China's shadow finance brokers are quietly becoming some of the most important players in crypto-powered crime: moving cartel proceeds, fentanyl-related payments, and offshored wealth through a mix of cash, coins, and capital controls arbitrage (1:23).

From there, we turn to a growing law-enforcement response (3:31). In the United States, prosecutors are exposing North Korean IT workers hiding inside remote tech jobs and routing salaries back to a sanctioned regime, while seizing tens of millions of dollars' worth of stablecoins tied to hacks and fraud. In Southeast Asia, Thai authorities, working with the U.S. Secret Service and Tether, smash a cross-border scam ring and lock up millions in digital assets.

We also break down Japan's potential tax and regulatory overhaul, which could reclassify over a hundred crypto assets as financial products (5:12). And we close with Bitcoin miner Bitfarm's big strategic pivot: a plan to transform its energy infrastructure into AI data centers hosting high-end Nvidia hardware (6:51).

More on stories and articles discussed or referenced in this episode:

Alper, Tim. "Japanese Crypto Tax Relief in Sight as Regulator Set to Classify Bitcoin as 'Financial Product'." DL News, 16 November 2025, https://www.dlnews.com/articles/regulation/japanese-crypto-tax-relief-in-sight-as-regulator-set-to-classify-bitcoin-as-financial-product/.

Ayan, Amin. "Crypto Emerges as Key Tool in China's Money Laundering Networks: Report." Cryptonews, 16 November 2025, https://cryptonews.com/news/crypto-emerges-as-key-tool-in-chinas-money-laundering-networks-report/.

Hamilton, Jesse. "U.S. DOJ Pursues North Korea's Illicit Money Machine, Seizes More Crypto." CoinDesk, 14 November 2025, https://www.coindesk.com/policy/2025/11/14/u-s-doj-pursues-north-korea-s-illicit-money-machine-seizes-more-crypto.

Morales, Jowi. "Major Bitcoin Mining Firm Pivoting to AI, Plans to Fully Abandon Crypto Mining by 2027 as Miners Convert to AI en Masse — Bitfarm to Leverage 341 Megawatt Capacity for AI Following $46 Million Q3 Loss." Tom's Hardware, 16 November 2025, https://www.tomshardware.com/tech-industry/cryptomining/major-bitcoin-mining-firm-pivoting-to-ai-plans-to-fully-abandon-crypto-mining-by-2027-bitfarm-to-leverage-341-megawatt-capacity-for-ai-following-usd46-million-q3-loss.

Westmore, Kathryn. "Research Paper 36: Flying Money, Hidden Threat: Understanding the Growth of Chinese Money Laundering Organisations." Serious Organised Crime & Anti Corruption Evidence Research Programme, November 2025, https://static1.squarespace.com/static/63e4aef3ae07ad445eed03b5/t/6901d732787278321638e6da/1761728306567/36RP_Westmore_Flying+Money+Hidden+Threat_Nov+2025_FINAL.pdf.

Zimwara, Terence. "Tether Assists Global Law Enforcement in $12M Crypto Crime Bust." Bitcoin.com News, 17 November 2025, https://news.bitcoin.com/tether-assists-global-law-enforcement-in-12m-crypto-crime-bust/.

The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti.

New research reveals that crypto adoption is spreading quickly across the Asia-Pacific region, driven by practical utility and stablecoin use for daily finance, rather than by market hype (1:19).

The Czech National Bank has launched a pilot program to gain hands-on experience managing digital assets like Bitcoin and stablecoins (3:07).

We also break down the upcoming Grayscale IPO. As the asset manager prepares to list on the NYSE, we examine the competitive pressures and fee challenges it faces despite its long-standing position in the market (4:48).

And finally, we cover Public's $65 million acquisition of Alto's crypto IRA business, a strategic play to integrate tax-advantaged crypto holdings into mainstream retirement planning (6:12).

More on stories and articles discussed or referenced in this episode:

Bodley, Michael. "Grayscale files for an IPO, capping off big year for crypto exits." PitchBook, 13 November 2025, https://pitchbook.com/news/articles/grayscale-files-for-an-ipo-capping-off-big-year-for-crypto-exits.

De, Nikhilesh. "Nearly 25% of Adults with Internet Access in Asia Might Own Crypto, Report Says." CoinDesk, 13 November 2025, https://www.coindesk.com/markets/2025/11/13/nearly-25-of-adults-with-internet-access-in-asia-might-own-crypto-report-says.

Lopatka, Jan. "Czech Central Bank Buys $1 Million in Bitcoin, Other Crypto Assets for Testing." Reuters, 13 November 2025, https://www.reuters.com/business/czech-central-bank-buys-1-mln-bitcoin-other-crypto-assets-testing-2025-11-13/.

Lutz, Sander. "Czech Republic Invests in Crypto, With Eye on Eventual Bitcoin Reserve." Decrypt, 13 November 2025, https://decrypt.co/348571/czech-republic-invests-crypto-eye-bitcoin-reserve.

"Nearly One in Four Adults in Asia-Pacific - Around 535m People - Use Digital Assets, Driven by Stablecoins and Remittances, New Consensus Report Finds." Consensys by CoinDesk, 13 November 2025, https://www.prnewswire.com/news-releases/nearly-one-in-four-adults-in-asia-pacific---around-535m-people---use-digital-assets-driven-by-stablecoins-and-remittances-new-consensus-report-finds-302615065.html.

Roberts, Jeff John. "Investing App Public Acquires Crypto IRA Business for $65 Million." Fortune, 13 November 2025, https://fortune.com/2025/11/13/investing-app-public-acquires-crypto-ira-business-for-65-million/.

Roy, Sumit. "Grayscale Files for IPO as Its Cash-Cow Crypto ETFs Bleed Assets." ETF.com, 13 November 2025, https://www.etf.com/sections/features/grayscale-files-ipo-its-cash-cow-crypto-etfs-bleed-assets.

The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti.

Washington forms a new strike force to hunt down overseas scam hubs that have drained roughly $10 billion from Americans this year (1:20), and the SEC's new chair sketches out a fresh playbook for which tokens count as securities (3:01).

Then we look at JPMorgan's new blockchain deposit coin and what sets it apart from stablecoins (4:27), before wrapping with Coinbase's decision to swap Delaware for Texas and what that says about the future of crypto regulation in the U.S. (6:37)

This is your essential update on the forces shaping what's next in money.

More on stories and articles discussed or referenced in this episode:

"First Bank Issues USD Deposit Token on a Public Blockchain." J.P. Morgan, 12 November 2025, https://www.jpmorgan.com/payments/newsroom/jpm-coin-usd-deposit-token-institutional-clients.

Godbole, Omkar. "JPMorgan Rolls Out JPM Coin Leveraging Coinbase's Base: Report." CoinDesk, 12 November 2025, https://www.coindesk.com/markets/2025/11/12/jpmorgan-rolls-out-jpm-coin-leveraging-coinbase-s-base-report.

Greig, Jonathan. "US Announces 'Strike Force' to Counter Southeast Asian Cyber Scams, Sanctions Myanmar Armed Group." The Record from Recorded Future News, 12 November 2025, https://therecord.media/strike-force-southeast-asia-scams.

Irrera, Anna. "JPMorgan Rolls Out Deposit Token JPM Coin in Digital Asset Push." Bloomberg, 11 November 2025, https://www.bloomberg.com/news/articles/2025-11-12/jpmorgan-rolls-out-deposit-token-jpm-coin-in-digital-asset-push.

"New Scam Center Strike Force Battles Southeast Asian Crypto Investment Fraud Targeting Americans." United States Attorney's Office, District of Columbia, 12 November 2025, https://www.justice.gov/usao-dc/pr/new-scam-center-strike-force-battles-southeast-asian-crypto-investment-fraud-targeting.

Rajkumari, Pooja. "JPMorgan Debuts New Token." The Street, 12 November 2025, https://www.thestreet.com/crypto/business/jpmorgan-launches-blockchain-based-deposit-token.

Revell, Eric. "Major Crypto Exchange Picks Texas for New HQ, Citing Pro-Business Rules." Fox Business, 12 November 2025, https://www.foxbusiness.com/markets/major-crypto-exchange-picks-texas-new-hq-citing-pro-business-rules.

Wynn, Sarah. "SEC Chair Paul Atkins Unveils Plan for 'Token Taxonomy' to Redefine Crypto Regulation." The Block, 12 November 2025, https://www.theblock.co/post/378590/sec-chair-paul-atkins-unveils-plan-token-taxonomy-redefine-crypto-regulation.

The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti.

SoFi has launched direct digital asset trading to its millions of US members, becoming the first national bank to do so (1:20). In Europe, Santander's Openbank is following a similar path in Spain, rolling out a new service that is fully compliant with the continent's new MiCA regulations (3:03).

In M&A news, Coinbase has abruptly backed out of a $2 billion deal to acquire stablecoin startup BVNK, even as the race for payment infrastructure heats up with competitors like Mastercard (4:33). Finally, we cover the escalating digital tensions between China and the US, as Beijing accuses the Justice Department of unlawfully seizing $13 billion in Bitcoin, a claim American officials and blockchain analysts dispute (6:18).

This is your essential update on the forces shaping what's next in money.

More on stories and articles discussed or referenced in this episode:

Aguado, Jesús. "Santander's Digital Lender Openbank Launches Crypto Trading in Spain." Reuters, 11 November 2025, https://www.reuters.com/business/finance/santanders-digital-lender-openbank-launches-crypto-trading-spain-2025-11-11/.

Hollerith, David. "SoFi Rolls Out Crypto Trading for Retail Customers." Yahoo! Finance, 11 November 2025, https://finance.yahoo.com/news/sofi-rolls-out-crypto-trading-for-retail-customers-130019758.html.

Parashar, Arjun. "China Accuses U.S. of Stealing $13 Billion in Bitcoin." The Street, 11 November 2025, https://www.thestreet.com/crypto/policy/china-accuses-u-s-of-stealing-127k-bitcoin-in-crypto-hack.

"SoFi Bank Becomes the First and Only Nationally Chartered Bank to Launch Crypto Trading for Consumers." SoFi Technologies, 11 November 2025, https://www.businesswire.com/news/home/20251111406660/en/SoFi-Bank-Becomes-the-First-and-Only-Nationally-Chartered-Bank-to-Launch-Crypto-Trading-for-Consumers.

Turakhiya, Parshwa. "China Accuses US of $13 Billion Bitcoin 'State-Backed Crypto Heist'." Benzinga, 11 November 2025, https://finance.yahoo.com/news/china-accuses-us-13-billion-193107770.html.

Weiss, Ben. "Exclusive: Coinbase and Stablecoin Startup BVNK Call Off $2 Billion Acquisition." Fortune, 11 November 2025, https://fortune.com/2025/11/11/coinbase-bvnk-2-billion-deal-falls-through-stablecoins/.

The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti.

A new Senate draft bill is making its way through Washington, proposing a new framework that would grant the CFTC clear authority over digital commodities (1:10). The Treasury and IRS have just released new rules allowing traditional financial products like ETPs to offer staking rewards to investors (2:47). Cryptocurrency was allegedly used to pay an Israeli citizen for espionage activities on behalf of Iran (4:34). And finally, Bitcoin mining and AI data centers in Texas are creating a massive strain on the state's energy grid and water resources during a drought (6:12).

This is your essential update on the forces shaping what's next in money.

More on stories and articles discussed or referenced in this episode:

Bernd, Candice. "Crypto's Cryptic Texas Takeover." The Texas Observer, 10 November 2025, https://www.texasobserver.org/crypto-energy-grid-texas-bitcoin-water/.

De, Nikhilesh and Jesse Hamilton. "Senate Ag Releases Long-Awaited Version of Crypto Market Structure Legislation." CoinDesk, 10 November 2025, https://www.coindesk.com/policy/2025/11/10/senate-ag-releases-long-awaited-version-of-crypto-market-structure-legislation.

Goodman, Jasper and Declan Harty. "Senate Ag Releases Long-Awaited Crypto Bill Draft." Politico, 10 November 2025, https://www.politico.com/live-updates/2025/11/10/congress/senate-ag-releases-long-awaited-crypto-market-structure-draft-00641759.

"Israel Arrests Man Allegedly Paid in Crypto to Spy for Iran – Media." Iran International, 10 November 2025, https://www.iranintl.com/en/202511100330.

Lutz, Sander. "Ethereum, Solana ETFs Get Green Light for Staking via US Treasury, IRS Crypto Fund Guidance." Decrypt, 10 November 2025, https://decrypt.co/348044/ethereum-solana-etfs-green-light-staking-us-treasury-irs-guidance.

Parashar, Arjun. "US Treasury, IRS Clear Crypto ETPs to Stake and Share Rewards." The Street, 10 November 2025, https://www.thestreet.com/crypto/policy/us-treasury-irs-clear-crypto-etps-to-stake-and-share-rewards.

The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti.

A Spanish influencer-turned-investment guru is accused of orchestrating a sprawling, multi-country scheme dressed up as luxury asset investing (1:25). A high-stakes case over a $25M Ethereum trade ends without a verdict, leaving the legality of sophisticated on-chain strategies as murky as ever (3:11). Two chilling cases involving Russian crypto millionaires see extravagant lifestyles intersect with deadly violence (4:42). And new financial rules in the UK have forced the hardware wallet maker Ledger to block educational pages on its own website, as banks and a new digital ID system ramp up financial surveillance (6:46).

This is your essential update on the forces shaping what's next in money.

More on stories and articles discussed or referenced in this episode:

Comben, Christina. "Ledger Pages Blocked as UK's Crypto Crackdown Hits Education, Advertising, Banking." CryptoSlate, 9 November 2025, https://cryptoslate.com/ledger-pages-blocked-as-uks-crypto-crackdown-hits-education-advertising-banking/.

"Mastermind Behind $300M Crypto Pyramid Scheme Arrested in Spain." Protos, 7 November 2025, https://protos.com/mastermind-behind-300m-crypto-pyramid-scheme-arrested-in-spain/.

Pearl, Mike. "Crypto Bros' Mistrial Was Such an 'Emotional Burden' for Deadlocked Jurors That 'Half' of Them Cried." Gizmodo, 8 November 2025, https://gizmodo.com/crypto-bros-mistrial-was-such-an-emotional-burden-for-deadlocked-jurors-that-half-of-them-cried-2000682333.

Raymond, Nate. "Mistrial Declared for MIT-Educated Brothers Accused of $25 Million Cryptocurrency Heist." Reuters, 7 November 2025, https://www.reuters.com/legal/government/mistrial-declared-mit-educated-brothers-accused-25-million-cryptocurrency-heist-2025-11-08/.

Rodrigues, Francisco. "Spain's Civil Guard Arrests Alleged Leader of 260M Euro Crypto-Linked Ponzi Scheme." CoinDesk, 9 November 2025, https://www.coindesk.com/business/2025/11/09/spain-s-civil-guard-arrests-alleged-leader-of-260m-euro-crypto-linked-ponzi-scheme.

Stewart, Will and Hannah Broughton. "Crypto Millionaire Dies in Supercar Crash After Being Blacklisted by Banks." The Daily Express, 9 November 2025, https://www.the-express.com/news/world-news/190016/russian-crypto-millionaire-russia-putin-Lamborghini.

"What Happened to Roman and Ana Novak? Russian Crypto Millionaire, Wife Found Dismembered in Dubai." The Week, 9 November 2025, https://www.theweek.in/news/middle-east/2025/11/09/what-happened-to-roman-and-ana-novak-russian-crypto-millionaire-wife-found-dismembered-in-dubai.html.

The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti.

Samourai Wallet's co-founder gets sentenced, and his case has big implications for privacy-focused developers (0:59). Fresh data shows hedge funds pushing deeper into crypto (2:39). South Korea and the U.S. target North Korea's state-backed hackers (4:16). And in Argentina, Binance and Buenos Aires launch an education-driven push for safer adoption against a backdrop of inflation and meme coin fallout (5:44).

This is your essential update on the forces shaping what's next in money.

More on stories and articles discussed or referenced in this episode:

Di Salvo, Mat. "Binance, Buenos Aires to Encourage Sensible Crypto Adoption—But What About Meme Coins?" Decrypt, 6 November 2025, https://decrypt.co/347691/binance-buenos-aires-encourage-crypto-adoption-meme-coins.

Howcroft, Elizabeth. "More Than Half of Hedge Funds Invested in Crypto, Global Survey Says." Reuters, 6 November 2025, https://www.reuters.com/business/more-than-half-hedge-funds-invested-crypto-global-survey-says-2025-11-06/.

Morris, David Z. "Keonne Rodriguez Sentenced to 5 Years in Prison, $250,000 Fine." The Rage, 6 November 2025, https://www.therage.co/keonne-rodriguez-samourai-sentenced/.

Wynn, Sarah. "Samourai Wallet's Keonne Rodriguez Sentenced to Maximum Five-Year Term Over Crypto Mixing Service." 6 November 2025, https://www.theblock.co/post/377937/samourai-wallet-keonne-rodriguez-sentenced-maximum-five-year-term-crypto-mixing-service.

Yoon-Seung, Kang. "Seoul Open to Reviewing Sanctions on N. Korea Over Cryptocurrency Theft If Needed: Official." Yonhap News Agency (South Korea), 6 November 2025, https://en.yna.co.kr/view/AEN20251106011500320.

The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti.

Ottawa is laying down strict new ground rules for value-stabilized crypto assets to modernize Canadian finance (1:02). We also look at the US President's digital currency venture, which is branching out to the Solana network to capture a larger slice of the decentralized finance market (2:45). Plus, Tether is partnering with a Vietnamese coastal city to pilot new distributed ledger infrastructure (4:26), and we explore how standard stock market indices are migrating on-chain (6:14).

This is your essential update on the forces shaping what's next in money.

More on stories and articles discussed or referenced in this episode:

Sandor, Krisztian. "Dinari Taps Chainlink to Tokenize S&P DJI's Upcoming Crypto Market Index." CoinDesk, 5 November 2025, https://www.coindesk.com/business/2025/11/04/dinari-taps-chainlink-to-tokenize-s-and-p-dji-s-upcoming-crypto-market-index.

Shittu, Hassan. "Trump's Crypto Project Taps Bonk and Raydium in a High-Stakes Bid to 'Rebuild' Solana." Cryptonews, 5 November 2025, https://cryptonews.com/news/trump-crypto-project-bonk-raydium-solana-comeback/.

Spirkovski, Zoran. "Tether Signs Partnership with Da Nang amid Vietnam's Conflicting Crypto Laws." Coinspeaker, 5 November 2025, https://www.coinspeaker.com/tether-signs-partnership-da-nang-amid-vietnams-conflicting-crypto-laws/.

Watson, R.T. "Chainlink and Dinari Bringing S&P Crypto Stock Index Onchain." The Block, 5 November 2025, https://www.theblock.co/post/377812/chainlink-and-dinari-bringing-sp-crypto-stock-index-onchain.

Zimonjic, Peter. "Budget Promises to Introduce Framework for Canadian Dollar-Backed Cryptocurrency." CBC News, 5 November 2025, https://www.cbc.ca/news/politics/government-crypto-currency-framework-9.6966615.

The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti.

An international sting takes apart a sprawling investment scam across Europe (1:15); Washington turns the screws on Pyongyang's wallet with fresh sanctions aimed at its crypto-fueled cyber crews (3:02); DeFi's breakneck expansion collides with a relentless wave of exploits, and even blue-chip protocols aren't spared (4:38); and Japan lights up as traders pile in ahead of friendlier rules and new exchange tie-ups (6:30).

This is your essential update on the forces shaping what's next in money.

