Ep 37 - July 3, 2025 - Big Beautiful Crypto
Welcome to another episode of the weekly crypto check-in recorded on July 2025. I'm your host, Robert Sporthout, and joined by my cohost Andres Sedate. How's it going, Andres?
Andres Sandate:Good, Robert. I'm recording today from The Gulf. I'm down in Panama City Beach for a family vacation today, so it's good to connect and know it's been a couple of weeks. So
Robert Swarthout:So now that it's the Gulf Of America, did they fix all the signs down there?
Andres Sandate:I you know, I I haven't seen the new signage up. The certainly has not impacted or deterred anybody from coming down here.
Robert Swarthout:So you don't get lost looking for the Gulf Of Mexico.
Andres Sandate:Yeah, more people will be here tomorrow, maybe with the fourth of July holiday tomorrow. But I didn't know this, but the pier in Panama City Beach is the largest pier in the state of Florida. And I always think about a pier being able to you're gonna walk out on it and, you know, fish or hang out. But no. They actually charge you.
Andres Sandate:So we haven't done it. But, a lot of lot of people on vacation despite, I guess, a shaky economy.
Robert Swarthout:Yeah. It's been, gosh, probably over ten years since I've been down that direction, so I'm sure it's changed a lot.
Andres Sandate:Yeah. You know, the only quick aside is, like I said, I grew up in the Midwest and, you know, I remember MTV would always do spring breaks from these, you know, places like Panama and Daytona and I guess Panama City back in the back in the nineties, like early two thousands was one of the very first locations for spring break. So if you went to school in the Southeast, apparently, was a pretty popular destination. And there's still a lot of that stuff still here, but definitely is is more of a family friendly place than it probably was back then or at least marketed.
Robert Swarthout:Yeah. Yeah. Exactly. Awesome. Well, we'll get rolling here.
Robert Swarthout:The first topic is the one big beautiful bill. If if anybody's watching any sort of news, they know that this is the big at least the way that Trump has coined it, the big bill. They're trying to throw a bunch of stuff in to fund border security and all sorts of stuff. It does have some crypto provisions in it or clean up in some cases. So little bit of breakdown here.
Robert Swarthout:The first thing is small crypto purchases. They may be tax exempt or or you don't pay tax on them if they're under $300 in gains up to, I believe, you had set a $5,000 yearly cap on something like that.
Andres Sandate:Yep. That's the that's the at least the initial amount that they're they're outlining in the bill.
Robert Swarthout:Yeah. You know, I think that this is cool because it allows crypto to act a little bit like a currency in in the sense. You will use it for some transactions. So that's the first second one is you don't have to pay tax on staking or mining until you sell the tokens. This is a this a big win because up until this point, you were paying tax on the gains.
Robert Swarthout:You may call it interest, but it's the the mining rewards, the staking rewards. And then if you sold the token later, you'd pay tax yet again. Some people view this as double taxation. You probably can make a pretty good argument about that, and that will be cleaned up in this bill. So and the third one, was a nice advantage that crypto's had since I've been in crypto, and it appears to be going away.
Robert Swarthout:The wash shell rule will start applying. So you have to wait thirty days to claim a loss, and you can't obviously repurchase something until after that. So day 31. So basically aligning it with the way the stocks work. Yeah.
Robert Swarthout:But that has been a nice advantage that crypto has had and certainly have taken advantage of that loophole in the past. So crypto is growing up, and I guess it's the way to think about this one.
Andres Sandate:Yeah. I I saw the term mainstreamization of of crypto. I don't know if that's a a made up AI word or something, but I hadn't heard mainstreamization. But it does, you know, I think speak to the fact that there's now institutional players and large, you know, financial institutions that are trading in crypto on a daily basis, much, much more in line with, I guess, other asset classes, particularly with the stocks. So, yeah, it seems like the big beautiful bill is going to include some of these provisions.
Andres Sandate:I think the House is planning they did a procedural vote overnight, which was July, into July. Bill passed two nineteen to two thirteen. Looks like there might be another, you know, final house vote today with the intention of the bill passing by July 4. That was the original deadline. So should be a lot of news over the next twenty four hours, you know, leading into the the holiday.
Robert Swarthout:Yep. Indeed. The fourth thing that's in there about crypto is if you lend your crypto, it doesn't trigger a tax event in the past. If you lend your crypto out, that did was considered a sale in air quotes, and that is now getting cleaned up. I would imagine this is the way equities work.
Robert Swarthout:So probably, again, further aligning with something like that. And the fifth thing is they tried to ban politicians from being able to shook crypto, but this part failed. Yeah. It's funny how that works. That's a surprise.
Robert Swarthout:But yeah. So I you know, again, I would have never thought we were getting anything crypto related in the big beautiful bill, but we appear to be. Some good and some not necessarily bad, but just like cleaning up and kind of growing up of crypto. So good times. Yeah.
Robert Swarthout:Yeah.
Andres Sandate:Reading a little bit about the bill, and there's obviously been a lot of lobbying. I think I saw an article that $100,000,000 has been spent in lobbying around crypto digital assets in general. Obviously, with the bill, there was probably a lot of push over the last three, four months by the crypto digital asset lobby to include some provisions in there. The so with with the, you know, with the partisan nature of of this bill, you know, the votes in the Senate and the House have been fairly close, right? I think it was 51 to 50 in the Senate to get it out of the Senate to advance to the House.
Andres Sandate:Like I said, two nineteen to two thirteen on the procedural vote. You know, we'll see what ultimately does end up being included from a crypto perspective. I think that, you know, this bill, given its size, it wouldn't surprise me if there's some provisions like you talked about, some of those points that are included that otherwise may have taken weeks, months, or maybe even years to be put in place into law. So, yeah, given the size of the bill, we're talking trillions of dollars, it may be that crypto benefits in some respects, depending on your point of view, by being able to slip and include some of these provisions in an otherwise just highly, highly partisan controversial bill just to get it passed.
Robert Swarthout:Yep. Absolutely. So well, I'm kind of staying on the topic of congress and laws, the so the genius act is the stable coin bill. Yeah. That that is, you know, moving along.
Robert Swarthout:It's not ready for Trump's desk, but it's getting closer. But the market structure bill is really for the rest of crypto outside of stablecoins. And the promise was that was gonna happen this year. You know, we've heard ranges from later in the year to more, I guess I guess, shorter periods of time. Now it looks like so David Sachs, he's the AI in crypto czar.
Andres Sandate:He was
Robert Swarthout:saying how that thank you. He's thanking senator Tim Scott and senator Lumis from Wyoming Wyoming. Announcing a clear timeline for the structure for them to introduce and kind of push forward. So the bill will be introduced before the August recess. Markup would be the September and potentially done by the September.
Robert Swarthout:I would have never bet that we would potentially have this thing at least out of the senate, by the September by the end of q three. I guess you even have a month there for October. There's been there's been in the q three is September. Still blows my mind. Again, we've been had so many promises, not fulfilled in the past, that it will PTSD, I guess, there, but it's, cool to see it, potentially make its progress.
Andres Sandate:So you feel like the timeline it it that they've at least outlined, senator Scott, senator Loomis is favorable for the industry as far as, being able to get clarity. We all want, but the timeline Borderline,
Robert Swarthout:the timeline almost feels aggressive to me because there's gonna be more in this bill. The Genius Act is pretty straightforward. I mean, it's a stablecoin. It's like there's not all this extra minutiae that goes along in crypto that is gonna have to, in some ways, be dealt with or be pushed off on the regulators and tell them to figure out some rules around it. Yeah.
Robert Swarthout:I it feels aggressive, but, again, you know, if it happens, I'll be happy. But, yeah, I mean, David followed his tweet up with a reply saying July will be a big month. It'd be with a bill signing for Genius. So they believe that the Genius Act or stablecoins will be done then, then Clarity will get going in the senate. So,
Andres Sandate:Yeah. And the market structure bill is obviously much more fundamental to the long term
Robert Swarthout:industry. I mean, really what crypto is. Crypto is not really stablecoins. I mean, that is, but kinda not. It's really just dollars on a black on a blockchain.
Robert Swarthout:But all the fun stuff in crypto, in my opinion, needs this market structure bill.
Andres Sandate:So Yeah. So when we talk about the need for regulation and the need for structure, it's really this bill, the market structure bill the industry has long been seeking in terms of clarity. So well, it looks like it's going be a busy q3, at least beginning of q3 and lots to lots to follow going into the fall.
Robert Swarthout:Indeed. So our third topic is and this happens separately. This is not they're doing it together. Circle and Ripple have both applied for bank charters with the OCC. This would have never happened Yeah.
Robert Swarthout:Last year. Like
Andres Sandate:No doubt.
Robert Swarthout:There's a chance that the CEOs of these companies would have been strung out in a public forum had they tried to do this. But Circle was the first to do it. And then I think within a day or two, Ripple announced that they had applied, to get a national bank charter with from the OCC. In Ripple's case, if they were approved, they would both have a state, they have state oversight by the NYDFS. So that's a big deal.
Robert Swarthout:And then also, obviously, the the OCC if they if they're able to get that. This is just the continuing mingling and intertwining of crypto into the traditional finance system. Like, we're gonna wake up probably ninety five years from now, three years from now, look back and be like, it's gonna be everywhere. And this is one of the reasons that it will have gotten there. So
Andres Sandate:Yeah. Certainly moves to bolster their standing and credibility. It do you think in Ripple's case, it's more than just their stablecoin aspirations?
Robert Swarthout:I think that's part of it. So Brett in the tweet, Brad had said that earlier this week so they also own standard custody as one of their subsidiaries for of Ripple. They also applied for a FedMaster account via that. So they're going at it from I guess, I wouldn't say all the angles, but, like, all the different avenues and trying to build out, like, in some sense, could think of it as, I guess, like a a c what they call them, CSIFs, the globally important financial institutions.
Andres Sandate:Systematic systematically important financial institutions, SIFIs.
Robert Swarthout:SIFIs. Yeah. Maybe like a modern version of that. Mhmm. Is at least the, I guess, the angle that I kinda view what Ripple's trying to do.
Robert Swarthout:And in Circle also to a slightly lesser extent because their business is very much narrow on stablecoins only. But Ripple is doing custody. They're more institutional focused in a in a broad suite of products. So.
Andres Sandate:Well, I just one other comment I would add, having, you know, spent part of my career in banking, you know, not on the compliance and regulatory side, but, you know, just because there's been such a crossover of asset management and banking with respect to private credit and nonbank lending. There's heightened regulation that has caused the banks to pull back in certain respects from lending businesses. What it's done is it's, you know, shrunk the number of U. S. Bank charters the last, you know, fifteen years since the GFC.
Andres Sandate:There have been fewer new banks formed as a result. And, you know, many people would say as a community banking to middle market super regional bank, like there's a real void in the marketplace for access to, you know, just core things like lending, etcetera. So Ripple saying we wanna go, you know, apply for a charter is actually to me kind of a big a bigger deal in a sense because they're inviting regulation. They're inviting oversight. They're inviting, all the different things that come into play in in terms of, obviously, a regulated bank, whether you're a small community bank with one branch or you're a large bank, depending on where they fall.
Andres Sandate:You know, the fed, obviously, you would think has been paying a ton of attention to any, you know, any new bank that's touching crypto. Right? And and or doing crypto. And it'd be really fascinating to read their charter application if that's available to see what services and products they intend to offer, because you would think then that all these other banks may immediately say, you know, hey, these are areas where we want to get into. So I feel like this is going to be a pretty heightened review of of a bank that, you know, may not have the kind of assets that a Bank of America, Wells Fargo, you know, have in terms of customer deposits.
Robert Swarthout:Yes.
Andres Sandate:But but yeah. But they're only at the very beginning of of, you know, of of their sort of corporate history. So pretty fascinating.
Robert Swarthout:Yeah. Yeah. Well, this is certainly something to watch and, you know, will evolve over time. But Yeah. I I the point that I think that you were making there that I really liked was they're inviting oversight.
Robert Swarthout:Right? Like
Andres Sandate:Oh, yeah.
Robert Swarthout:People have the perception that crypto doesn't want oversight and all this stuff. We want regulation. We want the oversight. Like, that will allow the, I guess, the true promise, in my opinion, of crypto to be able to go into the financial system and and help with efficiencies or help speed up different things.
Andres Sandate:Yeah. I mean, you you know, from a corporate perspective, like an enterprise perspective, like, not all crypto digital asset companies are operating on the scale in this level. There's certainly tons of bad actors as as we see. However, I think that there are some companies that are trying to stand apart and stand above and be the, you know, be the leaders, if you will, as the industry continues to mature and evolve and get further and further into our economy and into enterprise and the government. So certainly, you know, this if they were successful in getting a charter approved would would bode well, I would think for the for the prospects of them being able to launch additional products and services, etcetera.
Andres Sandate:Yep. Absolutely.
Robert Swarthout:So moving on our next topic, we don't have tons of detail on this, but I thought it was interesting nonetheless. So the SEC is considering a token ETF approval process that would help streamline probably 90% of these because I would imagine there's over a 100 of these applications waiting Yeah.
Andres Sandate:For the
Robert Swarthout:SEC at this point.
Andres Sandate:Big backlog.
Robert Swarthout:Yeah. So it it it sounds like they're gonna put you know, do some rulemaking and have have some guardrails and, hopefully make this easier for everybody, which would be great. So I'd imagine the second half this year or maybe even, I don't know. Maybe in a month or two, might see an avalanche of these things start coming once they, can kind of get everyone's ducks in a row here. So
Andres Sandate:Kind of on a slightly related topic, but isn't isn't there, some tokenized stock listings happening at some of the bigger trading platforms?
Robert Swarthout:So Kraken has I think they're doing 60 of the big maybe the biggest by market cap. I think Coinbase is looking at it. The argument that I've seen against these is it's only it's gonna add add fracture in, to the liquidity. Right? Like, you're gonna have fractionalized liquidity around all these things versus just a traditional stock, I guess, is more liquid when it because it's in a few places rather than more places.
Robert Swarthout:I I don't know where I stand on this exactly, but it's it definitely is coming or has already arrived in some cases. So
Andres Sandate:Yeah. Well, I know Coinbase is is seeking the SEC approval to offer tokenized US stocks, and that would be a huge move, if if that was approved. And Robinhood is is launching, I I wanna say, a couple of 100 tokenized stocks in Europe. Yeah. You know, we we often don't talk a lot about Europe on our market update with the exception of some of the regulation related headlines.
Andres Sandate:But it's like some of these platforms are going to the jurisdictions where they can get things in place, and then we'll probably use that as a way to then enter The US market, you know, even though they're already here in the case of Robinhood, they're going to go to a jurisdiction where they can start, you know, doing business, launching these services and products, see how they work, work out the issues, and then come back to The US, where there's a much bigger market.
Robert Swarthout:100%. I it's a whether it's the CFTC or the SEC, they've got their hands full. I mean, there's all crypto I wouldn't say crypto is attacking them, but, like, crypto wants so many different things right now. And it's like, I can't imagine that there's enough people to either one of these agencies to kind of field all this interest or demand. So it's interesting times.
Robert Swarthout:And, you know Well, and
Andres Sandate:it's also as we're gonna get into here in this next update, you know, maybe in the prior administration and even just three, you know, probably six to nine months ago, these agencies could probably stall, delay, and buy time to come back to these companies by using the courts and by using just a series of bureaucratic measures, call it, right? And it just doesn't appear to be the case. Like, lot of the courts now, depending on where these cases are brought or who are the parties involved, the courts are much more in favor of the administration when it comes to crypto today in many of the jurisdictions where these cases are gonna, I guess, be heard. So, you know, yes, you're right. It's forcing the agencies to have to respond and not delay without, you know, a response or information.
Robert Swarthout:Yep. So Yep. So you kind of alluded to a little bit of it. Our next topic, this very possibly might be our last SEC Ripple case update. Okay.
Robert Swarthout:We were close. I thought it was gonna drag on a little bit more. So and I think if if we even did an update on this, but, as part of the SEC getting rid of all a lot of the other lawsuits that they had started, but they hadn't necessarily got a verdict on yet, the Coinbase, the Kraken, the Finance, all those months ago, they kinda got rid of a lot of those and kind of settled them or kinda just withdrew them. The the the Ripple case stood out is a little different because it already had a, a verdict in it, and they were in the appeals process. So the SEC and Ripple both around that same time that all the other cases were getting cleaned up and said, hey.
Robert Swarthout:Let's step back here. They negotiated a smaller fine for Ripple, and the SEC was willing to drop the injunction and all these things. But they had to go back to the court and get the court to agree to undo what the court thought was right at the time. They went back. The judge said, this is not enough details.
Robert Swarthout:Please come back with more. I'm paraphrasing here. And they came back with more details, and the judge is like, nope. Too bad. And, you know, I I can kinda side with the judge a little bit.
Robert Swarthout:Like, you know, you basically wasted you're saying we sorry. We wasted four and a half years of your life on this. Don't worry about it, though. We didn't really mean it. So Ripple and, the SEC have both have since in the last week, said that they're both gonna drop their cross appeals.
Robert Swarthout:Ripple's already done theirs, so they're waiting on the SEC to vote to do theirs, which I think would happen on Thursday. So maybe next week or maybe even today for that matter. Anyways, long story short, Ripple's gonna pay the full fine, but everyone get gets to move on with their life, and just kind of close this chapter. I think maybe there's a sneak update we get to do here in the future, but I'm pretty sure this is last time we're gonna talk about this in the sense that it's actively changing. Wow.
Robert Swarthout:Fascinating. It's been
Andres Sandate:a long time coming. Yeah.
Robert Swarthout:I mean, four and a half years. That was December, I believe, of twenty twenty.
Andres Sandate:Well, I'll tell you my my latest crip cripple ripple story. I went. I'm in Panama City, and I know you have theories about this. You know, when when everybody owns Bitcoin or everybody's talking about Bitcoin, you know, that's usually a sign that we're later stages of a bubble. And so I'm out on the fishing charter yesterday.
Robert Swarthout:Okay.
Andres Sandate:And, you know, when you're out on the fishing charter, you're out for four to eight hours. Well, we chose the four hour version. Yep. And so you're not fishing, like, reeling in fish the whole time. Right?
Andres Sandate:You're driving out, you're fishing, you're trolling. But so you have downtime. And so in the process, the captain's first mate. First, talk about crypto. Unprovoked.
Andres Sandate:Mean, starts talking about Bitcoin. He's like, I own some Bitcoin, sold it, had to pay some bills or whatever. And I said, Do you still invest in crypto? And he's like, yeah, a little bit here and there. And I said, well, I'm curious, you know, do you do you happen to own Ripple's crypto, you know, XRP?
Andres Sandate:He goes, oh, I actually, I did I did buy a little bit of that. You know, I I don't know a lot about the company. I don't know a lot about it, but I've heard about it. And what that told me is that there's just there's a lot of people out there who maybe started in Bitcoin, and that's still the vast majority of their knowledge base when it comes to digital assets.
Robert Swarthout:But I
Andres Sandate:do feel, you know, and this has happened to me twice now. I told you about a baseball coach who I coach with, who was a was a big XRP follower, Ripple follower. And now this individual, it it just to me is a sign that the industry is growing and expanding from its original roots, right? And its original, you know, Bitcoin only, Bitcoin maximalist sort of approach. Yeah.
Andres Sandate:That those are just two kind of anecdotal stories. They don't mean anything necessarily other than it's just it's it's a it's a company and a token that more people are aware of today, I feel, than they were three or four years ago.
Robert Swarthout:Yeah. And I would agree with that. You know, you can almost strike up conversations anywhere in your public. And I this gotta be, I don't know if it's 50% chance, I mean, probably 25% chance that somebody's gonna at least have something to say about crypto, whether they think it's a scam or that they actually have owned it. It it's it's it's not like people have never heard of it.
Robert Swarthout:People have heard of it, but they don't know anything about it. It's it's definitely early, but it's just it's just awkward to kind of, like, adolescent stage of sorts. So
Andres Sandate:Yeah. Well, crypto, I agree. I would say it's even higher. I think when you start talking about Ripple and you start talking about XRP, I think that like I said, the percentage of people when I say crypto that have ever heard of XRP three or four years ago, I would have said it's less than 5%, less than 10%. Today, like I said, these are just two anecdotes.
Andres Sandate:They don't mean anything. We're not offering a prediction. It's just interesting to me that, you know, two conversations I've had with people totally outside of financial services, outside of crypto, who are just enthusiasts, both are familiar to some extent, you know, with with not so much the case and the details, the company, you know, behind XRP.
Robert Swarthout:Yep. Well, I'm sure that will happen more and more. And and then it'll be like, we won't want to talk about anymore. So moving on here. This next one, again, there's not tons to say here beyond, f h, f a has directed Fannie and Freddie to include crypto assets in mortgage assessments.
Robert Swarthout:I guess, as obviously your net worth. But the FHFA, the, like, the the entity behind That's the governing agency that I think spells out the rules for Fannie and Freddie, I think.
Andres Sandate:Like the Fair Housing Finance Administration, I think, is the entity you're talking about. So they kind of are providing oversight and guidelines to the big mortgage non bank mortgage companies, Fannie and Freddie, who buy most of the conventional mortgages from the banks.
Robert Swarthout:Exactly. Yeah. And when I saw this, I'm like, oh, that's cool. And then it got me thinking years ago when we got the mortgage on our house, you know, you had to fill out this financial thing like, oh, this is, you know, what the assets I have. And I have I had crypto at the time or still you know, and still do, obviously.
Robert Swarthout:But, like, at the time I had crypto and I put it on it and then it started raising alarm bells in the sense that they weren't good. So I took it off, voluntarily took it off. I'm like, that's not an asset I have. And then they were fine. Like, they they didn't have any more questions, and we just moved on.
Robert Swarthout:So it'd be cool to kind of, you know, because it's an asset that you you know, it's rather liquid in most cases. And, if you needed to sell some of it for down payment, you could. But they're gonna question where that money came from. Yeah. It's cool to kinda see that being able to be used as a contributing asset to a mortgage application.
Robert Swarthout:So Well, there
Andres Sandate:was a case in Australia that made the news in the last couple of weeks where crypto holdings were gonna be part of divorce proceedings. Right? As far as, like, if one party owned a bunch of crypto. So you're seeing Yep. Excuse me, courts now starting to recognize in in regulatory agencies when it comes to assets and, you know, value of someone's wealth and portfolio.
Andres Sandate:I mean, we've come so far in two or three years, right? Yeah, I think in three or four years, two or three years, maybe even we'll look back and say, you kidding me? They never included crypto, like in 2022 or 2023 in in people's, like, mortgage applications? That's that's crazy. I think that's Exactly.
Andres Sandate:But, yeah, you know, we but we we have come a long way in in that respect.
Robert Swarthout:Yep. Well, moving on to our last topic here. This is still blows my mind what happened. So Circle was doing the IPO roadshow. They recently did their IPO back in early June.
Robert Swarthout:It I think it was priced at, $20.30 bucks. It launched that first day. It closed at $82. It no joke, ran up to $250 a share or $2.60, it's kind of settled back down at $1.85. A market cap as it stands today of $41,000,000,000.
Robert Swarthout:The the PE ratio is 243. Okay? Like, holy crap. Yeah. At one point, when it was at its peak of $263, that was on, June, the market cap of Circle was bigger than the market cap of the stablecoin that is their sole business line.
Robert Swarthout:They and they only get interest. Like, there's no other revenue stream. So and mode and over 50% of the revenue that Circle generates goes goes to Coinbase. When the Fed decides to lower rates, likely gonna happen. The margins in this business get squeezed.
Robert Swarthout:Like Yeah. I I who's buying this? I don't understand it. It's maybe just a bet on the crypto market just generally, but wow. I got this one wrong, to say the least.
Robert Swarthout:So
Andres Sandate:Well, there's obviously a lot more interest in crypto from traditional finance players. The you know, when you look at Coinbase and you look at Circle and you look at these other publicly traded companies, which some people feel could be proxies to the space, there's a long side, the bull, and there's the short side. Right? And the, you know, the bear. And so what you what you what you see in some of these headlines, some of these these numbers, and performance with some of these stocks to me is a lot of there's a lot of trading happening behind the scenes.
Andres Sandate:There's a lot of institutional money. There's a big showdown that's not not in our headlines, but I think it's, you know, one that, you know, you may have a reaction to, you know, with with with Michael Saylor and and, MicroStrategy. You know, there's now a bear on the other side of it, a noted short seller, Jim Chanos Mhmm. Chanos, who, has not been right in all of his, short bets. I mean, he's he's but he's willing to go out there in the public domain, get on TV, and talk about why he's short, and he's got a following, you know, again.
Andres Sandate:And so it's really interesting because when you look at how Circle and Coinbase and some of these companies and I'm not lumping them all in with MicroStrategy, but they're now publicly traded companies. There's a lot more money, not all smart money, but there's a lot more money, you know, following this entire space. And I felt like for a long time, crypto was just a get rich quick base. I kind of think a lot of people like that you you made that comment earlier when you asked them about crypto. People are like, oh, I was in it once, and then, you know, I lost everything.
Andres Sandate:And and they kind of wrote it off. And I don't feel like that's the case as much anymore. Think a lot more people, Wall Streeters, institutions are in it, and they are, you know, looking to make money on a daily basis. Market up, market down. And it's gonna be fascinating to see what happens here with Circle and MicroStrategy and Coinbase in particular as three publicly traded companies.
Robert Swarthout:Yeah. Just for the shareholders of Circle prior to the IPO, to think that they were, at least at some level, entertaining Ripple's offer to buy them for 5 to $7,000,000,000. They turned it obviously turned it down. And then, like, now it turned into 40. Like, good on you.
Robert Swarthout:Like Mhmm. That that was that was a good gamble. I can't imagine that they thought that the market would run like it did. But if they did, then they price the IPO IPO incredibly wrong. Either way.
Robert Swarthout:But Yeah. It's over time, I imagine this one comes down to earth a little bit because it seems a little bit in the stratosphere right now. So
Andres Sandate:Yeah. Yeah. There's definitely a lot of hype around it.
Robert Swarthout:Awesome. Well, I think that will wrap us up. So thanks for joining us on this episode of weekly crypto check-in. To stay updated on future episodes, you can find us in any podcast player by searching TTEC Crypto Capital or the weekly crypto check-in. Take care.
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