Bankless

Tokenizing Latin America: Six Currencies, One Financial System | Sebastian Serrano

What if the next stablecoin boom isn't in dollars? Ripio co-founder and CEO Sebastian Serrano joins David Hoffman to unpack how Latin America is bringing six local currencies onchain, why self-custody wallet deposits are still so expensive, and how stablecoins could improve cross-border payments. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY2 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🌍 RIPIO | LOCAL CURRENCIES, ONCHAIN https://bankless.cc/ripio 🛡️VIZOR | THE WALLET ZCASH DEVS USE https://bankless.cc/vizor 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless --- TIMESTAMPS 0:00 Crypto adoption in Latin America 5:38 Local currencies, FX and the carry trade 8:19 Inside Ripio: crypto infrastructure for LatAm 16:29 Fixing on-ramps with local stablecoins 28:26 Wrapped fiat: business model and cross-border payments 35:29 Distribution and which blockchains 42:14 Regulators, banks and market growth --- RESOURCES Sebastián Serrano https://x.com/sserrano44 --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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ROLLUP: Blue Wave, Black Swan | $6B Binance Heist | French Bank Robbed | ETH Goes Quantum-Proof

A blue wave and a black swan. Democrats sweep Congress, markets whipsaw into a $2 trillion selloff, and Bitcoin holds its 50-week moving average through the biggest heist in history: $6 billion stolen from Binance. Ryan and David break down how North Korea pulled it off, how a French bank got robbed with crypto as the getaway car, Ethereum's December 2028 quantum-proof deadline from DevCon, and Coinbase insiders' new sell plans. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🌍 RIPIO | LOCAL CURRENCIES, ONCHAIN https://bankless.cc/ripio 🛡️VIZOR | THE WALLET ZCASH DEVS USE https://bankless.cc/vizor 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless --- TIMESTAMPS 0:00 Intro 1:57 Blue Wave: Democrats Sweep Congress https://x.com/DCinvestor/status/2117789052573544873 3:33 $2 Trillion Erased: AI Bubble Popping? https://x.com/KobeissiLetter/status/2118362154558779411 https://pbs.twimg.com/media/HWX6J1hXwAAXczz?format=jpg&name=medium 7:41 Bitcoin Holds the 50-Week: Early Bull Intact? 10:59 NEAR AI Red https://near.ai/blog/the-right-to-run 11:44 Will the Dems Come for Crypto? https://x.com/0xGrimes/status/2111584181562290268 https://x.com/caprioleio/status/2118125380741795929 https://x.com/WatcherGuru/status/2118006193276805427 https://x.com/EleanorTerrett/status/2118041922011021418 https://x.com/hosseeb/status/2118080207664062720 https://x.com/TrustlessState/status/2118043617650491467 21:11 Binance Hack: The $6B Heist, 7 Days Later https://www.fbi.gov/investigate/cyber/alerts/2026/north-korea-responsible-for-6-billion-binance-attack https://x.com/zachxbt/status/2116030284261179538 https://www.binance.com/en/proof-of-reserves https://www.coindesk.com/business/2026/11/03/binance-s-usd6-3-billion-hack-began-with-a-fake-job-interview-exchange-says https://x.com/binance/status/2117626126214504729 https://x.com/hosseeb/status/2117650872603955542 27:26 THORChain & the Laundering Fight https://x.com/FBICyberBranch/status/2116660730745299426 https://thedefiant.io/podcasts-and-videos/podcast/thorchain-refused-to-block-the-usd387m-bitget-hacker-here-s-why-or-chad-barraford 32:49 North Korea: Too Close to the Sun? https://www.theblock.co/news/regulation/2026-11-02-kim-jong-un-sister-rejects-fbi-claims-linking-north-korea-binance-hack-432344 35:45 Polygon's Hard Fork & the Validator Bribe https://forum.polygon.technology/t/pip-proposal-recovery-of-funds-held-in-blocked-addresses-following-the-polymarket-and-binance-incidents/22497 38:25 How to Rob a Bank: Crypto Was the Getaway Car https://x.com/gregory_raymond/status/2117864901108432999 https://x.com/Jrag0x/status/2117878442309906695 48:37 DevCon 8: Ethereum Post-Quantum by 2028 https://x.com/EFDevcon/status/2117497506007576631 https://x.com/ethereumfndn/status/2117717427920498698 51:17 The Ethereum Economic Zone https://www.kucoin.com/news/flash/ethereum-economic-zone-unveils-three-cross-chain-breakthroughs-at-devcon 52:57 L2Beat Becomes ETHBeat https://x.com/ethbeat_org/status/2117913893796225035 https://ethbeat.org/crops 54:08 Vitalik's Keynote Controversy https://x.com/ethereumfndn/status/2117500382977102044 https://x.com/gakonst/status/2117668817082155157 https://x.com/uttam_singhk/status/2117673754574651760 https://x.com/fede_intern/status/2117993844159438993 58:58 Coinbase Earnings & Armstrong's Sell Plan https://www.fool.com/earnings/call-transcripts/2026/10/30/coinbase-coin-q3-2026-earnings-call-transcript/ https://thedefiant.io/news/cefi/coinbase-ceo-armstrong-adopts-plan-to-sell-up-to-1-31-billion-in-shares 1:02:53 STRC Back at $100 https://x.com/Strategy/status/2118036238741688626 --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

