Podcast Summary: The Wolf Of All Streets

Episode: Bitcoin TAKES OVER Washington - New Crypto Bill Changes Everything!

Host: Scott Melker
Date: December 9, 2025
Guests: Eleanor Terrett (journalist, crypto policy analyst), Andrew, Tillman

Overview

This episode dives deep into the latest developments in U.S. crypto regulation, with a focus on ongoing legislative battles in Washington, D.C. and the growing integration of Bitcoin and crypto into traditional finance. Scott Melker hosts an insightful roundtable with distinguished guests, including policy analyst and reporter Eleanor Terrett. Together, they dissect the progress and politics of the landmark market structure bill, discuss critical moves by regulators like the CFTC and SEC, the stance of major banks and TradFi giants, as well as how these evolving dynamics influence the industry, markets, and innovation.

The conversation is candid and energetic, packed with insider details, practical reflections, and the podcast’s trademark irreverent humor.

Key Themes & Discussion Points

1. Where the Crypto Market Structure Bill Stands

(00:01–08:54)

The Clarity Act: Passed by the House in July, now in the Senate where it’s being reworked with a different acronym (“Responsible Financial Innovation Act”—RFIA).
Process Stalemate: Senate is putting its own mark on the bill, dissecting the House version and reworking critical language, especially around DeFi, ethics, and the role of the White House.
Imminent Deadlines: Congress faces a tight window to act before Christmas break; key bipartisan meetings are taking place, but agreement on a final text is still out of reach.
Bipartisan Stakeholders: Major banks, like Wells Fargo, Citi, and Bank of America, are now heavily involved, particularly concerned about stablecoin yield and potential competitive disadvantage.
Key Quote:

“The frustration here… proponents in the crypto industry who saw the Clarity act and said, this is a good bill, let's just pass this bill. People saying, well, why can't we just get this passed by the Senate? But that's what we've been seeing…it's been a process and we are still very much in the middle of that process.” — Eleanor Terrett (03:33)

Notable Segment

[07:53] Eleanor: Explains Senate dynamics—committee markup votes need only a majority, but final passage needs at least 60 votes, requiring bipartisan concessions.

2. Regulatory Agencies on the Move

(14:24–21:13)

CFTC Pilot Program: Acting Chair Carolyn Pham announced a pilot to allow Bitcoin, Ethereum, and USDC as collateral in U.S. derivatives markets.
Agencies Coordinating: Suggestion that the CFTC and SEC are finally communicating to produce more coherent crypto regulation.
Leadership Changes: Pham will soon be replaced (Mike Selig expected as the new CFTC chair), but the proactivity is expected to continue.
Importance of Legislation: Agency guidance can be reversed with new administrations; only congressional law offers stability.
Key Quote:

“You can have all the advocacy on the Hill… but at the end of the day, codifying this stuff into law is really what’s going to get this stuff done… much harder to repeal a law than it is to repeal rulemaking by a federal agency.” — Eleanor Terrett (15:47)

Notable Segment

[17:27]–[18:05] Scott and Tillman riff on Jamie Dimon and TradFi’s new embrace of tokenization—contrasting past anti-crypto stances with their public adoption of blockchain narratives.

3. TradFi Giants & Tokenization—Rhetoric vs. Reality

(17:27–26:19)

Tokenization as a Talking Point: Major bank CEOs, like Jamie Dimon (JPMorgan), have shifted tone, now publicly advocating for “blockchain rails” and tokenized assets.
Skepticism: Panelists debate whether this is genuine innovation or just financial jargon meant to sound modern and relevant.
SEC Chair’s Prediction: Paul Atkins claims “all U.S. markets will be on chain within two years”—panel doubts the timeline but notes the dramatic shift in official rhetoric.
Key Quote:

“Tokenization… it’s not necessarily this giant leap forward in terms of innovation. Right. It simply means that the markets will be open 24/7 and then you’ll move stuff instantly. It sounds like a talking point so you don’t sound like a boomer.” — Andrew (19:43)

4. Bitcoin as Collateral & Rise of New Products

(22:21–27:18)

