Securities

Earlier this month the largest asset manager in the world released its first tokenized fund on Ethereum called the BlackRock BUIDL fund. 

We knew this was big… but after recording this episode we’re realizing this is an even bigger deal than we initially thought.
Tokenized treasuries on chain
Tokenized securities on chain.

The largest institutions in the world are here and they’re tokenizing their assets.

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TIMESTAMPS
00:00:00 Intro
00:06:46 What Just Happened Last Week?
00:09:09 What Composes This Fund?
00:15:01 Onchain Dividends
00:20:02 Is BUIDL a Security?
00:22:56 Is It Permissionless?
00:26:02 Redeem Function
00:30:47 What Assets Come Next?
00:39:55 Securitize's Role In This
00:42:39 Size of Inflows
00:47:09 Total Market Size
00:50:46 Yield Accounts
00:53:01 Onboarding New Users
00:55:41 When Central Bank Involvement?
00:59:49 Where Do We Go From Here?
01:02:14 Legitimizing Our Case
01:05:04 Next Blackrock Product

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Carlos Domingo
https://twitter.com/carlosdomingo

Check out the fund contract on Etherscan:
https://etherscan.io/token/0x7712c34205737192402172409a8F7ccef8aA2AEc 

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Not financial or tax advice. See our investment disclosures here:
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Bankless Weekly Rollup
4th Week of November, 2023

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TIMESTAMPS

0:00 Intro

00:03:39 Markets
https://pro.kraken.com/app/trade/btc-usd 
https://pro.kraken.com/app/trade/eth-usd 
https://www.coingecko.com/en/global-charts 

00:04:39 CZ and Binance
https://www.wsj.com/finance/currencies/binance-ceo-changpeng-zhao-step-down-plead-guilty-01f72a40 
https://x.com/jacqmelinek/status/1727055732657246582?s=20 

00:08:28 What is CZ Charged For?
https://x.com/cz_binance/status/1727063503125766367?s=20 
https://x.com/tier10k/status/1727112081361834432?s=20 

00:12:44 Yellen's Threat
https://x.com/BanklessHQ/status/1727074910370214051?s=20 
https://x.com/jacqmelinek/status/1727068905083154619?s=20 

00:17:22 Takes
https://x.com/SenWarren/status/1727075454258180374?s=20 
https://x.com/PapiChuloGrim/status/1727072835842265315?s=20 
https://x.com/TrustlessState/status/1727012179780788372?s=20 
https://x.com/nic__carter/status/1727090868908396745?s=20 
https://x.com/RyanSAdams/status/1727035378371305712?s=20  
https://x.com/RyanSAdams/status/1727022257250136447?s=20 
https://www.coindesk.com/consensus-magazine/2023/11/21/binances-cz-and-the-end-of-the-borderless-crypto-company 

00:31:23 SEC Attacking Kraken
https://www.sec.gov/news/press-release/2023-237 
https://blockworks.co/news/kraken-commingle-customer-funds 
https://x.com/nic__carter/status/1726742215601394147?s=20 
https://x.com/jespow/status/1726862770635936101?s=20 

00:38:39 What Does Kraken Do About This?
https://x.com/krakenfx/status/1726753079201034466?s=20 
https://x.com/jespow/status/1726794688433369290?s=20 
https://twitter.com/RyanSAdams/status/1726735133435113869?t=SRaRCiQMqLAJgPnBBWwnTQ&s=19 

00:44:37 Blast Launch
https://x.com/Blast_L2/status/1726747087906464024?s=20 
https://x.com/Blast_L2/status/1726747105056989438?s=20 
https://x.com/Blast_L2/status/1726747111994351627?s=20 
https://blast.io/en/about 

00:51:18 Blast Takes
https://x.com/matthuag/status/1726794007169392798?s=20 
https://x.com/bkiepuszewski/status/1726885938482266589?s=20 
https://twitter.com/_Enoch/status/1726789502100795705?s=20 
https://x.com/josephdelong/status/1726807950696800717?s=20 
https://x.com/buchmanster/status/1727012742031368503?s=20 
https://twitter.com/adietrichs/status/1726973122400989520 
https://x.com/dankrad/status/1726912734388765067?s=20 

00:59:12 Argentina's New President
https://www.reddit.com/gallery/17zpatk 
https://www.youtube.com/watch?v=pysVxVg9Y28 
https://www.reuters.com/world/americas/argentina-readies-vote-likely-presidential-election-thriller-2023-11-19/ 
https://twitter.com/balajis/status/1726448609871458645?s=20 
https://x.com/brian_armstrong/status/1727013818524660197?s=20 

01:02:52 Coindesk Sold
https://blockworks.co/news/bullish-acquires-coindesk-dcg 
https://twitter.com/JasonYanowitz/status/1726611872353591392 
https://x.com/elitanjourno/status/1726753641363550440?s=20 

01:07:28 Optimism News
https://x.com/optimismFND/status/1727105321817219488?s=20 
https://twitter.com/OPLabsPBC/status/1727007225552748712 

01:09:33 Meme of The Week
https://twitter.com/alancarroII/status/1727037504119837108 

Moment of Zen
https://x.com/BanklessHQ/status/1727348869401636953?s=20 

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Not financial or tax advice. See our investment disclosures here:
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In this episode of "The Week Ahead," Tony Nash hosts guests Doomberg and Albert Marko to discuss two key topics: stagflation in 2024 and the ongoing clash between Binance and the SEC. 

