Morgan Krupetsky on why banks are rushing into crypto

Transcript

this time. I mean, I hate to say it, but like this time does feel different in that obviously we're not necessarily convincing institutions of the merits of blockchain. Many of them already have blockchain and digital asset teams. >> What's up everybody? It's LG Ducet here and welcome to the Milkro Show, the daily crypto show that has been waiting for this kind of news on the Clarity Act for a long time, but still isn't sure exactly what [music] comes next. Today is May 15th, 2026, recording on May 14th. The Clarity Act has made it through its first big hurdle. Just today, the Senate Banking Committee voted in favor of the bill, and now the next step of the journey begins. So, does this mark the beginning of the fabled giga bull run? Plus, how does a layer 1 actually compete in today's crypto environment? There are many to

pick from, but only a few with actual competitive modes when it comes to RWA, DeFi, and that institutional adoption. We'll break it all down with our guest today, Morgan Ketsky, head of business development at Avalanche, and even get the alpha on how her particular layer 1 plans to win long term. Today's episode is brought to you by Cape, the privacy first mobile carrier. Feros, the layer 1 built for Real Fi and Nexo, earn interest borrow and trade crypto. Morgan, welcome to the show. >> Thank you for having me. >> Okay, so listen, you're the first person I've actually spoken to. I haven't even spoken to anybody at Milk Road, nobody even on our team since this happened a couple hours ago and I've actually been recording other shows since then. So maybe you could even catch me up and even people who haven't been part of the

news. What exactly transpired today? This thing has gone through the Senate Banking Committee. But what what does that mean and what comes next? >> Yeah. So, the banking the Senate Banking Committee today uh ultimately advanced the Clarity Act which means that it now moves to the moves the bill forward to the full Senate. Um and it's I think a small win for the industry and that it really signals that you know Washington is finally taking meaningful steps toward really establishing a formal market structure for digital assets. I think and there's you know a lot of things that we can kind of talk about within what that specifically means but I think and you know we'll talk about this a little bit later but it's just like another step toward the further credibility and legitimization of the industry and providing kind of clearer

guidelines and clarity uh for not just the crypto industry but financial services institutions fintex neo banks anybody who might ultimately leverage and benefit from the technology provide some kind of guidelines for really taking the next steps and really ultimately investing investing in the technology. So, we're definitely not out of the woods and there's definitely um you know various kind of sticking points still that need to be resolved, but this latest hurdle of passing the Senate Banking Committee uh ultimately has been has been passed today. >> Was it a smooth process? I only caught like two minutes of it earlier. I just launched the live stream on X and I saw uh Senator Elizabeth Warren like dumping on tornado cash and be like, "This is so dangerous." But then I know there was

there was many more hours of commentary. Um was there were there any other particular highlights? What was the main push back? What was the vibe? I I don't know if you had the chance to watch it. >> Well, the Senate Banking Committee advanced it today 15 to9. Um and so I think that it definitely does need more Democratic support and there's ultimately again still unresolved issues. Um and ultimately if something that's passed through the Senate needs to be reconciled with with the House version. But again, it is it is slow steps, baby steps toward making toward making progress. And I think, you know, there's a lot of motivation in the industry to really push it forward.

>> Got it. Okay. And then next is what? >> Yeah. So, next it moves to um a full Senate vote. Um and after that, you know, again, again, needs more more Democratic support. Um the vote only had kind of two Democrats joining Republicans. The report notes that Democrats may still push for changes before supporting final passage. Again, there's still unresolved issues around, you know, stable coin rewards versus yield, um, AML requirements, DeFi treatment, so on and so forth. Um, but ultimately, once the version is is reconciled with the House version, ultimately it will move to the to the uh, executive branch for for full signing. So definitely more steps to be to be had there, but um, but again, making progress. So is there still so is

there still a chance where stable coin yield may not be part of this now that it's part because I know that that has been the main like sticking point and why it kind of failed this to even get to this part uh way back in January. Is that is that still possible or is this make it likely that there will be stable coin yield as part of it? >> Yeah. So I think that at this point there is a carveout for Bonafi transactional or more like activitydriven rewards. So things like spending rewards, loyalty programs, payment cash back, things that are still able to be kind of passed on as opposed to passive yield, which I think has been the real sticking point, especially from a banking perspective. And so I think ultimately the the industry is pushing

for some kind of compromise and carveouts for this type of activity where it separates out pure you know pure payment stable coins as infrastructure from um um you know from from the other type of activity that potentially could be rewarded. >> If you're not seeing this, you're trading blind right now. There are real moves happening behind the scenes that most people don't see until it's way too late. inside Milkroad Pro. You can track exactly what our analysts are buying, selling, and what's on their watch list before it moves. You can try it out for just a dollar for 7 days. The link is in the description. We saw earlier today. I mean, there was definitely like a a bump in markets at one point. Uh I think as like the hearing started um and things seemed to have cooled off. Maybe not a huge pump to Valhalla like everybody

maybe had had expected, but again, it's not it hasn't, you know, been signed into law yet. So, not there. But Morgan, I want to know from you maybe if we're zooming out a little bit. You know, we've been I've been hosting this show since right before 1010, just so you know that I've been I've been the host of this show. I've been the bare market uh I've been the bare market guy. Yeah, exactly. There was Jay was the host before and he handed off to me just in the nick of time. But I want to know from you, you know, somebody we haven't had on the show kind of like what's what's your view on the market these days? You know, you've been in the space for five years now. Where where where do you think we're at? Which which of the many narratives do you subscribe to?

>> Yeah. So I mean going back to 1010 I think a lot of uh you know fast money kind of market positioning historically had been uh dramatically reduced and and and wiped out uh so to say and so I think positioning in general is a lot cleaner. Um, it feels like from an from a long-term institutional allocator perspective, if you think about uh institutional allocators like, you know, sovereign wealth funds, pension funds, people with kind of more longer term time horizons in general, I I get the sense that they necessarily haven't been scared away, for lack of better term, in terms of considering this as a long-term, you know, investment strategy. And maybe just to caveat, none

of this is financial financial advice. >> Oh, they know. They know. Don't worry. They know. They they know that. >> But uh but I Yeah, it still feels like um es especially Bitcoin has really established itself as like an institutional asset and crypto, you know, over the past few years has increasingly, you know, been considered uh more especially with regulatory clarity uh more of like a legitimized asset class and industry. And so despite the the price action, despite the noise, I do think that um you know institutional interest isn't going away.

If anything, what we've seen from a business development perspective is more and more institutions, whether they're banks or asset managers, FMIs have been hugely kind of staffing up their teams and investing time, energy, and resources in terms of actually leveraging the technology, creating blockchain and digital asset strategies. And so if anything, a lot of the interest from the institutional space has almost run counter to market price action. Um, and so from a business development perspective, it's been very positive to see continued interest and involvement engagement building investment um, in the space. And, you know, ultimately a lot of these partners are very kind of long-term in their in

their outlooks and their initiatives. And so it's been encouraging to see that, you know, not only have they not been scared away, but they've ultimately been doubling down in terms of really focusing on and driving this space forward. >> They're definitely a little bit more long-term than the stuff we talk about at the daily here. But that's I mean, that's good to hear. Was was there a large change in those conversations or at least a drop off at all during like 1010 or even some of the other liquidation days like February I think it was February 5th or something like that where you saw these kind of you know huge drops. Did did that affect like the pipeline or kind of the conversations you were having?

>> To be honest not really. Um not really. I mean, I think, you know, going back to to my tenure at Avalabs, I think if anything, the nature of the conversation changed a bit after, you know, FTX and kind of the slew of of all everything that happened after that and the aftermath of that. But, >> but this time, I mean, I hate to say it, but this time does feel different in that obviously we're not necessarily convincing institutions of the merits of blockchain. Many of them already have blockchain and digital asset teams. And now you know the nature of the conversation over the past few years has really been focused on applications of the technology and really understanding and digging into um problem statements and strategic imperatives on you know

our partner side to understand where and how this technology can really drive things forward whether it's from an operational perspective from a cost savings perspective from a revenue perspective. And so a lot of it's just been, you know, really solutioning around that. And, you know, price action really hasn't come up. Um, because I think again the the focus has been more on the practical application of the technology as opposed to looking at it from like a cryptocasino type of speculative use case perspective. >> I guess that's good, right? That's that's that's I guess that's what we want to hear.