More on stories and articles discussed or referenced in this episode:

Asgari, Nikou. "Crypto's 'Decentralised Finance' Sector at Risk of Attack, Warns Chainalysis." The Financial Times, 4 November 2025, https://www.ft.com/content/70faf2ae-8279-49cd-97c1-20654d935be8.

Bridge, Anton and Rae Wee. "Analysis-Japan's Crypto Players Jostle for Market Share on Regulatory Easing Hopes." Reuters, 4 November 2025, https://www.reuters.com/business/finance/japans-crypto-players-jostle-market-share-regulatory-easing-hopes-2025-11-04/.

"Decisive Actions Against Cryptocurrency Scammers Earning Over EUR 600 million." European Union Agency for Criminal Justice Cooperation (Eurojust), 4 November 2025, https://www.eurojust.europa.eu/news/decisive-actions-against-cryptocurrency-scammers-earning-over-eur-600-million.

"Europe-Wide Crackdown Targets Crypto Fraud, 600M Euros Stolen." Organized Crime and Corruption Reporting Project, 4 November 2025, https://www.occrp.org/en/news/europe-wide-crackdown-targets-crypto-fraud-600m-euros-stolen.

Lakshmanan, Ravie. "Europol and Eurojust Dismantle €600 Million Crypto Fraud Network in Global Sweep." The Hacker News, 4 November 2025, https://thehackernews.com/2025/11/europol-and-eurojust-dismantle-600.html.

Morton, Joseph. "Chainalysis CEO Warns DeFi Platforms Face Growing Security Risks." Mugglehead Magazine, 4 November 2025, https://mugglehead.com/chainalysis-ceo-warns-defi-platforms-face-growing-security-risks/.

"Treasury Sanctions DPRK Bankers and Institutions Involved in Laundering Cybercrime Proceeds and IT Worker Funds." U.S. Department of the Treasury, 4 November 2025, https://home.treasury.gov/news/press-releases/sb0302.

Zimmerman, Micah. "North Korean Hackers Stole Over $3 Billion in Crypto, U.S. Sanctions Bankers and IT Firms." Bitcoin Magazine, 4 November 2025, https://bitcoinmagazine.com/news/north-korea-stole-over-3-billion-in-crypto.

The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti.

The crypto industry grapples with the implications of Changpeng Zhao's presidential pardon and what a U.S. return for Binance means for competitors like Coinbase (1:18). Operation Catalyst, a joint INTERPOL-AFRIPOL crackdown, traces $260 million in crypto to terror cells across Africa (2:47). Ripple makes another acquisition, buying wallet provider Palisade to strengthen its institutional custody and payments infrastructure (4:38). And Hong Kong announces plans to ease restrictions and connect local crypto traders with international order books (6:23).

This is your essential update on the forces shaping what's next in money.

More on stories and articles discussed or referenced in this episode:

Khalili, Joel. "Trump's CZ Pardon Has the Crypto World Bracing for Impact." Wired, 3 November 2025, https://www.wired.com/story/trumps-cz-pardon-has-the-crypto-world-bracing-for-impact/.

Rossi, Emanuele. "INTERPOL Uncovers Africa's Crypto-Terror Network." Decode 39, 3 November 2025, https://decode39.com/12264/interpol-uncovers-africas-crypto-terror-network/.

Sandor, Krisztian. "Ripple Acquires Crypto Wallet Firm Palisade to Expand Institutional Payments Business." CoinDesk, 3 November 2025, https://www.coindesk.com/business/2025/11/03/ripple-acquires-crypto-wallet-firm-palisade-to-expand-institutional-payments-business.

Watson, R.T. "Ripple's Crypto Investments Hit $4 Billion with Acquisition of Wallet Tech Firm Palisade." The Block, 3 November 2025, https://www.theblock.co/post/377368/ripples-crypto-investments-hit-4-billion-with-acquisition-of-wallet-tech-firm-palisade.

Wong, Kiuyan. "Hong Kong to Allow Crypto Exchanges to Tap Global Capital Pools." Bloomberg, 2 November 2025, https://www.bloomberg.com/news/articles/2025-11-03/hong-kong-to-allow-crypto-exchanges-to-tap-global-capital-pools.

The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti.