# Clarity Act Advances as Institutions Prioritize Utility Over Speculation

**Podcast:** The Milk Road Show
**Published:** 2026-05-15

## Transcript

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.
What's up, everybody?
It's LG Ducet here, and welcome to the Millcroach 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 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 gigabull run.
Plus, how does a layer one 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 as DeFi and that institutional adoption.
We'll break it all down with our guest today, Morgan Krupetsky, head of business development at Avalanche, and even get the alpha on how her particular layer one plans to win long term.
Today's episode is brought to you by Kate, the privacy first mobile carrier, Feros, the layer one built for RealFi, 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 can 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 does that mean and what comes next?
Yeah, so 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 for not just the crypto industry, but financial services institutions, fintechs, neobanks, anybody who might ultimately leverage and benefit from the technology provides some kind of guidelines for really taking the next steps and really ultimately investing in the technology.
So we're definitely not out of the woods and there's definitely various kind of sticking points still that need to be resolved.
But this latest hurdle of passing the Senate Banking Committee ultimately 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 Senator Elizabeth Warren like dumping on tornado cash and be like, it's so dangerous.
But then I know there was many more hours of commentary.
Were there any other particular highlights?
What was the main pushback?
What was the vibe?
I don't know if you had the chance to watch it.
Well, the Senate Banking Committee advanced it today 15 to 9.
And so I think that it definitely does need more Democratic support.
And there's ultimately, again, still unresolved issues.
And ultimately, if something that's passed through the Senate needs to be reconciled with the House version.
But again, it is slow steps, baby steps toward making progress.
And I think 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 a full Senate vote.
And after that, you know, again, again, needs more more Democratic support.
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, stablecoin rewards versus yields, AML requirements, DeFi treatments, so on and so forth.
But ultimately, once the version is reconciled with the House version.
ultimately, it will move to the executive branch for a full signing.
So definitely more steps to be had there, but again, making progress.
So is there still a chance where stablecoin yield may not be part of this now that it's part?
Because I know that that has been the main sticking point and why it kind of failed to even get to this part way back in January.
Is that still possible or does this make it likely that there will be stablecoin yield as part of it?
Yeah, so I think that at this point, there is a carve out for bonafide transactional or more like activity driven 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 yields, which I think has been the real sticking point, especially from a banking perspective.
And so.
I think ultimately the industry is pushing for some kind of compromise and carve outs for this type of activity where it separates out pure payment stable coins as infrastructure from the other type of activity that potentially could be rewarded.
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We saw earlier today, I mean, there was definitely like a bump in markets at one point.
I think as like the hearing started and things seem to have cooled off, maybe not a huge pump to Valhalla like everybody maybe had expected, but again, it's not.
hasn't 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, I've been hosting this show since right before 1010, just so you know that I've been the host of this show.
I've been the bear market guy.
Yeah, exactly.
Jay was the host before and he hit it off to me just in the nick of time.
But I want to know from you, somebody we haven't had on the show, kind of like, what's your view on the market these days?
You've been in the space for five years now.
Where do you think we're at?
Which of the many narratives do you subscribe to?
Yeah.
So, I mean, going back to 1010, I think a lot of fast money kind of market positioning historically had been dramatically reduced.
wiped out, so to say.
And so I think positioning in general is a lot cleaner.
It feels like from a long-term institutional allocator perspective, if you think about institutional allocators like sovereign wealth funds, pension funds, people with kind of more longer term time horizons, in general, 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 investment strategy.
And maybe just to caveat, none of this is financial advice.
Oh, they know.
They know.
Don't worry.
They know.
They know that.
But yeah, it still feels like especially Bitcoin has really established itself as like an institutional asset and crypto over the past few years has increasingly been considered more, especially with.
regulatory clarity, more of a legitimized asset class in industry.
And so despite the price action, despite the noise, I do think that 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 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.
And so from a business development perspective, it's been very positive to see continued.
interest and involvement, engagement, building investment 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.
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 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 huge drops?
Did that affect the pipeline or kind of the conversations you were having?
To be honest, not really.
Not really.
I mean, I think, you know, going back to my tenure at Ava Labs, I think if anything, the nature of the conversation changed a bit after, you know, FTX and kind of the slew of everything that happened after that and the aftermath of that.
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 problem statements and strategic imperatives on 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 really solutioning around that.
price action really hasn't come up because I think, again, the focus has been more on the practical application of the technology as opposed to looking at it from like a crypto casino type of speculative use case perspective.
I guess that's good, right?
I guess that's what we want to hear.
