The Wolf Of All Streets

Episode: Trade War Shockwaves Hit Crypto Markets #CryptoTownHall

Host: Scott Melker
Date: January 20, 2026

Overview

In this episode, Scott Melker and a panel of expert guests dissect the impact of escalating trade war rhetoric—particularly involving the US, Europe, and Greenland—on the crypto markets. The conversation explores why Bitcoin has remained rangebound, the rotation of capital into precious metals, tokenization trends, and the fierce regulatory battles playing out in Washington, D.C. Notably, the discussion also delves into the ongoing struggle between banks, neobanks, and crypto companies over yield-bearing products and the future of financial infrastructure.

Key Discussion Points & Insights

1. Current Market Sentiment: Trade War & Crypto Volatility

• The panel opens by referencing recent trade war tensions and how heightened political uncertainty is affecting Bitcoin and the broader crypto market.
• Scott Melker notes major cryptos have struggled:

  “Bitcoin right now at 90,148 looks likely to break down below 90,000 once again. ETH around 3,000 bucks. Solana... has been taking a beating because my algorithms keep buying it, which means it's been dipping larger than everything else.” (01:05)

2. Rangebound Bitcoin & Altcoin Weakness

• Dave (B):
  Highlights that Bitcoin is stuck in a predictable range, causing boredom and anxiety for traders:

  “Lots of panic when it was getting towards 84, 85 and lots of euphoria when it gets to 94, 95. Guess what? We're right in the middle of the range…. Reality is there's not a lot exciting in the bitcoin market. It's essentially stuck in a range.” (02:04)

• Altcoins suffer due to skepticism around adoption, especially with NYSE’s tokenization announcement likely being a permissioned system—not truly crypto-native.
• Panel agrees incumbents like NYSE are unlikely to use open blockchains unless regulation forces them.

3. Capital Rotation: Crypto to Precious Metals

• Maurizio (C):
  Discusses overlap of sophisticated Bitcoin and precious metals investors:

  “There’s a real overlap between some of the more sophisticated bitcoin investors and precious metal investors... these precious metals are moving like bitcoin should be moving… I think that’s drawing a lot of people away from other markets including bitcoin...” (06:32)

• Gold and silver hit new highs, siphoning liquidity out of crypto.

• Dave (B):
  Market participants who once drove altcoin speculation are now heavily trading contracts for differences in gold and silver:

  “A lot of the people who used to play altcoins, that's exactly where they are.” (09:09)

4. Adoption Curve & Investor Onboarding

• Stephen (E):
  Argues Bitcoin is having its “IPO moment,” with rapid adoption slowing as mainstream access (like ETFs) matures:

  “There's just not enough people to continue that accelerated pace, which means that the multiple goes down... So what I think bitcoin is finding right now is what is the true price...” (11:46)
  Predicts future BTC growth will align with global monetary expansion rather than hype cycles.

5. Tokenization & Which Crypto Assets Benefit

• NYSE’s announcement about tokenizing equities is seen as a watershed—but possibly irrelevant for public blockchains.
• Stephen (E):
  Tokens with deep integration in financialization (e.g., HBAR, XRP) are gaining the most institutional inflows despite poor general market sentiment:

  “Where I'm seeing the greatest number of inflows right now is HBAR and xrp. And they're the two groups that are doing the most on financial tokenization in my opinion.” (15:48)

6. Regulatory Battles: Stablecoin Yield, Market Structure Bill, and Bank Lobbying

• Perry Ann (F):
  Provides an insider update on the stalled crypto market structure bill, emphasizing bank lobbying as the main obstacle:

  “Banks had lobbied very, very hard to create a new provision in the bill... They decided that they would be against the bill if it did not ban crypto companies from offering yield on stablecoin deposits. I find this extremely egregious.” (23:13)

• Discussion reveals that large banks earn risk-free interest from the Fed (5.7%)—a subsidy funded by everyone else—while refusing to permit competition from stablecoin platforms.

• Dave (B):
  Puts the numbers in perspective:

  “The smallest number is $180 billion a year of a subsidy that the federal government is giving to the banks. But they're not. But it's actually way worse than that... it's a penalty that the savers are subsidizing bank and bank bonuses.” (26:28)

• The regulatory friction is about banks maintaining their control over yield, blocking both true stablecoin competition and open crypto banking models.

7. Role of Neobanks & the Future of Financial Platforms

• Debate over whether neobanks/crypto banks will successfully challenge legacy banking is lively:

  “Ten years from now, that’s all there will be. That’s my suspicion." (49:18, Dave)

• Perry Ann (F):
  Cautions that as long as regulators are protecting the traditional banking yield monopoly, even neobanks find it hard to truly compete.
• Maurizio (C):
  Points out that outside the US, neobanks that pay yield on stablecoin deposits are thriving—especially in emerging markets:

  “We pay up to 8% on that account… the adoption we’re seeing in emerging markets is pretty strong because the way we generate that yield is we lend those stable coins to our Bitcoin back loans… We are seeing more and more adoption around that model.” (53:09)

8. Broader Themes: Power, Policy, & What’s at Stake

• The fight is as much about entrenched power as product innovation; panelists express frustration at regulatory capture, but also hope that open crypto platforms and neobanks will win out in the long run.
• Perry Ann (F):

  “This really comes down to our fundamental rights to be able to use what we want, to exchange our goods and services with one another. We shouldn’t be beholden to one particular system.” (38:06)

Notable Quotes & Memorable Moments

• “It is important for people to understand... there are bulls who talk about this stuff... but there’s not a whole lot of money being committed to it from the crypto community. That to me is a really important distinction.”
  – Dave (B), (19:44)

• “Banks are earning 5.7% from interest on deposits at the Fed. You’re getting 0.1 to 0.5%. So what’s left? That’s the yield that goes to the bank.”
  – Perry Ann (F), (25:14)

• “The fight… that matters most is: will we have a future where all investments… are tokenized, and… all those investment options… are able to incorporate payments because stablecoins give you the ability to offer a payment… then what happens? The obvious answer is the $7 trillion that are sitting in bank deposits… can go elsewhere.”
  – Dave (B), (47:58)

• “If you don’t get debanked… this really comes down to our fundamental rights... If they take that from us, you’re taking a fundamental right which should be protected by the First Amendment because software is code and software is protected by free speech. We lose the First Amendment, what’s left?”
  – Perry Ann (F), (38:06)

Timestamps for Important Segments

• [01:05] — Scott reviews current crypto market action.
• [02:04] — Dave explains rangebound Bitcoin and altcoin malaise.
• [06:32] — Capital rotation from crypto to precious metals.
• [11:46] — “IPO moment” for Bitcoin & retail adoption slowdown.
• [15:48] — Which cryptos gain from tokenization (HBAR, XRP).
• [23:13] — Perry Ann details Senate Banking Committee maneuvers and stablecoin yield fight.
• [26:28] — Dave: Federal subsidies for big banks vs savers.
• [38:06] — Perry Ann’s passionate defense of financial freedoms.
• [47:58] — Neobank model and its threat to legacy banks.
• [53:09] — Mauricio shares neobank adoption outside the US.

Episode Tone & Style

The discussion is fast-paced, rational yet passionate, and heavily laced with institutional and regulatory insider’s insight. Speakers are candid about frustration with the political process and the defensive tactics of traditional banks. There’s an undercurrent of optimism for blockchain technology—and urgency in advocating for financial rights and innovation.

Conclusion

This #CryptoTownHall episode underscores the historic moment crypto finds itself in: squeezed by macro uncertainty, challenged by competitive capital flows, and locked in a regulatory battle with banking giants. Yet, as the panel notes, the outcome will determine not just the next market trend, but the very architecture of the financial future.