The Wolf Of All Streets - SEC Approves Listing Standards For Crypto ETFs | CryptoTownHall

Episode Date: September 18, 2025

Markets reacted with a shrug to the Fed’s latest rate cut as Powell hinted at rising inflation while prioritizing jobs, sparking debate on whether the 2% target is effectively dead. The panel dives into what this means for inflation, unemployment, and risk assets—and why lower real yields may fuel Bitcoin. Then, attention shifts to the SEC’s approval of generic listing standards, setting the stage for a wave of crypto ETFs, from major altcoins to even meme coin indexes. Plus, CoinStats CEO Narek joins to showcase how their platform is transforming crypto portfolio management with AI-driven insights, risk analysis, and next-gen features for traders and investors.

standard time. I can't tell if Dave is on stage. We are in the glitch. Did you guys hear crazy echoing music there, or was that just me? Just me? Sounded crystal clear to me. Oh, my God, it sounded like. Can you hear me, Scott, and am I too loud again?

Now I hear you, but you seem too soft. Too soft? Yeah. How about now? Kind of the same, but I'm going to just sit here and listen to you, trying to fix it's going to be entertaining for everybody. Yeah, don't worry. No, you're fine.

I know where it is. Yesterday was too loud and he'd just fix it. You're fine. Yeah, I heard the music as if there was a really terrible DJ trying to put three songs together who had never DJed before. So I'm glad that everybody else didn't hear that. What we got today? SEC approves listing standards for crypto ETS.

We'll get to that in a minute. I think we have to at least have a brief conversation about the flaccid Fed. and their lukewarm attempts to have any effect on the economy when they're completely useless. Nobody cares. That's my hot take. And the fact that exactly as discussed and predicted here on Crypto Town Hall, absolutely nothing happened. Well, I mean, there are things happening. I just mean price.

We were like five minutes after it was down up and right back to where it started. Oh, yeah. Yeah. In the crypto world, it was a complete non-event. And today, obviously, you know, we've bounced off those levels are a bit higher. Stocks are a bit higher. So risk assets are doing well. Long bond is a bit lower.

It's still 4.1. You know, it's about 15 basis points after a 25 basis point cut. People are going to point to that and, you know, and pull up the hair shirt and talk about bond vigilantes, etc. You know, the dollar index is, you know, down as well. opens off a little bit today, but it did, it retraced off of the famous 96 levels. So, you know, people are going to talk about that. But the truth is, is there's no surprise, Scott, right? You know, why do, why should markets move when more or less he did what the consensus expected him to do? That's really the bottom up, right? Yeah, but, you know, there was at least a little bit

to unpack in his words. I mean, he definitely hinted at rising inflation, right? And cutting when you're hinting at rising inflation seems to imply with a dual mandate that he's very concerned about the job market you would think he also made that weird comment about it being a risk management cut like with a giggle because he's so lame it's like impossible to even watch him it's whatever but it was just a very weird meeting i mean it was exactly what we said he would be non-committal to anything you would be sort of slightly hawkish and you'd want to punch him in the face by the end in the meeting, which I did. So he did his job. It's just like, it just like, it just infuriates me that we have to, like, we have to talk about it, but it just infuriates me that this gets so much attention,

which way he sneezes, cracks himself. Let's unpack for about 30 seconds and then we can get on with it. We'll go into it in more depth, obviously, on Monday. But the risk comment is because there are some stresses in the system in terms of sofa rates being a tick above fed funds, or at least at at times. There are some stresses in the system with delinquencies. There's some stresses in the system, you know, in some of the other funding markets. And so, you know, when he's talking about risk, he means risk of a global financial crisis. He just, God forbid you say that, that would trigger mass panic. So obviously he isn't going to say that. You know, as far as dual mandate goes, look, it's very clear unemployment trumps inflation and will do every time unless inflation gets to

the level where people are screaming about it far more, which really boils much more down to, you know, CPIs, you know, over four, five, six and starting to do what it did in the 70s. And it's as much as, you know, if he doesn't like 3%, or 2.7%, it's not bad. And so unemployment starting to tick up particularly among majority as opposed to the, you know, the wealthy is a big deal. And that's what he cares about. So if he abandoned the 2% target, do you agree with the take that he abandoned the 2% target if he's cutting, admitting inflation is rising and thinking we're not at 2% yet. Have we basically just gotten a passive admittal that now we're at a floating rate, 2%'s not the target, and maybe 3 is fine. I mean, they all made up 2%

anyways, by the way, for anybody who paid attention. Two percent is not a real thing. He said that he hopes to get back to it in 2028, which will be over two years after he's out of out of the position so i mean i don't know if you said to your wife honey i'll get to it in twenty 28 does she think that you actually still have it on your mind whatever it is no because she'll be talking to her second husband there you go we got a lot of laughs at least this morning i mean i'm sure cj i'm sure you care you agree with that cj loves talking about the fan it's his favorite topic oh gosh here we go here we go no but but but Dave, I agree with everything you said.

