The Fed cut rates and announced $40B/month in T bill purchases. Is that the signal to buy back into crypto? Mike says no. In this episode, we explain why “QE light” is not real easing, the key indicators Mike needs before flipping risk on, and what Bitcoin’s onchain market structure suggests about where this cycle could go next.

----
📣THE DEFI REPORT | FOLLOW & SUBSCRIBE
https://thedefireport.transistor.fm/
https://thedefireport.io/
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----
TIMESTAMPS

0:00 Introduction to the DeFi Report
2:28 Current Market Positioning
9:25 Federal Reserve's Actions Explained
13:13 Economic Conditions & Predictions
18:35 Big Picture of Economic Strategy
23:17 Analyzing Bitcoin's Market Structure
29:57 Closing & Future Outlook

----
Not financial or tax advice. For educational purposes only.

Bitwise’s Matt Hougan and Ryan Rasmussen return with 10 big predictions for 2026.

From the case for $1M BTC (and why the classic four-year cycle may be dead) to a world where ETFs soak up more than 100% of new BTC/ETH/SOL supply.

We get into Bitcoin volatility vs. mega-cap tech, crypto equities vs. tech equities, and why Polymarket could smash past its 2024 election-era highs.

Plus: stablecoins as an “escape valve” that emerging economies may blame for currency stress, on-chain also known as “ETFs 2.0,” and how the Clarity Act could be the starter’s gun for ETH and SOL to run.

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💤EIGHT SLEEP | IMPROVE YOUR SLEEP

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TIMESTAMPS

0:00 Last Year Predictions

13:12 1. Bitcoin Breaks 4-Year Cycle

16:19 2. BTC Less Volatile Than NVDA

22:09 3. ETFs Purchasing New Supply of Crypto

30:02 4. Crypto Equities Outperforming Equities

37:23 5. Prediction Markets All-Time Highs

42:50 6. Stablecons Destabilizing Currencies

48:16 7. Onchain Vaults Doubling in AUM

52:56 8. Clarity Act Triggering ETH & Sol All-Time Highs

56:40 9. Ivy League Endowments Investing in Crypto

58:49 10. 100+ Crypto ETPs Launching

1:01:14 Bitwise Announcement

1:04:08 Bonus. Bitcoin Equity Correlation Falling

1:07:29 Progress in 2025

1:10:48 Cross-Generational Wealth Transfer?

1:13:02 Closing Thoughts & Disclaimers

------
RESOURCES

Matt Hougan

https://x.com/Matt_Hougan 

Ryan Rasmussen

https://x.com/RasterlyRock 

Bitwise

https://bitwiseinvestments.com/ 

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures⁠ 

AI is becoming the most powerful surveillance machine ever built and most people are feeding it their deepest secrets without realizing who can read them. Proton founder Andy Yen joins Bankless to explain how Big Tech captures your identity, why AI chat logs are a privacy disaster waiting to happen, and what a self-sovereign, user-aligned future could look like.
We explore how AI models profile you, why subscription business models don’t guarantee privacy, how Proton built Lumo without retaining user data, and why encrypted email remains the cornerstone of your digital identity. Andy also breaks down EU “chat control,” Apple’s privacy-washing, the crisis of trust in crypto, and the practical steps anyone can take today to reclaim their digital freedom.

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---
TIMESTAMPS

0:00 Intro
2:18 Why Privacy Matters More Than Ever
3:24 How Screwed Are We? Andy’s 1–10 Privacy Score
5:43 Who Can Read Your AI Chats?
12:22 Worst-Case Scenarios: AI Breaches & Behavioral Profiles
15:08 AI Knows You Better Than You Know Yourself
16:55 Privacy as a Digital Civil Liberty
20:26 Can Big Tech Ever Offer Real Privacy?
26:28 Why Lumo AI Can Be Private (and Big Tech Won’t Copy It)
31:08 What Lumo Runs On & How It Competes With Frontier Models
35:45 The Case for a Self-Sovereign AI
38:46 How Proton’s Foundation Model Really Works
45:47 Can Private AI Be Sustainable?
49:47 The Full Proton Privacy Stack
54:59 The Messy State of Encrypted Chat Apps
58:49 Browsers, Search, and the Dark Patterns of AI Integration
1:02:53 Are iPhones Actually Private?
1:12:42 The Fight Over Encryption: EU Chat Control & Beyond
1:26:08 “A Backdoor for the Good Guys” — Why It Can’t Work
1:29:42 Financial Privacy = Freedom
1:32:58 Crypto’s Reputation Problem
1:39:24 Practical Privacy: The One High-Leverage Step
1:45:15 Two Futures: One Dark, One Bright

