Bankless

Crypto is splitting in two: Bitcoin and ETH look weak, while HYPE, ZEC, NEAR, and VVV keep breaking out. Ryan and David unpack the strange market divergence, Ethereum’s crisis of faith, and whether this rally is real or false strength.

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TIMESTAMPS & RESOURCES

0:00 Intro

1:48 Markets

https://x.com/TrustlessState/status/2059793993551008245 

https://x.com/cburniske/status/2059797889824776463

https://imgur.com/Tp9beNo

https://www.theblock.co/post/402816/bitcoin-falls-below-73000

https://imgur.com/R0ih6kL

https://x.com/solunavaxxer/status/2060021032455741567

https://www.youtube.com/watch?v=l3ptz8qvZcg

https://x.com/readDanwrite/status/2057476278140145717 

https://www.artemis.ai/sectors/digital-asset-treasuries

https://x.com/saylor/status/2059970505835155782

https://x.com/Kalshi_Crypto/status/2059983883274191046

https://www.hypestrat.xyz/

https://imgur.com/1MUGQy7

https://polymarket.com/event/what-price-will-bitcoin-hit-before-2027

https://polymarket.com/event/what-price-will-ethereum-hit-before-2027

https://www.coingecko.com/en/coins/hyperliquid

https://www.coingecko.com/en/coins/venice-token

https://www.coingecko.com/en/coins/near

https://www.coingecko.com/en/coins/zcash

https://x.com/JSeyff/status/2059689056368210228

https://farside.co.uk/hyp/

https://x.com/PolymarketTrade/status/2059973516963750204

https://x.com/KobeissiLetter/status/2060004371983667484

https://www.axios.com/2026/05/28/iran-peace-deal-trump-approval

https://imgur.com/m7YNdxu

https://imgur.com/MIdPjqZ

https://imgur.com/VoixfYd

https://imgur.com/s5AYaWg

https://www.theblock.co/post/402638/tokenized-pokemon-card-marketplaces-record-7-4-million-hype-peaks-30th-anniversary

32:26 Ethereum Sentiment Crisis & DeFi Under AI Threat?

https://x.com/TrustlessState/status/2059371247163613489

https://x.com/hosseeb/status/2057455211375976891

https://www.theblock.co/post/402864/standard-chartered-ethereum-amazon-dot-com-bubble-eth-will-catch-up

https://x.com/Yogita_Khatri5/status/2059955611085709612

https://x.com/VitalikButerin/status/2058583593102844111

https://farcaster.xyz/vitalik.eth/0x88000d5f

https://x.com/maraoz/status/2059413578130641052

55:25 Robostrategy: Nic Carter & Andrew Kang Pivot to Robotics

https://x.com/RoboStrategy/status/2059650538380165331

https://x.com/intern/status/2059287577257992623

56:52 NEAR Confidential Transactions

https://x.com/NEARProtocol/status/2057810480635228666

t.co/BrLpsWmzKd

https://x.com/ilblackdragon/status/2059793756933767379

58:10 SoFiUSD & Bank Stablecoins

https://www.theblock.co/post/402361/sofi-rolls-out-sofiusd-stablecoin-to-banking-app-users

https://x.com/TrustlessState/status/2059676463125655575

59:22 Cash App Adds Multi-Chain USDC

https://www.theblock.co/post/402784/cash-app-lets-users-send-usdc-stablecoins-on-chains-like-solana-and-ethereum

1:00:13 Satoshi Coins Finders-Keepers Lawsuit

https://www.galaxy.com/insights/research/satoshi-bitcoin-salomon-brothers-patoshi-abandoned-property-new-york-noah-doe-lawsuit

1:03:00 Closing & Disclaimers

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

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NEAR keeps showing up in strange places: cross-chain wallets, privacy apps, AI infrastructure, and now the emerging agent economy. Sal Ternullo, CEO of SVRN, joins us to explain why he thinks this is not another NEAR pivot, but the original thesis finally coming into focus. They dig into NEAR Intents, AI money, tokenomics, privacy, fee capture, agentic commerce, and why SVRN is trying to commercialize the NEAR ecosystem rather than simply hold the asset.

