Last week, the U.S. passed its first major piece of crypto legislation. Stablecoins now have a legal home, and that could open the floodgates for adoption, disruption, and regulation.

But is this just the beginning?

In this episode of Bits + Bips, Ram Ahluwalia, Noelle Acheson, Steve Ehrlich, and guest Cosmo Jiang of Pantera dive into what the stablecoin law actually means, who it helps, who it threatens, and why Wall Street and crypto startups alike are positioning fast.

They also cover Ethereum’s rally, what’s fueling it, and whether the boom in digital asset treasury companies is sustainable. Plus, they unpack Trump’s latest threats against the Fed and what it means for markets, inflation, and interest rates.

Sponsors:

Bitwise
Mantle

Hosts:

Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Steve Ehrlich, Executive Editor at Unchained

Guest:

Cosmo Jiang, General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital

Links

Stablecoins

Unchained:

Digital Asset Treasuries

WSJ: Blank-Check Company Strikes Cryptocurrency Deal
Unchained: SBET to Raise Additional $5B to Grow ETH Position
Bloomberg: Trump Media Buys $2 Billion in Bitcoin for Crypto Treasury Plan
CoinDesk: DeFi Development Nears $200M Solana Treasury
DeFi Dev Corp Press release: DeFi Dev Corp. Announces Global Expansion Through Strategic Treasury Franchising Model
TLGY Acquisition Corp Press release: TLGY Acquisition Corp. Announces Business Combination and Approximately $360 Million PIPE Financing to Form StablecoinX, an Ethena Stablecoin-Focused Treasury Company
The Block: Nasdaq-listed Sonnet BioTherapeutics agrees to $888 million merger to become Hyperliquid Strategies, launch HYPE treasury

Timestamps:

🎬 0:00 Intro

🚀 3:01 Why Noelle believes the stablecoin law is just the beginning

😒 5:25 How Ram explains his disappointment with the market’s reaction

💳 11:31 Whether Visa and Mastercard survive the stablecoin disruption

🏆 17:00 Who stands to gain the most from the new stablecoin law

🏦 20:08 How tokenization could hurt investment banking

📉 22:26 Whether regional banks are on the brink

📈 27:42 What’s fueling ETH’s latest rally

🧠 31:08 Why Cosmo credits the Ethereum Foundation’s leadership for the momentum

💥 36:14 Where markets are heading as retail FOMO ramps up

💼 37:56 How Cosmo is evaluating the surge in digital asset treasury companies

🥱 43:52 Why Ram is spotting signs of market fatigue

📊 45:15 Whether upcoming crypto IPOs can match early successes

💸 47:21 Why VC activity is still lagging despite bullish narratives

🧨 51:03 How Trump’s threat to fire Powell is shaking macro sentiment

🧃 58:08 Everyone’s unexpected or contrarian take this week

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