ROLLUP: Crypto Momentum | Regime Shift? | Payments War | Prediction Boom | SBF on Netflix

**Ryan Adams** (0:04)
It is the third week of March, David, they actually did it. The SEC and the CFTC just dropped something that is absolutely historic. This is rule making coming from them that gives us the thing we've always asked for, which is some clarity. Tell us which assets are securities and which aren't in crypto. They're actually doing that by name. I think this is one of the biggest things I've actually ever seen on the regulatory front happen in crypto. Insanely bullish. We'll talk about this rule making today.

**David Hoffman** (0:35)
They just went out and said which tokens are commodities and which are not securities. Basically, nothing is a security.

**Ryan Adams** (0:43)
Gensler said it couldn't be done. They did it.

**David Hoffman** (0:47)
Yeah. It turns out you can just say they're all commodities. There's nothing stopping that. Swimming out to the macro markets, though, all global markets still remain downstream of the Strait of Hormuz, but the crypto markets swimming against the current.

**Ryan Adams** (1:01)
Very impressive, David.

**David Hoffman** (1:02)
Do you like this?

**Ryan Adams** (1:03)
I like this analogy. Yeah.

**David Hoffman** (1:05)
There might be a regime shift underway in a regime change, if you will, in the crypto markets. Some say there is going to be some, but others say that we are simply in a relief rally before we go into a prolonged bear market. We're going to give both sides the arguments. Yeah.

**Ryan Adams** (1:20)
Both sides are argument. But I got my cards on the table on that one. I feel like one is more right than the other. Also, Tempo went mainnet this week, and there seems to be this battle for aogenic payments that's underway. There's two competing standards now with Tempo and almost Stripe, launching something called MPP, which looks like a competitor.

**David Hoffman** (1:36)
Coinbase versus Stripe or Tempo versus Coinbase.

**Ryan Adams** (1:39)
Yeah. Tempo and Stripe with MPP and then Coinbase, maybe on the other side with X4 or 2 We're going to try to unpack that to see if there's really some rivalry. Also, it's culture week for crypto. We made Vanity Fair. There's a photo that was all over Twitter. We'll talk about that photo. And did you know David, the SBF story is officially coming to Netflix. This is eight episodes. And the question of course is who's going to play Sam, who's going to play Caroline. They didn't call us.

**David Hoffman** (2:04)
Are you going to watch it? Are you going to watch it?

**Ryan Adams** (2:06)
I'm definitely watching this.

**David Hoffman** (2:07)
Are you kidding me? I'm going to wait for you to watch it and then you will tell me.

**Ryan Adams** (2:10)
Wait, you're not going to watch this?

**David Hoffman** (2:12)
I don't. I'm preparing for a max level of cringe. Not at the show. Maybe the show is amazing, but me as a crypto person who knows too much about all that, I just don't. I'm just like, you guys got that wrong. Both Caroline and SBF, the actors, are just way too pretty versus what their real life counterparts are. Anyways, we're going to get into all of this and more, but first we're going to talk to some of our friends and sponsors, starting with Figure. The number one non-bank HELOC lender in the United States is bringing institutional grade DeFi to the masses. They have crypto backed loans offering at almost 9% at 50% LTV with your Bitcoin held segregated MPC custody, not pooled, not hypothecated. They also give you liquidation protection for volatile markets. But the cool thing that bankless lenders know about is democratized prime. So instead of Wall Street financing people's home equity loans, you can finance people's home equity loans. There's a token, it's called YLDS. It is the first SEC registered yield bearing stablecoin.
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**Ryan Adams** (3:31)
Is this like the reverse DeFi mullet, David, where you got some DeFi in the front and TradFi in the back? TradFi providing those juice yields.

**David Hoffman** (3:39)
That is what this is. Reverse mullet. What is that? Thank you, Fager. What is a reverse mullet?

**Ryan Adams** (3:46)
Let's talk about what's going on in markets. So broaden our horizons here. It still feels like oil is the star of the show. As you said, oil markets and maybe everything on pause, like trying to figure out what's going on with the war, what's going on in the Strait of Hormuz. Update us. What is going on, David?