It's frustrating. The data is not accurate. It's all about politics and narrative. But I think the biggest thing to take away from this is what Scott just brought up with, which is for the first time, maybe ever, we are at a point where it is a very realistic outcome where broad-based inflation expectations can actually de-anchor from this 2% rate. and the effect of that would be a new discount rate being used across the board, which would affect all types of business planning.

And I don't know if I probably would lead to ultimately some form of admitted yield curve control and bringing us towards the way of Japan. And I think when Powell is gone in May of next year, all of this is going to accelerate. So I think, you know, Dave pointed out astutely that nothing is going to surprise the market. The market is forward looking. We have the CME futures. We have the poly markets to understand, okay, we are probably going to get another 50 basis points of cuts, maybe even 75 basis points of cuts, probably not. And going into the end of the year, but Powell's going to be replaced.

And Trump put Powell in last time by listening to somebody. I don't think he's going to make that mistake this time. I think Trump's going to be like, look, I'm not taking recommendations for this position. It's my turn to make my pick because I got to set up for the last couple of years of my term and I got to set up for the next guy. And they are going to put in somebody who is low interest rates, low interest rates. And I think I heard percent call for like a three, three, three. I think that funds is going much lower than three.

I wouldn't be surprised if we went out back to a zero to zero point two five. And then the effect of that on inflation. don't go that negative. I mean, look, I think they have to. I mean, it seems baked in the cake that this fed, even this fed, this constituent group of governors has a path in mind that they take the Fed funds rate down to whatever the PCD is. They want those to convert at zero or as close to zero as possible, which implies at this point about 130, probably 100 basis. Now, if the PCE, however, arises 100 basis points and we'll meet them so i think that's where they're now will will trump put in someone who says damn it doesn't matter we need growth growth growth growth and more growth

and so i don't give a crap you know how much spills over to consumer inflation i guess that's possible uh you know it's hard to say i mean that's what you're saying and we got and have you know, Ali Vinks, who it pans up. So let's listen to the people are you in that. Yes, thank you, Gabe. So I think the big elephant in the room is, or they're actually two big elephants in the room. So the first big elephant in the room is actually

they're cutting rates into this re-accelerating inflation, right? I mean, we've seen re-accelerating inflation rates across the board, right? Headline inflation, core inflation components, you name it, have been reaccelerating. And my expectation, my personal expectation is that inflation, headline inflation, will ultimately grind towards 5% again. Because if you look at money supply growth, like M2, it tends to lead headline inflation by sometimes even three years. So it's a very good leading indicator. And based on the reacceleration and money supply work, we've seen, you can, expect that headline inflation will probably go towards 5% in 2026. With that rate cuts,

right, you're talking about a new kind of regime of financial repression, right? Where I probably have like negative or very low real yields, right? And I think that's really bullish for Bitcoin. Well, that certainly is, but I have to push back a teeny bit. The money supply inflation link in terms of CPI. In terms of asset inflation, yeah, no doubt. It's almost perfect as a comparison. You know, if you look at the S&P, house prices, yeah. You nailed it. When you go to consumer prices, the effects of technology, increased productivity, outsourcing other things, have moderated it. So to the point where we've had incredible money supply growth over the last 25 years and mostly low consumer inflation because we've had tremendous advances in technology,

We had the complete reinvention of the supply chain by the Internet. And now we have AI coming into account. We've had a complete improvement in oil extraction and natural gas extraction technology to the point where we're producing 18 billion barrels a day more when over a time period when analysts projected it was going to drop by that because the field is being exhausted. So you have to be careful. It's both. And the Trump bet, as it were, and if it goes to the complete rubbish route, is that

he can trigger more investment, more innovation to actually suppress consumer inflation. We always complaining, and that's why you see this dichotomy, by the way, right, Andre? I totally agree. I mean, there are expenses, which hasn't really gone down for a lot of reasons, education expenses, service expenses. They don't go down because technology hasn't made them better. I mean, if you want a quantity equation, right, the quantity equation is like MB equals PY, right? And so, like, money supply times philosophy equals real income times inflation, right? Well, I totally agree.

I mean, you have to have some kind of access. I wish Professor Freeman were alive today. I would love to debate it with him because I think it needs to be adjusted for the impact and the divergence of where capital flows go. I doubt he would disagree. I actually had this conversation with one of the disciples. And he sort of said, yeah, you know, we kind of know that that's true, but it's very hard to measure with this productivity. There's no good metrics for it because it's so disjoint

that it affects different industries in different ways. But it is an interesting point. Anyway, we're getting into the weeds too much. So I apologize. But your point about will be more liquidity, there will be lower real yields. That seems based on the CAPE. I think that's I got to push back against that just a little bit there, Dave. And I don't want to dive too much into the weeds. But I agree with you that there is without a doubt a separation between the inflation of assets versus goods and services. But when you look at food, energy, and medical, prices have gone up. I ate at a restaurant the other day and I ordered wings.

