ROLLUP: ETH ETF Approved | Crypto Politics | Uniswap Wells Notice | Airdrop Reset?

✨ Mint the episode on Zora ✨ https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/4 https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/4?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E ------ Bankless Friday Weekly Rollup 4th Week of May ------ 📣 TRANSPORTER - SECURED BY CHAINLINK CCIP | TRY IT OUT https://www.transporter.io/ ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2 ⁠ 🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku ⚖️ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum 🌐 CARTESI | LINUX-POWERED ROLLUPS https://bankless.cc/CartesiGovernance ------ TIMESTAMPS & RESOURCES 0:00 Intro 3:52 MARKET WatcherGuru/status/1792646445075431627 https://ycharts.com/companies/ETHE/discount_or_premium_to_nav https://x.com/Timccopeland/status/1793653604387328381 https://x.com/bx1core/status/1792712990141338049 https://imgur.com/hbveuq5 https://x.com/pythianism/status/1793369623301403024 https://x.com/UncleRewards/status/1793623611405947147 https://imgur.com/uevxXfe https://www.coinglass.com/bitcoin-etf 18:54 How the odds of an ETH ETF approval suddenly swung in our favor https://x.com/BanklessHQ/status/1791140496397468064 https://x.com/RyanSAdams/status/1791147869791002699 https://www.youtube.com/watch?v=bFEGCmHqBT4&t=898s https://www.youtube.com/watch?v=bFEGCmHqBT4&t=898s https://x.com/songadaymann/status/1792667124919599263 https://x.com/EricBalchunas/status/1792636523050906102 https://www.coindesk.com/policy/2024/05/20/ether-etfs-filing-process-sees-abrupt-progress-though-approval-not-guaranteed-sources/ https://x.com/JSeyff/status/1793039305125790105 26:28 Letter Urging ETH ETF Approval from Congress - THIS MORNING https://x.com/EricBalchunas/status/1793620303966503267 https://x.com/CGasparino/status/1793268472484425865 https://x.com/nategeraci/status/1792993889189593502 https://x.com/JSeyff/status/1792650597377757456 29:50 Promethum is launching its Ethereum custody https://fortune.com/crypto/2024/05/20/controversial-digital-assets-firm-prometheum-launches-long-awaited-ether-custody-argues-that-existing-laws-work-for-crypto/ https://financialservices.house.gov/news/documentsingle.aspx? DocumentID=409274 https://x.com/RyanSAdams/status/1792907980624523549 https://x.com/jchervinsky/status/1793398130269954346 32:16 FIT21 passes the House 279 - 136 🎉 https://financialservices.house.gov/news/documentsingle.aspx? DocumentID=409277 https://x.com/avichal/status/1793370415664148496 https://youtu.be/_QvOzpKX3I4?si=__6q_Ffl-PU7R4oe https://x.com/BanklessHQ/status/1793291448965624088 https://pelosi.house.gov/news/press-releases/pelosi-statement-fit21-legislation https://x.com/BanklessHQ/status/1793367943671402923 43:12 Another win for crypto this week - “Choke Point Marty is done” https://x.com/nic__carter/status/1792569285799186641 https://x.com/twobitidiot/status/1793606319301447920 https://www.sec.gov/news/statement/gensler-21st-century-act-05222024 https://x.com/twobitidiot/status/1793399316012318821 https://x.com/zerohedge/status/1792659983370523096 https://x.com/nic__carter/status/1792660581272670650 https://x.com/meanwhilelife/status/1792936024244466174 Exhibit A: https://x.com/ewarren/status/1641138829162577928 Exhibit B: https://x.com/WatcherGuru/status/1793261382676119866 Exhibit C: https://x.com/BitcoinMagazine/status/1793025045310115910 Exhibit D: https://x.com/SMTuffy/status/1793604355591110692 Exhibit E: https://x.com/SenLummis/status/1793654641974288558 53:32 ETH ETF just reopened the window for protocol airdrops! https://x.com/TrustlessState/status/1792958932228653249 55:09 Yuga Labs ‘Punk World’ https://x.com/cryptopunksnfts/status/1792594316172341315 https://x.com/CryptoGarga/status/1792694910904136028 56:46 We finally found out what was the Uniswap Wells notice about https://x.com/Togbe0x/status/1792973545762595199 https://x.com/haydenzadams/status/1792973692223336615 https://www.coingecko.com/en/coins/uniswap https://x.com/TrustlessState/status/1793650716080562382 1:01:28 Binance executive denied bail in Nigeria amid $35 million money laundering trial https://thenationonlineng.net/just-in-court-rejects-binance-officials-bail-request https://x.com/RyanSAdams/status/1791466137793830974 Binance CEO Richard Teng in a blog post https://www.binance.com/en/blog/leadership/from-richard-teng-binance-ceo-tigran-gambaryan-is https://x.com/vibhu/status/1792419936725528816?s=46&t=LKBC7Qtm18FnZ380xCF2pA https://x.com/vibhu/status/1792419936725528816?s=46&t=LKBC7Qtm18FnZ380xCF2pA 1:04:02 Bankless is launching 'Bankless Onchain' Phase II: Mint Our History https://www.bankless.com/bankless-onchain-phase-2 Mint Bankless Archive here: https://bankless.cc/OnchainArchive Mint new episodes here: https://bankless.cc/onchain 1:05:44 Raises and BVC Investments Farcaster has raised $150M! At Valuation $1B https://danromero.org/farcaster-update/ 1:06:30 MEME of the Week https://x.com/basedkarbon/status/1793435193274998945 1:07:16 Moment of Zen https://x.com/songadaymann/status/1793751482816176300 ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:03Ryan Sean Adams?

  Bankless Nation.

• 0:06Ryan Sean Adams?

  It is the fourth week of May in the year of our Lord 2024. And this is an absolutely historic week on the Bankless Weekly Rollup.

• 0:18David Hoffman?

  I think this might be one of the winningest weeks that I've ever seen in crypto.

• 0:23Ryan Sean Adams?

  Yeah. Yeah? I'm trying to think of another week that stands out in the way that this week stands out. And I would definitely say it's the most winning week we've had politically. Maybe the most winning week in America since I've been in crypto.

• 0:41Ryan Sean Adams?

  Maybe the most winning week ever.

• 0:42David Hoffman?

  I think it's the most winning week ever because like we're not just talking about the ETH ETF, but we're talking about an entire political 180 about its stance towards the entire industry. And that is showing up like first and foremost in the price of ETH because of the ETH ETF. But this impacts the entire industry.

• 1:04Ryan Sean Adams?

  I gotta tell you, man, it feels real good.

• 1:06David Hoffman?

  It feels real good.

• 1:07Ryan Sean Adams?

  After the last two years we've had, two and a half years we've had of all of the politics.

• 1:11David Hoffman?

  Bullshit, yeah.

• 1:12Ryan Sean Adams?

  Yeah, like just like pressing down against us, the US government to actually clock in some wins. One thing we should say before we get into this rollup, okay? So for Bankless listeners, you guys have an advantage of living in a future world where you actually know the outcome of the Ethereum ETF approval or denial.

• 1:30David Hoffman?

  And if it was somehow denied, this is aging so poorly.

• 1:35Ryan Sean Adams?

  So the way David and I record weekly rollups is we record them the day before. So right now it's like we should clock in our time. It's Thursday, May 23rd at 12:40 EST.

• 1:45David Hoffman?

  Eastern time, Eastern time.

• 1:46Ryan Sean Adams?

  And as of now, we don't know for sure whether the Ethereum ETF will be approved or not. Remember, the deadline is today, the deadline is Thursday, the 23rd, at the time that we're recording. So we don't know as we're jumping into this. You know, but we don't know. And I think, David, we just gotta, for the, let's take this episode, we just gotta assume approval and maybe just tell the story of this 180 where it seems like the odds. Odds of approval are approaching certainty here. One thing I'll also say is if it is approved, there's another episode already waiting for you.

• 2:19David Hoffman?

  Yeah, one that we shipped faster than this one. Yeah.

• 2:21Ryan Sean Adams?

  Yeah, and it's probably the episode, hopefully, where we're celebrating the approval of the Ethereum ETF. So go, go check out your podcast feed to get that or on YouTube or wherever you listen.

• 2:30David Hoffman?

  But nonetheless, other things also happened in crypto. So in addition to the ETH ETF approval that we are probably going to talk about, how the approval swung in our favor at the 11th hour, there's also the political changing winds in our favor as well. And then also a bunch of airdrops, perhaps on the back of just like being extremely bullish. ETH edition, big, big airdrops coming out this week that are being teased by the protocols themselves. Meanwhile, we learn about what was inside the Uniswap Wells notice. And then also Bankless unleashes phase two of our on-chain collectibles. So all of this and more coming up in the weekly rollup. But first, a message from our friends and sponsors over at Transporter.

• 3:11David Hoffman?

  Transporter is a brand new consumer bridging app powered by Chainlink's CCIP. We did a Twitter Spaces with Chainlink God and Fishy Catfish. Really good. They're just, they're so smart. They're so precise in their speech. Really, really useful. If you want to learn about like how Transporter fits into the Chainlink ecosystem, definitely go listen to that Twitter space. It's on the Bankless Twitter. You can just scroll down after you scroll down through all the tweets of like Bankless talking about how we're winning so hard. Transporter.io, if you want to use this bridging app to go through all out all the chains, Arbitrum, Avalanche, Base, BNB, any EVM chain really. And then you can bridge all your assets, ETH, Link, USDC and more.

• 3:48Ryan Sean Adams?

  Yeah. So all you have to do is go to transporter.io and just send it, just like the ETH price this week, I think.

