Bitcoin DOMINATES Wall Street As Jamie Dimon Capitulates! Did We Win?

Summary

Podcast Summary: The Wolf Of All Streets

Episode: Bitcoin DOMINATES Wall Street As Jamie Dimon Capitulates! Did We Win?
Date: December 19, 2025
Host: Scott Melker
Guests/Co-Hosts: NLW (briefly, pre-recorded interjections)

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Overview

Scott Melker leads a packed Friday 5 episode, dissecting the latest tidal wave of institutional and government crypto adoption news. He explores JP Morgan’s headlong dive into tokenized markets, shifting U.S. regulatory tides, major developments from Coinbase, and the jaw-dropping plans from the DTCC to tokenize trillions. The central theme is a provocative one: is crypto finally dominating Wall Street, or is Wall Street simply absorbing and controlling crypto on its own terms? The discussion brims with humor, skepticism, and sharp analysis, providing a wide-angle view of crypto’s integration with traditional finance.

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Key Discussion Points & Insights

1. Institutional & Government Crypto Adoption—Regulatory Shifts

Timestamps: 00:45–08:37

• Momentum on the U.S. Clarity Act:
  Melker and NLW discuss the long-awaited Congressional initiative to clarify crypto market structure. Trump's "crypto czar" David Sacks says markup is set for January, though skepticism abounds due to government delays and looming shutdowns.

  • “The government moved slowly, inefficiently, and is a heaping trash bin of efficiency.” —NLW (03:35)

• Irony of Inaction vs Urgency:
  Despite momentum, both hosts caution that successful passage is far from certain, especially as government shutdown threats linger and campaign season looms.

  • “They got to strike while the iron's hot, in my opinion.” —NLW (05:28)

• Potential Impact:

  • Optimism for an alt-season catalyst if passed, but Melker warns good news might already be priced in.
    • “I actually think there's more downside in the Clarity act not getting passed than there is upside for the market in the short term.” —NLW (05:45)

• Other Regulatory News:

  • Michael Selig, known for a pro-crypto stance, is confirmed as CFTC chair.
  • SEC’s Atkins hints most tokens are not securities, likely ceding oversight to the CFTC—a pivotal shift.
    • “It seems that the SEC is trying to punt a lot of the control of the industry back to the CFTC.” —NLW (07:20)
  • FSOC no longer deems crypto a "systemic threat" to banks—a psychological win for the industry.
    • “Very cool, Very good news. Very happy to see it.” —NLW (07:53)

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2. JP Morgan, Jamie Dimon & Institutional Blockchain Adoption

Timestamps: 08:38–13:01

• JP Morgan Tokenized Money Market Fund:

  • JP Morgan's fund, seeded with $100 million of the bank’s own capital, signals genuine conviction.
    • “They're actually putting their own money where their mouths are... which is something that you wouldn't expect from them.” —NLW (09:56)
  • Multiple crypto firms (BitGo, Ripple, Circle, Paxos, and a fifth) granted trust charters, letting them custody client assets independently—a huge milestone.

• Jamie Dimon's ‘Capitulation’:

  • Despite his historic anti-crypto stance (“Bitcoin's a scam… anyone who touches it at JP Morgan gets fired”), Dimon now acknowledges on Fox News:
    • “Smart contracts, I think will probably be real.” —Jamie Dimon (10:46)
  • Melker contrasts Dimon's rhetoric with the bank’s actual moves:
    • “JP Morgan will now accept Bitcoin as collateral for loans.” (11:11)
  • Melker probes whether this marks true capitulation or a crafty move to centralize and control the rails, warning of creeping institutional dominance.
    • “Is JP Morgan capitulating to us, or… are they going to make sure that they just control as much of this as possible?” —Scott Melker (12:01)

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3. The DTCC's Colossal Tokenization Move

Timestamps: 13:01–18:50

• DTCC Tokenizes U.S. Treasuries:

  • The Depository Trust & Clearing Corporation (DTCC)—clearing $4 quadrillion in annual transactions and custodizing $100 trillion in assets—will tokenize U.S. treasury securities using the Canton Network.
  • “4 quadrillion in annual transactions. That's not even a real number.” —Scott Melker (14:04)
  • DTCC received a "no-action" letter from the SEC, removing regulatory barriers.
    • “No action means you're good to go. You can do whatever you want.” —Scott Melker (14:38)

• Canton Network, Not Ethereum/Solana:

