Podcast Summary

Podcast: Bankless
Episode: Why Pro Athletes Are Betting on Bitcoin, Crypto & Prediction Markets | Tristan Thompson & Paul Grewal
Release Date: October 27, 2025

Overview

This episode of Bankless brings together two unique voices: NBA pro athlete and outspoken crypto advocate Tristan Thompson, and Paul Grewal, Chief Legal Officer of Coinbase. Together with hosts Ryan Sean Adams and David Hoffman, they explore the intersections of sports, crypto, DeFi, and prediction markets. The discussion ranges from why professional athletes are drawn to cryptocurrencies, to the challenges and victories of shaping legislation in Washington, to the rise of prediction markets and tokenized fantasy sports platforms.

Key Discussion Points and Insights

1. The Athlete’s Perspective – Why Crypto?

• Adrenaline and Ownership: Tristan Thompson compares the thrill of crypto to playing in high-stakes basketball games, citing how the space gives “the same adrenaline rush” as an NBA Finals Game 7.
  • “It gives me the same adrenaline rush that I did or had for like a Game 7 in NBA Finals. That’s what crypto gives me.” (Tristan Thompson, 00:00)
• Control Over Finances: Many athletes come from underprivileged backgrounds, thrust into sudden wealth with little knowledge of whom to trust. Crypto offers personal agency and trustless finance, as opposed to relying on potentially self-interested financial advisors.
  • “The financial industry is the only sector in the world where you… are trusting a complete stranger and giving them that much control… So I think that kind of motivated athletes to say, hey, let me take more ownership into my finance.” (Tristan Thompson, 09:16)
• Diversification & Education: Thompson encourages athletes (and listeners) to diversify their portfolios with crypto and take education seriously. He mentors peers on entering the space with an emphasis on risk assessment and hands-on learning.
  • “Nothing will make me more happy than a guy stopping me at dinner or lunch and saying, ‘Tristan, you know that advice you told me… I was able to take care of my brother and his kids.’” (Tristan Thompson, 14:07)

2. Crypto, DeFi, and Yield: Legal and Regulatory Battles

• The ‘Genius Bill’ and Stablecoin Yields: Paul Grewal explains recent legislative wins that allow exchanges and DeFi protocols to offer yield on stablecoins; he details ongoing attempts by the traditional banking lobby to roll back these consumer-friendly reforms.
  • “It’s important for us to all call out this anti-consumer, anti-customer behavior for what it is and to preserve people’s ability to earn rewards on their stablecoins.” (Paul Grewal, 17:35)
• The Ongoing Rivalry: Team Crypto vs. Team Banks: Crypto advocates have made headway in DC, but traditional banking interests remain entrenched. The fight is ongoing, and users must stay vigilant.
  • “The big banks are formidable. We have to respect their prowess and skill. And they’re not just going to sit back and take this lying down.” (Paul Grewal, 19:54)
• Regulation Woes in New York: New York’s slow pace in adopting crypto-friendly regulations, despite being a financial hub, is attributed to a heavy burden on regulators and resource limitations.
  • “In situations like this, you have to just exhibit a bit of grace and patience… patience is rewarded.” (Paul Grewal, 31:46)

3. How Do Athletes Actually Use Crypto?

• From Cautious Allocations to DeFi Exploration:
  • Rookies: Start small, using funds for “miscellaneous and leisure” as seed capital to buy ETH, BTC, or other assets and learn the ropes.
  • Veterans: Approach depends on risk appetite; recommendations range from conservative yield farming to riskier perpetual and leverage trading.
• Hands-On Learning: Thompson stresses the value of practical, tailored education. He personally tutors friends and teammates, demystifying DeFi, wallets, and swaps by using real-world explanations and live demonstrations.
  • “I even have guys that will call me and I’ll just go on Google Meets and share my screen and show them how to get in and out of pools… and go about that.” (Tristan Thompson, 27:14)
• Team Mentality and Full-Spectrum Involvement: Tristan draws a sports analogy for the crypto space, highlighting the importance of every participant – from builders and legislators to degens – in pushing Web3 forward.
  • “It’s a team, right? Our goal at the end of the day is to elevate this digital, financial, digital freedom and everyone plays a significant role.” (Tristan Thompson, 21:40)

4. Prediction Markets & Tokenized Sports

• Why Prediction Markets are Gaining Traction:
  • Paul Grewal acknowledges Coinbase is paying close attention as platforms like Kalshi and Polymarket flourish, stressing the value of decentralized information aggregation over mere betting.
    • “It’s much more about distributing information and making instantly available globally information that used to only… be in the hands of a couple people.” (Paul Grewal, 36:52)
  • Tristan sees prediction markets as communal empowerment, with the ability to disrupt legacy institutions and mainstream media by crowd-sourcing sentiment and knowledge.
    • “What I love more is that it’s empowering communities… prediction markets are becoming disruptors to CNN, Fox News, the BBC, the Al Jazeeras.” (Tristan Thompson, 38:15)
• Sports Betting vs. Prediction Markets: Prediction markets are seen as a rising challenge to traditional sportsbooks like FanDuel and DraftKings, offering peer-to-peer engagement and real-time, community-driven insights.
  • “I truly believe that, you know, prediction markets will essentially have a high chance of taking over these sportsbooks.” (Tristan Thompson, 41:24)
• Regulatory Battlefront: The regulatory turf war continues, with the CFTC holding federal jurisdiction but ongoing challenges from state gaming commissions. Grewal expects time and popular support are on the side of prediction markets.
  • “Time is on the side of prediction markets. I think the law is absolutely on their side.” (Paul Grewal, 45:50)

