ROLLUP: M2 Money Supply Flipped Bullish | Robinhood Wells Notice | Trump Supports Crypto | Friend.tech Token

This episode discusses the latest developments in the crypto world, including the bullish turn of the M2 money supply, Robinhood receiving a Wells notice, Trump's support for crypto, and the launch of the Friend.tech token.

1. The M2 money supply flipping bullish indicates potential positive trends for crypto assets.
2. Robinhood's Wells notice from the SEC adds to the growing regulatory pressure on crypto companies.
3. Trump’s support for crypto contrasts with the Biden administration's regulatory stance.
4. Friend.tech has launched its token, introducing new features like clubs and a native decentralized exchange (DEX).
5. The broader crypto market shows signs of resilience with new network launches and increasing activity in layer two projects.

1: Introduction

Ryan and David set the stage for a fast-paced episode, highlighting the week's major topics. Ryan Sean Adams: "Bankless nation, it's the second week of May, David. It is weekly roll-up time."

2: M2 Money Supply Flipped Bullish

Discussion on the significance of the M2 money supply turning positive and its impact on the crypto market. David Hoffman: "For the first time in a couple of years, M2 has flipped positive. The money printer is on."

3: Robinhood Wells Notice

Exploration of the implications of Robinhood receiving a Wells notice from the SEC and its response. Ryan Sean Adams: "Robinhood is joining the crypto army to fight the SEC in court."

4: Political Landscape: Biden vs. Trump on Crypto

Analysis of the political dynamics with Biden's administration showing regulatory pressure and Trump's pro-crypto stance. David Hoffman: "Crypto is becoming a pretty partisan issue this election cycle."

5: Friend.tech Token Launch

Overview of Friend.tech's token launch and its new features, including clubs and a native DEX. Ryan Sean Adams: "Friend.tech has been very popular with trader influencers, and now it’s got its own token."

6: Market Updates and New Network Launches

Updates on crypto market prices, new network launches, and the overall state of the crypto ecosystem. David Hoffman: "Bitcoin's up on the week, and we’ve got a bunch of new network launches."

7: Solana's Rising Fees and MeV

Discussion on Solana's market performance, fee revenue, and MeV (miner extractable value). Ryan Sean Adams: "Solana is showing strong fee revenue, which is impressive from a fundamentals perspective."

8: Conclusion and Sponsor Messages

Closing remarks and appreciation for sponsors making the show possible. Ryan Sean Adams: "We’ve got a lot more to cover, but first, a moment to talk about some of these fantastic sponsors."

1. Stay Informed: Regularly check updates on money supply indicators like M2 to gauge market trends.
2. Regulatory Awareness: Keep abreast of regulatory developments and how they might impact your investments.
3. Diversify Investments: Consider a mix of assets to hedge against regulatory and market changes.
4. Explore New Tokens: Investigate new token launches like Friend.tech to understand their potential and features.
5. Political Trends: Monitor political statements and policies as they can significantly influence market dynamics.
6. Market Participation: Engage with different crypto networks and platforms to stay active and informed.
7. Evaluate Risks: Assess the risk factors associated with different crypto investments, especially with new regulatory pressures.
8. Use Reliable Platforms: Utilize well-established trading platforms and services for security and better user experience.
9. Community Involvement: Participate in crypto communities for insights and support.
10. Adopt Self-Custody: Learn about self-custody solutions to secure your crypto assets effectively.

Bankless Friday Weekly Rollup

People

Ryan Sean Adams, David Hoffman, Gary Gensler, Joe Biden, Donald Trump, Vlad Tenev, Dan Gallagher, Arthur Hayes, Jim Bianco, Jose

Companies

Robinhood, SEC, Friend.tech, Kraken, Celo, Cartesi, Mantle, Kraken Pro, Solana, Blockworks Research, Grayscale, Coinbase, Binance, Metamask, Uniswap, ConsenSys

Books

None

Guest Name(s):

None

Content Warnings:

None

Ryan Sean Adams
Bankless nation is the second week of May, David. It is weekly roll up time. You ready for this? I'm absolutely ready for this. And we're gonna go super fast this week because that's kind of the week that it is.

David Hoffman
First up, Gary sends his fifth Wells notice this week. Who got the nasty? Graham, this week. It's not a crypto company, so the crypto army is growing by one Biden. Joe Biden says he will veto extremely important crypto legislation right before election season.

And Trump has a thought on that bold strategy coming out of the Biden administration. And also, we got a number of signals to say that the bull market is not over. We have some tides that are turning in the bullish favor, so we'll talk about that. And also, Friendtech launched their token mode network. Launched their token.

A roll up spans between bitcoin and Ethereum. Got a bunch of new network launches this week. And we're going to get to all of these details and more. But first, before we get into prices, we've got to talk about our friends and sponsors over at Transporter, a brand new bridging app called Transporter using Chainlink's CCIP in the background to help you securely transfer your assets. ETH link USCC between all of the different chains, of which there are three more this week.

So you can try out Transporter IO link in the show notes if you want to securely transfer and track tokens across all of your blockchains. This is like Jason Statham taking your assets from one chain and putting them on another. This is such a niche reference.

Ryan Sean Adams
Someone out there got it. All right, let's get to the prices. Thanks to Kraken for providing these glorious charts, the beautiful charts. But the direction is, unfortunately a bit. Wait, are we up or down?

David Hoffman
Bitcoin's up on the week. Bitcoin is 5.3% on the week. I don't feel happier this week, David. It doesn't feel like it. Hang on.

We haven't got to eat yet. We haven't got to eat yet. Okay. Bitcoin started the week at $59,000. It is currently at $61.5 thousand, up 5.3% at the week.

ETH price basically flat started the week 2950. We are ending the week right below 3000. Up half a percent counts as flat. And of course, the total crypto market cap, $2.39 trillion under $2.4 trillion. Would you say this is still feeling doldrums like it feels like it's kind of, you know, there's some Malaysia market right now.

Six weeks of just like, not exciting down flat ish. So while this general malaise is going on, the layer two projects continue to build. And thanks to mantle for this layer two update today, David, you know, there's now 95 projects on l two beat. And that's just the ones that we. Know about, 95 different layer twos.

Ryan Sean Adams
And you're absolutely right. That's just the ones that we know about. This is Chao saying, in other words, there are probably at least several hundreds, possibly thousands of layer twos right now. And I think there's a big question for crypto is, is this just like an infrastructure boom? Like how sustainable are all of these layer twos?

