The Wolf Of All Streets Podcast Summary

Episode Title: Crypto surges on eve of FOMC decision #CryptoTownHall
Date: December 10, 2025
Host: Scott Melker
Notable Guests: Austin, Carlo, David, Lawyered, Mauricio (Leden CEO)
Theme: The interconnected future of crypto, macroeconomics, regulation (FOMC/Fed), and the accelerating institutional adoption of crypto, stablecoins, and tokenization.

Main Theme and Purpose

The episode focuses on the crypto market’s reaction to the anticipated FOMC rate decision, the larger catalysts for Bitcoin and broader crypto beyond the Fed, and deep dives into regulatory developments, stablecoin and tokenization adoption, and the fast-growing intersection between banks and crypto-native fintech. The panel dissects current market dynamics, regulatory shakeups, and what massive institutional adoption could mean for crypto products, lending, and user experience in both developed and emerging economies.

Key Discussion Points and Insights

1. FOMC Rate Cut: Market Implications and Skepticism

• Consensus: The market has priced in a 25 bps rate cut; minimal expectation of a surprise (whether 0 or 50 bps).
  • Austin: “The Federal Reserve…does not like to massively surprise the markets…so I would be shocked if we get anything other than 25 bips.” (04:45)
• Panel largely dismisses the Fed as driving immediate crypto price action; more important catalysts in play.
  • Scott: “I hate Jerome Powell. I hate talking about the Fed. I think The Fed shouldn’t exist, so let’s move on.” (04:39)
• Discussion of next Federal Reserve Chair’s likely dovish alignment with Trump—potential for deeper institutional impact.

2. Tokenization, Stablecoins & Regulatory Shifts

BlackRock, IMF, SEC, and the Great Tokenization Push:

• Carla: Stablecoins are the “gateway” to blockchain infrastructure for traditional institutions; seen as safer, regulatory-compliant, and a threat to IMF’s sovereign lending business (05:49).
• BlackRock’s Larry Fink: Tokenization may have a bigger impact than AI (referenced at 05:05).
• SEC’s Paul Atkins pushing for market structure clarity, arguing most crypto is not a security: “He basically said that everything in crypto is not a security unless it’s a tokenized security, which is already a security.”
  — Scott (08:22)
• Shift anticipated from SEC to CFTC regulatory oversight, paving clear lanes for future innovation.

Legislative vs. Regulatory Guidance:

• Need for actual legislation to “lock in” favorable crypto rules to avoid reversals: “Legislation…is really hard to unwind once it’s been signed into law.” — Carla (08:45)
• Stablecoins may marginalize the Fed’s impact by giving Treasury more monetary power (09:34).

Stablecoins as a Tool Against De-dollarization:

• Stablecoin adoption expected to “destroy any de-dollarization talk” and entrench the USD as world reserve (10:26).
  • “The more that stablecoin…will be adopted…you may just see the US Dollar as the reserve currency for the next million years.” — Lawyered (10:26)

Memorable, Meta Moment:

• Chat about AI being Time Person of the Year: “That’s not a person.” — Scott (11:36)

3. Tokenization: Infrastructure, Skepticism, and Institutional Impact

Not Everything Will be On-chain in 2 Years—But the Rails Are Coming:

• The real meaning of “everything tokenized in two years” is about having frameworks/rules, not universal adoption:
  • “Atkins is trying to telegraph to people is that over the next two years, we want to have rules and frameworks done so that everything can be tokenized.” — Austin (12:42)

Technical and Institutional Primitives:

• Settlement & infrastructure: Real-time gross settlement is a feature for crypto retail, but can be a bug for institutional/banking use cases.
• Importance of net settlement for traditional finance, limitations of crypto’s current infrastructure for FX, derivatives, and global settlements (19:19 – 26:18).
  • “Crypto likes to think that real time gross settlement…is a feature, not a bug…But in other cases, that thing is actually extremely bad.” — Austin (19:19)
  • “The true benefit of a tokenized world is that you can trade from one asset to another 24/7…” — David (16:14)

Legacy Adoption:

• Huge news: OCC now allows banks to offer direct Bitcoin trading, ahead of the SEC/FINRA for brokers. This riskless principal trading is newly legal and a seismic shift.
  • “It was totally illegal up until two days ago. Totally illegal. They couldn’t do it. Now…every bank in the United States can become a customer of [market infrastructure] and…offer [crypto trading] to customers legally.” — David (32:46)

4. Traditional Banks, Crypto-Native Lenders, and Future Competition

Bank Adoption & Competitive Edges:

• Banks are starting to integrate crypto products because that’s “where the puck is going” (30:08). But their infrastructure (hours, rehypothecation, jurisdiction limits) leaves room for crypto-natives.
  • Mauricio (Leden): “Banks are used to operating in a zero reserves world…a big disconnect with what bitcoiners want” (39:50).
  • Crypto-natives’ advantages: 24/7, global service, proof of reserves, transparency, cultural proximity to users.
  • “I don’t think your average bitcoiner…is leaving for State street or Goldman…you’re expanding a massive pool of potential customers…” — Scott (42:24)

Bank Involvement Legitimizes the Product:

• “It gives people comfort…when you have to explain to people that it wasn’t that bitcoin backed lending was broken…it was bad actors.” — Mauricio (43:08)

Leden’s Survival and Growth Post Credit Collapse:

• Simplicity/focus: Bitcoin-only, proof-of-reserves, no token, no exotic assets, strict risk management.
  • “We lend against one asset, we keep the collateral in custody…We were the first lender to ever do proof of reserves.” (44:53)
  • “All we do is lend dollars backed by Bitcoin…that focus, that consistency, that discipline, is why we’re reaping the rewards.” (55:48)

5. Real-World Stablecoin Use Cases and Emerging Markets

Loans, Collateralization, and Everyday Life:

• Leden users borrow against Bitcoin for “real life” needs: home buying, business capital, fertility treatments, etc.
  • “Leden doesn’t sell loans…Leden sells the things you can do without selling your bitcoin.” — Mauricio (49:46)
  • Banks often don’t recognize Bitcoin as an asset; Leden does (50:54).
• In emerging markets, the need for stablecoins is acute: e.g., in Venezuela, even local barber shops accept Tether, and loans are mostly disbursed in stablecoins (51:54).

Latin American Banking Innovation:

• Argentina is allowing domestic banks to transact in crypto and stablecoins—potentially bypassing legacy rails like SWIFT and ACH.
  • “Absolutely something we’ve never seen anywhere on the planet.” — Scott (53:16)
• Example of stablecoins helping to tame inflation in Bolivia by easing access to USD without physical cash—offering macroeconomic stabilization (54:50).

6. Institutional News and Market Future

Major Partnerships:

• Robinhood is “all in” on tokenization.
• PNC Bank’s partnership with Coinbase seen as “huge”—signals mainstream banking’s full embrace of crypto rails (18:24, 30:07).
• Infrastructure market (CoinRoutes, Talos) expected to power banks’ entry.
• “Every single bank can offer it…It’s seismic and yet the market doesn’t seem to care…” — David (34:19)

Market Structure Changes:

• The next major catalyst: banks being allowed to hold Bitcoin inventory, contingent on evolving Basel regulatory requirements (36:22).
• Infrastructure players, more than exchanges themselves, may be the big winners in this new landscape (35:49).

Notable Quotes & Timestamps

• Scott (Host):
  • “I hate Jerome Powell. I hate talking about the Fed. I think The Fed shouldn’t exist, so let’s move on.” (04:39)
  • “Actually, Mauricio, you’re here and I know we were going to chat anyways in the context of all the things Dave just described. …but like also short the banks long Bitcoin. Right.” (37:48)
• Austin:
  • “The Federal Reserve…does not like to massively surprise the markets…so I would be shocked if we get anything other than 25 bips.” (04:45)
  • “Tokenization in two years means the rules are ready, not universal adoption.” (12:42)
• David:
  • “Now every bank in the United States can…open up an account on Coinbase, an account on Kraken…trade Bitcoin…and be able to then transfer that back to a customer legally. And it was totally illegal up until two days ago.” (32:46)
  • “It’s seismic and yet the market doesn’t seem to care, which is always funny. You know, but the four year cycle matters more.” (34:19)
• Carla:
  • “Stablecoins are the gateway…for anyone who wants to bring in blockchain infrastructure, do it in a regulatory compliant way, but doesn’t have an appetite for crypto.” (05:49)
  • “Stablecoins will destroy any de dollarization talk…” (10:26)
• Mauricio (Leden):
  • “Banks are used to operating in a zero reserves world…that is a big disconnect with what bitcoiners want.” (39:50)
  • “Leden sells the things you can do without selling your bitcoin.” (49:46)
  • “We lend against one asset…we keep the collateral in custody…proof of reserves.” (44:53)
  • “All we do is lend dollars backed by Bitcoin…focus, consistency, and discipline.” (55:48)
• Lawyered:
  • “Legislation…is really hard to unwind once it’s been signed into law.” (08:45)

Timestamps for Key Segments

• FOMC Impact & Market Setup: 00:00 – 05:05
• Stablecoins, Tokenization, Regulation: 05:05 – 13:59
• Settlement Infrastructure, Bank Involvement: 14:05 – 36:22
• Crypto Native Advantage & Leden’s Growth: 37:48 – 55:48
• Real World Stablecoin/ Lending Use Cases: 49:15 – 55:48
• Latin America Banking News: 53:16 – 55:27
• Closing Thoughts / Outlook: 55:48 – End

Takeaways

• Crypto is in the midst of tectonic shifts: regulatory clarity, stablecoin and tokenization frameworks, and bank integration will create a vastly larger and more robust playing field over the next 2 years.
• Crypto-natives aren’t becoming obsolete—they’re carving deeper niches and setting standards traditional banks must adapt to, especially on transparency and 24/7 service.
• Global south/emerging markets will likely see the biggest immediate real-world impact from stablecoins and tokenized payment rails.
• Regulatory and infrastructure advances may soon make banks as common a crypto access point as exchanges—if not more so.
  • But as Scott quips: “Short the banks, long Bitcoin.”

This episode packs a forward-looking exploration of how crypto will soon be woven into the fabric of global finance—from Wall Street to Latin America’s corner stores.