ROLLUP: Chaotic Era | Oil, Jobs, Credit | Nasdaq x Kraken | BlackRock Staked ETH | Roman Storm Retrial

**Ryan Adams** (0:04)
Bankless Nation is the second week of March. It's time for the Bankless Weekly Roll Up. We got some jittery markets today. You know, Vitalik.

**David Hoffman** (0:11)
We got a jittery world.

**Ryan Adams** (0:13)
Yeah, jittery world. You know, Vitalik calls this the chaotic era. I saw him tweet something about that this week. I think that's, we've moved from the stable era to the chaotic era. We're feeling that in the markets. Wars, we got AI, just overall jitters in the market. There's three things though we're paying attention to. We're going to talk about them. Oil, jobs, private credit, and how all those things affect crypto.

**David Hoffman** (0:33)
Lots of big announcements on the crypto side of things as well. Kraken and the NASDAQ announced a partnership to issue and trade real tokenized stocks. Not the fake ones, the real ones. On which chains, a few chains, are going to be the winners here. And also, breaking news, as of today, BlackRock has released this long-awaited staked ETF.

**Ryan Adams** (0:55)
Finally!

**David Hoffman** (0:56)
Wow! Just in the phase of the market where no one cares. So, we're going to pop up in the hood, talk about how that works, what are the fees, what's the sacred, how all of that is going on the week.

**Ryan Adams** (1:07)
There's also some disappointing news on the week. The DOJ has decided it wants to retry the tornado cash case with Roman Storm. I thought that was done. Can we really say America is the crypto capital of the world if we're going and we're prosecuting our open-source privacy developers, David? We got to talk about that. Also, maybe the Democrats, though, would be worse for crypto in the White House. Bernie Sanders has introduced a moratorium on AI data centers. David, we have to have a discussion about the coming AI tech backlash that I think the two of us both see.

**David Hoffman** (1:40)
You know how in 2022 and 3 post-FTX, the Democrats came with their ban hammer on crypto and tried to regulate crypto out of existence, and then crypto banded together and made the fair shake super PAC and a bunch of other super PACs? I think we are, AI is, in the phase of their political lifespan where the Democrats come and try and ban hammer them, and then they're going to need to rally together and fund.

**Ryan Adams** (2:08)
I think they're way more organized than crypto. I think they're already doing this. There's a lot to unpack there, so let's get to it.

**David Hoffman** (2:13)
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**Ryan Adams** (3:19)
Nice blend of TradFi and DeFi there. I got to love that. David, we got an animal of the week. It is the forbidden third animal. You know the bull. We've been in bull markets before. We've been in bear markets before.

**David Hoffman** (3:32)
We like those. We don't like those.

**Ryan Adams** (3:34)
We're in a bear market right now. But there's a third animal on the screen here. What are we looking at?

**David Hoffman** (3:38)
We are currently in a kangaroo market. We previously had the crab market. I think Bankless listeners will be familiar with the crab market. The crab market goes sideways. Kangaroo market also goes sideways, but first it goes up and then it goes down, and then it goes up and then it goes down. But it ends up sideways no matter what.

**Ryan Adams** (3:57)
This is actually, I think CNBC is saying it's a kangaroo market. They're on board with the meme. Let's talk about the three things we're looking at. Number one is oil prices. Number two is the job numbers on the week. And the third is some tremors in private credit. So maybe we'll start with oil. This, of course, is going on because of the war in Iran. We've seen some kangarooing on the oil price. What are we looking at?