---
RESOURCES

Andy Yen
https://x.com/andyyen

---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

The final Fed meeting of 2025 delivered a surprise rate cut, but the real story is how the market is reacting. In this week’s Weekly Rollup, Ryan and David unpack what the new policy shift means for crypto liquidity, why regulators across the SEC, CFTC, and OCC are suddenly embracing onchain markets, and how Tom Lee’s massive ETH accumulation is reshaping sentiment.

We also get into Ethereum’s growing momentum from ZK advancements and blob upgrades, the ZKsync Atlas rollout, Base’s bridge drama with Solana, and Farcaster’s pivot away from social. Plus, the rise of tokenization, new prediction market rails, and whether this week marks the first real cycle turn for Ethereum.

------
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------

TIMESTAMPS & RESOURCES

0:00 Intro

5:01 Markets

https://x.com/EricBalchunas/status/1998424357232922883

https://www.theblock.co/post/381737/bitmine-13-2-billion-holdings-eth-treasury-expands-november-slowdown

https://x.com/RyanWatkins_/status/1998529576331522334

https://x.com/MikeIppolito_/status/1998495400869900626

https://www.cnbc.com/2025/12/10/fed-interest-rate-decision-december-2025-.html

https://x.com/jameslavish/status/1998835306800505140

https://x.com/KobeissiLetter/status/1998407015756964343

https://x.com/JustDeauIt/status/1998905919577452765

24:52 Farcaster is pivoting to a wallet

https://farcaster.xyz/dwr/0xd29fe760

https://x.com/DefiIgnas/status/1997915182073626802

https://x.com/eth_call/status/1998406182092906534

http://x.com/nic_carter/status/1998813611997745386

https://x.com/TrustlessState/status/1999134280757235767

37:11 ZK … early stage of unleashing Ethereum’s vision

https://x.com/zksync/status/1996678308214264145
https://x.com/zksync/status/1996678311997853752
https://x.com/StaniKulechov/status/1996990055043223659
https://x.com/zksync/status/1998405700637356056
https://x.com/Celo/status/1998780366988128562

47:06 Did Base launch a vampire attack on Solana’s liquidity?

https://x.com/jessepollak/status/1996750308933091359
https://x.com/vibhu/status/1996698682545107247
https://x.com/0xyoussea/status/1997763313909092415
https://x.com/solana/status/1999035191323759024

52:30 Ethereum's first Blob Parameter Only (BPO) fork is now live on the network

https://x.com/i/status/1998936032314523977

https://dune.com/hildobby/blobs

56:17 Regulators are doing a complete 180

https://x.com/OndoFinance/status/1998015670278148283

https://x.com/coinbureau/status/1997128653650657338

https://www.coindesk.com/policy/2025/12/08/cftc-launches-digital-assets-pilot-allowing-bitcoin-ether-usdc-as-collateral

https://x.com/joechalom/status/1998421401049710686

https://x.com/WatcherGuru/status/1998379541132402987

https://www.fdic.gov/news/inactive-financial-institution-letters/2023/fil23001.html

https://x.com/USComptroller/status/1998793576663187561

https://www.whitehouse.gov/presidential-actions/2025/08/guaranteeing-fair-banking-for-all-americans/

https://occ.gov/news-issuances/news-releases/2025/nr-occ-2025-123a.pdf

https://www.bankless.com/read/news/occ-calls-out-americas-largest-banks-for-politicized-and-unlawful-debanking-behaviors

https://www.theblock.co/post/381815/sen-moreno-calls-crypto-bill-talks-decently-frustrating-as-senate-races-toward-year-end-goal-posts 

