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Re is bringing the $1T reinsurance market onchain. Founder Karn Saroya and Electric Capital’s Avichal Garg join David to unpack how stablecoins can become a new capital source for insurance, why real-world reinsurance may offer crypto’s missing “real yield,” and how Re is using Ethereum, smart contracts, and AI to compete with legacy giants like Lloyd’s of London, Munich Re, and Swiss Re. They also discuss the RE token, the future of onchain capital markets, and why stablecoins could become the backbone of a new financial system.---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS 0:00 Intro2:13 Blockchain Reinsurance Edge4:12 Stablecoin Capital Markets9:17 Efficiency Beats Incumbents13:02 Rewiring Insurance Plumbing16:24 Durable Startup Advantage23:26 Reinsurance Market Size30:09 How Reinsurance Pays32:42 Capital Stack Mechanics35:52 Leverage and Yield40:02 What $RE Tracks41:34 Tranche Yields42:36 Productive Capital Returns44:47 Looping the Receipts48:01 $RE Token Governance51:26 Roadmap to a Billion52:13 Onchain Adoption Ahead56:02 The DeFi Mullet Future---RESOURCES Rehttps://re.xyz/homeKarn Saroyahttps://x.com/karnsaroyaAvichal Garghttps://x.com/avichal---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

Pokemon cards are suddenly one of the hottest markets in collectibles. But why now, and what does it have to do with crypto? Andy8052 joins David to break down the rise of digital pack-opening platforms, the nostalgia-driven bull case for Pokémon, why grading companies have a stranglehold on the market, and how millions of dollars of real-world cards are slowly moving onchain. Are tokenized collectibles the next NFT comeback story, or just another frothy mania?---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS 0:00 NFTs to Pokémon Cards2:59 Why Pokémon Is Hot8:13 Nostalgia Meets Disposable Income11:56 Brands, Influencers, and Hype15:06 Pricing the Cards16:21 Grading and Market Bottlenecks22:16 Why Cards Still Aren't On-Chain30:06 Inside Monster Strategy34:40 Market Consolidation Ahead35:42 Vaults, Shipping, and Logistics38:13 Kids, Parents, and Collecting40:45 Nostalgia Is the Real Bull Case43:45 Where to Find Andy44:35 Tokenized Cards and Stablecoins---RESOURCES Andy8052https://x.com/andy8052---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

Perps are coming onshore. CFTC Chairman Mike Selig joins David to unpack the first U.S.-regulated Bitcoin perpetual futures contract, the end of regulation by enforcement, and what comes next for Coinbase, Kalshi, Kraken, Gemini, Hyperliquid, Lighter, and the broader U.S. perp market. They also discuss which assets could list next, how U.S. leverage will differ from offshore exchanges, and why equity perps, RWAs, and 24/7 trading may be the next frontier of American finance.---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS 0:00 Intro3:32 Self-Certified Crypto Contracts7:08 Chasing the U.S. Perps Market9:00 Bringing Liquidity Onshore10:18 U.S. Market Guardrails12:44 Blockchain Transparency Advantage19:17 Hyperliquid and Onchain Perps23:09 Real-World Asset Perps24:38 Equity Perps & SEC26:35 Incumbents Versus Disruptors31:28 Derivatives Dominating Crypto33:16 Perps Are Just Beginning---RESOURCES CFTC Chair Mike Selighttps://x.com/ChairmanSelig---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

Bitcoin is back at Biden-era prices, ETFs are bleeding, and Saylor just did the thing he said never to do: sell. Ryan and David unpack whether crypto has one more drop left, what trillion-dollar IPOs reveal about broken capital markets, and why their ETH debate may be the real fight for Ethereum’s future.---📣OKX | THE NEW MONEY APPhttps://app.okx.com/en-us/join/usbankless ---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS & RESOURCES0:00 Intro3:07 Marketshttps://x.com/aggrnews/status/2063954465678410121https://www.coindesk.com/markets/2026/06/01/analysts-agree-strategy-s-bitcoin-sale-was-immaterial-differ-on-future-signalshttps://imgur.com/SDyYiQShttps://x.com/WatcherGuru/status/2063964293478101014 https://x.com/zoomerfied/status/2062288919853490553https://www.prnewswire.com/news-releases/bitmine-immersion-technologies-announces-pricing-of-upsized-series-a-perpetual-preferred-stock-offering-302792359.htmlhttps://thedefiant.io/news/tradfi-and-fintech/bitmine-files-300m-preferred-stock-offering-9-5-yield-eth-treasuryhttps://www.coindesk.com/business/2026/06/03/tom-lee-s-bitmine-to-offer-preferred-stock-with-9-5-dividend-seeking-to-raise-usd300-millionhttps://imgur.com/tvIDofVhttps://x.com/KobeissiLetter/status/2065049515384582205https://polymarket.com/event/fed-rate-hike-in-2026https://fred.stlouisfed.org/graph/https://www.theguardian.com/business/2026/jun/11/ecb-eurozone-interest-rates-iran-war-inflation30:11 IPO Seasonhttps://app.lighter.xyz/trade/SPACEXhttps://app.lighter.xyz/trade/ANTHROPIChttps://app.lighter.xyz/trade/OPENAI36:29 Bankless Guys Are Fightinghttps://x.com/steweycrypto/status/2062796930326094216https://x.com/RyanSAdams/status/2062598415482245528https://x.com/TrustlessState/status/2062599824491372906https://x.com/RyanSAdams/status/2062612677466202281https://x.com/TrustlessState/status/2062644365533622705https://x.com/RyanSAdams/status/2062669134614466707https://x.com/TrustlessState/status/2062674368195686809https://x.com/RyanSAdams/status/2062745848673427471https://x.com/Tommyb631/status/206261300830445175655:39 Morpho Flips Aavehttps://morpho.org/blog/morpho-association-raises-175m-to-build-the-open-credit-network-for-the-world/https://x.com/0xLouisT/status/206396338000040788158:04 ZEC Vulnerability & Jason Calacanis’ Crypto-to-AI Tweethttps://x.com/Jason/status/2064083020257055193coindesk.com/.../zcash-plummets-30-as-developer-reveals-a-major-bugforum.zcashcommunity.com/.../orchard-counterfeiting-vulnerability1:02:55 Hester Peirce Almost Outhttps://x.com/hesterpeirce/status/2064768651488608612https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-chamber-commerce-capital-markets-summit-0609261:06:03 World Cup Startshttps://polymarket.com/event/world-cup-winner1:07:26 Closing & Disclaimers---Not financial or tax advice. See our investment...

Hyperliquid has become the breakout perp exchange of crypto. But is the market missing its biggest competitor? Delphi’s Flip and DeFi investor Will Price join David to make the case for Lighter, a ZK-powered Ethereum L2 with zero-fee retail trading, white-glove distribution, real-world asset perps, and a token buying back revenue at a surprising rate. Is LIT just a Hyperliquid beta trade, or is it one of the most underpriced bets in onchain finance?---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS0:00 Intro3:05 Why Lighter Is Different5:32 ZK Rollup Advantages6:46 Charging Traders, Not Retail12:07 Fairness Without MEV14:50 Why Hyperliquid Can’t Copy18:03 Distribution Beyond Crypto22:08 Latency & Flow Quality26:50 Technical Edge Across the Stack30:31 RWAs & Pre-IPO Markets34:07 U.S. Perps Market Play36:05 Back-End For Big Brokers38:28 Bootstrapping Liquidity41:54 Lighter As A Platform46:34 Token Value & Buybacks50:11 Market Cap Versus FDV53:02 Valuing LIT Properly57:51 Cracked Team & Better Comms58:13 Joining The Lighter Community58:51 What Comes Next---RESOURCESWill Pricehttps://x.com/will__priceTrevor Flipperhttps://x.com/trevor_flipper---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

