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FTX is a versatile app for all types of investing, including crypto. It offers a safe and easy platform to buy and sell cryptocurrencies, making it the best choice for getting into the game. With FTX, you can invest better and stay ahead, as they are constantly improving their services. So, if you're interested in trading crypto, FTX is the way to go.

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Speaker 0 uses a casino analogy to describe how Bitcoin and crypto markets operate. They say: it’s like a casino chip. When you go into a casino and place a wager, you exchange dollars for chips, you gamble, and you can either win money or lose money. At the end of the session, you cash in your chips for dollars and leave. In the crypto world, Bitcoin functions similarly to that casino chip. The speaker notes that, in practice, people use dollars to buy Tether, a stablecoin, and then use Tether to buy Bitcoin. This leads to the claim that Tether effectively serves as the currency of the crypto world, or at least a primary vehicle through which value moves into Bitcoin. The sequence is described explicitly: people buy Tether with dollars, then they use that Tether to purchase Bitcoin. The implication is that the path from dollars to Bitcoin typically runs through Tether, rather than using dollars directly. Regarding gains and losses, the speaker emphasizes that Bitcoin can generate profits or incur losses just like a casino chip does when you gamble. The parallel is drawn between the financial risk and potential reward in gambling and in holding or trading Bitcoin. When it comes to exiting the crypto position, the speaker explains that there are practical steps to convert crypto back into traditional currency. To exit the “casino,” you would sell Bitcoin, usually for Tether, and then redeem that Tether to obtain dollars. In addition to these once-for-trade dynamics, the speaker mentions that certain banks act as portals between the crypto world and the real-world dollar system. These banks enable you to extract dollars, which you can then use for purchases such as a house or stocks, underscoring the bridge between crypto holdings and traditional financial activities. Overall, the comparison frames Bitcoin as a gambling-like instrument that relies on Tether as a stable intermediary currency, with potential for both gains and losses, and with a defined process to convert back to dollars through Tether and bank-facilitated exchanges. The closing sentiment reinforces the view that the casino-chip analogy captures the essence of Bitcoin’s role in the crypto ecosystem.

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Digital assets, such as orange groves, whiskey barrels, pay phones, and beavers, can be packaged into investment contracts that may be considered securities. A share of stock is always a security because it comes with fiduciary duties from the company. However, an investment contract is different from a traditional share of stock. It involves selling promises to increase the value of the investment, like cultivating orange groves and distributing profits. Digital tokens, on their own, are not securities but can be used as virtual currency or commodities. The Securities and Exchange Commission (SEC) only has jurisdiction over securities, not other assets like orange groves. Claiming jurisdiction where there is none is a political power play that doesn't benefit anyone.

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Promethean offers SEC qualified tokens, allowing for tokens to be available to all investors and freely traded on the secondary market. This is crucial for the token economy to thrive. On the issuance side, potential issuers can offer tokens compliantly under US federal securities laws by filling out a reg a plus offering and getting it qualified by the SEC. Once qualified, the token becomes free trading and accessible to all investors. Promethean sources companies from Wang Zhang Shanghai Blockchain, its lead investor and technical co-founder, which is a highly reputable blockchain company. They invest in quality projects that are anticipated to be listed on the Promethean platform, creating a strong product pipeline.

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Commercial banks may not be enthusiastic about the idea, but there is a possibility that ownership may need to be shared with 20 banks. JPMorgan has been involved with Ethereum since its inception. There might be limits on the amount individuals can invest in Ethereum, but they can buy from different identities to maintain privacy. The SEC is now well-prepared and would shut down sales structures like BEO sale before they even start.

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Promethean has SEC qualified tokens, which means they are available to all investors and can be freely traded on the secondary market. This is crucial for the token economy to thrive. On the issuance side, potential issuers can offer tokens compliantly under US securities laws by filling out a reg a plus offering and getting it qualified by the SEC. Once qualified, the tokens become free trading and accessible to all investors. Promethean plans to list companies on its ATS (alternative trading system) and has a pipeline of companies from Wang Zhang related entities, which is a leading blockchain company with high-quality projects.

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There has been a lot of discussion and controversy surrounding the bills proposed by Republicans and Democrats. However, one consensus has been reached: the power to regulate will be delegated to the CFTC instead of the SEC. Both parties agree that 70% to 80% of the main token is considered a virtual commodity and falls under the jurisdiction of the CFTC. In the US and other jurisdictions like Canada and Taiwan, it is known that three quarters of the market consists of non-securities, such as commodities and cash.

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Speaker 0 states that they represent 62% of all decentralized exchange volumes with USDT. They claim 35% of USDT users utilize it as a savings account. This is because they reside in countries like Turkey, Argentina, and Vietnam, where the devaluation of their national currency is so significant that they prefer using the dollar for saving purposes.

