Ryan

Do you think it can really sustain this even in a sustained crypto bear market?

I guess we'll have to see, but it is pretty interesting.

It's going to be hungry.

I mean, all of cryptos like this and hyperliquid perps in particular, they're going to be hungry to consume more real world assets, right?

If the market's not in crypto, you want to get to the assets where the market actually is.

Yeah, yeah, yeah.

They're doing it too.

Let's talk about Powell for a minute because there was an FOMC meeting this week, David, and the rates were unchanged.

Okay, this was pretty much expected by the markets.

So the rates, 3.5% to 3.7%.

They said that Powell and company said economic activity is expanding at a solid place.

Excuse me, jobs gains remain low, but the unemployment rate is stabilizing for all of these reasons.

Oh, inflation is somewhat elevated, but for all these reasons, we're not decreasing rates any further.

It was a 10 to 2 vote.

So, of course, you know, Trump's favorites, Stephen Mirren and Christopher Waller, they voted yes.

but that there was two dissenters and 10 voted to keep the rates the same, whereas two voted to decrease rates some more.

What's interesting about this, David, is because remember Powell's statement, we talked about this, was that a week or two ago?

Powell was like,

hey, Trump is unfairly prosecuting me because I'm not bending to his will.

And so Powell has been on a crusade, I think, to talk about Fed independence, including attending a Supreme Court hearing in the Lisa Cook case.