• 3:54David Hoffman?

  Just like the ETH price.

• 3:55Ryan Sean Adams?

  We got to start with Bitcoin, though. Let's, let's give the king his due. All right. Bitcoin is the number one crypto asset. So David, let's look at the Kraken charts and tell us where we are on the week. Cause Bitcoin had a, not a bad week.

• 4:07David Hoffman?

  A green week. Yeah. Started the week 65,800 and then it went up 3% this week to where it is now at 68,000. Hit 71,000 at the top, but has come down since hitting 71,000. On the backs of the ETH ETF news that it was very likely going to be approved, Bitcoin hit 71,000, came back down to 68,100 where we are now. Anyways, moving on to ETH price, starting the week at the low, low price of $2,950.

• 4:37Ryan Sean Adams?

  Silly, under 3, we started this week under 3K?

• 4:39David Hoffman?

  Under 3,000, yeah.

• 4:40Ryan Sean Adams?

  So dumb, silly.

• 4:42David Hoffman?

  ETH really pushing new lows on the price at the start of this week. Up 28% on the week.

• 4:49Ryan Sean Adams?

  Woo!

• 4:52David Hoffman?

  Currently at $3,800, hitting 3,900, above 3,900 this morning. Definitely some very strong volatility in the ETH price this week, 28%. So Bitcoin up 3%, nice drop Bitcoin, ETH up 28% on the week.

• 5:09Ryan Sean Adams?

  David, look at the size of this candle. This was, this happened, what, May 20th? Was that the big run?

• 5:15David Hoffman?

  Monday, Monday, May 20th, yeah.

• 5:16Ryan Sean Adams?

  And we're going to talk later in the episode about the tweet that really started this god candle. And I think we want to get to maybe the size of this god candle in a second, but there's another chart we should look at, which is the good old Ethereum trust. You remember that thing, ETH?

• 5:32David Hoffman?

  Thing's about to go away. ETH, the grayscale ETH discount was trading at a 24% discount. So you could buy Ether at 24% off because people just didn't want to hold the grayscale ETH discount by that much. It is now down. That discount has reduced down to 7%. So actually they're still like.

• 5:49Ryan Sean Adams?

  From what, from like negative 20?

• 5:52David Hoffman?

  From negative 24 to negative 7. So they're still in the grayscale ETH trust. There's still a 7% discount at the time of recording. So you can still, as of this moment, buy ETH 7% off.

• 6:03Ryan Sean Adams?

  As of this moment, but they're going to hear it tomorrow. Like it's going to be post approval.

• 6:07David Hoffman?

  Yeah, things are getting real stale. We've also just seen some insane volume in the grayscale ETH trust. You just like three times more volume on a daily basis than we've seen ever before.

• 6:17Ryan Sean Adams?

  Did you get in on some of this, David? Did you get in this, in your 401K? Like, do you have any of those, retirement accounts or anything?

• 6:23David Hoffman?

  I don't have a 401K.

• 6:26Ryan Sean Adams?

  This has been a bleeding goodbye for a very long time.

• 6:29David Hoffman?

  For sure.

• 6:30Ryan Sean Adams?

  And we mentioned it a few times, more than a few times, on the rollup. So hopefully some Bankless listeners benefited from this ARB opportunity here.

• 6:38David Hoffman?

  Which there still is.

• 6:39Ryan Sean Adams?

  Yeah, there still is, as of recording. And we're just assuming this thing gets approved. So let's continue going with it.

• 6:45David Hoffman?

  Just a reminder, if the Ether ETF does get approved, which the Grayscale will be one of them, the ETH trust gets converted into an ETF. And that premium just zips, poof, gone. And now it trades at par.

• 6:57Ryan Sean Adams?

  Yeah. So let's get back to that god candle. How big was it?

• 7:02David Hoffman?

  I'm gonna start with the ETH market cap. Started the week at $370 billion. It is now $460 billion. So in seven days, Ethereum added $90 billion to its market cap. That is 1 and 1/4 Solana added to the Ethereum market cap in seven days. On Monday, this Monday, when we got the news that there was a change of the winds in the political establishment about the ETHTF approval, Ethereum got its largest candle ever. And I'm not talking about green candle, like candle, red or green, the largest candle ever. Yes. A daily candle, 24-hour candle of $595.

• 7:44David Hoffman?

  That is the most that the ETH price has ever moved in a daily basis.

• 7:48Ryan Sean Adams?

  I mean, we set this up in our livestream earlier this week, on I think Monday, where we were talking about, this news just came in. But before this, all right? So at the bottom of the candle, ETH was in some pretty negative narrative territory. People were not feeling good about Ethereum, this bull cycle. And a lot of people had not, had priced out the idea that an Ethereum ETF was even possible. So this is the market just suddenly realizing, uh-oh.

• 8:15David Hoffman?

  We're offside.

• 8:16Ryan Sean Adams?

  We're underweight. We gotta get back in.

• 8:18David Hoffman?

  Yeah, I mean, granted, they knew things changed like there was previously

• 8:23Ryan Sean Adams?

  New information.

• 8:23David Hoffman?

  There was new information. So like you can debate about whether that means offside or not. There are some ETH stalwarts out there that says like this was this was always a possibility that the market was totally like underserving.

• 8:34Ryan Sean Adams?

  Yeah.

• 8:35David Hoffman?

  But yes, nonetheless, there's like, and I still actually think that there's quite a bit of like offside-ness in the crypto markets in this present moment.

• 8:42Ryan Sean Adams?

  But this is what another thing is nice about this candle is it's fundamentals. Very clearly, it's not just like a day of trading or like, you know, something some whales buying. This is clearly fundamentals getting priced in.

• 8:52David Hoffman?

  Totally. Ether price is actually still 28% below all time highs. And so there's like, right now, there's a big conversation is like, okay, like, but what will the ETH ETF approval actually do to the ETH price? Will it will it underperform in terms of its impact versus Bitcoin? Because there's just not as much demand for the ETH ETF than there was in comparison to Bitcoin? Will it overperform versus Bitcoin because of the price sensitivity that Ether has? And actually, as a tech platform like asset, there's actually more demand relative to its market cap versus Bitcoin? Right now, that's a conversation that's currently unfolding.

• 9:28Ryan Sean Adams?

  Let's talk about that. So all time high was what? What 4,815 something 4,800 territory? And I'm looking at the Kraken charts here. The last time we hit that was November 2021.

• 9:42David Hoffman?

  Yeah.

• 9:43Ryan Sean Adams?

  I had forgotten that that was in 2021. So what was what was it like in Ethereum at that time? What was it like in crypto at that time? A much different market than the all time high we might hit now. Certainly, nothing even close to an ETF.

• 9:58David Hoffman?

  Well, first and foremost, at that moment in time, we had 0% interest rates in November of 2021.

• 10:04Ryan Sean Adams?

  Okay, so that helps.

• 10:05David Hoffman?

  That phase of the market was actually dominated by the Sol Luna AVAX trade. November 2021 was Sol Luna AVAX territory. Luna, of course, within POP just two months later, three months later. That was really the actual the top of the market.

• 10:21Ryan Sean Adams?

  I guess this just feels like a much stronger foundation as we're approaching this new all time high than we had in a November 2021. So that's an interesting comp for you. Uh, should we talk about the ratio for a minute?

• 10:33David Hoffman?

  Yeah, ratio. Uh, it started the week pretty like, pretty piss poor at .0458, which is a three-year low for the ratio.

• 10:43Ryan Sean Adams?

  Yeah.

• 10:44David Hoffman?

  It has now jumped up to .055, which is still low. That's still a low number for the ratio.

• 10:50Ryan Sean Adams?

  I'm gonna guess here, David, that this is the biggest god candle we've seen in the ratio. Like, maybe in history? I don't know.

• 10:57David Hoffman?

  No, in 2017, the ratio just moves a lot slower now. Uh, in 2017, there were some bigger movements. Like, I actually kind of think, like, it's a good start.

• 11:04Ryan Sean Adams?

  2017, I guess. Yeah, that was such a long time ago, uh, in, in, you know, like crypto history. But that was when Ethereum was just starting its price discovery, isn't it?

• 11:14David Hoffman?

  Totally. Yeah. Point, going from .045 to .055 is like Ethereum getting out of the basement and is now back onto like level one. Uh, but like, we still have, we still have a lot of, a lot of room to grow. There's still, there, in order to get bullish, like, I want to see .07.

• 11:31Ryan Sean Adams?

  Do you want to do the thing where you call the bottom of the cycle on the ratio? And you say it was like over here? It was like last week-ish?

• 11:36David Hoffman?

  Yes, that's exactly, that's exactly what I'll do.

• 11:39Ryan Sean Adams?

  David just called the bottom.

• 11:40David Hoffman?

  That's easy. Did you just make me call the bottom?

• 11:43Ryan Sean Adams?

  It's such an easy bottom call. I just gave you that point, man. I just know that's a layup for you. You're welcome. Let's talk about the, uh, total price in the crypto market cap. Where are we?

• 11:53David Hoffman?

  Yeah, $300 billion was added to the crypto markets in the last seven days. Started the week at 2.45 trillion, ending the week at 2.75 trillion.

• 12:03David Hoffman?

  Quite like, I think, like 90 billion of that reminder was out of Ether. Um, but like also, uh, many other things are also up, like generally the market's up.

• 12:11Ryan Sean Adams?

  Finally ETH doing its part, though, you know?

• 12:13David Hoffman?

  Yeah, taking the lead, yeah.

• 12:15Ryan Sean Adams?

  It was lagging.

• 12:16David Hoffman?

  Some, some good ETH bull fuel out of you guys. We've got some two takes that we want to highlight here. One from Van Spencer, who says, "The ETH thesis has always been that there is a far lower supply of ETH than the market realizes due to years of burn, ETH instaking and restaking, and ETH locked in DeFi and NFTs. And that the supply imbalance will manifest when a demand shock hits." Jump in ETH demand will be the catalyst to reflexively push the ecosystem into overdrive. More fee, more staking, less ETH supply, more flows. We haven't really seen like marginal new ETH demand.

• 12:50Ryan Sean Adams?

  No, we haven't.

• 12:51David Hoffman?

  Since, since we've got proof of stake.

• 12:52Ryan Sean Adams?

  Same crusty holders in whales, basically.

• 12:55David Hoffman?

  Yeah, like, like, we have not, since the merge, since like, the, the term ultrasound money is now like formally cringe. But since the invocation, evocation of ultrasound money, which was the merge and the burn, we have not seen marginal net new demand for ETH in a material way. We haven't seen a bull, ETH hasn't seen a bull market like that.

• 13:14Ryan Sean Adams?

  People don't know what the asset is or what it can do. And this is a part of the institutional story. I think that, that should this Ethereum ETF get approved, that will be told by BlackRock and Fanac and like all of the, the, the large asset pushers.

• 13:28David Hoffman?

  Yeah, and this is Uncle, just, uh, shout out Uncle, you're in this, uh, this, uh, weekly role of twice. ETH has never seen price discovery with both proof of stake and EIP 1559. So that's, that's something to look forward to.

• 13:39Ryan Sean Adams?

  Very bullish, uncharted territory. This whole section is going to age absolutely like poorly if the Ethereum ETF is not approved, David. So we're just going all in on this.

• 13:49David Hoffman?

  We'll like to, we get to temporarily live in the moment of this.

• 13:53Ryan Sean Adams?

  I'm happy right now. Listen, I don't know what your state is, but I'm, I'm very happy right now, and so is David. Let's, uh, go check out the layer twos, uh, over on Layer 2B. The section brought to you by Mantle, which is an L2 that we enjoy. David, are we at all time highs in terms of total value locked in Layer 2s?

• 14:10David Hoffman?

  I think at least tied for it. I haven't seen it higher than this personally. We are a sliver below $45 billion in Layer 2s. I mean, as soon as ETH goes up by like, you know, half a percent, that'll, that'll hit $45 billion. So congrats to Layer 2 ecosystem is zooming in on $50 billion locked in Layer 2s. Activity across Layer 2s coming in at a healthy nine and a half X scaling factor. That means nine and a half Ethereum's are being used as true raw organic grass fed transactions per second on Layer 2s. Base, of course, taking up the lion's share, but followed, we're actually very closely by Arbitrum. So base and Arbitrum neck and neck, uh, coming in at 25 transactions. Transactions per second and not really at capacity. That's those are 25 transactions per second of just like what's going on.

• 14:55Ryan Sean Adams?

  Big a price appreciation for all of crypto for the Ethereum community and outside of it as well, or Ethereum assets, ecosystem assets and outside of it as well. David, we're going to get into how the Ethereum ETF turnabout happened in the next section. But before we do, give folks a taste. Let's go check in on the Bitcoin ETF, right?

• 15:14David Hoffman?

  Yeah, because there's actually some positive news here, too.

• 15:16Ryan Sean Adams?

  Okay.

• 15:17David Hoffman?

  It's actually pretty nice. So we have been in a doldrums in the last like two months or so because of the equilibrium between outflows and inflows in the Bitcoin ETFs. We are actually at 10 days in a row of positive flows into the Bitcoin ETFs. So what's the day? The 23rd is the day today. Since the 13th, every single day that the markets have been active have seen net inflows into the Bitcoin ETFs. We are not yet at all time highs in the total assets under management of all the Bitcoin ETFs, but we are really, really close. So not only are we getting the ETH ETF, hell yeah, but the Bitcoin ETF is resuming to have up only inflows. So good stuff, good stuff. Coming up next, how the hell did the odds of an ETH ETF go from zero to 100, almost 100,

• 16:03David Hoffman?

  inside of two days? A historic story in crypto and just an absolutely legendary story that I think will go into the halls of crypto history. Also, the story that started with Elizabeth Warren's anti crypto army ends with a full Democratic Party 180 and how crypto is now being fought over by both US political parties. Starting with Sab 121, we'll pick off where we will pick up where we left off last week. The FIT 21 bill that was voted on by the House this week and how it's all heralding a new era for crypto's position in politics and therefore the world. But first, before we get to these stories, a moment to talk about some of these fantastic sponsors who all had a role in helping develop these stories of the crypto pivot in Capitol Hill. So let's go hear from them right now, starting with Kraken.

• 16:46David Hoffman?

  If you want a crypto trading experience backed by world-class security and award-winning support teams, then head over to Kraken, one of the longest-standing and most secure crypto platforms in the world. Kraken is on a journey to build a more accessible, inclusive- inclusive and fair financial system, making it simple and secure for everyone, everywhere to trade crypto. Kraken's intuitive trading tools are designed to grow with you, empowering you to make your first or your hundredth trade in just a few clicks. And there's an award-winning client support team available 24/7 to help you along the way, along with a whole range of educational guides, articles, and videos. With products and features like Kraken Pro and Kraken NFT Marketplace and a seamless app to bring it all together, it's really the perfect place to get your complete crypto experience. So check out the simple, secure, and powerful way for everyone to trade crypto,

• 17:31David Hoffman?

  whether you're a complete beginner or a seasoned pro. Go to kraken.com/banklist to see what crypto can be. Not investment advice. Crypto trading involves risk of loss. Arbitrum is the leading Ethereum scaling solution that is home to hundreds of decentralized applications. Arbitrum's technology allows you to interact with Ethereum at scale with low fees and faster transactions. Arbitrum has the leading DeFi ecosystem, strong infrastructure options, flourishing NFTs, and is quickly becoming the Web3 gaming hub. Explore the ecosystem at portal.arbitrum.io. Are you looking to permissionlessly launch your own Arbitrum Orbit chain? Arbitrum Orbit allows anyone to utilize Arbitrum's secure scaling technology to build your own Orbit chain, giving you access to interoperable, customizable permissions with dedicated throughput.

• 18:13David Hoffman?

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• 18:54Ryan Sean Adams?

  All right, this is it. How did the odds of an Ethereum ETF suddenly swing in our approval? It was like near zero. This is what analysts thought last week, and now it is near certainty. I think in order to tell this story, we have to pick up where we left off. So where did we leave off with political momentum in DC? I think this is an important part of the story.

• 19:13David Hoffman?

  Yeah, so covering this on the weekly rollup last week, we were talking about SAB 121, which was a very toxic SEC rule towards crypto that basically is considered a backdoor ban because it really just made custoding crypto assets extremely capital efficient, just treated crypto not like any other asset, basically just like invalidating the feasibility for banks and other custodians, for trad companies to custody crypto. This bill to repeal SAB 121, which was an SEC rule, this bill to repeal it was voted on in the Senate, and we got a final vote of 68 to 30 in order to repeal the vote. Now Biden, the Biden administration, has said that if the vote went this way, that

• 19:57David Hoffman?

  there was indeed a vote to repeal, that Biden would then go and veto it. But the surprising thing is how many Democrats in the Senate defected from Biden's stated, from party line, saying that he's going to veto the bill. Well, the Democrats, a good chunk of them, more than what the Democrats should be comfortable with, just didn't care about Biden's statement and voted to repeal it nonetheless. So that bill, SAB 121, is going to Biden's desk. He has to either sign it, which will repeal it, or veto it by Monday. But the point is, is that the Democrats in the Democratic Party have expressed alignment with the crypto industry and disagreement with Biden's stance towards crypto. That's where we left off.

• 20:39Ryan Sean Adams?

  So we talked about this in last week's rollup, but analysts really hadn't brought this political analysis into the odds of an Ethereum ETF approval. And why not? It's because it's basically a week before the deadline for approval, and they're not seeing anything. They're not seeing anything from the SEC, they're not seeing updated filings. So basically, the odds of approval, it felt like on Friday, last Friday, were like 0%.

• 21:01David Hoffman?

  Polly market had it at 7%.

• 21:03Ryan Sean Adams?

  Yes, but David, you and I talked about the potential in the rollup last week. Can we do, can we play the clip?

• 21:08David Hoffman?

  This was all you, bro. This is one of the best Ryan Sean Adam calls I have ever heard. And I think you had to be a little bit muted about it, but I think you actually kind of like really wanted to believe this more than you were willing to let on. Let's go, let's go pull out this clip from last week's weekly rollup. Ryan laid out this exact scenario.

• 21:27Ryan Sean Adams?

  Let me give you two tail outcomes that could happen.

• 21:30David Hoffman?

  Tail risks.

• 21:30Ryan Sean Adams?

  Okay, that the tail, I guess, positive and a tail negative. All right, so the tail event on the, on the good side would be approval. All right, and this is not very likely to happen. I definitely give it under like 5% odds, but there is a chance here, David. And here's what I think it is. If, and this is a big if, Biden and the Democrats wake up. It's 11th hour. They realize that their party is getting painted as the anti crypto party. And this becomes a November.

• 21:58David Hoffman?

  Wins them zero votes.

• 21:59Ryan Sean Adams?

  Wins them zero votes. They only lose votes. They only lose money. And Trump, you know, steps in and tries to make this a web wedge issue. If they want to counteract that, they might actually put some political pressure on the SEC and Gensler.

• 22:12David Hoffman?

  Oh, my God.

• 22:13Ryan Sean Adams?

