In this January news episode of BFRR (Bitcoin, Fiat & Rock’n’Roll), co-host Michael is joined by Manuel and Jonas to unpack what mattered most in institutional blockchain over the past month—from markets to regulation, digital money and tokenization.

We start with a quick market pulse: crypto ends January roughly flat around a ~$3T market cap, while gold and silver print fresh highs—raising an uncomfortable question: is Bitcoin really “digital gold” yet? The team also digs into Ethereum’s quiet comeback: more active accounts than Bitcoin, record transaction activity, and notably lower gas fees—fundamentals that look bullish even as prices lag.

Then it’s policy time in the U.S.: the Clarity Act drama (and why Coinbase CEO Brian Armstrong pulled support), the fight over stablecoin yield, last-minute tokenized securities language, DeFi/AML pushback, and competing bills vying to define SEC vs. CFTC oversight. We also cover a major regulatory signal: OCC national trust bank charter approvals for Ripple and Circle—and why traditional banks are protesting.

On CBDCs, we zoom out geopolitically: China (CBDC yes, crypto no), the U.S. (CBDC no, stablecoins yes) and Europe trying to thread the needle. You’ll hear fresh details on the digital euro pilot planned for H2 2027, and why timing may be Europe’s biggest risk—contrasted with China’s e-CNY trajectory, “e-CNY 2.0” incentives, and cross-border momentum via mBridge.

Finally, we connect the dots on tokenized deposits, Project Agora, stablecoin plumbing (Swift + Société Générale Forge, Interactive Brokers funding, Visa + BVNK, Barclays backing Ubyx), and what January’s platform launches (ICE, LSEG, State Street) mean for the next era of capital markets.

Shownotes

Knowledge Bite Michael: Paper “The trillion-dollar battle for money's operating system” by Christian Catalini

Knowledge Bite Manuel: Paper on China’s digital currency efforts by the Atlantic Countil

Knowledge Bite Jonas: OPen letter by 70 European Academics to the European Parliament on digital euro

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