The Race for Private Ethereum | Zac Williamson

Can Ethereum become private without giving anyone a master key? Aztec co-founder Zac Williamson joins David Hoffman to discuss the race to build private smart contracts, why transparent blockchains struggle with tokenized finance, and how ZK Passport could bring identity checks onchain without exposing personal data. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🛡️VIZOR | THE WALLET ZCASH DEVS USE https://bankless.cc/vizor 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🌍 RIPIO | LOCAL CURRENCIES, ONCHAIN https://bankless.cc/ripio 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless --- TIMESTAMPS 0:00 The Race for Private Ethereum 07:21 Why Crypto Still Isn't Private 15:01 ZK Passport and Private Identity 21:29 AI-Powered Attacks and Trustless Infrastructure 29:44 Private DeFi and Institutional Adoption 35:42 Aztec Tokenomics, MEV, and Transaction Costs 40:52 Aztec Tierra and the 2027 Roadmap 43:43 Getting Started With Aztec --- RESOURCES Zac Williamson https://x.com/Zac_Aztec Aztec Network https://aztec.network ZK.money https://zk.money --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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The Complete Zcash Roadmap | Sean Bowe and Dev Ojha

What would it take for private money to work at global scale? Zcash co-founder Sean Bowe and ZK researcher Dev join David Hoffman to unpack the next chapter of Zcash, from Tachyon's ambitious scaling roadmap to the challenge of building private wallets that actually work. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🌍 RIPIO | LOCAL CURRENCIES, ONCHAIN https://bankless.cc/ripio 🛡️VIZOR | THE WALLET ZCASH DEVS USE https://bankless.cc/vizor 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless --- TIMESTAMPS 0:00 Why Zcash Matters Now 07:53 AI Makes Privacy Urgent 11:20 The Zcash Development Roadmap 17:33 Privacy Without Compromises 25:26 Scaling Zcash With Tachyon 39:42 Private Wallets and Proof of Work 41:06 Zcash's Quantum Defense Roadmap 1:00:53 AI Threats and Formal Verification 1:12:53 Security Through Multiple Assumptions 1:19:37 Why Payments Come First 1:25:54 Funding Proof-of-Work Security 1:29:34 Governance and Coinholder Voting 1:34:53 ZEC Price and Protocol Threats --- RESOURCES Sean Bowe https://x.com/ebfull Dev Ojha https://x.com/zkDragon --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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$VVV Community Call | October

Venice’s Head of Strategy, Jon joins David for the October $VVV community call to unpack Venice crossing 5M users and 1T daily tokens, $1M+ in monthly $VVV burns, the DeepSeek-powered growth surge, accelerating AI video demand, the new $VVV ETP, private AI in an era of rising data breaches, and what comes next. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- TIMESTAMPS 0:00 Intro 0:21 September AI Update 2:12 Token Growth Surge 8:36 Emissions and Diem Supply 16:10 Burn Mechanics Explained 23:40 OpenAI Privacy Controversy 32:00 Data Retention Warnings 35:52 Anthropic's Retention Shift 39:24 Privacy Boosts Venice 43:03 Minds and Model Combinations 52:48 Staking and Burn Questions 55:47 Data Center and Near 59:37 Lumara Film Festival --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Inside the $6 Billion Binance Hack | Ari Redbord

