Coffee & Crypto with Lee & Jimmie

Lee and Jimmie discuss next week's planned markup of a crypto market structure bill in the US Senate, the ongoing fight over stablecoin "rewards", Moody's bullish view on stablecoins, JPM Coin moves to Canton, Wyoming's new stablecoin, World Liberty Financial's national trust bank application, Citadel pushing back on DeFi exemptions, and DTCC's no-action letter from the SEC to enable tokenization. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz  🔗 Related Links: Bankers Urge Senate To Ban Stablecoin Yield Payments - Law360 Stablecoins become core market plumbing in Moody's 2026 outlook — TradingView News JPMorgan brings JPM Coin to Canton, its second extension after launching on Base | The Block News Release: 01-07-2026 | Governor Mark Gordon Trump-linked World Liberty Financial applies for federal bank charter ctf-written-citadel-securities-def-response-ltr-12-31-2025.pdf DTCC Obtains No-Action Letter From SEC's Division of Trading and Markets Allowing New Securities Tokenization Service | News | Cleary Gottlieb

Lee and Jimmie reveal their naughty and nice lists for the past year in crypto. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz  🔗 Related Links: TerraUSD creator Do Kwon sentenced to 15 years over $40 billion crypto collapse | Reuters J.P. Morgan arranges landmark U.S. Commercial Paper issuance on Solana Public Blockchain for Galaxy Digital Holdings LP Harvard's Big Wager on Bitcoin Came Right Before the Bust - WSJ Exclusive | JPMorgan Steps Further Into Crypto With Tokenized Money Fund - WSJ  

Lee and Jimmie discuss big crypto moves by Bank of America and Vanguard, the potential for MSCI to exclude digital asset treasury companies from their indices, a new paper on tokenized money market funds from the BIS, and a new pilot from the CFTC on allowing digital asset collateral in derivatives transactions. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz  🔗 Related Links: Bank of America says its wealth management clients may put up to 4% of their portfolio in crypto Vanguard Relents on Crypto ETFs, Will Allow Them on Its Platform - Bloomberg MSCI-Letter-12.3.25.pdf S&P downgrades Tether's assets to lowest level bisbull115.pdf Acting Chairman Pham Announces Launch of Digital Assets Pilot Program for Tokenized Collateral in Derivatives Markets | CFTC

Lee and Jimmie discuss the use of leverage in crypto markets, S&P's Tether downgrade, the CFTC's announcement of spot crypto trading on U.S. regulated exchanges, and Chair Atkins' speech at the NYSE. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz   🔗 Related Links: Digital Assets Sentiment Survey Leverage is crypto trading's faultline S&P downgrades Tether's assets to lowest level Acting Chairman Pham Announces First-Ever Listed Spot Crypto Trading on U.S. Regulated Exchanges | CFTC SEC.gov | Revitalizing America's Markets at 250

Lee and Jimmie break down the recently released S-1 filing from crypto asset manager Grayscale and explore what it means for the company's chances of going public. 📺 Watch on YouTube: Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter): • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz 🔗 Related Links: Grayscale S-1

Lee and Jimmie dive into the implications of stablecoin growth on U.S. monetary policy, unpack the potential fallout from a major settlement between credit card issuers and large merchants, explore the collapse of digital asset treasury companies, and explain the curious concept of the "DeFi mullet." 📺 Watch on YouTube 🎥 Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter) • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz 🔗 Related Links PDF: miran20251107a Visa and Mastercard Near Deal With Merchants That Would Change Rewards Landscape – WSJ The Year's Hottest Crypto Trade Is Crumbling – WSJ Coinbase Disrupts Bitcoin-Backed Lending – Decrypt Why Trump's team is betting on stablecoins

Lee and Jimmie debrief Jimmie's visit to Money 20/20 before diving into a flurry of stablecoin announcements. They also discuss the potential for FASB to recognize stablecoins as cash equivalents in financial statements and Fed Governor Waller's idea for a "skinny" master account for payment companies. 📺 Watch on YouTube 🎥 Coffee & Crypto With Lee & Jimmie 📌 Hosts on X (formerly Twitter) Lee Reiners → @leereiners Jimmie Lenz → @jimmie_lenz 🔗 Related Links Big Banks Enter Stablecoin Era by Taking Zelle International – WSJ Western Union Joins the Crypto Arms Race – WSJ Citi and Coinbase Boost Digital Asset Payment Capabilities Mastercard to Acquire Zerohash for Nearly $2B – Fortune Crypto Stablecoin Hype Fuels Crypto's Demands for Accounting Clarity Governor Waller's Remarks at the Payments Innovation Conference – Federal Reserve  

Lee and Jimmie discuss CZ's pardon, the impact of stablecoins on credit intermediation, and the October 10th crypto sell-off—and the lessons it offers for market structure and risk. — 📺 WATCH ON YOUTUBE: Coffee & Crypto With Lee & Jimmie – YouTube — 📌 HOSTS ON X: Lee Reiners → @leereiners Jimmie Lenz → @jimmie_lenz — 🔗 RELATED LINKS: • Exclusive Trump Pardons Convicted Binance Founder – WSJ • If DeFi is the Future of TradFi, What Did Friday Teach Us? – Cumberland DRW LLC • Binance Announces The $400 Million "Together Initiative" – Binance • The Coming Stablecoin Shock to America's Credit Markets • GENIUS at Work in the US Financial System  

