and seven versus the paths are looking great the commanders are an absolute disarray and uh one of our defensive linemen got ejected last game just for punching a wide receiver in the face in the helmet I never get why they do that So this guy scores a touchdown Does the Trump dance He did the YMCA dance And then I forgot the name of our player

But he punched him in the face It's like dude You just punch a guy with a steel helmet on Yeah I mean that happens a couple times a year And I'm always like wait Did you not think that this through a little bit You know what happens when your soft knuckles

Contact a steel helmet Nothing good Nothing good for you And it doesn't really hurt the other person Yeah it was It was the worst performance on and off discipline has, I mean, we need to see some firings. All right. That is it for the week. Everybody have a safe and healthy weekend and we will see you on one day.