The wings were like $1.50 each. I ate with my father. He told me, man, not that long ago, I can come here on Wednesdays and I can get 10 cent wings. Now they're above 50. So I think a lot of people out there are actually hurting. A lot of people who haven't had the ability to establish. I don't disagree, CJ.

that that's look medical for damn sure lots of reasons and Donish if you were on you can talk about that he's an expert on you know services for sure for all the reasons food is impacted by many many things and you're right you're absolutely right there there's been we've had multiple issues with our food supply there have been diseases that have called curds on the beef side either the same thing on the poultry side with the same thing on the egg side it's absolutely true there's no doubt and you know some of it is definitely due to just inflation from the money supply there's no doubt as well so i don't just you just say about my concern oh no and i agree with that but my concern here and i don't want i don't mean to take it political

but if if this is mismanaged over the next couple of years and headline cpi does get away from us this could affect the 28 outcome i think we need to be really careful here I see Scott's gone, so I'll continue. I don't see him up here. Ali, thanks, you've had your hand up and been patient. Yeah, yeah, I was just going to chime in here, just kind of looking at some of the language Jerome Powell was using throughout his, you know, speech and stuff.

And he really reiterated that, you know, it was a risk management cut. It wasn't a panic cut where some folks wanted to see like a 50 basis point rate cut. So I think in general, there's really nothing urgent or big to be worried about. The other thing is I actually think Jerome Powell wants to keep his job and maybe get another term in there because, you know, he kind of downplayed the tariffs a little bit and saying that, you know, the tariffs are a one-time price adjustment on goods.

It's going to be short-lived and, you know, expecting inflation to come down with it. And it doesn't seem like he's in a rush to achieve that 2% target rate, as you were mentioning, right? Forecasting to reach it by 2028. So he's kind of downplaying that. And then the other thing is that it was also interesting to hear Powell say that tariffs are being paid by U.S. importers, right? I think if he wanted to stick it to Trump, he could have easily said that, you know, the tariffs are being paid by the American people. and, you know, and also cutting rates when inflation is rising. So I don't know, maybe he'll play to what Trump wants and you might get that renewal.

But how do we, you know, relate this to the average person? Well, with the current administration, a dovish SEC, which I think we'll get into conversation soon as well about yesterday's release. And seems like kind of a doveish fed, you know, the main play here is really, ownership. And I think ownership in Made in America, you know, assets is what's going to carry a lot of people through this transition of technological innovation with robots, AI, companies, you know, making layoffs firing, but they're still able to have a bigger bottom line because they're making efficiencies within the system. So like if anybody has, you know, any family or friends, it's a good conversation to start talking about ownership and assets because it seems like

this is what, you know, the administration wants people to prioritize in the long run. There's that. Do you really think Powell's going to get re-nominated? No, zero chance. Zero, I agree. Yeah, zero chance to that. Powell is he's playing for it like. But it seems like he wants to.

It seems like he wants to play to it because I think he could have easily said some more concerning language. And, you know, if he's planning, but he is playing for his legacy, though. So, I mean, if you think about it, you, I'm older than a lot of you guys, so I find out of understanding. You know, he wants to be remembered as the other people. That's what he helps he want to do. Right. He wants to be remembered as the calm, steady, you know, the person who navigated the complaint. been in Gauntlet to create, never, never questioned the fact that they were originally looking

to create what they call a soft land. His administration would gag on the person in soft land and they want the acceleration growth, so he's trying to monitor it makes it very complicated. Interesting. Right, so that's sort of that. But anyway, I think we've beaten this one to test. We talked about it all day yesterday. I think the title is probably more interesting.

I'm curious what people think. I'll give one stat to start why this matter. So if the SEC with 19 B and I love that lawyers and I'll see Carlo up here, you could talk about others could. But by fast-tracking the ability to start creating index ETFs and others that are based on commodities, it's potentially a very big deal. I'll just give one step to give an idea for investors why it's such a big deal.

I was fooling around this morning researching it. So in 1990, if you bought the S&P 500, as it was constituted in the 1990, and held it to today, your return was really good, right? But if you had bought the S&P index fund and allowed it to continually adjust as it does what S&P, you know, deletes, laggards, and ads new or companies, you were up 75% more. So think about that number for a second. buying an index, which is managed based upon, in their particular case, there is a lot of choice, but any mechanistic rebalancing sort of index will outperform the static basket. I have not by a small amount. And over 30 years, 75% outperformance is a very, very big number.

It works out to the difference between every 100 bucks, between a $2,000, you know, 20x return in 20, you know, 35 years, and a 37% return, or 37 times return. you end up with $3,700. Investors, all the RAs out there, all the people who manage capital are well aware of this. So the ability to have index funds in crypto will be perceived as a very, very big deal. And hopefully we have others who can describe why that matters. Scott, are you actually back?

I was living in the glitch. It was lovely. Yeah, I tried to get back on like 17 times. Couldn't do it, but I'm here if you can hear me. So anyway, just to put that, but I don't know if you heard of the context, but the context is index funds that would allow an investor, and this is really important in something like crypto, which is emerging technology. I mean, Bitcoin, you don't need it. I mean, this will help Bitcoin by association. Bitcoin will be in every one of these indices.

