Matt and Nic are back with another week of news and deals. In this episode: 

• Ryan Salame pleads guilty
• Our thoughts on the latest turn of the Bitcoin security budget debate
• What are the prospects for fees to develop on Bitcoin long term?
• Is blockcspace a race to the bottom?
• Visa adds merchant settlement tools for USDC on Solana
• The significance of Visa’s move toward merchant settlement with stablecoins
• CBOE files for spot Ether ETFs
• We reflect on El Salvador’s Bitcoin law
• The FASB moves to fair value accounting for Bitcoin
• Greenpeace files a comment letter on the GlobalX Bitcoin trust
• Are the ESG tides turning for Bitcoin mining?
• Has El Salvador's Bitcoin project been a failure? 

Sponsor notes: 

• Coin Metrics STATE OF THE NETWORK — Evaluating the Market Quality of DeFi collateral
• In Coin Metrics State of the Network Issue 223, we explore predominant collateral types in DeFi lending protocols and evaluate their liquidity & volatility characteristics to determine their desirability as collateral