Binance was hit by a $6 billion hack. What happens when the stolen crypto starts moving? TRM Labs' Ari Redbord joins David Hoffman to unpack the frantic first hours of the response, how stablecoin issuers froze billions, and the clues pointing investigators toward North Korea. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🌍 RIPIO | LOCAL CURRENCIES, ONCHAIN https://bankless.cc/ripio 🛡️VIZOR | THE WALLET ZCASH DEVS USE https://bankless.cc/vizor --- TIMESTAMPS 00:00 The $6B Binance Hack 01:38 Inside TRM's War Room 03:29 Freezing Billions and Tracking Funds 08:51 Law Enforcement and Attack Clues 13:50 Why North Korea Is Different 21:26 The Regulatory Fallout for Crypto 24:53 AI and the Next Cyber Threat 27:43 Securing Crypto After the Attack --- RESOURCES Ari Redbord https://x.com/ARedbord TRM Labs https://www.trmlabs.com/ --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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ROLLUP: Bitcoin to $57K? | Wall Street Bets on Hyperliquid | The Tokenization War | Zcash Drama

Bitcoin to $57K or a new bull market? Ryan and David unpack the wildly conflicting price predictions, Hyperliquid’s Wall Street breakthrough, the fight over tokenized stocks, Robinhood Chain’s revenue collapse, and Zcash’s governance controversy. --- 📣NEAR HACKATHON | $250,000 PRIZE POOL https://bankless.cc/near-hackathon --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🛡️VIZOR | THE WALLET ZCASH DEVS USE https://bankless.cc/vizor 🌎RIPIO | LOCAL CURRENCIES, ONCHAIN https://bankless.cc/ripio 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless --- TIMESTAMPS & RESOURCES 0:00 Intro 0:12 Bitcoin's $57K Warning & Macro Fears https://x.com/Jason/status/2114956980674605075 https://x.com/KobeissiLetter/status/2115504620219007201 https://polymarket.com/event/fed-decision-in-december 10:17 Bitcoin Price Predictions: $200K to $1.6M https://x.com/willywoo/status/2114852726337347670 https://x.com/intangiblecoins/status/2114730275242426648 https://x.com/Bitwise/status/2115494114980458741 https://x.com/coinbureau/status/2114690544588996809 https://x.com/TrustlessState/status/2115791352579391896 24:30 Hyperliquid's Wall Street Breakthrough https://x.com/tradexyz/status/2115755854125478285 https://x.com/standuquesne/status/2115777839622689036 https://x.com/elonmusk/status/2115823011399938182 https://x.com/NYSE/status/2115802359959790069 31:43 The War Over Tokenized Stocks https://www.theblock.co/news/business/2026-10-05-okx-ice-joint-venture-tokenized-stock-trading-417613 https://x.com/mikemaccana/status/2114427237521117472 https://x.com/toly/status/2115483790109974844 https://x.com/haydenzadams/status/2115648239525585168 44:45 Robinhood Chain's Revenue Collapse https://x.com/ceterispar1bus/status/2115402880253300753 https://x.com/AltcoinDaily/status/2115205102533509141 https://x.com/econoar/status/2114838303266705789 52:58 Zcash's $125M Dev Fund Controversy https://x.com/Bankless/status/2115433097822949732 https://x.com/ebfull/status/2114911107718742451 59:16 Venice's $1M Token Burn & Buyback Debate https://x.com/TrustlessState/status/2115565172047675604 https://x.com/TrustlessState/status/2115132856934535434 https://x.com/tulipking/status/2115270309309829334 https://x.com/fejau_inc/status/2008302312402686110 1:04:30 Ethena's 12% Yield & Anthropic's $2T IPO https://x.com/ethena/status/2115413879840989651 https://x.com/KobeissiLetter/status/2114710153417118191 https://x.com/socialcapital/status/2114740894914187557 --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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Wall Street, Regulation, and the Future of Money | J. Christopher Giancarlo

Is crypto building a freer financial system, or giving Wall Street and Washington new ways to control it? Former CFTC Chairman Chris Giancarlo returns to Bankless to unpack crypto's political battles, why he believes Wall Street will move onto digital rails by 2040, and what the 2008 financial crisis taught him about the limitations of traditional finance. Plus, the evolution of Bitcoin futures and perpetuals, the debate over stablecoins and CBDCs, and why financial privacy may matter more than the technology itself. His new book, The New Adventures of CryptoDad, brings these questions into focus. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🌍 RIPIO | LOCAL CURRENCIES, ONCHAIN https://bankless.cc/ripio 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑BANKLESS CONTENT MCP https://www.bankless.com/premium --- TIMESTAMPS 00:00 CryptoDad's New Mission 04:36 How Crypto Became Political 12:16 Why the SEC Crackdown Failed 17:09 Bitcoin Futures, Perps, and Regulation 27:54 Passing the CFTC Baton 33:52 Who Controls Digital Finance? 39:40 The 2008 Banking Blind Spot 45:31 Wall Street Moves Onchain 50:52 Privacy and the Digital Dollar --- RESOURCES Christopher Giancarlo https://x.com/giancarloMKTS The New Adventures of CryptoDad https://www.amazon.com/New-Adventures-CryptoDad-Digital-Century/dp/1394431228 --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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What Is Bitcoin Telling Us? | Michael Howell, Macro Analyst

