What you'll learn

• 1 (00:03) **The "Is the Bull Market Back?" Question** - The hosts open by marveling at the biggest green candle in crypto markets in a long time and frame the core question of the episode: was this the starting pistol for the next bull market?
• 2 (01:17) **Treasury QE: The Debasement Trade Returns** - The Treasury announced it will double its long-dated bond buybacks from $2 billion to $4 billion, a move the market interprets as "soft QE" and a major tailwind for scarce assets like Bitcoin and ETH.
• 3 (02:15) **Trump Pumps Crypto at the White House** - Trump gave a speech alongside crypto leaders, name-dropping Hyperliquid and thanking executives from Coinbase, Robinhood, Kraken, Ripple, Chainlink, and the Winklevoss twins.
• 4 (03:41) **SEC's 402-Page "Regulation Crypto Assets"** - The SEC released a proposed rule providing three clear exemptions for token issuance and a safe harbor for tokens to become non-securities, effectively delivering the SEC's half of the Clarity Act.
• 5 (05:24) **FASB Stablecoin Accounting Win** - The Financial Accounting Standards Board moved to allow stablecoins to be considered cash equivalents on corporate balance sheets, but only for coins that are redeemable 1:1 and backed by cash or T-bills (i.e., Circle, not Tether).
• 6 (05:57) **Venice Crosses $100M ARR** - Venice AI hit $100M in annualized revenue with 4M users and 7 consecutive days of all-time highs in VVV token burns.
• 7 (06:05) **FOMO and Hyperliquid Energy** - FOMO crossed $150M annualized revenue, Base app integrated Hyperliquid, and ETH had its 8th largest single-day move since 2018.

+ Full timestamped outline available in the app