5. Building for the Future: Tristan’s ‘Basketball Fun’

• App Overview: Tristan’s new crypto platform, Basketball Fun, tokenizes NBA players, transforming them into tradable digital assets whose value is determined by fans, performance, and cultural relevance.
  • “Every player is basically a meme token. And you’re able to buy, sell and trade players based on their performance… or popularity, sentiment, their value.” (Tristan Thompson, 51:00)
• Nostalgia Meets Web3: The platform incorporates collectible elements, allowing users to buy player “packs” reminiscent of trading cards, combining sports fandom, speculation, and on-chain technology. Launch is slated for opening week of the NBA season, October 22.
  • “We want to give that nostalgic moment… when our parents would take us on the weekend to go open a trading card pack and we’d get excited.” (Tristan Thompson, 50:57)

6. Governance & Accountability

• SEC Controversy: Paul Grewal discusses the destruction of key records under Gary Gensler’s term at the SEC and emphasizes the importance of transparency and oversight.
  • “There is zero question that Gary Gensler’s tax records, the SEC, were destroyed… all sorts of records were deleted and destroyed despite those orders to protect… The best way you can make sure something doesn’t happen again is to shine a big, bright light on what happened in the past.” (Paul Grewal, 55:20, 56:57)

Notable Quotes & Memorable Moments

• Tristan Thompson, on Crypto’s Appeal:

  • “For me, it’s important. Every morning, I’m on CT and I’m staying up to date with the culture because one thing about this space, the trend is always changing and it’s moving very fast…” (Tristan Thompson, 21:41)

• Paul Grewal, On the Importance of Inclusion:

  • “Are we enacting standards and adopting rules that serve people’s interests, serve regular people’s interests, or are we simply cutting deals for the traditional financial service providers to maintain their influence?” (Paul Grewal, 20:03)

• Tristan Thompson, on Prediction Markets:

  • “We’re becoming disruptors in the space, but being disruptors because we know what’s out there that could be better and improved.” (Tristan Thompson, 38:15)

• Paul Grewal, on SEC Record Deletion:

  • “…these are the functional officials who are appointed and elected to represent and serve us who were doing these things in our name… Real people got hurt in real ways.” (Paul Grewal, 58:27)

Segment Timestamps

• 00:00 – Tristan on his passion for Web3; opening introductions.
• 01:11 – Paul Grewal's sports background and NBA fandom.
• 04:16 – David asks why athletes are drawn to Bitcoin; historical stories of athletes being paid in BTC.
• 09:16 – Tristan: Sudden wealth, trust issues, and the need for financial independence.
• 12:08 – Advice for rookies vs. veterans; peer mentorship in athlete circles.
• 14:59 – DeFi and stablecoin yield; Paul on regulatory battles around the "Genius Bill."
• 21:39 – “Crypto character class” discussion; Tristan on the importance of being well-versed.
• 25:33 – Tristan’s favorite DeFi and trading activities; portfolio management perspective.
• 27:14 – Education and onboarding: Tristan’s approach to teaching peers.
• 30:30 – Paul on New York regulation and long-term patience with institutions.
• 35:21 – Prediction market landscape and Coinbase’s perspective.
• 36:52 – The real value of prediction markets: information distribution.
• 38:15 – Prediction markets as disruptors to legacy media.
• 41:24 – Younger generations’ shift to community markets over traditional sportsbooks.
• 44:17 – Regulatory and legal landscape for prediction markets.
• 49:58 – Tristan describes ‘Basketball Fun,’ the tokenized NBA fantasy app.
• 55:05 – SEC/Gary Gensler’s deleted texts and Coinbase’s quest for transparency.
• 58:09 – Reflections on regulatory trolling vs. illegal action.

Tone & Takeaways

The conversation is optimistic, energetic, and at times combative—with a shared sense of mission for making crypto, DeFi, and Web3 more accessible and fair. Thompson’s athlete’s drive and peer-to-peer mentorship complement Grewal’s deep legal expertise and strategic perspective. From high-level regulation to the hands-on hustle of teaching friends to use DeFi, the episode captures the multilevel movement toward broader, more inclusive crypto adoption.

Further Listening/Resources

• Basketball Fun app (launching Oct 22)
• Coinbase's regulatory updates
• Polymarket & prediction market tools

This summary covers all main content from the episode while skipping ads, intros, and outros, and preserves the original tone and insights.