>> I mean, that's ultimately for us, I think that's what we've been focused on for quite some time. Um I think you know in general Avalanche has been known for different use cases whether in financial services or gaming or government but the overarching I would say kind of uh unifier between most of the builders building on Avalanche are that they're building for real world adoption and and ultimately working with um businesses to again either solve pain points and or drive forward strategic imperatives for these businesses and many of the builders on Avalanche are you know taking a B2B or a B2B to see type of go to market. And so that could relate not only to financial services but ultimately also to gaming and sports and entertainment and how can for example

sports teams create um greater connectivity with their fans for example right and that's in in in a certain sense that is a kind of B2B to see go to market and use case and so it really spans kind of across these industries but again the overarching focus has been on real world adoption and so if anything. Recent developments in the industry have kind of bolstered our our case and it's nice to see, you know, competitors and peers kind of realizing that this is really important and and having the industry build for mass adoption is really ultimately what we want to see. And so we're now really seeing kind of, you know, many networks

vying for very similar types of partnerships and initiatives and use cases. Um, again really across industries, but ultimately driving for for for mass adoption where where blockchain is, you know, obuscated into the background. >> What's some what's something that maybe we don't hear about that that there's demand for that maybe is coming on chain sometime soon? Because we do we do discuss RWAS a lot on the show. We we look at the charts and we've gotten some explanations about what some of the stuff is that that is on chain, but it's a lot of it that we've seen so far is like a little bit more sophisticated, let's call it financial products that maybe a lot of us uh more on the retail side is something that we don't we don't know or we don't really access. Um you mentioned sports teams where what is an

area that like the you know you're you're having a lot of discussions with as something that maybe we don't think about is going to come on soon. Yeah, I mean I think a lot of the um you a lot of the success of the technology has seen um has been in what I would say is like the killer use case, the killer app or the quintessential RWA which is stable coins, right? people like um take that for granted I think and and with you know 300 billion in stable coin market cap today I think that number is set to grow and I think >> the stable coin space has really evolved from adoption as a result of or as a byproduct of crypto trading and speculation to increasingly now more so into B2B and crossber payments as well as even into something that is uh now

increasingly more easily accessible to people in the global global south, right? Retail or mom and pop or however you want to call it, individuals in the global south who don't have ready access to dollars and and now they do. And I think from there there's this entire kind of like embedded finance stack that is now offered to a lot of these individuals whether directly or through a lot of the existing fintech, neo banks and wealthtech platforms that they're currently already on boarded with. And that's been a lot of our focus here, which is working with platforms in Latin America, for example, who already have users who have retail users, who have institutional users who are now benefiting from these blockchainbased

products and services, whether again it's in payments or digital savings accounts or um stable coinbacked card products in ways where they may or may not know that they they're using blockchain or tokenization in the back end. But now they have access to something that historically they haven't had easy access to. And that's something that really gets us excited because it means that it's, you know, net new users into the ecosystem, net new capital, generally stickier users, and and again a marker of real world adoption. >> The way we build wealth is changing. Stocks, savings accounts, [music] real estate, that playbook is getting rewritten in real time. Nexo is the platform built for what's next. It's an all-in-one digital wealth platform [music] where you can earn interest on your crypto, borrow against it without

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I don't think I've spoken to anybody who's like, you know, on the BD side at a lot of these these like a layer one, right? And um we had like they had a product at Salana I think recently but it's it's a very different very different site that they're approaching than what even what you're doing. What I want [snorts] to know especially you know I I I I told you this before and people that have listened to show for a while know this. I came more from the DJN side. So for me avalanche to me I'm like gaming chain you know like I know some stuff but you're you're painting like a different picture of like there's so much more stuff going on there. when you're going into like a a pitch to whoever it is, what are what are some of the I guess kind of like leading apps or

leading use cases of Avalanche that you kind of like roll out to people? Uh because I feel like there's a lot and it's just something that it's like maybe I don't I haven't tracked or maybe some people in our audience haven't tracked. >> Yeah. So again, to your point, it depends on who we're talking to, but I think >> we've really cultivated this ecosystem of again what I would call like an embedded finance stack. So we have basically partners within the Avalanche ecosystem, you can call them apps, companies, teams that have built at the app level on top of Avalanche. We call them tech enablement partners where again they generally are either B2B or B2B TOC in their go to market which is probably why you as like an everyday GGEN maybe

aren't familiar because we're not selling them particularly to you but we're probably selling them to the fintexs or neo bankanks that you're already onboarded with right and so a lot of these partners really when you think about like an embedded finance stack it's everything from just like pure stable coins right so we have obviously native Tether and Circle and a whole host of other dollar non-dollar stable coins on Avalanche. Then you kind of move into what I would call like digital savings accounts as powered by and that could be powered by tokenized money market funds from the likes of Black Rockck, Wisdom Tree, Wellington, Tro, Vanax, so on and so forth or through DeFi integrations, right?

