Bankless

ROLLUP: Wartime Markets | Kraken Gets Fedwire | Trump vs Banks | AI vs Pentagon | NYT Says Crypto Is Dead

1h 3min

The Bankless Rollup covered wartime market reactions to the Iran conflict, highlighting the US Dollar as the safe haven and crypto's surprising resilience. A major development saw Kraken Financial gain direct FedWire access, challenging traditional banks, while Donald Trump publicly supported stablecoin yields against banking interests. The episode also discussed Anthropic's clash with the Pentagon over AI ethics, Eric Voorhees' private AI project Venice, and other notable crypto events like Zach XBT's latest bust and a humorous South Korean police blunder.

Summarized by Podsumo

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✨ Key Takeaways

1

Wartime Market Dynamics: The US Dollar emerged as the primary safe haven during the Iran conflict, while gold and bonds underperformed, and crypto assets showed unexpected resilience.
2

Kraken's Historic Fedwire Access: Kraken Financial became the first digital asset bank to secure a "Skinny Master Account" with the Fed, enabling direct access to the payment system and bypassing traditional banking intermediaries.
3

Trump Backs Crypto Against Banks: Donald Trump and his son publicly criticized traditional banks for opposing stablecoin yields and the Clarity Act, signaling significant political support for the crypto industry.
4

AI Ethics and Military Use: Anthropic's Claude AI was used in Iranian strikes, but the DOD banned it after Anthropic refused to compromise on ethical AI use, leading to public support for Anthropic.
5

Crypto's "Bottom Signal" & Justice: The New York Times published a "crypto is dead" article, often seen as a market bottom signal, while Zach XBT successfully aided in the apprehension of a $46 million crypto thief.

💬 Notable Quotes

"Sorry about your monopoly. We're the bankers now. Saddle up."

— Jesse Powell
"This would have blown the expectations of even the most bullish crypto evangelist in 2020, 2017 out of the water. Crazy how many people in crypto are giving up on the victory. This is another case of all of the crypto prophecies wildest dreams are starting to come true."

— Mike at the Lido
"What took so long outside of crimes and scams, the technology is useless and its economics are even worse."

— New York Times (referencing the opinion piece)