Tony highlights the survey results showing significant concern among respondents regarding stagflation. Albert discusses the impact of economic and political policies on persistent inflation and believes that the stagflation argument may be more of a "stagflation light" scenario due to the resilience of the service industry and ongoing market rallies. Tony adds additional points, including the IBD economic optimism index remaining below expectations and signs of cracks in the middle-class economy. They acknowledge that inflationary pressures, rising prices, and elevated interest rates contribute to declining optimism and a challenging economic landscape. 

Doomberg provides insights into the counterintuitive inflationary effects of rapid interest rate hikes and discusses potential impacts on oil prices due to changes in the US shale industry and rising housing costs. He suggests that global stagflation in regions like China and Europe could have a spill-over effect on the US economy. 

The conversation also covers arguments against deflation, with Albert highlighting wage inflation as a factor preventing deflation. They discuss the challenges of US debt, the impact of inflation on household costs, and potential signs of deflation in the commercial real estate sector. 

Shifting to the energy sector, they discuss the potential impact of stagflation on energy, mentioning challenges faced by the oil industry if prices fall below $65. They highlight the tight supply of oil and gasoline, contradicting claims of low demand, and discuss the role of electric vehicles and the divergence between physical and paper markets. 

In the cryptocurrency industry segment, Tony and Doomberg address the legal issues surrounding Binance and Coinbase. They discuss accusations of unregistered securities and criminal activities by these platforms. They emphasize the potential consequences of disregarding rules in the cryptocurrency industry and the need for stronger regulatory action. 

The discussion concludes with a focus on the recent actions of the SEC in relation to the cryptocurrency market. They discuss the challenges of regulation, the susceptibility of the regulatory apparatus to corruption and political forces, and the erosion of trust in the SEC. They also highlight the need to address pump-and-dump schemes and the potential expansion of investigations into the venture capital space. 

Key themes: 

1. Stagflation in 2024 
2. Binance & the SEC 

This is the 68th episode of The Week Ahead, where experts talk about the week that just happened and what will most likely happen in the coming week. 

Follow The Week Ahead panel on Twitter: 

Tony: https://twitter.com/TonyNashNerd
Albert: https://twitter.com/amlivemon
Doomberg: https://twitter.com/DoombergT

Watch this episode on Youtube: https://youtu.be/LExqD5pkSUI

In this episode of the Limitless podcast, Matthew Preston and Thaon Simms delve into the Jamaican Stock market and its potential new leader. The conversation revolves around the shift from Mayberry to GK, and the implications of this change for the market as a whole. 

Check out our Stocks to watch for 2023 episode 🔮:
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The content of all episodes of this podcast is solely the opinions of the hosts and their guests. These opinions should not be misconstrued as recommendations or financial advice for any investment decisions.

David has been obsessed with this topic for the last couple weeks. It's time to get to the bottom of this: Are NFTs securities?

On the way down this rabbit hole, we found lawyer Brian Frye, who has some fascinating and novel takes on this very issue. 

Brian is a law professor at the University of Kentucky, and recently wrote an article in Coindesk titled “NFTs Are Securities and It’s Great.” 

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Topics Covered:

0:00 Intro
7:30 Are All NFTs Securities?
14:00 Triggered by the Word
19:30 Trolling the SEC
29:20 A Really Good Tool
36:00 New Securities
44:55 Use a Different Term
53:30 Creative Assets
1:01:00 Copyright Law and Clout Sales
1:09:30 A Medium of Value Capture
1:14:00 Public Goods
1:19:00 Closing

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Recources:

Brian Frye
https://twitter.com/brianlfrye 

After Copyright: Pwning NFTs in a Clout Economy
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3971240 

Securities Spectrum:
https://imgur.com/8jt6OZ1 

NFTs are Securities and It's Great
https://www.coindesk.com/consensus-magazine/2022/12/28/nfts-are-securities-and-its-great/ 

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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures 

In this episode, Patrick Bet-David is joined by "The Patron Saint" of Bitcoin, Michael Saylor and Adam Sosnick to discuss Sam Bankman Fried, FTX, and the overall Crypto market and economy.

TOPICS

• Michael Saylor destroys Sam Bankman Freid
• Was Sam Bankman an unethical person? 
• Why did nobody catch Sam bankman Fried? 
• Michael Saylor on ripple
• Reaction to three crypto billionaires dying under mysterious circumstances
• Is Sam Bankman Fried a puppet to the system? 
• How could the markets expose Sam Bankman Fried? 
• Miami nightclubs mourn absence of high rolling entrepreneurs 
• The Difference between centralization and decentralization 
• Why do the market and bitcoin follow the same trend? 
• Michael Saylor on losing 1.8 billion 
• Michael Saylor on Elon Musk

FaceTime or Ask Patrick any questions on https://minnect.com/

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PBD Podcast Episode 212.  

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Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal bestseller Your Next Five Moves (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.