There's increasingly more interest in earn programs as powered by the likes of Morpho or A. And so we bring to bear partners in the DeFi space as well really as like um what do they call it the DeFi mullet um where it's abstracted into the back end and you have a web 2 front end and then from there there's a whole host of different embedded I would say like embedded investing products whether it's tokenized equities or tokenized you know credit products um and then finally the thing that really kind of closes the loop is stable coin backed card products. So RAIN is one of our big partners that we work with in the space who allows, you know, ultimately end users to not have to offboard or off-ramp stable coins. And so it really kind of completes that that

full stack um that we, you know, depending on who we talk to, we'll work with our partners to pitch different different products, services, and capabilities depending on what they have or don't have or how far along they are on their blockchain and digital asset journey. There's um a whole other space that we're focused on within the world of tokenization as it relates to private credit which we can go into but you know we've been focused on tokenization really since since the beginning. Avalab stated mission has always been to digitize and tokenize the world's assets and so within that space we really feel like private credit and specifically assetbacked finance and fintech lending is really ripe to benefit from this technology. And so that's been another you know very large focus of ours as well.

>> How does private credit work in an onchain world? Good question. Um, so I think what we've seen just just to take a step back like in the world of tokenization, we've seen obviously stable coins and then as a byproduct of that, we've seen um relatively small but growing uh subset of tokenized money market funds and then you know other things from that private credit funds, private equity funds, so on and so forth. A lot of the tokenization that has happened to date has either been at the fund level or has inherently required wrapping an asset that is issued and exists offchain. And so what that means is you're basically introducing this technology whether I mean a combination

of blockchain tokenization smart contracts you're introducing it pretty far downstream in the asset issuance and management life cycle which if [snorts] you're looking at it from like a efficiency standpoint doesn't really provide a ton of efficiencies because you have to administer and do all of the other stuff traditionally anyway because you're not natively issuing the asset on chain. So to the extent that you can introduce the tech as far upstream as possible to the point of you know in superstates case native onchain equity issuance or figures doing the same thing or native onchain loan origination that means that you can verify and uh administer that asset more end to end on

chain because all the other products and services are now referencing the exact same source of truth which is onchain which [snorts] means that you probably don't need a lot of the existing third-party service providers that currently exist in, for example, assetbacked finance today because you have the blockchain and everyone every every third party is referencing the same source of truth and therefore you don't need um an intermediary per se to translate from one party to another to um send funds from one party to another to reconcile from one Excel to another.

And so what happens at scale is ultimately the borrowers in the case of like a a a loan origination perspective, ultimately the borrowers might be able to be charged a lower interest rate to borrow and lenders even might be able to be given a higher rate of return because that spread in the middle today is is reduced. And so that's really the space where we've been playing especially in like um assetbacked finance and fintech lending because in that space it's still not really standardized. It's still pretty opaque and operationally really intensive. And so an area again we really feel like it's ripe for for

disruption unlike let's say equities which I know a lot of people are working on today um with varying approaches and varying degrees. Um it will be a while before more and more companies natively issue their equities or their stock on chain. It's it's starting to happen. Um but that that is an area that has a lot more kind of dependencies um I would say than than potentially the private credit space. >> That's a wild it's it's just like a wild thing for me to think about. Um, even if you did that retroactively, like you know, one thing we talk about on our AI show is we track like the IPOs coming up, right? And you've got I just think about it a much broader scale like the anthropics and the open AIS and the the

SpaceX. There's so many different companies and people on those cap tables and that it's just like what that how some you could ever tokenize that kind of private investment, right? That has has had so many layers over a decade for some of those companies, right? And um that all that could be all that and even the settlement could be on chain in some way eventually is is is is pretty wild to think about. But clearly maybe not that far not that much further off than we think. >> Yeah. I mean I think I think part of the reason why some of um some of the of these areas that we're talking about have gotten so muddied is because inherently disparit institutions are working from disparit systems. And therefore,

as a result of that, you've had these different kind of patchwork systems put into place because everyone's not working from a, you know, from the same source of truth. And so to the extent you can just like almost start over in a certain sense the tech has the ability to simplify and to automate a lot of this tracking and and ultimately even when we're talking about like AML KYC and things like that like gives the ability to I would say more proactively manage compliance risk and manage the ability to prevent like double pledging of collateral and things that pop up kind of expost post because something popped up after, you know, an Excel

sheet was reconciled 3 months after it was sent. Instead, you can kind of just see some of these warning signs in real time. I >> feel like that would substantially change the borrowing and lending market for that to for that to be for what you're describing to happen. Uh, and maybe even have effects that we don't even we don't even know how that would change how companies like structure their debt or or their lending. So, that's wild. what coming back to Avalanche specifically. Um I guess I think one of the big questions for me especially when we're discussing like RWAs um and and even a lot of the other stuff that you guys are are are shooting for and bringing on chain.

What what is the competitive advantage over some of the other chains that we know, right? And especially like when you think about the majors um like something like Ethereum and Salana like clear, you know, things that have that are at the the top of the charts and also like the household names. Avalanche is probably like somewhere in the middle, right? Right. It's not it's not a totally unknown place, but you know, it's not it's not luckily it's not it's it's not the butt end of a lot of jokes these days like Ethereum is. Um but definitely, you know, those are places where people are like, okay, like those those are strong competitors for a lot of this pie. How does someone like how does a how does a place like Avalanche kind of stay competitive with them?

>> Yeah. So um it's really interesting I think with the advent of um something like a circles arc or tempo or others where or even hyperlquid frankly has kind of proven avalanches thesis from the beginning which is that mass adoption won't happen on one single general purpose chain right and so I think you know going back to the white paper obviously avalanche was always conceptualized as a network of customizable and natively interoperable layer 1 blockchains. Each of which that can be fully kind of customized and optimized for a particular use case or series of use cases whether that is in

government or gaming or financial services or whatever that might be. And so that customizability which again from an avalanche L1 standpoint these L1s can be private and permissioned. They can be public and permissionless. They can be public and permissioned. They don't need the native token for gas. There's a lot of customizability as it relates to throughput, gas token, validator construction. And a lot of that customizability actually led to our early success with Trapby because back then, you know, when I first joined, you know, again, four and a half years ago, institutions were really afraid or weren't able to touch public permissionless networks. And so

Avalanche L1's really gave them the ability to deploy within a private permissioned L1, but still be part of a broader network where they could benefit from native interoperability, tap into DeFi integrations, tap into the developer community, um, native stable co integrations, whatever, whatever happened to be relevant for them in a way where they weren't on on an island in a walled garden like historically we've seen with like enterprise blockchains. And so that really led to our early early success. And now again I think and to your point maybe even people forget that not only we've been focused on tokenization for a while we've been focused on institutional adoption for quite some time and and all the institutional partners that a lot of

our competitors have touted. We've been partnered with them you know for for quite some time as well. We had a lot of success early on with City and JP Morgan deploying on the network as well as A&Z and then a whole host of different asset managers. some of which I named earlier, but they all exist and they they've all kind of deployed various assets on Avalanche as well. And obviously there's more in the pipeline. And so we're just going to continue pounding the pavement as it relates to you know institutional adoption. And I think you know there's a lot of technical reasons why um you know Avalanche has resonated with institutions not just the L1 construct but also the fact that it is EVM compatible which makes it extremely easy to deploy on the network both sub-second transaction finality which is extremely

important in general but especially for financial services use cases and transaction costs are dimminimous. Besides all those technical reasons there's a lot of business development reasons why teams choose to work with us in partnership. There's a lot of us that come from financial services that can kind of tow the line in both worlds that can help our bis our you know partners on the institutional side make the case to their internal and external stakeholders and so we've really prided ourselves in building trusted advisor relationships with our institutional partners and you know we'll we'll you know ultimately continue to to do that work.

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I mean that's that's that's pretty good reasoning and Morgan and you can you have a financial back background as well, right? because this is kind of like, you know, especially out of everything you kind of just said too, that that's something that that I think also stands out to me and it's something I never really thought about and again you you called me a DJ earlier and I did that myself too that it's like I think I think crypto still has but it still has this towed line where it's like well in one case everything's growing up right and and Wall Street's coming in and you know we're finally seeing that it's like the advent of like well this is what all this infrastructure has been built for this whole time. Uh, and then simultaneously you've still got the, you know, crypto is just like a scammy place

for freaks like me. Um, and I think but I but I think but I think people see like someone like you with a financial background, can you tell us a little bit about that? Is definitely going to help build that trust for a lot of these asset managers that come into the space. >> Yeah, that's that's the plan. But I think um it's really interesting. I think even since I joined the worlds of Trady, DeFi, CFI tokenization, they've really converged. And even when you're talking about partnerships like morpho and coinbase and a and like that's a clear example of how these worlds have converged and I think they'll continue to do so and even I mean you've seen you know the likes of all these prediction markets poly market kshi start creating you know institutional interest um and

and and investment and and I think that there's a path forward you know for for those worlds to merge and even even potentially leveraging that kind of technology in the context of tradi and traditional markets. Um so I think it'll be really interesting to see even like how we can use defi and prediction markets and per in the context of traditional markets. Um and and I think there there's a lot of green space there and to your point in terms of you know the scamminess in the industry yes we definitely as an industry do not do ourselves any favors. Um, but but I'm encouraged to see even even though there are still, you know, hacks and scams and rugs that

generally where we're where we're at today and where we were maybe four and a half years ago is still net in a better place. >> Oh, absolutely. Oh my god. Yeah. I mean, like you go back to the ICO boom even before both in you and I's time in 2017. It's just like this. [laughter] This is this is invariably better. And I would say even today, you know, we're talking on the, you know, this day the Clarity Act made it through a big a big step as well. I think, you know, it has come a long way in even the time that you and I have been here. Um, and and is is I mean, I would even say luckily, you know, even for for retail investors, it's like it's like it might be a benefit right now that it's very under the radar and being declared dead as,

you know, semiconductors and memory stocks go at all-time highs. It's like, well, this isn't this isn't the, you know, it's not the worst time to be paying attention because there's clearly a lot going on. >> Yeah. I mean, it's really interesting because like the the tech itself is not like sexy, right? But it's going to ultimately power, I think, a lot of the uh product, services, and capabilities ultimately that retail will eventually use and benefit from and frankly won't know, right? Like >> sometimes people people are like, well, how would you explain blockchain to your mom? And I'm like, I wouldn't like I wouldn't explain how like Venmo or Gmail works in the back end. What does she need to know? she just needs to know how to operate the application and I think ultimately ideally and as a sign of success that's ultimately what

blockchain will become. Um and and to your point in terms of like the evolution of the space it was I will say in terms of you know ultimately today was a was a defining moment. I think genius was a defining moment. I think the election was a defining moment in terms of literally right after the election. The the nature of the conversations that I was having with banks literally did like a 180. Like it was like >> went from, you know, we're still doing things internally and and working on pilots and PC's to like, oh, now we have a an an a senior management executive level like imperative to develop a strategy and to actually do things in production. So it was like a to and on public permissionless chains which was

like a total 180 and and that that that moment was similar postgenius where every enterprise and and even banks were like we have to develop a stable coin strategy and so I think with clarity we'll just I I think like the fact that there is even guidance and a framework provides a green light for institutions to invest in operational izing things because before like uncertainty uncertainty is worse than I feel like bad regulation >> um because it just it just really hampers people doing anything at least if you know there is like regulation and guidelines you know how to navigate or there's a path to navigate

>> so um I think objectively from like a a regulatory and institutional perspective there's definitely been progress >> that's well said yeah and I hadn't even thought about I mean the election is almost two years ago now and I hadn't thought about how much that would have affected demand, right? And that's that's interesting to hear. Of course, there's a 180 on that. >> The nature of this conversation would be very different. [laughter] >> Yeah, definitely. Right on. Well, Morgan, it's been a pleasure to have you on. Uh, thanks for kind of giving us a little bit of light into like what's going on in the back end, especially for something like Avalanche, which I'm sure we've talked about many times on the show in the past and uh will again in the future and and and how you guys are kind of pining for some of that pie and

and everything that's going on there. Um, great to talk to you. >> Yep. Thank you for having me. Appreciate it. Want insights on what's moving crypto markets and how [music] we're trading each event? Subscribe to our channel and join the Milk Road daily and pro newsletters and start investing like the top [music] 1%. This show is for educational purposes only. Nothing we say is financial advice. Investing is risky. Never invest more than you can afford to lose.