  • DTCC bypassed Ethereum, Solana, Avalanche, etc., in favor of the permissioned, institution-backed Canton Network.
    • “Apparently the Canton Network is purpose built for high frequency trading, has privacy features and is pretty centralized... funded by the biggest institutions in Wall Street.” —NLW (15:19)
  • Crypto market reaction to this titanic news is muted, even among Canton token holders.
    • “That can't even move the price of a crypto token in 2025. Like literally, what do we have to do here?” —Scott Melker (16:50)

• Reflection on Token Value:

  • The episode questions why massive adoption announcements create no price movement, sparking broader doubts about whether utility or tokenomics really deliver value to holders.
    • “Does value actually accrue to token holders? I have no idea.” —NLW (17:30)
    • “There’s no bigger announcement in the history of crypto. It's bigger than anything. And literally, nothing happened.” —NLW (18:41)

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4. Coinbase Expands into Stocks & Stablecoin Customization

Timestamps: 19:02–21:57

• Stock Trading on Coinbase:

  • Coinbase now allows U.S. users to trade stocks, a major platform pivot met with unexpected pushback from parts of the crypto community.
    • “This seems like a huge piece of news, but because we hate everything our industry. Coinbase's big announcement is that you can trade stocks is literally the opposite of what we signed up for.” —Scott Melker (19:09)
  • Melker argues this is positive, signaling crypto-native firms eating into the legacy system from the crypto side, not vice versa.

• Custom Stablecoin Launch:

  • Institutions (and potentially large users) can now issue white-labeled stablecoins with Coinbase, collateralized by Coinbase Custody.
    • “Obviously, I never wanted to launch a meme coin, but I will be launching Scott Melker stablecoin.” —Scott Melker (20:25)
  • Trend illustrates institutions’ preference to partner with trusted crypto incumbents (like Coinbase/USDC) rather than create their own infrastructure.
    • “Maybe we should just give a few bips of those fees off to Coinbase and USDC and just utilize theirs and we can white label it and put our name on it.” —NLW (21:36)

• Broader Strategic Direction:

  • The next wave is traditional brokers (Robinhood, others) integrating deeper with crypto rails on tokenization; Coinbase’s moves show the contest is on.

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5. Macro: BOJ Rate Hike & Crypto Prices

Timestamps: 22:39–25:11

• Bank of Japan Raises Rates:

  • December 19th, cited as a doomsday for crypto due to a historic BOJ hike (the largest in 30 years, up 25bps)—but markets shrugged.
    • “Last I checked, it was December 19th. And market, it's still here. We're still here, I think.” —NLW (22:43)
  • Past BOJ hikes correlated with big Bitcoin drawdowns, but Melker notes other factors (tariffs, global events) were likely involved and that the market has absorbed this narrative.
    • “You can't tell me that when everybody knows already that the bank of Japan is going to hike that. That should be rocking the market today. I think that notion is stupid.” —NLW (24:17)

• Overarching Observation:

  • Despite constant, massive institutional uptake and regulatory wins, the market’s lack of price reaction is profoundly strange—a recurring theme throughout the episode.

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Notable Quotes & Memorable Moments

• On Market Sentiment & Price Reactions:
  “Biggie, Tupac and Bob Marley could come down and have a buy crypto concert led by Jesus himself, telling you that the apocalypse is coming if you don't buy crypto and price wouldn't move.”
  —Scott Melker (17:06)

• On Jamie Dimon’s About-face:
  “I wish I had a whole bunch of videos of all the greatest hits of Jamie Dimon that will depress you and haunt you in your sleep, where he's called crypto scam... Let's see what he's saying now when he goes on Fox News...”
  —Scott Melker (09:56)

• Summing Up the Regulatory Moment:
  “I think, to January for clarity, no pun intended on clarity. And we need to get it done then.”
  —NLW (07:51)

• Crypto's Place in Wall Street:
  “Are we dominating Wall Street? Are we eating the world? Or is Wall Street actually dominating us and eating our asset class?”
  —NLW (02:56)

• Final Thoughts:
  “Frankly, I'd rather cheer for Coinbase offering stocks than for JP Morgan offering crypto. Right. I think we can all agree on that because Jamie Dimon is just such a douchebag.”
  —NLW (21:59)

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Key Timestamps (MM:SS)

• 00:45–08:37: U.S. regulatory & legislative updates, Clarity Act, CFTC & SEC
• 08:38–13:01: JP Morgan's tokenized fund, Jamie Dimon's new tone, institutional crypto custody
• 13:01–18:50: DTCC tokenizes treasuries, Canton Network, skepticism on token value accrual
• 19:02–21:57: Coinbase launches stock trading and custom stablecoins
• 22:39–25:11: Bank of Japan rate hike, macro implications
• Throughout: Recurring themes of price inaction despite enormous news

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Tone

Blunt, irreverent, and insightful.
Scott Melker delivers a high-energy, sometimes sardonic analysis, poking fun at both the glacial pace of regulators and the paradoxes of institutional "adoption." The show mixes financial acumen with crypto-native skepticism, never missing a chance to jab at legacy players like Jamie Dimon.

