Bankless

• ROLLUP: Bitcoin Hits NEW ATH | Stablecoin Bill Advances | ETH’s ZK Miracle | Solana’s New Chain? | T

  This week, Ryan and David unpack Bitcoin’s explosive run to $111K and the macro chaos driving it—specifically, the U.S. Treasury’s failed bond auction and what it signals for the dollar. They break down the Senate’s landmark stablecoin bill (and Elizabeth Warren’s meltdown), Ethereum’s ZK miracle that could 100x Layer 1 throughput, and Texas launching its own state Bitcoin reserve. Plus, why Stanley Druckenmiller’s portfolio strategy might justify going all-in on crypto—and whether alt season is finally on the horizon. ------ 📣 RE | REAL-WORLD (RE)STAKING https://bankless.cc/Re ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🌐CELO | PROVE YOUR SELF https://bankless.cc/Self 🟠HEMI | BTC & ETH, ONE NETWORK https://bankless.cc/hemi ------ TIMESTAMPS & RESOURCES 0:00 Intro 0:31 Stanley Druckenmiller https://x.com/mrexits/status/1925354907382816880 3:40 Markets https://x.com/glassnode/status/1925225568817099260 https://x.com/btc_archive/status/1925468871449866309 https://x.com/WatcherGuru/status/1925401414659867102 https://x.com/Cointelegraph/status/1924676563582267643 https://x.com/CryptoRank_io/status/1923875599275143300 https://x.com/cburniske/status/1925482199727710648 https://www.reuters.com/business/tepid-demand-us-treasury-auction-shows-investor-jitters-about-tax-bill-deficit-2025-05-21/ 20:42 U.S. About to Pass a Landmark Stablecoin Bill? https://x.com/SenatorHagerty/status/1924933844001521787 https://x.com/eleanorterrett/status/1924504745689153812 https://x.com/WayneVaughan/status/1924660740847222832 https://x.com/intangiblecoins/status/1925247754969797007 https://x.com/cburniske/status/1924705825723187343 https://x.com/CampbellJAustin/status/1925170860140249445 33:48 ETHEREUM IS SAVED. Bet it all on zk! Real-time proving is coming to Ethereum! https://x.com/drakefjustin/status/1924929057676001466 https://x.com/VitalikButerin/status/1925050155922862526 https://x.com/pumatheuma/status/1925231968117277066 https://x.com/SuccinctLabs/status/1924523978703740963 45:26 Solana’s next leap: the proposed “Alpenglow” consensus https://x.com/Austin_Federa/status/1924498049482559677 https://www.anza.xyz/ https://x.com/gttyson/status/1924519192101061035 47:57 FIGHT FOR RWAS https://x.com/TrustlessState/status/1925577606163829203 https://blog.kraken.com/news/tokenized-equities-coming-soon 48:58 BIG Sui Dex hacked https://x.com/Cointelegraph/status/1925509145366503486 https://x.com/SuiNetwork/status/1925572334054002774 https://www.coingecko.com/en/coins/sui 52:13 SKY became the sole governance token of the Sky https://x.com/SkyEcosystem/status/1924515700564988354 https://upgrademkrtosky.com 53:54 Bitcoin community might rename sats to bitcoins https://x.com/jack/status/1924121538485178658 57:16 Texas Strategic Bitcoin Reserve bill officially passed - TEXAS loves crypto https://x.com/BitcoinMagazine/status/1925239389141049353 https://bitcoinlaws.io/tx 58:24 Galaxy was listed on Nasdaq - $7 billion https://x.com/galaxyhq/status/1923411961754108177 59:11 Hester Peirce’s “New Paradigm” speech (SEC Speaks, 19 May 2025) https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-sec-speaks-051925 https://x.com/RyanSAdams/status/1924539029346828608 -https://www.coindesk.com/policy/2025/05/20/sec-charges-unicoin-top-executives-with-100m-massive-securities-fraud 1:01:39 DOJ is investigating Coinbase data breach & Circle Rumors? https://cointelegraph.com/news/justice-department-coinbase-data-breach https://www.coindesk.com/business/2025/05/20/circle-has-explored-potential-5b-sale-to-coinbase-or-ripple-instead-of-ipo-report 1:04:00 Closing & Disclaimers 1:04:26 Moment of Zen https://x.com/mrexits/status/1925354907382816880 ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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• ROUNDTABLE: The REV Debate - Real Metric or Fake News? Jon, Bread, & Andy8052

  In this episode of the Bankless Podcast, hosts discuss Real Economic Value (REV). Triggered by Jon's exploration of how ETH and SOL prices correlate with REV, the team delves into REV's role as a value capture metric and demand signal for blockchain networks. We evaluate the implications for network valuations, debate the sustainability of relying on REV, and analyze competitive dynamics between Ethereum and Solana. The conversation concludes with musings on crypto investment risks and the evolving identity of digital currencies in relation to app utility. Jon Charbonneau: https://x.com/jon_charb Bread: https://x.com/0xBreadguy Andy8052: https://x.com/andy8052 —- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🌐SELF | PROVE YOUR SELF https://bankless.cc/Self 🟠HEMI | BTC & ETH, ONE NETWORK https://bankless.cc/hemi --- TIMESTAMPS 0:00 REV https://x.com/jon_charb/status/1923739890115543264 https://x.com/TrustlessState/status/1924835154700234866 17:56 Stablecoins vs Native Currencies 28:38 Tribalism https://x.com/post_polar_/status/1924458711940055246 https://x.com/RyanSAdams/status/1924202146117153172 39:30 The Trenches https://dune.com/beincrypto/solana-launchpads 49:14 Pump . Fun --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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• Arthur Hayes: Money Printing & The Crypto Bet

  Arthur Hayes returns to Bankless for a wide-ranging macro and crypto conversation. We cover why ETH ripped, why the Trump administration might walk away from US treasuries as the global reserve asset, and why capital controls—not tariffs—could redefine the global economic order. Arthur lays out his full thesis on how a massive shift in global liquidity is unfolding, what it means for crypto, and why he’s betting big on Bitcoin, gold, and “buying everything” as the money printers rev up again. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🌐SELF | PROVE YOUR SELF https://bankless.cc/Self 🟠HEMI | BTC & ETH, ONE NETWORK https://bankless.cc/hemi ------ TIMESTAMPS 0:00 Intro 0:34 ETH’s Back? 2:25 Bretton Woods 7:38 The Petrodollar 9:37 The Petroyuan 17:47 US China Trade Imbalances 20:22 Liberation Day & Tariffs 33:19 Capital Controls 38:42 US Capital Flights 44:51 Dual Monetary System 49:08 Bitcoin as a Reserve Currency? 50:19 Buy Everything Except Bonds 53:07 Scott Bessent 57:02 QE is Inevitable 1:02:15 Stablecoins 1:06:55 Trump’s Pro-Crypto Campaign 1:11:44 Global Liquidity 1:21:20 Gold Reevaluation 1:25:18 Hot War Scenario 1:29:54 Arthur’s Bags 1:30:33 Crypto Cycle 1:35:07 Closing & Disclaimers ------ RESOURCES Arthur Hayes X https://x.com/CryptoHayes Arthur’s Blog Post https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487 Arthur Hayes IG https://www.instagram.com/cryptohayes/ LinkedIn https://www.linkedin.com/in/arthur-hayes-b493b42/ Substack https://cryptohayes.substack.com/ Maelstrom https://maelstrom.fund/ ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

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• ROLLUP: ETH Pumps 50% | Tariff Deal Boosts Markets | Coinbase Data Leak | Robinhood Buys L2

  📣 BANKESS x FRAX MEETUP | Permissionless 2025 https://lu.ma/uf9mmcoa ------ This week, Ryan and David break down Ethereum’s explosive 50% surge and the surprising macro catalyst behind it: a U.S.–China tariff deal that has markets ripping. They cover Coinbase’s massive customer data leak (and Brian Armstrong’s $20M bounty response), Robinhood’s stealthy Layer 2 acquisition, and the rise of meme coins funding real apps. Plus, why Arthur Hayes thinks the bull market is just beginning. ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🌐SELF | PROVE YOUR SELF https://bankless.cc/Self 🟠HEMI | BTC & ETH, ONE NETWORK https://bankless.cc/hemi ------ TIMESTAMPS & RESOURCES 0:00 Intro 0:06 “Who is laughing now?” statement from NYC Mayor https://x.com/WatcherGuru/status/1922036267685908761 3:47 Prices, Uniswap, & Aave https://x.com/jbrukh/status/1922315929578299580 https://dune.com/mud2monarch/countdown-to-three-trillion-united-states-dollars https://x.com/StaniKulechov/status/1921478583337312339 https://x.com/RyanSAdams/status/1921925615923388864 https://l2beat.com/scaling/summary 14:10 Tariff Truce - US and China agree to slash tariffs for 90 days - We’re Saved!!! https://www.cnbc.com/2025/05/12/us-and-china-agree-to-slash-tariffs-for-90-days.html https://x.com/biancoresearch/status/1921927955573264802 https://polymarket.com/event/us-recession-in-2025 https://cryptohayes.substack.com/p/fatty-fatty-boom-boom 28:40 Bad Coinbase news first - Coinbase MAJOR customer data leak Coinbase $20m award leading to the arrest of hackers https://x.com/brian_armstrong/status/1922967787309256807 https://x.com/coinbase/status/1922967576209998133 https://x.com/0xBreadguy/status/1923006791031587248 https://x.com/adamscochran/status/1923018728800686532 https://x.com/lemiscate/status/1922984240318193934 35:48 Coinbase becomes the first crypto company in S&P500 https://x.com/iamdcinvestor/status/1922068706084970750 https://x.com/cbfutures/status/1920850444093448225 https://www.tradingview.com/symbols/NASDAQ-COIN/ 37:28 Internet Capital Markets Meta https://www.jellyjelly.com/ https://dexscreener.com/solana/3bc2e2rxcfvf9op22lvbansvwos2t98q6ercroayqydq https://x.com/gabrielhaines/status/1922293923420000346 https://www.believescreener.com/ https://x.com/believeapp/status/1922780481684148519 https://x.com/alex_leiman/status/1922075531966550488 https://x.com/msg/status/1922708357686743551 https://x.com/pasternak/status/1922493500504867290 https://dune.com/adam_tehc/memecoin-wars https://x.com/WazzCrypto/status/1922826087467204636 https://x.com/TrustlessState/status/1922635525992644770 https://x.com/pumpdotfun/status/1921941742854512924? https://x.com/RyanSAdams/status/1922006135520764094 50:29 Robinhood will acquire Kevin O’Leary-Backed WonderFi - Leads to ETH L2. https://x.com/RobinhoodApp/status/1922245928691421671 https://www.wonder.fi 52:12 CryptoPunks have a new owner! https://x.com/cryptopunksnfts/status/1922291088431448396 https://x.com/econoar/status/1922339944774664660 https://www.coingecko.com/en/nft 53:46 Is the SEC becoming awesome now? pro-capital, pro-crypto SEC Paul Atkins said that his priority is to develop new rules for crypto tokens https://x.com/WatcherGuru/status/1921977322871140360 https://x.com/SECGov/status/1922001045087027349 https://x.com/RyanSAdams/status/1920585655039529220 https://www.sec.gov/files/ctf-memo-blackrock-05092025.pdf 58:42 Superstate is launching Opening Bell platform with their first client! https://x.com/superstatefunds/status/1920479311728869826 1:00:01 JD Vance will speak at Bitcoin 2025 https://bitcoinmagazine.com/politics/u-s-vice-president-jd-vance-to-speak-at-bitcoin-2025-confer 1:00:32 Meta is exploring stabecoins again! https://x.com/degeneratenews/status/1920557131201122806 1:01:59 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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  1:02:34
• How ETH Wins | Ryan & David

  Ryan and David reunite on Bankless Takes with a big question: What must Ethereum do to win? Ryan champions a memetic and cultural shift, calling for ETH maximalism and nationalism to reignite belief in ETH as a monetary asset. David brings a product-driven roadmap, urging Ethereum to strengthen its L1 as the economic hub of the internet. Together, they explore a vision for a unified Ethereum that can scale, coordinate, and ultimately win. This isn’t just a talk—it’s a strategy session for Ethereum’s future. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🌐SELF | PROVE YOUR SELF https://bankless.cc/Self 🟠HEMI | BTC & ETH, ONE NETWORK https://bankless.cc/hemi ------ TIMESTAMPS & RESOURCES 0:00 Intro 3:21 Job’s Not Finished 10:11 A Call for Maximalism 13:10 Blue-Money Gospel https://x.com/RyanSAdams/status/1915874994514452763 25:23 Restoring ETH’s Product-Money Feedback Loop https://www.bankless.com/read/restoring-eths-product-money-feedback-loop 46:58 Towards a United Chains of Ethereum https://x.com/RyanSAdams/status/1917298612540739931 https://x.com/Spire_Labs/status/1915430799618564394 https://l2beat.com/scaling/summary 1:05:43 ETH—Commodity Money Backed by an Economy https://x.com/RyanSAdams/status/1918065179725570536 1:08:59 Rethinking Our Messaging 1:14:49 Can Ethereum Still Win? 1:19:22 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

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  1:18:32

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