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Topics covered in this episode:
- USDC on-chain insurance underwritten by Lloyd's of London
- OpenEden Labs is bringing tokenized US T-Bills to the XRPL
- Greyscale ETH outflows nearing zero
- Morgan Stanley approves BTC ETFs
- Broader market selloffs
- FINRA’s work on crypto
- Fairshake PAC announces support for 18 candidates
Creators & Guests
Host
What is Weekly Crypto Check-In?
Hosts Robert Swarthout and Andres Sandate cover the last week's worth of crypto news, providing insights and opinions on this quickly evolving space from a fund managers perspective.
Welcome to another episode of the weekly crypto check-in recorded on August 7, 2024. I'm your host, Robert Swartout. I'm joined by my co host, Andres Sidoti. How's it going, Andres?
Andres Sandate:Hey, Robert. It's going okay. Kids are back in school. It's been a very volatile, week so far in in the markets to say the least.
Robert Swarthout:Yeah. All markets in that matter.
Andres Sandate:Yeah. All markets starting starting Sunday. But, no, things are good. We got some interesting, headlines to cover over the last week.
Robert Swarthout:Yeah. It's traffic is just as volatile as, the markets have been, this week. So here we go. So our first, topic is something kinda cool. I wouldn't initially thought we'd be at this point to already be doing this, but it's cool.
Robert Swarthout:So USDC, the stable coin, that is sponsored by Circle, is now doing on chain insurance, and basically showing their insurance for the stable coin, and it's unwritten by Lloyd's of London. So big name with the insurance side, and the transparency is really cool, to see, you know, not you don't have to take a promise anymore. You actually can see what what the, underlying insurance looks like, which is, you know, a lot of progress there.
Andres Sandate:Yeah. Any idea how long this has been kind of in the works?
Robert Swarthout:No. I didn't see anything. I think, you know, my guess is a while. I mean, you know, I imagine that is a slow slow process. But, you know, once it's on there, you know, they can keep it updated and, you know, obviously, Circle or USDC in particular is ever evolving and growing in, you know, all their markets.
Robert Swarthout:So I don't I don't specifically know if the insurance covers all the product or just part of it, but it's, you know, progress nonetheless.
Andres Sandate:Add to the ever unique list of things that Lloyd's of London has been known to ensure. Yes. Yeah. I mean, there's some pretty fascinating stories out there. So, very cool that they, stepped in here.
Andres Sandate:And one of the big well known names, like you said, in the, insurance space to step in early.
Robert Swarthout:Do do do you have any idea if Lloyd's actually writes traditional policies as if you would understand a insurance company, or is it always this esoteric stuff?
Andres Sandate:I I don't know. I I don't know enough about him. So Yeah. I've always known him as more of the esoteric, participant in the market or Yeah. Looking to write insurance against more esoteric assets.
Robert Swarthout:Interesting. Cool. So our second topic is a topic that we've talked a couple times about, but this is a a lab Open Eden Labs is the, the company that is bringing tokenized US, treasury bills to the XRP Ledger. So this is now going to be the 4th network, that they opening has the t bills on. It's not yet launched on the XRP Ledger.
Robert Swarthout:It sounds like sometime in q 3 and early q 4. And Ripple, which obviously has a huge involvement in XRP Ledger, is going to be allocating 10,000,000 of their own funds to this T Bill offering. So, this you know, people might ask why are they adding more networks? Well, to me, once some assets that that are don't need to be network specific, can be across multiple networks, it just increases liquidity at the end of the day. It it it's good for that particular asset as well as that I think it is also good for the respective networks that get, get this kind of, asset on because it gives you something else besides the stable coin or, you know, Bitcoin or Ethereum that you can trade against.
Robert Swarthout:Now you could have a T bill XRP market if you really wanted one. You will in this case when it's on the XRP Ledger, but you could have something even more strange like, T bills to, Lloyd's of London cafeteria stock. Who knows? Something crazy. So
Andres Sandate:Mhmm. Well, I think it's just another data point, obviously, a meaningful one in terms of the the, you know, the maturation of of the digital asset or crypto space. I mean, we're seeing, like, this week play out, starting on, you know, Sunday, the importance of of liquidity and market participation. There's a lot of investors who have gotten into crypto here in the last year with the launch of the ETFs, and there's a lot of crypto investors that have been investing in the space and have been through these volatile periods, you know, many times, many cycles. But one thing I think everybody agrees is that, you know, bigger, numbers of market participants in terms of liquidity and capital, and more assets moving, if you will, on chain is a good thing.