Could Bitcoin be signaling the next liquidity recovery before the rest of the market sees it? Global liquidity expert Michael Howell returns to Bankless to revisit his 2027 outlook, explain why Bitcoin's $70K level matters, and examine whether the next market rebound could arrive sooner than expected. Ryan and David dig into rising Treasury yields, the Fed and Treasury's evolving relationship, Michael's "Treasury QE" thesis, and the four phases of the liquidity cycle. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🌍 RIPIO | LOCAL CURRENCIES, ONCHAIN https://bankless.cc/ripio 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑BANKLESS CONTENT MCP https://www.bankless.com/premium --- TIMESTAMPS 00:00 Is Bitcoin Signaling an Early Liquidity Recovery? 07:35 The $70K Bitcoin Level That Could Change Everything 11:08 What's Really Driving Treasury Yields Higher? 19:55 Michael Howell vs. Ray Dalio on the Future of Bonds 28:48 Inflation, Economic Growth, and the Liquidity Squeeze 35:02 The Four Phases of the Liquidity Cycle and What to Own 41:07 Can the AI Boom Defy the Market Cycle? 51:08 Treasury QE and the Fed's New Liquidity Playbook 1:01:06 Why China's Liquidity Could Be Driving Gold 1:06:19 Bitcoin vs. Gold as Monetary Inflation Hedges 1:11:08 How Much Could Global Liquidity Grow? --- RESOURCES Michael Howell’s Substack https://capitalwars.substack.com/ Global Liquidity Index https://www.glindexes.com/ --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Black October! What Is Happening to the Internet? | Hari Mulackal & Odysseas Lamtzidis

📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- Is AI turning the entire internet into a dark forest? Security experts Hari Mulackal and Odysseas Lamtzidis join David Hoffman to unpack Black October, why AI-powered hacking is becoming cheaper and more scalable, how defenders are falling behind, and what it means for your crypto and personal data. --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🌍 RIPIO | LOCAL CURRENCIES, ONCHAIN https://bankless.cc/ripio 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑BANKLESS CONTENT MCP https://www.bankless.com/premium --- TIMESTAMPS 0:00 Intro 0:08 Black October: Cybersecurity’s New Reality 1:01 Why Cyber Incidents Are Surging 4:06 AI Makes Hacking Cheap and Scalable 6:46 The Real-World Cost of Data Breaches 11:00 AI, Personal Data, and Targeted Scams 15:32 Is Mass Data Exposure Inevitable? 18:02 What the CVE Explosion Reveals 20:50 Can AI Defenders Keep Up? 23:22 Why Crypto May Be Better Prepared 27:34 Are Crypto Assets Still Safe? 31:41 A Silver Lining After the Cyber Turbulence 34:18 Practical Security Advice for Individuals 36:05 Redundancy, Self-Custody, and Limiting Risk 38:02 Simple Steps to Protect Your Wallet 40:39 What Crypto Custodians Should Do 41:29 Security Startups and How They Can Help --- RESOURCES Hari Mulackal https://www.linkedin.com/in/hari-mulackal Odysseas Lamtzidis https://www.linkedin.com/in/odysseaslamtzidis --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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ROLLUP: Black October | Uptober Lasted 4 Hours | JPMorgan's Bitcoin Forecast | Gold Alchemy