1:05:03 The New York Times put out an anti-stablecoin explainer piece

https://x.com/0xDeployer/status/1997754736158900440

https://x.com/nic_carter/status/1997866686439928004

1:06:50 Gemini can now offer prediction markets in the US - Stock Surges Nearly 14%

https://x.com/gemini/status/1998880024401973615

https://x.com/gondorfi/status/1998754620416344483

https://gondor.fi/

1:07:49 Meme of the Week

https://x.com/Bankless/status/1998064876892442788

1:09:36 Closing & Disclaimers

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures

ICOs are suddenly back, but this time the projects are real, the mechanisms are better, and retail isn’t shut out. Ryan and David break down why MegaEth, Monad, Aztec, Zama, and Infinex are launching public sales all at once, how onchain auctions are fixing 2017’s mistakes, and what regulatory clarity means for U.S. participation.

They also dive into the rise of internet native capital markets on Ethereum, the shift away from airdrop farming, and why fair price discovery could be a defining theme of 2026.

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------

TIMESTAMPS

0:00 Intro

0:13 Are ICOs Back?

2:54 The Rise of Capital Formation

5:04 Learning from 2017 ICO Mania

7:19 Regulatory Challenges & Arbitrage

10:56 Recent ICOs Overview

17:01 Exploring the MegaEth Sale

26:21 Monad's Unique Approach

30:40 The Innovative Aztec ICO

45:19 Upcoming Auctions: Zama & Infinex

1:04:41 The Future of Capital Formation

1:07:46 Closing & Disclaimers

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures

What was really happening inside the SEC during the Gensler years?

Today, we sat down with Corey Frayer, former senior crypto policy advisor to SEC Chair Gary Gensler and now Director of Investor Protection at the Consumer Federation of America.

We dig into how the agency thought about securities law, DeFi, Uniswap, stablecoins, SAB 121, and why platforms like Coinbase and Kraken ended up in the crosshairs.

Corey defends the Gensler playbook while responding to the industry’s harshest criticisms, from “regulation by enforcement” to claims of a political war on crypto. 

Corey Frayer:
https://www.linkedin.com/in/corey-frayer-990a6b2 

------
🎬 DEBRIEF | RYAN & DAVID UNPACKING THE EPISODE

https://www.bankless.com/podcast/debrief-inside-gary-genslers-sec 

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------

TIMESTAMPS

0:00 Intro
4:58 Crypto Industry Misconceptions

7:59 Corey’s Role & Background

14:20 How it All Started

24:16 No Path to Register?

31:26 Technology vs Economic Activity

38:22 Protecting Investors

41:07 DeFi Regulation

44:53 Uniswap’s Wells Notice

57:00 Fake DeFi vs True DeFi

1:03:41 Google Analogy

1:08:35 The Howey Test

1:16:53 SEC: Good or Evil?

1:26:52 GENIUS Bill

1:29:10 SAB 121

1:33:01 Crypto & SEC Political Impact

1:36:02 Paul Atkin’s SEC

1:38:15 What Would Corey Change?

1:41:23 Gary’s Text Messages

1:43:10 Is ETH a Security?

1:44:39 Gary Gensler’s Radio Silence

1:47:37 Gary’s Twitter April Fools PFP

1:50:44 Closing & Disclaimers

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures⁠

At our Bankless Summit in Buenos Aires, four standout talks captured the frontier of crypto’s next chapter. Lincoln Murr lays out why x402 is emerging as the missing payment layer for the agentic internet. Shay Ketsdever explains how bots already run modern markets, and how programmable auctions and privacy can turn the bot economy into something that benefits people instead of exploits them. Michael Dong shows how real-time ZK proving unlocks a hundred-fold expansion of Ethereum’s computational power. And Luca Prosperi reframes money as a network, warning that today’s stablecoin architecture is a single point of failure and arguing for a more resilient, distributed monetary system.