  To just throw a bone to crypto, just to prove the ETF.

• 22:16David Hoffman?

  Right.

• 22:16Ryan Sean Adams?

  Okay, just like call off Gensler. Hey, you can let this one slide. If you don't, it'll hurt us come November. It's not worth, David, that is exactly what I think happened.

• 22:28David Hoffman?

  Exactly what happened to a T. Well done, sir.

• 22:32Ryan Sean Adams?

  Well, man, well, you know what?

• 22:34David Hoffman?

  Proud of my co-host.

• 22:34Ryan Sean Adams?

  Yeah, you know, sometimes you get it right. Sometimes, sometimes you nail it, but it, you know, it's just kind of the, the political tea leaves, I guess. So here's the tweet that really sent this candle that we were talking about in the market section earlier. While this happened on Monday.

• 22:47David Hoffman?

  This is now this week. This is Monday of this week.

• 22:49Ryan Sean Adams?

  Okay, now we're fast forward to Monday of this week. Was that at 3:20? So it was the afternoon, 3:20 Eastern.

• 22:54David Hoffman?

  End of the day, Monday.

• 22:54Ryan Sean Adams?

  Okay, so what are we looking at here, the tweet?

• 22:57David Hoffman?

  Eric Balachunas, who's one of the two ETF commentators out of Bloomberg, they're just ETF experts, have risen to fame since the incoming Bitcoin ETF. He goes, update, James Safer and I are increasing our odds of a spot Ether ETF approval up to 75%. Up from 25%. Hearing chatter this afternoon that the SEC could be doing a 180 on this increasingly political issue. So now everyone is scrambling like us. Everyone else assumed they'd be denied. See Nate's tweets below for probably order of events. But again, we're capping at 75% until we see more, for example, filing updates. And so I, I have a notification sent on for Eric for example, exactly tweets like this.

• 23:38Ryan Sean Adams?

  Yeah.

• 23:38David Hoffman?

  And we were, we were in a meeting. We were, had like our podcast, like scheduling meeting or something. And I was reading this tweet and I looked at it. And I read it twice. And I'm like, this is a prank.

• 23:48Ryan Sean Adams?

  That's amazing.

• 23:49David Hoffman?

  This is a prank. And I read it three times.

• 23:51Ryan Sean Adams?

  Yeah, I saw you. I saw you in that meeting. I saw it in the one corner of Zoom. I saw it like a big smile like on your face suddenly.

• 23:58David Hoffman?

  Yeah, I think I just said, like, guys, everyone stop. And we just stopped the meeting. And then we told our podcasting, like, we have to go live right now. And that's exactly what we did.

• 24:09Ryan Sean Adams?

  It's so crazy. I know. They were saying 25%, but they're actually saying basically approaching zero. They were saying that just dispel all, you know, opium. We're going into the next week. It's 11th hour. There's no document updates. It's just not going to happen, right?

• 24:23David Hoffman?

  Right.

• 24:24Ryan Sean Adams?

  And so we got that that good tail event that that actually happened. And so here it is. Ether ETF filing process sees abrupt progress. So suddenly, everybody's updating their paperwork.

• 24:35David Hoffman?

  At the end of Eric Balotelli's tweet, he says, we are capping our odds at 75% until we hear hear more. For example, something that we would need to see in order to have a higher than 75% is filing updates. The next thing that happened.

• 24:49Ryan Sean Adams?

  Filing updates.

• 24:51David Hoffman?

  Filing updates.

• 24:52Ryan Sean Adams?

  That was like the later in the week, right? That was like Tuesday and Wednesday, all of these filing updates pouring in.

• 24:57David Hoffman?

  So what happened behind the scenes, apparently, is the SEC had a change of heart. Who knows why? Who knows? Who knows who called Gary Gensler? But all of a sudden, the SEC is phoning up the issuers of Ethereum ETFs, BlackRock, Fidelity, Bitwise, Fanec, Galaxy, Arteron. And they said, OK, we're giving you guys comments and we guys, we need you guys to update your 19B4s, which is basically an ETF filing. By like tomorrow, Tuesday at 10:30 a.m.

• 25:28Ryan Sean Adams?

  Yeah.

• 25:28David Hoffman?

  Or something like this. And like why they that why they needed them to update their filing is because they needed everyone to remove this staking element out of the ETFs.

• 25:37Ryan Sean Adams?

  Yeah.

• 25:37David Hoffman?

  So now this is now the final form of the 19B4s, the ETF filings from all these companies is a what is seemingly being an about to be approved ETF without staking.

• 25:48Ryan Sean Adams?

  Absolutely amazing. And you one thing I'll say, so I'll give another prediction because we haven't seen the approval actually happen, but I. I'm betting, and I said this last week, I'm betting Gensler comes out and is like, this has always been the plan. He's like, of course, we did this the last week. We just needed the documents starting Monday.

• 26:05David Hoffman?

  Conspiracy that like people, people were saying like, they're just being really quiet about the ETFs.

• 26:10Ryan Sean Adams?

  Yeah.

• 26:10David Hoffman?

  Because they don't want the same shenanigans that happened last time.

• 26:13Ryan Sean Adams?

  Yeah, that's what he's gonna say. I was protecting investors. We didn't want the same thing to happen. So we had to wait until Monday to start.

• 26:20David Hoffman?

  We didn't want the coin telegraph intern market manipulating stuff again.

• 26:24Ryan Sean Adams?

  Whatever, whatever Gensler says. At least he's gonna approve it. Okay. And if you don't believe us that there's some political pressure. I mean, look at this letter. This is what I call political pressure. Dave, this is a

• 26:35David Hoffman?

  Political pressure in the side of a document.

• 26:37Ryan Sean Adams?

  Yeah, bipartisan group, House of lawmakers from, from Congress. So this is led by Majority Whip Tom Emmer and also some Democrats. That is basically to address to Gary Gensler in the SEC saying, you guys should approve the ETF. That was just, just this morning.

• 26:52David Hoffman?

  Please approve the ETF.

• 26:54Ryan Sean Adams?

  Yep.

• 26:55David Hoffman?

  This was sent this morning, Thursday morning, the day of the ETF approval. Interestingly, it says, the letter is urging the SEC to approve spot Ether ETFs and other digital assets. Because it offers investors crypto access in regulated, transparent and safe formats. Highlighting other digital assets. So not just, not just Ether. They're saying like, hey, like be warmer to crypto.

• 27:18Ryan Sean Adams?

  Yeah. If it's possible for Bitcoin and Ethereum to cross the gauntlet towards a decentralized network, then it should totally be possible for other assets to do that as well. And those should, in the fullness of time, have ETFs as well. This is a Trad Media commentator, I think from like Fox Business or something. This is his take. If the SEC does approve the ETH spot ETF, it will be one of the biggest regulatory 180s in recent SEC history. And proof that the crypto crowd is a legitimate voting block. Securities lawyers tell me, that's what he said. I think that's exactly what it is. And Trad Media is reporting it as such still.

• 27:55David Hoffman?

  On the flip side of the debate, Nate Girasi, Girasi, he is still in the side of the camp where actually politics really didn't have that big of a deal here. He put out, he put out the theory that the SEC was always going to wait until the last minute to engage with exchanges and issuers. And so this was, this was a theory beforehand. This remains to be a theory for some people. So it's worth noting that not everyone is convinced by the political theory.

• 28:20Ryan Sean Adams?

  I'm definitely convinced. It was definitely political.

• 28:22David Hoffman?

  But alright. There's plenty of data points to suggest that it was highly political.

• 28:26Ryan Sean Adams?

  We should note, just because the Ethereum ETF is approved doesn't mean you can immediately buy it like next day, right? And this happened with Bitcoin, although with Bitcoin is approved and there's just like a few days before these ETFs came to market. With Ethereum, it could be longer. So James Safer is saying it could be weeks to months before we see S1 approvals and thus an ETH ETF. So there's still another box to check here, still some more paperwork to file, which is these S1 approvals. So even if Gensler and SEC say, "Yep, you can have an Ethereum ETF," doesn't mean we go to market immediately. So that'll be another piece of the story.

• 29:00David Hoffman?

  And this is different from how the Bitcoin ETF went to market. The Bitcoin ETF got approved and then was trading the next day.

• 29:06Ryan Sean Adams?

  Yeah.

• 29:07David Hoffman?

  Yeah, so Eric or James is saying it could be like two to, you know, six weeks before we actually get a live Ethereum ETF. Does that matter? No.

• 29:16Ryan Sean Adams?

  Yeah, I don't think it matters at all. It does not matter for the narrative. I mean, because it does so much. I mean, we'll put out an Ethereum ETF specific episode talking about the aftermath of this, but just clarifying that Ether is not a security does so much to just unblock institution, investment involvement in not only Ethereum ecosystem, but all of crypto. It's actually one of the biggest events that has ever happened, I think, in this industry.

• 29:42David Hoffman?

  And it also gives people two to six more weeks to like front run, like, you know, BlackRock and all these other people. And allows the market to consider how incredibly offside it is.

• 29:52Ryan Sean Adams?

  Chasing up beyond all time highs. By the way, there's a side thing that happened. Were you paying attention to this? So controversial blockchain firm, Promethium, launches the long awaited Ethereum custody. They did this on Monday as well. So this is Promethium. People have called this like a government plant or something because it seems ultra weird. It's this SEC sanctioned exchange that keeps telling everyone they can custody ETH and Ether is a security in the bounds of their exchange. It's such a bizarre story.

• 30:23David Hoffman?

  They claim to be the only compliant custodian of ETH because they have a license from the SEC to custody ETH, which is a security, according to them.

