The Milk Road Show Why Tokenization Is the Real Crypto Opportunity Everyone Is Missing w/ Michael Tanenbaum
Jan 5, 2026
Michael Tanenbaum, CEO of Figure Markets and a fintech pioneer, dives into the transformative potential of tokenization in finance. He explains how on-chain systems for mortgages and private credit are reshaping the economy, regardless of current market trends. Tanenbaum discusses the challenges of IPOs for crypto firms under SEC scrutiny and the benefits of tokenized assets for homeowners. He also shares insights on Figure's innovative mortgage solutions and his predictions for AI's role in the industry by 2026.
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Episode notes
A CEO Who Watches Prices Sparingly
- Michael checks market apps a few times but doesn't obsess over prices; Figure's stock sits at the top of his app.
- He watches company trading but avoids minute-by-minute tracking despite being CEO.
Regulation Shapes Crypto IPO Flows
- Regulatory tailwinds are making crypto-native companies more likely to pursue IPOs even when the broader IPO market is weak.
- Expect a continued share of public offerings from crypto firms that capitalize on favorable policy windows.
Don't Rush Into Bank Charters
- Think carefully before pursuing bank or trust charters because they lock you into multi-year business plans and invite sustained regulatory scrutiny.
- Avoid treating charters as quick fixes; assess long-term operational flexibility and political risk first.