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💤EIGHT SLEEP | IMPROVE YOUR SLEEP

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------

TIMESTAMPS & RESOURCES

0:00 Intro

4:26 x402 & The Agentic Internet | Lincoln Murr

22:58 The Bot Economy: When AI & MEV Collide | Shea Ketsdever

47:16 1000x the L1: The Path To Infinite Compute | Michael Dong

1:09:25 A Network Theory of Money | Luca Prosperi

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures

Bitcoin hit a rare signal this week, dropping to its cheapest level relative to gold in nearly 15 years. Is that a buy signal or something deeper in the macro picture? Ryan and David break down what the BTC–gold anomaly really means, how liquidity, rates, and Trump’s surprise Fed Chair pick factor in, and whether the market is entering a shallow cycle instead of a true winter.

We also cover Ethereum’s Fusaka upgrade, Vitalik’s push to bring builders back to L1, Polymarket’s mainstream breakout and CNN–Kalshi deal, and Aztec’s 16K ETH privacy auction. Plus, the SEC’s coming innovation exemption and the growing alliance between Larry Fink and Brian Armstrong.

------
📣REYA | ETHEREUM FOR TRADERS

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🦄UNISWAP | SWAP ON UNICHAIN

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🛞MANTLE | GLOBAL HACKATHON 2025

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💤EIGHT SLEEP | IMPROVE YOUR SLEEP

https://bankless.cc/eight-sleep

------

TIMESTAMPS & RESOURCES

0:00 Intro

4:09 Spotify Wrapped 

https://x.com/AviiWeb3/status/1996326825736487062

https://x.com/RyanSAdams/status/1996331131164373441

7:17 Markets

https://x.com/stacy_muur/status/1995761132527911338

https://www.coindesk.com/markets/2025/11/29/why-gold-is-winning-over-bitcoin-in-2025-liquidity-trade-and-trust

https://x.com/simonkim_nft/status/1993744596908802121

https://x.com/RyanSAdams/status/1996543833753174365

https://www.reuters.com/world/us/trump-says-new-federal-reserve-chair-be-announced-early-next-year-2025-12-02/

https://polymarket.com/event/who-will-trump-nominate-as-fed-chair

https://thedefireport.io/research/macro-risks-are-mispriced#rate-cuts

https://www.strategy.com/press/strategy-announces-establishment-of-1-44-billion-usd-reserve-and-updates-fy-2025-guidance_12-1-2025

https://www.tradingview.com/chart/52u4tG3f/

https://x.com/BlackRock/status/1995537254022869438

https://x.com/WatcherGuru/status/1996264980241617007

https://x.com/brian_armstrong/status/1996275431625159096

https://www.coindesk.com/business/2025/12/02/bank-of-america-greenlights-wealth-advisors-to-recommend-up-to-4-bitcoin-allocation

https://x.com/WatcherGuru/status/1996270024663957881

30:20 Polymarket Live in the U.S. on 60 mins & Kalshi CNN

https://x.com/Polymarket/status/1996231420117688701

https://apps.apple.com/us/iphone/charts/6004

https://polymarket.com/event/will-polymarket-us-go-live-in-2025

https://app.artemisanalytics.com/asset/polymarket

https://www.forbes.com/profile/shayne-coplan

https://youtu.be/ZA5bY4K9XPs

https://x.com/60Minutes/status/1995293602612691238

https://x.com/WhaleInsider/status/1995886355713589307

https://x.com/WALLACHLEGAL/status/1994039650877628546

https://x.com/Kalshi/status/1996233186251075862

40:27 Ethereum Fusaka is live!