And so people who are afraid, because there's always these things about quantum or, or something. So people who are tech investors who think the question technology isn't good enough for a band of ZK roll-ups or lightning or any of the other things that are launching on top of Bitcoin. But the fact is there are people who are more likely to put money there. When it comes to the rest of crypto, there are a lot of people. I'd say dominant number of people who say, I don't know who's going to be the winner. I just know the entire sector is going to be worth more. That may be the single thing I heard more than anything else.

I'm curious what everybody else thinks. Bruce, you've been in this industry for a long time. and you talk to a lot of normal people. Do you hear that? Whoops, Bruce laugh. I agree with you, though, Dave, because a lot of the people that I talk to, their biggest problem is, I don't have the time, energy, or understanding to pick the winners.

So for a lot of people who manage their assets and enjoy investing, we like to go out there and do a deep dive and pick our winners, but a lot of people don't have the time and energy for that. So getting an index allows for pay. passive investing. It allows for someone to say, you know what? Just like you said, Dave, I don't know who's going to win, but I know this industry is going to grow and I want some exposure to it. And now they have an outlet. And that creates a new funds flow into the entire industry. Cool. Carlo, Andre, I know you had your hand up, but I specifically was trying

to get Carlos opinion before. I don't know if you can, if you want to probably go. Good morning, good morning Dave good morning Scott morning yeah man this is huge and just look at what it's doing across the board I think we are entering into the everything all at once phase here with alts because if you look at the charts right now and I don't think this is in response to the rate cut you're seeing suey up almost 10% Avax up almost 12% link is up almost 7% across the board Alts are absolutely ripping. And I think it is in response to this because this opens up institutional access to crypto index funds. You can get, and that was very well articulated earlier in the conversation, you can get a broad based fund that touches on several crypto asset majors. You can now

offer this to retail, which gives institution, and the institutions a lot of opportunity here. You know, our friends at Bitwise have talked about this and how exciting this is and they've been rallying for this. And I think Hunter's probably taking a victory lap here. I think this is an amazing accomplishment for the sector and it's going to further legitimize these assets and it's going to bring in retail. There's no question about it. This is something that is totally approachable and gives people a really risk-off way of getting into these assets. having to be crypto native i don't think you can ask for a better setup one of your friends from bitwise has his hand up Andre that's right yeah thank you yeah i think it's

watershed moment because more it definitely means more crypto ETFs are coming and just two observations that have been made by my colleague matt hogan in his latest cio memo so he wrote about this uh these generic listing standards and what they did um in the traditional world, when they were introduced in 2020, they dramatically increased the pace of ETF issuances, right? From an average of around 170 ETS per year to 370 ETS per year, so they actually tripled the pace of ETF issuances. Why is that the case?

Because they dramatically decrease the time takes for the SEC to approve these filings, right? right, it usually takes up to 240 days, right, with actually no guarantee of approval. But now it will take up to 75 days max, right? And I think in terms of standards, I think now the key criterion will just be to have a regulated futures, right?

On a qualifying futures exchange like CME, CBOE, and also lesser known platforms like Coinbase derivatives and Bitnomial. So we have so many altcoins lined up that actually tick these boxes already, which means you will be able to create indexed CFs. Yeah. Perfect. And I present the glitch. So Dave, did you guys talk about obviously the...

basically generic approval process before you talked about the indexing. Andre, did you guys talk about that? No, we haven't. Oh, my God, that's the bigger news. This is the smaller news. The bigger news in the ETF space, obviously, I would say that the SEC has approved of basically a generic litmus test for whether you can get your ETF approved. And effectively, it's larger than crypto, just to be clear, it's not just about crypto.

and it's more qualifications as exchanges, but when it comes to crypto, if you've had futures on Coinbase for six months and you apply for an ETF, you're going to get fast-tracked for an approval, and that's about 12 to 15 tokens. So now there's going to be a massive race, obviously, to get your token traded on Coinbase futures, and we're about to have ETF. I mean, this includes inevitable hits, greatest hits like Shib. that will clearly be getting an ETF at some point and others. But, yeah, if you're on point-based, you've got futures, welcome to the party. But here's the funny thing.

I mean, you know, will it be individual mean ETFs, or will you get meme index and recapitalizing? I mean, I see Carlo raising the same, frantically. I definitely, yeah. Look, I called it yesterday, and I got some flak on the morning finance show about it. But Dave went to my side on this because you're absolutely going to see meme index funds. Is it responsible? Is it the right way to go? It's way off the risk curve.

But people are going to play with this, man. And I can totally see a top 10 meme index fund coming out for memes. No question. Wait, really quick, before we move on, James, you jumped on. You obviously were able to make it. For those we don't know, James, he is the god king of ETFs and crypto. and we worship at the feet of his Twitter account for updates on ETFs. And since we've got you here now and invited you specifically to talk about this,

how many mean-point ETF will I be trading six months from now? That's what I need to know. Six months from now, probably just SHIB and, well, actually, so part of the problem is with this thing, these issuers had found a workaround where they weren't like pure spot ETFs, like this Rex Osprey, Solani ETF. And a few other things, they had found a workaround. So there's issuers that were filing for Bonk and a whole host of, like, way other, like, out there stuff. But six months may be a little bit longer for things other than Shib and Doge.