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https://thedefireport.io/bankless

---
TIMESTAMPS

0:00 Intro
2:23 Why NEAR Keeps Showing Up
3:58 Pivot or Return to Roots?
7:41 The “AI Money” Thesis
9:54 Intents, Zashi, and Real Product Market Fit
11:38 Tokenomics, Buybacks, and Value Accrual
14:45 NEAR’s Different Approach From Ethereum
18:00 Fees, Scaling, and First-Party Apps
23:04 Cross-Chain Liquidity as NEAR’s Moat
28:27 The Contrarian Investor Case for NEAR
31:43 Privacy, Enterprises, and AI Agents
39:38 What SVRN Is Building for NEAR
46:00 Investor Sentiment and Final Thoughts

---
RESOURCES

Sal Ternullo
https://x.com/sal_ternullo

SVRN
https://x.com/svrn_ai

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

The internet is about to be flooded by machines, and Matthew Prince thinks the old business model is not ready. The Cloudflare co-founder and CEO joins Bankless to explain why AI agent traffic could overtake human traffic by 2027, how crawlers are changing the economics of content, why ads and subscriptions may not survive in their current form, and how x402, stablecoins, and pay-per-crawl could create a new payment layer for the web.

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🎯THE DEFI REPORT | ONCHAIN INSIGHTS
https://thedefireport.io/bankless

---
TIMESTAMPS

0:00 Intro
1:18 When AI Bot Traffic Overtakes Humans
4:19 What Cloudflare Actually Does
10:40 Life on the Internet’s “Ice Wall”
13:33 The Internet’s Business Model Problem
17:43 Google, Traffic, and the Attention Economy
24:56 AI Agents and the End of Ads
28:47 Why Faster Answers Can Still Hurt Creators
33:26 AI Companies as the Next YouTube or Netflix
38:18 Creating Scarcity for Content Markets
41:52 Content Independence Day
45:24 Should AI Agents Count as Human Users?
51:37 The Risks of Subscription-Only AI
57:24 A Golden Age of Content Creation?
1:01:46 Pay-Per-Crawl and x402
1:04:34 Why Stablecoins Matter
1:07:56 The Cloudflare Stablecoin Question
1:14:18 The Final Form of the Internet
1:17:40 The Park Record and Local Journalism
1:22:16 The Centralization Risk
1:27:12 Advice for Content Creators

---
RESOURCES

Matthew Prince
https://x.com/eastdakota

---
Not financial or tax advice. See our investment disclosures here:
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Crypto’s old leaders are struggling, but new winners are breaking out. Ryan and David unpack the rise of HYPE, Zcash, and Venice, the macro bear fuel markets are ignoring, the EF talent exodus, and why David selling his last ETH may mark a new era for Ethereum and Bankless.

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TIMESTAMPS & RESOURCES

0:00 Intro

3:28 Bear Fuel for Markets & Pockets of Bullishness in Crypto

https://x.com/KobeissiLetter/status/2056184339390419205

https://x.com/Barchart/status/2056350919139500364

https://x.com/JesseCohenInv/status/2056297490366837184

https://imgur.com/YqnyoBc

https://x.com/KobeissiLetter/status/2056556783221502060

https://polymarket.com/event/how-many-fed-rate-cuts-in-2026

https://thedefireport.io/research/signs-of-a-cycle-bottom#macro-update

https://www.cnbc.com/2026/05/21/iran-war-us-peace-talks-trump-hormuz.html

https://polymarket.com/event/us-x-iran-permanent-peace-deal-by

21:27 Hyperliquid, HYPE, and Pre-IPO Price Discovery

https://x.com/Matt_Hougan/status/2056720926234882533

https://polymarket.com/event/openai-ipo-closing-market-cap

https://www.coindesk.com/markets/2026/05/20/elon-musk-s-spacex-holds-18-712-bitcoin-at-fair-value-of-usd1-29-billion-ipo-filing-shows

https://www.reuters.com/legal/government/sec-readies-plan-trading-crypto-versions-stocks-bloomberg-news-reports-2026-05-18/

https://www.coindesk.com/markets/2026/05/21/binance-launches-spacex-pre-ipo-perps

