The Wolf Of All Streets — "EXCLUSIVE: Pro Bitcoin Democrat Running For California Gov | CryptoTownHall"

Host: Scott Melker
Date: September 23, 2025

Overview

This episode of CryptoTownHall, hosted by Scott Melker, features live coverage and reaction to a major announcement from Dennis Porter of the Satoshi Action Fund. The show builds up to the exclusive reveal that former California Assembly Majority Leader Ian Calderon—a long-standing and openly pro-Bitcoin Democrat—is launching his campaign for Governor of California, with Bitcoin positioned as a centerpiece of his platform. The discussion brings in broad perspectives on current crypto regulation, market dynamics, political strategy, and the urgent need for cross-party support for Bitcoin in US politics.

Key Discussion Points and Insights

1. Regulatory Momentum, Market Structure & The SEC/CFTC (00:01–17:30)

• Announcements & New Developments:
  • Fold selects Stripe & Visa for new crypto credit card.
  • Morgan Stanley to enable Bitcoin trading for E-Trade clients by 2026.
  • SEC remarks on possible "innovation exemption" to reduce regulatory burden for crypto firms.
• Analysis of Regulatory Climate:
  • Panelists note a historic acceleration at the SEC post-Gary Gensler.
    • Quote: "The SEC has never in their history moved at the pace that they're moving right now. Like, this is historic speed for the SEC." —Andrew, 08:27
  • Complex US framework with separate SEC and CFTC oversight is critiqued as a "clusterfuck," mainly maintained for entrenched financial interests in Congress.
    • Quote: “Right now you have two honeypots… to bring into one honeypot means a whole pile of senators and Congress people would lose that donor base… it is the single most important reason because money talks and bullshit walks in Washington.” —Dave, 11:49
  • Repeated calls for agency merger or, at minimum, more effective joint task forces.
  • Ongoing uncertainty around CFTC Commissioner appointments slowing policy clarity.

2. Crypto Markets in Flux: Sentiment and Macro Landscape (17:30–30:24)

• Recent Market Movements:
  • Large ETF outflows and liquidations have created bearish sentiment, but some analysts see attractive risk/reward opportunities ahead.
  • Discrepancy: S&P 500 and gold at all-time highs, while Bitcoin lags.
    • Quote: “Bitcoin appears to be more sensitive to changes in global growth expectations, while the S&P tends to be more sensitive to monetary policy right now.” —Andre, 18:43
    • Analyst expectation: Bitcoin will "catch up" and outperform as macro tailwinds (rate cuts, inflation expectations, etc.) gather force.
• Technical Cycles:
  • Ongoing debate on whether Bitcoin's four-year halving cycle remains relevant. Panel consensus: macro and demand factors (not just mining) now shape the market.

3. Volatility, Seasonality, and Market Manipulation Theories (30:24–38:00)

• Volatility Insight:
  • Historically low volatility in Bitcoin, suggesting a “calm before the storm.”
  • Rosh Hashanah and Yom Kippur: noted as seasonal triggers for equity market volatility, but their influence on crypto is less clear.
• Market Manipulation Discussion:
  • Robust debate on the impact and reality of “paper Bitcoin” and market suppression theories.
    • Quote: "There are a lot of people who like conspiracy theories and they want to see shadows under the bed… but I don’t think that’s happening in bitcoin." —Dave, 31:44
  • Libertarian critique of government overreach vs. the value of regulatory “scaffolding” for investor confidence.

4. EXCLUSIVE ANNOUNCEMENT: Ian Calderon Candidacy for California Governor (38:04–75:10)

Dennis Porter’s Introduction (41:49)

• Background on Satoshi Action Fund: Passed nine pro-Bitcoin bills in eight states.
• Importance of bipartisan/political neutrality for Bitcoin; urgent need for pro-Bitcoin Democrats.
• Sets up Calderon’s announcement as historic: “We launch a movement to take back California’s future… show the nation that there are strong Democrats who not only understand bitcoin, but who are ready to fight for it.”

Ian Calderon’s Personal Story & Vision (45:17)

• Youngest majority leader in CA history; left at peak for family reasons.
• Deep roots in California, desire to restore affordability and opportunity for new generations.
• Bitcoin advocacy since 2017—work on blockchain legislation, advising municipalities, championing innovation.
  • Quote: “I’ve been all in on bitcoin since the beginning. And I think that California’s future is going to be brighter if we finally do what we should have done from the very beginning and embrace this space, embrace this community…” —Ian Calderon, 48:08
• Frustration with Democrats lagging on Bitcoin; Republicans recognized the importance of the growing crypto voting bloc first.
• Laments cost of living, loss of generational wealth opportunities, and the risk of young families being priced out of California.