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Summary

Scott Melker’s Friday 5 paints a clear picture: the world’s biggest financial institutions are not just dipping in—they’re transforming markets through crypto rails, often on their own (centralized) terms. U.S. regulatory clarity is tortuously slow, even as Wall Street races ahead with tokenization and integrated collateral. Crypto-native players like Coinbase innovate to stay competitive, while even earth-shattering adoption news struggles to move market prices, leaving veterans to wonder whether true value accrues to token holders or just to the rails themselves. In the battle for the heart of finance, the lines between disruption and absorption have never been blurrier—or more consequential.

“Are we eating Wall Street, or is Wall Street eating us?” — That’s the question of the hour.

Transcript

[Scott Melker]

Bitcoin is dominating Wall street right now and its biggest critic, Jamie Dimon, has seemingly capitulated. And whether he has in reality or not, his bank, JP Morgan is clearly all in.

[NLW]

It's the Friday five when we unpack.

[Scott Melker]

The biggest stories of the week. And this week, once again, it's almost all about the government and institutional adoption. I'm going to get into all of.

[NLW]

It right now on the Friday 5.

[Scott Melker]

Let's go.

[NLW]

Let's do, Let's go.

[Scott Melker]

Good morning everybody. Happy Friday and welcome to the Friday 5.

[NLW]

NLW has decided that he doesn't like us anymore and that we're not worth his time. Just kidding. He's just out because of the holidays. He will of course be back into the new year when we get into Friday 5. That means that you get stuck right now with little old me. Sorry, you have to listen to me.

[Scott Melker]

Talk about the biggest stories of the.

[NLW]

Week that you've already heard me talk about all week. First, obviously we have a major theme right now, right? It's this institutional adoption of crypto. We have repeated stories we're going to talk about. We obviously have the Clarity act likely coming. David Sacks is saying that we're going to get that done in the near future. We'll talk about in a second.

[Scott Melker]

We have regulators giving us a lot more clarity.

[NLW]

We have the DTCC talking about tokenization.

[Scott Melker]

We have JP Morgan going basically all.

[NLW]

In with a tokenized money market fund. And of course at the end of that, we have all this news from Coinbase and the bank of Japan.

[Scott Melker]

It's crazy how much news we have.

[NLW]

On a day to day basis. And it's even more crazy how little impact that seemingly has on the price of our favorite assets. I mean, bitcoin, here we are, 88,000. That was a number that, by the way, I've been talking about since April or May. If you remember, back then, bitcoin kind of broke up. We had the bitcoin conference, it went over 100,000 and I kept screaming, I have bids at 88,000. It took a long time to fill them and the ones that were below, but it did. Clearly bitcoin just really loving the high 80s. Right now. Ethereum is sub $3,000. I mean, it's just disgusting out there. And what kind of blows my mind about all this is that there was a time when any individual news story that we have that's as big as of the five that we have this week or the 10 that we have in any given week that just go missed in the news cycle. Any one of those would have sent prices absolutely flying in the past. Right. We would have seen a $10,000 God candle to the upside if you had had an announcement like JP Morgan is coming in and accepting Bitcoin as collateral.

[Scott Melker]

So now I think the broader conversation.

[NLW]

If we're going to talk about why prices are not reacting to all of this, are we now inextricably tied to macro or the bigger question, as I say here, Bitcoin dominates Wall Street.

[Scott Melker]

Are we dominating Wall Street? Are we eating the world?

[NLW]

Or is Wall street actually dominating us and eating our asset class? It's a really, really interesting question. We talked about the crypto is dead article that was going around earlier in the week. That article basically saying that you can't view crypto as its own market anyway anymore because it's been inextricably tied into all other markets. But we're going to go ahead and we're going to start to cook through these stories and because there is a lot to talk about.

[Scott Melker]

Trump's crypto czar David Sachs of all in podcast fame, says crypto market structure.

[NLW]

Bill markup is set for January.

[Scott Melker]

We've been wondering when we're going to.

[NLW]

Finally get the Clarity Act. I'm old enough to remember when it was supposed to be done by August and Trump demanded that he would have this legislation passed by August. But of course that didn't happen. The government moved slowly, inefficiently, and is a heaping trash bin of efficiency. We know that.

[Scott Melker]

And then of course, as it looked like we might finally have some clear.

[NLW]

Tailwinds on the Clarity act, what happened? The government went ahead and shut itself down because they hate us and they hate you and they hate themselves.

[Scott Melker]

But we did get the government reopening.

[NLW]

And now once again, we have this back on the docket. We've seen quite a few news stories beyond David Sacks, who is the cryptos are saying that this is going to happen in January. For markup, crypto industry index insiders met with key senators on market structured bill negotiation. You had Coinbase, all the usual suspects except for Kaiser Soze going to meet with Tim Scott and other senators about the looming bill.

[Scott Melker]

So we are having movement beyond the even the crypto industry meeting with them.

[NLW]

We also had the CEOs of banks like Wells Fargo and Bank of America talking about crypto market structure with senators.

[Scott Melker]

So it does seem that we are.

[NLW]

Going to get movement on this. I definitely have my concerns. I'm not going to lie to you. I am not convinced that this is going to get done. Because fool me wants shame on me, you know, fully wants shame on you, fool me twice, shame on me. Right. I mean, we know that the government is notoriously slow. We know that this isn't necessarily their number one priority.

[Scott Melker]

So are they really going to get this done?

[NLW]

Because let's think about this.

[Scott Melker]

We have another looming government shutdown coming in January. Yes, they funded the government for an extra, you know, two months, but we have that again.

[NLW]

We're going to have that fight. What happens if we see another 60 day government shutdown?

[Scott Melker]

Then we're going to have, you know.

[NLW]

Coming into the spring and the summer going to be start talking about midterms.

[Scott Melker]

And maybe this ceases to be the.

[NLW]

Big priority that it is now. This is one of those things they absolutely need to get done as soon as human, humanly possible because we cannot take for granted that this is the main priority. They got a strike while the iron's hot, in my opinion.

[Scott Melker]

Will the Clarity act be the catalyst.

[NLW]

For an alt season or for the bull market? It very well could, although at this point it feels like any good news is already completely priced in and assumed. I actually think there's more downside in the Clarity act not getting passed than there is upside for the market in the short term, in it getting past. We'll see. Of course the main sticking points of getting things like this done are defi, right, samurai wallet guys going to jail, everybody's signing the petitions. I mean, we still don't even know if code, you know, is speech or if it's legal or not. But we still have some bumps in the road here and in this actual legislation still. Obviously the incumbents are trying to protect themselves against the crypto industry, all the places that were better, defi, et cetera. This rings very familiar. The Genius act in the fight over yield in stablecoins, whether that yield's allowed to be passed on. Of course the banks don't want that. So we do have still a lot of sticking points here, but let's hope that they get this done. We also had along these same lines. The US Senate has confirmed pro crypto Michael Selig as CFTC chairman in a 53 to 43 vote. Once again, everybody knew that this was going to happen. So no surprises here, but I would still view this as very good news for the industry.

[Scott Melker]

Carolyn Pham, who was at the CFTC.

[NLW]

Before, is going to become head legal counsel at moonpay. She's staying in the industry. Not surprising that we have the revolving door between crypto and Washington, but she's.

[Scott Melker]

Being replaced by someone equally as pro.

[NLW]

Crypto, long history in the industry.

[Scott Melker]

So we are going to have more.

[NLW]

Favorable regulation likely from the cftc. And, and it seems that the SEC is trying to punt a lot of the control of the industry back to the cftc. We've had countless comments from Atkins at the SEC that basically doesn't view any of these things as securities unless it's a actual tokenized version of a security. That means that he's looking to kick this all over to the cftc, who's likely going to be the main regulator for the crypto industry. So I think right now to summarize.

[Scott Melker]

All of this, we are really looking.

[NLW]

I think, to January for clarity, no pun intended on clarity. And we need to get it done then. Right? This isn't happening in 2025. It was supposed to happen in 2025. Clearly not the case. And just one more story that we kind of had on the docket and we never got deeply into US Financial watchdog no longer sees crypto as a systemic threat banks. When was crypto really ever viewed as a systemic threat? But the fsoc. FSOC coming out and saying officially that they no longer think that we are going to absolutely destroy them. Very cool, Very good news. Very happy to see it.

