How NMS Rules Conflict with Decentralized Exchanges

Mike Cagney, the founder of Figure joins the show. In this episode we discuss:

• The process of taking Figure public in September 2025.
• The market structure for tokenized securities.
• Perspectives on the key issues being debated in the context of The Clarity Act.
• Reg NMS considerations for blockchain assets.
• The impact of stablecoins on the banking sector.
• The original thesis of Figure and the attractiveness of the HELOC market.
• The Provenance Blockchain
• Competition versus legacy financial services firms.

To learn more about Figure visit figure.com. Follow Mike on X. Follow Figure on X.