July 23rd, 2025 cover art

July 23rd, 2025

July 23rd, 2025

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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

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