But, I mean, you go back for that, you go further than that, 12 months out. You could definitely see a meme index type product out there. I mean, we're going to see a whole bunch of index products come to market. We're going to see 100 plus products related to crypto come to market in the next six months. I'll bet I bet a lot of money on that. Yeah, I mean, you kind of mentioned these Rex Osprey. Is that a dinosaur and a bird? I don't know.

But I don't know who they are. But they launched this Doge, quote unquote, ETF today, correct? DoJ. Yes, they did. That was supposed to be a week or two ago. Those aren't, maybe just in layman's terms, you can tell us how those are slightly different and how those got approved ahead of this sort of generic listing process. Yeah, so I'll try not to get two in the weeds, but essentially a few years ago,

say 2018, 2019 time range, they went through this process of generic listing standards for ETFs in general. So ETFs under the 1940 Act that are structured as open-end funds, which is the vast majority of ETFs, had this process where if you filed 75 days later, you got the list. That's how the Bitcoin futures and Ethereum futures ETFs launch. That's how a bunch of these other products launched. The way to think about those Rex Osprey ones is they were able to basically use regulatory and legal workarounds, loopholes, if you will, in many ways, very smart moves to get these products to market. And the way they do it is they're holding spot, they're using Cayman subsidiaries, they're holding cash, but they're also holding other ETFs that are doing

that same thing. So one of the ways this Doge ETF is doing, or the Solana ETFs is they're holding European ETFs as a huge chunk of their portfolio that qualifies securities and allows them to fit in the 1940 act wrapper. I'm not a lawyer, but so that some of that might not have been exactly correct, but that's roughly how it was working. So I think that also was part of the reason that spurred the SEC to get this stuff done because it was like somebody had figure out a way to do this anyway. And it was just anything that didn't fit that 1940 act wrapper that had to go through this long 19B4 process. And the SEC also doesn't want to go through writing these 10, 20, 30 page documents approving each fund for a new asset, right?

Like, they don't want to do that. So they'd much rather just go through and figure out a way to get these things approved. And essentially what it comes down to is they outsource the requirements to launch an ETF to the CFTC and to issuers, basically if you meet these requirements, the SEC is wiping their hands of it. So what about ones that we've seen already kicked down the road, like a Salana ETF, for example? We know that Salana has futures on Coinbase. Should that get approved imminently? Like, is it a next deadline? Do they just approve that tomorrow because now it qualifies?

How does that work? Yeah. So you still, so when you get it, even when you had to go through the 19B4 process and we're going back to the Bitcoin ETF heyday, right? There was two processes. You need to get approved from one division, trading and markets for the 19B4 and another division corporate finance for the prospectus or S1, the document that says what the fund's going to do, the risks, what it invests in, what have you.

This process just basically takes out that. 19B4 process streamlines that very effectively. But you still have to go through that other division of the of the SEC to get these things approved. So if they are not ready to let you launch, like they can stop you from launching if they really wanted to. So the SEC is already going back and forth with these issuers on those prospectuses or S1s, if you will, to get these things approved. So they've already working on that for Solana for XRP. I think like coin will probably be first to market potentially, but those things are coming in the next month, for sure. I'd be shocked if we don't see something approved officially within the next month. So how quickly do they

launch? How fast does this all happen? I don't exactly know, but it's going to happen quickly. Tomar. Yeah, a quick kind of cynical comment or sarcastic comment and then a serious question. Do you remember when Altcoins did something allegedly different than Bitcoin? It just seems every, you know, Bitcoin does a treasure company, these guys do the Treasury company, Bitcoin, the ETF. These guys, everything else is doing the ETF. So it's just the amount of innovation and I'm making air quotes as I say the word innovation is just everyone following suit. And it is what it is. The sincere question I had, and I don't have an answer to it other than I guess so. But it's like, does anyone see a circumstance under which this doesn't happen

quite successfully that we don't end up with ETFs of meme coins or low value proposition alt coins. And part of it comes back to me. It's like, you know, valuing these instruments is really hard. And for people who've taken a securities course or done finance and university, we have all these valuation models

and, you know, they all come down to some expected discounted present value of expected future cash flows. And of course, very few of these things have any sense of cash flows, unless they mint their own cash flows through yield, which doesn't really increase the value of the asset. It just increases the supply of the asset. So I think valuation remains a really, really hard problem, and it just comes down to supply and demand of a speculative nature, and we end up having a whole lot of capital speculating on the speculation of something that you can't actually get to a fundamental value of in the vast majority of these cases.

So, and I hear the predictions here basically saying, look, the fact that it's going to be offered on the market means that it will meet some demand for it. And so we can expect a lot of trading in it. It'll be highly speculative and highly volatile. But is there any circumstances under which the market shows up and says, no thanks. Jopper, you sound like a boomer who doesn't live in the trenches and doesn't understand the value of live streaming yourself. You've described my life to a T. Yeah. That's my life.