• 30:31Ryan Sean Adams?

  By the way, David, it's not just us with the tinfoil hat on this. This seems like a SEC or government plant of some type. There's actually, Congress is looking into it. They find it weird as well. But what I found particularly funny was the timing of this. So this happened Monday, and the CEO's name, this is the CEO, Aaron Kaplan, he was wheeled in front of Congress before just basically saying, yeah, it's very easy to come in and register for exchanges. Just look at what we're doing. We did it, right? And so, very interesting that this launch of Ethereum custody service for Prometheus just so happened to happen this week, right? A week.

• 31:11Ryan Sean Adams?

  I think that Kaplan and Prometheus were expecting the SEC to deny the Ethereum ETF. And wouldn't that be perfect?

• 31:18David Hoffman?

  Because that's probably what the SEC told them. It's like, yeah, we're gonna deny the ETF, and then you guys are gonna be good to go.

• 31:23Ryan Sean Adams?

  Yeah, so here's why I think this is funny. This is a service that no one's wants, that no one's going to use. It was brought to market, so Gensler has a pet example for Congress to show people that have come in and registered and kind of like done it the law-abiding the right way. And now Gensler is gonna completely throw this company under the bus and abandon them by approving the Ethereum ETF. So chef's kiss. It's actually hilarious how this all turned out. Again, some of that speculation.

• 31:48David Hoffman?

  Gary Gensler just like leaving his sock puppet out to dry.

• 31:51Ryan Sean Adams?

  Just connect the dots, man. Just connect the dots here.

• 31:54David Hoffman?

  And this is a plus one to the fact that this was political and not a plan of the SEC to always approve it in the last moment, because this was also a part of their plan, if you believe the conspiracy, which I totally do.

• 32:05Ryan Sean Adams?

  Yeah, all right, that's approval. That's not only, that's not the only big thing that we expect to happen this week. Here's something we have concrete in our world, in our universe, in our timeline, David. We have concrete proof for, a major crypto legislative event. The House passed the FIT 21 bill. What is this? What are we looking at in this tweet?

• 32:24David Hoffman?

  FIT 21, otherwise known as the Financial Innovation and Technology for the 21st Century Act, was voted on by the House and approved by the House, pretty overwhelmingly. 279 yays to 136 nays, including 71 Democrats who voted yay versus 133 Democrats who voted nay. Of course, 208 Republicans voted yay, 3 Republicans voted nay. Like 71 Democrats to 33, 133 who voted no. Like that, any amount of fracturing in the Democratic Party with the Donald Trump versus Biden election being so narrow, so razor thin, any amount of defection is untenable for Biden.

• 33:06David Hoffman?

  And so this is, this is the thing that the crypto industry is celebrating right now is basically what we are seeing is a divided Democratic Party.

• 33:14Ryan Sean Adams?

  Yep.

• 33:14David Hoffman?

  And a, a in line Republican Party that's pro crypto. And so any amount of division on the Democratic Party, what we are seeing is they, that is polling the whole rest of the Democratic Party and saying like, do you guys really want to be anti crypto?

• 33:27Ryan Sean Adams?

  Yeah.

• 33:27David Hoffman?

  Is that really the hill you're going to die on?

• 33:29Ryan Sean Adams?

  This was another acid test. So we had SAB 121 last week, right? And now we have this, which is basically, are you pro crypto or you're anti crypto? And 71 Democrats in the House said they wanted to be on the side of, of pro crypto, which is incredible. I think even analysts who are plugged into this, like their hopes and dreams were around 50 or so, and we got 71. So this is like the biggest marker I've seen of the tide changing in DC and the winds blowing in crypto's favor. David, we should just talk about the high level of what the FIT 21 Act actually is. So what is this thing?

• 34:04David Hoffman?

  Okay, it is a bill that is being proposed by Chairman Patrick McHenry, which we had on the podcast and he explained it just directly to us. So that podcast is in your podcast player, but just as a quick summary, there's a few key areas and provisions here. It delineates for the crypto industry, when the SEC or the CFTC has jurisdiction, so clarity, it offers consumer protections around transparency and disclosures for promoters and endorsers. It prohibits agencies from preventing from using crypto. It asks the Treasury to study stable coins. And it also, I think very importantly, gives crypto startups a path to become a commodity while also not violating securities laws in the process. There's this like trap that the Gensler SEC administration has, which is we really want

• 34:49David Hoffman?

  a lot of our protocols, the full, in the fullness of vision of all of these protocols that are airdropping tokens, we want them to become as commodity like as Bitcoin.

• 34:57Ryan Sean Adams?

  A path.

• 34:58David Hoffman?

  But.

• 34:58Ryan Sean Adams?

  As they become decentralized, right?

• 35:00David Hoffman?

  But being a security, registering as a security totally nukes the ability for those teams to distribute tokens to the public because it's a security. So it's a self terminating path that Gary Gensler is like, there's totally clarity, just come in and register, but it completely nukes the whole vision of these things. Yeah, pro-methium, yeah. So it gives crypto startups the path to legitimately become a commodity.

• 35:21Ryan Sean Adams?

  It's the biggest pro-crypto legislation that we've ever seen Congress contemplate, I would say. It's not perfect, though. There's some not ideal parts to it. Right? So this is Archivell from Electric Capital saying, "One of the bad parts is the SEC has to review applications and respond in 90 days." So there's still some agency gatekeeping. And if the SEC determines an asset operates without a controlling entity, the asset is a commodity, and the CFTC has jurisdiction, that's good, but it's still leaving the SEC as a determiner of this. And so there's some, you know, agency bias that could be at play. And so I think for people that are skeptical of the SEC, like us, of course, this is not ideal. But still, having clear rules is definitely a big step forward.

• 36:05Ryan Sean Adams?

  And a lot of this might get dealt with in the Senate. There's going to be a different type of the bill. There's going to be an opportunity for a lot of revisions. So we'll talk about that a little bit later. But the big news here is the political change in DC. And that is even affecting the White House. What are we looking at here, David?

• 36:22David Hoffman?

  This is a statement of administration policy out of the Biden administration, who says, "The administration imposes the passes of this bill, which would affect the regulatory structure for digital assets in the United States, but nonetheless would not veto it if it came across his desk," which is the important thing.

• 36:38Ryan Sean Adams?

  I think it's safe to say that's the most pro-crypto statement ever coming out of the White House, at least in the Biden tenure. So, interesting, David, Nancy Pelosi was also in favor of this. This is a statement from Nancy Pelosi.

• 36:50David Hoffman?

  People are joking that, like, well, Nancy Pelosi, the greatest trader on planet Earth.

• 36:53Ryan Sean Adams?

  She already fudged us.

• 36:54David Hoffman?

  If she is pro-this, she's probably already bought our bags, and she's going to continue to be pro-crypto.

• 37:00Ryan Sean Adams?

  Big Pelosi.eth vibes here. She's probably got some ETH bags coming into this. "Fit 21," she said, "is a first step to establish a regulatory framework for digital assets, and it must be improving by working with the Senate and the administration." So she's pro-crypto. There was tons of anti-crypto sentiment. We'll say that as well.

• 37:18David Hoffman?

  From the usual suspects.

• 37:19Ryan Sean Adams?

  Okay, so let's play this clip, because it's too good. Not to play.

• 37:22David Hoffman?

  Oh, God, this is so cringe.

• 37:23Ryan Sean Adams?

  Brad Sherman here.

• 37:25Speaker 02

  But the long-term objective of the crypto billionaire bros is to create a new currency, and they've named it well. Cryptocurrency literally means hidden money.

• 37:38Ryan Sean Adams?

  Cryptocurrency literally means hidden money, David.

• 37:43David Hoffman?

  Did you hear that up?

• 37:45Ryan Sean Adams?

  I don't, like, I don't even know what he's, what is he even talking about? I didn't know what this guy's talking about.

• 37:50David Hoffman?

  You can kinda see what he's saying, like cryptography can help with privacy, but like, there's no way he actually, yeah, no, he just read, he just read something.

• 37:59Ryan Sean Adams?

  Uh, this tweet is absolutely legendary as well. This might be, go down in history as, it's definitely the most ratioed tweet I've ever seen. The most hated tweet maybe, uh, on the internet, certainly in crypto. What are we looking at?

• 38:10David Hoffman?

  Uh, so this is FSC Dems Twitter account, United States House Committee on Financial Services, is asking the question, who benefits from the passage of the FIT 21 Purpose Act? Uh, green check mark in front of wealthy crypto firms that have chosen not to register with the SEC or otherwise comply with its securities laws. And then who stands to lose? Red X, ordinary investors trying to build wealth, which is a really hot take. Uh, like Ryan said, there, there are 91 likes on this tweet, which is not, not large. Uh, there are 1,100 comments on this tweet and I'll go ahead and read some of them aloud because they're all pretty hilarious. An NFT PFP Anon says, as a perfectly ordinary person who's trying to build wealth, y'all can't be more in the wrong here.

• 38:55David Hoffman?

  It blows my mind that I'll have to vote red this election. You and only you will, will be responsible for losing the White House. Chris Bernisky, he replies to this tweet as well and says, oh, gaslighting ordinary investors again, huh? Uh, Eric Voorhees, who also responds to the same tweet, says, the only investors that have built wealth substantially above inflation over the last decade have been crypto investors. Meanwhile, the dollar decays into oblivion. And then Ryan Shun Adams, my co-host here, he says, uh, you guys still trying to win elections or nah? Um, you can just like scroll down on this tweet. It's like, it's worth it. It's pretty funny. Uh, it's basically a who's who in crypto. You have like laser eyed maxies dunking on this tweet. You have soul bros dunking on this tweet. You have the Ethereum community dunking on this tweet.

