Felix Jauvin: Why The Fiat Debasement Trade Is Set To Explode Soon (Full Portfolio Construction)

**Robbie Klages** (0:00)
All right, guys, welcome back to Tokenization Tower. We are here with Felix Jauvin, Head of Content at Blockworks, also my macro expert, in-house macro expert. Great to have you. Beautiful day in the city.

**Felix Jauvin** (0:11)
Amazing. Good to be here. Good to be here in person. In your studio. This is, I think, the third time we've done this, but never actually in your studio. Yeah, man. Cool to be here.

**Robbie Klages** (0:19)
Yeah, man, I mean, we've had a crazy 24 hours here with this SEC Tokenization Innovation Exemption.
You know, so we got wind about this and it came out and it's looking like a lot of funds are going to start tokenizing their assets, bring them on chain. And it just looks like this tokenization mega trend is going to continue. I just want to get your take on kind of like this new regulatory regime. And then I want to get into kind of how to invest in this new era of crypto.

**Felix Jauvin** (0:48)
Yeah. I mean, it's nice to just finally know what you're allowed to do and not what to do. Like I've had this belief for basically since, I don't know, 2020, like the Gary Gensler era, where it was regulatory enforcement by just litigation effectively and sending cease and desist and that sort of thing. So nobody really knew what we were allowed to do or not, which I think really hampered innovation in so many ways. Like we built obviously the infrastructure of crypto and blockchains over the last decade or so. And that's really all well and good. But then anything that was really tied to securities, it felt like we really didn't know what we were allowed to do or not. So everybody just, you didn't know if you're Uniswap or whatever, you just wake up one day and you just get a Wells Notice from the SEC, which is just like, you can't operate like that. So you're trying to revolutionize the finance world with basically one arm behind your back the entire time, which is kind of ridiculous. So to me, it doesn't really surprise me that we've been through this, call it a five year period where it felt like there was this idea of like, financial nihilism and all that stuff. And like, you know, we're just trading meme coins.
I mean, that's still a thing in certain sectors. Like obviously it's going off right now. But that other component of the industry of just like true innovation on, you know, the finance, like fundamentals and the bedrock of the industry, we just haven't really been able to explore that. It felt like the only thing we could really do was like governance tokens that really didn't mean very much. And now under this new SEC, under the CFTC, and this potential, yeah, clarity bill, it's like, okay, now we can start to actually know what we can do or not. And now all this incredible efficiency and transparency and quick instant settlement that we've developed on these crypto rails, we can start to actually experiment with it. So you're starting to be able to see what can we do. We're starting to get this crypto reg thing from the SEC where they're talking about, okay, now we know how much we can raise before we have to file certain disclosures and that sort of thing. So yeah, I'm incredibly excited right now. I think for me for the last year or two, except for a few, you know, you call it like the revenue meta tokens. Other than that, it felt like I was pretty bearish on a lot of those kind of useless governance tokens that didn't really mean a whole much. And now suddenly you have a lot more tangible value. So it's just like off to the races. I think we need to reset all our priors and just look at the landscape for you know, with a fresh set of eyes right now. So that's what I'm focused on.

**Robbie Klages** (3:14)
Yeah. And for those of you guys watching who don't know, we were so at permissionless 2025 last year in June I believe. It was in Brooklyn and it was really hot outside. And we first time ever doing our roll up outdoor setup, right? And it's 94 degrees. But shout out to Blockworks. They got us a killer sponsor. They got us a good setup right in the middle. We had great traffic and it was kind of like the first like TVPN crypto conference thing. And it was sick. It was like, it was a great conference.
Things were bullish.
And I'm like, the revenue meta is like the biggest clip that comes out of it. That and like is staking dead because that's where we were. Like L1s are cooked, their inflation is bad. They make no money. Why do we need all this inflation? And what we were really getting to was like, what are we really buying here? Like are we, is there any businesses that we can buy in this industry? And so, you know, let's take this tokenization mega trend and kind of unpack the second, third order effects. Because I think what we're getting to is, you think about the Aves of the world and the Uniswaps and the Morphos and the Hyperliquids and the Lighters and the Aerodromes and just, you know, all these names, right?