Capital Decanted: On Location at the SALT Wyoming Blockchain Symposium

Host: John Bowman
Guests:

• Anthony Scaramucci, Founder & Managing Partner, Skybridge Capital; Founder & Chairman, SALT
• Jenny Johnson, CEO, Franklin Templeton
• Dan Moorhead, Founder & Managing Partner, Pantera Capital
  Date: August 26, 2025

Episode Overview

In this special summer edition recorded on-location in Jackson Hole at the SALT Wyoming Blockchain Symposium, John Bowman hosts a roundtable discussion with three asset management heavyweights. The episode centers on the rise of blockchain and crypto within institutional investing, charting its journey from fringe curiosity to mainstream acceptance. The guests discuss regulatory shifts, technological breakthroughs, and the tensions between traditional finance (TradFi) and the decentralized ethos of digital assets. Listeners gain firsthand insights into capital allocation, tokenization, market democratization, and the future of investing.

Key Discussion Points & Insights

1. The Origins & Evolution of the SALT Wyoming Blockchain Symposium

[02:37–04:35]

• Anthony Scaramucci: The idea sprung from a desire to create a "decentral bank conference" to rival the Fed’s central bank gathering; the first event saw rejection from major regulators but attracted politicians like Senator Lummis, which paved the way for broader regulatory engagement this year.
• Growth in both attendance and quality of attendees (from 300 C-suite participants to major figures like SEC Chair Atkins this year).
• Scenic Jackson Hole plays a not-insignificant role in attracting attendees.

Quote:
"My colleague John Dorsey...said, 'Hey, the Fed does a big meeting in Wyoming. They're a central bank conference. We should do a decentral bank conference.'" – Anthony Scaramucci [02:37]

2. Personal Journeys into Crypto & Blockchain

[04:35–07:01]

• Dan Moorhead: Shifted from global macro trading to crypto in 2013 after recognizing its immense asymmetrical opportunity. Emphasizes early adoption and evolution of Pantera’s product suite to stay ahead of cycles.

  "I went in [to discuss Bitcoin] for a coffee that lasted like five hours...this is the biggest trade of all time. And I haven't done anything other than crypto since then." – Dan Moorhead [05:04]

• Jenny Johnson: As a technology leader at Franklin Templeton, identified blockchain as a massively efficient back-office solution—not just a speculative asset. Her push toward blockchain was driven by its potential to reduce cost and create investment opportunities, focusing on utility over hype.

  "You have to just remember blockchain is a technology...this is naturally going to be cost effective. It's going to create innovation, it's going to create investment opportunities. We better understand it." – Jenny Johnson [07:01]

3. From Resistance to Momentum: The Changing Regulatory & Political Landscape

[09:01–14:23]

• New technologies historically face resistance before adoption (horseless carriage, aviation, Uber).

• The 2024 elections marked a turning point as anti-crypto stances contributed to major political losses, forcing greater bipartisan engagement.

• Urgent need for permanent, bipartisan regulatory structures to outlast election cycles.

  "The industry got big enough to browbeat the regulators...The people wanted Uber and so the people pushed the politicians around. That’s what happened in 2024." – Anthony Scaramucci [10:19]

• Blockchain seen as a progressive tool for financial inclusion, but ironically became a partisan issue in the U.S.

  "If you asked a progressive think tank to design a financial inclusion tool... it is Bitcoin. Bitcoin is literally the progressive’s dream and somehow it got partisan. It’s just technology." – Dan Moorhead [13:17]

4. Blockchain & Bitcoin: Asset Class Debate and Institutional Adoption

[15:22–24:18]

• Many initial institutional objections (regulation, lack of custodians, volatility) have been diminishing; SEC is the last holdout for true U.S. clarity.
• Blockchain as a new asset class offers high uncorrelated returns compared to traditional assets, despite residual volatility concerns.
• Blockchain is argued to be more of a new infrastructure ("rails"), with new business models arising from that foundation, while assets like Bitcoin are debated both as currencies and diversifiers.

Quote:
"Blockchain is going to be an asset class... it’s just a different new thing... very low correlation with the S&P 500. The irony is you get amazing returns, very low [volatility], very low correlation." – Dan Moorhead [15:22]

• Discussion of Bitcoin as a store of value and the evolving thesis as institutional ownership grows.

  "As institutions really do...invest in it, in 20 years it will be highly correlated with the S&P and everything else. But right now...it can trade on its own. So I think it is still a very good alternative diversifying asset to have in a portfolio." – Dan Moorhead [22:11]

5. Tokenization: Real-World Implementation & Democratization

[24:18–30:12]

• Jenny Johnson: Franklin Templeton pioneered a tokenized money market fund, achieving cost savings and investor access ($20 minimum via blockchain vs. $500 traditional minimum).
• Node validation grants unique research and transparency advantages for asset managers.
• Future vision: Most mutual funds, ETFs, and possibly public equities will be tokenized, trading 24/7.
• Market democratization: Tokenization paves the way for lower investment minimums and broader inclusion, but further needs credible market makers and prime brokers.
• Anthony’s firm tokenized a $300M fund as a strategic first step, foreseeing cost reductions and easier capital raising.

