Core Insights - The SEC is embracing innovations in financial markets, particularly in the area of tokenization and digital assets, which could enhance transparency and reduce risks in trading and settlement processes [5][10][19]. Market Evolution - Over the past 30 years, the U.S. capital markets have shifted from a floor-based trading system to a fully electronic system, significantly changing how transactions are conducted [2][4]. - Individual investors' ownership of public company capital has decreased, with a shift towards investment through vehicles like pension funds, ETFs, and mutual funds [3][4]. Tokenization - Tokenization involves using blockchain technology to represent underlying securities, which could lead to greater transparency and efficiency in ownership tracking and settlement processes [6][7]. - The potential for real-time settlement (T0) as opposed to the traditional T+1 could significantly reduce risks associated with the gap between trade execution and settlement [7][8]. Regulatory Framework - The SEC is working on a new taxonomy to clarify what constitutes a security, particularly in relation to tokenized assets, and plans to introduce an "innovation exemption" to allow companies to experiment within defined parameters [13][15]. - Recent legislation, such as the Genius Act for stablecoins, marks a significant step in recognizing digital products within the regulatory framework [16][17]. Collaboration with CFTC - The SEC aims to harmonize its regulations with the CFTC to create a more efficient marketplace, addressing historical discord between the two agencies [18][20]. - This collaboration is expected to enhance investor protection and facilitate innovation in financial products [19][20].

Joining us this morning with some thoughts, Bob Griffeld, managing partner at Cornerstone Financial Technology Management, of course, former CEO of NASDAQ. Bob, good to see you again. Thanks for joining us.>> Glad to be here. >> Sounds like you think this is kind of Nvidia's moving up the stack a little bit. >> Exactly.When you think about him talking about CPUs versus GPUs, we understand that CPUs were commoditized. So basically, I would state that over time hardware consistently has been commoditized. So ...

Market Overview - Major cryptocurrencies are experiencing slight increases as stock markets rise ahead of the Thanksgiving holiday [1] - Bitcoin rose by 0.8% to $87,800, Ether gained over 0.5% to $2,946, and Solana's Soul token increased by 0.75% to $137 [2] Legal Issues - Families of victims from the October 7th Hamas attacks are suing Binance, alleging the platform facilitated transactions for terrorist organizations [2][3] - The lawsuit claims Binance was designed as a criminal enterprise for global money laundering, with Binance stating it complies with international sanctions [3] Technological Developments - Swiss crypto bank Amina successfully completed a transaction using Google Cloud's ledger technology, showcasing the potential of distributed ledger technology in modernizing cross-border payments [5][6] - Robinhood is expanding its investment in prediction markets, having onboarded over 1 million customers and traded 9 billion contracts since launch [7][8] Market Sentiment and Predictions - The recent crypto sell-off began on October 10th, resulting in over $20 billion in liquidations, leading to a period of market digestion [9][17] - Current market indicators suggest that Bitcoin is near a low, with technical indicators like the RSI showing oversold levels [20] - The Federal Reserve is expected to cut rates in December, with an 80% chance priced in by traders, which could positively impact risk sentiment [10][20] Regulatory Developments - The passage of the Genius Act and ongoing discussions about crypto market structure legislation indicate a high priority for crypto regulation in the US [22][29] - Major institutions are showing interest in stable coins, with a prediction that the stable coin market could grow from $300 billion to potentially $1 trillion in the next year [30][32] Future Outlook - The stable coin industry is expected to see significant growth, with characteristics such as speed, cost-effectiveness, and global accessibility driving adoption [33][34] - The overall sentiment in the crypto market is currently low, but there is optimism for recovery and growth in early 2026 as institutional adoption continues [21][32]

point. Joining us now with more on the crypto market, John Dagasino, Coinbase head of institutional uh strategy. We've seen this uh this movie before.Um what was the biggest sell-off. We had we had a move from I think 65 down to 15,000, didn't we, at at one point with Bitcoin. >> Sure.I mean, so historically, Bitcoin has traded in these four-year cycles and so we saw 2014, 2018, 2022, uh material moves down 20,000 down to 3,000 at one point I think. >> Absolutely. Yeah.>> So it can lose 70 or 80% of its val ...

Market Trends & Investment Opportunities - Bitcoin ETFs have seen more inflows than the NASDAQ, indicating strong enthusiasm for digital asset exposure [2][3] - Penta Capital's first Bitcoin fund, launched in 2013, has yielded a 1500x return for investors [3] - Solana is currently Penta Capital's largest exposure, anticipating strong demand with the launch of the Solana ETF by Bitwise [4] - Bitwise's Solana ETF (ticker B SOL) achieved the highest day one volume of any ETF launch year-to-date and now holds over $400 million in assets [5] - Digital asset treasuries (DATs) are emerging as a new investment avenue, following MicroStrategy's strategy of accumulating Bitcoin or other tokens on their balance sheets [7] - Penta Capital launched its own digital asset treasury called Solana Company (ticker HSDT) [8] Stablecoin & Blockchain Adoption - Within 5 years, every financial application on phones will likely run on blockchain rails, with seamless translation between different stablecoins [12][13] - Western Union is launching a stablecoin on Solana, highlighting Solana's central role in the stablecoin ecosystem [13] Active vs Passive Management - Digital asset treasuries (DATs) offer active management, aiming to outperform underlying tokens through marketing, advocacy, capital market strategies, and intelligent trading, contrasting with the passive nature of ETFs [8][9]

Market Overview - Bitcoin has experienced significant volatility, with a recent drop from 122,000 to 104,000, struggling to maintain the 110,000 level [3][4] - The year started with Bitcoin priced just under 100,000, and it is currently up 17% year-to-date, while the broader market is slightly below that [5] Investment Sentiment - Traders are becoming aware that Bitcoin's market structure is not as robust as previously thought, leading to concerns about its volatility compared to traditional equities [2] - There is a psychological significance to the 100,000 level for Bitcoin, which traders are closely monitoring [4][5] Company Insights - Inversion is a private equity fund focused on acquiring businesses that can leverage blockchain technology to enhance operations, similar to how the internet was adopted over the past 25 years [7] - The company emphasizes the practical applications of blockchain, such as using stablecoins to reduce payment processing fees and improve cash conversion cycles for businesses like restaurants [9][10]

Company Overview - Figure Technology, a stable coin issuer, made its public debut on NASDAQ, increasing its IPO offering to over 31 million shares priced at $25 each, above the expected rate [1] - The company has originated over $16 billion in loans and conducted over $55 billion in on-chain transactions since its inception in 2018 [6] Business Model and Technology - Figure utilizes blockchain technology to streamline capital markets by reducing the number of intermediaries involved in transactions, which can represent trillions of dollars in market capitalization [4] - The company started with home equity lines and credit, providing faster and cheaper loan processes through blockchain efficiencies [7] Financial Performance - In the previous year, Figure reported $340 million in revenue and over $100 million in EBITDA, with a growth rate exceeding 66% in the first two quarters of the current year [8] Market Position and Future Plans - The blockchain and crypto space is viewed as massively subscale, presenting opportunities for consolidation and rollup, which Figure aims to leverage as a public company [11] - Future plans include expanding into credit and potentially launching a blockchain-native public equity that trades on decentralized exchanges, enhancing transactional efficiency and liquidity [13][14] Industry Context - The stable coin market is expected to see significant capital movement, with estimates suggesting that trillions of dollars could transition from bank liabilities to stable coins, fundamentally altering banking models [16][18] - A substantial outflow of deposits from banks has been noted, with a potential $2 trillion to $6 trillion leaving, creating a void in private credit financing that blockchain technology could fill [19]

Revenue Growth - Athena 稳定币的收入在一个月内增长了 243%，从 900 万美元增长到 3240 万美元 [1] - Pumpf fund 的收入增长了 700%，从 2200 万美元增长到 4000 万美元 [3] Stablecoin Analysis - Athena 是一种基于以太坊的多链稳定币 [1] - 行业对 Athena 稳定币的表现感到惊讶，但认为其在创造巨额利润方面潜力有限 [2]

Today, Bitcoin rebounds to the $112,000 level after shrugging off the week's pullback. Shares of Hut 8 also in the green a day after the crypto miner revealed a major US expansion. And Lind Dy, co-founder of Spree Finance, breaks down a new partnership with Anamoka Brands, which capitalizes on the stable coin boom.Welcome to CNBC's Crypto World. I'm Talia Kaplan. Digital currencies are bouncing back this morning from the disappointing start to the week.By noon Eastern, Bitcoin jumped back above $112,000 aft ...