I know you and I have always taken the vantage point that they answer the question of how many layer twos will there be? It's sort of similar to trying to answer the question, how many websites will there be? How many blogs will there be? Yeah, exactly as many as the market finds useful and deems fit. What's your take on these numbers here?

Do you think this is sustainable? Well, in the short term, no. In the long term, yes. And I think there's going to be a theme, especially when we get to the announcement section of this roll up is like, well, we are getting more rollups this week, but we're also getting more specialized roll ups. And so one of the reasons why there will be like, n number of rollups is because they are learning to become extremely niche and extremely specific and finding different corners of the Internet in which, like, a roll up is actually useful and justified.

David Hoffman
So, yeah, we'll talk about that. Let's talk more about the markets again and see how long these doldrums will last. Because there's actually, David, some bullish signs on the horizon. You called it in the intro. The tide is beginning to change.

Ryan Sean Adams
So a few things that are different that we should emphasize this week. What, I don't know if you saw this chart. This is Thomas. I love this. M two money supply has flipped.

Positive. Here it is. What are we looking at? And can you describe this for bank listeners and viewers on YouTube? What we're looking at and what m two is actually measuring?

David Hoffman
So we are looking at a chart from 2019 up until this very moment right now of the percentage growth of m two money supply. So when there is a tiny blue bar that's above the line, that means we are growing by a percentage. And then if it's below the line, it actually means that m two supply is decreasing. M two money to supply is called broad money supply. So, like, if you pull out your wallet and you have, like, a $1 bill that is m zero.

M two is, after all of the, you know, ten to one fractional reserve of the commercial banking sector. It's after all of, like, private. Private money has been created. And so it's a very broad measure of circulating money, and it's generally why it's important. It's generally the underlying common denominator that frequently prices capital assets.

Ryan Sean Adams
It's like, you know that meme where you see Jerome Powell in the money printer? Yeah, that's what m two basically is. Well, not when drone Powell and the money printer prints $1, that turns into, like, $10 in m two. And so it's, like, leveraged just because of, like, the leverage of the commercial banking system. M two is, like, where people get the money in their.

David Hoffman
In their accounts to go buy assets. That m two money supply flipped negative at the end of 2022 because of the Federal Reserve hiking interest rates and all the capital destruction in both, like bitcoin, crypto stock market, all the capital assets went down. Right. Houses sold for people who can't see. Before that, it was mega.

Ryan Sean Adams
It was big. It was extremely big. It was very, very big. So, like, m two money supply was growing 25%, like, on a. For a year, which is large, which is very, very large.

David Hoffman
And so M two money supply was getting smaller, basically throughout 2023 and into 2024. In the last week, mem two money supply flipped positive, as in, the supply of money out there is growing for the first time in, like, a year and a half, if 18 months. And bitcoin generally, crypto assets generally are like debasement hedges. And the growth of m two money supply is basically the thing that props up, especially the long tail of assets. Assets out there, which is definitely what crypto is.

Ryan Sean Adams
So for the first time in a couple of years, M two has flipped positive. The money printer is on you. Remember that take I was telling you from Arthur Hayes, I think, a couple of roll ups ago where he was just basically like, April's a wash. I'm going to sell. Like, it's just like, we're going down in April.

And he called this, like, the end of March and beginning of April. He has now flipped bullish. It's like one month later. It's May now. Part of the reason why is he says this, make no mistake.

By reducing the rate of quantitative tightening from $95 billion to 60 billion per month, that's a thing that happened by the way they've reduced quantitative tightening, tightening, the Fed is essentially adding $35 billion per month of dollar liquidity. Okay, so quantitative tightening, tightening has eased. And in other words, this is quantitative easing money supply expansion, by another word. And this is part of the reason that Arthur has flipped bullish. He's not saying it'll happen overnight, but he's basically saying we're back to more liquidity, back to money printing, back to, like, how things were trending in 2020.

Of course, we're probably not going to see a COVID level stimulus, but that, for Arthur, makes him very bullish on the crypto asset class. If you look at the total supply of m two money out there, not just the change in direction of its growth. M two money supply grew just absolutely massively post COVID. That's like, really what the. The effect of COVID was, was a massive growth in m two.

David Hoffman
And then we jacked up interest rates, and all that money went into money market funds. But if you look like the supply of m two money didn't go away, there's still a ton of m two money out there. There's. It's just not in the long tail. As, um, as m two money is growing now, and people going on risk on, like, all of that money that's still print.

We still printed a bunch of money. It's still out there. Uh, now it's giving, like, more and more permission to go out on the long tail. So that's like, the first changing of the tides. Second, pretty unrelated to m two money, but grayscale GBTC saw its first ever inflows last Friday.

And so the actual amount of bitcoins in the grayscale GBT ETF went up, which is crazy, because, like, there's so much already bitcoin in there. They had. The fees are super high. Why people. What?

People are still trying to figure out why there's more bitcoin in grayscale than. Than typically what would be expected. People are learning, like, why are people buying grayscale over anything else? Still haven't found that answer. The crazy thing is it also went up on Monday as well.

So grayscale had two days in a row of inflows into the grayscale GBTC ETF. So I kind of want to ask the question, though. What about just global bitcoin ETF inflows? Right. So, like, I don't know if we can really explain why Grayscale had an up week, but are we getting an up week on just global bitcoin ETF's?

Last week we definitely had net outflows, kind of like one of the biggest net outflows. This week we have pretty strong net inflows. Uh, kind of hard, hard to measure it, but, um, looking like maybe $50 to $100 million a day of net inflows into the bitcoin ETF's last week there was a very large net outflow of, um, 570 million. Um, so the. The average day this week has been like $100 to $200 million of net inflows.

So this week, net inflows. Last week net outflows. The week, uh, before that net outflows. The week before that net outflows. And then before that it was all inflows.

Uh, so, yes, this week there has been a turning of the tide of net inflows into the bitcoin. ETF's the last tide turning, I think we want to talk about is stablecoin market supply is going up. And this is something that Jim Bianco is like one of his theses he turned you and I onto, which is basically, we're not going to get a bullish crypto market until you start to see stablecoin market cap and stablecoin supply going up, because that's a representation of how much liquidity there is flowing from the fiat system into crypto. And sure enough, the market cap of stable coins was down, down, down during the bear market. And now it is starting a trajectory.

