Lee and Jimmie discuss Nasdaq's move to list tokenized equities, CBOE's launch of continuous futures for Bitcoin and Ether, a bidding war to issue Hyperliquid's new stablecoin, new polling on crypto ownership, and drama with Trump's nominee to head the CFTC.

Lee's X: @leereiners Jimmie's X: @jimmie_lenz

Watch the show on YouTube: https://www.youtube.com/@CoffeeCryptoWithLeeAndJimmie

Related Links:

• Q&A: Nasdaq's New Proposal for Tokenized Securities | Nasdaq
• Cboe Global Markets, Inc. - Cboe Plans to Launch Continuous Futures for Bitcoin and Ether, Beginning November 10
• What Is USDH? A Deep Dive into Hyperliquid's Native Stablecoin | CoinGecko
• Poll: Who owns cryptocurrency? More young people, more men and more Republicans
• Trump's CFTC Hopeful Quintenz Takes His Dispute With Gemini's Tyler Winklevoss Public

Lee and Jimmie discuss the risk quantum computing poses to crypto, Galaxy's Class A shares on Solana, tokenizing gold bullion, and the WLFI token unlock.

Lee's X: @leereiners Jimmie's X: @jimmie_lenz

Related Links:

• SEC Reviews Quantum-Safe Roadmap for Digital Assets

• Galaxy (GLXY) Tokenizes Its Shares on Solana Blockchain With Superstate

• London's bullion market to trial digital gold

• Trump Family Amasses $5 Billion Fortune After Crypto Launch - WSJ

Lee and Jimmie discuss Jimmie's new paper on who will ultimately win the stablecoin wars, the Bullish and prospective Gemini IPO, and recent announcements by the CFTC designed to provide crypto "regulatory clarity."

◆ Lee's X: @leereiners ◆ Jimmie's X: @jimmie_lenz

Related Links:

• Genius At Work In The US Financial System by Jimmie Lenz & Reid Tymcio (SSRN) • Bullish receives $1.15B of IPO proceeds in stablecoins • Gemini Plans to Go Public via Nasdaq as Crypto IPOs Boom – Decrypt • CFTC Press Release 9105-25 • Acting Chairman Pham Announces FBOT Advisory to Provide Regulatory Clarity for Non-U.S. Exchanges – CFTC

Lee and Jimmie discuss a new proposal from the BIS to address AML compliance on-chain, a warning from FinCEN on Crypto ATMs, the Mooch tokenizing shares in his fund, Wyoming's new stablecoin, and the end of the Federal Reserve's novel activities supervision program.

◆ Watch this episode on the Coffee & Crypto with Lee & Jimmie YouTube Channel

◆ Lee's X: @leereiners ◆ Jimmie's X: @jimmie_lenz

Related Links: • BIS bulletin: An approach to AML compliance for cryptoassets • FinCEN Notice on Convertible Virtual Currency Kiosks • SkyBridge Capital to tokenize $300M in hedge funds on Avalanche • Wyoming becomes first to launch a state-issued stablecoin • Federal Reserve Board announces it will sunset its novel activities supervision program

Lee and Jimmie discuss a new Executive Order that allows crypto into 401(k)s, a new crypto treasury company for $WLFI, the potential for stablecoin issuers to develop their own layer one blockchains, and a push by banking industry groups to close the payment of interest loophole for stablecoins. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Related Links:

• White House Order to Include Crypto in 401(k)s May Not Impact Most People
• ALT5 Sigma Corporation Announces $1.5 Billion Registered Direct Offering and Concurrent Private Placement to Initiate
• World Liberty Financial $WLFI Treasury Strategy
• Stablecoin Blockchain Battle: Should Ethereum and Tron, or Visa, be worried?
• Fintech giant Stripe developing blockchain dubbed 'Tempo' with crypto VC Paradigm | Fortune Crypto
• Closing the Payment of Interest Loophole for Stablecoins - Bank Policy Institute
• Coalition Letter to Strike Uninsured Depository Institution Flaw of GENIUS Act.pdf

Lee and Jimmie discuss new stablecoin developments from PayPal and FIS, Hong Kong's new stablecoin regime, a new partnership between JPMorgan Chase and Coinbase, the verdict in Roman Storm's criminal trial, Hester Peirce's speech on financial privacy, and new guidance from the SEC on liquid staking. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Related Links: PayPal to let U.S. businesses accept payment in more than 100 cryptocurrencies | Fortune Crypto FIS Partners with Circle to Unlock Stablecoin Money Movement Functionality for Financial Institution Customers - Press Releases | FIS China tests out stablecoins amid fears of capital outflows Chase Customers to Link Bank Accounts to Coinbase Wallets - Bloomberg Developer of Crypto Mixer Tornado Cash Found Guilty on One Criminal Charge - WSJ SEC.gov | Peanut Butter & Watermelon: Financial Privacy in the Digital Age SEC.gov | Statement on Certain Liquid Staking Activities SEC.gov | Response to Staff Statement on Certain Liquid Staking Activities: Caveat Liquid Staker

Lee and Jimmie discuss the White House's new Digital Assets Report, Paul Atkins' speech on the SEC's new 'Project Crypto', and the impact of dollar stablecoins on foreign countries' monetary policy. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Related Links: Strengthening American Leadership in Digital Financial Technology – The White House SEC.gov | American Leadership in the Digital Finance Revolution European Central Bank Says U.S.-Backed Stablecoin Use in EU Could Weaken Its Monetary Autonomy The Myth of Stablecoin-Fueled Dollar Dominance – The FinReg Blog

Lee and Jimmie discuss the GENIUS Act becoming law and the next steps for market structure legislation before diving into attempts by several stablecoin issuers to become national trust banks. They conclude by examining recent developments in tokenization, including a warning from Hester Peirce. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Related Links 5 things to know about first major crypto law Clarity Act: Senate Releases Discussion Draft of Its Own Bill

Exclusive | Ripple Seeks a U.S. Banking License, Adding to List of Crypto Companies - WSJ

Ripple Selects BNY to Custody Ripple USD Reserves | BNY

Circle Seeks U.S. Banking License to Directly Custody Billions in USDC Reserves - Unchained

Robinhood gives out tokens of OpenAI and SpaceX. Stock hits record

OpenAI condemns Robinhood's 'OpenAI tokens' | TechCrunch

https://www.sec.gov/newsroom/speeches-statements/peirce-statement-tokenized-securities-070925

Citadel Securities Asks SEC to Tread Cautiously on Tokenization - Bloomberg

A Hot New Firm Opened the Private Market to the Little Guy. Now It Is in Big Trouble. - WSJ

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