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Michael Moro, from Genesis Trading, shares his background as a former investment banker who transitioned into the crypto space during the financial crisis. He joined Barry Silbert at Second Market in 2008, which later ventured into Bitcoin trading in 2013. Initially, they faced challenges such as a lack of institutional investors, compliance concerns, and inadequate infrastructure. Moro highlights the evolution of Genesis from a Bitcoin-only focus to a broader range of products, including market-making for various tokens and launching Genesis Capital, their lending business. He discusses the growth of institutional interest in crypto, particularly after the 2013 Bitcoin price surge and the subsequent challenges posed by events like the Mt. Gox hack. Moro emphasizes the importance of compliance and the need for a trustworthy trading environment for institutional investors. He notes the rise of alternative tokens like Ethereum and the ICO boom, while expressing concerns over market overheating. Moro believes that the future of crypto will require improved infrastructure, including separate custodians and settlement agents, akin to traditional finance. He also discusses the potential for tokenized securities and the need for regulatory clarity. Finally, he expresses optimism that the U.S. will adapt to ICOs, recognizing the importance of capital formation for startups.

Nolan Bauerle, a former lawyer and researcher for the Canadian Senate Banking Committee, discusses his journey into the cryptocurrency space. After witnessing the 2008 financial meltdown, he investigated why Canada remained insulated, focusing on its federal banking laws. His interest in Bitcoin was sparked during a money laundering study, leading him to advocate for a comprehensive study on Bitcoin in 2013, which resulted in recommendations for minimal regulation. Bauerle later joined CoinDesk as head of research, emphasizing the importance of educating and informing the public about the historical significance of cryptography and its role in empowering individuals. He highlights the evolution of cryptography from state actors to public use, with Bitcoin as a pivotal example. He introduces the Crypto Economic Explorer, a tool designed to measure the health of cryptocurrency networks across various axes, including price, exchange activity, and social media engagement. Bauerle reflects on the impact of the ERC-20 standard, which revolutionized early-stage finance by allowing broader access to funding. He argues that the crypto industry must embrace experimentation while maintaining a cautious approach to software development. He believes that the future of crypto lies in decentralized networks and interoperability, advocating for regulatory changes to facilitate growth. Ultimately, he sees Bitcoin as a record of time, emphasizing its potential to reshape economic interactions and empower individuals.

In this episode, the cofounder of Kalshi explains the long path to building a regulated prediction market that could rival traditional financial markets. He describes the early years as deliberately difficult, with regulatory hurdles, a stalled product, and a lack of customers or clear progress. The conversation traces a shift after a pivotal lawsuit victory and the company finally gaining its own clearing house, which unlocked far more ambitious development and execution. The guest emphasizes a mission-driven approach to prediction markets, arguing that when people can price and trade future events—ranging from elections to entertainment and sports—the markets become a powerful tool for information and risk assessment. He recalls the moment Donald Trump Jr. joined the advisory team, interpreting that milestone as evidence that prediction markets had moved from niche to mainstream, and that platforms like Kashi offer direct lines to public sentiment by aggregating wisdom where traditional media may filter information. As the platform expanded, the interview covers two business models at Kalshi—direct trading on the marketplace and broker-enabled access through partners like Robin Hood—and explains how the federal regulatory framework enables cross-state participation, something they could not achieve when operating state-by-state. The guest outlines the company’s growth strategy: broaden market coverage, bring in more liquidity, and launch additional brokers to reach a broader audience. Sports markets click into place as a major expansion, with live trading, weekly and daily events, and a broader set of offerings that include entertainment and culture, which have shown rapid adoption. The host and guest discuss the concept of “liquidity as a flywheel,” how consensus prices reflect probabilities of future events, and why the昂arket’s success hinges on regulatory clarity, robust risk management, and a scalable technology stack. The interview also probes the personal dimension of entrepreneurship—the willingness to take big risks, the tension between first-principles reasoning and instinct, and the ongoing effort to educate the public about what these markets do and why they matter.

Brett Tejpaul, Co-CEO of Coinbase's institutional business, discusses the significant growth and evolving landscape of institutional crypto adoption. Coinbase, positioned at the nexus of crypto and traditional finance, is building an institutional business poised to surpass its consumer counterpart. The firm initially focused on core crypto services like qualified custody, smart order routing, prime brokerage, financing, and staking, ensuring a robust platform that mirrors traditional financial experiences. This foundational work has enabled Coinbase to now address expanding client demands, particularly in the realm of tokenization. Bitcoin serves as a primary gateway for institutional investors, often leading to subsequent investments in Ethereum and other altcoins, with a growing interest in broader market-weighted indices like the Coin 50. The demand for tokenized securities is rapidly increasing, driven by asset managers seeking new distribution channels and traditional financial behemoths recognizing the disruptive potential of blockchain technology. The recent passage of the Genius Act in the US has been a major catalyst, providing regulatory clarity for stablecoins and accelerating institutional engagement, shifting the US from a lagging to a leading position in global crypto innovation. The conversation also highlights the emergence of Digital Asset Treasuries (DATs) as a crucial bridge for new capital into the crypto economy, with companies like Avalanche exploring innovative strategies beyond simply holding tokens. Coinbase is actively supporting these DATs with custody, trade execution, and sophisticated treasury management services. Tejpaul emphasizes that while the industry is on the verge of widespread adoption, with technology, adoption, and regulation aligning, vigilance against bad actors and market hubris remains essential to prevent setbacks. The increasing maturity of the crypto market, characterized by declining volatility and a steadier base of long-term investors, is making it more attractive to institutional capital, potentially leading to banks eventually holding Bitcoin on their balance sheets as pristine collateral.

Marco Santori, president and chief legal officer at Blockchain, shares his extensive experience in the crypto space, beginning in 2012 when he formed a currency trading fund. He became involved with Bitcoin, engaging with regulators to explain its workings and advocating for sensible crypto policies. Santori emphasizes that the U.S. government was ahead in understanding crypto, though it faced challenges due to its complex regulatory landscape. He discusses the concerns regulators had in 2013, primarily focused on money laundering and ensuring consumer protection. Santori notes that while the SEC and CFTC are now central to crypto discussions, early conversations were less about securities and more about understanding Bitcoin as a form of money. He reflects on the evolution of the industry, highlighting the emergence of ICOs and the SAFT framework, which aimed to provide a compliant structure for token sales. Santori explains Blockchain's mission to empower users with self-custody of their assets, contrasting it with exchanges that control users' funds. He discusses the significance of airdrops as a means to distribute tokens and drive network effects, while also addressing concerns about market saturation and the quality of assets being distributed. He also touches on the potential of tokenizing traditional assets, asserting that this could revolutionize ownership and transparency in financial markets. Santori believes that the true impact of blockchain technology is still unfolding, with the possibility of transforming how value is exchanged globally. He concludes by emphasizing the importance of education in fostering understanding and adoption of crypto technologies.