[Scott Melker]

So that wraps up the first story.

[NLW]

In my mind, which is everything that's happening with the US Senate and pretty much with the government. Now the next story here has to be, has to be our good friend Jamie Dimon. Let me go ahead and bring this up.

[Scott Melker]

J.P. morgan bets on blockchain with new money market fund.

[NLW]

Plus the banking lobby pushed back against.

[Scott Melker]

Crypto'S new trust charters.

[NLW]

And look ahead at the week's key events. It's.

[Scott Melker]

There's so much news right now that it's not even one of our main.

[NLW]

Stories, actually, that five crypto companies, BitGo Ripple, Circle, Paxos, et al, I don't remember the fifth, all literally got trust charters this week. I have interviewed Dante Desparte from Circle earlier this week. That'll come out soon. We dove very deep into this. But it's absolutely huge news that these guys are going to be able to custody their own assets, aren't going to have to work with other banks to do so. And of course, as you can see here, that means that the banking lobby is going to hate that and push back against it because they don't like when we have nice things and they can't have nice things.

[Scott Melker]

But we're getting this Tokenized money market.

[NLW]

Fund from JP Morgan. M O N Y, I believe it's called. It's been ceded by $100 million of JP Morgan's own capital.

[Scott Melker]

So seemingly there's some real conviction here.

[NLW]

From JP Morgan because they're actually putting their own money where their mouths are in this case, which is something that you wouldn't expect from them. Generally, you see them launch things, but they kind of hedge and use other people's money, but they're really doing it. And so I want to show you a quick video of Jamie Dimon. Now, we all know that Jamie Diamond. I wish I had a whole bunch of videos of all the greatest hits of Jamie Dimon that will depress you and haunt you in your sleep, where he's called crypto scam. Anyone who works at JP Morgan that touches Bitcoin is going to get fired. He hates us, he doesn't want to talk about us, blah, blah, blah, blah, blah. Let's see what he's saying now when he goes on Fox News. Let's just, you know, let's, let's go check, check it out.

[Jamie Dimon]

Is real. It's been around for quite a while, but now it's becoming more effective, more efficient because people are finding ways to do it faster and cheaper. Permissioned or not permissioned. Smart contracts, I think will probably be real.

[NLW]

Probably smart contracts, those things could be real.

[Scott Melker]

They're actually real.

[NLW]

What do you mean?

[Scott Melker]

But either way, I mean, is this.

[NLW]

I don't know if this is just him capitulating and saying, yeah, we got to do this, or is this actually just kind of lightly a continuation of the Jamie Dimon? Bitcoin's a scam. But yeah, the technology can be used for something, right?

[Scott Melker]

But either way, JP Morgan is not.

[NLW]

Listening to him when he talks about these scam things. We've got this story right here. JP Morgan will now accept Bitcoin as collateral for loans. Now, we saw that they were talking about Bitcoin, Ethereum. We saw the cftc, by the way, also saying Bitcoin, Ethereum and USDC very specifically would be used as collateral.

[Scott Melker]

But now you can actually use your Bitcoin on JP Morgan wealth platform like any other stock or asset that they.

[NLW]

Take as collateral for a loan.

[Scott Melker]

I've been talking about this literally for.

[NLW]

Years, that the end game, whether we like it or not for crypto on an institutional level is when you just have Bitcoin and Ethereum and Fartcoin and whatever else sitting literally in your portfolio.

[Scott Melker]

On JP Morgan or on Schwab Right.

[NLW]

And it's just part of your whole portfolio. And you can use the entire portfolio to take a loan at 4 to 5%, which will continue to come down. But securities loans for people who are wealthy are much lower than the general rate. And you'll go about your life and if you get a margin call, you'll add more in there, but it'll be just another asset basically in your portfolio. Clearly that is the direction that things are heading right now. So I guess the question here, like, you know, I'm skeptical of JP Morgan. So once again we have this overarching theme of is JP Morgan capitulating to us or are they going to make sure that they just control as much of this as possible so that we can't really make money investing in it and it becomes more centralized? I don't really know the answer to that question. But I can tell you that this is not going to just be a JP Morgan story. This is going to be an absolute everyone story. So listen, I have to say that I think the biggest story of the week right now is probably this one.