Robert Swarthout:So Absolutely. You know, and from a trading perspective, there's transparency, where you don't necessarily get that, in a traditional type environment. So Right. Yeah. Just another data point and probably many more to come.
Robert Swarthout:The, so talk about trading. So our third point here, the grayscale ETF outflows are nearing 0. So this data point that I have is actually as of last Friday. So it's 2 or 3 days behind at this point, but a lot of outflows on the 23rd when they launched and it's kind of just I wanna say up into the right, but kind of, you know, it's probably a 30 degree angle out of that bottom and, nearing 0. So much quicker than Bitcoin kinda got through its cycle, albeit those are very different, AUM numbers that they had to process through on the Bitcoin side versus Ethereum.
Robert Swarthout:But should show show some health for the pricing of Ethereum if you kind of exclude all the other shenanigans that appear to happen with the Bitcoin and Ethereum, futures markets in the mornings, getting slammed so then all the the, ETF buyers can come in and buy stuff on the cheap. I somewhat jokingly say that, but there appears to be a pretty distinct pattern there at this point.
Andres Sandate:Interesting. Yeah. Well, the neck is, something that's been discussed, for some time. You know, the the big wire houses, Morgan Stanley, has approved, their army of advisors to, now recommend BTC ETFs to the clients? Yeah.
Robert Swarthout:2 specific ETFs. They are not doing all of them, and I have the list here. It's the BlackRock ETF and the Fidelity, FBTC, I believe. Yeah. You know, I don't know why they chose 2, not all of them.
Robert Swarthout:I'm sure they've got their reasons. But at the end of the day, Morgan Stanley, is the biggest player in warehouse. I, you know, I kind of found it, warehouse's total, at least according to Eric from Bloomberg, as of August 2nd, so 5 days ago, was 18.29 trillion. Morgan Stanley accounts for 5.69 of that, so just about a 3rd. JPMorgan would be the second one at 5.3, and then Bank of America at 4, and then it quickly falls off after that.
Robert Swarthout:But it's a, you know, not gonna say that this is immediately gonna affect affect the price, but this is a price positive type, you know, at least long term, news item here.
Andres Sandate:Yeah. Yeah. I mean, the you know, I think there's reports out this week that Wells Fargo, you know, is one of the big warehouses remaining. I think they they manage, you you know, at least a 1,000,000,000,000 and a half, maybe close to 2,000,000,000,000. So they're, you know, they're not as large, but, nevertheless, significant numbers of advisers who are, you know, advising, individuals and all the way up to institutions, you know, families, etcetera.
Andres Sandate:So, be really curious to I've gone back over the last, few days and been looking at some of the, research that's come out of FINRA and the CFA society, and it's interesting. I mean, obviously, when you look at the age and the demographics of who's investing in crypto digital assets, and what their preference is. My my sense is a lot of the clients at these big wire houses are you know, they're typically older clients. Not always, but typically they're older clients. They have, you know, assets.
Andres Sandate:Maybe, they they've rolled over a 401 k into an IRA. And then you think about that young population that own, you know, 50, 60% of them own crypto. That would be your Gen z. It's interesting to see if those those folks will move to these bigger platforms, or if they're gonna stay as do it yourselfers.
Robert Swarthout:Mhmm.
Andres Sandate:But, clearly, you know, having at least the products on offer, you would think is a competitive advantage for the advisors there whether they use it or not.
Robert Swarthout:Yeah. So a few more details on the Morgan Stanley piece, which I find fascinating how these different you know, whether it's a warehouse or just firms that are deciding when their advisors can have access to Bitcoin ETFs. So for Morgan Stanley, they're allowing the allocations to be limited to a max of 3% of the portfolio value. It's not allowed in IRAs. Accounts must be marked as aggressive risk, and your net worth needs to be greater than 1,500,000.
Robert Swarthout:You know, it just seems like some of that like, why why it just seems like there's a lot of That's gonna limit Right.
Andres Sandate:Absolutely. Limit greatly who is accessing these, ETFs. I my my sense is a lot of clients are gonna be doing it themselves if, you know Right. Unless they just completely fully, aren't trusting all of their wealth management, financial decisions to the adviser, which some people some families do, some individuals do. But, yeah, I mean, the the I was having this conversation this morning with with somebody who does a lot of marketing for wealth managers, and he was, you know, saying it's it's amazing how many advisers won't really talk to an individual unless they have, you know, half a1000000 or a1000000 of investable assets.