AI is quickly becoming the interface through which people think, work, and make decisions—but most users have no idea how much personal data they're handing over in the process. Jon and Jesse from Venice join David to make the case for privacy-first AI, explain why Venice is aiming to become a mainstream consumer AI brand, and explore how $VVV and DIEM transform inference into a crypto-economic primitive.---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS0:00 Intro1:12 Why Private AI Matters3:01 The AI Data Honeypot6:07 Venice’s Consumer AI Ambition8:01 Beating the Big AI Labs10:19 Model Aggregation and Agentic Chat12:29 Open Source, Closed Source, and Private Grok17:14 Who Actually Needs Private AI?21:58 Venice’s User Base23:53 What Drove Venice’s Recent Growth27:21 $VVV, DIEM, and Tokenized Inference29:00 Where Venice Gets Its Compute32:17 Bonding Curves and DIEM Monetary Policy39:14 Real Tokenomics, Not Just a Pie Chart45:46 AI Agents Need Inference to Exist52:54 ShapeShift DNA Inside Venice55:53 Regulation, AI, and Individual Rights---RESOURCESJon ShapeShifthttps://x.com/JonShapeShiftJesse Proudmanhttps://x.com/jesseproudman---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

Bitcoin is bleeding, STRC is off peg, and Saylor’s “never sell” machine is facing its first real confidence test. David and Haseeb unpack whether Strategy can survive without selling BTC, why Bitmine’s ETH play may be stronger but riskier, and what select token strength, U.S. perps, and Coinbase’s Ethena deal reveal about crypto’s next phase.---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS & RESOURCES0:00 Intro1:37 Saylor & Strategy Confidence Testhttps://x.com/zerohedge/status/2061418482344849785 https://x.com/KobeissiLetter/status/2062475802252365980https://x.com/glxyresearch/status/2062518531128746000https://x.com/TrustlessState/status/206249917923921539013:26 DATs Underwater & Bitmine Preferred Offeringhttps://x.com/lookonchain/status/2062011412965405059https://x.com/zoomerfied/status/206228891985349055334:19 Major Weakness & Select Token Strength40:45 U.S. Perps Get Greenlithttps://www.coindesk.com/policy/2026/05/28/u-s-cftc-opens-crypto-perp-door-with-approval-of-first-regulated-firm53:41 Coinbase Invests in Ethenahttps://www.theblock.co/post/403403/coinbase-invests-ethena-open-market-purchase-ena-flags-new-partnership57:13 Closing & Disclaimers---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

Crypto policy in Washington has gone from punchline to power center. David sits down with Ron Hammond, Head of Policy and Advocacy at Wintermute, for a rare inside look at how crypto actually moves through DC: the SBF era, Elizabeth Warren’s anti-crypto army, Gary Gensler’s SEC, bank lobby pressure, Trump’s crypto conflicts, the Clarity Act fight, and why privacy and self-custody may be the next major battleground.---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS0:00 Becoming “Captain Crypto” in DC4:03 From Joke to Serious Political Force6:19 Why Crypto Punches Above Its Weight10:28 How SBF Captured Washington13:26 The FTX Fallout in Capitol Hill16:25 Elizabeth Warren and Crypto’s Proxy Wars19:04 How DC Letters Actually Get Written25:33 How Powerful Is the Crypto Lobby?27:28 Who Is Playing on Crypto’s Side?31:01 Democrats, Gensler, and the 2024 Lesson35:07 The Gensler Era and Prometheum41:21 Will Warren Ever Pivot?43:20 Trump, the Crypto Ball, and World Liberty49:30 Will the Clarity Act Pass?53:30 Privacy, Self-Custody, and the Next Front56:23 The Social Side of Crypto in DC---RESOURCESRon Hammondhttps://x.com/RonwHammond---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

What happens when every payment, wallet, and onchain interaction becomes searchable by governments, companies, adversaries, and AI? Josh Swihart, founder and CEO of Zcash Open Development Lab, joins David to explain why Zcash is having a major privacy comeback, how ZODL and the Zashi wallet helped unlock real shielded adoption, why the shielded pool may be the most important ZEC metric, and what it will take for private money to become too big to kill.---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS0:00 Intro4:17 Privacy in the AI Era6:19 Crypto’s Missing Privacy Layer9:49 The Political Fight for Privacy14:42 Can Crypto Retain Privacy?16:47 From Zashi to ZODL19:48 The Zcash Reawakening21:41 Balaji, Funding, and the Mission24:49 Product Market Fit for Shielded ZEC27:51 ZODL's Role in the Zcash Stack29:36 The Zcash Roadmap32:56 What Is ZEC and is it Undervalued?36:56 The Shielded Pool Explained45:12 The $25M ZODL Raise47:16 Compliance and Shielded ZEC51:25 Institutions vs Cypherpunk Values53:58 Personal Privacy in an AI World---RESOURCESJosh Swiharthttps://x.com/jswihartZODLhttps://x.com/zodl_app---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

