Coinbase is tokenizing US stocks for the rest of the world — but what makes a token 'real,' and who owns it? Plus: the AI trade wobbles and the CME sues its own regulator.

---

Thank you to our sponsors:

⁠⁠Fidelity⁠⁠: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠crypto.fidelitycareers.com⁠⁠.

⁠⁠Cape⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED).

Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786 🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ 🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0 🔥X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/

----

Chris Perkins just took the helm of Franklin Crypto, and he arrives with a thesis: the old choice between TradFi and crypto has collapsed. What does it look like when the two finally stop competing and start absorbing each other's tools?

Austin, Ram, and Chris map the messy middle of tokenization, from yield-bearing money market funds that could undercut stablecoins to Coinbase's push to put US stocks in the hands of everyone but Americans. Which models are real, and which try to spin gold from bronze?

Then they dig into whether the AI trade is quietly rolling over — weighing data-center cancellations, a Mythos national-security scare, and why the CME is picking a fight with the very regulator that approved its rivals.

The conversation covers Coinbase's tokenized stocks, whether tokenized money funds could disintermediate stablecoins, the AI trade, and the CME's lawsuit against the CFTC.

Hosts:

• ⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting

• ⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida

• ⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, President of CoinFund

Timestamps

🏛️ 02:17 Chris on Franklin Crypto, and why you no longer have to choose TradFi or crypto
💵 05:57 Austin: why would a TradFi player adopt stablecoins and give up its own margin?
🔁 09:13 Could yield-bearing tokenized money market funds disintermediate stablecoins?
📈 22:21 What 'real' tokenization means, and who Coinbase's stock tokens are really for
📣 34:09 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained
🤖 35:31 Is the AI trade rolling over? The one number Ram says decides the market
🔓 42:09 How real is the Mythos 'classified systems' breach claim?
⚖️ 47:19 Why the CME is suing its own regulator over Bitcoin perpetuals