CFTC Collateral Pilot: The use of Bitcoin, Ethereum, and USDC as collateral is a “poke in the eye” to Ripple/XRP, which remains excluded.
Market Implications: Panel frames this as the seed of Bitcoin attaining the same status as “king collateral” (e.g., the U.S. mortgage market).
Outlook: More products integrating crypto as collateral and new index funds (e.g., Bitwise Top 10 Crypto Fund) are viewed as further validation.
Key Quote:

“If we begin to get this base layer of collateralized stuff associated with Bitcoin, price will follow… that’s how you get to 500 to 700k over the next few years.” — Andrew (24:04)

5. Ripple’s $500 Million Deal—a Reality Check

(36:16–41:44)

Hyped Valuation: Ripple publicized a deal with Citadel and Fortress at a $40B valuation, but the panel reveals it was much more of a structured, low-risk bond for investors rather than a straight equity investment.
Marketing vs. Reality: These structures may boost optics but don’t necessarily signal deep conviction in crypto by TradFi buyers; rather, they’re “headline” deals with little real skin in the game.
Key Quote:

“It wasn’t really an investment... This was basically like a great PR move for Ripple and a great deal for the others, but doesn’t really help Ripple tremendously because, well, it actually cost Ripple.” — Scott (37:48)

6. The “Future Fund” & Bitcoin Accumulation Company Model

(42:07–54:53)

Fund Announcement: Arch Public launches a new fund designed to acquire cash-flowing businesses and allocate profits to Bitcoin using algorithmic dollar cost averaging.
Why It’s Different: Instead of leveraged “hold and hope” treasury models, this reinvests ongoing business profits into Bitcoin, providing superior risk management, tax efficiency, and potentially better returns.
Tax Advantages: Utilizes real-estate fund structures, offering participants depreciation, 1031 exchanges, and other benefits (with all the usual caveats to “consult your CPA”).
Core Philosophy: The fund aims to prove that steady, profit-fed Bitcoin accumulation outperforms lump-sum, debt-fueled treasury strategies.
Key Quote:

“It's all about buying businesses that are generating a lot of cash flow…so that cash flow can be appropriated into Bitcoin. So we've coined a new phrase called the Bitcoin accumulation company.”—Tillman (43:03)

Notable Segment

[46:04]–[48:02] Discussion of how U.S. businesses could have used Bitcoin savings as a backstop in tough times, and the case for bitcoin as a modern “emergency fund.”

Memorable Quotes & Quick Takes

On Legislation Logjam:

“It’s a work in progress. I don’t know if that will be a stalled work in progress. We will see. But it’s tough stuff. Everybody’s wants and needs in there, right?” — Eleanor (05:44)
On Lobbying vs. Law:

“You can have all the advocacy on the Hill that you want, but at the end of the day, codifying this stuff into law is really what’s going to get this stuff, you know, done.” — Eleanor (15:47)
On Banking Industry Fears:

“They're obviously concerned that they won't be able to give their 1% when they're getting 4%.” — Scott (07:13)
TradFi’s Late Pivot:

“Nobody wants to be like Kodak and Blockbuster and Sears Roebuck either… They’re certainly not going to let somebody else co-opt the better and faster before they find their way to do it.” — Scott (31:41)
On Government Naming Schemes:

“Responsible Financial Innovation Act. That could possibly be the dumbest name of anything ever. It just goes to the reality of just how lame, you know, politics actually is.” — Andrew (28:27)
On DeFi's Inevitable Progress:

“Defi is up there at the top of the list because it’s getting integrated at such a seamless level… lend, borrow, those types of arbitrage opportunities… massive shifts in profit sharing potential with financial institutions and their shareholders or… their customers. And…Bitcoin rewrote the rules on instant settlement, democratization of access…” — Tillman (11:04)

Timestamps for Key Segments

00:01 – Opening: Context on the Clarity Act/crypto bill situation
01:41 – Eleanor breaks down the Senate process and D.C. dynamics
07:53 – The “60 votes” challenge and why bipartisan support is complex
09:03 – Panel reflects on industry expectations, politics, and DeFi’s unstoppable progress
14:24 – CFTC pilot program: Bitcoin/Eth/USDC as collateral in derivatives
17:27 – Jamie Dimon and TradFi’s shift: The new pro-blockchain narrative
19:43 – “Tokenization” as a talking point; market realities of blockchain rails
22:21 – Bitcoin collateral market: the mortgage market analogy
24:04 – The Bitwise Top 10 Crypto Fund and SEC approval signals
36:16 – Ripple’s $500M deal unraveled: More PR than genuine equity
42:07 – Launch of Arch Public’s Future Fund: A new Bitcoin accumulation model
49:42 – Fund mechanics, tax advantages, and algorithmic buying explained
56:12 – Practical tax implications discussed (with caveats)
60:00 – Retrospectives on missed bitcoin public company opportunities

Tone & Style

Energetic, irreverent, inside baseball. A mix of policy wonkery and practical trader skepticism, interspersed with jokes, banter, and self-deprecating comments.
Humor and “real talk”. The panel doesn’t hold back on cynicism toward D.C. politics, bank CEOs, or tokenization hype, while conveying genuine excitement for Bitcoin’s trajectory and real-world progress.
Full of analogies and stories. From acorns to mortgage markets to IRL business pivots.

Conclusion

This episode captures a pivotal moment in U.S. crypto history: the industry stands on the threshold of regulatory clarity, with all its promise and peril. While politics and lobbyists slow-walk consensus, it’s clear to the roundtable that the “cat is out of the bag”—innovation pushes forward regardless. Bitcoin’s evolution from insurgent asset to the backbone of TradFi is no longer hypothetical; it’s underway, with deep implications for institutions, entrepreneurs, and investors alike.

For industry participants, the message is clear: keep watching D.C., but don’t let political gridlock distract you from the structural changes already taking root.

Suggested Further Listening

David Bailey Interview (Bitcoin Accumulation Companies): See Scott’s recent podcast for deeper analysis of the model championed in this episode.
Arch Public “Future Fund”: For accredited investors interested in algorithmic, profit-fed bitcoin accumulation.

[End of summary]

Podcast Summary: The Wolf Of All Streets

Episode: Bitcoin TAKES OVER Washington - New Crypto Bill Changes Everything!

Host: Scott Melker
Date: December 9, 2025
Guests: Eleanor Terrett (journalist, crypto policy analyst), Andrew, Tillman

Overview

The conversation is candid and energetic, packed with insider details, practical reflections, and the podcast’s trademark irreverent humor.

Key Themes & Discussion Points

1. Where the Crypto Market Structure Bill Stands

(00:01–08:54)

The Clarity Act: Passed by the House in July, now in the Senate where it’s being reworked with a different acronym (“Responsible Financial Innovation Act”—RFIA).
Process Stalemate: Senate is putting its own mark on the bill, dissecting the House version and reworking critical language, especially around DeFi, ethics, and the role of the White House.
Imminent Deadlines: Congress faces a tight window to act before Christmas break; key bipartisan meetings are taking place, but agreement on a final text is still out of reach.
Bipartisan Stakeholders: Major banks, like Wells Fargo, Citi, and Bank of America, are now heavily involved, particularly concerned about stablecoin yield and potential competitive disadvantage.
Key Quote:

“The frustration here… proponents in the crypto industry who saw the Clarity act and said, this is a good bill, let's just pass this bill. People saying, well, why can't we just get this passed by the Senate? But that's what we've been seeing…it's been a process and we are still very much in the middle of that process.” — Eleanor Terrett (03:33)

Notable Segment

[07:53] Eleanor: Explains Senate dynamics—committee markup votes need only a majority, but final passage needs at least 60 votes, requiring bipartisan concessions.

2. Regulatory Agencies on the Move

(14:24–21:13)

CFTC Pilot Program: Acting Chair Carolyn Pham announced a pilot to allow Bitcoin, Ethereum, and USDC as collateral in U.S. derivatives markets.
Agencies Coordinating: Suggestion that the CFTC and SEC are finally communicating to produce more coherent crypto regulation.
Leadership Changes: Pham will soon be replaced (Mike Selig expected as the new CFTC chair), but the proactivity is expected to continue.
Importance of Legislation: Agency guidance can be reversed with new administrations; only congressional law offers stability.
Key Quote:

“You can have all the advocacy on the Hill… but at the end of the day, codifying this stuff into law is really what’s going to get this stuff done… much harder to repeal a law than it is to repeal rulemaking by a federal agency.” — Eleanor Terrett (15:47)

Notable Segment

[17:27]–[18:05] Scott and Tillman riff on Jamie Dimon and TradFi’s new embrace of tokenization—contrasting past anti-crypto stances with their public adoption of blockchain narratives.