You just don't get it, man. The one point that I'll make, and I think I'd love to hear what Bruce has to say because he was talking about this, is the very fact that it's difficult to understand means that index products will be more likely to be successful, but that specific individual products might find their niches hard to deal with. I think that that's the way I would look at it. Bruce, you were 100%ing a lot. So what do you think? Because, you know, you run a broker dealer. You talk to investors all the time. yeah i mean of course there's a scenario where these things don't work um you know first of all i

think great more freedom is wonderful everybody should be able to trade everything all of these stupid regulations written you know before world war two by people who you know whose grandparents went to school on a horse um should be completely discarded their authoritarian thank you for making me feel a little younger bruce well you know that mean you know the 40 act i mean that these things are you were We're getting up to the point where it's almost a century ago, you know, the 33 act. The people who wrote the 33 act went to school on horseback. Screw these idiots. That's crazy.

It's ridiculous that this has any bearing at all on 2025. I wish I had a horse to go to school. We should scrap it all. It's all illegitimate. None of these tyrants have any business getting up in people's business telling people, oh, not so fast. You can't trade this asset or that asset. It's not their job. They can't protect anybody.

They can't protect themselves. You wouldn't even trust them to feed your dog. They couldn't protect us from their buddy, Sam Bankman-Fried, who they rolled out the red carpet from. They couldn't protect themselves from Bernie Madoff, who was the head of the largest regulator by a number of people. They're clowns, and it's all illegitimate, and nothing can do anything so great, wonderful.

They give us a tiny, tiny bit of incremental freedom and allow people to trade assets without going to jail. Way, great, wonderful. However, yeah, the assets are junk. These are all stupid. 99% of these things are stupid. They're all going to go down to zero. They don't have any value.

Of course, they don't have any cash flow. It's just a bunch of big nonsense, a bunch of people who create some digital thing, and they put a bunch in their pocket in the form of a pre-mine, and then they take a bunch more, and they market it to suckers, and it has no value. And the world, the Fiat world, the broken, stupid world of nonsense, has put value on these kind of things because it distorts everything. It distorts academia.

It distorts the military. It distorts the media. It distorts everything because you have clowns printing free money from thin air and giving into their cronies. So everything becomes out of whack and you have this, you know, huge economy based on debt and phoniness and fluff. So of course you're going to end up with people having meme coins because everything else is a joke too.

It's just incrementally a little bit less of a joke than the regular public markets. But it is a joke. They don't have earnings. They don't, they're not real companies. And that, by the way, is also the fault of the regulators, because if they would have just allowed you to have good old-fashioned securities and stocks, we would have never had an ICO boom and we wouldn't have some of these stupid assets. We would have people actually making companies and selling shares in companies, which is a great idea. And some would make it and some would fail. But they didn't do that.

They made it too difficult to do anything that's a security, including a company, a stock, equity or debt or anything else that's a proven instrument. So people made these stupid Rube Goldberg machine. to try and avoid the securities law and strip out all terms that made it useful. You know, you don't, it's not based on the efforts of management. It doesn't pay a dividend. It doesn't provide equity. It's, you're based with nothing. You're based with a gift certificate to a store that nobody wants to shop at.

You're based, you know, a World of Warcraft collectible that has a $3 billion market cap. It's all stupid and it's all going to go down to zero. And the only thing that's, that's, you know, one of the few things that's useful in this is the decentralization aspect, which a couple projects are trying to make an effort on, you know, most notably Bitcoin. And the whole purpose of Bitcoin was supposed to flush all this stupidity down the toilet. And instead of talking about cypherpunk values and changing the world and crushing the old system, we're sitting there licking the boots of the system trying to get back into this

idiotic fiat thing where you trade, you know, 9 a.m. to 4 p.m. on weekdays. and it's a huge regression back and it's pathetic and everybody should be ashamed but great, wonderful, the tyrants are not going to shoot you as much and they're not going to sue you for millions of dollars if you trade your asset. So go ahead and trade your stupid coins

and your stupid gift certificates and World of Warcraft collectibles on your digital, you know, things. But yeah, yeah, whatever. I mean, yeah, there'll be a bunch of ETFs and maybe a couple will make it, but most of this stuff is junk. And that's great.

Junk should be allowed to be traded. It's called freedom. And I'm all for any freedom that we have. That was a great response, Bruce. When you go on some of these tirades, that's really incredible. And so even if I see myself as a boomer as an Amish, I'm quite comfortable with that in the face of the drunken origin that you just described. So cool.

Thank you. I'll miss out on the party. Yeah, we've had some glitching with speakers going up. down all around so sorry to everybody if you somehow got kicked off or returned to the stage it's been a been a challenge today and I know now that we're right up in 11 buzz you were going to take over yeah before we get started I think we got an Eric up here in a speaker spot but he's showing as a listener for me can we get a mic see speaker I think I can speak okay perfect perfect we got you yeah just a lot of a lot of glitches this morning so I appreciate to everyone

bearing with us there. But just a disclaimer, before we get started with today's AMA, Mario's company IBC does marketing, incubation, and investing. And sponsors on the show are sponsors working directly with his company, IBC, not necessarily Cryptotown Hall, Scott, Dave, or myself in particular. So, Nerick, as we ramp up this AMA here, why don't you just start with an elevator pitch of what you guys do? Sure.