Crypto is splitting in two: Bitcoin and ETH look weak, while HYPE, ZEC, NEAR, and VVV keep breaking out. Ryan and David unpack the strange market divergence, Ethereum’s crisis of faith, and whether this rally is real or false strength.---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🟦 COINBASE ONE | MEMBER MONTHhttps://bankless.cc/coinbase-one🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix---TIMESTAMPS & RESOURCES0:00 Intro1:48 Marketshttps://x.com/TrustlessState/status/2059793993551008245 https://x.com/cburniske/status/2059797889824776463https://imgur.com/Tp9beNohttps://www.theblock.co/post/402816/bitcoin-falls-below-73000https://imgur.com/R0ih6kLhttps://x.com/solunavaxxer/status/2060021032455741567https://www.youtube.com/watch?v=l3ptz8qvZcghttps://x.com/readDanwrite/status/2057476278140145717 https://www.artemis.ai/sectors/digital-asset-treasurieshttps://x.com/saylor/status/2059970505835155782https://x.com/Kalshi_Crypto/status/2059983883274191046https://www.hypestrat.xyz/https://imgur.com/1MUGQy7https://polymarket.com/event/what-price-will-bitcoin-hit-before-2027https://polymarket.com/event/what-price-will-ethereum-hit-before-2027https://www.coingecko.com/en/coins/hyperliquidhttps://www.coingecko.com/en/coins/venice-tokenhttps://www.coingecko.com/en/coins/nearhttps://www.coingecko.com/en/coins/zcashhttps://x.com/JSeyff/status/2059689056368210228https://farside.co.uk/hyp/https://x.com/PolymarketTrade/status/2059973516963750204https://x.com/KobeissiLetter/status/2060004371983667484https://www.axios.com/2026/05/28/iran-peace-deal-trump-approvalhttps://imgur.com/m7YNdxuhttps://imgur.com/MIdPjqZhttps://imgur.com/VoixfYdhttps://imgur.com/s5AYaWghttps://www.theblock.co/post/402638/tokenized-pokemon-card-marketplaces-record-7-4-million-hype-peaks-30th-anniversary32:26 Ethereum Sentiment Crisis & DeFi Under AI Threat?https://x.com/TrustlessState/status/2059371247163613489https://x.com/hosseeb/status/2057455211375976891https://www.theblock.co/post/402864/standard-chartered-ethereum-amazon-dot-com-bubble-eth-will-catch-uphttps://x.com/Yogita_Khatri5/status/2059955611085709612https://x.com/VitalikButerin/status/2058583593102844111https://farcaster.xyz/vitalik.eth/0x88000d5fhttps://x.com/maraoz/status/205941357813064105255:25 Robostrategy: Nic Carter & Andrew Kang Pivot to Roboticshttps://x.com/RoboStrategy/status/2059650538380165331https://x.com/intern/status/205928757725799262356:52 NEAR Confidential Transactionshttps://x.com/NEARProtocol/status/2057810480635228666t.co/BrLpsWmzKdhttps://x.com/ilblackdragon/status/205979375693376737958:10 SoFiUSD & Bank Stablecoinshttps://www.theblock.co/post/402361/sofi-rolls-out-sofiusd-stablecoin-to-banking-app-usershttps://x.com/TrustlessState/status/205967646312565557559:22 Cash App Adds Multi-Chain USDChttps://www.theblock.co/post/402784/cash-app-lets-users-send-usdc-stablecoins-on-chains-like-solana-and-ethereum1:00:13 Satoshi Coins Finders-Keepers Lawsuithttps://www.galaxy.com/insights/research/satoshi-bitcoin-salomon-brothers-patoshi-abandoned-property-new-york-noah-doe-lawsuit1:03:00 Closing & Disclaimers---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures