Bell Curve Market Structure, Macro Volatility, and the Next Phase of Crypto | Michael Anderson & Vance Spencer
Jan 21, 2026
Dive into the whirlwind of market volatility and the implications of recent crypto legislation. Explore the Fed's outlook on interest rates alongside housing affordability challenges. Discover insights on BitMine's developments and Tom Lee's strategic moves in the crypto space. The hosts also unravel the AI industry’s consolidation and how it may impact emerging on-chain business models. Plus, stay tuned for predictions on the future of stablecoin yields and quantum resistance in crypto. It's a rollercoaster of ideas!
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Market-Structure Pause Is A Tactical Reset
- The Senate market-structure bill stalled after industry pushback and Coinbase withdrew support, creating a temporary freeze.
- Vance and Michael expect compromise and a resumed path toward rules that benefit crypto adoption.
Bank Lobbying Shapes Stablecoin Debate
- Banking lobby narratives about mass deposit flight to stablecoins are overstated against current deposit and interest-rate realities.
- Michael argues these claims are political positioning tied to concurrent proposals like credit-card rate caps.
Support Clear Rules To Unlock Flows
- Support for clear crypto rules matters because it unlocks capital and products like ETFs and regulated bridges to TradFi.
- Do expect market opportunities to expand if sensible market-structure legislation passes.
