Lee and Jimmie discuss crypto vaults, the Department of Labor's proposed rule to open 401(K)s to alternative assets, and Tether's pending audit.

📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie

📌 Hosts on X (formerly Twitter):

• Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz

🔗 Related Links:

• sec-cftc-harmonization-initiative-written-input-veda-tech-labs-inc-032326.pdf
• US Department of Labor proposes landmark rule to democratize access to alternative investments in 401(k) plans | U.S. Department of Labor\
• Tether hires KPMG as auditor ahead of US expansion

Lee and Jimmie discuss a new BIS paper that explains why blockchains are structurally prone to fragmentation, a new mandate from the Ethereum Foundation, the ECB's new tokenization roadmap, a new crypto-backed GSE conforming mortgage product, and Larry Fink's annual letter to shareholders.

📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie

📌 Hosts on X (formerly Twitter):

• Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz

🔗 Related Links:

• Tokenomics and blockchain fragmentation
• Ethereum news (ETH): Foundation publishes mandate defining its role, core principles
• ECB unveils tokenized finance roadmap as Europe pushes to reduce reliance on foreign infrastructure
• Better and Coinbase Launch the First Token-Backed, Conforming Mortgage
• Larry Fink's 2026 Chairman's Letter to Investors | BlackRock

Lee and Jimmie discuss the SEC's new token classification guidance, SEC approval of NASDAQ and DTC's tokenization pilot, institutional resistance to tokenization, and Mastercard's acquisition of BVNK.

📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie

📌 Hosts on X (formerly Twitter):

• Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz

🔗 Related Links:

• SEC.gov | SEC Clarifies the Application of Federal Securities Laws to Crypto Assets
• https://www.linkedin.com/posts/leereiners_microsoft-word-statement-for-secs-crypto-activity-7440494310250172416-9BFG?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAMoOsABNT6ceKXKNKUvhX8NBIOaRpdToQc
• SEC Approves Nasdaq Framework for Tokenized Securities Trading | Find Know Do
• Wall Street pushes tokenized stocks, but institutions aren't eager to trade them
• Mastercard to Acquire BVNK to Connect On-Chain Payments and Fiat Rails

Lee and Jimmie discuss new bank regulatory guidance on the capital treatment of tokenized securities, a new era of cooperation between the SEC and CFTC, a new Treasury report on illicit activity and crypto, the DoJ looking into Iran's use of Binance, and a new report co-authored by Lee that analyzes the anticompetitive impact of Trump's stablecoin – USD1.

📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie

📌 Hosts on X (formerly Twitter):

• Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz

🔗 Related Links:

• Federal banking agencies issue guidance on capital treatment of tokenized securities | Davis Polk
• SEC.gov | SEC and CFTC Announce Historic Memorandum of Understanding Between Agencies
• Treasury tells Congress mixers have valid privacy uses, recommends 'hold law' for suspicious crypto | The Block
• Exclusive | DOJ Probes Iran's Use of Binance to Evade Sanctions - WSJ
• HOW POLITICAL INFLUENCE PROPELLED THE TRUMP FAMILY'S CRYPTO EMPIRE TO THE TOP AND DISRUPTED MARKETS

Lee and Jimmie discuss President Trump weighing in on the stablecoin yield debate, Kraken receiving a Federal Reserve master account, the OCC's final rule on trust bank chartering, Morgan Stanley applying for a national trust bank charter, and a pending token taxonomy proposal from the SEC.

📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie

📌 Hosts on X (formerly Twitter):

• Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz

🔗 Related Links:

• Trump sides with crypto in battle with banks over stablecoin yield
• Kraken Becomes First Crypto Firm to Win Access to Fed's Core Payments System - WSJ
• BPI Statement on Kraken Master Account - Bank Policy Institute
• ICBA Raises Deep Concerns with Master Account Approval for Kraken Financial - ICBA.org
• Kraken Limited Purpose Master Account Access Statement | American Bankers Association
• ICBA Expresses Concerns with OCC National Trust Bank Chartering Final Rule - ICBA.org
• Morgan Stanley brings trust charter pursuit into the mainstream
• Crypto, Prediction Markets Move Closer to Formal Oversight With New US Proposals - Bloomberg

Lee and Jimmie discuss the OCC's proposed stablecoin rule, Meta's stablecoin plans, new data on stablecoin transactions, WisdomTree's 24/7 trading and instant settlement of a tokenized money market fund, and Coinbase offering stock trading.

📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie

📌 Hosts on X (formerly Twitter):

• Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz

🔗 Related Links:

• OCC Lays Out Framework for Regulated Stablecoins Under GENIUS Act - Decrypt
• Mark Zuckerberg's Meta is planning stablecoin comeback in the second half amid U.S. regulatory shift
• Stablecoins in payments: What the raw transaction numbers miss | McKinsey
• WisdomTree To Launch 24/7 Trading and Instant Settlement for Tokenized Money Market Fund Shares
• ic-35968.pdf
• Coinbase partners with Yahoo Finance as it opens stock trading to all US users | The Block

Lee and Jimmie discuss new SEC guidance on how broker-dealers should treat stablecoins under the net capital rule, the battle over "skinny" master accounts, NCUA's proposed rule for stablecoin applicants, and the battle over who regulates prediction markets.

📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie

📌 Hosts on X (formerly Twitter):

• Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz

🔗 Related Links:

• The SEC's "2% Haircut" On Stablecoins Is A Bigger Deal Than It Sounds
• Banks Demand Delays as Crypto Firms Push for Fed Payment Access - Bloomberg
• NCUA Proposes Rule for Permitted Payment Stablecoin Issuer Applications | NCUA
• States Encroach on Prediction Markets - WSJ
• Prediction Market ETFs - by Joe Saluzzi
• Trump Family Crypto Bash Convenes Wall Street's New Believers - Bloomberg

Lee and Jimmie recap the Digital Assets at Duke conference before discussing BlockFills halting customer redemptions, stablecoins' demand for Treasuries, securitizing bitcoin-backed loans, BlackRock's partnership with Uniswap, the CFTC's no-action relief for stablecoin margin collateral, and Coinbase's new wallet for AI agents

📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie

📌 Hosts on X (formerly Twitter):

• Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz

🔗 Related Links:

• BlockFills Halts Withdrawals as Market Stress Spreads - Unchained
• A Winter for Stablecoins Would Signal Crypto Deep Freeze - WSJ
• Crypto's battle with the banks is splitting Trump's base
• Uniswap Labs and Securitize Partner to Unlock DeFi Liquidity for BlackRock's BUIDL
• CFTC Staff Expands No-Action Relief for Stablecoin Margin Collateral | Find Know Do
• Coinbase rolls out AI tool to 'give any agent a wallet' | The Block

Lee and Jimmie preview the upcoming Digital Assets at Duke conference; Kevin Warsh's nomination to be the next Fed Chair; the SEC's new tokenization guidance; the SEC-CFTC harmonization event; Tether's new USAT stablecoin and massive gold holdings; and the rise of crypto vaults.

📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie

📌 Hosts on X (formerly Twitter):

• Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz

🔗 Related Links:

• www.digitalassetsatduke.org
• SEC.gov | Statement on Tokenized Securities

• Exclusive | Trump Regulators Say They Are Ready to Lay Out Crypto Rules to Foster Growth - WSJ

• Crypto bill clears U.S. Senate milestone despite Democrat opposition

• Tether Announces the Launch of USA₮, the Federally Regulated, Dollar-Backed Stablecoin, Made in America - Tether.io

• Crypto Giant Tether's Gold Hoard in a Swiss Bunker Is Jolting Markets - Bloomberg

• Fidelity to launch dollar-backed stablecoin FIDD on Ethereum in coming weeks | The Block

• Crypto's 'Safe' Yield Trade Hits $6 Billion After 2022 Blowups - Bloomberg

Lee and Jimmie discuss the diminishing prospects for a crypto market structure bill, CFTC Chairman Mike Selig's agenda, BitGo's IPO, and NYSE's tokenization announcement.

📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie

📌 Hosts on X (formerly Twitter):

• Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz

🔗 Related Links:

• US Senate Crypto Bill Heads to Markup Without Democrat Support
• Crypto Bill Delayed as Senate Panel Pivots to Trump Housing Push - Bloomberg
• CFTC Sets Out Plan to Future-Proof Crypto, Prediction Markets
• CFTC Chair Selig unveils innovation committee as agency weighs crypto, prediction markets | The Block
• BitGo Pops 25% in NYSE Debut, a Sign Crypto IPO Fever Is Back - WSJ
• NYSE to Launch 24/7 Trading Platform for Blockchain-Based Securities - WSJ
• Stablecoin News: Minnesota Credit Union With $400M Assets to Launch Token with Metallicus, DaLand
• The NYSE's big tokenization plan is vaporware dressed up as innovation