• 39:38David Hoffman?

  It's, it's just a great snapshot of just like everyone in crypto.

• 39:41Ryan Sean Adams?

  Everyone's perspective too. Like I think the anti crypto army accidentally unified all of crypto and I've never seen. Crypto so unified as over these policy issues. It's a really, really cool time. Of course, our friend Gary Gensler was dead set against the FIT 21 Act. He published a statement here the morning that the debate for in the vote for FIT 21 was going. He says, "FIT would create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts." Again, with this line, David, "putting investors and capital markets at immeasurable risk." That's what would happen if it was approved. So Gensler against it. But Gensler doesn't get his way. Okay, so Congress, Congress voted approval. And let's talk about what this means.

• 40:26Ryan Sean Adams?

  I think firstly, this is a major political win for crypto. It just signifies that we're getting better. We're leveling up on crypto, on, on, on politics. Remember two years ago, it seemed like the only person really making head, making gains in DC was Sam Bankman Freed, right? How terrible that was? This is Ryan Selkis tweet about that. "SPF almost destroyed us in DC by acting alone. It took a large, loud, open, multiplayer, loosely coordinated grassroots, deep-pocketed band of misfits to brute force this result, a passed House bill. Congrats, crypto. You're now a major American political force." I really feel like that's true. It was so many of us acting. It was like Bankless, Selkis from Messari, it was like crypto lobbyists, it's all of

• 41:11Ryan Sean Adams?

  that, it was politicians. It was like a group effort. Okay. And tip of the hat to specifically crypto lawyers, who I think are just some of the most Chad people that I know in this industry. They're just great people. Yeah, totally, totally agree. I think one caveat of all of this is because, again, go back to the FIT bill isn't perfect. Okay. And the way Selkis frames this, which I think is right, is we made political progress. Political progress is not equal to policy progress. Okay. So the political progress we made is now crypto is on the register of every politician in DC. They know that we are a faction that votes, a faction that funds parties, a faction that shows up politically in the US. We've never had that before.

• 41:57Ryan Sean Adams?

  Exactly, but we still need to make some progress in the policy and the FIT 21 bill isn't perfect. But there's opportunity for that. It's like, one, I think we'll get better at crafting policy and like pushing that forward and educating lawmakers. But the FIT 21 bill goes to Senate next and it probably won't be approved in Senate. So I'm hearing-

• 42:16David Hoffman?

  And should we be sad about that? I thought we wanted the FIT 21 bill.

• 42:20Ryan Sean Adams?

  Not really. Like, I am personally not sad about this because it requires some revisions, honestly. So-

• 42:27David Hoffman?

  Because this is a political win, not a policy win. The FIT 21 bill, policy-wise, not the greatest grade. That's actually not why we're celebrating. We're celebrating because it was a political win shown by the amount of defecting Democrats in the House, correct?

• 42:39Ryan Sean Adams?

  And now it has an opportunity to be revised, basically. So the Senate, what they'll have to do, and they haven't done this yet, is a Senate champion has to pick it up and create a companion bill for this. And right now, like, no one has stepped up to lead the charge, so hopefully that happens. But that's not gonna happen anytime soon. So this is not like the SAB 121, where we went to the House and there's a timeline where the Senate has to vote for it, okay? It's just in the Senate's queue. They can sit on this forever. Or they can come up with a companion bill that has some, like, more crypto-favorable policy refinements, and I'm hopeful they do that.

• 43:12David Hoffman?

  Zooming all the way out, we started the 2023 year talking about this idea of Choke Point 2.0. And this was during just like the absolute depth of the oppression of the crypto industry by the establishment, by the banking sector, by the Biden administration, the Democratic establishment. Choke Point 2.0 was this effort to de-bank crypto and basically invalidate it as an industry by suppressing it through the banking means. And so this is really when the fight against Gary Gensler was really starting to heat up. This was when, during the Silicon Valley banking crisis, many of the very crypto-friendly banks that banked many of these startups and paid the payrolls of many crypto startups was being targeted by the Department of the Treasury and FinCEN.

• 43:56Ryan Sean Adams?

  FDIC as well.

• 43:57David Hoffman?

  FDIC, yeah, exactly. And so a main leader, a main player in the coordination of Choke Point 2.0 is FDIC Chair Marty Grunberg, who is actually-

• 44:07David Hoffman?

  Resigning for completely unrelated reasons for the political reasons that we've talked about. It just happens so coincidentally to happen this week. But one of the main players of our choke point 2.0 is resigning and that is the head of FDIC. There's some other players here who are worth noting. Gary Gensler, of course, main, main story, main character here. Elizabeth Warren, another main character here. And while Marty Gruber, he's formally off of the board. He's that chess piece is being removed. Gary Gensler just got nerfed this week. Elizabeth Warren just got nerfed this week. And so there are like, there's a huge weakening in the whole entire concept of choke point 2.0. So like, I think if there's ever a week where choke point 2.0 formally died, it was this week.

• 44:50Ryan Sean Adams?

  Oh, the anti crypto army is in full retreat for sure. And this is like more, more of that. It should, you should note with, with Marty is he was actually forced to resign because there was like some scandals and workplace harassment. Right. Like a toxic culture, all of these things. So unrelated to crypto, but still worth celebrating.

• 45:08David Hoffman?

  We'll take, we'll take the dub.

• 45:09Ryan Sean Adams?

  We'll take that.

• 45:10David Hoffman?

  He should be out, he should be out of office either way.

• 45:12Ryan Sean Adams?

  Yeah. All right. Well, so let's, let's, let's, let's summarize all this. And I think Mike Novogratz actually did a fantastic job of summarizing this on CNBC. Let's just play the clip.

• 45:21Speaker 03

  And I think the democratic regime woke up and saying, this is crazy. Right. There are more crypto owners in America than there are dog owners. Right. We have 85 million people that own crypto and a lot of them are single issue voters. And the Democrats looked like they were the party against dogs.

• 45:35Speaker 04

  So you're speculating that a phone call was made from the White House to Gary Gensler's office. And Gary Gensler, who was for the most part, as you know, been relatively opposed to these instruments. In fact, he was opposed to the Bitcoin ETF until a court told him otherwise. You think he's going to do it quote unquote voluntarily, or maybe pseudo voluntarily? If in fact, the president's telling him otherwise.

• 45:54Speaker 03

  I am sensing a widespread shift amongst Democrats that don't want to let crypto be a big election issue. Right. The crypto super PACs have raised over $150 million and they've targeted Sherrod Brown and John Tester. You know, elections that matter, matter dearly to Democrats in swing states, in, in vulnerable Senate seats. Crypto should be bipartisan and quite frankly, for our industry to do well, it needs to be bipartisan. And it has been really Elizabeth Warren and a small group of people that has kind of.

• 46:28Ryan Sean Adams?

  I think he's exactly right, David. That is exactly what happened. Maybe just a final, put a summary on this historic week that we've had in this political wind shift. You've got a short story that you want to tell. So tell your short story, David.

• 46:41David Hoffman?

  I do have a short story. So this goes all the way back to March 29th, 2023. Does that date ring a bell for you for any reason, Ryan?

• 46:47Ryan Sean Adams?

  No, not really. What happened that date?

• 46:50David Hoffman?

  That date was the day that Elizabeth Warren tweeted out her infamous graphic of Elizabeth Warren is building an anti-crypto army. And this triggered just an insane uproar in the crypto industry.

• 47:01Ryan Sean Adams?

  Just this picture alone, it's just like Elizabeth Warren, like, you know, visionary, looking into the distance, trying to save America through this.

• 47:08David Hoffman?

  Stoic leader, building an anti-crypto army. And we were all like, I think, very confused in the crypto industry. Like, who is this message for?

• 47:16Ryan Sean Adams?

  Yeah.

• 47:17David Hoffman?

  It's like, her base of Massachusetts, just like clapping, is like, "Well done, Elizabeth. Go build that anti-crypto army."

• 47:23Ryan Sean Adams?

  That's what we want. We don't care about jobs, or the economy, or...

• 47:26David Hoffman?

  We really just want crypto to go away. Like, who, like, we were all asking, who is the marginal anti-crypto voter out there? And like, what is she benefiting from this?

• 47:34Ryan Sean Adams?

  Yes.

• 47:34David Hoffman?

  Anyways, zooming forward to May 22nd today, so two years later, one year later, Justin, Donald Trump's campaign says he will build a Bitcoin and crypto army to defeat Joe Biden in the presidential election, followed up by a news report out of Bitcoin Magazine says, "Joe Biden's campaign is asking for donations, saying cryptocurrency executives are backing Donald Trump and outraising them, rushing $800,000 checks at glitzy events." This is the same day that Trump started accepting Bitcoin and crypto for campaign donations, followed by this next part of the story, which I thought was pretty interesting. And I don't think too many people saw this analysis going around on crypto. This is Sean Tuffy,

• 48:18David Hoffman?

  who I think pays attention to the political establishment. He says, "I mean, I'm more critical of crypto than most, but this is basically how any lobbying effort works. The issue is," and I'll put my hands up and say I'm guilty of this in the past, "that the anti-crypto faction thought that the whole thing, the thing being crypto, would just disappear. So they hadn't..." No Plan B for the eventual possibility that maybe the crypto army doesn't disappear. So the calculus behind Elizabeth Warren and the Biden administration anti crypto army was that crypto was just going to die. And then they would be able to like, take credit for like, yeah, we like, we stamped out those like crypto bros, ha, ha, ha.

• 48:57David Hoffman?

