If we had to pick one word to describe how the crypto industry feels right now, it’s anxiety. For Senators, it’s fatigue. There are so many variables and competing interest groups woven into the Clarity Act that the process has become increasingly political. The industry has been asking for regulatory clarity for years, yet progress remains stuck, going nowhere. At the same time, the OCC is facing intense pressure, and even legal threats from banking associations and state regulators over its approvals of crypto-native companies for national trust charters. Meanwhile, commission-level guidance from the SECand CFTC is historic, but for some, it feels more like a temporary sandbox than a lasting solution. Jason unpacks these battles, dives into the root causes behind the controversies, and shares his realistic outlook on what comes next. This is a must-listen episode.

Follow Jason: X: @regulatoryjason; LinkedIn; Forbes: Follow Coco: X: @CocoKee; Substack

Timestamps:

(00:00) Introduction

(01:20) Clarity Act stalled in the Senate

(01:38) Clarity Act - Difference in voting mechanism between House and Senate

(03:20 Clarity Act - 3 major elements

(06:31) Clarity Act - Where the major controversies are

(10:18) Any clear path for Clarity Act to pass the Senate

(11:57) How realistic is it to get Clarity Act passed 2026

(12:50) Procedural Hurdles: Merging the two versions of Clarity Act

(14:15) Summary about the hurdles facing Clarity Act and path to pass it

(16:17) OCC facing pushback from banking industry and state regulators

(21:03) Why new national trust banks approvals for crypto companies upset big banks?

(22:38) You don't belong to the banking elite club

(24:29) What would happen if banking industry succeeded in the lawsuit against OCC

(27:03) Why SEC+CFTC commission-level guidance historic, but still only a temporary solution

(33:22) Why SEC's Innovation Exemption (the sandbox) not good enough to some

What does a veteran macro investor see that most people are missing heading into 2026? My guest Shengbei, who correctly called the #gold trade, the dollar selloff, and the post-August liquidity squeeze, returns to World Ledger to break down what's really driving markets right now. From gold's decade-long structural tailwind and the de-dollarization quietly reshaping global trade, to why he turned bearish on #bitcoin and #crypto, and what Kevin Warsh as the new Fed chair actually means for liquidity, this conversation cuts through the noise. A must-listen for anyone trying to understand the macro forces moving real assets in 2026.Shengbei is the CEO of New York-based GSB Podium Advisors, with over two decades of experience spanning Morgan Stanley, Deutsche Bank, and senior investment roles at CITIC Securities — one of China's leading financial institutions.(00:15) Introduction and Market Backdrop(01:16) 2025 Review (01:45) February - April 25, Sell Dollar & Risk Assets, Long Gold(02:24) April - August 25: Long U.S. Equity & Crypto(03:28) August 25 - till now: Long Gold & Global Diversification(06:28) Deep Dive U.S. Market’s Changes(07:18) Why Investors Diversifying from U.S. Dollar-backed Assets(08:36) 2026 Outlook and Key Factors to Monitor: Tariff, Liquidity, AI and Credit Issues(11:51) Will Gold Rally Continue and Why(13:46) Gold and Chinese Currency RMB in Global Trade(15:49) China and its U.S. Treasury Holdings(17:51) Why is the dollar weakening(19:25) Which Assets will Benefit from a Weaker Dollar(21:42) Views on Bitcoin and Strategy and Why he is Bearish(24:33) Liquidity Issue and Solutions(28:06) Kevin Warsh, a Good Pick? Why the Market Sell-off? Fed & Treasury Working together?(32:13) Cut or No Cut by Fed

Follow me: X: @CocoKee

Subscribe to my newsletter: worldledger.substack.com

What does a veteran macro investor see that most people are missing heading into 2026? My guest Shengbei, who correctly called the gold trade, the dollar selloff, and the post-August liquidity squeeze, returns to World Ledger to break down what's really driving markets right now. From gold's decade-long structural tailwind and the de-dollarization quietly reshaping global trade, to why he turned bearish on Bitcoin and crypto, and what Kevin Walsh as the new Fed chair actually means for liquidity, this conversation cuts through the noise.

A must-listen for anyone trying to understand the macro forces moving real assets in 2026.

Shengbei is the CEO of New York-based GSB PodiumAdvisors, with over two decades of experience spanning Morgan Stanley, Deutsche Bank, and senior investment roles at CITIC Securities — one of China's leading financial institutions.