Christopher, glad to be here. Thanks for having me. Yeah, it was pretty interesting discussion about ITS. I love it. So regarding CoinStats, managing crypto today have been nightmare. You have assets scattered across multiple exchanges, multiple wallets, different DFI protocols, etc. It's nearly impossible to see the full picture.

What CoinStast does is brings and unifies all your assets, all your blockchains, all your wallets, all your exchange accounts into one place by giving. real-time tracking, AI-driven insights, and full visibility over your portfolio with deep dive into analytics, your buy prices, profit loss, et cetera, et cetera. So basically, it's getting impossible to manage your crypto assets without a solution like coin stats today. Appreciate that. I just did, for anyone who's tuning in, we got the CoinStats account up here, in a speaker spot as well alongside Narik. So they're the square.

They got an X premium with a gold checkmark there. And I've also pinned up into the nest a post from coin stats as well. So if you're looking to check it out, follow along. Make sure that you're following an official link through either of those accounts there. Nerick, can you just describe for our listeners who are tuning in? We have about 4,000 people here right now. Just what makes coin stats different from other portfolio trackers? that they might be using today.

Sure. The main aspect that makes Coinstas different is probably ability to automatically pull data from pretty much any blockchain and wallet and exchange you know of. We support over 130 blockchains as of today, including full support for Solana, all the base major EVMs. We even support Bitcoin,

XRP wallets, dash coin wallets, etc. The second aspect is deep tag into analytics. When you connect your wallet or exchange account, you don't only pull your balances, but your whole transaction history with all the precise buy prices and trades and transfers between your wallet and exchange account and are able to pull out pretty deep report on what's going on on your assets. You know, just as an aside, one of my biggest pet people, heaves of using EtherScan for accounting is that it's hard to actually download the Excel

file to get historical price data on what price you bought at, especially when it comes to altcoins, because sometimes they won't actually pull the prices in for altcoins. So that's a feature that even myself I would definitely use on coin stats because EtherScan is just, they're not doing it for me when it comes to accounting. Yeah, yeah, it just can. Don't do that. It interscaned. You should visit a separate website for exchange, et cetera.

On CoinStats, you can connect all your wallets and it will pull the transaction history with all the price, price, prices, and you can export the data with Pixiesc file, and it will have the prices as well, and you can do the further accounting if you need to. Appreciate that. What new features or innovations are you most excited about right now that you guys are on to improve the app? Yeah, sure. We are working on a lot of AI features recently on bringing AI-driven insights by using all the modern

AI LLM technologies. Everybody knows of it's open AI and GRUC APIs. Imagine modern AI, which knows all the latest crypto news, all the ex-posts, etc., which we've been what's going on the market sentiment, which knows your portfolio, what coins you have, what's your prices, et cetera, what, how much you bought, when you bought each coin, et cetera. And also knows your personalized financial risk reward ratio, meaning how much you want to risk, etc. And it gives you personalized insights on how to properly manage your portfolio,

summarizing latest news, which are personalized based on the asset you hold. Meaning if someone post something about some shit coin you own, you get information about that. The second thing we are excited about is ability to, we call it a time machine. So it's a feature allowing you to go back in time with your portfolio. So you can check. Imagine you have hundreds of wallets. and another 20 exchange accounts. That's a hard core user case for us.

And you can go back in time and see what your portfolio looked like a month ago in terms of what coin you had, what were the prices, et cetera. And we can do that with a precision of one hour. That feature is being used by a lot of active traders when they want to go back in time and compare the results, compare what's going on, et cetera. And even if you have multiple wallets, you might lose hold of Samsung coins, and you can go back in time and see what happened with them.

AI feature is only available for widely-seated customers for now, and we are hoping to roll that out for wider audience next month. But, for example, the time machine feature is available today for our DGM plan users. That's pretty cool. I mean, this is a problem that anybody who's in crypto full-time certainly faces on a daily basis, figuring out all of their wallets, chains, portfolio balances, and things like that. But one of the hardest things that I've found for new people coming into the space is getting accurate information to make decisions on, and specifically investment decisions. So what are the features that you'd want to highlight for perhaps those types of users who are looking to, use a platform or tool like this to help them make smarter investment decisions.