32:43 Wintermute Opens DeFi Vaults on Morpho

https://www.wintermute.com/insights/news/wintermute-launches-armitage-bringing-its-defi-and-trading-expertise-to-vault-curation

https://x.com/wintermute_t/status/2056722776241902065

https://bitwiseinvestments.com/newsroom/bitwise-expands-onchain-solutions-with-introduction-of-non-custodial-vault

38:12  Trump’s Quantum Bets and U.S. Industrial Policy & Blockchain.com IPO and Ronin Migrates to Ethereum L2

https://x.com/KobeissiLetter/status/2057431484915454235

https://www.theblock.co/post/402182/blockchain-com-confidentially-files-for-us-ipo-as-crypto-firms-continue-public-market-push

https://www.coindesk.com/tech/2026/05/11/ronin-set-to-transition-to-ethereum-layer-2-from-independent-sidechain

46:34 EF Exodus and Ethereum’s Identity Crisis

https://x.com/TrustlessState/status/2056383261648015443

https://x.com/drjasper_eth/status/2056405742769377490/photo/1

https://x.com/tkstanczak/status/2022315368430067847

https://x.com/0xstark/status/2044757694389670239

https://x.com/trent_vanepps/status/2044412517313556786

https://x.com/barnabemonnot/status/2053914533211558331

https://x.com/TimBeiko/status/2050570831491645874

https://blog.ethereum.org/2026/05/11/protocol-update-may-26

https://x.com/CarlBeek/status/2056379557889143042

https://x.com/_julianma/status/2056391635731128763

https://x.com/DefiIgnas/status/2056403039968174208

https://www.theblock.co/post/395541/miladys-loyalty-pledge-unnecessary-culture-schism-ethereum-community

https://x.com/josephdelong/status/2019116049694880021

https://x.com/dankrad/status/2057441946616930799

https://x.com/ETH_Daily/status/2056549932455330020

https://x.com/wmougayar/status/2047274807230611805

1:00:04 David Sold His ETH and a New Era for Bankless

https://x.com/TrustlessState/status/2057183150816583834

https://x.com/RyanSAdams/status/2057216981368221776

1:10:00 Moment of Zen

https://x.com/ethcforg/status/2057474005913792654 

---

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

https://www.bankless.com/disclosures

Bitcoin may be outgrowing the “digital gold” narrative. David sits down with Strive Chief Risk Officer Jeff Walton to unpack how Bitcoin-backed credit products like SATA and Strategy’s STRETCH could turn BTC into digital capital, why Jeff says the “Ponzi” framing misunderstands the balance sheet, how 13% yield and daily dividends could disrupt credit markets, and why this new financial layer may expand Bitcoin’s TAM far beyond gold.

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---

TIMESTAMPS

0:00 Intro

1:59 Stretch, Risk, and Balance Sheets

5:28 Dividend Backstop Debate

8:53 Measuring Bitcoin Downside

15:25 Success as Long-Tail Risk

19:17 Common Equity as Revenue

25:57 Digital Credit’s Massive Market

29:37 Credit, Liquidity, and Yield

33:02 Banks, Trust, and Inflation

36:08 Trust Networks Rebuilt

40:26 Digital Labor and Yield

44:38 Bitcoin’s Growing Capital Base

48:36 S-Curve and Market Size

52:36 Building on Bitcoin Instruments

55:58 Transforming the Asset

59:12 Co-opetition in Bitcoin Credit

1:03:23 Low Vol for Long Holders

1:09:13 Strive Versus Strategy

1:12:38 Scaling Faster Than Strategy

1:14:38 Jeff’s Bitcoin Origin Story

1:17:30 Closing & Disclaimers

---

RESOURCES

Jeff Walton

https://x.com/PunterJeff

True North Show

https://www.youtube.com/@BTCTrueNorth

Jeff’s Coffeezilla Interview

https://youtu.be/pvZnpppwkoM?si=lXcF6r02yzmYE9jt

---

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

https://www.bankless.com/disclosures

Zcash is having its first real narrative moment in years. David sits down with Multicoin Capital co-founder Tushar Jain and Mert Mumtaz to unpack why privacy may be crypto’s missing store-of-value primitive, why Zcash is being framed as “private Bitcoin,” how institutional adoption could normalize shielded money, what AI and onchain surveillance change about the privacy debate, and why quantum risk could become a real catalyst.