Follow: Shengbei Guo

Follow: Coco Kee

Following World Ledger: World Ledger newsletterTimestamps:

(00:15) Introduction and Market Backdrop

(01:16) 2025 Review

(01:45) February - April 25, Sell Dollar & Risk Assets, Long Gold

(02:24) April - August 25: Long U.S. Equity & Crypto

(03:28) August 25 - till now: Long Gold & Global Diversification

(06:28) Deep Dive U.S. Market’s Changes

(07:18) Why Investors Diversifying from U.S Dollar - backed Assets

(08:36) 2026 Outlook and Key Factors to Monitor: Tariff, Liquidity, AI and Credit Issues

(11:51) Will Gold Rally Continue and Why

(13:46) Gold and Chinese Currency RMB in Global Trade

(15:49) China and its U.S. Treasuries Holding

(17:51) Why Dollar Weakening

(19:25) Which Assets will Benefit from Weaker Dollar

(21:42) Views on Bitcoin and Strategy and Why he is Bearish

(24:33) Liquidity Issue and Solutions

(28:06) Kevin Walsh, a Good Pick? Why the Market Sell-off? Fed & Treasury Working together?

(32:13) Cut or No Cut by Fed

I sit down with Devere Bryan, Group General Manager of First Digital, the company behind FDUSD stablecoin, and discuss the origins of First Digital, the creation and expansion of FDUSD, its partnership with Binance; Hong Kong's stablecoin sandbox and legislation, the reason they chose to move stablecoin business to BVI; the challenges facing stablecoin issuers and growth opportunities in emerging markets. Devere providesinsights into FDUSD's operations, crisis management, and future growth strategies, and its focus on Asia-Pacific regions.

Timestamps:

(00:00) - Opening Remarks

(00:54) - Brief Introduction to Genesis of First Digital (FD)

(03:23) - Hong Kong as a former Launchpad for Crypto Businesses

(04:13) - Partnership between FDUSD and Binance

(06:14) - FDUSD’s Asia Focus

(08:07) - Promising Asian Markets and Emerging Utility for stablecoins, Case Study - Coins.ph

(13:22) - Current Utility of stablecoin at This Stage

(17:22) - FDUSD's Brief Depeg in April and How FD Handled it

(23:04) - Hong Kong Sandbox, Stablecoin Bill and FD’s Decision

(30:34) - Challenges in Operating Stablecoins

(34:23) - Is Stablecoin Market Winner-Take-All

(36:44) - Ways to Diversify Stablecoin Revenue

(41:12) - How FD Identifies Growth Opportunities and Diversifies

(45:04) - Dominance of Dollar-pegged Stablecoins

(47:20) - GENIUS and its Impact on BVI, Cayman, Cook Islands, ADGM of Abu Dhabi

(49:12) - Closing Remarks

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Follow Devere Bryan on LinkedIn

On one side, we have centralized storage solutions like AWS; on the other, decentralized platforms such as Filecoin and Arweave. Sitting in between is IPFS, a distributed, peer-to-peer network for data storage and sharing that plays a critical role in the decentralized blockchain ecosystem we're building. Yet, IPFS adoption remains limited, hindered by the high cost of on-chain storage and slow data delivery speeds.

Kyle Tut, Co-founder and CEO of Pinata, offers arefreshing perspective. He doesn’t confine his company to the ideological extremes of either centralization or decentralization, nor does he tie it to any single blockchain. Instead, he takes a pragmatic approach to solving theindustry's real-world challenges.

You’ll also want to hear his views on NFTs and Memecoins.While some dismiss them as “silly,” Kyle looks beyond the surface to uncover the genuine opportunities and innovation they will bring to the space. His strategies to navigate the volatility of Web3 and views about the next big thing forcrypto offer further insights I’m excited to share with my audience.

Follow Kyle and Pinata on X: @kyletut | @pinatacloud; Follow Coco on Substack: worldledger@substack.com , LinkedIn: https://www.linkedin.com/in/cocokee/ and X: @keeglobal

Timestamps:

(00:00) Opening Remarks, Omaha, Warren Buffett
(01:25) Kyle Tut's Background and the Beginning of Pinata (04:48) Comparison of Pinata with Other Centralized and Decentralized Storage Solutions
(07:37) IPFS and Its Unique CID and What It Means to Crypto Storage (09:21) Challenges Pinata Is Trying to Solve for Crypto Data Storage (10:37) What Is IPFS and Why It's Powerful (12:36) The Reasons Creators and Developers Use Pinata (15:19) Case Studies: OpenSea and Pump.Fun Partnership with Pinata (17:05) Why Centralized Storage Is Still the Majority of Data Storage (18:43) Pinata's Fee Structure (20:59) Kyle's Take on NFTs and Memecoins and Why They Are Important Regardless of Some Silliness (24:58) Other Market Opportunities: AI, RWAs, DePin, Gaming (31:21) Leading Hubs for NFTs and Memecoins Development (31:53) Strategies to Weather the Volatility of Web3 (34:52) Kyle's Contact Info and Closing Remarks

What happens when traditional finance (TradFi) principles meet the dynamic innovation of decentralized finance (DeFi)?