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Regulators have already made their stance clear on Ethereum. The SEC and CFTC in the US have both stated that Ethereum is not a security but rather a commodity. This conclusion is widely accepted, although there may be a few regulators who still refuse to acknowledge it. However, their opinion doesn't hold much significance.

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Warren Buffett doesn't actually own any stocks, and neither do individual investors. All stocks are owned by the Depository Trust Company (DTC), a central private company. The DTC holds shares of publicly traded companies through its subsidiary, Seed and Company. Investors are given security entitlements by their brokers, but they are just beneficial owners, not actual owners. If a bank or brokerage fails, the secured creditors, like JPMorgan, have priority over the entitlement holders. Investors can directly register their shares to own them, but this option is not widely known. The GameStop community discovered this and started directly registering shares. However, GameStop faced restrictions in reporting this information, possibly due to being cut off from the transfer agent. Dark pool trading and suspicious market activities have also been observed.

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A person can buy from various identities. We limit the size of the sale to make it easier to disguise. For example, if you're a whale and want a lower price, you can buy 50,000 units to avoid scarcity.

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The tokenized securities for GME on ftx.com are backed by a German broker dealer, with each token representing a GME share held by the broker dealer. While users can convert tokens to shares through the broker dealer, most prefer to trade tokens. However, trading volume is low due to US stock market dominance. Despite being an exciting product, the preference for physical shares limits its impact.

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When you trade with a broker, your assets are not actually held by them or your custodian. In the US, all securities are transferred to the Depository Trust, which holds them in pooled form. In Europe, there are national level central security depositories that appear to show ownership, but by law, these securities are transferred to an international central securities depository. This is done to enable cross-border mobility of collateral.

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Warren Buffett doesn't actually own any stocks, and neither do you. All stocks are owned by the Depository Trust Company (DTC), which holds shares of publicly traded companies through its subsidiary, Seed and Company. The DTC gives out certificates to brokers who then sell them to investors, making them beneficial owners but not actual owners. In the event of a financial institution's collapse, creditors have priority over the entitlement holders. The GameStop community discovered they could directly register their shares, bypassing the DTC. However, companies are not allowed to inform investors about this option. The financial industry is regulated by private organizations like FINRA, which is populated by members of the firms it regulates. GameStop investors started directly registering shares, leading to unusual reporting changes and high trading volumes in dark pools.

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Assets with high value should be issued on Ethereum to avoid manipulation or potential failures. Other platforms are less decentralized and can be easily manipulated by their operators. Ethereum provides a more secure and reliable environment for asset issuance.

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Digital assets, such as orange groves, whiskey barrels, pay phones, and beavers, can be packaged into investment contracts that may be considered securities. A share of stock is always a security because it holds Apple accountable for fulfilling fiduciary duties. Investment contracts, on the other hand, are promises to increase the value of an investment. For example, selling orange groves alone is not an investment contract, but selling them with a promise to cultivate and distribute profits is. Digital tokens, by themselves, are not investment contracts but can be used as virtual currency or commodities. The Securities and Exchange Commission (SEC) only has jurisdiction over securities, not other assets, and pretending otherwise is a political power play that harms everyone.

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Promethean offers SEC qualified tokens, allowing for tokens to be available to all investors and freely traded on the secondary market. This is crucial for the growth of the token economy. The issuance platform involves filling out a reg a plus offering and getting it qualified by the SEC, which grants tacit approval and makes the token available to all investors. Promethean plans to list companies on its ATS (alternative trading system) and has a pipeline of companies from Wang Zhang related entities, a prominent blockchain company. The quality of their projects is excellent, providing a strong product pipeline.

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Freezing tokens on the XRPL allows issuers to temporarily hold tokens for various reasons, such as legal compliance or investigating suspicious activities. There are three ways to freeze tokens: individual freeze, global freeze, and no freeze. Individual freeze puts a hold on tokens in a specific transaction line, but direct payments can still occur. Global freeze affects all tokens issued by an issuer, preventing balance decreases except through direct payments. No freeze means the issuer promises not to freeze tokens arbitrarily. XRP, the primary currency, cannot be frozen. Freezing tokens helps issuers comply with regulations, manage security, and facilitate operational transitions. It provides control and security while ensuring fairness and transparency.

The Pomp Podcast

Will Tokenized Stocks Actually Work?
Guests: Ian De Bode
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Ian De Bode, chief strategy officer at Onondo Finance, outlines tokenization as twofold: enabling global access to desirable assets and putting them on chain for programmability and DeFi collateral. He argues tokenized stocks could broaden access beyond restrictive markets, noting that global access to US capital markets drives wealth. A key challenge is price depegging: on-chain liquidity can drift from centralized-exchange prices, so Onondo emphasizes bridges to execute trades and mint assets instantly, maintaining a peg for 24/7 use. Prior work with OSG and USDY taught liquidity and protections; USDY yields about 4.29% daily and trades across many chains. Regulators seek protections but support onshore US leadership. They focus on liquid, transferable tokens rather than illiquid assets, aiming for 24/7 tradability and global reach at ando finance.

20VC

Robinhood Founder & CEO, Vlad Tenev: Robinhood’s $85BN Resurgence & Tokenizing SpaceX & OpenAI
Guests: Vlad Tenev
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Tokenization is appealing in principle but fraught when applied to you. The mechanism must work without the opt-in of the companies being tokenized, and retail investors should access tokenized assets even if issuers object. Vlad points to private assets like SpaceX and OpenAI as examples and notes EU Mika regulation provides clearer rules than the US. Robin Hood launched Cortex, its AI system, and reports substantial impact: internal engineering code written by AI and customer-support improvements from AI. Messaging around AI adoption remains a focus. Tokenizing private markets was a core bet: tokenized exposure to private stock, real estate, and art via SPVs, starting with SpaceX and OpenAI. The aim is to give retail access to illiquid assets; the tokens act as exposure backed by traditional assets. Regulation will shape rollout; in the EU Mika is cited, while US rules on accredited investors and crypto still loom. The live product in Europe covers public stocks; future phases include private stocks, then on-chain trading and self-custody, with a long-term global rollout. Product velocity and leadership are central: Vlad describes moving from slow growth in 2020-21 to rapid shipping, aided by a culture shift to in-person work and autonomous product teams. He emphasizes private banking and a 'capital as a service' model, cash delivery, and serving both retail and high-net-worth clients. Robin Hood aims to be global, offering to buy/sell/hold any asset for individuals and institutions, while balancing safety and speed in financial services.

The Pomp Podcast

Pomp Podcast #342: Kendrick Nguyen on The Future of Digital Securities
Guests: Kendrick Nguyen
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Kendrick Nguyen, co-founder of Republic, discusses his journey from securities lawyer to launching Republic, an investment platform with 700,000 community members. Initially focused on traditional equity, Republic now incorporates blockchain through offerings like the Republic Note token, which combines Reg D and Reg A regulations. Nguyen explains the three main ways non-accredited investors can acquire private securities: IPOs, Regulation CF (crowdfunding), and Regulation A, which allows raising up to $50 million. He emphasizes the importance of everyday investors in driving industry adoption, noting that 95% of Americans are non-accredited. Republic has raised over $150 million since inception, with significant growth in the past 18 months. Nguyen believes the future of digital securities lies in relatable assets and community engagement, predicting a renaissance in the next 12-24 months. He highlights the potential for tokenization to democratize access to investments and improve global financial participation, while acknowledging regulatory challenges that may arise.

The Pomp Podcast

Josh Stein, Harbor CEO: Tokenizing the World
Guests: Josh Stein
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Josh Stein from Harbor discusses his journey into blockchain and tokenized securities, initially skeptical about the technology but later becoming an advocate after understanding its potential. Harbor aims to tokenize traditional private securities, such as LP interests in funds and shares in private REITs, addressing compliance issues that have hindered previous attempts. The company recently launched its platform and its first tokenized private security deal. Tokenization involves creating a digital representation of ownership in an entity, rather than the physical asset itself. Harbor's platform combines software for investor onboarding and legal document management with a blockchain protocol that ensures compliance during trading. This system checks the identities of buyers and sellers in real-time to enforce complex securities laws and regulations. Stein emphasizes that while technology can facilitate liquidity, it ultimately depends on market demand from buyers and sellers. He believes that tokenization will particularly benefit capital-intensive assets like real estate, allowing for wider syndication and lower investment thresholds. The first deal involves a luxury student housing property in South Carolina, showcasing the potential for tokenized real estate investments. Stein argues that the future of tokenized securities will depend on quality assets and operators, creating a cycle of attracting more investors and opportunities. He expresses optimism about the evolution of this market, highlighting the need for pioneers to drive adoption and the importance of compliance in building trust with regulators and investors.

Moonshots With Peter Diamandis

The AI-Crypto Collision That Will Redefine Global Power w/ Eric Pulier, Dave Blundin & Salim Ismail
Guests: Eric Pulier, Dave Blundin, Salim Ismail
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Peter Diamandis hosts a wide-ranging discussion on AI, crypto, space, and robotics with Eric Pulier, Dave Blundin, and Salim Ismail. They frame the moment as defining: this is “the most significant economic legislation and changes that we've seen in our lifetimes,” and they forecast that “Bitcoin demand will explode” once the White House crypto strategy takes effect. They argue AI and crypto together will accelerate the economy, noting that the world cannot stay with the Swift network, three‑day settlements, and $2 transactions forever. Eric Pulier is introduced as CEO and chairman of Vatom, the founder of sixteen companies, with exits north of hundreds of millions, and as “the first person ever to create an NFT.” The panel intends to cover AI, crypto, space, robots, BCI, and more, but returns to AI first. XAI Gro 4 becomes free to the world, driven by GPT5 dynamics. They discuss a race to offer free access with paid premium tiers, and worry about ad models intruding on user experience. They imagine a future where websites are built for AI agents, not humans. On chips and geopolitics, Nvidia and AMD are described as being throttled by White House policy, while Trump proposes funding U.S. fabs and a 15% export toll to China to finance chip competitiveness. They debate the short‑term benefits and long‑term risks of government‑driven business deals, the “silicon shield” of Taiwan, and a potential graceful exit for Intel’s Lipin? leader. They describe Intel’s current 1.8‑nanometer process, the tension with next‑gen 1.4‑nm fabs, and the need to accelerate capital and leadership to compete. They also note Taiwan’s high market share in advanced chips and the implications for national security. The conversation then moves to open‑source AI, with Z.AI’s GLM4.5, backed by Prosperity 7 and BU, claiming top performance. They compare this with OpenAI’s open‑source strategy to counter Chinese weights, and discuss the risk of covert spyware in model weights. The open‑source push is seen as a key battleground in the race to AI leadership. A major thread centers on tokenizing real‑world assets. The Genius Act would allow tokens that represent dollars and enable instant settlement, fractional ownership, and programmable money. Tokenized real estate, loyalty points, and cross‑company interoperability could unlock trillions in dormant value. They suggest credit unions could become local token issuers, strengthening communities. They emphasize that tokenized assets could become the financial layer of the internet, with stablecoins initially dollar‑backed to preserve the dollar’s status while enabling rapid innovation. The episode also covers health tech with Fountain Life, space news about Starship and lunar energy, fusion startups like Helion and Commonwealth Fusion, and note China’s sustained fusion bets. They close with optimism about AI-enabled deregulation, autonomy in transport and robotics, and the accelerating convergence of power, computation, and the economy. They hint at ongoing advances from Google and ongoing experiments in autonomous vehicles and robotics, including Archer’s flying cars and humanoid robots.

The Pomp Podcast

Zac Prince - BlockFi: The Future of Lending
Guests: Zac Prince
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Zac Prince, founder of BlockFi, shares his journey into the crypto space, beginning with his initial investment in Bitcoin in 2015. He transitioned from the FinTech sector, where he observed the evolution of online lending, to launching BlockFi, aiming to provide debt and credit products in the crypto ecosystem. BlockFi offers USD loans backed by crypto assets, primarily Bitcoin and Ether, with a loan-to-value (LTV) ratio of 35%. The lending process involves over-collateralization, where clients post crypto as collateral to secure loans. Prince explains the different lending types in crypto, including borrowing Bitcoin for short positions and the risks involved, such as margin calls. He emphasizes that the primary users of BlockFi's services are individuals and businesses looking to optimize their financial situations without selling their crypto assets. The company is focused on expanding its services internationally and aims to integrate with custody providers for seamless access to liquidity. Prince believes that the future of crypto will involve tokenized securities and that the US dollar will remain a dominant digital asset. He concludes by discussing the importance of awareness in the lending market and the need for regulatory clarity to foster institutional investment in crypto.

The Pomp Podcast

Why Coinbase Thinks Bitcoin Will Replace Your Bank
Guests: Max Branzburg
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Coinbase is aggressively expanding its offerings to become a comprehensive financial services platform, integrating both crypto and traditional assets. Max Branzburg, Head of Consumer Business Products, details the company's "Everything Exchange" vision, aiming for a future where all financial activity is conducted on Coinbase, powered by efficient crypto infrastructure. Key product launches include the Coinbase One credit card, offering up to 4% Bitcoin rewards on all spending, designed to integrate crypto into daily life and attract new users. The platform also emphasizes staking, allowing users to earn up to 15% on assets, while actively navigating regulatory challenges in various states. Coinbase is making significant strides in decentralized finance (DeFi) accessibility through its "DeFi mullet" strategy, offering user-friendly interfaces for lending USDC (earning ~8%) and borrowing against Bitcoin (5-7% APY) via underlying DeFi protocols like Morpho. This approach simplifies complex DeFi interactions for retail customers, reducing perceived risk. Tokenization is another core focus, with stablecoins cited as the initial success. Coinbase anticipates tokenizing other asset classes, particularly equities, to enable 24/7 trading, instant settlement, and global accessibility. The recent acquisition of Echko underscores Coinbase's ambition to revolutionize capital formation by building an on-chain stack for primary issuance, making fundraising and going public more efficient. The ultimate goal is for Coinbase to be the primary financial account, where crypto technology operates seamlessly in the background, eventually making "crypto" indistinguishable from "finance." Challenges include regulatory education and the sheer scale of building this new financial paradigm.
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