July 23rd, 2025

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