Bankless
ROLLUP: Crypto Momentum | Regime Shift? | Payments War | Prediction Boom | SBF on Netflix
20 Mar 2026
Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
It is the third week of March, David. They actually did it. The SEC and the CFTC just dropped something that is absolutely historic.
Chapter 2: What macroeconomic factors are influencing the crypto market this week?
This is rulemaking coming from them that gives us the thing we've always asked for, which is some clarity. Tell us which assets are securities and which aren't in crypto. They're actually doing that by name. I think this is one of the biggest things I've actually ever seen on the regulatory front happen in crypto. Insanely bullish. We'll talk about this rule making today.
They just went out and said which tokens are commodities and which are not securities. Basically, nothing is a security.
Gensler said it couldn't be done. They did it.
It turns out you can just say they're all commodities. There's nothing stopping that. Swimming out to the macro markets, though, all global markets still remain downstream of the Strait of Hormuz, but the crypto markets swimming against the current? Wow. Very impressive, David. You like this? I like this analogy. Yeah.
Chapter 3: What regulatory clarity did the SEC and CFTC provide for crypto assets?
There might be a regime shift underway, a regime change, if you will, in the crypto markets. Some say there is going to be, but others say that we are simply in a relief rally before we go into a prolonged bear market. We're going to give both sides of the arguments.
Yeah, both sides of the argument, but I got my cards on the table on that one. I feel like one is more right than the other. Also, Tempo went main net this week, and there seems to be this battle for agentic payments that's underway. There's two competing standards now with Tempo and almost kind of Stripe launching something called MPP, which Looks like a competitor.
Coinbase versus Stripe or Tempo versus Coinbase. Yeah, Tempo and Stripe with MPP and then Coinbase maybe on the other side with X402. We're going to try to unpack that to see if there's really some rivalry. Also, it's culture week for crypto. We made Vanity Fair. There's a photo that was all over Twitter. We'll talk about that photo.
And did you know, David, the SBF story is officially coming to Netflix. This is eight episodes. And the question, of course, is who's going to play Sam? Who's going to play Caroline? They didn't call us.
Are you going to watch it?
Are you going to watch it?
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Chapter 4: How are prediction markets expanding and what risks do they pose?
I'm definitely watching this.
Are you kidding me? I don't know. I'm going to wait for you to watch it and then you will tell me. Wait, you're not going to watch this? I don't. I'm preparing for a max level of cringe. Not at the show.
Chapter 5: What is the significance of the battle for agentic payments?
Maybe the show is amazing, but like me as a crypto person who knows too much about all that. I just don't. It's like, I'm just like, you guys got that wrong. Like both Caroline and SBF, the actors are just way too pretty versus what their real life counterparts are. Anyways, we're going to get into all of this and more.
But first, we're going to talk to some of our friends and sponsors, starting with Figure, the number one.
Chapter 6: How are on-chain banking and Ethereum upgrades impacting the market?
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Chapter 7: What cultural moments are shaping the crypto narrative?
So instead of Wall Street, financing people's home equity loans, you can finance people's home equity loans. There's a token, it's called YLDS. It is the first SEC registered yield bearing stable coin. You take that token, you lend it into Figures loan pools for a total of 9% yield backed, 9% backed yield, backed by real mortgages or crypto collateralized loans.
If any of this is interesting to you, banklist.cc slash figure to go get that 9%.
Chapter 8: How is the SBF Netflix series expected to portray the crypto story?
Is this like the reverse DeFi mullet, David, where you got some DeFi in the front and TradFi in the back?
TradFi provided those juicy yields. That is what this is. Reverse mullet. What is that? Thank you, Fager. What is a reverse mullet?
Let's talk about what's going on in markets. So broaden our horizons here. It still feels like oil is the star of the show. As you said, oil markets and maybe everything on pause, like trying to figure out what's going on with the war, what's going on in the Strait of Hormuz. Update us. What is going on, David?
Yeah, so we are 19 days into the Iranian war. This week, things were kind of going smoothly-ish. It seems like we could start to see the end of the war. Things were starting to stabilize. And then it all fell apart with an Israeli strike on an Iranian oil facility in the South Pars gas field. I'm sure everyone knows exactly where South Pars was before this week. Here it is on a map. I see it.
It looks like it's in the middle of some water, though. It is in the middle of the water. These are like... structures that are in the middle of the ocean. Ocean? Is that an ocean? In the middle of the Persian Gulf. And then there's an oil field down there. Israel struck it, taking down some of the capacity of the Iranian oil field there.
And then as a result, we have seen a divergence in oil prices based off of where you are. So Brent crude, which is the oil that predominantly comes out of the Persian Gulf, spiked from $102 to $112. This is also what I left out is in response to this Israeli strike on Iranian oil facilities, there was an Iranian strike on Qatari oil facilities in response.
So Iran was like, you guys are going to strike us? We're going to strike Qatar for some reason. Okay. We're just going to bring Qatar into the mix. And so as a result, oil production, separate from how this rate of hormones is closed, oil production in the region is getting constrained just by people striking each other. So that's causing price to spike.
You said Brent crude oil. Okay. I didn't know what Brent, what is Brent crude oil and how does that compare to other types of crude oil?
Brent crude is just specifically the oil. It's not exclusively this, but if you are looking at the Brent crude price, you are largely seeing the price of oil that comes out of the Middle East, out of the Persian Gulf. This oil is consumed by Asia and the EU predominantly. You also have WTI West Texas Intermediate. That's kind of the North American oil market.
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