Policy Priorities: Bitcoin, Reserve Funds, and Self-Custody

• Strategic Bitcoin Reserve:
  • Proposes California hold Bitcoin on its balance sheet, initially to shore up wildfire fund (currently $21B, could have been >$216B if invested in BTC in 2019).
    • Quote: “Back in 2019, if we had invested that money into bitcoin, that money... would be worth over $216 billion today.” —Ian Calderon, 54:34
  • Describes this modern, tech-driven approach as a necessary leap for fiscal health and innovation leadership.
• Protection of Bitcoin Rights:
  • Personal story: invested house down-payment in Bitcoin rather than being priced out of the real estate market; he and his wife are steadfast on self-custody.
    • Quote: “We put all of our money that we were going to use to buy a home into bitcoin… I’m going to protect the right to self custody because I self custody myself.” —Ian Calderon, 59:03
  • Commitment to legal protections: collaborating on legislation to guarantee the right to self-custody, and facilitate state management of digital assets directly.

Political Stakes & Movement Building

• Crucial Contest:
  • The front-runner, Katie Porter, is described as extremely anti-Bitcoin.
  • Porter’s victory could turn California—and by extension, the national Democratic Party—against Bitcoin.
• Bipartisan Imperative:
  • If Bitcoin remains a single-party issue, progress could be reversed cyclically every four years.
    • Quote: “If we head towards a world where one party supports bitcoin and one party is against bitcoin, it will be a terrible future for our country…” —Dennis Porter, 67:02
• Broader Political Impact:
  • California’s size, influence, and large Congressional delegation mean that a pro-Bitcoin Democratic Governor would shift national policy.
• Community Message:
  • Calderon’s campaign launch is intentionally with the Bitcoin community, prior to any mainstream media.
    • Quote: “I made this commitment to be here and to do this announcement Tuesday and I wasn’t going to back out of that. This issue is too important, this community is too important to me to have done something like that.” —Ian Calderon, 59:03

Endorsements and Testimonials

• Wendy O: Bitcoin advocate and early interviewer of Calderon; affirms long-time credibility and commitment:
  • Quote: “He actually cares about bitcoin. He cares about the future of California and he’s put the work in to do so.” —Wendy O., 63:11
• Dennis Porter: Repeats nonpartisan necessity, notes fundraising will accelerate as the campaign’s pro-Bitcoin credentials are assessed.

Notable Quotes & Timestamps

• “The SEC has never in their history moved at the pace that they're moving right now. Like, this is historic speed for the SEC.”
  — Andrew, 08:27

• “Right now you have two honeypots… to bring into one honeypot means a whole pile of senators and Congress people would lose that donor base… it is the single most important reason because money talks and bullshit walks in Washington.”
  — Dave, 11:49

• “Bitcoin appears to be more sensitive to changes in global growth expectations, while the S&P tends to be more sensitive to monetary policy right now.”
  — Andre, 18:43

• “Back in 2019, if we had invested that money into bitcoin, that money... would be worth over $216 billion today.”
  — Ian Calderon, 54:34

• “We put all of our money that we were going to use to buy a home into bitcoin… I’m going to protect the right to self custody because I self custody myself.”
  — Ian Calderon, 59:03

• “If we head towards a world where one party supports bitcoin and one party is against bitcoin, it will be a terrible future for our country…”
  — Dennis Porter, 67:02

• “He actually cares about bitcoin. He cares about the future of California and he’s put the work in to do so.”
  — Wendy O., 63:11

Timestamps for Key Segments

• Regulatory & Market Discussion: 00:01–30:24
• Market Structure & CFTC/SEC Policy: 10:48–17:30
• Technical Discussion on Bitcoin Cycles: 23:04–27:35
• Announcement Segment Begins: 38:04
• Dennis Porter’s Intro & Context: 41:49
• Ian Calderon's Personal Background: 45:17
• Bitcoin Policy & Wildfire Fund Reserve: 53:40
• Self-Custody Story & Rights: 59:03
• Political Stakes Explained: 67:02
• Endorsement/Testimonial (Wendy O): 63:11
• Closing Remarks & Call to Action: 72:41–80:16

Concluding Takeaways

• Historic candidacy: Ian Calderon’s campaign is the clearest attempt yet by a high-profile Democrat to put Bitcoin at the center of a state-level race, potentially flipping the script on crypto partisanship.
• Bipartisanship is crucial: All sides stress that Bitcoin’s national future depends on cross-party support to avoid whiplash every election cycle.
• Market momentum & policy change: Regulatory clarity and market developments are proceeding at their fastest pace ever—Bitcoin’s mainstream moment is both a challenge and an opportunity.
• California’s unique role: As the world’s fourth-largest economy, California’s embrace or rejection of Bitcoin will have far-reaching consequences.

For listeners:
This episode is essential listening for anyone who wants to understand the next battleground for Bitcoin in American politics, especially in light of Ian Calderon’s bold pro-Bitcoin Democratic campaign for California Governor. The wider policy and market commentary also provides context for why this moment is pivotal for crypto’s future in the US.