I mean, ultimately for us, I think that's what we've been focused on for quite some time.
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 unifier between most of the builders building on Avalanche are that they're building for real world adoption and ultimately working with businesses to, again, either solve pain points and or drive forward strategic imperatives for these businesses.
And many of the builders on Avalanche are taking a B2B or a B2B2C 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 greater connectivity with their fans, for example.
Right.
And that's 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 case.
And it's nice to see, you know, competitors and peers kind of realizing that this is really important 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 mass adoption where blockchain is you know obfuscated into the background What's something that maybe we don't hear about that there's demand for that maybe is coming on chain sometime soon?
Because we do discuss RWAs a lot on the show.
We look at the charts and we've gotten some explanations about what some of the stuff is that is on chain, but a lot of it that we've seen so far is like a little bit more sophisticated, let's call it financial products.
It may be a lot of us more on the retail side is something that we don't.
know or we don't really access.
You mentioned sports teams.
What is an area that you're having a lot of discussions with, something that maybe we don't think about is going to come on soon?
Yeah.
I mean, I think a lot of the success that the technology has seen 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?
And people like...
take that for granted, I think.
And with $300 billion in stablecoin market cap today, I think that number is set to grow.
And I think the stablecoin 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 cross-border payments, as well as even into something that is...
now increasingly more easily accessible to people in the 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 fintechs neobanks and wealth tech platforms that they're currently already onboarded 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 blockchain based products and services whether again it's in payments or digital savings accounts or stablecoin backed card products in ways where They may or may not know that 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 net new users into the ecosystem, net new capital, generally stickier users, and again, a marker of real world adoption.
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Can I ask you, this is interesting.
I don't think I've spoken to anybody who's on the BD side of a lot of these, like layer one, right?
And they had a product at Salon, I think, recently.
But it's a very different side that they're approaching than even what you're doing.
What I want to know, especially...
you know, I told you this before and people that have listened to show for a while know this.
I came more from the DJ inside.
So for me, Avalanche to me, I'm like, oh, gaming chain, you know, like I know some stuff, but 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 pitch to whoever it is, 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?
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 B2B2C in their go-to-market, which is probably why you as like an everyday G-gen maybe aren't familiar because we're not selling them particularly to you, but we're probably selling them to the fintechs or neobanks 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 and 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 BlackRock, WisdomTree, Wellington, T-Row, VanEck, 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 Aave.
And so we bring to bear partners in the DeFi space as well, really as like, what do they call it?
The DeFi mullet, where it's abstracted into the backend and you have a Web2 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.
And then finally, the thing that really kind of closes the loop is stablecoin 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 stablecoins.
And so it really kind of completes that full stack that we, you know, depending on who we talk to, will work with our partners to pitch different product 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 is 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 asset backed 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 on-chain world good question um so i think what we've seen just on 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 a 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 but 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 off chain 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 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 Superstate's case, native on-chain equity issuance or figures doing the same thing or native on-chain loan origination, that means that you can verify and 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 on chain, which means that you probably don't need a lot of the existing third party service providers that currently exist in, for example, Asset Backed Finance today because you have the blockchain.
And everyone, every third party is referencing the same source of truth.
And therefore, you don't need an intermediary per se to translate from one party to another, to 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 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 asset-backed 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 where, again, we really feel like it's ripe for disruption.
Unlike, let's say, equities, which I know a lot of people are working on today with varying approaches and varying degrees, it will be a while before more and more companies natively issue their equities or their stock on chain.
It's starting to happen.
But that is an area that has a lot more kind of dependencies, I would say, than potentially the private credit space.
That's a wild, it's just like a wild thing for me to think about.
Even if you did that retroactively, like, you know, one thing we talk about on our AI shows, we track like the IPOs coming up, right?
And you've got, I just think about a much broader scale, like the Anthropics and the Open AI and the SpaceX.
There's so many different.
companies and people on those cap tables and that it's just like how something you could ever tokenize that kind of private investment, right?
That has had so many layers over a decade for some of those companies, right?
Totally.
And that all that could be all that and even the settlement could be on chain in some way eventually is pretty wild to think about, but clearly maybe not that much further off than we think.
Yeah.
I mean, I think part of the reason why some of some of these areas that we're talking about have gotten so muddied is because inherently disparate institutions are working from disparate 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 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 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 ex post because something popped up after, you know, an Excel sheet was reconciled three 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 be for what you're describing to happen.
And maybe even have effects that we don't even know how that would change how companies like structure their debt or their lending.
So that's wild.