https://x.com/sassal0x/status/1996336227474423991

https://x.com/VitalikButerin/status/1996342458234605895

https://x.com/sassal0x/status/1996442356464361817

https://etherscan.io/gastracker

https://x.com/VitalikButerin/status/1995209899182375024

https://ultrasound.money

https://x.com/haydenzadams/status/1995349830265159782

https://x.com/nero_eth/status/1995480367050920265

https://x.com/nero_eth/status/1995487640309944639

53:21 The AZTEC token sale just crossed 15.9k ETH committed
https://x.com/aztecnetwork/status/1996054062450786392

https://x.com/haydenzadams/status/1996088299354497325

https://x.com/BillHughesDC/status/1995851990082224151

55:28 SEC announced Innovation Exemption

https://x.com/BitcoinMagazine/status/1995839722854514838

https://x.com/DeItaone/status/1995849795219378590

56:22 Uniswap & Revolut

https://x.com/Uniswap/status/1995873897334669428

56:45 Bullish UK Crypto?

https://www.legislation.gov.uk/ukpga/2025/29/pdfs/ukpga_20250029_en.pdf

https://www.theblock.co/post/381181/uk-new-law-crypto-property

55:25 Meme of the Week

https://x.com/jonwu_/status/1995483574238347289

58:58 Closing & Disclaimers

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures

This episode showcases four of the most important talks from our Bankless Summit event in Buenos Aires for Devconnect, each capturing how Ethereum is evolving as it enters the real world. Tomasz K. Stańczak reveals the EF’s new priorities around developer acceleration, founder support, institutional engagement, and unifying the L2 ecosystem. Ansgar Dietrichs explains why Ethereum is shifting from long-term exploration to near-term execution, detailing the plan to 3x L1 scale annually and accelerate real-time ZKVM progress. Dankrad Feist makes the case for a DeFi-centric L1 where Ethereum becomes the global liquidity layer for RWAs and high-value settlement. And Danny Ryan closes with a raw, personal account of building proof of stake, surviving an SEC scare, and why he still believes Ethereum can meaningfully reshape global finance. These talks matter because they chart the clearest picture yet of where Ethereum is heading, what the next decade requires, and how its core builders are steering it there.


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💤EIGHT SLEEP | IMPROVE YOUR SLEEP

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------

TIMESTAMPS & RESOURCES

0:00 Intro

4:19 Tomasz K. Stańczak Ethereum's Next 5 Years

28:00 Ansgar Dietrichs Scaling Ethereum 2026: Why & How?

53:22 Dankrad Feist | Ethereum's DeFi Centric Strategy

1:10:22 Danny Ryan | The Last 8 Years: Ethereum, Burnout, & Coming Back

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures

Michael Nadeau called the top before the 10/10 crash. In this episode, he sits down with Ryan to explain why. They break down the onchain data that flipped him risk off, Bitcoin’s decisive break below the 50-week moving average, and why global liquidity and rate cuts may not rescue this cycle. Michael shares the price zones where Bitcoin becomes compelling again, how long-term holder behavior maps to past tops, and the framework he’s using to build a high conviction watch list for the next bull.

Michael Nadeau

https://x.com/JustDeauIt

------

📣REYA | ETHEREUM FOR TRADERS
https://bankless.cc/reya 

🗞️ THE DEFI REPORT | SIGN-UP & SUBSCRIBE (CODE: TDRPRO30)
https://thedefireport.io/sign-up
https://buy.stripe.com/dRm3cv84e6FYfFzbVgebu01

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🦄UNISWAP | SWAP ON UNICHAIN

https://bankless.cc/unichain

🛞MANTLE | MODULAR L2 NETWORK

https://bankless.cc/Mantle

💤EIGHT SLEEP | IMPROVE YOUR SLEEP

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------

TIMESTAMPS & RESOURCES

0:00 Intro

0:48 Market Downturn Analysis

5:22 Risk-Off Position Insights

8:25 Market Structure Breakdown

9:49 October Call Reflection

11:27 November Confirmation

13:48 Market Psychology Overview

24:43 Cycling Through Market Phases

28:55 Wealth Destruction Zone

34:11 Markets KPIs

38:47 Long-Term Holder Dynamics

44:02 Cycle End Analysis

49:07 Global Liquidity Conditions

52:15 Trading Strategies Discussion

56:13 Price Points & Metrics

1:04:47 Watch List Strategy

1:07:38 Closing & Disclaimers

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures