Bankless We’re Still Early to The Institutional Crypto Cycle | Eric Peters, CIO Coinbase Asset Management
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Aug 25, 2025 
Eric Peters, CIO of Coinbase Asset Management and founder of One River Asset Management, dives into the evolution of institutional crypto. He discusses the increased acceptance of cryptocurrencies on Wall Street, driven by new products like ETFs and stablecoins. The conversation highlights the potential of tokenization in finance, the intersection of AI and macroeconomics with crypto, and future risks of regulations. Peters paints an optimistic picture of crypto's evolution, emphasizing upcoming real-world applications and the importance of adapting strategies in a rapidly shifting landscape.
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Genius Act Unlocked Dollar Clarity
- The Genius Act provided foundational clarity on dollar stablecoins, unlocking TradFi's willingness to plug products into digital dollars.
- Stablecoin clarity is the catalyst for tokenizing broader financial products.
Pilot Tokenization Where Regulators Cooperate
- Use friendly, supervised jurisdictions to pilot digital issuance when domestic clarity lacks.
- Work with regulators there, then bring proven solutions back onshore to ease adoption and oversight.
ETFs Changed Market Structure But Not Full Adoption
- ETFs massively expanded access and liquidity, reducing volatility and enabling large trades without dramatic market impact.
- Yet the deepest institutional pools (pensions, sovereigns) still have barely begun allocating.