Coming back to Avalanche specifically, I guess I think one of the big questions for me, especially when we're discussing like RWAs.
And even a lot of the other stuff that you guys are shooting for and bringing on chain.
What is the competitive advantage over some of the other chains that we know, right?
And especially like when you think about the majors, like something like Ethereum and Solana, like clear, you know, things that are at the top of the charts and also like the household names.
Avalanche is probably like somewhere in the middle, right?
It's not a totally unknown place, but you know, it's not.
Luckily, it's not the butt end of a lot of jokes these days, like Ethereum is.
But definitely, you know, those are places where people are like, okay, like those are strong competitors for a lot of this pie.
How does someone like, how does a place like Avalanche kind of stay competitive with them?
Yeah.
So it's really interesting, I think, with the advent of something like Circles Arc or Tempo or others where, or even Hyperliquid, frankly.
has kind of proven Avalanche's thesis from the beginning, which is that mass adoption won't happen on one single general purpose chain.
And so I think going back to the white paper, obviously, Avalanche was always conceptualized as a network of customizable and natively interoperable layer one 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 Tradby.
Because back then, when I first joined, again, four and a half years ago, institutions were really afraid or weren't able to touch public permissionless networks.
And so Avalanche L1s 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, native stablecoin integrations, whatever happened to be relevant for them in a way where they weren't on an island in a walled garden like historically we've seen with enterprise blockchains.
And so that really led to our early success.
And now, again, I think, and to your point, maybe even people forget that Not only have we been focused on tokenization for a while, we've been focused on institutional adoption for quite some time.
And in all of the institutional partners that a lot of our competitors have touted, we've been partnered with them for quite some time as well.
We had a lot of success early on with Citi and JP Morgan deploying on the network, as well as ANZ, and then a whole host of different asset managers, some of which I named earlier.
They all exist and 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, 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 de minimis 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 toe the line in both worlds that can help Our 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 we'll ultimately continue to do that work.
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I mean, that's pretty good reasoning.
And Morgan, you have a financial background as well, right?
Because it's kind of like, you know, especially out of everything you kind of just said too, that's something that I think also stands out to me and it's something I never really thought about.
And again, you called me a degenerate earlier and I did that myself too.
That is like, I think crypto still has, but it still has this toad line where it's like, well, in one case, everything's growing up, right?
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.
And then simultaneously, you've still got the, you know, crypto is just like a scammy place for freaks like me.
But I think people see like someone like you with a financial background, you can 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 the plan.
But I think...
It's really interesting, I think, even since I joined the worlds of TradFi, DeFi, SeFi tokenization, they've really converged.
And even when you're talking about partnerships like Morpho and Coinbase and Aave and WAP, 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 the likes of all these prediction markets, Polymarket, Kalshi, start creating institutional interest.
um 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 trad fi and traditional markets um so i think it'll be really interesting to see even like how we can use defy and prediction markets and perps in the context of traditional markets um and and i think There's a lot of green space there.
And to your point in terms of the scamminess in the industry, we definitely as an industry do not do ourselves any waivers.
But I'm encouraged to see, even though there are still hacks and scams and rugs, that generally 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 UNI's time in 2017, it's just like this, 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've been here.
And, and is, is, I mean, I would even say luckily, you know, even for, for retail investors is like, it's like, it might be a benefit right now that it's very under the radar and being declared dead as.
semiconductors and memory stocks that go at all-time highs.
It's like, well, this isn't the worst time to be paying attention because there's clearly a lot going on.
Yeah.
I mean, it's really interesting because the tech itself is not sexy, right?
But it's going to ultimately power, I think, a lot of the product services and capabilities ultimately that retail will eventually use and benefit from and frankly won't know, right?
Sometimes 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 where 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 pocs to like oh now we have a in and a senior management executive level like imperative to develop a strategy and to actually do things in production so it was like a and on public permissionless chains which was like a total 180 and and that that That moment was similar post-genius where every enterprise and even banks were like, we have to develop a stablecoin strategy.
And so I think with clarity, we'll just, I think like the fact that there is even guidance and a framework provides a green light for institutions to invest in operationalizing things because before like uncertainty, uncertainty is worse than I feel like bad regulation.
because it just really hampers people doing anything.
At least if you know there is regulation and guidelines, you know how to navigate or there's a path to navigate.
So I think objectively from 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.
Yeah, it's definitely right on.
Well, Morgan, it's been a pleasure to have you on.
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 will again in the future and how you guys are kind of pining for some of that pie and everything that's going on there.
Great to talk to you.
Yep.
Thank you for having me.
Appreciate it.
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