Lee and Jimmie discuss a new effort by community banks to issue a stablecoin, a BIS report on stablecoins and tokenized money, the latest development in SEC vs. Ripple, and the potential for Fannie Mae and Freddie Mac to factor crypto holdings into underwriting.

Related Links:

Exclusive | Stablecoin World Opens Up to Main Street Banks - WSJ

III. The next-generation monetary and financial system

NY Judge Slaps Down SEC, Ripple’s Second Request for an Indicative Ruling on Proposed $50M Settlement

Fannie (FNMA), Freddie (FMCC) Ordered to Find Ways to Count Crypto as an Asset - Bloomberg

Lee and Jimmie discuss JPMorgan’s new tokenized deposit product, Senate passage of GENIUS, and Coinbase’s attempts to offer tokenized equities and perpetual futures.

Lee’s X: @leereiners

Jimmie’s X: @jimmie_lenz

Related Links:

JPMorgan moves further into crypto with stablecoin-like token JPMD

(5) Post | LinkedIn

Senate Passes Stablecoin Bill in Big Win for Crypto Industry - WSJ

Coinbase eyes Wall Street’s turf with tokenized stocks, if the SEC allows it

Crypto ‘Perps’: Why Perpetual Futures’ US Debut Is Edging Closer Under Trump - Bloomberg

CFTC Staff Seek Public Comment Regarding Perpetual Contracts in Derivatives Markets | CFTC

Lee and Jimmie discuss Coinbase’s partnership with the WNBA, the future of stablecoins, including Amazon and Walmart issuing their own stablecoin, the rise of “wrench attacks,” crypto policy developments on Capitol Hill, and a potential Gemini IPO.

Lee’s X: @leereiners

Jimmie’s X: @jimmie_lenz

Related Links:

WNBA: Coinbase renews the partnership with the New York Liberty

How stablecoins are entering the financial mainstream

Exclusive | Walmart and Amazon Are Exploring Issuing Their Own Stablecoins - WSJ

Severed Fingers and ‘Wrench Attacks’ Rattle the Crypto Elite - WSJ

Digital Assets Are One Step Closer to Regulatory Clarity – Hill, Thompson, Emmer

Crypto IPO News: Billionaire Winklevoss Twins-Backed Crypto Exchange Gemini Files With SEC For Planned IPO

Lee and Jimmie discuss Circle’s IPO, the SEC’s dismissal of the Binance lawsuit, the latest on the crypto market structure bill, a new NFT-based ETF, Truth Social’s BTC ETF, and controversy around a new $TRUMP wallet.

Lee’s X: @leereiners

Jimmie’s X: @jimmie_lenz

Related Links:

Circle Stock Opens at $69, More Than Double IPO Price - WSJ

SEC Dismisses Lawsuit Against Binance - WSJ

Trump's Crypto Ties at Forefront as U.S. Lawmakers Weigh Crypto Market Structure Bill

The most grimly inevitable ETF filing of 2025

Hearing Entitled: American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework | U.S. House Committee on Financial Services

Trump’s Truth Social Takes Next Step in Launching Spot Bitcoin (BTC) ETF

Lee and Jimmie discuss big banks exploring a joint stablecoin, the impact of stablecoins on Treasury yields, new guidance from the Department of Labor that opens the door for crypto in 401(K)s, more companies issuing debt and equity to buy bitcoin, VP Vance’s remarks at Bitcoin 2025, and Hester Peirce’s warning to the crypto community.

Lee’s X: @leereiners

Jimmie’s X: @jimmie_lenz

Related Links

Exclusive | Big Banks Explore Venturing Into Crypto World Together With Joint Stablecoin - WSJ

Stablecoins and safe asset prices

Crypto in 401(k)s: Trump's Stance Spurs Optimism for Inclusion of Private Assets - Bloomberg

When bitcoin is the business model, investors should beware

JD Vance Vows to Champion the Crypto ‘Movement’ at Las Vegas Bitcoin Conference - WSJ

‘Have Some Consistency’: SEC's Peirce Tells Crypto Industry Not to Beg for Bailouts

Lee and Jimmie discuss Donald Trump’s meme coin dinner, Senate progress on the GENIUS Act, Coinbase potentially acquiring Circle, Coinbase’s data breach and SEC investigation into user numbers, and a new leader at the Blockchain Association.