3. TradFi Giants & Tokenization—Rhetoric vs. Reality

(17:27–26:19)

Tokenization as a Talking Point: Major bank CEOs, like Jamie Dimon (JPMorgan), have shifted tone, now publicly advocating for “blockchain rails” and tokenized assets.
Skepticism: Panelists debate whether this is genuine innovation or just financial jargon meant to sound modern and relevant.
SEC Chair’s Prediction: Paul Atkins claims “all U.S. markets will be on chain within two years”—panel doubts the timeline but notes the dramatic shift in official rhetoric.
Key Quote:

“Tokenization… it’s not necessarily this giant leap forward in terms of innovation. Right. It simply means that the markets will be open 24/7 and then you’ll move stuff instantly. It sounds like a talking point so you don’t sound like a boomer.” — Andrew (19:43)

4. Bitcoin as Collateral & Rise of New Products

(22:21–27:18)

CFTC Collateral Pilot: The use of Bitcoin, Ethereum, and USDC as collateral is a “poke in the eye” to Ripple/XRP, which remains excluded.
Market Implications: Panel frames this as the seed of Bitcoin attaining the same status as “king collateral” (e.g., the U.S. mortgage market).
Outlook: More products integrating crypto as collateral and new index funds (e.g., Bitwise Top 10 Crypto Fund) are viewed as further validation.
Key Quote:

“If we begin to get this base layer of collateralized stuff associated with Bitcoin, price will follow… that’s how you get to 500 to 700k over the next few years.” — Andrew (24:04)

5. Ripple’s $500 Million Deal—a Reality Check

(36:16–41:44)

Hyped Valuation: Ripple publicized a deal with Citadel and Fortress at a $40B valuation, but the panel reveals it was much more of a structured, low-risk bond for investors rather than a straight equity investment.
Marketing vs. Reality: These structures may boost optics but don’t necessarily signal deep conviction in crypto by TradFi buyers; rather, they’re “headline” deals with little real skin in the game.
Key Quote:

“It wasn’t really an investment... This was basically like a great PR move for Ripple and a great deal for the others, but doesn’t really help Ripple tremendously because, well, it actually cost Ripple.” — Scott (37:48)

6. The “Future Fund” & Bitcoin Accumulation Company Model

(42:07–54:53)

Fund Announcement: Arch Public launches a new fund designed to acquire cash-flowing businesses and allocate profits to Bitcoin using algorithmic dollar cost averaging.
Why It’s Different: Instead of leveraged “hold and hope” treasury models, this reinvests ongoing business profits into Bitcoin, providing superior risk management, tax efficiency, and potentially better returns.
Tax Advantages: Utilizes real-estate fund structures, offering participants depreciation, 1031 exchanges, and other benefits (with all the usual caveats to “consult your CPA”).
Core Philosophy: The fund aims to prove that steady, profit-fed Bitcoin accumulation outperforms lump-sum, debt-fueled treasury strategies.
Key Quote:

“It's all about buying businesses that are generating a lot of cash flow…so that cash flow can be appropriated into Bitcoin. So we've coined a new phrase called the Bitcoin accumulation company.”—Tillman (43:03)

Notable Segment

[46:04]–[48:02] Discussion of how U.S. businesses could have used Bitcoin savings as a backstop in tough times, and the case for bitcoin as a modern “emergency fund.”

Memorable Quotes & Quick Takes

On Legislation Logjam:

“It’s a work in progress. I don’t know if that will be a stalled work in progress. We will see. But it’s tough stuff. Everybody’s wants and needs in there, right?” — Eleanor (05:44)
On Lobbying vs. Law:

“You can have all the advocacy on the Hill that you want, but at the end of the day, codifying this stuff into law is really what’s going to get this stuff, you know, done.” — Eleanor (15:47)
On Banking Industry Fears:

“They're obviously concerned that they won't be able to give their 1% when they're getting 4%.” — Scott (07:13)
TradFi’s Late Pivot:

