Coffee & Crypto with Lee & Jimmie

Lee and Jimmie discuss President Trump's crypto profits and how he's investing them, a potential sale of PayPal, a new stablecoin project with big name participants, Circle's full trust charter approval, Swift's tokenized deposit program, DTCC's tokenization project goes live, Robinhood's new blockchain, leadership changes at Coinbase, and the demise of the SEC's trade through rule.   📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie  📌 Hosts on X (formerly Twitter): Lee Reiners → @leereiners Jimmie Lenz → @jimmie_lenz 🔗 Related Links: Trump invested crypto gains in stocks and bonds, filings show | Reuters PayPal Receives $53 Billion Takeover Offer Involving Stripe - The New York Times Coinbase, Visa, Stripe and More Back New Open USD Stablecoin in Challenge to Circle and Tether - Unchained Circle Wins Final Federal Approval for Its National Trust Bank, Starting With Custody - Unchained Swift Launches Blockchain Ledger as 17 Banks Prepare to Pilot Tokenized Deposit Payments - Unchained DTCC Begins Limited Tokenized-Asset Trades With JPMorgan, BlackRock and Goldman Cobie Takes Charge of Coinbase's Base App - Unchained Robinhood Accelerates Global Expansion with Robinhood Chain Mainnet, Stock Tokens, Agentic Trading and New Suite of DeFi Products With SEC fight over, Coinbase's top legal exec Grewal moves on, and others reassigned SEC.gov | SEC Proposes Rescission of Regulation NMS Rules 611 and 610(e) Battle over blockchain stock ownership is heading to Washington regulators

Lee and Jimmie reflect on the $2.3 billion Donald Trump and his family have made off of crypto, CME suing the CFTC over perps, Sam Bankman-Fried losing his appeal, and a suite of new product offerings from Coinbase.    📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie  📌 Hosts on X (formerly Twitter): Lee Reiners → @leereiners Jimmie Lenz → @jimmie_lenz 🔗 Related Links: Under the Trump crypto playbook, the family always wins. Investors don't | Reuters UFC to pay White House fighters in crypto issued by Trump company | Trump administration | The Guardian CME chief executive says company plans to sue CFTC after perpetual futures approval Sam Bankman-Fried Loses Appeal of His FTX Fraud Conviction as Second Circuit Rejects Unfair-Trial Claims - Unchained Gallego and Lummis Introduce Resolution Disapproving of Any Sam Bankman-Fried Pardon Coinbase Enters the Tokenized Stock Race With 1:1-Backed Onchain Shares as Part of a Sweeping 'Everything Exchange' Push - Unchained

Lee and Jimmie preview the SpaceX IPO before discussing a vulnerability in Zcash, big banks' plans for tokenized deposits, MoneyGram's new stablecoin, and two new research papers from the BIS and Federal Reserve that challenge industry narratives around stablecoins. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie  📌 Hosts on X (formerly Twitter): Lee Reiners → @leereiners Jimmie Lenz → @jimmie_lenz 🔗 Related Links: AI-Assisted Audit Uncovers Critical Zcash Orchard Vulnerability That Could Have Minted Unlimited Counterfeit ZEC - Unchained Exclusive | JPMorgan, Citi and Big Banks Plan New Tokenized Deposit System to Answer Crypto - WSJ Exclusive: MoneyGram Launches Dollar-Pegged Stablecoin work1359.pdf 2026037pap.pdf

Lee and Jimmie do a deep dive into perpetual futures, including the CFTC's recent approval to allow Bitcoin perpetual futures in the U.S.   📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie    📌 Hosts on X (formerly Twitter):   • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz   🔗 Related Links: What American crypto asset perpetuals mean for the future of crypto 2026-11020.pdf (SECURED) https://youtu.be/xvTFNusTE9M?si=RNkn0qDmLvbyHi4e This Crypto-Trading Platform Is Emerging as Wall Street's Convenience Store - WSJ https://www.linkedin.com/posts/danspuller_hyperliquid-share-7466158899289600000-apiH/?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAMoOsABNT6ceKXKNKUvhX8NBIOaRpdToQc

