Will the Clarity Act Kick Off Crypto’s Biggest Bull Run Yet?

**John Gill** (0:20)
Bitcoin is fighting to hold on to the 65k price level as odds of the Clarity Act passing seem to be coming back to life, but will this actually finally happen, or are we all about to get rug pulled again? Hello, and welcome to The Milk Road Show. The podcast is here to remind you that nobody remembers where Milk Road and GSR got their names, but they both have great crypto podcasts. I'm your host, John Gill, and today is Monday, July 27th, and today we are joined by Josh Reisman. Josh is the Chief Legal and Strategy Officer at GSR. Previously, he was the Assistant General Counsel at Circle, and GSR is one of the largest and longest running crypto market makers and liquidity providers in the entire industry. It has traded over $1 trillion in digital assets. It operates globally with regulatory licenses and has expanded into advisory, with plans to become a crypto native investment bank. But what does that mean? Joshua is going to tell us all about that. He's going to share a lot of alpha with us in this episode. So if that sounds good to you, make sure you like and subscribe, share this episode with somebody who's going to enjoy it. A reminder, our podcast today is free, and that would not be possible without our wonderful partners at Securitize, the regulated rails for tokenization. You keep an ear out for some more information about them later in the show. But for now, welcome to The Milk Road Show, Josh, how are you, sir?

**Josh Reisman** (1:32)
Great to be here. Nice to see you, John.

**John Gill** (1:34)
Well, I'm glad to have you. Josh, there's a lot to cover today, but I wanted to start the conversation with some disinformation and context about GSR. We can come back to the legal side later, but as far as the strategy aspect of your role goes, how would you describe the overall market strategy at GSR? What differentiates you from other players in the market?

**Josh Reisman** (1:55)
That's a great question. First of all, thank you very much again for having us here today. It's an exciting time to talk. So much happening in the markets and in DC, so never a dull moment in crypto. But from GSR's perspective, we've been around for nearly 13 years. We've been in the market for some time, and our business has evolved with the crypto market, and we think grown with the ecosystem. If you think about what's long differentiated us, and I think it maybe even took us a while to realize it, was we've really built a client franchise over time. So when you think about the term even market making, and market makers in crypto, it can have several different meanings, and your focus of your firm could be on exploiting, arbitrages and trading amongst the major crypto assets that trade in a lot of volumes. Or I think what's historically been the focus of GSR is working with crypto projects and entrepreneurs from the ground up to help bring effectively liquidity to nascent networks.
And that liquidity comes at more than just in the kind of bid offer spread type liquidity. We really do view ourselves as kind of infrastructure partners where you can deploy on top of GSR's infrastructure across centralized exchanges, decentralized exchanges, to get assets where they need to go, right? And so, our guiding light, and people who have heard me speak before have heard me say this, but our guiding light is a lot like, why is market making so important for kind of nascent crypto projects? It's because the very different than in traditional finance where you do not need access to your Apple stock in order for your iPhone to work, you generally need access for your tokens, for your network to work, and you see that with Ethereum and all the networks and kind of applications that have been built since then. So you need to get the tokens to the users.
And so often we view it as a partnership between us and projects and exchanges that need that capability. And liquidity is very fragmented across the world of crypto, and we've built the infrastructure on which we look to kind of bridge that fragmentation.

**John Gill** (4:15)
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