Sure. Recently, we have partnered out with a company called HexSans, and they came up with a pretty interesting and powerful tool called Token Risks API. They call it Glider. What it does, it analyzes the contract address for potential vulnerabilities. And it does, It does, by benchmarks, it does significantly better than anyone in the market. I'm sure a lot of people have seen those security vulnerabilities come on places like text screener, etc., which sometimes might give some false positive results. Our partners came up with pretty powerful tool, which is giving pretty good results in terms of token securities, and you'll have a full picture.

what's going on with a token, who can mint new coins, if the owner can freeze some addresses, and to any other different criteria, which is done by analyzing a code of a contract address, and they have a pretty interesting benchmarks saying that they beat by 80% all of their competitors. It's available on CoinStats today, and you can go to token page risks and check the risk of a token, and it's important to not get record. It's released just a couple of days ago. I think important to highlight here, too, is that I'm sure that a lot of people tuning in are familiar with what you reference, like on Dex Screener or Dex Tools, how they're just very, what I would call primitive plugins to say whether or not

a token is safe. And there's a lot of nuance for the simple metrics that they're coming up with. So that sounds like a really great feature that would actually enhance people's experience because being part of Dow's or projects, one of the most common questions I see asked by new users is a screenshot of those tools. And if one of the maybe 10 items that these tools are analyzing has an X beside it, it really confuses some of those users. So I think that would be great for them to check out the tool. What are some other hidden gems within the app that you think

most users don't know about or maybe aren't taking advantage of right now? Sure. I told you about the time machine feature, which is I would call a hidden gem because it's only available to our DGEN customers.

Another gem I would call a wallet analyzer feature which analyzes the wallets and basically shows, for example, the other addresses your wallet interacted with and how much you have sent and received from one wallet on another, like top five addresses you have received or sent money to. Another interesting feature I would definitely would like to highlight here, which is not really hidden, but again,

we support over 1,500 DeFi protocols on pretty much any chain to show your or precise defy balances including Solana and all the all the VMs I don't think there is a good tool out there as a competitor who supports showing defy balances for all those many chains and I would definitely would like to highlight another feature which allows you to see how much fees you're paid to an exchange at a certain period of time or or gas fees you can pull connect your wallet address and see how much gas is you paid. And it aggregates across all your wallets, across all your exchange accounts, and you have one aggregated view instead of checking separately for each wallet. And you can include that in your reports as well.

Very cool. So what's your long-term vision for the crypto ecosystem? Sure. Our long-term vision is to utilize the AI technologies and bring average the power of financial stability with crypto and the power of making good financial decisions in crypto to most of the users. We've been in a business for pretty long and we have a pretty incentive data showing that most of the retail customers. Most of the customers, our customers are retail, basically. They basically lose money. They don't sell on bull markets. They buy late, et cetera, et cetera. A significant percentage of our customers lose money

because they don't apply basic financial rules, which are available and known to humanity for many hundreds of years and probably hundreds of years, not hundreds, But if you can bring that tutoring and education with the power of AI, which knows everything about yourself, your portfolio, etc., in a secure way to an average coinst customer, that would be a deal breaker for them, and they can leverage that to leverage that to get into better results in crypto trading, basically get more money, selling around. right time, et cetera, et cetera. It definitely won't help you to find next 1000X nimp point, but it will help to generate a long-term wealth with crypto, with right investments.

Very cool. And one thing I'd like to know is how many people are using your app right now weekly? Like what are your daily average user numbers? So I can share monthly active users around 800. thousand people open the app monthly or our website and over $100 billion is being tracked with BitcoinStats today. Wow, that that's incredible.

So just a kudos to what your team's been able to accomplish those user numbers you don't typically see within crypto products and just round of applause for you guys being able to accomplish that thus far. with about 6,500 people here now tuning in, what would your call to action be? Where do you want us to send people today? Sure. I would definitely love if anyone tuned in can go to the app store,

who will play, search for coin stats, download the app, sign up, complete the onboarding, connect their wallets, and you can do that both anonymously. You don't need to provide your email address, that's right, you can just log me with your wallet, connect all your wallets. And as soon as you pass that sign-up phase of setting up your account, which can be a bit time-consuming, especially when you have multiple wallets and exchange accounts,

you basically become free of knowing what's going on with your crypto. I know a lot of people who don't use something like coinstarts, and they open this exchange, the wallet, etc., to understand what's going on, and you will start receiving automatic notifications,

if there is some breaking news about your coin, if there's some significant price change about that coin or this coin you own, et cetera. And basically you get voltage on what's going on. You can see how much money you've made, you've lost.

Like you can basically see in the past, even if you bought and sold some coin, how much you've lost. So you get a lot of information. You just need to have spent time to pause that onboarding phase to connect all your accounts. And you can also do that on our website, coinstats. Dot app.

Wonderful. So for people who are tuning in, we have the CoinStats account up here in a speaker spot with that square icon. So if you click their profile and go there, they do have a link in their bio. It's CoinStats. dot app slash x and if you follow that official link you'll be able to to download the app directly from

there just want to make sure that people are staying safe and they're following official links but neric i really appreciate you you joining us today um hopefully we can get you back on the show because this is such a great project that provides a great utility for people in the web three space and it was a pleasure to have you pleasure to be here would love to join you again to talk more about portfolio management and the right way to manage your wealth and get to get the most out of the crypto markets. Thank you very much. Everybody give a follow to not only NERIC, but coin stats as well, as well as all of the speakers up here. And we'll be back live tomorrow at 10.15 a.m. Eastern time. See you then.

Thank you.