And ascent up, starting in striking distance of all time highs of stablecoin supply. Yes, here's the tweet around this. This is exactly what you want to see, and it's very, very important metric to monitor. As long as we continue to see stablecoin inflows, our coins will go up. The stablecoin market cap has grown by 30 billion year to date and is now about 19 billion away from last cycles peak.

Ryan Sean Adams
So this is another bullish indicator. Don't sleep on this one. This is a nice, gradual kind of ascent that you'd expect to see. And as long as that number is going up, I think the crypto bull. Market is still on more changing tides here.

David Hoffman
But this was more specifically for Solana rather than the entire macro market. This is a tweet out of Dan Smith from Blockworks Research, who's talking about the fees being paid to the Solana layer one. And Solana MeV, over the last, like, month or so, has actually surpassed Ethereum MeV total economic value of transaction fees. Solana still below ethereum, but like, still putting it like you actually can see it on the chart, which is like, that's the first time for Solana. This started, of course, in December of 2023 with the rise of, like, Solana Summer.

But you can definitely starting to see, like, Solana showing up on the charts with fee supply, fee structures. So the fee market in Solana very, very strong. This is something that, like we were saying, like last cycles, like, Solana has to get to the point of having sustainable fees. And this is what this looks like. Yeah.

Ryan Sean Adams
I'm not going to lie. This number impresses me because something that you and I have said from the very beginning, which I think is true, and we should evaluate more layer one chains. This is blockchains. What do blockchains do? Blockchain.

Sell blocks. How do you know whether someone is purchasing the blocks? You have to look at the fee revenue. And the fee revenue comes from two sources, either transaction fee revenue or the ordering of the blocks, which is mev. And so Solana is just not making that much with respect to fee revenue itself, but is making a ton with respect to ordering of the blocks.

And that's actually impressive. I think if they can sustain this moving forward and how long they can sustain this, this is kind of like flipping into a big bullish indicator to me from a fundamentals perspective. A few things that I would look for next as Solana continues to mature. It's like, one is, what's the sustainability of this? Right.

David Hoffman
Free revenue to issuance ratio. Right. Well, first of all, sustainability, not, not profitability of block space. But I'm just saying, like, there's going to be a lot of high throughput blockchains that will compete against this, basically. So you've got your monad coming online, you got the move ecosystem.

Ryan Sean Adams
You've got other layer twos that are going to, like, maybe try to commodify. The corner of crypto. Yeah, yeah. But then I think, secondly. Yeah, fee burn, right?

Because just like, what you want to see is that the fee revenue, the blockchains that you're selling exceeds the cost, which is like issuance. In our world, that's issuance. I know some people disagree with that, but issuance is kind of like a cost if you're not staking in the network. So ideally, you have profitable block space and they implement some sort of fee burn that delivers this MeV back to the holders of soul. It's sort of there to stakers.

Right. With Jitto and that sort of thing. Like, you can get a portion of this MEV, I believe, but it's not quite as clear how this MEV flows to kind of like the average ordinary Solana staker or soul holder. And then lastly, I actually think Mev can become a problem for networks, too. Right.

David Hoffman
If it gets unaddressed MeV, yeah. If it gets distributed to kind of. Like a MEV unchecked MEV is a massive centralization for. It can be. Right.

Ryan Sean Adams
And so that's another thing that we'll want to monitor long term, but good signals, I think, for Solana. Yeah. So if I wanted to move the goalposts MeV to validators, very, very strong in Solana, I would like to see how MeV per transaction or the efficient, because there's efficiency of MEV. Right. Right.

David Hoffman
Now, like in Solana, if you just, like, slap market sell or market buy on a Solana Dex and you have, like, a very high slippage tolerance, like, we know that this has been a problem with Solana mev because people are just, like, dumping into a Dex with very high slippage tolerance, and then MeV validators are taking a very large cut. I would like to see some sort of, like, MEV efficiency, because if mevs are taking pennies over a larger number of transactions, that's good. If they're taking, like, hundreds of dollars over a low number of transactions, that's bad. Why is that bad? It's bad for users.

Super bad. Super bad for users. And it's just not sustainable. That just means that's an inefficient market. I think that's kind of like a leading indicator of what will happen if, like, users feel like they're getting jacked up over MEv costs.

Ryan Sean Adams
Right. And they're being sandwich attacked, that sort of thing. Like, my theory is they just go to another chain where that doesn't happen. Right. As part of the kind of the commoditization type story, which.

David Hoffman
But the meme coins have to move there because the users will follow the meme coins. Yeah, that's true. And that, I think, accounts for a lot of this is Solana has absolutely dominated the meme coin narrative this cycle, which has been super, super hot. All right, David, we got a lot more to cover. What's coming up.

Coming up next, Robin Hood receives a wells notice, but they're not giving up. They're joining the pro crypto army. Biden's got a veto vote for crypto coming, but Trump has taken the opportunity to push back. Crypto is becoming a pretty, pretty partisan crypto issue this election cycle. And then Gary is on CNBC talking smack so we're going to play those videos and comment on them.

So you're going to hear all of that and more. But first, a moment to talk about some of these fantastic sponsors that make this show possible. If you want a crypto trading experience backed by world class security and a war 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 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.

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Robin Hood says, they're just not going down silently. They are going to fight the SEC in the courts. And so Dan Gallagher, Robin Hood's CLos chief legal officer, says, after years of good faith attempts to work with the SEC for regulatory clarity, including our well known attempt to come in and register, we are disappointed that the agency has decided to issue a wells notice relating to our us crypto business. Vlad, the CEO and co founder, says we while we strive to maintain positive and production productive relationships with our regulators, if necessary, we will use our sources to contest this matter in courts with the intent of both defending our crypto business and establishing regulatory clarity with the United States for the benefit of our customers. So Gary Gensler and the SEC coming after Robinhood's specifically crypto side of the business.

Robinhood of like, of the most compliant and rigorous and constrained, even more crypto. Suppliers and cautious and conservative than Coinbase and crack. There's only like 2030, like crypto assets on Robin Hood, and they got served a wells notice. And so Robin Hood, a very like, large and well resourced company, is once again like joining the crypto army to fight the SEC in court. So it's interesting.

Ryan Sean Adams
So this is number five, right, of like the kind of the big, big names us based companies. Right? So we've got metamask consensus. Of course, we've got uniswap. We've got Kraken and Coinbase, and now Robinhood.

