Unchained Landmark Regulation, ICOs, Downtober & Privacy: 2025 Crypto Year in Review (Part 2) - Ep. 991
Dec 30, 2025
Doug Colkitt, co-founder of Fogo and Ambient Finance, teams up with Gwart, host of The Gwart Show, to dissect a tumultuous 2025 for crypto. They delve into the implications of the GENIUS Act's interest prohibition, Bitcoin's highs and unfulfilled expectations, and the intriguing market dynamics behind the '10/10' crash. The duo also tackles the surge of privacy coins, speculating on Zcash's spike and the potential effects of quantum computing on Bitcoin's future. With predictions for 2026, they offer a glimpse into the industry's evolving landscape.
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Stablecoin Interest Ban Alters Utility
- The GENIUS Act banned stablecoin issuers from directly passing interest to users, limiting one appeal of stablecoins.
- Doug and Gwart note banks and legal workarounds shaped that outcome and it created industry friction.
ICO Buybacks Aren't The Same As Share Repurchases
- Pump's ICO created a circular dynamic of raising funds and then doing sporadic buybacks, which feels unsustainable.
- Doug says token launches lack the revenue foundations that make share buybacks sensible in TradFi.
Tempo Raises Commitment Questions Around Stripe
- Tempo's Stripe backing raised questions about how committed Stripe really is and whether Tempo is a strategic priority.
- Gwart and Doug suggest Stripe may treat Tempo as one of many bets rather than an all-in product shift.