In this episode, I sit down with Martin de Rijke, Head of Growth at Maple Finance, to explore the company's diverse yieldproducts, over-collateralized lending options, cross-chain Syrup offerings, and, most importantly, its risk management framework.

Martin shares insights into Maple’s partnership with Cantor Fitzgerald, outlines the company’s growth strategy, and discusses how upcoming U.S. stablecoin regulations could impact firms like Maple. We also reflect on the previous cycle and the key lessons learned.

Timestamps:

(00:56) Opening Remarks and Self-introduction

(02:40) Introduction to Maple Finance

(04:05) Maple's Partnership with Cantor Fitzgerald

(08:22) Maple's Business Explained in Detail

(15:05) Risk Management Mechanism for Underwriting Loans

(21:33) On-chain Pool for Lenders and Yield-bearing SyrupUSDC

(25:30) Built on Ethereum SyrupUSDC also Live on Solana

(26:21) Comparing Ethereum vs.other Chains Regarding TVL

(27:17) Growth Strategies and New Products

(31:47) Lessons Learned from the Last Cycle and Outlook for DeFi Lending

(33:58) Differences in Borrowing & Lending between this Cycle and the Last Cycle

(34:34) Implication of U.S. Stablecoin Regulations and whether non-USD Stablecoins Matter

(35:46) Closing Remarks

Follow me on X: @keeglobal Or on Substack: worldledger.substack.com

Follow Martin on X: @martindrijke

Follow Maple on X: @maplefinance

In a recent podcast interview with World Ledger, Amik Ahmad, Head of Product at Autonomys Network, shares his insights on how Autonomys Network is built to scale and support the fast growth of AI3.0 and Web3, including agentic technologies, without compromising decentralization.

(00:00) Opening remarks

(00:59) Amik’s Background and Responsibilities

(03:50) What is AI 3.0?

(05:21) Autonomys’ Layered Approach

(07:08) AI3.0 vs. Centralized AI

(10:12) Laying the Foundation for AI 3.0 and a Web3-Focused Future

(15:23) Solving the Blockchain Trilemma

(17:46) A Closer Look at Autonomys’ Solution to the Trilemma

(20:04) Product Roadmap

(22:20) Why Use MCP to Store Your Own Data in Centralized AI

(24:55) Users Served by Autonomys

(27:08) Challenges in Valuing Data and Compensating Data Contributors

(28:40) Will We Run Out of Data for AI Training?

(31:21) Why Build on Autonomys?

(34:55) AI + Web3: Are They a Good Match?

To stay updated, subscribe to worldledger.substack.com

In this episode, I’m joined by Nick Forster, founder ofDerive, a decentralized crypto options exchange. We discuss his journey in launching Derive and his vision for the platform.

We also exchange thoughts on the uniqueness of this market cycle, the impact of Coinbase’s acquisition of Deribit, U.S. regulations, Bitcoin Strategic Reserve, traders’ sentiment aboutBitcoin’s price on Derive, and more.

Nick Forster founded Derive about 5 years ago. Before that, he worked as an equity options trader at Susquehanna International Group. He studied mathematics and economics at St. Paul’s College, University of Sydney.

Subscribe to my newsletter to stay updated: worldledger.substack.com

00:00 Opening Remarks
00:38 Nick’s Background and Introduction
02:04 Introduction to Derive and How It Differs from Deribit
04:34 Initial Challenges and Hurdles in Launching Derive
06:32 Where Nick Found Tech Talent and Funding
09:08 Competition
10:17 Coinbase’s Acquisition of Deribit and Its Implications
11:20 DEX vs. CEX and Derive’s Target Users
13:57 Tremendous Growth Potential for DEXs
17:15 Addressing Technical Limitations Like Execution Speed
18:43 Ethereum Layer 2 vs. Layer 1
19:41 The Role of AI in DEXs
21:44 U.S. Regulations and their Impact
25:59 U.S. Market vs. Other Markets
27:45 Strategic Bitcoin Reserve
28:38 Where Bitcoin’s Price Is Headed This Cycle
29:45 Is This Cycle Different from Previous Ones?