What's interesting is all of the other four companies came directly from, like, they're crypto native companies, whereas Robinhood is fintech, and they're trying to expand into crypto, and they have done so quite successfully. It's also interesting Robinhood has a non custodial wallet, so I bet that's on the docket for the wells notice as well. But how did investors react to this? Right, because Robinhood is a publicly traded company and probably has a lot of traditional tradfi types of investors. Did that spook people?

David Hoffman
Yeah. So, hood, the equity of Robinhood had a tiny little blip. I think it went down from dollar 18 down to $17.60, and then right back up to dollar 18. And so there's market fatigue about the SEC wells notice. Like, the market actually doesn't care about the Gary gensler, like, SEC attack on crypto.

Ryan Sean Adams
Like, the market pricing it in. Basically, it's nerfed or it's pricing in nothing, because they're saying that this is bullshit and it's not going to affect the market. I mean, Jose says this is the debasement of wells notices. That's what happens when you issue wells notices like candy. Well, this is what Jake Trevinsky says.

The SEC just sent wells notice to Robinhood. The number they've sent about crypto in recent months is astonishing. It's hard to imagine they would or could bring so many enforcement actions at once. It seems like they're abusing the wells process as a scare tactic. Now, this is pretty much unprecedented.

I mean, think of all these wells notices that have been recently sent. We don't even know if we're done. My question, David, is what's the. What's the legal theory of this? Like, the SEC is, as you said, dishing out wells notices like candy.

But don't they have to win a case? Like it isn't? No, they don't. The correct normal order of operation be like, do a wells notice for one company. See, if you win in court.

Based on all crypto assets are security and non custodial wallets are non compliant. All of. All of these charges are very similar for each of these companies. Right. And then based on that, you'll get a reaction from the market, they'll stop doing it or whatever, and then take the offenders to court.

They're not doing that. It's just like a blanket DDoS attack, which, like, makes me think that this is not about winning in court at all. This is about creating a chilling effect. Like, yeah, we can talk about doing it. They don't care about the outcome.

David Hoffman
They just want to do it. I don't think winning a case is the point here. Or maybe it was never the point. So David, Gary is doing appearances. Whenever he does something like this, he makes an appearance on CNBC, on Squawk Box.

Ryan Sean Adams
And so they want to talk to him about, did you, did you get this? A whole six minute video. And it will both enrage you, but. But kind of capture his mindset. Here's how it opens.

I'm going to play this. One of the things I want to ask you is when you look at the headlines today around what the SEC is doing and what your priorities are, it's hard to tell how much of your focus today is on the stock market writ large versus the world of crypto and trying to figure out the future of ethereum and other things. How do you see it? Well, I see it this way. We oversee $110 trillion capital market, but half of that's the stock market.

Andrew Ross Sorkin
Half, as you might know, is the bond markets and other markets. Crypto is a small piece of our overall markets, but it's an outsized piece of the scams and frauds and problems in our markets, because without prejudging any one token, much of this field is noncompliant with the protections of our securities laws. And so thus, you end up with, like, an outsize ratio of journalist questions and crypto journalists to market cap. But is that a function also of the fact that that's where your attention is, too? No, it's a function of where your attention is.

Think about it. I've been on your show, what, a dozen times? And every show you ask about crypto. And my guessing is this will be a majority crypto interview while the capital markets are 110 trillion. So it's also about where the financial media is gaslighting.

Ryan Sean Adams
Yeah, this is like, this is the tenure of the entire interview, David. And basically, Gary is very triggered that he's being asked crypto questions. And the interviewer is like, you're being asked crypto questions because you're dropping wells notices. The SEC doesn't usually do this, and you just dropped one on Robin Hood. So he goes on to quote what Vlad, the CEO of Robinhood, said against the SEC.

And Gary is just, like, increasingly frustrated this entire time that they keep focusing on crypto but it's because he is disproportionately focusing on attacking crypto. Dude, this is just like the Leslie Nielsen Gif from naked gun, where there's the exploding building behind him and he's like, nothing to see here. Please disperse. All right. God, this is an insane level of gaslighting.

I want to play this other clip from the interview, too, because I think it's relevant. Here it is. It's Gary on disclosures in crypto, the. Field of crypto assets. Without prejudging any one of them, many of those tokens are securities under the law of the land as interpreted by the US Supreme Court.

Andrew Ross Sorkin
So we follow that law. And you, the investors, are not getting the required or needed disclosures about those assets. This is earnings seasons right now, Andrew. Everybody's asking about what's the earnings release and how many companies are beating earnings or falling behind and so forth. Where is the disclosures from these crypto tokens?

Similar to. I don't know how many times we have to say this, but the catch 22 of Gary Gensler saying there, there's no, like, all of the investor protections around crypto assets are terrible. Like, there's no disclosures around crypto assets. Investors are getting the raw end of the deal. That's what we're saying about the meta, the points meta that people have been forced into, cornered into because you cannot come in and register.

David Hoffman
He is creating the reality that he is complaining about this whole line of. Without prejudging any one of them. Many of the tokens are securities under the law of the land as interpreted by the Supreme Court. No, bro, as interpreted by you. You're just using the Supreme Court as your scabbard.

The Supreme Court is saying this like, no, you're saying this, David, and then he's saying, like, there aren't sufficient disclosures from these tokens. What the actual f. If any team actually made any sort of, like, disclosure about, like, here's what a token gets you here. The right side of token gets you. They're going to get the banhammer from Gary Gensler.

It's just the biggest, most gaslighting catch 22 I've ever fucking seen. Excuse my language. It's so gaslighting, and it's even worse than what you're saying. He's not acknowledging the superior disclosures that crypto already has. The interviewer goes on to ask him about Ethereum, right?

Ryan Sean Adams
And of course, he doesn't like answering any questions. Well, let's talk about Ethereum. Gary says Ethereum and all crypto assets don't have disclosures. Here's the reality. Ethereum issues a decentralized earnings report.

He was talking about earnings. Season eight earnings report every 12 seconds. Okay. You can see it all. And anybody with an Internet connection can audit this.

Anyone can access it. It's completely open source. You can see literally how much revenue is going to validators and like, the profit on this revenue. This is also true of many Defi protocols that we see that the cash flows on chain. This is better than a quarterly earnings report.