Quote:
"We actually run [our money market fund]...on the public blockchain. Others are shadowed on it. We actually run it...We couldn't believe how much less expensive." – Jenny Johnson [24:40]

6. Rethinking Financial Infrastructure: Will Banks & Credit Cards Be Disrupted?

[30:12–34:16]

• Prospects for blockchain fundamentally changing payment rails ("We're not going to pay 300 basis points to do an electronic payment in the near future." – Dan Moorhead [30:55]).
• Stablecoins poised to replace significant bank deposits, but legacy advantages (like FDIC insurance and credit card lending/buyer protection) remain factors.
• Shift in banks’ business models anticipated—from fee collectors to new value-added services or data mining.

7. Centralization vs. Decentralization: The Inevitable Middle Ground

[34:16–35:25]

• The "wild west" libertarian vision is fading—most value the safety of regulated platforms like Coinbase over the true decentralization (self-custody).

• The core principle remains a separation of money from state, a hedge against fiat debasement.

  "For all the libertarian ethos...Coinbase is probably not going to lose your Bitcoins. And so a lot of people value that more." – Dan Moorhead [34:24]

8. National Competitiveness and Policy Inflection Point

[35:42–38:33]

• Renewed regulatory clarity will encourage startups and innovation to remain U.S.-based, promoting U.S. competitiveness and stablecoin usage benefiting U.S. debt.

• The meta-opportunity: blockchain could force governments toward better fiscal discipline by providing citizens alternatives to inflationary fiat.

  "If you're a political leader, you could say to yourself, I want this space to grow, mature. I want Bitcoin to become something people look to as a store of value." – Anthony Scaramucci [36:21]

9. Investor Protection, Regulation, and the Role of Education

[38:33–41:06]

• Past regulatory avoidance left consumers vulnerable (e.g., FTX collapse, GBTC mispricing).
• Constructive regulation and mainstream participation safeguard investors; education remains crucial.
• The convergence of TradFi and digital assets should yield better long-term outcomes.

Quote:
"No different than I think any asset class. It's about education and understanding the true risks...If you bring this constructive environment...then we’ll be able to provide a certain amount of protection." – Jenny Johnson [39:16]

• Moorhead: Sensible regulation always trumps repression—otherwise, risk moves offshore to less accountable jurisdictions.

  "The previous regulatory repression...did the opposite. It forced all the trading to go to the Bahamas and Sam Bankman Fried stole money from 5 million people." – Dan Moorhead [40:31]

10. Final Takeaways & Calls to Action

[41:06–41:22]

• Anthony Scaramucci:
  "Get off zero. If you're listening and you're on zero, get off zero and be incremental...it's still early." [41:06]
• The message: Don’t wait on the sidelines—start learning and gain exposure, but do so thoughtfully.

Memorable Quotes

• "You really don't want to miss this. I think the message for your podcast listeners is, if you're not in the space, learn about the space, do the homework on the space." – Anthony Scaramucci [18:06]
• "Blockchain is the infrastructure...all of them are going to be expressed on chain...that is coming for sure because you can have atomic settlement." – Jenny Johnson [26:17]
• "Bitcoin is literally the progressive’s dream and somehow it got partisan. It’s just technology." – Dan Moorhead [13:17]
• "Get off zero. If you're listening and you're on zero, get off zero and be incremental...it's still early." – Anthony Scaramucci [41:06]

Timestamps for Key Segments

• Origin of SALT Symposium: [02:37–04:35]
• Dan Moorhead's Move into Crypto: [05:04–05:51]
• Jenny Johnson on Blockchain Utility: [07:01–08:22]
• Political & Regulatory Shifts: [09:01–14:23]
• Institutional Adoption & Remaining Barriers: [15:22–19:59]
• Bitcoin – Asset Class or Rails?: [19:59–22:11]
• Franklin Tokenization Case Study: [24:40–27:53]
• Tokenization’s Future & Private Markets: [27:53–30:12]
• Disruption of Banks/Credit Cards?: [30:12–34:16]
• Centralized vs. Decentralized Future: [34:16–35:25]
• US Competitiveness & Policy: [35:42–38:33]
• Investor Protection, Education & Regulation: [38:33–41:06]
• Final Thoughts – "Get off zero": [41:06–41:22]

Conclusion

This episode encapsulates blockchain’s tectonic shift from curiosity to core infrastructure, documents TradFi’s embrace of tokenization, and highlights the regulatory, technological, and cultural hurdles that remain. The guests argue for a measured yet urgent approach: educate, experiment, and participate—because the transformation, despite bumps and political headwinds, is only just beginning.