Lee and Jimmie discuss Swift's plans for blockchain-based payments, Intercontinental Exchange's investment in Polymarket, the SEC's approval of generic listing standards for crypto ETPs, Grayscale's launch of ETH staking ETPs, a new crypto industry index from S&P, and controversy over trading volume on the DeFi exchange Aster.   Lee's X: @leereiners Jimmie's X: @jimmie_lenz   Register for Digital Assets at Duke: https://www.digitalassetsatduke.org/   Watch Coffee & Crypto on YouTube: Coffee & Crypto With Lee & Jimmie - YouTube   Related Links: Swift to add blockchain-based ledger to its infrastructure stack in groundbreaking move to accelerate and scale benefits of digital finance across more than 200 countries and territories worldwide | Swift NYSE Owner Intercontinental Exchange in Deal for $2 Billion Stake in Polymarket - WSJ SEC.gov | SEC Approves Generic Listing Standards for Commodity-Based Trust Shares Grayscale Enables Staking For First US Spot Crypto ETPs S&P Global to Launch Innovative Crypto Ecosystem Index, a New Way to Combine Cryptocurrencies and Crypto-Linked Equities - Oct 7, 2025 Aster Delisting Exposes DeFi's Growing Integrity Crisis

Lee and Jimmie discuss the use cases for tokenized funds, CFTC efforts to permit tokenized collateral, new data on consumer use of crypto for payments, Circle's push for reversible USDC transactions, a new stablecoin powered by Stripe, and Tether's potential $500 billion valuation. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Watch Coffee & Crypto on YouTube: Coffee & Crypto With Lee & Jimmie - YouTube     Related Links: The Emergence of Tokenized Investment Funds and Their Use Cases - Liberty Street Economics Acting Chairman Pham Launches Tokenized Collateral and Stablecoins Initiative | CFTC U.S. Consumers' Use of Cryptocurrency for Payments - Federal Reserve Bank of Kansas City Stablecoin issuer Circle examines 'reversible' transactions in departure for crypto Stablecoin News: Stripe, Paradigm Unveils Payments-Focused Blockchain Tempo Tether's $500 Billion Valuation Play: How It Got There (USDT) - Bloomberg

Lee and Jimmie conduct an in-depth analysis of the recent initial public offering and S-1 filing by the cryptocurrency exchange Gemini. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Watch the show on YouTube: Coffee & Crypto With Lee & Jimmie - YouTube Related Links: Gemini S-1 Filing (SEC)

Lee and Jimmie discuss Nasdaq's move to list tokenized equities, CBOE's launch of continuous futures for Bitcoin and Ether, a bidding war to issue Hyperliquid's new stablecoin, new polling on crypto ownership, and drama with Trump's nominee to head the CFTC. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Watch the show on YouTube: https://www.youtube.com/@CoffeeCryptoWithLeeAndJimmie Related Links: Q&A: Nasdaq's New Proposal for Tokenized Securities | Nasdaq Cboe Global Markets, Inc. - Cboe Plans to Launch Continuous Futures for Bitcoin and Ether, Beginning November 10 What Is USDH? A Deep Dive into Hyperliquid's Native Stablecoin | CoinGecko Poll: Who owns cryptocurrency? More young people, more men and more Republicans Trump's CFTC Hopeful Quintenz Takes His Dispute With Gemini's Tyler Winklevoss Public

Lee and Jimmie discuss the risk quantum computing poses to crypto, Galaxy's Class A shares on Solana, tokenizing gold bullion, and the WLFI token unlock. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Related Links: SEC Reviews Quantum-Safe Roadmap for Digital Assets Galaxy (GLXY) Tokenizes Its Shares on Solana Blockchain With Superstate London's bullion market to trial digital gold Trump Family Amasses $5 Billion Fortune After Crypto Launch - WSJ

Lee and Jimmie discuss Jimmie's new paper on who will ultimately win the stablecoin wars, the Bullish and prospective Gemini IPO, and recent announcements by the CFTC designed to provide crypto "regulatory clarity." ◆ Lee's X: @leereiners ◆ Jimmie's X: @jimmie_lenz Related Links: • Genius At Work In The US Financial System by Jimmie Lenz & Reid Tymcio (SSRN) • Bullish receives $1.15B of IPO proceeds in stablecoins • Gemini Plans to Go Public via Nasdaq as Crypto IPOs Boom – Decrypt • CFTC Press Release 9105-25 • Acting Chairman Pham Announces FBOT Advisory to Provide Regulatory Clarity for Non-U.S. Exchanges – CFTC

Lee and Jimmie discuss a new proposal from the BIS to address AML compliance on-chain, a warning from FinCEN on Crypto ATMs, the Mooch tokenizing shares in his fund, Wyoming's new stablecoin, and the end of the Federal Reserve's novel activities supervision program. ◆ Watch this episode on the Coffee & Crypto with Lee & Jimmie YouTube Channel ◆ Lee's X: @leereiners ◆ Jimmie's X: @jimmie_lenz Related Links: • BIS bulletin: An approach to AML compliance for cryptoassets • FinCEN Notice on Convertible Virtual Currency Kiosks • SkyBridge Capital to tokenize $300M in hedge funds on Avalanche • Wyoming becomes first to launch a state-issued stablecoin  • Federal Reserve Board announces it will sunset its novel activities supervision program 

Lee and Jimmie discuss a new Executive Order that allows crypto into 401(k)s, a new crypto treasury company for $WLFI, the potential for stablecoin issuers to develop their own layer one blockchains, and a push by banking industry groups to close the payment of interest loophole for stablecoins.      Lee's X: @leereiners   Jimmie's X: @jimmie_lenz     Related Links:   White House Order to Include Crypto in 401(k)s May Not Impact Most People ALT5 Sigma Corporation Announces $1.5 Billion Registered Direct Offering and Concurrent Private Placement to Initiate World Liberty Financial $WLFI Treasury Strategy Stablecoin Blockchain Battle: Should Ethereum and Tron, or Visa, be worried? Fintech giant Stripe developing blockchain dubbed 'Tempo' with crypto VC Paradigm | Fortune Crypto Closing the Payment of Interest Loophole for Stablecoins - Bank Policy Institute Coalition Letter to Strike Uninsured Depository Institution Flaw of GENIUS Act.pdf

Lee and Jimmie discuss new stablecoin developments from PayPal and FIS, Hong Kong's new stablecoin regime, a new partnership between JPMorgan Chase and Coinbase, the verdict in Roman Storm's criminal trial, Hester Peirce's speech on financial privacy, and new guidance from the SEC on liquid staking.   Lee's X: @leereiners Jimmie's X: @jimmie_lenz   Related Links:   PayPal to let U.S. businesses accept payment in more than 100 cryptocurrencies | Fortune Crypto FIS Partners with Circle to Unlock Stablecoin Money Movement Functionality for Financial Institution Customers - Press Releases | FIS China tests out stablecoins amid fears of capital outflows Chase Customers to Link Bank Accounts to Coinbase Wallets - Bloomberg Developer of Crypto Mixer Tornado Cash Found Guilty on One Criminal Charge - WSJ SEC.gov | Peanut Butter & Watermelon: Financial Privacy in the Digital Age SEC.gov | Statement on Certain Liquid Staking Activities SEC.gov | Response to Staff Statement on Certain Liquid Staking Activities: Caveat Liquid Staker

Lee and Jimmie discuss the White House's new Digital Assets Report, Paul Atkins' speech on the SEC's new 'Project Crypto', and the impact of dollar stablecoins on foreign countries' monetary policy.     Lee's X: @leereiners   Jimmie's X: @jimmie_lenz     Related Links:     Strengthening American Leadership in Digital Financial Technology – The White House   SEC.gov | American Leadership in the Digital Finance Revolution   European Central Bank Says U.S.-Backed Stablecoin Use in EU Could Weaken Its Monetary Autonomy   The Myth of Stablecoin-Fueled Dollar Dominance – The FinReg Blog

Lee and Jimmie discuss the GENIUS Act becoming law and the next steps for market structure legislation before diving into attempts by several stablecoin issuers to become national trust banks. They conclude by examining recent developments in tokenization, including a warning from Hester Peirce.   Lee's X: @leereiners Jimmie's X: @jimmie_lenz   Related Links   5 things to know about first major crypto law Clarity Act: Senate Releases Discussion Draft of Its Own Bill Exclusive | Ripple Seeks a U.S. Banking License, Adding to List of Crypto Companies - WSJ Ripple Selects BNY to Custody Ripple USD Reserves | BNY Circle Seeks U.S. Banking License to Directly Custody Billions in USDC Reserves - Unchained Robinhood gives out tokens of OpenAI and SpaceX. Stock hits record OpenAI condemns Robinhood's 'OpenAI tokens' | TechCrunch https://www.sec.gov/newsroom/speeches-statements/peirce-statement-tokenized-securities-070925 Citadel Securities Asks SEC to Tread Cautiously on Tokenization - Bloomberg A Hot New Firm Opened the Private Market to the Little Guy. Now It Is in Big Trouble. - WSJ

Lee and Jimmie discuss a new effort by community banks to issue a stablecoin, a BIS report on stablecoins and tokenized money, the latest development in SEC vs. Ripple, and the potential for Fannie Mae and Freddie Mac to factor crypto holdings into underwriting. Related Links: Exclusive | Stablecoin World Opens Up to Main Street Banks - WSJ III. The next-generation monetary and financial system NY Judge Slaps Down SEC, Ripple's Second Request for an Indicative Ruling on Proposed $50M Settlement Fannie (FNMA), Freddie (FMCC) Ordered to Find Ways to Count Crypto as an Asset - Bloomberg