  And like, you can't, you kind of can't blame their naivety because every single bear market, like people post articles like Bitcoin just, Bitcoin just died. Bitcoin is dead. And so they, I think they just did that, but like a political version.

• 49:10Ryan Sean Adams?

  Yeah, they were like, now, now's our time.

• 49:12David Hoffman?

  Now's our time to like, take this free real estate of claiming victory over this like crypto army by building an anti crypto army. Meanwhile, it turns out the crypto army did not go away. In fact, we just got stronger and we got rallied as a result of this. And then today, this morning, Cynthia Lummis tweets out, Senator Cynthia Lummis tweets out, we are building a pro crypto army in Congress. After we all forced the Democratic Party to do a 180 and give us what we want. So now, as a conclusion of all of this drama for the last like year and a half, after choke point 2.0, the incoming election, Biden versus Trump, Gary Gensler and the SEC. We now have two political parties, Democrats and Republicans, both fighting over the crypto vote.

• 49:56David Hoffman?

  So everyone, just give yourself a pat on the back because that was a very hard two years.

• 50:01Ryan Sean Adams?

  You know,

• 50:01David Hoffman?

  And we did not deserve it, but we're coming out winning on the other side.

• 50:05Ryan Sean Adams?

  I think, you know, part of us did deserve it, but you gotta, you gotta hand it to Elizabeth Warren. I think

• 50:10David Hoffman?

  We didn't deserve, we didn't deserve the oppression.

• 50:11Ryan Sean Adams?

  Oh, yes, yes, yes.

• 50:12David Hoffman?

  And we didn't, we didn't deserve to be treated like how the Democrats have been treating us.

• 50:16Ryan Sean Adams?

  You gotta hand it to Elizabeth Warren, though. I think what she accidentally created was a pro crypto army through this resistance. Again, never seen crypto so unified. David, we got more to talk about. What's next?

• 50:26David Hoffman?

  Coming up next, now with all this bullishness, did this reopen the window for large protocol airdrops? Because there are not one, not two, but three A tier companies that are all teasing their airdrop for next week and maybe the week beyond. There's also an update in the Uniswap versus SEC case. And also, did Nigeria just kidnap a crypto executive from Binance? We're going to talk to you about all of this. And more, but first, a moment to talk about these fantastic sponsors that make the show possible. New projects are coming online to the Mantle Layer 2 every single week. Why is this happening? Maybe it's because Mantle has been on the frontier of Layer 2 design architecture since it first started building Mantle DA powered by technology from EigenDA. Maybe it's because users are coming on to the Mantle Layer 2 to capture some of the highest yields available in DeFi

• 51:09David Hoffman?

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• 51:54David Hoffman?

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• 52:37David Hoffman?

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• 53:21David Hoffman?

  And if you're not a developer, those with staked CTSI can take part in the governance process and vote on whether or not a proposal should be funded. Make sure you're vote-ready by staking your CTSI before the votes open. Are we getting more airdrops coming up? Tyco, which is a Layer 2 on Ethereum that is an EVM equivalent, DK Layer 2 with some base rollup features as well, has released their airdrop tease video explicitly saying airdrop coming. So we got a Tyco airdrop on the way.

• 53:48Ryan Sean Adams?

  Because it's a blimp through the clouds, I get it. And oh, the blimp says airdrop.

• 53:51David Hoffman?

  All right. Yeah, that's the one. The blimp literally says airdrop on it. It's not a joke. Also, ZK Sync, there's been rumors going around that ZK Sync is aiming for an airdrop in early June, that there's a token generation event. They're going to mint a token this week and then the airdrop will occur 30 days after token generation event. And so that's.

• 54:12Ryan Sean Adams?

  ZK Sync's a big one.

• 54:13David Hoffman?

  ZK Sync's a very big one. ZK Sync has been around since I've been, I've been around in crypto. There, ZK Sync was actually the first time I ever used ZK technology to pay for Gitcoin donations back in 2019.

• 54:24Ryan Sean Adams?

  Very cool tech.

• 54:25David Hoffman?

  And then Layer Zero tees their V2 coming in May 28th. I mean, Layer Zero has been doing the whole anti-civil campaign, so that's actually not really a surprise. But they are just being much more explicit about V2. You can only imagine that V2 includes a token.

• 54:39Ryan Sean Adams?

  Look, I think.

• 54:40David Hoffman?

  So happy airdrop hunting.

• 54:41Ryan Sean Adams?

  I think all three of these could be close to billion-dollar airdrops, like unicorn airdrops.

• 54:45David Hoffman?

  You mean, you mean billion dollars given to users? I think so. I'm not gonna call it, but like- The fully diluted evaluation of all of these, I'm guessing, is gonna be above $5 billion for each one of these. Yeah. That feels pretty safe. So that means- Yeah. Whether they, each one can give $1 billion away to users, I think that's a, that's a good, like, high watermark to, like, aim for. I hope so. Close, though. They're big. They're gonna be big. And they're broadly distributed. Um, David, what's the CryptoPunk news? Oh my god, this is the one, this is the one embarrassing thing that happened this week. Really? Uh, so CryptoPunks, yeah, CryptoPunk Project from Yuga Labs, uh, announced Super Punk World, a 500-piece collection. More NFTs. They're like, they're like CryptoPunk-esque, but they're slightly 3D. Oh, no, they don't look CryptoPunk-esque to me.

• 55:31David Hoffman?

  Yeah, that was the, kind of, the feedback from, like, the CryptoPunks. Uh, the joke was that, like, CryptoPunks, just, in order for CryptoPunks to be bullish, you just have to leave them alone. Just, like, don't touch them. And Yuga Labs touched them. It's like Bitcoin. Explaining, like, how these, like, little NFTs look on the, visually, is kind of hard. Kind of flat 2D creatures. But with a, with a butt, though, if you notice, like, they added, the one part that they added death to is the butt. Oh, yeah. And the butt and the nose. That's trendy.

• 56:00David Hoffman?

  People hated these. They're ugly. I don't, I don't want to collect them. They were building these things for the CryptoPunk community, and the CryptoPunk is like, "Thanks, I hate it." We don't want this. Just leave our punks alone. Stop touching the punks. But didn't they say that? Isn't that part of the story? These were so rejected by public commentators, uh, that one of the members, members, the co-founders of Yuga Labs, had to put out this tweet. Uh, I'm just gonna read the last paragraph. It says, "What about punks? Yuga will no longer touch punks. They will just be decentralized and preserved on the blockchain. The only thing that we intend to do is support a few museums and institutions in their quest to acquire a punk and help educate their audience about them." Yeah. So I think Yuga's Labs, like- Yeah, sorry, guys. We're not gonna touch

• 56:40Ryan Sean Adams?

  Yeah, in an effort to add value, they like diminished value, I guess. So, good lesson learned there. David, tell me about the Uniswap Wells notice, because we found out that some details. There's always some speculation as to what was in the nasty gram from the SEC. What it was that Uniswap did to offend the sensibilities of the good old SEC. We found out what that is, right? What are they charging Uniswap with?

• 57:06David Hoffman?

  So, there were three things that we were speculating about when we heard about the Wells notice for Uniswap. That Uniswap is itself an unregistered exchange. The wallet itself is a broker, so is the website. And then the uni token is an unregistered security. Those are the three things that we thought the SEC were going to talk about. But two of those things were correct. One of them was incorrect. It turns out they are not going after the uni token. They are instead, interestingly, going after the LP token and saying that the LP contract is a security.

• 57:39Ryan Sean Adams?

  How does that feel?

• 57:40David Hoffman?

  Uni token untouched, but if you are a liquidity provider in Uniswap, you deposit like ETH and USDC into Uniswap, you are a market maker, you get an LP token back in return, and that's the security.

• 57:51Ryan Sean Adams?

  This feels even worse.

• 57:53David Hoffman?

  This makes even less sense.

• 57:55Ryan Sean Adams?

  It makes less sense, but it also feels even worse. Because I was kind of wondering, like, why is SEC suing all these companies for the exact same things? And like, what it looks like they're doing is for some of the same things, but they're trying to create more precedent surface area for winning now against LP positions. Right? If you call that a security, you basically like clamp down, shut down like a major faction of DeFi.

• 58:18David Hoffman?

  Right. And also, like, maybe the LP contract, the SEC is like, well, that's an investment contract. But where in the Uniswap protocol are they promising a return? Like, LPs actually lose money.

• 58:32Ryan Sean Adams?

  Yeah, that's right. That's true. David, like, what is going on here? Does Gary Gensler just like losing? Because he has been having a big, like, terrible year. He's losing in Congress, losing the support of his own party, certainly going to lose some of these court cases. This is Hayden Adams. What does he say in the fight back here?

• 58:51David Hoffman?

  He says, "We believe the SEC should embrace open source technology that makes markets cheaper, faster, more safe. The SEC's reckless approach to crypto has not protected consumers and caused immeasurable harm in the United States, individuals, businesses, and the state itself. We should lean on internet innovation, not stifle it. We are proud of our work. We have nothing to hide. We're ready to fight for Uniswap and DeFi in court, and we're ready to win." Uniswap Labs also had a response to the LP token specifically. They said, "The LP token is used as a bookkeeping device to keep track of the asset the user provided to the smart contract and any fees earned on the user's liquidity. In other words, the LP token are issued not for investment purposes, but instead as an accounting tool, and they are therefore not securities." Literally just explaining how the Uniswap contracts work to the SEC.

• 59:34Ryan Sean Adams?

  This is awesome.

• 59:35David Hoffman?

