Bankless

Markets are ignoring every warning sign as stocks hit new highs, but crypto may finally have its catalyst. Ryan and David break down the CLARITY Act’s key vote, Wall Street’s Ethereum push, Bitcoin’s $80K test, and why private AI stocks are creating chaos onchain.

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TIMESTAMPS & RESOURCES

0:00 Intro

2:46 Trump/Xi Meeting, Nvidia China Deal, and AI Stocks

https://x.com/WhiteHouse/status/2054607212513730674

https://www.reuters.com/business/retail-consumer/us-clears-h200-chip-sales-10-china-firms-nvidia-ceo-looks-breakthrough-2026-05-14/

https://imgur.com/wLddwGM

https://x.com/BullTheoryio/status/2054558694785077478

https://x.com/KobeissiLetter/status/2054177816573329496

https://fred.stlouisfed.org/graph/

https://x.com/coindesk/status/2054542868522365141

https://x.com/TedPillows/status/2054545275281182861

https://x.com/KobeissiLetter/status/2054940927379014035

https://x.com/KobeissiLetter/status/2054655260652716149

https://www.coingecko.com/en/coins/ethereum

28:06 Circle Earnings, Arc, and USDC Growth

https://x.com/circle/status/2053785252037022157

https://x.com/marcarjoon/status/2054539947466522815

https://www.cnbc.com/2026/05/11/circle-closes-222-million-from-blackrock-apollo-for-arc-blockchain.html

https://x.com/coingecko/status/2054042800203719158

32:54 Coinbase, USDC, and Hyperliquid Team Up + Anthropic and OpenAI Crack Down on Unauthorized Private Stock Sales

https://x.com/wallstengine/status/2054928782918816102

https://app.hyperliquid.xyz/trade/xyz:CBRS

https://x.com/caseycraig/status/2053568380796367301

46:57 CLARITY Act Passes Key Committee Vote

https://x.com/brian_armstrong/status/2054552885376016718 

https://x.com/DegenerateNews/status/2054968887796539789

https://x.com/valkenburgh/status/2054968314292486621

https://x.com/EleanorTerrett/status/2052890357952627000

https://polymarket.com/event/clarity-act-signed-into-law-in-2026/?via=bankless?

https://x.com/FidelityPolicy/status/2054587652121284648

https://x.com/EleanorTerrett/status/2054295187048853637

https://www.banking.senate.gov/newsroom/minority/warren-statement-on-no-trump-ethics-provision-in-crypto-bill

https://x.com/patrickjwitt/status/2054183222305554643

https://x.com/glxyresearch/status/2054635251503108596

https://x.com/EleanorTerrett/status/2054575825681367098

55:58 BlackRock, JPMorgan, and Fidelity Bring Money Markets to Ethereum

https://x.com/VivekVentures/status/2054946669083390374

https://x.com/VivekVentures/status/2053101323390754982

https://x.com/NateGeraci/status/2052872497779896460

https://app.rwa.xyz/assets/BUIDL

https://x.com/VivekVentures/status/2054305703272103977

https://x.com/EricBalchunas/status/2054316547712196688

https://am.jpmorgan.com/us/en/asset-management/adv/about-us/media/press-releases/jp-morgan-asset-management-launches-second-tokenized-fund-on-ethereum/

https://x.com/Etherealize_io/status/2054945868210450519

https://x.com/NateGeraci/status/2054355513182171502

59:23 Bankless Thesis Check-In

https://x.com/RyanSAdams/status/2054969401154130163

https://www.bankless.com/docs/mcp

1:03:43 Euphoria Mainnet Launch

https://x.com/Euphoria_fi/status/2054954998375535097

1:04:45 Closing & Disclaimers

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Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures

Anthropic's secondary market is tens of billions of dollars deep, stacked with SPVs on top of SPVs charging 10% fees plus carry, and almost entirely opaque.

Dio Casares of Patagon breaks down how it actually works: which deals Anthropic blesses and which get cease-and-desists, why fake share certificates show up in 10-20% of executed deals, what tokenized equities and pre-IPO perps actually represent, and the mess of lawsuits and stuck shares coming when Anthropic finally IPOs. 

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🟦 COINBASE ONE | MEMBER MONTH

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🦊 METAMASK | DOWNLOAD NOW

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TIMESTAMPS

0:00 Intro

0:40 What is Going on in Secondary Markets?

7:03 How Anthropic Secondary Markets Unfold

14:51 Anthropic’s Secondaries Social Elite

19:00 Emerging SPV Structure

21:51 Accidental Frauds?

