DATs may be collapsing, AI agents may be overhyped, but Omid Malekan thinks the strongest case for crypto has nothing to do with either.

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Bitcoin is below $63,000, digital asset treasuries are under pressure, and the debate over whether crypto markets are bottoming or breaking down is splitting the hosts. 

Ram is skeptical of institutional demand when he looks at the 13F data from institutions filing SEC reports. Chris is on the phone with institutions all day and is bullish. 

Omid Malekan, adjunct professor at Columbia Business School, comes in with a longer lens: he admits he contributed to the DAT hype cycle, has doubts about agentic commerce that remind him of the metaverse in 2021, and thinks the strongest argument for crypto is not a product or a token but a fact about how nation-states treat their own citizens. 

The conversation also covers tokenized bank deposits, the SEC's updated broker-dealer guidance on stablecoins, and what it means that the Supreme Court just struck down Trump's tariffs.

Hosts:

Guest:

Links:

Unchained:

Bitcoin Slips Below $63,000 as Fear Deepens

Bitcoin Dips Below $65,000 as Tariff Uncertainty Weighs on Risk

White House Talks Make Progress on Stablecoin Yields but No Deal Yet

SEC Quietly Eases Capital Rules for Stablecoins

SCOTUS: Supreme Court strikes down tariffs

Citrini: ⁠THE 2028 GLOBAL INTELLIGENCE CRISIS

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