Lee and Jimmie discuss problems with prediction markets and regulatory capture at the CFTC, the BIS's project to improve cross-border payments, debates in Europe over how to address stablecoin dollarization,  Prometheum's efforts to distribute tokenized securities through broker-dealers and RIAs, and SoFi's new stablecoin. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie  📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz 🔗 Related Links: How Prediction Markets and Crypto Firms Steamrolled a Watchdog Agency - The New York Times Press release: Project Agorá shows how tokenisation can improve wholesale cross-border payments; work will advance to real-value testing ECB rebuffs proposals to boost euro stablecoins as too risky | Reuters Prometheum says tokenized securities need Wall Street distribution to scale SoFi Technologies, Inc. (SOFI) - SoFiUSD Becomes the First Stablecoin Issued by a US National Bank to Launch on a Banking Platform

Lee and Jimmie discuss President Trump's Executive Order on FinTech, the Fed's proposed Payment Account, new data on crypto adoption, the SEC's planned tokenization exemption, and SEC Commissioner Hester Peirce's pending departure. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie  📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz 🔗 Related Links: Integrating Financial Technology Innovation into Regulatory Frameworks – The White House Federal Reserve Board - Federal Reserve Board requests public comment on a proposal to establish a "payment account," which legally eligible financial institutions could use for the specific purpose of clearing and settling their payments Why the OCC's Stablecoin Charter Push Is Illegal, Dangerous, and Likely to End in Bailouts – The FinReg Blog  SEC Said to Ready Plan for Trading Crypto Versions of Stocks (1) SEC's Hester Peirce to Leave Regulator for Regent University Law Faculty Role - Bloomberg

Lee and Jimmie discuss the Clarity Act's passage out of the Senate Banking Committee, tokenized repo, DTCC's tokenization service, Paul Atkins' views on on-chain markets, and Coinbase partnering with Hyperliquid. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie  📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz 🔗 Related Links: Clarity Act clears U.S. Senate committee, on its way to a final test in Congress JPMorgan, Wall Street Use Blockchain in $13 Trillion Repo Market - Bloomberg DTCC Advances DTC Tokenization Service; 50+ Firms Join | DTCC SEC.gov | Remarks at the Special Competitive Studies Project AI+ Expo Coinbase and Hyperliquid: Aligning Markets on Hyperliquid to USDC

Lee and Jimmie discuss the failure of a crypto custodian with ties to DA@D, the potential return of crypto skeptic Sherrod Brown to the U.S. Senate, what's next for the crypto market structure bill, and the potential for NFTs to prove identity in agentic payments. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie  📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz 🔗 Related Links: Kraken's parent company Payward alleges $25 million crypto custody fraud in lawsuit against Etana and firm's CEO After crypto helped oust him, Sherrod Brown changes his tune A Model Built to Mislead: Why the CEA's Stablecoin Analysis was Rigged - Americans for Financial Reform Sen. Gillibrand: No crypto bill without ethics provision amid President Trump's ties through memecoins, World Liberty | The Block Is $WLFI an Unregistered Security? – The FinReg Blog Reid Hoffman says NFTs may make a comeback as AI agents strain online identity

Lee and Jimmie discuss a new Senate compromise on stablecoin rewards, the debate around whether stablecoin issuers should unilaterally freeze wallets tied to illicit activities, an SEC staff statement exempting DeFi front-ends from broker-dealer registration, and the myriad issues surrounding event contracts and prediction markets. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie  📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz 🔗 Related Links: Clarity Act text lets crypto firms offer stablecoin rewards while shielding bank yield Circle won't freeze stolen crypto. Tether will. Now what? | American Banker SEC Staff Exempt Certain Crypto Wallet Interfaces From Broker-Dealer Registration Requirements - Unchained Senate Bans Prediction Markets for Its Members and Staff - The New York Times Why Almost Everyone Loses—Except a Few Sharks—on Prediction Markets - WSJ

Lee and Jimmie discuss the latest North Korean DeFi hack and follow-on impacts to DeFi lending protocols, Justin Sun suing World Liberty Financial, findings from Coinbase's quantum advisory council, analysis on community bank crypto-related deposit outflow, and Charles Schwab getting into crypto. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie  📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz   🔗 Related Links: World Liberty Financial Proposes Burning 4.5 Billion Insider Tokens in 62-Billion Token Vesting Overhaul - Unchained Crypto Hack Sparks $9 Billion Outflows From Top DeFi Lender - Bloomberg Hackers Behind $300 Million Crypto Theft Now Laundering Loot - Bloomberg Eric Trump and WLFI Co-Founder Push Back on Justin Sun's Lawsuit, Calling Claims 'Meritless' - Unchained Coinbase Quantum Advisory Council Publishes Position Paper on Quantum Computing and Blockchain New KlariVis Analysis: 9 in 10 Community Banks Have Active Deposit Pathways to Coinbase | Morningstar Charles Schwab Announces Details of Spot Crypto Trading Launch | Charles Schwab

Lee and Jimmie discuss the recent shenanigans at World Liberty Financial, the Drift protocol hack, extortion at Kraken, the FBI's most recent internet crime report, and new crypto ETF offerings from Morgan Stanley and Goldman Sachs. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie   📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz 🔗 Related Links: World Liberty Financial Proposes Burning 4.5 Billion Insider Tokens in 62-Billion Token Vesting Overhaul - Unchained Trump-Linked World Liberty Project Faces Investor Revolt - Bloomberg Drift says $270 million exploit was a six-month North Korean intelligence operation Kraken Says Criminal Group Claims Access to Some Customer Data - Bloomberg 2025_IC3Report.pdf Morgan Stanley's MSBT Debuts as the Cheapest Spot Bitcoin ETF, Logs $34 Million on Day One - Unchained Goldman Sachs Files Preliminary Prospectus for Bitcoin Premium Income ETF - Unchained

Lee and Jimmie discuss Satoshi's true identity, Iran's use of crypto, Trump accounts, new White House analysis on stablecoin deposit flight, and Franklin Templeton's new crypto unit. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie  📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz   🔗 Related Links: Who Is Satoshi Nakamoto? My Quest to Unmask Bitcoin's Creator - The New York Times Adam Back Denies He Is Satoshi Nakamoto in Response to Times Investigation - The New York Times Iran's crypto tanker tolls are the latest step in its sanctions‑busting trade network Treasury Department Designates BNY as Financial Agent to Support New Trump Accounts Program | U.S. Department of the Treasury Effects of Stablecoin Yield Prohibition on Bank Lending – The White House Post | LinkedIn Franklin Templeton Forms Dedicated Crypto Division With 250 Digital Acquisition - Unchained

Lee and Jimmie discuss crypto vaults, the Department of Labor's proposed rule to open 401(K)s to alternative assets, and Tether's pending audit. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie  📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz 🔗 Related Links: sec-cftc-harmonization-initiative-written-input-veda-tech-labs-inc-032326.pdf US Department of Labor proposes landmark rule to democratize access to alternative investments in 401(k) plans | U.S. Department of Labor\ Tether hires KPMG as auditor ahead of US expansion

Lee and Jimmie discuss a new BIS paper that explains why blockchains are structurally prone to fragmentation, a new mandate from the Ethereum Foundation, the ECB's new tokenization roadmap, a new crypto-backed GSE conforming mortgage product, and Larry Fink's annual letter to shareholders. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie  📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz   🔗 Related Links: Tokenomics and blockchain fragmentation Ethereum news (ETH): Foundation publishes mandate defining its role, core principles ECB unveils tokenized finance roadmap as Europe pushes to reduce reliance on foreign infrastructure Better and Coinbase Launch the First Token-Backed, Conforming Mortgage Larry Fink's 2026 Chairman's Letter to Investors | BlackRock

Lee and Jimmie discuss the SEC's new token classification guidance, SEC approval of NASDAQ and DTC's tokenization pilot, institutional resistance to tokenization, and Mastercard's acquisition of BVNK. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie  📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz  🔗 Related Links: SEC.gov | SEC Clarifies the Application of Federal Securities Laws to Crypto Assets https://www.linkedin.com/posts/leereiners_microsoft-word-statement-for-secs-crypto-activity-7440494310250172416-9BFG?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAMoOsABNT6ceKXKNKUvhX8NBIOaRpdToQc SEC Approves Nasdaq Framework for Tokenized Securities Trading | Find Know Do Wall Street pushes tokenized stocks, but institutions aren't eager to trade them Mastercard to Acquire BVNK to Connect On-Chain Payments and Fiat Rails

Lee and Jimmie discuss new bank regulatory guidance on the capital treatment of tokenized securities, a new era of cooperation between the SEC and CFTC, a new Treasury report on illicit activity and crypto, the DoJ looking into Iran's use of Binance, and a new report co-authored by Lee that analyzes the anticompetitive impact of Trump's stablecoin – USD1. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie  📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz  🔗 Related Links: Federal banking agencies issue guidance on capital treatment of tokenized securities | Davis Polk SEC.gov | SEC and CFTC Announce Historic Memorandum of Understanding Between Agencies Treasury tells Congress mixers have valid privacy uses, recommends 'hold law' for suspicious crypto | The Block Exclusive | DOJ Probes Iran's Use of Binance to Evade Sanctions - WSJ HOW POLITICAL INFLUENCE PROPELLED THE TRUMP FAMILY'S CRYPTO EMPIRE TO THE TOP AND DISRUPTED MARKETS

Lee and Jimmie discuss President Trump weighing in on the stablecoin yield debate, Kraken receiving a Federal Reserve master account, the OCC's final rule on trust bank chartering, Morgan Stanley applying for a national trust bank charter, and a pending token taxonomy proposal from the SEC. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz  🔗 Related Links: Trump sides with crypto in battle with banks over stablecoin yield Kraken Becomes First Crypto Firm to Win Access to Fed's Core Payments System - WSJ BPI Statement on Kraken Master Account - Bank Policy Institute ICBA Raises Deep Concerns with Master Account Approval for Kraken Financial - ICBA.org Kraken Limited Purpose Master Account Access Statement | American Bankers Association ICBA Expresses Concerns with OCC National Trust Bank Chartering Final Rule - ICBA.org Morgan Stanley brings trust charter pursuit into the mainstream Crypto, Prediction Markets Move Closer to Formal Oversight With New US Proposals - Bloomberg  

Lee and Jimmie discuss the OCC's proposed stablecoin rule, Meta's stablecoin plans, new data on stablecoin transactions, WisdomTree's 24/7 trading and instant settlement of a tokenized money market fund, and Coinbase offering stock trading. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz  🔗 Related Links: OCC Lays Out Framework for Regulated Stablecoins Under GENIUS Act - Decrypt Mark Zuckerberg's Meta is planning stablecoin comeback in the second half amid U.S. regulatory shift Stablecoins in payments: What the raw transaction numbers miss | McKinsey WisdomTree To Launch 24/7 Trading and Instant Settlement for Tokenized Money Market Fund Shares ic-35968.pdf Coinbase partners with Yahoo Finance as it opens stock trading to all US users | The Block

Lee and Jimmie discuss new SEC guidance on how broker-dealers should treat stablecoins under the net capital rule, the battle over "skinny" master accounts, NCUA's proposed rule for stablecoin applicants, and the battle over who regulates prediction markets. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz 🔗 Related Links: The SEC's "2% Haircut" On Stablecoins Is A Bigger Deal Than It Sounds Banks Demand Delays as Crypto Firms Push for Fed Payment Access - Bloomberg NCUA Proposes Rule for Permitted Payment Stablecoin Issuer Applications | NCUA States Encroach on Prediction Markets - WSJ Prediction Market ETFs - by Joe Saluzzi Trump Family Crypto Bash Convenes Wall Street's New Believers - Bloomberg

Lee and Jimmie recap the Digital Assets at Duke conference before discussing BlockFills halting customer redemptions, stablecoins' demand for Treasuries, securitizing bitcoin-backed loans, BlackRock's partnership with Uniswap, the CFTC's no-action relief for stablecoin margin collateral, and Coinbase's new wallet for AI agents 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz 🔗 Related Links: BlockFills Halts Withdrawals as Market Stress Spreads - Unchained A Winter for Stablecoins Would Signal Crypto Deep Freeze - WSJ Crypto's battle with the banks is splitting Trump's base Uniswap Labs and Securitize Partner to Unlock DeFi Liquidity for BlackRock's BUIDL CFTC Staff Expands No-Action Relief for Stablecoin Margin Collateral | Find Know Do Coinbase rolls out AI tool to 'give any agent a wallet' | The Block

Lee and Jimmie preview the upcoming Digital Assets at Duke conference; Kevin Warsh's nomination to be the next Fed Chair; the SEC's new tokenization guidance; the SEC-CFTC harmonization event; Tether's new USAT stablecoin and massive gold holdings; and the rise of crypto vaults. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz  🔗 Related Links: www.digitalassetsatduke.org SEC.gov | Statement on Tokenized Securities Exclusive | Trump Regulators Say They Are Ready to Lay Out Crypto Rules to Foster Growth - WSJ Crypto bill clears U.S. Senate milestone despite Democrat opposition Tether Announces the Launch of USA₮, the Federally Regulated, Dollar-Backed Stablecoin, Made in America - Tether.io Crypto Giant Tether's Gold Hoard in a Swiss Bunker Is Jolting Markets - Bloomberg Fidelity to launch dollar-backed stablecoin FIDD on Ethereum in coming weeks | The Block Crypto's 'Safe' Yield Trade Hits $6 Billion After 2022 Blowups - Bloomberg

Lee and Jimmie discuss the diminishing prospects for a crypto market structure bill, CFTC Chairman Mike Selig's agenda, BitGo's IPO, and NYSE's tokenization announcement. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz  🔗 Related Links: US Senate Crypto Bill Heads to Markup Without Democrat Support Crypto Bill Delayed as Senate Panel Pivots to Trump Housing Push - Bloomberg CFTC Sets Out Plan to Future-Proof Crypto, Prediction Markets CFTC Chair Selig unveils innovation committee as agency weighs crypto, prediction markets | The Block BitGo Pops 25% in NYSE Debut, a Sign Crypto IPO Fever Is Back - WSJ NYSE to Launch 24/7 Trading Platform for Blockchain-Based Securities - WSJ Stablecoin News: Minnesota Credit Union With $400M Assets to Launch Token with Metallicus, DaLand The NYSE's big tokenization plan is vaporware dressed up as innovation  

Lee and Jimmie discuss Coinbase's decision to nuke the crypto market structure markup, Tether's use in Venezuela, and Tether freezing $182M in USDT on Tron. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz  🔗 Related Links: Senate Banking Committee lawmakers say crypto bill is 'closer than ever' despite setbacks | The Block Maduro's Crypto-Backed Oil Deals Put Tether at Center of Venezuela Money Drama - WSJ Tether freezes $182M in USDT across five Tron wallets

Lee and Jimmie discuss next week's planned markup of a crypto market structure bill in the US Senate, the ongoing fight over stablecoin "rewards", Moody's bullish view on stablecoins, JPM Coin moves to Canton, Wyoming's new stablecoin, World Liberty Financial's national trust bank application, Citadel pushing back on DeFi exemptions, and DTCC's no-action letter from the SEC to enable tokenization. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz  🔗 Related Links: Bankers Urge Senate To Ban Stablecoin Yield Payments - Law360 Stablecoins become core market plumbing in Moody's 2026 outlook — TradingView News JPMorgan brings JPM Coin to Canton, its second extension after launching on Base | The Block News Release: 01-07-2026 | Governor Mark Gordon Trump-linked World Liberty Financial applies for federal bank charter ctf-written-citadel-securities-def-response-ltr-12-31-2025.pdf DTCC Obtains No-Action Letter From SEC's Division of Trading and Markets Allowing New Securities Tokenization Service | News | Cleary Gottlieb

Lee and Jimmie reveal their naughty and nice lists for the past year in crypto. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz  🔗 Related Links: TerraUSD creator Do Kwon sentenced to 15 years over $40 billion crypto collapse | Reuters J.P. Morgan arranges landmark U.S. Commercial Paper issuance on Solana Public Blockchain for Galaxy Digital Holdings LP Harvard's Big Wager on Bitcoin Came Right Before the Bust - WSJ Exclusive | JPMorgan Steps Further Into Crypto With Tokenized Money Fund - WSJ  

Lee and Jimmie discuss big crypto moves by Bank of America and Vanguard, the potential for MSCI to exclude digital asset treasury companies from their indices, a new paper on tokenized money market funds from the BIS, and a new pilot from the CFTC on allowing digital asset collateral in derivatives transactions. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz  🔗 Related Links: Bank of America says its wealth management clients may put up to 4% of their portfolio in crypto Vanguard Relents on Crypto ETFs, Will Allow Them on Its Platform - Bloomberg MSCI-Letter-12.3.25.pdf S&P downgrades Tether's assets to lowest level bisbull115.pdf Acting Chairman Pham Announces Launch of Digital Assets Pilot Program for Tokenized Collateral in Derivatives Markets | CFTC

Lee and Jimmie discuss the use of leverage in crypto markets, S&P's Tether downgrade, the CFTC's announcement of spot crypto trading on U.S. regulated exchanges, and Chair Atkins' speech at the NYSE. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz   🔗 Related Links: Digital Assets Sentiment Survey Leverage is crypto trading's faultline S&P downgrades Tether's assets to lowest level Acting Chairman Pham Announces First-Ever Listed Spot Crypto Trading on U.S. Regulated Exchanges | CFTC SEC.gov | Revitalizing America's Markets at 250

Lee and Jimmie break down the recently released S-1 filing from crypto asset manager Grayscale and explore what it means for the company's chances of going public. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz 🔗 Related Links: Grayscale S-1

Lee and Jimmie dive into the implications of stablecoin growth on U.S. monetary policy, unpack the potential fallout from a major settlement between credit card issuers and large merchants, explore the collapse of digital asset treasury companies, and explain the curious concept of the "DeFi mullet." 📺 Watch on YouTube 🎥 Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter) • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz 🔗 Related Links PDF: miran20251107a Visa and Mastercard Near Deal With Merchants That Would Change Rewards Landscape – WSJ The Year's Hottest Crypto Trade Is Crumbling – WSJ Coinbase Disrupts Bitcoin-Backed Lending – Decrypt Why Trump's team is betting on stablecoins

Lee and Jimmie debrief Jimmie's visit to Money 20/20 before diving into a flurry of stablecoin announcements. They also discuss the potential for FASB to recognize stablecoins as cash equivalents in financial statements and Fed Governor Waller's idea for a "skinny" master account for payment companies. 📺 Watch on YouTube 🎥 Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter) Lee Reiners → @leereiners Jimmie Lenz → @jimmie_lenz 🔗 Related Links Big Banks Enter Stablecoin Era by Taking Zelle International – WSJ Western Union Joins the Crypto Arms Race – WSJ Citi and Coinbase Boost Digital Asset Payment Capabilities Mastercard to Acquire Zerohash for Nearly $2B – Fortune Crypto Stablecoin Hype Fuels Crypto's Demands for Accounting Clarity Governor Waller's Remarks at the Payments Innovation Conference – Federal Reserve  

Lee and Jimmie discuss CZ's pardon, the impact of stablecoins on credit intermediation, and the October 10th crypto sell-off—and the lessons it offers for market structure and risk. — 📺 WATCH ON YOUTUBE: Coffee & Crypto With Lee & Jimmie – YouTube — 📌 HOSTS ON X: Lee Reiners → @leereiners Jimmie Lenz → @jimmie_lenz — 🔗 RELATED LINKS: • Exclusive Trump Pardons Convicted Binance Founder – WSJ • If DeFi is the Future of TradFi, What Did Friday Teach Us? – Cumberland DRW LLC • Binance Announces The $400 Million "Together Initiative" – Binance • The Coming Stablecoin Shock to America's Credit Markets • GENIUS at Work in the US Financial System  

Lee and Jimmie discuss Swift's plans for blockchain-based payments, Intercontinental Exchange's investment in Polymarket, the SEC's approval of generic listing standards for crypto ETPs, Grayscale's launch of ETH staking ETPs, a new crypto industry index from S&P, and controversy over trading volume on the DeFi exchange Aster.   Lee's X: @leereiners Jimmie's X: @jimmie_lenz   Register for Digital Assets at Duke: https://www.digitalassetsatduke.org/   Watch Coffee & Crypto on YouTube: Coffee & Crypto With Lee & Jimmie - YouTube   Related Links: Swift to add blockchain-based ledger to its infrastructure stack in groundbreaking move to accelerate and scale benefits of digital finance across more than 200 countries and territories worldwide | Swift NYSE Owner Intercontinental Exchange in Deal for $2 Billion Stake in Polymarket - WSJ SEC.gov | SEC Approves Generic Listing Standards for Commodity-Based Trust Shares Grayscale Enables Staking For First US Spot Crypto ETPs S&P Global to Launch Innovative Crypto Ecosystem Index, a New Way to Combine Cryptocurrencies and Crypto-Linked Equities - Oct 7, 2025 Aster Delisting Exposes DeFi's Growing Integrity Crisis

Lee and Jimmie discuss the use cases for tokenized funds, CFTC efforts to permit tokenized collateral, new data on consumer use of crypto for payments, Circle's push for reversible USDC transactions, a new stablecoin powered by Stripe, and Tether's potential $500 billion valuation. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Watch Coffee & Crypto on YouTube: Coffee & Crypto With Lee & Jimmie - YouTube     Related Links: The Emergence of Tokenized Investment Funds and Their Use Cases - Liberty Street Economics Acting Chairman Pham Launches Tokenized Collateral and Stablecoins Initiative | CFTC U.S. Consumers' Use of Cryptocurrency for Payments - Federal Reserve Bank of Kansas City Stablecoin issuer Circle examines 'reversible' transactions in departure for crypto Stablecoin News: Stripe, Paradigm Unveils Payments-Focused Blockchain Tempo Tether's $500 Billion Valuation Play: How It Got There (USDT) - Bloomberg

Lee and Jimmie conduct an in-depth analysis of the recent initial public offering and S-1 filing by the cryptocurrency exchange Gemini. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Watch the show on YouTube: Coffee & Crypto With Lee & Jimmie - YouTube Related Links: Gemini S-1 Filing (SEC)

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

Lee and Jimmie discuss Coinbase's partnership with the WNBA, the future of stablecoins, including Amazon and Walmart issuing their own stablecoin, the rise of "wrench attacks," crypto policy developments on Capitol Hill, and a potential Gemini IPO. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Related Links: WNBA: Coinbase renews the partnership with the New York Liberty How stablecoins are entering the financial mainstream Exclusive | Walmart and Amazon Are Exploring Issuing Their Own Stablecoins - WSJ Severed Fingers and 'Wrench Attacks' Rattle the Crypto Elite - WSJ Digital Assets Are One Step Closer to Regulatory Clarity – Hill, Thompson, Emmer Crypto IPO News: Billionaire Winklevoss Twins-Backed Crypto Exchange Gemini Files With SEC For Planned IPO

Lee and Jimmie discuss Circle's IPO, the SEC's dismissal of the Binance lawsuit, the latest on the crypto market structure bill, a new NFT-based ETF, Truth Social's BTC ETF, and controversy around a new $TRUMP wallet. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Related Links: Circle Stock Opens at $69, More Than Double IPO Price - WSJ SEC Dismisses Lawsuit Against Binance - WSJ Trump's Crypto Ties at Forefront as U.S. Lawmakers Weigh Crypto Market Structure Bill The most grimly inevitable ETF filing of 2025 Hearing Entitled: American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework | U.S. House Committee on Financial Services Trump's Truth Social Takes Next Step in Launching Spot Bitcoin (BTC) ETF

Lee and Jimmie discuss big banks exploring a joint stablecoin, the impact of stablecoins on Treasury yields, new guidance from the Department of Labor that opens the door for crypto in 401(K)s, more companies issuing debt and equity to buy bitcoin, VP Vance's remarks at Bitcoin 2025, and Hester Peirce's warning to the crypto community. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Related Links Exclusive | Big Banks Explore Venturing Into Crypto World Together With Joint Stablecoin - WSJ Stablecoins and safe asset prices Crypto in 401(k)s: Trump's Stance Spurs Optimism for Inclusion of Private Assets - Bloomberg When bitcoin is the business model, investors should beware JD Vance Vows to Champion the Crypto 'Movement' at Las Vegas Bitcoin Conference - WSJ 'Have Some Consistency': SEC's Peirce Tells Crypto Industry Not to Beg for Bailouts

Lee and Jimmie discuss Donald Trump's meme coin dinner, Senate progress on the GENIUS Act, Coinbase potentially acquiring Circle, Coinbase's data breach and SEC investigation into user numbers, and a new leader at the Blockchain Association. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Related Links: Trump's memecoin dinner ignites outrage in Washington: 'It all has a stench' - POLITICO What to know about the GENIUS Act, a crypto regulation bill - ABC News Circle pursues IPO—but sources say the company is also holding sales talks with Coinbase and Ripple | Fortune Coinbase Says Bribed Workers Leaked Data to Hacker Seeking $20M in Ransom - Bloomberg S.E.C. Investigating Whether Coinbase Misstated Its User Numbers - The New York Times Blockchain Association taps crypto-savvy CFTC commissioner as new CEO before midterm clock runs out – DL News

Lee and Jimmie discuss the Senate stablecoin drama, new guidance from the OCC on crypto custody, Coinbase's purchase of crypto options platform Deribit, a new Arizona law allowing the state to keep unclaimed crypto, and World Liberty Financial's stablecoin being used to fund a $2bn investment in Binance. Plus a few riffs on the new Pope and the Vatican's finances. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Related Links: Crypto Bill Stalls in the Senate as Democrats Balk - The New York Times OCC Clarifies Bank Authority to Engage in Crypto-Asset Custody and Execution Services | OCC Coinbase to Acquire Deribit: Becoming the Most Comprehensive Global Crypto Derivatives Platform Arizona governor signs law for state to keep unclaimed crypto World Liberty's USD1 Will Integrate With Tron; WLFI's Witkoff Teases More Partnerships The Vatican Financial Mess Pope Francis Couldn't Fix - WSJ

Lee and Jimmie discuss "controversy" over Base's memecoin, Coinbase offering BTC margin loans, the impact of stablecoins on the Treasury market, Paypal's new stablecoin partnership with Coinbase, and Ripple's unsolicited bid to buy Circle. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Related Links: Coinbase distances Base from highly criticized memecoin that dumped $15M Crypto-Backed Loans Interoperability of Blockchain Systems and the Future of Payments - Liberty Street Economics TBACCharge2Q22025.pdf SEC Ditches PayPal's PYUSD Probe, Removing Key Regulatory Hurdle for Its Stablecoin Coinbase and PayPal to advance stablecoin payments Coinbase waives fees on PayPal's stablecoin in crypto payments push | Reuters Ripple $4B-$5B bid to purchase Circle rejected — Report