[Scott Melker]

This is the DTCC transforming finance through secure tokenization. DTCC is leading the evolution of institutional finance by securely tokenizing real world assets. Our solutions combine the resilience of traditional markets with the innovation of blockchain technology.

[NLW]

Enhancing capital efficiency, reducing operational costs and unlocking new financial services. Now this might seem like a nothing burger if you don't know who the DTCC is.

[Scott Melker]

The DTTCC, DTCC. They custody $100 trillion in assets. And listen, I had to read this like four times.

[NLW]

I had to read this four times. Let's scroll down because I.

[Scott Melker]

The DTCC Depository Trust and Clearing Corporation, which clears nearly 4 quadrillion in annual transactions and custody's 100 trillion, will be tokenizing U.S. treasury securities on the Canton network. 4 quadrillion in annual transactions. That's not even a real number.

[NLW]

They made that up.

[Scott Melker]

Hey guys, we're doing 47 blantillion in volume. That's not a number. There's not 4 quadrillion of anything. But anyways, they are 4 quadrillion annual transactions. Last week making the announcement that they were going to tokenize all of it.

[NLW]

All of it.

[Scott Melker]

The DTCC got a no action letter.

[NLW]

From the sec, which sounds like a bad thing, but apparently is a good thing. When you get a no action letter.

[Scott Melker]

It means we're not going to come.

[NLW]

Over here and bend you over and beat you relentlessly like the last administration did.

[Scott Melker]

No action means you're good to go. You can do whatever you want.

[NLW]

We will take no action against you.

[Scott Melker]

The DTCC taking this very seriously and moving very quickly. This is the settlement system for all securities in the United States.

[NLW]

Our entire stock market and system T.

[Scott Melker]

Plus two settlement that went to T plus one settlement.

[NLW]

All those exciting things, it all clears through the DTCC and they're going to tokenize it. All ETFs, index funds, securities, they will be settling on blockchain rails. And maybe the bigger story here after all that was that all the ETH people when they saw that were like it's obviously going to happen on eth.

[Scott Melker]

And all the Solana people were like.

[NLW]

Bro, fast cheap future of finance. They rolled with the Canton Network. You ever heard of that? Canton Network? Well, apparently the Canton Network is purpose built for high frequency trading, has privacy features and is pretty centralized. Say control it. I mean, you know, it was funded by the biggest institutions in Wall Street. But this is not going to happen on Ether, Solana or Avalanche or any of those. This is happening on Canton Network, which is permissioned man.

[Scott Melker]

4 quadrillion in transactions coming to blockchains near you. Did Canton Network's price move?

[NLW]

I haven't even looked. Let you know what, this will be a fun exercise. I had looked yesterday, it hadn't. But we got coin market cap here. Canton, Canton, Canton canteen. Oh, down 3.35% in 24 hours.

[Scott Melker]

I mean look at that huge pump. It leveled up.

[NLW]

Okay? It went from like 0.07 to 0.08. I mean, what are we doing here? What are we doing here? Okay, so thinking about this, how is this possible?

[Scott Melker]

This is a low cap shitter.

[NLW]

That obviously is not okay, that's inappropriate for me to say that. I'm sure it's great. But I'm just saying like anything that's not Bitcoin is effectively like, you know, this isn't like a top 10 coin by market cap.

[Scott Melker]

They got an announcement that 4 quadrillion in volume will likely be done on their platform. And that can't even move the price of a crypto token in 2025. Like literally, what do we have to do here? I swear to God that Biggie, Tupac.

[NLW]

And Bob Marley could come down and have a buy crypto concert led by.

[Scott Melker]

Jesus himself, telling you that the apocalypse is coming if you don't buy crypto and price wouldn't move. I mean, we have reached a level of absurdity that is unbelievable. Like this is a low cap coin. Wouldn't you think that even just the News would spark some sort of interest.

[NLW]

And someone would be like, I just saw Canton in the news. I got to buy that. That doesn't work anymore.

[Scott Melker]

I mean, listen, it begs the old.