Andres Sandate:And I'm you know, as an adviser, I'm thinking great. Like, I hope they continue to do that because there's a whole bunch of people, you know, that have less than half a1000000, the majority of people. And they need help, and they want help, and they wanna own digital assets. So Yeah. I gotta think that number comes down.
Andres Sandate:But, yeah, it it's a head scratcher sometimes when you read these big headlines and then you dig in.
Robert Swarthout:I mean, to me, the biggest head scratcher of all the ones I listed there was not allowed in IRAs. Like, for an asset that is at the very beginning of what of a mega cycle in my opinion, like an IRA may be a perfect place to be making this kind of investment.
Andres Sandate:Yeah. To calm down wealth.
Robert Swarthout:Absolutely. And they're like, no thanks. You're not allowed to do that. So I don't know if that's across the board or you need to get an exemption or what the deal is there, but that that's what I've read so far. So the, you mentioned earlier on when we first started that, you know, there's new investors in the crypto space because of the ETFs.
Robert Swarthout:Yeah. A question I have that kinda just I was sitting here thinking about is, so they've invested in an ETF that is functionally Bitcoin or Ethereum in this case. But does that in your mind, does that still classify them as a crypto investor or are they just a public markets investor that happens own owns that owns crypto? Because to me, there's a difference there. But maybe I'm be I'm drawing too fine of a line there.
Andres Sandate:Yeah. They they see themselves as owning crypto. Right. I mean, the crypto native community maybe sees them as, basically just investing in ETFs
Robert Swarthout:Absolutely.
Andres Sandate:And certainly not not on the leading edge. But I but I think, but I think that the client believes that they own
Robert Swarthout:And they do. Crypto. Just to be clear. And they do. Shenanigans.
Andres Sandate:They're just doing it through an ETF or through an index.
Robert Swarthout:Right.
Andres Sandate:I guess it'd be like saying, you know, I wanna go buy, pick your, you know, tech company, NVIDIA,
Robert Swarthout:Yeah.
Andres Sandate:Versus, you know, going and buying it directly, you go and buy it through a mutual fund, which is, you know, for some of these mutual funds, 20 percent or whatever of their of their portfolio is in NVIDIA, so it's sort of, like, indirectly. But, yeah, like, we've talked about before. One thing that, I I continue to find really interesting is this whole I was doing some some research, and I know we've got a data point in here about the broader market sell off, so I don't wanna conflate the 2. But Yeah. Like, when you think about the client at a Morgan Stanley or one of these big platforms, whose adviser is now able to do 1 to 3% in Bitcoin, you know, it's almost like saying, like, we've talked about, I recommend that you own you know, let's just pick a company.
Andres Sandate:Right? And I I just am fascinated about this notion of the conversation between the adviser and the client around,
Robert Swarthout:you
Andres Sandate:know, because you're trying to think about it in the context of a stock or some other investment. Like, there's a market value for it. Why is the value for the real estate asset or the stock, you know, the earnings, the cash flow, Sure. The multiples. I mean, all the things that you think about in the traditional sense of valuing assets, cap rates in the sense of real estate.
Andres Sandate:Like, with Bitcoin and Ethereum, I find that to be still, like, quite difficult to sort of even wrap my head around, and I'm curious, like, what the advisers, like, talking points are because it's always up into the right. Like, the price is gonna go up. Right. Yeah. You know?
Andres Sandate:And with this recent volatility, I wonder how many people, you know, have gone in and decided to buy. Right? Mhmm. Or have said, oh, I don't know. Wasn't it at 60,000 earlier?
Andres Sandate:You know? Yep. Yeah. So, I mean, it's almost like if you liked it, right, if if you're, like, the type of an investor who sees themselves as sort of savvy, I wanna buy on the dips or I wanna buy, you know, when the the correction happens, like, if you sort of liked it, you know, at 60 a week ago or whatever, you you'd love it at 55, you know, or whatever it's trading at today. Yeah.
Robert Swarthout:Yeah. It's 55. It was, you know, it's been all over the place, and we can get to that in a second. Yeah. It's, you know, I I think what the advisers are saying kinda dictates where they're at, who they work for effectively.
