Bankless

Crypto just had one of its biggest breakout days in years. Ryan and David unpack the Treasury’s QE-like move, the White House and SEC’s crypto push, ETH’s violent rebound, and whether this rally finally broke the back of the bear market.

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TIMESTAMPS & RESOURCES

0:00 Intro

0:08 Crypto Market Breakout: BTC, ETH & ETFs

https://x.com/Matt_Hougan/status/2090070306199089249

https://x.com/HHorsley/status/2090198850485338569

https://x.com/jonnym1ller/status/2090196488500723745

https://x.com/TheBlockCo/status/2089338657605898711

17:14 White House Pumps Crypto

https://x.com/WhiteHouse/status/2090152688302411815

https://x.com/Bankless/status/2090449581171454021

https://x.com/ChairmanSelig/status/2090159414170771778/video/1

https://x.com/tradfi/status/2090154939675021396

22:40 Treasury's QE-Like Move

https://home.treasury.gov/news/press-releases/sb0607

https://x.com/Hedgeye/status/2090058257180029345

https://x.com/biancoresearch/status/2090065814581911653

https://x.com/KobeissiLetter/status/2090212967317115053

https://x.com/fejau_inc/status/2090071008652980699

31:42 Did the Bear Market Just End?

40:58 SEC Unveils New Crypto Rules

https://x.com/SECGov/status/2089784594409103507

https://x.com/SECPaulSAtkins/status/2089788275913322994

50:53 Stablecoins Get Accounting Boost

https://www.fasb.org/news-and-meetings/in-the-news/fasb-seeks-public-comment-on-proposal-to-enhance-cash-equivalents-disclosures-and-clarify-the-cash-equivalents-evaluation-for-certain-digital-assets-425287

https://x.com/TrustlessState/status/2090230682781938071

https://x.com/austincampbell/status/2090231550080094599

53:01 Crypto Apps & DeFi Momentum

https://x.com/ErikVoorhees/status/2089375845425287610

https://x.com/business/status/2089077253778915636

https://x.com/paulerlanger/status/2089733900109021486

https://x.com/TrustlessState/status/2090140422513348899

https://x.com/Compound_xyz/status/2089386082441871388

1:01:11 Bullish Into the Close

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Ethereum may be paying too much to secure itself, and the consequences could extend far beyond a little extra ETH issuance. Jerome de Tychey, co-author of EIP-8363, and Sam Jernigan join David Hoffman to make the case for stake targeting, a proposal designed to stop Ethereum’s staking ratio from climbing indefinitely. They debate what happens if more than half of ETH becomes staked, whether today’s issuance threatens credible neutrality, why staking may be crowding out DeFi, what lower rewards could mean for ETH’s monetary premium, and whether solo stakers and institutional holders ultimately win or lose from the change. Subscribe for more conversations on Ethereum’s monetary policy and future.

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TIMESTAMPS

0:00 Why Ethereum Needs Stake Targeting
4:27 What Actually Breaks With More ETH Staked?
9:54 The 50% Social Backstop
18:24 Ethereum’s Protocol vs. Its DeFi Economy
21:30 Is Staking Crowding Out DeFi?
26:19 Dilution, Subsidies, and ETH Price
35:46 Would Lower Rewards Hurt or Help DeFi?
49:48 What About Tom Lee and Institutional ETH Holders?
57:02 Does This Hurt Solo Stakers?
1:09:01 Why EIP-8363 Is So Contentious
1:18:10 The Final Case for Changing Issuance

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RESOURCES

Jerome de Tychey
https://x.com/jdetychey

Sam Jernigan
https://x.com/macrosam

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The Fed may no longer be a one-person institution, and markets are not ready for the consequences. Jim Bianco joins David Hoffman to unpack Kevin Warsh's emerging 12-voter Fed, the end of forward guidance, and the counterintuitive case that higher short-term rates could actually pull long-term yields lower. They also explore sticky inflation, why balance sheet reduction cannot happen overnight, how AI capex is reshaping the economy, why the AI bubble may look more like 1998 than 2000, and why Bitcoin needs more strong crypto rather than deeper dependence on Wall Street and Washington.

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TIMESTAMPS

0:00 A New Fed Takes Shape
4:34 Warsh's Good Family Fight
10:16 The End of Forward Guidance
17:07 Markets Learn to Price Ambiguity
22:29 Why Rate Cuts Raised Long-Term Yields
26:42 Inflation Changes the Vote
30:42 Rates or Balance Sheet?
35:00 The Case for Higher Rates
41:07 AI Capex and the Economy
49:17 Warsh's AI Deflation Bet
53:51 The Bubble Comes Later
1:02:00 Gold, Bitcoin, and Debasement
1:07:04 Strong Crypto vs Weak Crypto

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RESOURCES

Jim Bianco
https://x.com/biancoresearch

Jim’s podcast
https://www.youtube.com/watch?v=mhq-IKbzpDs&list=PLdyJxdkS1yBU

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EtherFi is expanding from a crypto-native neobank into a broader financial account built around DeFi. Mike Silagadze joins David to break down the next version of the product, including tokenized stocks and metals, Aave V4-powered credit, yield-bearing balances, global fiat rails, and a much more normie-friendly experience.

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🎯THE DEFI REPORT | ONCHAIN INSIGHTS
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TIMESTAMPS

0:00 EtherFi’s Next Act
4:20 Stocks, Yield, and Credit
9:48 Building Beyond the Crypto Casino
16:05 Tokenized Assets and Aave V4
22:03 How EtherFi’s Lending Market Works
26:32 EtherFi Summer and What Comes Next
30:05 From Fiat Rails to Crypto Payments
37:05 ETHFI Buybacks, Privacy, and the Endgame

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RESOURCES

Mike Silagadze
https://x.com/MikeSilagadze

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Bitcoin’s latest fork died after just two blocks. Ryan and David unpack what the failure says about Bitcoin maximalism, why Saylor keeps selling BTC, Robinhood Chain’s breakout, and Fidelity’s push to bring staking yield to Wall Street.

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TIMESTAMPS

0:00 Intro

3:21 Bitcoin Markets: Inflation, Gold, Saylor & the Bottom

https://x.com/KobeissiLetter/status/2087525891911893362

https://capitalwars.substack.com/p/china-restarts-her-great-debasement

https://thedefireport.io/research/did-the-u-s-treasury-just-implement-a-qe-lite-policy

https://x.com/saylor/status/2086785552355860895

22:12 Bitcoin’s Failed Fork

https://x.com/ercwl/status/2086079471853985980

https://x.com/lopp/status/2086512275012075811

https://x.com/nic_carter/status/2086108921689682213

32:43 Robinhood Chain Takes #1

https://x.com/AvgJoesCrypto/status/2086889992035717166

https://dune.com/entropy_advisors/robinhood-chain-network-overview

https://x.com/vladtenev/status/2087407743028355336

40:46 FOMO vs Pump

https://x.com/stacy_muur/status/2087206916447670564

https://x.com/seyong/status/2087210357370577394

https://www.bankless.com/read/the-pump-vs-fomo-rivalry

https://fomo.family/

45:39 Clarity Act Faces Trouble

https://x.com/EleanorTerrett/status/2085543590583836678

https://www.theblock.co/news/regulation/2026-08-11-whats-next-for-clarity-act-september-brings-tough-road-ahead-411465

https://www.theblock.co/news/regulation/2026-08-11-sec-crypto-rules-token-safe-harbor-td-cowen-411455

https://polymarket.com/event/clarity-act-signed-into-law-in-2026

47:55 Fidelity Bets on Staked ETH

https://x.com/CoinDesk/status/2087475561316622745

53:00 Venice Revenue Keeps Climbing

https://x.com/AustinBarack/status/2087336389654270398

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