  Something that's notable about this, Ryan, is that if you map out, like, some of the major tokens in the Ethereum ecosystem versus ETH this week, all of the tokens are up versus the dollar, and they're down versus ETH, which should be no surprise because Ether is getting the ETF. And so Ethereum Layer 2 tokens, Optimism, Arbitrum, Polygon, had pretty strong weeks this week, like 10% to 20% price performance. But down versus ETH. Uniswap, UniToken is the only token I could find that actually held its value versus ETH. It is flat on the week versus ETH, which means it's up like 30%.

• 1:00:10Ryan Sean Adams?

  It pumped just as hard as ETH.

• 1:00:12David Hoffman?

  It pumped it just as hard as ETH. And I have a take about this.

• 1:00:15Ryan Sean Adams?

  What's your take?

• 1:00:16David Hoffman?

  Because the SEC is going after Uniswap, and also we thought the UniToken. We are seeing a shift in the winds about the SEC's stance towards crypto, at least a little bit with the ETH ETF. We're seeing a shift in the winds towards the democratic establishment towards crypto. I think we are seeing the regulatory boot of the SEC getting priced out of the UniToken.

• 1:00:36Ryan Sean Adams?

  Doesn't matter anymore.

• 1:00:38David Hoffman?

  It's like, we don't care about the SEC's impact on crypto. Yeah.

• 1:00:42Ryan Sean Adams?

  Yeah, I think that's a great take and I think that's exactly what's happening and I think that is even bigger than the inflows. That's why this is in some ways a more momentous week, in some ways not because Bitcoin was the first Bitcoin ETF, but in some ways it's even more momentous than the Bitcoin ETF because it sets precedent for everything not Bitcoin. The entire token economy now has some space to breathe. Now there's some oxygen in the room in the United States and I think you're seeing it in Uniswap price.

• 1:01:10David Hoffman?

  I totally agree.

• 1:01:11Ryan Sean Adams?

  Damn, you're making me more bullish.

• 1:01:13David Hoffman?

  This is so bullish. It's like, yes, yes, yes, the asset had a huge dub this week, but everything else also got a huge dub this week. If any other token ever wanted an ETF, this needed to have happened. This week needed to have happened.

• 1:01:28Ryan Sean Adams?

  Wow, wow. All right. Well, one more thing I want to mention because he said the the CryptoPunk thing was the only bad news on the week, but there is actually some more bad news because here's a story. Binance executive denied bail in Nigeria amid $35 million money laundering trials. So a justice in the Federal Court of Nigeria refused a grant to bail out some of the executives that were held in custody. So there's two executives from Binance held in custody. We've talked a little bit about this, but the story has just gotten super wild. It actually looks like, David, they're kidnapping crypto people. Okay. I mean, I know that sounds Alex Jonesy, but like they have Nigeria has a failing currency.

• 1:02:13Ryan Sean Adams?

  The currency is not doing well. They're trying to operation choke point. Binance and other exchanges in Nigeria, they're actually picking up mid-level executives, arresting them, throwing throwing them into jail and not releasing them on bail. That's what's going on over in Nigeria. So this is the new Binance CEO, not CZ. So somebody named Richard Tang that I think crypto industry needs to get to know. He says this, he writes a whole blog post about it. This was published earlier in the month, but to invite a company's mid-level employees for collaborative policy meetings. This is what Nigeria did. It's just like, come on, Binance, let's come talk, only to detain them. That's what they did. They detained them, but put them In jail, they're under arrest, has set a dangerous new precedent for all companies worldwide.

• 1:02:58Ryan Sean Adams?

  All right. This is what happens when your government abandons rule of law and starts to go hardcore, capital control, anti crypto. And I think it's like, it's like a warning shot because look at this. The top 10 overall apps in Nigeria.

• 1:03:14David Hoffman?

  This is really, really cool.

• 1:03:15Ryan Sean Adams?

  These are the top 10 trending apps in Nigeria right now. Do you want to read some of these?

• 1:03:19David Hoffman?

  Coming in number one, Phantom, a crypto wallet, the Solana wallet. Number two, Telegram Messenger. Number three and number four, two different VPNs. Number five, Ton Wallet for the Telegram blockchain. Number six, SoulFlare, a Solana wallet. Seven, Twitter. And then nine, Bybit. And 10, another VPN. So basically, we have Solana wallets, VPNs, Telegram Messenger, and a Telegram wallet. And so I think the story here is people are trying to get access to blockchain stuff.

• 1:03:46Ryan Sean Adams?

  It's all.

• 1:03:46David Hoffman?

  Specifically Solana. So congrats to the Solana ecosystem.

• 1:03:49Ryan Sean Adams?

  It's all anti authoritarian tech, basically. It's all open privacy tech. Look at the trend here. And this is what happens in the late stages of capital control. Our best to the Binance executives, certainly. David, something else that is relatively historic, I would say, is.

• 1:04:07David Hoffman?

  Probably the most historic thing that happened this week.

• 1:04:09Ryan Sean Adams?

  Good week to do it. So Bankless just went on chain. So we did a first season of podcast collectibles. Some people collected those. We stopped that at some time early last year because gas fees were too high. We knew we wanted to pivot to layer two.

• 1:04:24David Hoffman?

  To evolve the strategy.

• 1:04:26Ryan Sean Adams?

  Yeah. And we just launched that. So we are launching podcast, Bankless Podcasts Collectibles on the Zora chain in some partnership with Zora as well. And so this is our phase two. And in phase two, you can, with a couple of clicks, mint the entire archive of episodes. And the gas prices on Zora just cost like cents.

• 1:04:47David Hoffman?

  Yeah, they're nothing.

• 1:04:47Ryan Sean Adams?

  Mints are super cheap, too. I think it's point 000007777.

• 1:04:52David Hoffman?

  000777.

• 1:04:54Ryan Sean Adams?

  For, per ETH per episode, ETH per episode. So it's like a couple of dollars, you know, like your two, $2, $3. And moving forward, we are. Minting every single episode. So this roll up, the roll up you're listening to, there'll be a button that you can go click. You want to collect this on-chain. I don't know what we're going to do with it. At first, it's a collectible. It could evolve into other things, but it's your bankless on-chain footprint. It's really cool. I went and I collected this episode, David. This is our episode with-

• 1:05:20David Hoffman?

  With Patrick McHenry, the senator, who just talked about Fit21. We have 33 minters of said episode. Shout out Kenny.Eath, who was my COVID walking buddy.

• 1:05:30Ryan Sean Adams?

  Oh, is he our top mentor here?

• 1:05:32David Hoffman?

  Yeah, well, he owns three of the episodes, of these episodes.

• 1:05:36Ryan Sean Adams?

  A wise collector, then. So that is going to happen. Every episode from here on out, we probably won't mention it very often, but it'll always be there for you in the show notes. David, a last monster raise we got to talk about is a Farcaster raised $150 million on a $1 billion valuation. Of course, Farcaster is an Ethereum-based social-fi type of app, or, you know, I don't know if you'd call it social-fi, but it's like a Twitter clone client. We've done episodes with Dan Romero on Farcaster.

• 1:06:07David Hoffman?

  I would call it meaningfully differentiated from crypto.

• 1:06:10Ryan Sean Adams?

  Yeah.

• 1:06:11David Hoffman?

  What do they call it? Minimum viable decentralization for a social app.

• 1:06:15Ryan Sean Adams?

  Yep. Very cool, though. Absolutely monster raise. This is one of the most successful apps in crypto that have nothing to do with speculation, which is also-

• 1:06:24David Hoffman?

  But you can also speculate on it.

• 1:06:26Ryan Sean Adams?

  You can. Looks like that's what some VCs are doing here as well. David, let's end this historic week with a meme of the week. You selected this one, didn't you?

• 1:06:35David Hoffman?

  Yeah. Yeah. We all remember the Elizabeth Warren, I'm, Elizabeth Warren is leading a crypto army, an anti-crypto army. Same graphic, but instead of that, it just says, "Oh, fuck."

• 1:06:51Ryan Sean Adams?

  There you go, guys. We'll have to end it there. Of course, risks and disclaimers. None of this has been financial advice. Crypto is risky. You could lose what you put in, but we are headed west this time. We've got an Ethereum ETF. This is the frontier. It's not for everyone.

• 1:07:06David Hoffman?

  Please, God, approve the Ethereum ETF. Oh, my God.

• 1:07:10Ryan Sean Adams?

  This will be a great collectible if it doesn't get approved.

• 1:07:12David Hoffman?

  If it doesn't.

• 1:07:13Ryan Sean Adams?

  But we're glad you're with us on the bankless journey. Thanks a lot.

• 1:07:25Speaker 05

  Just want to show nobody ever has a clue.

• 1:07:34Speaker 05

  There were a few exceptions that couldn't be proved.

• 1:07:42Speaker 05

  I'm talking about Cincinnati and Ryan Sean Adams too.

• 1:07:50Speaker 05

  Let's go E T L, E T L, E T H, E T L, yeah. Money, study, cash, study, make twenty-three. E T L, study, study.

• 1:08:09Ryan Sean Adams?

  But there is a chance we do. Here's what I think it is. Biden and the Democrats wake up, it's 11th hour, they might actually put some political pressure on the S E C and Gensler to just throw up crypto, just to prove the E T F, okay?

• 1:08:22David Hoffman?

  I hope you have for sure, yeah. Pat's whatever you're smoking.

• 1:08:26Speaker 05

  Looked out my window this morning, I was thrilled to see a million laser ride, Max, he's flying in this morning.

• 1:08:44Speaker 05

  If you can't count on the government to bring us down,

• 1:08:52Speaker 05

  then I guess we'll have to fuck around and find out. Let's go, E T L, E T L, E T H, E T L, yeah. Money, study, cash, study, make twenty-three. E T L, study, study.