27:04 After IPO Consequences

35:13 Private Market Lessons

38:21 Patagon Markets

43:54 Tokenized Perps

44:57 Closing Thoughts

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RESOURCES

Diogenes Cesares

https://x.com/diogenes 

Patagon Markets

https://patagonmarkets.com/ 

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Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures⁠

AI is no longer just a technology story. It is becoming a political fault line. Jasmine Sun joins Bankless to unpack the rise of AI populism, why backlash against data centers and AI labs is spreading across strange political coalitions, and whether jobs, inequality, and SuperPAC money could turn AI into a defining 2028 election issue.

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🎬 DEBRIEF | RYAN & DAVID BREAKDOWN THE EPSIODE
https://www.bankless.com/podcast/debrief-will-ai-populism-decide-the-2028-election

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TIMESTAMPS

0:00 What Is AI Populism?
2:56 Why AI Could Matter in 2028
11:13 Data Centers, Distrust, and Warning Shots
25:27 The Jobpacalypse Debate
43:25 Game Over for Labor?
51:52 The New AI Political Map
1:04:50 Power Inequality, Policy, and the Grand Bargain
1:18:37 How to Stay Useful in the AI Era

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RESOURCES

Jasmine Sun
https://x.com/jasminewsun

Jasmine’s Substack
https://substack.com/@jasmine

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Not financial or tax advice. See our investment disclosures here:
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AI stocks are ripping, crypto is following, and the question is whether this is the next leg higher or the final frothy phase before a reset. Ryan and Michael Nadeau break down why Bitcoin is so tied to the NASDAQ right now, how today’s AI boom compares to 1999, and what investors should watch if the bubble keeps inflating or finally starts to burst.

Michael Nadeau & The DeFi Report:

https://x.com/JustDeauIt

https://bankless.cc/BTDR-RSS

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🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDE

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TIMESTAMPS & RESOURCES

0:00 Intro

1:48 The Bubble Debate

3:16 Defining the Bubble

4:33 Historical Perspectives on Bubbles

7:20 AI's Growth and Market Narratives

8:46 Technology Hype Cycles

11:21 Current Market Analysis

12:08 Understanding the Shiller PE Ratio

15:09 Revenue Growth Forecasts

18:19 Theories Behind Current Market Conditions

20:44 Analyzing Profit Margins

23:53 Price vs. Fundamentals

27:26 The Role of Market Sentiment

31:30 Historical Market Patterns

32:32 Lessons from the Dot-Com Era

35:17 Market Concentration and AI

39:38 The Future of AI Investments

41:45 Capital Flows in Tech

49:31 Geopolitical Implications and Market Behavior

53:25 Investor Positioning Strategies

1:04:30 Closing & Disclaimers

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Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures

North Korea isn’t just hacking crypto anymore, it’s studying it, infiltrating it, and turning DeFi’s weakest links into a state-run revenue machine. This time around, Ryan and David sit down with Ari Redbord of TRM Labs to unpack the Drift hack, the $6B DPRK crypto crime machine, how stolen funds move through THORChain, Bitcoin, OTC desks, and Chinese laundering networks, and why the fightback may require everything from better DeFi security to real-time Beacon alerts and offensive cyber.

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🎬 DEBRIEF | RYAN & DAVID BREAKDOWN THE EPISODE
https://www.bankless.com/podcast/debrief-why-north-korea-is-winning-crypto-crime-and-how-to-fight-back-ari-redbord-trm-labs

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🦊 METAMASK | DOWNLOAD NOW
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🌐BRIX | EMERGING MARKET YIELD
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💰NEXO | Get your 30-day access to Wealth Club Premier
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TIMESTAMPS

0:00 Intro
2:16 The Drift Hack
5:15 Human Weak Points
11:16 The DPRK Hacker Network
14:56 The $6B Machine
20:32 Fighting Back
28:11 Seizures and Victims
38:58 Inside TRM Labs
47:01 Laundering Rails
52:51 The Beacon Network
58:06 Privacy vs Security
1:10:20 Code and Crime
1:14:49 Iran on Tron
1:22:55 Bitcoin and Power
1:28:49 Hardening DeFi

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RESOURCES

Ari Redbord
https://x.com/ARedbord

TRM Labs
https://www.trmlabs.com/

TRM’s DPRK Report
https://www.trmlabs.com/resources/blog/north-korea-stole-76-of-all-crypto-hack-value-in-2026-with-just-two-attacks

Ari’s Homeland Security Testimony
https://www.congress.gov/119/meeting/house/119126/witnesses/HHRG-119-HM11-Wstate-RedbordA-20260421.pdf

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures