Crypto Policy & The Future of Multicoin with Greg Xethalis

Feb 12, 2026

Beimnet Abebe, trader at Galaxy Trading who focuses on Bitcoin price action and macro themes. Greg Xethalis, general counsel at Multicoin Capital who navigates crypto legislation and policy. They discuss Bitcoin drawdowns and consolidation, AI’s market and labor risks, the CLARITY Act’s Senate vs House dynamics, stablecoin yield disputes, DeFi definitions, and Multicoin’s refreshed investment themes.

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INSIGHT

Bitcoin Cycle Mirrors Past Corrections

Bitcoin's recent drop matched historical cycle analogs, hitting the 200-week moving average as a likely near-term buying zone.
Consolidation and potential further downside tied to broader equity weakness are possible before recovery late in the year.

INSIGHT

AI Is Driving Market Angst And Structural Risk

AI acceleration threatens incumbents via productivity gains, creating a market fear of job displacement and zero-sum capture by hyperscalers.
This fear is a meaningful catalyst for market angst and liquidity fragility beneath stable headline indices.

INSIGHT

Stablecoin Yield Is The Key Friction

Stablecoin yield restrictions are the most contentious Clarity Act issue because banks fear distribution arrangements that mimic deposit-like rewards.
Multicoin argues many distribution deals are routine customer-acquisition practices, not disguised deposits.

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Alex Thorn talks with Multicoin Capital General Counsel Greg Xethalis about crypto legislation and policy, the CLARITY Act, the future of Multicoin Capital, and the “Vanderbilt Mafia” at the top of financial services policymaking in Washington. Alex also talks with Beimnet Abebe (Galaxy Trading) about bitcoin price action, the impact of AI on jobs, and growing uncertainty in markets.

Past performance is not indicative of future results.

Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC). Galaxy regularly engages in buying and selling BTC, including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy also provides services to vehicles that invest in BTC. If the value of such assets increases, those vehicles may benefit, and Galaxy’s service fees may increase accordingly. The valuation in this communication is based on technical, fundamental, and market analysis and not on any formal valuation method. For more information, please refer to Galaxy’s public filings and statements. Cryptocurrencies, including BTC, are inherently volatile and risky and ultimate market movements may not align with this statement.

For additional risks related to digital assets, please refer to the risk factors contained in filings Galaxy Digital Inc. makes with the Securities and Exchange Commission (the “SEC”) from time to time, including in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 10, 2025, available at ⁠www.sec.gov⁠.

This episode was recorded on Wednesday, February 11, 2025.