“Nobody wants to be like Kodak and Blockbuster and Sears Roebuck either… They’re certainly not going to let somebody else co-opt the better and faster before they find their way to do it.” — Scott (31:41)
On Government Naming Schemes:

“Responsible Financial Innovation Act. That could possibly be the dumbest name of anything ever. It just goes to the reality of just how lame, you know, politics actually is.” — Andrew (28:27)
On DeFi's Inevitable Progress:

“Defi is up there at the top of the list because it’s getting integrated at such a seamless level… lend, borrow, those types of arbitrage opportunities… massive shifts in profit sharing potential with financial institutions and their shareholders or… their customers. And…Bitcoin rewrote the rules on instant settlement, democratization of access…” — Tillman (11:04)

Timestamps for Key Segments

00:01 – Opening: Context on the Clarity Act/crypto bill situation
01:41 – Eleanor breaks down the Senate process and D.C. dynamics
07:53 – The “60 votes” challenge and why bipartisan support is complex
09:03 – Panel reflects on industry expectations, politics, and DeFi’s unstoppable progress
14:24 – CFTC pilot program: Bitcoin/Eth/USDC as collateral in derivatives
17:27 – Jamie Dimon and TradFi’s shift: The new pro-blockchain narrative
19:43 – “Tokenization” as a talking point; market realities of blockchain rails
22:21 – Bitcoin collateral market: the mortgage market analogy
24:04 – The Bitwise Top 10 Crypto Fund and SEC approval signals
36:16 – Ripple’s $500M deal unraveled: More PR than genuine equity
42:07 – Launch of Arch Public’s Future Fund: A new Bitcoin accumulation model
49:42 – Fund mechanics, tax advantages, and algorithmic buying explained
56:12 – Practical tax implications discussed (with caveats)
60:00 – Retrospectives on missed bitcoin public company opportunities

Tone & Style

Energetic, irreverent, inside baseball. A mix of policy wonkery and practical trader skepticism, interspersed with jokes, banter, and self-deprecating comments.
Humor and “real talk”. The panel doesn’t hold back on cynicism toward D.C. politics, bank CEOs, or tokenization hype, while conveying genuine excitement for Bitcoin’s trajectory and real-world progress.
Full of analogies and stories. From acorns to mortgage markets to IRL business pivots.

Conclusion

For industry participants, the message is clear: keep watching D.C., but don’t let political gridlock distract you from the structural changes already taking root.

Suggested Further Listening

David Bailey Interview (Bitcoin Accumulation Companies): See Scott’s recent podcast for deeper analysis of the model championed in this episode.
Arch Public “Future Fund”: For accredited investors interested in algorithmic, profit-fed bitcoin accumulation.

[End of summary]

Bitcoin TAKES OVER Washington - New Crypto Bill Changes Everything!

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Summary

Podcast Summary: The Wolf Of All Streets

Episode: Bitcoin TAKES OVER Washington - New Crypto Bill Changes Everything!

Overview

Key Themes & Discussion Points

1. Where the Crypto Market Structure Bill Stands

Notable Segment

2. Regulatory Agencies on the Move

Notable Segment

3. TradFi Giants & Tokenization—Rhetoric vs. Reality

4. Bitcoin as Collateral & Rise of New Products

5. Ripple’s $500 Million Deal—a Reality Check

6. The “Future Fund” & Bitcoin Accumulation Company Model

Notable Segment

Memorable Quotes & Quick Takes

Timestamps for Key Segments

Tone & Style

Conclusion

Suggested Further Listening

Summary

Podcast Summary: The Wolf Of All Streets

Episode: Bitcoin TAKES OVER Washington - New Crypto Bill Changes Everything!

Overview

Key Themes & Discussion Points

1. Where the Crypto Market Structure Bill Stands

Notable Segment

2. Regulatory Agencies on the Move

Notable Segment

3. TradFi Giants & Tokenization—Rhetoric vs. Reality

4. Bitcoin as Collateral & Rise of New Products

5. Ripple’s $500 Million Deal—a Reality Check

6. The “Future Fund” & Bitcoin Accumulation Company Model

Notable Segment

Memorable Quotes & Quick Takes

Timestamps for Key Segments

Tone & Style

Conclusion

Suggested Further Listening