[NLW]

Question that I talk about with Dave Weisberger all the time, which is like, what is the value of a token? Right. Listen. But I don't think that, like, your average person is, like, digging into the tokenomics and trying to deeply figure out, like, if that value is going to accrue to them or not. They should just see this thing and their Uber drivers, like Canton Network and dtcc, bro. Like, let's get it. And it's just not happening. Right? So does value actually accrue to token holders? I have no idea. In general, right? Like, we've had this debate about xrp. We've had this debate about Link. We can now have this debate about Canton Network. I keep saying that we're in this world where, you know, utility and fees are going to matter, but, like, if we reprice everything for utility and fees, we probably need to reprice things much, much lower. I talked to Raoul Pal yesterday. That'll come in soon. And I kind of made that argument to him, and he pushed back and he said he views these assets through Metcalfe's law, you know, adoption of exponential technologies. I agree with that to some degree. But the bottom line here is that there's nothing. There's no announcement that can make anything move right now. There's no individual catalyst. That doesn't mean we'll stay here forever. We just have to be real about the market. Like this thing. Canton Network should have TEDxed on an announcement that big. There's no bigger announcement in history of crypto. It's bigger than anything. And literally nothing happened.

[Scott Melker]

So the next story that we have.

[NLW]

After having to talk about the dtcc.

[Scott Melker]

It'S crazy that all we talk about.

[NLW]

Is institutions and governments. But here's a slight pivot, I guess.

[Scott Melker]

We have Coinbase big announcement, Stock trading.

[NLW]

Rolling out on Coinbase in the United States.

[Scott Melker]

This seems like a huge piece of news, but because we hate everything our industry. Coinbase's big announcement is that you can.

[NLW]

Trade stocks is literally the opposite of what we signed up for. I. I love Elio. I don't get all of the pushback right now against Coinbase for this announcement. I think that this is absolutely huge. We want our incumbent companies who understand the industry have been here from the beginning.

[Scott Melker]

We want to be eating the financial.

[NLW]

System from the crypto side, not having them eat us. As I said, before. And I think that this is just one natural step in that direction. We all know that especially with tokenization, everything's going to be traded everywhere, all the time, 24, 7, 3, 6, 5. Right. And so I think this is just a part of that. And obviously Coinbase also wanting to compete with the Robinhoods of the world, who are coming at it from the other way. Like Robinhood was, Stocks first came into crypto. They're also now talking about tokenization of everything and moving forward very heavily on that. If you missed my conversation with Johan Cabrat on Sunday from Robinhood, you should definitely listen to that because he dives deeply into that and explains it.

[Scott Melker]

But that was just one of the.

[NLW]

Two big announcements from Coinbase. This week, the second Coinbase launches custom stable coins. Users can now issue branded stable coins back one by one by Coinbase Custody collateral. Obviously, I never wanted to launch a.

[Scott Melker]

Meme coin, but I will be launching Scott Melker stablecoin.

[NLW]

So all that of you can tip me for all of this free shit that you keep getting from me. I haven't seen any of you pay me anything for showing up every day. Like, I'm literally here every day of spending money, actually. I don't want anything from any of you, to be honest. I just love your attention that you're here. But yeah, I don't know, like, what's the upside of launching a stable coin? This is clearly not for guys like me, probably for institutions who say, hey, man, probably easier to just partner with somebody who's already doing this than to do it myself. I asked Dante Desparte about this, actually, and he said, say my name. I think that's literally what he says. And say my name. There's a USDC thing, it's not a stablecoin thing. It is true. All of this is with usdc. And we're seeing this push and pull between the two potential systems. And I've talked about this a lot of how institutions are going to adopt our technology. Stablecoins first, but I think there's a bigger story, or that kind of gives us some intel on what it's going to look like in the future for the whole industry. And there's either partner with somebody who's already doing it, that's a crypto incumbent so that you can be ahead of the curve and be early in the race, or try to build this entirely yourself. Right? And we've seen a number of banks say, hey, I can't remember if it was bank of America or Wells Fargo, but Bank of America looking to build their own stablecoin at this point, it's like, maybe we should just give a few bips of those fees off to Coinbase and USDC and just utilize theirs and we can white label it and put our name on it.

[Scott Melker]

But I don't really see the pushback.

[NLW]

Against Coinbase on any of these announcements. I think they're actually quite big for the industry and we can see how fast everything is moving in a very, very specific direction. And frankly, I'd rather cheer for Coinbase offering stocks than for JP Morgan offering crypto. Right. I think we can all agree on that because Jamie Dimon is just such a douchebag. My guys, you're gonna have to bleep so many things. I'm sorry. To the producers and editors. It's live. We're gonna get mushed by the algorithm. It's what we do. Yeah, but you guys can tip me in. Wolf Token meme, Coin coming soon in 2027.

[Scott Melker]

We have one more big story because we had to talk about this the other day.