Robert Swarthout:If it's a Morgan Stanley, they're probably given their talking points. If they're an independent advisor, they also obviously have to come up with that. So it's, it's a bit of a mixed bag and, you know, I hope that there's well, I'm almost certain there's probably politics involved and hopefully that that doesn't conflate things too much. And, you know, the the the person that needs to be cared after, the again, in a fiduciary duty type situation actually gets taken care of. So
Andres Sandate:Well, here's the other thing. So I'm I'm preparing for the CFP as part of my, you know, move into wealth management. And one of the first things you read about when starting the CFP process is, you know, the the a CFP, which to be clear, I am not. I'm studying to take the examination 20 6, I think. Mhmm.
Andres Sandate:But it's effectively, you know, know your circle of competence. And if you don't know your circle of competence, either you know, number 1, you shouldn't obviously lie to the client. Right. You should tell them you don't know. So in this case, talking digital assets, that you know, it it it begs the question, you know, do you have that knowledge base if you're that CFP sitting there at one of these firms to be able to talk about it, or are they bringing, like, that product expert on the phone Mhmm.
Andres Sandate:You know, or maybe there's just a a paper trail they can put in front of the client. I don't know. I just it raises a lot of these questions around because, you you know, the CFP curriculum does talk about, you know, going to an site expert or going to a partner within the planning team to, you know, talk about areas where the the planner doesn't have expertise. And, certainly, you know, we we've said, like, Ethereum, that conversation, for example, you know, could be quite confusing for, you know, even somebody in the industry, much less an adviser or a client trying to sort of break down.
Robert Swarthout:Mhmm.
Andres Sandate:But I but I I think, a little experiment I may try for before next week is, you know, signing up for some of the content that some of these bigger platforms like BlackRock and Fidelity. I've gotta think that they're a ton of educational material and content as these, products are now approved. So
Robert Swarthout:Right.
Andres Sandate:I might have to go and, you know, and and do some some research to try to learn more about how they are positioning this story in this narrative. Because at least one sponsor that I get material from said this is just like, you know, right after COVID. Not there hasn't been a better buying opportunity in 4 years. So Yeah.
Robert Swarthout:Yep. So how about buying opportunities? So broader market sell offs. Everybody was freaking out on Sunday. Yeah.
Robert Swarthout:A lot of people, I guess, I should say. Yeah. But,
Andres Sandate:they called it, what, illiquid Sunday on on on Twitter. I saw that, you know, that trending.
Robert Swarthout:Yeah. But, you know, obviously, that was, you know, more much bigger piece than just crypto, but crypto certainly followed along in its own fashion, and magnified. So it's been all over the place the last 4 days, but and a bit of a rebound the last day or 2, but it's a it's crazy crazy world in general, but then you start mixing in, you know, what other countries are doing to react to whatever situation they find themselves in and then rereact to the situation that they put themselves in. It's it's pretty crazy to watch unfold.
Andres Sandate:Yeah. No. For sure. I I jotted down some interesting numbers, on this particular point. The, you know, the Japanese, stock market crashed 12% on Monday, one of the biggest, single date, sell offs in in history.
Andres Sandate:There are a lot of people compared it to, 87, you know, our our Black Monday
Robert Swarthout:Mhmm.
Andres Sandate:Here. And then just in terms of Bitcoin itself, I thought this was interesting that between 4 PM on Friday, this is EST in the US, between 4 PM Friday and 7 AM Monday EST before, obviously, the the stock markets open, Bitcoin was down 20%. Yep. Went from 63,000 to 51,000. It's now I think we've talked about during the show, it's around 55.
Andres Sandate:Was Right. 56 at one point this week. But Ethereum was worse in terms of, how it fared. It went from 3,300 ish to, around 2,200 during that same time frame. Mhmm.
Andres Sandate:And so from a comparison standpoint, back when COVID, they had there was that COVID Friday, March 12, 20 I think was the date. Bitcoin fell 37% immediately after the world sort of woke up and realized, oh, crap. This is serious. Yep.
Robert Swarthout:Do you
Andres Sandate:know what it was at at that time?
Robert Swarthout:What big time was that?
Andres Sandate:Yeah. You remember you know what the price off the
Robert Swarthout:top of your head? I'm gonna guess, 25,000.
Andres Sandate:It was about 8,000. So 7911 Yep. At the time
Robert Swarthout:Oh, that's right. Yeah.
Andres Sandate:When when COVID you know, that Friday, March it traded down to 49.71, I guess. And you know what it was a year later? No. 57,000. Yeah.
Andres Sandate:So, I I guess, you know, that's one narrative. I'm I'm using a lot of stuff that I
Robert Swarthout:like I said, I received a lot of this data from from one of
Andres Sandate:the big asset managers. Mhmm. One of the big asset managers. Mhmm. We're which, you know,
Robert Swarthout:we're not endorsing investments on the show or we're not endorsing any one asset manager,
Andres Sandate:but I just I I like that narrative that that, in this case, Bitwise put together because it does give you a perspective of how volatile this entire asset class really is. Yeah. And you can look back through, the history, whether it's of a single token or maybe just zooming way out like the broader market.
Robert Swarthout:And I
Andres Sandate:know you've spent a lot of time in this, in this area just looking at these these cycles.
Robert Swarthout:Yeah.
Andres Sandate:And
Robert Swarthout:I have to admit, like, when I saw the broader market going crazy on Sunday, I was like, I didn't bother looking at crypto. I was like I just knew it was gonna be down, and I was like, we're just gonna have to hold our breath here for for a few days, and we'll be okay, and then we'll recover. We in my opinion, we're still in a bull market cycle, but although this one is just incredibly bumpy in the middle. More bumpy than I've ever experienced personally, but it's a Well, it's certainly a test
Andres Sandate:it's certainly a test of conviction. Right? Like, we we've talked about this, even with Teton clients is
Robert Swarthout:Mhmm.
Andres Sandate:It's a long term, it's it's a long term I hate to even use the word bed. It's just it's a long term you've gotta have a long term orientation. Yeah. And the notions of value and the notions of
Robert Swarthout:Mhmm.
Andres Sandate:What's undervalued, what's overvalued, I I think it's hard to, you know, look at anybody and say, oh, well, they've got a a mechanism to determine value because it's just there there's there's so many new forces. And and so, yeah, I think if if you're in the space, you probably look at what happens Sunday, Monday, Tuesday, Wednesday, and you say this has happened before, and it's potentially, like, a really good opportunity.
Robert Swarthout:Mhmm.
Andres Sandate:If I'm highly convicted, I should like what I own even more. On the other hand, if you're relatively new or were thinking of getting in this week, you might, still be sitting on your hands.
Robert Swarthout:So Yeah. I mean, it certainly scares people with, you know, not this is not advice here, but these are the moments, that you that you put together in them. Right. No matter what the investment is. So but but it's human psychology
Andres Sandate:is rough. So Well, I would one last thing. The behavioral side of this and the psychological side of it is is important to your point. And I think that's one of the reasons why, you know, having that sort of objective third party, like, in the case of just go back to that Morgan Stanley bullet point. Like, I would I would really think a lot of those folks are using this week as an opportunity to have that conversation with clients.
Robert Swarthout:Yep. Yeah. Or educate themselves so they can have that conversation.
Andres Sandate:Yeah. That's right. Now that they've got the green light.
Robert Swarthout:Now that they've got the green light. Yep. Awesome. So talking about a bit of green lights. So FINRA is our next point there.
Robert Swarthout:Work on crypto. You sent this to me. This is pretty fascinating. Maybe I'll let you kind of give your synopsis because I think you spent
Andres Sandate:Yeah. I mean, we've, you know, we've beat we've beat the SEC compliance regulation drum, wanting clarity. In this case, I thought FINRA, there was a little bit of a bright spot here in this report. So FINRA is the, you know, the the regulator of, broker dealers, and they sort of are I don't wanna call them a sister organization, the SEC, but the SEC regulates investment advisors. FINRA regulates broker dealers.
Andres Sandate:They're, a very, very big, regulator in in the retail investor, you know, industry. They also do a lot of regulation of trading and and exchanges. Anything related to securities, they're gonna have their hands in. And so they came out with a a report, and there's a there's an interesting podcast that they actually they record where they interviewed a couple of executives, I think one from the examination team and somebody else, and they just talked about, the crypto asset working group, you know, what they've found, what they've learned. And one data point that I thought was interesting that, I wanted to share was that in November of 22, and now we're in sort of August of 24, so, you know, not quite 2 years, but things move quite slow Mhmm.
Andres Sandate:At these big regulators. But they went out effectively a year and a half ago. They looked at a ton of firms, a bunch of firms that were regulated by FINRA. And there were only 22 at that time that were effectively approved by FINRA to provide securities, you know, placement work for private funds, alternative trading systems, electronic trading systems. There's only 22 firms in the entire FINRA regulated universe that were approved.
Andres Sandate:And you fast forward to July, here we are, and on their podcast, they announced that number has almost doubled. They now have 37 FINRA member firms that are approved to do effectively something in crypto securities, crypto trading, crypto clearing. So it's a data point. It's it's a sign that the that there are more market participants. You know, there's a lot more that, you know, we could break down in the report, in the podcast, but I just I took that as a positive.
Andres Sandate:And they do publish quite a bit, and talk about it on this podcast. You know, you wish it was more real time, but reality is is what Thinner does is they put out a lot of surveys. They ask members to respond. Members don't necessarily have to. Sometimes they're compelled to because of exams.
Andres Sandate:So it's a back and forth. It's an ongoing relationship, but they really are trying to learn what's going on in this market from the FINRA members. Yeah. And so, yeah, it's it's like regulation. It moves slow, but, there is movement, you know, in that positive direction in terms of
Robert Swarthout:Yeah. Everybody. And the part that, you know, there was a lot there that you talked about, but, like, the part that makes me the most excited is they're actually talking about it and actually thinking about it. Right? You don't necessarily to your point, they don't necessarily come out and make huge announcements about this kind of stuff.
Robert Swarthout:It's, you know, you have to kinda go searching for it in some sense And to know that at least they appear to be, in my opinion, being responsible and they're trying to, like, learn about this, so they're not blindsided is, pretty positive.
Andres Sandate:Yeah. Yeah. Well, I think it's you know, I think that the all these different agencies have different mandates. You know, FINRA, big focus of FINRA is to protect, you know, the interest of retail individual investors. So they are certainly paying a lot of attention to the developments in the, you know, the ETF and the index market as you would expect.
Andres Sandate:And I you know, as more and more folks allocate to, crypto and different offerings. You know? Maybe they'll be the regulator that steps forward. Maybe it'll be the CFTC. Who knows?
Andres Sandate:Maybe it'll be the SEC at the end of the day. But, you know, it it is an opportunity for somebody at FINRA from a, a career standpoint to really step forward and and try to be at the forefront. For sure.
Robert Swarthout:Yeah. So the flip side to all this is these agencies get the rules that they're supposed to make from congress. This kinda goes into our next point here about, the Fair Shake PAC or Super PAC has announced they're supporting 18 different candidates. There's 9 Democrats and 9 Republicans, kind of a smattering of, you know, states in here. There's I see 3 Republicans excuse me, 4 Republicans for California and, New York's got got 2, Democrats there.
Robert Swarthout:But at the end of the day, like, having representatives in congress that understand or or or just generally not against it, can go a long way. And this super pack is appears to be making inroads. Some of these, primaries that happened in different states at different times have been positive. So they're allocating of the across these 18,000,000 they're gonna be running TV ads and spending $25,000,000. I don't know over what period of time they'll be doing that but, this covers 52,000,000 Americans.
Robert Swarthout:And it'll be interesting because there's a name that's not on this list that I was surprised. John Deaton, he's running against Louis Warren in Massachusetts too. Admittedly, there's probably not one single bigger, person in congress that is more anti crypto than Elizabeth. Anti crypto. So I'm surprised that he's not on this list.
Robert Swarthout:I'm sure they've got their reasons, but it's a, it's cool to see them spending the money. You've heard about them raise money. We've talked about that. They've raised over $200,000,000 last time that I have, seen a number. So 25,000,000 is a lot of money, but it's, you know, an eighth of what they got.
Robert Swarthout:And, will be cool to kinda see. I look forward to seeing some of these ads to see what they have
Andres Sandate:to say about them. If Yeah. I was gonna say, we're gonna start seeing a lot more after the after the summer holidays. Right? I mean Yes.
Andres Sandate:Once once people on the East Coast and West Coast go back to school and people get into their rhythms and Yeah. Football season starts here, you know, it's it's all gonna grind and then, you know, the race is on now. Right? I mean Yeah. Kamala Harris picked her her her running mate.
Andres Sandate:So, you know, maybe we'll get some debates as we go into fall, and there certainly seems to be more chatter from both parties around who's gonna be the most pro crypto. So
Robert Swarthout:Yeah.
Andres Sandate:It's gonna be fun.
Robert Swarthout:Yeah. I, I I hope we have a debate. Not just A real I hope it I hope it's an old school debate, not a Right. Let's let's throw in words at each other the whole time. Right.
Robert Swarthout:So fingers crossed they're unlikely, but fingers crossed. So, cool. Well, I appreciate everyone for joining us. Thanks for, excuse me. Thanks for joining us on this episode of the Weekly Crypto Check-in.
Robert Swarthout:If you wanna stay updated on future episodes, you can find us on any podcast player by searching Tea Time Crypto Capital or the weekly crypto check-in. Take care. Thank you.