It's like real time data. And instead of the SEC going to Ethereum just connecting, they have this database for all those disclosures. It's called the Edgar database. Right. All of the filings are listed.

If you're a company, if you're a security have to disclose there. Why don't they just go connect the Edgar database to an Ethereum node? Right. The disclosures are freaking there. It's like, this is the gas.

It was never about disclosures. It's just not about disclosures. It's not about protecting investors. It's about control. And it always was about controlling the industry.

And he might think he can gaslight kind of like the trad users who just don't have never been to doon analytics, like, can't actually go to fraud. Oh, I've heard of those. Yes. Though I'm like, I prefer these earnings reports to the quarterly things that I get from the SEC. It's like real time open source investor.

Oh, wow. We could go on, David, but that's not all. This week it gets worse. The Biden administration has made a statement of administration policy saying that they strongly oppose the passage of House resolution bill 109. Ryan, what is this?

David Hoffman
What's 109? What's going on here? Yeah, basically this is Biden saying that they are going to veto this House resolution bill. Ok. And this is a bill in the House?

Ryan Sean Adams
Yeah, this is a bill in the House. We'll get to that in a second. But I think that this is the most explicit f you that we've seen from the Biden administration directly against crypto. It's like most of the time it's been through kind of like the SEC or FinCEN, treasury, all of these things. This is Biden actually saying, hey, if this legislation comes to my desk, I will veto it.

So let's talk about, let's give some background on this, because House resolution 109, like, what is this? Okay, so the background context right now is today, in today's environment, us banks can't really custody crypto. The reason why, I don't know if people know this, but is because about two years ago, so this is March in 2022, the SEC, again, it's Gary. The SEC pushed through an obscure accounting rule. This was called Saab 102.

And in the words of the banks, this is the bank saying that this is not me. Saab 102 effectively precludes banks from offering digital asset custody at scale, since placing the value of client assets on their balance sheet will impact certain capital liquidity and other prudential requirements. It basically means no us bank can custody crypto, because if they do, they have to, like, house all of the reserves. It messes up their accounting. It basically is a loophole to make it impossible for banks to custody assets.

And there's two notes on this that are important going into this. This is not how any other asset is treated for custodians. There's all sorts of custodial assets out there from, like, property rentals, securities, all of these things. This accounting requirement is not required for any other thing other than digital assets, other than crypto. Right.

Because that would be crazy. Custodial service is sort of a known thing. So this is an exclusion for crypto. And also, the way the SEC did this back in March, 2022, was sneaky. Like, over the top sneaky.

They didn't do administrative, procedural rulemaking. We do rulemaking with commentary. That's what the law requires. Right. They didn't like sneaky backdoor way, and they just pushed it in.

So what's happening right now, David, in real time, is Congress caught wind of all of this, the SAB 102 thing, because they didn't really realize what was going on. You know, they're busy. They're focusing on many things, I suppose, and they're trying to reverse it. Okay, so they're trying to reverse SAb 102. That's the House resolution that you just mentioned.

And that's what's being. That's what's in front of Congress right now. And then this is Biden saying, hey, if you guys pass this in Congress, if it gets through the House and Senate, I will veto it. And the Biden administration says he would veto it because it would disrupt the SEC's work to protect investors in crypto assets markets and to safeguard the broader financial system. So that's the reason he's.

He's giving to veto it. So what's happening right now is this bill is in the House. It actually, just as of yesterday, it passed. So it passed the House. You got to pass the House, then it goes to the Senate.

David Hoffman
And we want it to pass. We like passing. Well, that's good for us. We want it to pass just because, like, banks are private institutions, they should have the ability to custody crypto assets as well. What do banks do?

Banks custody stuff? Yeah. I mean, obviously we favor bankless custody of your own keys, but there are situations where you want a custodial service to house your private keys, and that's okay, too. We don't want an operation choke point type of situation. Anyway, this past.

Ryan Sean Adams
And look at the numbers here. 207 Republicans in, in the House and 21 Democrats. What's significant is actually the number of Democrats that voted for this because they have to go very much against the Elizabeth Warren party line to 21 Democrats. That defected from the party lines of the establishment Democrats. Yes.

David Hoffman
Basically, this is a Jake Stravinsky who's commenting, SaB 121 is illogical and illegal. The SEC adopted it in violation of the CRA and APA for no reason other than to harm the crypto industry. The White House should have walked away from this mess instead of doubling down on attacking us. Companies not smart in an election year. So this goes back to our episode that we did with a lot of people, gave us, like, great feedback on this one episode with Joe Lubin and the consensus case against the SEC where Joe Lubin is just putting on, just like, saying the quiet part out loud, like, this is a conspiracy to just completely suppress crypto out of the Biden administration.

And in an election year, Biden is saying, hey, like, just, we're doing, we're doing the full suppression. Like, no, you don't enter crypto assets into our traditional financial system. Banks. I know your guys, is one job is to custody stuff, but you can't custody crypto. We are enforcing that choice upon you.

And then meanwhile, Gary Gensler, like an arm of the Biden administration, is issuing wealth notices to any company that touches crypto. So it's just a full suppression of the industry. Well, and here's the crazy. Here's the thing that doesn't make sense to me is why are they doing this before November? Right?

Ryan Sean Adams
Even if Biden loses the election, I mean, he's still in office after November. Why not, like, pass it then? Yeah, because, like, who is the marginal voter that's like, oh, Biden is suppressing the crypto industry. I'm going to vote for him because of that. Exactly.

David Hoffman
Who is that voter? I asked. I asked Jake Cherinsky this question, like, what are they thinking over there? Why are they going full Kim Jong un on crypto before November. Like, how does this make sense?

Ryan Sean Adams
And Jake's take is it's an exercise in partisan wagon circling. The administration can't admit the SEC has done anything wrong and the Democrats have to oppose the Republicans. So, so dumb. It's super dumb. So let's get into the Trump response to this, because Trump was asked a crypto question about, like, how his approach to crypto is.

David Hoffman
And you can just tell it is a direct response, like, oh, the Democrats don't like crypto. Well, therefore I like it. Yeah. And you should vote for me because of it. Let's play video.

Yeah. Biden doesn't even know what it, if you ask Biden, are you for, against crypto? What's that? What? Get me off the stage.

Donald Trump
He's saying, get me off the stage. Now. He has no idea. But look, Gensler is very much against it. The Democrats are very much against it.

