Sandy Kaul: The First Institutional Bull Run Has Begun (Strong Hands Now)

Andy (0:00)

If you never heard from Sandy Kaul, then you're going to have a laugh, a smile, and we're going to have some damn fun today. I'll tell you that much.

Tokenization is simply accelerated. I cannot say the direct quote or the brokerage of the firm, but maybe somebody affiliated with Sandy said that they're trying to do a yard on chain of tokenized money market settling almost, I think, a day by the end of 2027 So we're moving. We're talking about yards now, Sandy. She's in the house. I love Sandy so much. She's amazing. Sandy, great to have you back.

Sandy Kaul (0:34)

It's so fun to be here. One of my favorite interviews always.

Andy (0:37)

Yes. Amazing. We'll catch this up, I guess. I'm the new one here.

Robbie Klages (0:40)

I have, it's good to meet you.

Sandy Kaul (0:42)

No, yeah, you did.

Robbie Klages (0:42)

No, no, no. You have interviewed Sandy at least two or three times.

Sandy Kaul (0:46)

In Bermuda.

Robbie Klages (0:47)

I think I stepped out for that one too.

Sandy Kaul (0:48)

Oh my goodness. Have a bet set up, Sandy. Yeah.

Robbie Klages (0:51)

And so.

Sandy Kaul (0:51)

You have missed the fun.

Robbie Klages (0:53)

I heard so much about you, so it's great to meet you. And I want to, I'd love to get catched up.

Sandy Kaul (0:58)

Yeah.

Andy (0:59)

Catch us up. I mean, Bermuda was what, four months ago.

We were kind of deep in the bear. Vibes were down, but institutional side from your side has been a constant progress. Catch us up.

Sandy Kaul (1:11)

So look, I've been thrilled that the markets have been a little like a low key because we are accumulating some of the best talent in the industry. We are huge believers that this is going to be one of the best investment opportunities for people in portfolios, probably for the next two generations, right? And we are so at the beginning of this new period of investing. And so we are putting together the top crypto investing team across the street. That's going to continue to grow and build and we'll have some exciting launches next year.

Andy (1:44)

Here we go.

Sandy Kaul (1:44)

But this is our time to build because this is the moment that I think we see mainstream understanding that crypto is as important a set of technologies as AI. That every institution in the world is well positioned to benefit from AI growth in their portfolio, but they are way under position.

Andy (2:07)

Extremely underexposed, extremely underexposed.

Robbie Klages (2:10)

And so it feels like where we are right now is, we're on the heels of the Clarity Act, not reaching closure, but we're on the precipice of tokenization super cycle and institutional FOMO. And so given that that is the flux that we find ourselves in, what excites you the most? Where do you find yourself spending the most attention? What do you focus on?

Sandy Kaul (2:29)

Yeah. So what excites me the most is this new potential that I am going to be able to move the point of advice to the wallet, right? That my wallet is going to become my interface to the world. It's going to merge my payment wallet, my crypto wallet is going to become one in the same. It's going to be my interface that I use in the world, just like I use my smartphone as my interface to the world today. That wallet is going to be as critical as my smartphone. And everything comes to me in my wallet. My investment advice, my portfolio advice, the agents that are going to be rebalancing my portfolio on my half, the agents that are going to be optimizing every asset in my portfolio and my behalf. All of that is going to come to me because this is going to be the way I succeed in an AI driven future. My data is worth money, my wallet is worth money, and people are going to service it, and that's how I'm going to make my living.

Robbie Klages (3:25)

Do you think the wallet solutions that we have available to us right now are adequate for the future that we're faced with?

Sandy Kaul (3:31)

They are evolving, and they see the picture.

They see the vision, and they understand what needs to happen to get us there. That's why even with the Clarity Act having failed, I don't care because it failed because of ethics. It didn't fail because people disagree about how we should operate with the assets themselves. So that's just a matter of time.

Andy (3:51)

Yeah. All right, Sandy, let's get bullish. Let's get bullish here. Franklin Templeton's got a ton of assets on chain, market looks great.