[NLW]

I think it was one of my titles that the market will die on December 19th. Last I checked, it was December 19th. And market, it's still here. We're still here, I think. Are we here? Still here. YouTube was down today, so I don't know, maybe the market could be down as well. But we have bitcoin pretty much flat. Everything pretty much flat. And December 19th is here. You may remember this article that I showed you, by the way. We made it our title and then I pushed back. So it's not like I actually thought things were gonna die, but December 19th, the date everyone is ignoring, that could crash your crypto portfolio.

[Scott Melker]

This is the bank of Japan raising rates.

[NLW]

We've talked about it ad nauseam. So I'm not going to dive deeper into the yen carry trade. And the way that everybody was getting free money from the yen, borrowing it there, going other places, and using that money to invest in assets that actually.

[Scott Melker]

Made you money and blah, blah, blah, blah, blah, blah.

[NLW]

We've had three times in the past, basically year, slightly over a year where we've seen the bank of Japan do the unthinkable and hike rates. March 24, July 24, January 25. That was a led to a 23% drop in Bitcoin, a 26% drop in Bitcoin, and a 31% drop in Bitcoin. But as someone pointed out to me on Twitter spaces, all of those three things lined up with very major other events. Like, I don't know, tariff, tariffs, announcements hitting and all these other things that actually rocked the market. But you can't tell me that when everybody knows already that the bank of Japan is going to hike that. That should be rocking the market today. I think that notion is stupid. I think that this is largely priced in A and B. I just think if the carry trade is already dead, if they've been raising rates, that has already unwound and that was a narrative.

[Scott Melker]

Already from last year, the last time.

[NLW]

We talked about the trade unwinding. So yes, do I think the era of free money from Japan is largely over? Of course I do, because it's obviously over. But if it's over, then this kind of news should not be rocking the market. This was it. They hiked rates to the Highest level in 30 years, up 25 bits, bips. You can see that chart right there. I mean that's like a zombie coming back to life, right? A flat line. And then all of a sudden we've got a heartbeat coming back. I mean those are the five stories.

[Scott Melker]

That we had here for the week.

[NLW]

I feel like NLW is fired because I'm so good at this. It's much better when he's here. He's very, very smart and we need to get him back post haste. Before I get kicked off of YouTube for using too many bad words and talking about Jesus coming down to sell us bitcoin, but yeah, that's all we have for you today. I should mention that it's in the description. I'm assuming if my people did their jobs. I have a telegram group that I never talk about. It's my entire team like posting all the big news stories that are happening throughout the day with some incredible analysis. There's nothing being shilled there at all. We don't even talk about altcoins. But there's a whole community. I engage, I talk to you guys. And for the first like six months that we had it, it was gated by an exchange sign up link only because we wanted to not have bots and fake accounts and scammers. You didn't have to do anything. We remove that entirely. So be careful of bots and scammers if you see any there haven't been yet, but it's completely free. It's down in the description. There's two links. You just sign on one and it will give you the news feed and all the analysis. That's the one way channel and then the other one is the community where you can chat. I literally go in there I talk to people. If you have telegram, it's amazing. It's amazing. We only got like 800 and something people in there. We have like you said, I never mention it, I never talk about it, but here I am, I'm mentioning it and I'm talking about it. It.

[Scott Melker]

So we're coming into the holidays here.

[NLW]

We know that, you know, things are going to slow down with all these channels. I would, I would recommend, you know, we're going to knock out my macro Monday next week and probably through Wednesday and then everybody just go like touch grass, touch snow, do something, hug your kids, your wife. Nothing's dramatically moving price at the moment. I personally am just running the out of arch public algorithms, buying bitcoin on every diploma I've now deployed massively. I'm actually going to start another portfolio with them on OkX. It looks like they're launching with OkX as OkX comes back in the United States. You know that I have a long standing relationship. I used to be a global brand ambassador for OkX. So very, very excited about that.

[Scott Melker]

And yeah, I will be back on.

[NLW]

Monday for another macro Monday. And we have amazing, three amazing podcasts coming that are all will be recorded by today. Dante Desparte from Circle. Raoul pal, that one's incredible. And today I'm recording one with Austin Arnold of Altcoin Daily. I've been on their channels a bunch but actually have never had them on mine. So looking forward to having a conversation with them. That's all I have for you guys today. Remember, it's very important that cash rules everything around me. Cream, get the money dollar, dollar bill, y'. All, See ya on Monday.

[Scott Melker]

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[Scott Melker]

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