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---
TIMESTAMPS

0:00 Why Multicoin Got Interested in Zcash
5:22 Mert’s Path from Solana to Zcash
9:57 Why Zcash, Why Now?
17:01 The Institutional Path for Private Money
22:03 Zcash as a Private Store of Value
25:27 Fungibility, Tainted Coins, and Financial History
27:26 The Bear Case: Does Anyone Really Care About Privacy?
34:43 Onchain Surveillance and Government Power
39:13 Zcash Tokenomics and the Forgotten Coin Thesis
44:58 The Last PVE in Crypto
50:17 Zcash and the Quantum Threat
59:14 Shielded Pool Growth and Upcoming Catalysts

---
RESOURCES

Tushar Jain
https://x.com/tushar_jain

Mert Mumtaz
https://x.com/mert

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

Two surprise Democrat votes just rerated the entire crypto policy timeline.

After the Senate Banking Committee advanced the Clarity Act on a bipartisan basis, Galaxy Digital head of research Alex Thorn moved his odds of the bill being signed this year from a coin flip to 75%.

He and David map the seven-week sprint to the president's desk, the ethics-provision standoff that could still sink everything, the bank lobby's quiet obstruction game, and why the stablecoin yield compromise leaves the real fight for rulemaking.

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TIMESTAMPS

0:00 Intro

0:39 Clarity Act Vote Reactions

5:16 What’s Next?

10:05 Trump Veto?

15:21 Stablecoin Rewards Compromise

28:14 Administration Precedence

31:02 Why is Clarity So Important?

41:01 Which Ecosystems Benefit the Most?

42:59 Clarity Act Passing Over-Under

48:17 Bitcoin Price After CLARITY

49:39 Closing & Disclaimers

------
RESOURCES

Alex Thorn

https://x.com/intangiblecoins 

Galaxy Digital

https://www.galaxy.com/ 

Senate Banking Committee Advances Crypto CLARITY Act

https://www.bankless.com/read/news/senate-banking-committee-advances-crypto-clarity-act 

------

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

https://www.bankless.com/disclosures⁠

Markets are ignoring every warning sign as stocks hit new highs, but crypto may finally have its catalyst. Ryan and David break down the CLARITY Act’s key vote, Wall Street’s Ethereum push, Bitcoin’s $80K test, and why private AI stocks are creating chaos onchain.

---

📣GALAXY | INSTITUTIONAL DIGITAL FINANCE

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🦊 METAMASK | DOWNLOAD NOW

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---

TIMESTAMPS & RESOURCES

0:00 Intro

2:46 Trump/Xi Meeting, Nvidia China Deal, and AI Stocks

https://x.com/WhiteHouse/status/2054607212513730674

https://www.reuters.com/business/retail-consumer/us-clears-h200-chip-sales-10-china-firms-nvidia-ceo-looks-breakthrough-2026-05-14/

https://imgur.com/wLddwGM

https://x.com/BullTheoryio/status/2054558694785077478

https://x.com/KobeissiLetter/status/2054177816573329496

https://fred.stlouisfed.org/graph/

https://x.com/coindesk/status/2054542868522365141

https://x.com/TedPillows/status/2054545275281182861

https://x.com/KobeissiLetter/status/2054940927379014035

https://x.com/KobeissiLetter/status/2054655260652716149

https://www.coingecko.com/en/coins/ethereum

28:06 Circle Earnings, Arc, and USDC Growth

https://x.com/circle/status/2053785252037022157

https://x.com/marcarjoon/status/2054539947466522815

https://www.cnbc.com/2026/05/11/circle-closes-222-million-from-blackrock-apollo-for-arc-blockchain.html

https://x.com/coingecko/status/2054042800203719158

32:54 Coinbase, USDC, and Hyperliquid Team Up + Anthropic and OpenAI Crack Down on Unauthorized Private Stock Sales

https://x.com/wallstengine/status/2054928782918816102

https://app.hyperliquid.xyz/trade/xyz:CBRS

https://x.com/caseycraig/status/2053568380796367301

46:57 CLARITY Act Passes Key Committee Vote

https://x.com/brian_armstrong/status/2054552885376016718 

https://x.com/DegenerateNews/status/2054968887796539789

https://x.com/valkenburgh/status/2054968314292486621

https://x.com/EleanorTerrett/status/2052890357952627000

https://polymarket.com/event/clarity-act-signed-into-law-in-2026/?via=bankless?