Uptober lasted four hours. Now comes Black October: rising war fears, AI-powered cyber threats, and a market on edge. Ryan and David debate whether crypto is next, JPMorgan’s bullish Bitcoin forecast, fusion-made gold, and a major stablecoin win. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🌎RIPIO | LOCAL CURRENCIES, ONCHAIN https://bankless.cc/ripio 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑BANKLESS CONTENT MCP https://www.bankless.com/premium --- TIMESTAMPS & RESOURCES 0:00 Intro 0:08 Black October, Uptober & Market Jitters https://www.coingecko.com/ https://apnews.com/article/mideast-yemen-saudi-israel-october-22-2026-dde5b98a8bf961224514994b02babce9 https://x.com/TrustlessState/status/2113252218568679571 https://x.com/coinbureau/status/2113215401983152439 5:38 Bitcoin's Early Bull Case https://thedefireport.io/research/cycle-awareness-update-3e75 9:26 JPMorgan's Bitcoin Forecast & Ethereum's Struggles https://am.jpmorgan.com/us/en/asset-management/adv/insights/portfolio-insights/ltcma/ https://x.com/saylor/status/2112587713060757820 https://x.com/Matt_Hougan/status/2112387154923983105 https://imgur.com/8j76G5h 20:23 Crypto Movers: Pearl, Lighter, Venice & Monero https://x.com/zoomerfied/status/2112970717591748767 https://x.com/TrustlessState/status/2112966535744544859 https://www.21shares.com/en-eu/product/venc https://www.coingecko.com/en/coins/monero 28:31 Black October: Cyberattacks, AI & Banking Risks https://x.com/takaichi_sanae/status/2112890642590564386 https://x.com/NSACyber/status/2112903220209098897 https://x.com/Mudit__Gupta/status/2112938784392163779 https://x.com/devmuzzammil/status/2113042127039164663 https://x.com/nic_carter/status/2113064786556592250 https://x.com/jachiam0/status/2112968705240109558 https://x.com/eastdakota/status/2113079352682570051 https://x.com/MadisonMills22/status/2113251043173683683 42:53 Fusion Gold: Bitcoin's Unexpected Advantage? https://x.com/MarathonFusion/status/2113001073019662481 https://x.com/MarathonFusion/status/2113001085912895846 https://x.com/nic_carter/status/2113054840595390792 50:23 Stablecoin Rewards, Solana Upgrade & Aero Merger https://x.com/EleanorTerrett/status/2112871300079161630 https://cointelegraph.com/news/american-bankers-association-occ-genius-rules-stablecoins https://x.com/solana/status/2112906742585512150 https://aero.xyz/articles/aero-launches-today --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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The CFTC’s Proposed Rules to Reshape US Crypto Markets | CFTC Chair Mike Selig

Could American crypto traders finally get the same features available on offshore exchanges? CFTC Chair Mike Selig joins David Hoffman to unpack Reg CTX and Reg CAM, two proposed rules that could bring retail spot margin trading and a new federal framework for crypto exchanges to the US. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🌍 RIPIO | LOCAL CURRENCIES, ONCHAIN https://bankless.cc/ripio 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑BANKLESS CONTENT MCP https://www.bankless.com/premium --- TIMESTAMPS 00:00 CFTC Chair Mike Selig Returns 03:09 Why Financial Markets Need Federal Regulation 11:13 Who Actually Regulates Spot Bitcoin? 17:27 The CFTC, FinCEN, and State Regulators 22:29 The New Crypto Regulatory Trilogy 27:16 Reg CTX: Bringing Margin Trading Onshore 29:22 Reg CAM: A New Federal Exchange Framework 31:11 The Problem with 50 State Licenses 35:11 What Retail Crypto Leverage Could Look Like 39:24 Ending the SEC and CFTC Turf War 42:58 The Risks of Combining Financial Businesses 54:04 What Other Products Could This Unlock? 56:35 Where the CFTC Gets Its Authority 1:01:05 Can These Rules Survive Without the CLARITY Act? 1:05:05 Prediction Markets and the Supreme Court 1:08:11 How the Crypto Industry Can Respond --- RESOURCES CFTC Chair Mike Selig https://x.com/ChairmanSelig --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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ROLLUP: Redtober Is Here | AI Debt Fears | $102M Ledger Attack | Richard Heart Arrested

Uptober has turned into Redtober. Ryan and David unpack crypto’s selloff, why the early bull market may still be intact, and how inflation and AI debt fears are rattling markets. Plus, Ledger’s $102M supply-chain attack, Bank of America’s $5B scandal, and Richard Heart’s arrest. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🌎RIPIO | LOCAL CURRENCIES, ONCHAIN https://bankless.cc/ripio 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑BANKLESS CONTENT MCP https://www.bankless.com/premium --- TIMESTAMPS & RESOURCES 0:00 Intro 0:09 Redtober: Crypto Selloff & Early Bull https://imgur.com/Jx7GgQg https://thedefireport.io/research/early-bull-reset https://x.com/tulipking/status/2110373109861675080 https://polymarket.com/predictions/midterms 10:38 Hot Inflation & AI Market Risks https://x.com/KobeissiLetter/status/2110711659115200824 https://imgur.com/dok7hZN https://www.noahpinion.blog/p/ai-vs-the-railroads 19:55 Ray Dalio's Debt Warning https://www.tradingview.com/news/benzinga:ef9c504ad094b:0-ray-dalio-warns-us-debt-crisis-could-deepen-as-2-1t-in-new-treasury-supply-hits-market-credit-market-players-call-that-a-death-spiral/ 26:23 Ledger's $102M Supply-Chain Attack https://x.com/Ledger_Support/status/2108551100613714002 https://x.com/MagicalTux/status/2108556423445835827 https://thehackernews.com/2026/10/ledger-finds-unauthorized-hardware.html https://news.bitcoin.com/security/cryptobilis-founder-reveals-company-was-sold-months-before-exploit/ 31:34 France's Crypto Wallet Reporting Proposal https://x.com/alistairmilne/status/2110051872363159959 34:52 Bank of America, CZ & Debanking https://x.com/cz_binance/status/2110309077175963947 https://x.com/nic_carter/thread/2110375740097138847 41:15 Richard Heart Arrested https://www.coindesk.com/policy/2026/10/15/hex-founder-richard-heart-arrested-in-istanbul-turkish-media-report https://x.com/BitcoinNewsCom/status/2110369479729299872 https://x.com/ercwl/status/2110385013900341709 https://x.com/TrustlessState/status/2110362834043273313 48:43 PaperTrade's 1,000x Leverage Game https://x.com/papertrade_xyz https://exchange.papertrade.xyz/dashboard https://www.theblock.co/news/defi/2026-10-11-trader-nets-1-28-million-on-new-1000x-exchange-papertrade-by-moving-hyperliquids-eth-prices-418239 53:28 Solana Upgrades & Starknet's Layer 1 Vote http://theblock.co/news/ecosystems/2026-10-15-starknet-opens-seven-day-vote-on-independent-layer-1-over-quantum-risks-418673 57:52 NEAR Foundation & Venice AI Growth https://x.com/TheBlockCo/status/2110717366447268011 https://x.com/sabrinaesaquino/status/2110126741142556857 https://x.com/TrustlessState/status/2110391671762325563 --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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Cypherpunk Owns $500M of Zcash and 18% of Its Hashrate | CIO Will McEvoy

In a world of powerful AI, how private is a public blockchain? Will McEvoy, CIO of Cypherpunk Technologies and principal at Winklevoss Capital, joins David to explore why Bitcoin holders may be rethinking transparency and why Zcash is attracting renewed attention. They break down Cypherpunk's ambitious plan to accumulate 5% of the Zcash supply, the surprising economics behind its mining business, and the larger opportunity in digital privacy. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑BANKLESS CONTENT MCP https://www.bankless.com/premium --- TIMESTAMPS 0:00 Why Zcash Is Back in the Spotlight 3:24 Why Did Zcash Take So Long to Break Out? 5:09 Who Is Buying Zcash? 8:03 Can AI Identify Bitcoin Whales? 12:33 Inside Cypherpunk Technologies 16:39 Cypherpunk's Treasury and Valuation 17:57 Why Zcash Mining Is So Profitable 27:38 The Gap Between Zcash's Price and Hashrate 31:21 Mining Zcash and Keeping It 33:01 Why Buy CYPH Instead of Zcash? 38:05 What Is Cypherpunk Technologies Actually Worth? 41:44 Zcash's Builders and the Orchard Bug 46:37 Will McAvoy's Investing Background 49:23 Could Zcash Reach $10,000? 51:22 Will Governments Accept Financial Privacy? --- RESOURCES Will McEvoy https://x.com/will__mcevoy --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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ROLLUP: AI Threatens Crypto Security | Tom Lee Stops Buying ETH | Ethereum L2s Shut Down | Zcash ETFs

Could AI break crypto before quantum does? Ryan and David unpack Justin Drake’s “bunker mode” warning, whether holders should move funds, Tom Lee’s decision to stop buying ETH, and the shutdown of two Ethereum L2s. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓 NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🎯 THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑 BANKLESS CONTENT MCP https://www.bankless.com/premium --- TIMESTAMPS & RESOURCES 0:00 Intro 1:51 Yields, Oil & Bitcoin https://www.tradingview.com/symbols/TVC-US10Y https://x.com/santiagoaufund/status/2107548024310464790 https://x.com/josephwang/status/2108100745086275897 https://farside.co.uk/btc/ https://www.theblock.co/news/business/2026-10-07-robinhood-adds-25-million-bitcoin-balance-sheet-417890 9:32 Tom Lee Stops Buying ETH https://x.com/coinbureau/status/2107763103756878003 https://x.com/lex_node/status/2107811138532774349 https://x.com/fundstrat/status/2108072716960149662 19:06 AI Threatens Crypto Security https://x.com/drakefjustin/status/2107837081313505768 https://www.nytimes.com/2026/10/06/science/openai-math-problems.html https://x.com/matthew_d_green/status/2107992246360649879 31:24 Cryptographers Push Back https://x.com/LindellYehuda/status/2107999859219587309 https://x.com/mert/status/2108058959852773442 https://x.com/vitalikbuterin/status/2107976296320106851 37:00 Ethereum L2 Shutdowns https://x.com/blast/status/2106032805280891073 https://x.com/AbstractChain/status/2107554632675340420 https://x.com/Starknet/status/2108113391525204034 41:25 Zcash ETF Momentum https://www.analyticsinsight.net/news/grayscales-zcash-etf-reaches-usd-1b-as-zec-price-gains-lift-assets https://www.theblock.co/news/markets/2026-10-06-winklevoss-files-spot-zcash-etf-wink-417826 44:57 FinCEN Withdraws Wallet Rules https://www.fincen.gov/news/news-releases/fincen-announces-withdrawals-proposed-digital-asset-related-rules 50:22 Token2049 Takeaways --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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Why the Near $NRR ETF is Different | Hunter Horsley and Sal Ternullo

NEAR just got a new institutional gateway, but the ETF may only be the beginning of the story. Bitwise CEO Hunter Horsley and Sovereign’s Sal Ternullo join David to unpack why investors are starting to view NEAR through the lens of AI, how NEAR Intents has already processed more than $32 billion in volume, what staking and token buybacks mean for the asset, and why a future filled with many AI models, chains, agents, and stablecoins could play directly into NEAR’s strengths. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑BANKLESS CONTENT MCP https://www.bankless.com/premium --- TIMESTAMPS 0:00 NEAR’s New ETF 2:15 Bitwise and NEAR 8:49 Selling NEAR to Investors 12:18 Intents and Buybacks 20:23 Staking and ETF Demand 26:34 The AI Opportunity 33:11 Many Models, Many Chains 38:37 AI Privacy 42:48 Closing Thoughts --- RESOURCES Sal Ternullo https://x.com/sal_ternullo Hunter Horsley https://x.com/HHorsley --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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$VVV Community Call | September

Venice‘s Head of Strategy Jon, joins David for the September $VVV community call to unpack Venice reaching 250B daily tokens, the latest $VVV emissions cuts and $DIEM supply changes, accelerating burns, rising demand for private AI, Venice Minds, the upcoming data center rollout, and what comes next. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- [TIMESTAMPS] 0:00 Intro 0:21 September AI Update 2:12 Token Growth Surge 8:36 Emissions and Diem Supply 16:10 Burn Mechanics Explained 23:40 OpenAI Privacy Controversy 32:00 Data Retention Warnings 35:52 Anthropic's Retention Shift 39:24 Privacy Boosts Venice 43:03 Minds and Model Combinations 52:48 Staking and Burn Questions 55:47 Data Center and Near 59:37 Lumara Film Festival --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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ROLLUP: Uptober Green Light? | Robinhood Goes All-In | $400M Bitget Hack | Prediction Markets to SCOTUS

Bitcoin just broke its bearish market structure, but surging bond yields could still test the rally. Ryan and David unpack Uptober, Robinhood’s trading push, the Bitget hack, and prediction markets’ path to the Supreme Court. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓 NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🎯 THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑 BANKLESS CONTENT MCP https://www.bankless.com/premium --- TIMESTAMPS & RESOURCES 0:00 Intro 0:09 Bitcoin Breaks Bearish Structure https://www.coingecko.com/en/coins/bitcoin https://x.com/hariskhantrader/status/2104621748591403035 6:35 Bond Yields, Liquidity & Macro Risk https://x.com/KobeissiLetter/status/2105337195884052870 https://www.reuters.com/markets/us/us-inflation-rises-less-than-expected-august-consumer-spending-surges-2026-09-30/ https://x.com/KobeissiLetter/status/2105355997892239838 https://x.com/EpsilonTheory/status/2105345560064745548 https://www.tradingview.com/symbols/TVC-MOVE/ https://x.com/KobeissiLetter/status/2105279482957369587 22:06 Robinhood Goes All-In https://x.com/fintechfrank/status/2105082039733305734 https://x.com/TrustlessState/status/2105062331436966323 https://x.com/TrustlessState/status/2105063773165818119 https://x.com/TrustlessState/status/2105072369509257220 https://robinhood.com/us/en/agents/ 33:19 BitGet Hack & NEAR Permissionless Debate https://www.theblock.co/news/business/bitget-starts-phased-withdrawal-resumption https://x.com/AlexAuroraDev/status/2104554958754357482 https://x.com/TrustlessState/status/2104955420401955273 https://x.com/kylekrason/status/2104562944457740481 https://x.com/near_intents/status/2105642219357241796 44:23 Prediction Markets Head to Court https://www.legalreader.com/new-york-sues-polymarket-over-gambling-rules/ https://www.reuters.com/business/finance/us-appeals-court-rules-against-kalshi-says-states-can-regulate-prediction-2026-09-25/ https://www.coinbase.com/blog/coinbase-receives-cftc-approval-for-coinbase-clearing-llc 48:29 Ethereum’s Cryptographic World Computer https://x.com/VitalikButerin/status/2104160561374343176 https://x.com/cryptographicas/status/2104212366271390055 https://x.com/barnabemonnot/status/2104260847975707013 56:14 AI Agents & Bank Runs https://x.com/JasonYanowitz/status/2104213040937812262 https://openai.com/index/introducing-dots/ --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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Is Variational the Next Hyperliquid? | CEO Lucas Schuermann and Justin Bram

What if the next major onchain trading platform looks less like a crypto exchange and more like Robinhood with institutional liquidity underneath? Variational co-founder Lucas Schumann and Head of Product Justin Bram join David to unpack the broker model behind Variational, why they believe swaps can improve on perps for real-world assets, and how TradFi liquidity can be brought onchain without rebuilding every market from scratch. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑BANKLESS CONTENT MCP https://www.bankless.com/premium --- TIMESTAMPS 0:00 Broker, Not Exchange 5:07 Why Brokerage Wins for Retail 8:22 What Is a Swap? 9:58 The Real Cost of Trading 11:43 Bringing TradFi Liquidity Onchain 14:44 Building Variational 23:14 From Crypto Traders to Everyone 26:42 The Next User Base 30:35 What Actually Happens Onchain? 34:00 Inside OLP 37:03 Arbitrum and User Funds 39:44 The VAR Token and 32% Airdrop 42:34 Funding the Token Model 44:11 The 2027 Roadmap 47:44 Protocol or Platform? --- RESOURCES Lucas Schuermann https://x.com/variational_lvs Justin Bram https://x.com/JustinCBram Variational https://www.variational.io/en --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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Ben Cowen Says You Have Permission to be Bullish

Ben Cowen is back on Bankless after publicly admitting one of his key Bitcoin calls was wrong. What changed? Ben and David unpack the breakout that challenged his bear-market thesis, whether the four-year cycle is still intact, why Bitcoin is shrugging off a macro environment Ben expected to pressure it, and the crucial difference between easier monetary policy and genuinely abundant global liquidity. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔓NEAR | TRADE CONFIDENTIALLY, GET 20% BACK https://bankless.cc/near2026 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://thedefireport.io/bankless 👑BANKLESS CONTENT MCP https://www.bankless.com/premium --- TIMESTAMPS 0:00 Ben Cowen Admits What He Got Wrong 3:30 Did the Bear Market End Too Easily? 6:06 Why This Bear Market Looks Different From 2022 9:59 Is the Four-Year Cycle Still Alive? 12:27 What an Early Low Means for the Next Bull Market 14:02 Why Altcoins Are Already Moving 19:15 Monetary Policy vs. Global Liquidity 22:56 Does Altseason Need a Crisis? 28:13 Why Liquidity Could Stay Tight 31:56 Can Bitcoin Catch Up to Stocks? 34:41 Five Years of Restrictive Conditions 37:27 Is Retail Finally Coming Back? 45:46 Bitcoin Defies the Macro Setup 48:47 The Weekly Bitcoin Close That Matters 53:43 Building a Conference Around Disagreement --- RESOURCES Ben Cowen https://x.com/benjamincowen --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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