Lee’s X: @leereiners

Jimmie’s X: @jimmie_lenz

Related Links:

Trump’s memecoin dinner ignites outrage in Washington: ‘It all has a stench’ - POLITICO

What to know about the GENIUS Act, a crypto regulation bill - ABC News

Circle pursues IPO—but sources say the company is also holding sales talks with Coinbase and Ripple | Fortune

Coinbase Says Bribed Workers Leaked Data to Hacker Seeking $20M in Ransom - Bloomberg

S.E.C. Investigating Whether Coinbase Misstated Its User Numbers - The New York Times

Blockchain Association taps crypto-savvy CFTC commissioner as new CEO before midterm clock runs out – DL News

Lee and Jimmie discuss the Senate stablecoin drama, new guidance from the OCC on crypto custody, Coinbase’s purchase of crypto options platform Deribit, a new Arizona law allowing the state to keep unclaimed crypto, and World Liberty Financial’s stablecoin being used to fund a $2bn investment in Binance. Plus a few riffs on the new Pope and the Vatican’s finances.

Lee’s X: @leereiners

Jimmie’s X: @jimmie_lenz

Related Links:

Crypto Bill Stalls in the Senate as Democrats Balk - The New York Times

OCC Clarifies Bank Authority to Engage in Crypto-Asset Custody and Execution Services | OCC

Coinbase to Acquire Deribit: Becoming the Most Comprehensive Global Crypto Derivatives Platform

Arizona governor signs law for state to keep unclaimed crypto

World Liberty’s USD1 Will Integrate With Tron; WLFI's Witkoff Teases More Partnerships

The Vatican Financial Mess Pope Francis Couldn’t Fix - WSJ

Lee and Jimmie discuss “controversy” over Base’s memecoin, Coinbase offering BTC margin loans, the impact of stablecoins on the Treasury market, Paypal’s new stablecoin partnership with Coinbase, and Ripple’s unsolicited bid to buy Circle.

Lee’s X: @leereiners

Jimmie’s X: @jimmie_lenz

Related Links:

Coinbase distances Base from highly criticized memecoin that dumped $15M

Crypto-Backed Loans

Interoperability of Blockchain Systems and the Future of Payments - Liberty Street Economics

TBACCharge2Q22025.pdf

SEC Ditches PayPal's PYUSD Probe, Removing Key Regulatory Hurdle for Its Stablecoin

Coinbase and PayPal to advance stablecoin payments

Coinbase waives fees on PayPal’s stablecoin in crypto payments push | Reuters

Ripple $4B-$5B bid to purchase Circle rejected — Report

Lee and Jimmie discuss President Trump’s meme coin dinner, DTCC’s amazing blockchain-based Great Collateral Experiment, some rumblings on Capitol Hill about combining stablecoin and market structure bills, and a new publicly traded company that will do nothing but buy bitcoin.

Lee’s X: @leereiners

Jimmie’s X: @jimmie_lenz

Related Links:

Trump Offers a Private Dinner to Top 220 Investors in His Memecoin - The New York Times

DTCC Launches Innovative Digital Collateral Management Platform | DTCC

Why America’s Biggest Crypto Company Is Trying to Stop a Pro-Crypto Bill From Passing - Decrypt

Why Some Crypto Traders Want Congress to Slow Down on a Market Structure Bill

Coinbase Faces 'Copycat' Securities Lawsuit in Oregon After Dodging Gensler's SEC - Decrypt

Cantor to Start Crypto Firm Twenty One With Backing From Tether, SoftBank - Bloomberg

Lee and Jimmie discuss Kraken’s expansion into equities, a new SEC statement on crypto-related disclosures, a delay in Ethereum ETF staking decision, the demise of the IRS DeFi broker rule and the DoJ crypto enforcement unit, and a new BIS paper on tokenization.

Lee’s X: @leereiners

Jimmie’s X: @jimmie_lenz

Related Links:

Kraken expands beyond crypto: Announcing U.S.-listed stock and ETF trading - Kraken Blog Kraken Blog

SEC.gov | Offerings and Registrations of Securities in the Crypto Asset Markets

Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to Amend the Grayscale Ethereum Trust ETF and Grayscale Ethereum Mini Trust ETF to Permit Staking of the Ether Held by the Trusts

President Trump Signs Joint Resolution Striking Down IRS "Broker Rule" on Digital Assets | Find Know Do

DOJ Refocuses Crypto Enforcement Strategy | Find Know Do

Leveraging tokenisation for payments and financial transactions