Kyle Samani

You'd be building something based on modern software.

You'd build something that's global and 24-7.

that's programmable and permissionless, and that's secured, most importantly, by cryptography.

You'd build one global ledger that can support internet-scale capital markets.

Until recently, these global ledgers, or as we like to call them, blockchains, couldn't actually scale to support internet capital markets.

No one in this room is going to wait two minutes to send the transaction and pay $20 in gas fees on Ethereum.

Blockchains have gotten a lot better, cheaper and faster.

And modern blockchains like Solana can actually process now more than a billion transactions in a day at an average cost of less than a penny per transaction.

The tech is finally ready.

The tech alone, though, is not enough.

We need a regulatory alignment as well to get there.

And in 2025, we're getting it.

President Trump kicked off the year by signing a series of executive orders aimed to make America the crypto capital of the world.

We also owe a huge shout out to our favorite bestie, David Sachs, in his role as Cryptozar for helping get these executive orders through.

Thank you, yeah, David, thank you.

For working with the president on getting these EOs through and working with the administration and Congress.

In July, Congress passed the Genius Act, which created a foundation on top of a framework for stable coins to proliferate all over the world on permissionless crypto rails.

The Genius Act is not only going to have implications for how capital markets work around the world, but global geopolitics as the US dollar permeates every corner of the world.

And in the next few months, we expect Congress is going to pass the Clarity Act, which is going to answer a number of open questions about how crypto market structure should be regulated.

But interestingly, the most consequential stuff, consequential actions are going to be coming from the SEC itself.