https://x.com/FidelityPolicy/status/2054587652121284648

https://x.com/EleanorTerrett/status/2054295187048853637

https://www.banking.senate.gov/newsroom/minority/warren-statement-on-no-trump-ethics-provision-in-crypto-bill

https://x.com/patrickjwitt/status/2054183222305554643

https://x.com/glxyresearch/status/2054635251503108596

https://x.com/EleanorTerrett/status/2054575825681367098

55:58 BlackRock, JPMorgan, and Fidelity Bring Money Markets to Ethereum

https://x.com/VivekVentures/status/2054946669083390374

https://x.com/VivekVentures/status/2053101323390754982

https://x.com/NateGeraci/status/2052872497779896460

https://app.rwa.xyz/assets/BUIDL

https://x.com/VivekVentures/status/2054305703272103977

https://x.com/EricBalchunas/status/2054316547712196688

https://am.jpmorgan.com/us/en/asset-management/adv/about-us/media/press-releases/jp-morgan-asset-management-launches-second-tokenized-fund-on-ethereum/

https://x.com/Etherealize_io/status/2054945868210450519

https://x.com/NateGeraci/status/2054355513182171502

59:23 Bankless Thesis Check-In

https://x.com/RyanSAdams/status/2054969401154130163

https://www.bankless.com/docs/mcp

1:03:43 Euphoria Mainnet Launch

https://x.com/Euphoria_fi/status/2054954998375535097

1:04:45 Closing & Disclaimers

---

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

https://www.bankless.com/disclosures

Anthropic's secondary market is tens of billions of dollars deep, stacked with SPVs on top of SPVs charging 10% fees plus carry, and almost entirely opaque.

Dio Casares of Patagon breaks down how it actually works: which deals Anthropic blesses and which get cease-and-desists, why fake share certificates show up in 10-20% of executed deals, what tokenized equities and pre-IPO perps actually represent, and the mess of lawsuits and stuck shares coming when Anthropic finally IPOs. 

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------

TIMESTAMPS

0:00 Intro

0:40 What is Going on in Secondary Markets?

7:03 How Anthropic Secondary Markets Unfold

14:51 Anthropic’s Secondaries Social Elite

19:00 Emerging SPV Structure

21:51 Accidental Frauds?

27:04 After IPO Consequences

35:13 Private Market Lessons

38:21 Patagon Markets

43:54 Tokenized Perps

44:57 Closing Thoughts

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RESOURCES

Diogenes Cesares

https://x.com/diogenes 

Patagon Markets

https://patagonmarkets.com/ 

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

https://www.bankless.com/disclosures⁠

AI is no longer just a technology story. It is becoming a political fault line. Jasmine Sun joins Bankless to unpack the rise of AI populism, why backlash against data centers and AI labs is spreading across strange political coalitions, and whether jobs, inequality, and SuperPAC money could turn AI into a defining 2028 election issue.

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🎬 DEBRIEF | RYAN & DAVID BREAKDOWN THE EPSIODE
https://www.bankless.com/podcast/debrief-will-ai-populism-decide-the-2028-election

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TIMESTAMPS

0:00 What Is AI Populism?
2:56 Why AI Could Matter in 2028
11:13 Data Centers, Distrust, and Warning Shots
25:27 The Jobpacalypse Debate
43:25 Game Over for Labor?
51:52 The New AI Political Map
1:04:50 Power Inequality, Policy, and the Grand Bargain
1:18:37 How to Stay Useful in the AI Era

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RESOURCES

Jasmine Sun
https://x.com/jasminewsun

Jasmine’s Substack
https://substack.com/@jasmine

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