Sam Kazemian: The New Frax Bull Thesis For 2026 (Full Breakdown)

**Robbie Klages** (0:00)
We're here with our next guest, Las Vegas Local.
You guys know him well, friend of the show, Sam Kazemian of Frax Finance. And Sam is no stranger to the show and our Stabled Up segment, this segment is powered by Frax. And we are very, very, very grateful to Sam and Frax for supporting the show, supporting education in the space. Sam, I would say welcome to Vegas. How do you like it here? But you've been here much longer than the rest of us.

**Sam Kazemian** (0:28)
Maybe, I should say welcome out west. Oh, thank you. You know, all the way here. It is 110 So, I don't know if that's melting for New Yorkers. But welcome to Sin City. Frax is based out of here. For people who don't know.
It's a great area because I think we'll talk about kind of the opportunities and things like that that people are not seeing yet. But I think it's an interesting time. We're just discussing about how, you know, the market prices might not feel bullish, but there's so much good business deals and all these things going on that it doesn't feel like the prices and the deals are matched.

**Robbie Klages** (1:07)
Yeah.
I mean, you've been here, like through the ups, through the downs, you've been building through it all. And so you've seen a thing or two in your day.
When it has, you know, if you were to compare this with previous market downturn, previous market conditions, you know, this one feels a little bit different. Every time I find myself saying, this feels different, it feels like, you know, we had Bitmark shut down, and Bitmex wound down, and like there have been some casualties in the market, but we haven't gotten like the big collapse. We haven't gotten the Terra Luna. We haven't gotten the FTX. People were saying strategy. Some of them are still saying strategy, but do you think we're gonna get the big collapse here that some people are calling for? Other people have said that we're bottom. It's just a matter of time and matter of apathy that we'll move through. But when you're looking at some of the business cycles that are out there, how much more destruction in these business? Because it feels like there's a lot brewing beneath the surface. Maybe Clarity goes through, maybe it doesn't, but with tokenization, stable coins, which we'll get into, so much that is signaling to us that crypto's not dead. The industry is not dead. Whereas in previous cycles, it has felt like maybe this thing won't come back. It doesn't feel that way this time. Do you think it's just because we haven't seen the big casualty yet, and then it will feel like that? Or what do you think feels the same or feels different about this time?

**Sam Kazemian** (2:34)
Yeah, I mean, my personal view is there's no giant dead body under the crypto ocean, so to speak. It'll be macro whether all this geopolitical stuff is a bigger deal than people think, or it's a smaller deal than it currently is, who knows, right? That's the only mispricing. Is it too high or too low? And I think that's what we'll find out in the next six months. And in terms of where everything's going, like you said, this time feels very different because you can actually describe what the difference is. So I'll say it as you're seeing around here in Vegas.
Before, in a bear market, you didn't see the Secretary of State or like the Senators or institutions actually being participating on the ground floor. Like here, I was actually just talking to the Nevada Secretary of State. Frax being based here, very apt, good conversation. A lot of opportunities that are not usually talked about. For example, maybe in the government, during the incorporation process of a company in Nevada, which has been really hot after Delaware, right? You can get stable coin account, a Fraxnet account, a virtual bank account, all of these neobank things that are only currently applied to retail, right? Crypto traders, right? You need to bring them to other markets that are honestly bigger than the average crypto trader, right? That there's like 200 crypto cards or whatever, that's a nice business, but they're all trying to attack the same exact demographic of like, spend your stable coin and trade and then like get a token reward, right?
We're also building something there with a totally different outlook, right? And so like there will be a Frax card and a very interesting programmable card that won't look like any of the other 200 or so, right? That's going every week. There's a lot of them. And the point is, you need to bring this technology to new opportunities. And when you see the opportunities left and right, it doesn't feel like a bear market. When you're talking to the Secretary of State for a large state, when you're talking to a Senator, and then they're like, we need to bring this banking, this technology, this stable coins, this payment processing to all of these places, to our state, to our businesses, to our people. And they actively want to push that forward rather than being like, oh, well, let's wait like two years or whatever. They actively want to schedule calls, see if they can push this forward immediately. That's totally different. You could describe how different that is, right? So there's also obviously Vegas being Sin City and gambling capital of the world. There's also private sector opportunities as well, right? It spans both public and private.