And I say this, a lot of people are very much for it. Probably a lot of the people in this group. And I'm fine with it. I want to make sure it's good and solid and everything else, but I'm good with it. And if you want, if you like crypto in any form, and it comes in a lot of different forms, if you're in favor of crypto, you better.

Ryan Sean Adams
So, David, what that does is this makes crypto an election issue. Yep. And this is back to, and they just gave Trump is the silver platter of like, the crypto single issue voter. If you are a crypto single issue voter, like, I, Biden wants to ban it. Gary Gensler wants to ban it.

David Hoffman
Gary Gensler is Biden. And Trump just said, like, well, I'll, I don't, he doesn't even have to follow through on supporting it. He just has to not ban it. Speaker 100%. 100%.

Ryan Sean Adams
It's just the game theory of it. If the Democrats are saying for the. For the Trump administration, speaker one, he's. Going to go to the other side and try to get votes and try to appeal to this demographic. And the question of, can you Trump, can you trust Trump or not to, like, follow us?

David Hoffman
It doesn't matter. It doesn't even matter at this point in time. It's become an election issue and it's going to be a piece of it. I mean, this leads to the question that a lot of people are asking is like, okay, what happened here? Like, do the Democrats hate crypto?

Ryan Sean Adams
We've kind of seen the trajectory of this a little bit. And one thing I'll just say to people is like, not all Democrats hate crypto. You actually go to the Coinbase stand with crypto website, which is fantastic. And you like sort by Democrats and their stance on crypto as like, pro crypto. And you can see a lot of folks here, like a lot of, like, we've talked to members of Congress.

Richie Torres is a Democrat who is in favor of crypto. So it's definitely not all of them, but it does seem to be a strong contingent, particularly with access into the executive branch of the Biden White House, the anti crypto army led by Elizabeth Warren, that are really pushing down these positions. So do we. It's the establishment Democrats. Yeah, incumbent Democrats.

I just, I don't even know if we know where Biden, like, truly stands on this issue. I don't think Biden cares. I don't think he has an opinion on it. So in the absence of not having a strong opinion. Right.

That decision kind of gets delegated to the Elizabeth warrens of the world and the anti crypto army. Right. And so this is where Joe Levin. Says, the, the banking sector, the incumbents have found their wedge into the political spheres through the Elizabeth Warren incumbent Democrats types to have the ear of Biden. That's right.

And it is a interesting, you say wedge because it is a wedge issue. I think some people will just say, well, like, okay, sure, the bankless podcast cares about these issues, and there are like, some, like, greater than zero percentage of single issue crypto voters, but really it's not going to swing an election. Right. This doesn't matter. And that's why they're doing it.

So, like, they can do all of this stuff because they know crypto voters don't participate or don't care. There's not enough of them. There's actually some interesting data on that that's been put out last week by paradigm. Really interesting poll that fills in some blanks. Basically 31% of voters.

This is a poll for just swing states, like the states that matter for Biden. If 31% of votes in the swing states are crypto positive and 40% of them say it's a major issue. So if you kind of distill that, that's about 12% of the lectora overall that is crypto positive and also says it's a major issue for them. So 12% is not small, David. No, that's huge, dude.

David Hoffman
Especially, I kind of didn't expect that poll coming out of the blockchain association. So there's a conflict of neutrality there for sure. But like, still, if that is at. All, what if it's 5%? What if it's like if it was.

5%, I would still be impressed. Well, because some of the elections in some of these swing states are going to be so tight. So to me this is like a complete cell phone move. This is a cube by the Democrats and wow, I guess crypto just became an election issue and we'll see how that plays out. Yeah.

Yeah. This is, these are facts and circumstances that I will not be bringing up with my family. What do we got coming up? Coming up next, token launches, friendtech mode all launched their token. We got an update on the Eigen lair stake drops from the new details there.

And then. Did FTX creditors do better than holding ETH this cycle? No, because they're saying so. Saying so we'll talk about what the hell that meant. All of that and more.

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So if you have, if you lost $1 in FTX, you'll be getting $1.18 back. Did you beat Ethan cycle? No, but it's kind of a joke because you probably got pretty close. And so because of the asset appreciation and because of, like, the actual strong recovery of assets by the. Just like the new administration of FTX, they are getting more money than what they owe creditors.

And so if you're a creditor, you're getting an extra $0.18 on your dollar. You know what's crazy is, you know, the people administering this bankruptcy, they find this unbelievable. They're like, this never happens. How is this even possible? Right?

Ryan Sean Adams
Like, the bankruptcy procedures are basically only in crypto. Yeah. How do you dispense your cents on the dollar to all of the creditors? And in this case, they're able to give 118%. And the reason it's 118% is because with interest, and of course, what this means is, like, are you making your money back?

You're making it back in fiat terms. So it's as if Sam Bankman freed in November of 2022, if you were a depositor into FTX, he just market sold all your assets, and you're getting the proceeds of that back. So. But you're not getting, like, if you had solar, if you had EJ. Taxes on the appreciation of your claims.

Yeah, 100%. Yeah. You always have to pay taxes, David. But if you had your money stolen from you and then it returned at a higher level, you have to. You have to pay taxes.

David Hoffman
Taxes on the difference. Yeah. On that delta, it's net income to you. Yeah. Unless you have a boating accident.

We don't have this in the, in the agenda, but there something about this FTX case that has caused ruffled feathers is that the lawyers, the people managing the estate of the FTX, are being paid $1.5 billion in fees. Oh, and so, like, there's a conspiracy here. Is that, like, they are touting around, like, yeah, we're giving 118% of, like, clean people's names back. Good job, us. But also we're paying ourselves well.

Ryan Sean Adams
Yeah, I don't know what to say about that, but they have sort of treated this as a hedge fund in a way, like, it's all about timing. I mean, if, look, bankruptcy proceedings are slow, but if they had sold the assets, say, sometime in 2023, you wouldn't get this kind of outcome. So they've been, like, strategically selling the assets and, like, managing it fairly well, I suppose. Like, it could be worse. I don't know if that's worth 1.5 billion, but I guess that's the nature of crypto.

David Hoffman
That's a hot take. All right, moving on to Friendtech. Friendtech launched their token last week. Just coming back after being pretty quiet for a number of months since the Friendtech mania kind of ended. Along with the token Friendtech v two with a couple of new features, clubs, there could be a club now.

So instead of having owning the keys of one particular person, keys of a club can be made. There's a native Dex inside of Friendtech. So they have a friendtech native amm, which is where all of the friendtech token is getting its liquidity from. And then of course inside of the app. Liquidity providers who provide ETH and Frentech liquidity to this amm are getting 1.5% in fees as well.

And so what's interesting here is just like you're seeing the vertical integration, this is all on base, but Friendtech, the app is also got its own deck and so it's getting some just more infrastructure. Fronttech token coming in just under $2 right now. That brings it to a fully diluted valuation of 178 million, which I think is pretty like, not, it's not over its key tips, 178 million in comparison to like the high FTV, low float tokens that are out there. Pretty, pretty damn fair. What, 100% of the supply went to users, basically the community.

Ryan Sean Adams
Is this true or not? Yeah, I was, there aren't, there wasn't a blog post I couldn't really figure out like the distribution, but apparently a hundred percent of friendtech tokens got sent out to the people of users of Friendtech. I claimed mine and it was okay. It was kind of a clunky experience, I gotta say, but it was okay. And, but I do think that this token, this chart is one to watch of like friendtech because this is almost going to be a bellwether for other social fi types of applications and the narrative around it.

So it's definitely an interesting one to watch. Yeah, certainly the other thing that's interesting about this is that there's friendtech has been very popular with like the trader influencers out there. But when you claim your friendtech tokens, it goes to an account that everyone knows is yours. And so everyone can see people when they choose to sell their friend tech. And so like there's been this, like people, people are shilling their friend tech, but then they're also dumping it at the same time.

Oh wow. And now for the first time, people can see the relationship between their favorite. Influencers dumping their favorite influencers, what they're. Saying in public versus what they're doing in private. Now we totally know this, so that, that's been a fun game to watch.

Disclosures Gary Gensler we got them. We got them. Okay, moving on to the Eigen layer. Stake drop update. This happened on the Friday right after we recorded last week.

David Hoffman
So 100 additional Eigen tokens are being allocated to every single wallet. So every single wallet is getting 100 Eigen tokens. The minimum that you could have gotten before this update was ten. And so, in addition to this 100, now the minimum you're getting is 110. Raising the floor.

Raising the floor for everyone. Yeah. Also, just some clarity. Investor vesting. I said this last week, so roll up.

This is just like a missing communication. Just people made an assumption that investor vesting started before Eigen transferability started. That did not. That's not true. And they just made a clarifying statement that investor vesting of the Eigen token does not begin until Eigen is transferable.

And then they provided some more clarity about the transferability targeted date, which is around September. Claiming will go live the day that people are listening to this Friday, the 10 may. So we're going to start to see how many people, if they are motivated to. To get around the claiming VPN block. But all of that information is going to be surfaced on crypto Twitter for people who are watching.

Ryan Sean Adams
Yeah, I don't have any more takes on this. I feel like we've talked this one to death. I will just notice that people seem pretty happy about this. And the response was good. Yeah.

Like the anger about this has completely subsided. Like portion that was real of that anger and also the portion that was maybe like airdrop farmers. Yeah, yeah. Not the only token. So mode introduce its token mode network.

David Hoffman
It is an op stack super chain. Chain. If you aren't really familiar with Mopi, mode is. It's basically like a super chain version of Blast. Blast.

Also an op stack, but not inside of the super chain. Mode is inside of the super chain. And so there's just a bunch of like, incentive incentivized growth incentive. David, being in the super chain, does that provide you any, like, benefit right now or it's more of a social benefit with the promise of future integration benefit? Yes.

The biggest benefit is you get involved inside of optimism. Op retroactive public goods funding, which is like people right now on blast are farming blast gold. But mode, as a part of the super chain, doing things on mode rewards you with op grants and a variety of different things. But the hope is for more than that. The hope is that the what's happening today becomes more of an economic zone, right?

Ryan Sean Adams
Where everything is composable and synchronous. That's got to be what optimism is working towards. Yes. Yeah. They haven't released details yet, but I think there's some people.

David Hoffman
It's kind of flying under the radar. I think optimism is not immediately soon, but they're going to drop some pretty damn cool, both the scaling and composability innovations. Well, I actually just want to skip ahead. While we're talking about optimism. I saw this post, didn't get a chance to get into it.

Ryan Sean Adams
From optimism, welcoming l three s to the super chain. This is from optimism. Like, what are they saying with respect to l three? There are already l three s built on the super chain, right. We've talked about Degen, which is kind of built on base, and base is.

David Hoffman
A part of the super chain. I don't know if Dgen is, because DGen is built using arbitrum orbits. And in order to be part of the super chain, you need to be under the same tech stack. You need to be using the open. Okay, so what is this?

Ryan Sean Adams
What is an l three on the super chain? Yeah. So they're giving their roadmap to how you can be an l three on optimism and also be a part of the super chain. So there's two main, different, like, innovations here that are differentiated from just a typical op stack fork, which is like mode, network and base, and all the other ones. So there's this thing called plasma mode, which is like an alternative version of a data availability layer.

David Hoffman
They've been working on plasma, which is a very old technical innovation that is being resurfaced as a data availability layer. Extremely cheap, I think probably theoretically minimum cost for data availability, and then also custom gas tokens. So famously dgen, the Degen chain uses the Degen token as a gas token. And so these are the new features that are being brought into what could be a layer three construction to really allow for a very strong layer three construction. Like, if you're going to build a layer three, you need to be super, super fast, super, super quick, and then you're also going to want to use your own token as a gas.

And so these primitives are being standardized so it can be brought into the super chain. David? Also, something we've been covering is bitcoin layer twos. We did this episode with Eric Wall, which I absolutely love. If you want to go deep on bitcoin layer twos and what's real, what's not, you got to go check that out.

Ryan Sean Adams
But something released last week that we didn't catch or we didn't include in the roll up. And this is Bob the Bob chain build on bitcoin. It's a layer two in air quotes. So it's not quite a layer two, but it is using the op stack. And the social commitment is to transition to being secured by bitcoin when bitvm as a technology matures.

And they're able to do that. So they're growing this with, it's like a platypus because they're growing this with Ethereum in quotes, technology like fork of the op stack. And then eventually they want to use bitcoin as the settlement layer. I think we're going to see a lot of experimentation in the bitcoin layer two world around this, and it's pretty exciting. Also, I haven't had a chance to listen to your episode.

