The Wolf Of All Streets – Is Bitcoin Being Manipulated? Here’s Who’s Pulling The Strings

Host: Scott Melker
Date: January 16, 2026
Format: Solo “Friday Five” episode – a rant-heavy rundown of urgent crypto topics

Episode Overview

Scott Melker uses this solo edition of the Friday Five to dive deep into high-stakes political maneuvering in US crypto regulation, specifically the botched Clarity Act, and the overarching theme of manipulation within the Bitcoin and larger crypto markets. The episode is packed with Melker’s candid and often acerbic critiques of politicians, banks, and institutions, as well as updates on global crypto news, regulatory battles, and market behavior. True to form, Melker weaves rants, sarcasm, and notable industry quotes throughout, aiming to cut through the noise and FUD.

Key Discussion Points & Insights

1. Manipulation & the Clarity Act (00:30–16:20)

• Clarity Act Drama:
  Melker frames the Clarity Act as political posturing, expressing disillusionment at how confidence in its passage was misplaced.

  “It seems like we were sold a fake bill of goods the entire time.” (04:30)

• Why the Bill Is Failing:

  • Political deadlock: Both Democrat and Republican “non-negotiables.”
  • Over 130 amendments—legislative chaos.
  • “It has become a way for the banks to gain control of the crypto industry for the next hundred years…” (11:25)
  • Bans on DeFi, asset tokenization, and harsh KYC/AML requirements for self-custody wallets: All unacceptable to the crypto community.

• Political & Commercial Interests:

  • Banks realize stablecoins pose an existential threat by potentially draining $6T from the US banking system (12:45).
  • Politicians more interested in self-serving clauses than public good.

• Brian Armstrong & Coinbase:

  • Armstrong opposed to the bill’s anti-DeFi, pro-surveillance language.
  • “Sounds very, I don’t know… Chinese.” (12:30)

• Conclusion:
  The act is “LARPing as something to protect and give clarity on the crypto industry. That’s actually an outright attack on our industry.” (20:45)

Notable Quotes

• “The banks want to keep doing what they’re doing. That’s bad for you. And if there’s something better that’s good for you, we are not going to allow it.” (13:18)
• “Do you think that Brian Armstrong…really has the power that Jamie Dimon and his friends do? I don’t think so.” (14:30)

2. Political Rhetoric & Market FUD (16:21–22:45)

• Democrats Enter the Fray:
  Accusations of “pay to play” lobbying after dropped SEC enforcement actions.

  • Melker lampoons the cycle of donations and regulation, pointing out it’s endemic to all US lobbying, not unique to crypto (17:50).
  • Classics: “Gary Gensler was a heaping douche canoe… sometimes I wish that we could have Gary Gensler back though, because I was able to effectively make a career mocking him…” (18:35)

• FUD Comeback:
  Melker predicts a return to age-old anti-crypto narratives—crime, North Korea, “boiling oceans.”

  • “The anti-crypto army is alive and well…ahead of midterm elections.” (16:50)
  • “The gaslighting is absolutely insane.” (19:45)

3. Market Updates & Institutional Flows (22:46–27:00)

• Bitcoin Price Action:

  • BTC near $95K, up for the week, aided by $130B inflows and $1.7B ETF surge.
  • “We don’t get the 9:45am sell off every single day…Something has fundamentally changed.” (24:40)
  • Major move appears institutional, with retail participation at a low (25:40).

• Altcoins Rally:

  • Ethereum, Solana, XRP breaking above 50-day moving averages, rising with BTC.

• Global Regulatory News:

  • “South Korea finally ends its nine year crypto ban…” (27:15)
    • Korean institutions can again participate—potentially unlocking substantial new volumes.
    • Melker shares Korean crypto-trader war stories: “These guys are doing volumes that put American market makers and institutions to shame.” (28:40)
    • “You guys may remember the kimchi premium from back in the day…” (29:30)

4. Meme Coins, Scams, and Regulation (31:00–37:50)

• NYC Mayor & Meme Token Debacle:

  • Melker dissects Eric Adams’ unwitting meme coin rug pull, highlights the silliness and dangers of celebrity/political meme coins.
  • “Don’t buy meme coins. Don’t buy celebrity meme coins. Don’t buy political celebrity meme coins. If you happen to have lost money on this, you are a person who is dumb.” (34:45)
  • Calls for new state laws on crypto crime follow in the wake of the scandal.

• US Regulatory Clampdown:

  • New York DA proposes felony charges for moving $1 million+ in unlicensed crypto.
  • “New Yorkers are just not allowed to have fun. It’s a thing. We all know that. And now they have socialism.” (36:30)

• Scam Explosion via AI:

  • $17B in crypto scams last year, propelled by AI phishing and impersonation tools.
  • “AI as wonderful as it is, makes scamming people a hell of a lot easier.” (37:40)
  • “If we’re being intellectually honest, crypto also makes scamming people a hell of a lot easier.” (38:30)

5. Crypto Adoption & Global Macro (38:40–41:45)

• Iran Turns to Crypto:

  • Iranians seek refuge from economic collapse; $8B in crypto now over 2% of the country’s GDP.
  • Even military personnel prefer getting paid in bitcoin over local currency.
  • “When you have a hyperinflating currency, you need to get your money into something that inflates less…” (40:45)

• CME Embraces 24/7 Trading:

  • Chicago Mercantile Exchange announces around-the-clock trading for crypto futures/options (41:20).
  • “We took all these lazy Wall Street jackass guys… and we’re going to make them go to work. 24/7, 365. Welcome to our party. No more vacations for you." (41:30)
  • Traditional finance now forced to operate at crypto’s always-open pace.

Memorable Quotes & Moments

• “This bill…is LARPing as something to protect and give clarity. That’s actually an outright attack.” – Scott Melker [20:45]
• “[The] banks want to keep doing what they’re doing, that’s bad for you. And if there’s something better that’s good for you, we are not going to allow it.” – Scott Melker [13:18]
• “Sometimes I wish we could have Gary Gensler back though, because…he looks like Mr. Burns.” [18:35]
• “Don’t buy meme coins. Don’t buy celebrity meme coins. Don’t buy political celebrity meme coins…Be less dumb, because that would be good for you.” [34:45]
• “AI, as wonderful as it is, makes scamming people a hell of a lot easier.” [37:40]
• “We took all these lazy Wall Street jackass guys… and we’re going to make them go to work. 24/7, 365.” [41:30]

Timestamps of Key Segments

• Intro & Clarity Act Setup: 00:30–04:30
• Why the Clarity Act Was a Non-Starter: 04:31–12:00
• Banking Interests & Political Power Games: 12:01–16:20
• Midterms & Return of Anti-Crypto Rhetoric: 16:21–20:45
• SEC, Pay-to-Play, and Lobbying: 20:46–22:45
• Market Rally & Institutional Inflows: 22:46–25:40
• South Korea Crypto Ban Lifted: 27:15–30:00
• Eric Adams & Meme Coin Snafu: 31:00–35:00
• New York State Law & Crime Report: 35:01–37:00
• AI-Enabled Crypto Scams: 37:01–38:40
• Iran’s Crypto Adoption: 38:41–40:50
• CME Moves to 24/7 Crypto Trading: 41:00–44:00
• Conclusion, Reflections, & Teasers: 44:01–45:30

Tone & Takeaways

• Candid, irreverent, often self-deprecating: Melker is honest about his career misjudgments, critical of nearly all parties involved in US crypto politics, and keen to lampoon both bank and government hypocrisy.
• Themes of manipulation by entrenched powers: Both the US government and big banks, he argues, are fighting to co-opt or suppress crypto for their own ends.
• Bullish long-term, wary short-term: Despite frustrations, Melker remains confident in holding bitcoin, welcoming institutional inflows but warning listeners to brace for renewed anti-crypto FUD.

Final Words

A wry, energetic rant that exposes the machinations of lawmakers, banks, and institutions behind the Clarity Act and the broader crypto landscape. Scott Melker’s insights, humor, and unfiltered perspective offer both a warning and a rallying cry: don’t be naive, expect turbulence, but remember why you bought Bitcoin in the first place.