It's right now it's on the bankless premium feed. So if you are a bankless citizen, you already have this. It's in my queue to go listen to. But this is around autonomous world, something that you are super excited about. I did notice that there was this chain called Redstone that was deployed, and this is a layer two, but it's focused on autonomous worlds.

Tell me about Redstone and just pill us on the autonomous worlds concept if you can. Yeah, so now actually we're moving back into the op stack and the super chain. Redstone is an op stack layer two. It's actually developed downstream from the actual first ever forking of the op stack. If people remember op mud or op craft, which was a Minecraft version of it was an op stack fork that ran Minecraft.

David Hoffman
Autonomous Worlds is a category of Ethereum development that I actually think is Ethereum's main quest line, which is why I'm so big. This is like the logical conclusion of where Ethereum goes. Ethereum, when it starts, it first starts at DeFi, it ends at Autonomous Worlds. And so this is what this episode about is about with Justin Glibert from the Lattice team. Lattice is an op stack construction.

Think of it like an operating system for building autonomous worlds on an op stack chain. An autonomous world is kind of synonymous with a fully on chain game. So a game with all of the logic put on chain. Not any. No logic is left external.

Like, there's no external dependencies. Physics assets like the laws of the world are all coded on chain. And this is why they need that plasma mode that I was talking about earlier with just like extremely cheap, basically zero data availability costs. And then also they have like an operating system that they're calling lattice that they're building on top of redstone. And so this is exciting, so experimental.

This is so early in this whole, like, autonomous worlds thing, but, like, the degree of which I think this is, it's hard to understate. This is the main point of Ethereum. This logical conclusion of Ethereum is basically what is actually really the promised metaverse. But I'll let people who listen to the podcast episode, like, unpack that take when they listen. Oh, in order to get that episode, you got to be on the bankless premium feed.

Ryan Sean Adams
And by the way, and we are glowing up the bankless premium feed. It's now available on Spotify. It's awesome. It's some bonus exclusive episodes further in the frontier. There's actually a code that I want to give today.

It's in the show notes, but feed ten, it gives you a 10% discount on a bankless. Yeah, feed. Feed ten. I don't know how long that's gonna last, but go check out that episode as I'm going to. It's in my queue.

David Hoffman
Okay, we're hopping around left and right this week. Now we're back into the world of nation states and their relationship with crypto, but this time, not inside of the union side. This time, we're talking about Nigeria. What's going on in Nigeria, Ryan, and why is this relevant to crypto? Well, David, it seems like some capital controls are hitting Nigeria.

Ryan Sean Adams
So Nigeria has a version of the SEC, and they are proposing some. There's been a crackdown on binance right now, just like in general, crypto and exchanges. Now, there's some legislation that they're looking to pass that would actually ban peer to peer crypto transactions. And why? It's basically because the threat of crypto trading against the nigerian currency.

And I say this to say, people hearing this will say, well, that's in Nigeria. I live in someplace in Europe, or I live in Australia, or I live in the US. How's that going to affect me? I feel like the example that we're seeing in Nigeria of capital controls is just kind of, like, front running. What is possible in your, you know, local liberal, western liberal democracy with, like, a mature, like, you know, system when you get into a situation where the local currency is under threat from money printing.

We talked about this at length in an episode that we just recorded. I think it's coming out on Monday with Lynn Alden. There's an entire section there on capital controls. And what could happen when a country gets into a situation like the 1930s in the US and, like, I guess, worldwide, where there are threats to the nation state currency from some sort of non sovereign asset. And in that case, it was gold.

The next case, it could be crypto. So I feel like I'm watching this in Nigeria. You're saying this is a canary in the coal mine. It's a canary in the coal mine. I feel like they're front running something really ugly that could happen in other places around the world.

I would actually be interested in talking to somebody, like, from the crypto community in Nigeria, do a bankless episode to just, like, see what it's like on the ground, because I think this is incredibly important to. You're saying, like, the weakness of a fiat currency is going to be a harbinger of capital controls for any. So, like, if you are living in a country with a weak currency, you're likely to see capital controls around crypto sooner rather than later, is what you're saying? That's what I'm saying, David. But let's not end on that.

All right, let's end on some good news. Yeah, this is actually kind of a big deal. Revolut, which is a very big payments provider, I think, mainly focusing on Europe. Yes. Has introduced Revolut X.

David Hoffman
I guess we love naming things x these days. A cryptocurrency tailored exchange. So revolut, a trad european based payment provider, has introduced a crypto exchange to, I would assume, to help facilitate foreign exchange transfers and actually exchanging currency. It's really cool. Have you ever used revolut, David?

No, I have not. It's just. It's like venmo. It's kind of a Venmo type experience, only it's much, much more european focused and much bigger. Right.

Like, much more of like a. Kind of a common standard to use in Europe. Yeah, I think it's a very big deal in many places in Europe. So expanding into crypto the way Robin Hood did. Yeah, that's a pretty big deal, especially for european listeners.

So congrats on the dub european listener bankless station. That was the weekly roll up. Thank you for running through the weekly news with us. We got a meme of the week to leave you with. This is from John Wu, which is the classic bell curve meme.

But I actually helped. I think this is a great synthesis of what the bell curve meme actually is. Of course, you have the left and the right side of the curves, and then you have the frustrated man in the middle, the left and right side of the curves labeled as practice here. And then the frustrated man in the middle labeled as theory. I actually really appreciate this because I think, like, the whole point about being on one side, on the margins of the curve, is actually you're putting your money where your mouth is, and you're not just theorizing things, but you're putting things into practice, and you're actually, like.

You're actually taking risks. You're actually, like, in the trenches. You're actually taking real learning lessons, not just theorizing about stuff. So I appreciate the meme 100%, and that is a timeless lesson. From bankless.

Ryan Sean Adams
Of course, we've always encouraged, like, in order to understand what to invest in. In crypto, you actually have to use the apps, you have to use the system. You have to be on the frontier and do stuff in crypto. And crypto pays you to learn about crypto, not just even if you lose. Money, you gain lessons 100%.

100%. This is, like, timeless. This is not cope. How come I'm always stuck in the middle and, like, being frustrated with theory, though, David, this is not cope. All right, guys, we'll end with this.

Risks and disclaimers, of course. You know, crypto is risky. You could lose what you put in. But we are headed west. This is the frontier.

It's not for everyone. But we're glad you're with us on the bankless journey. See you later.