ROLLUP: Circle IPO Hits $20B | Stablecoin Summer Is On | Trump Wallet Chaos | EF Deploys Special For
This week, Ryan and David unpack Circle’s explosive $20B IPO—crypto’s second biggest—and what it signals about Wall Street’s newfound love for stablecoins. They break down the confusing Trump wallet drama, where even Trump’s own sons deny involvement, and explore why Pump.fun’s rumored $4B token raise has the industry split. Ethereum enters “wartime mode” as the Foundation lays off staff and spins up a lean new R&D force called Protocol. Plus, Ray Dalio says “a bit of Bitcoin,” Trump’s Big Beautiful Bill adds $2.4T to the deficit, and SBF is headed to Netflix.
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TIMESTAMPS & RESOURCES
0:00 Intro
0:41 Circle IPO
https://x.com/circle/status/1930624298760143333
https://www.theblock.co/post/356602/circle-seeks-7-2-billion-valuation-in-upsized-ipo
https://x.com/ruiixyz/status/1930386144216396176
https://x.com/EconomyApp/status/1930657679418241238
https://x.com/jerallaire/status/1930595978215637360
https://x.com/EffortCapital/status/1930621939279679542
9:34 Markets
12:23 Trump BBB
https://x.com/alifarhat79/status/1930265604105150647
https://x.com/alifarhat79/status/1930256218108383338
https://x.com/elonmusk/status/1930452348234805665
https://x.com/WatcherGuru/status/1930659468536144062
https://www.congress.gov/bill/119th-congress/house-bill/1/text
https://x.com/elonmusk/status/1929954109689606359
https://x.com/RyanSAdams/status/1929993372586152364
23:53 Pump.fun is getting ready for a token
https://blockworks.co/news/pumpdotfun-token-sale
https://x.com/nextfckingthing/status/1929871539018576257
https://dune.com/tiagocryptonary/pump-fun-analytics
https://x.com/lmrankhan/status/1928163796691845133
https://x.com/VannaCharmer/status/1930318687333986639
32:00 Ethereum Foundation announced another big change!
https://x.com/TimBeiko/status/1929620145984753843
https://x.com/econoar/status/1930361688047661495
https://blog.ethereum.org/2025/06/04/ef-treasury-policy
https://x.com/centauridoteth/status/1929896351447372191
https://x.com/ViktorBunin/status/1929945974316662804
44:43 Strategy found a new way how to raise more money for Bitcoin
https://x.com/saylor/status/1929635975367475403
https://x.com/DylanLeClair_/status/1929661889963086170
49:01 Trump team launched a crypto wallet - or did they?
https://x.com/BitcoinMagazine/status/1929943367892283828
https://x.com/EricTrump/status/1929966635445576103
https://x.com/0xLeoInRio/status/1929955682037731340
https://x.com/molly0xFFF/status/1930351820288741708
https://x.com/Ronxyz00/status/1929884476328276036
https://x.com/EricBalchunas/status/1930015280094429381
57:50 SBF is heading to Netflix!
https://x.com/netflix/status/1928153876475097117
1:00:26 Bankless is looking for talent!
https://x.com/i/jobs/1929890683927638133
https://x.com/i/jobs/1929889475783520481
1:01:38 Closing & Disclaimer
1:02:01 Moment of Zen
https://x.com/l3olanza/status/1930320045139173881
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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LIMITLESS - AI DEBATE: Runaway Superintelligence or Normal Technology? | Daniel Kokotajlo vs Arvind
Two visions for the future of AI clash in this debate between Daniel Kokotajlo and Arvind Narayanan.
Is AI a revolutionary new species destined for runaway superintelligence, or just another step in humanity’s technological evolution—like electricity or the internet?
Daniel, a former OpenAI researcher and author of AI 2027, argues for a fast-approaching intelligence explosion. Arvind, a Princeton professor and co-author of AI Snake Oil, contends that AI is powerful but ultimately controllable and slow to reshape society. Moderated by Ryan and David, this conversation dives into the crux of capability vs. power, economic transformation, and the future of democratic agency in an AI-driven world.
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🌐SELF | PROVE YOUR SELF
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🟠BINANCE | THE WORLDS #1 CRYPTO EXCHANGE
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TIMESTAMPS
0:00 Intro
4:44 Is AI Normal Tech?
30:20 Capability & Power
44:52 Manageable or Existential?
52:36 AGI Milestone
1:00:31 AI by 2030
1:12:07 Making Sense
1:16:08 Closing & Disclaimers
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RESOURCES
Daniel Kokotajlo
https://x.com/dkokotajlo
Arvind Narayanan
https://x.com/random_walker
Two Paths For AI - Daniel
https://www.newyorker.com/culture/open-questions/two-paths-for-ai
AI as Normal Technology - Arvind
https://knightcolumbia.org/content/ai-as-normal-technology
AI 2027 - Daniel
https://ai-2027.com/
AI Snake Oil - Arvind
https://www.aisnakeoil.com/
https://www.amazon.com/Snake-Oil-Artificial-Intelligence-Difference/dp/069124913X
Pause AI
https://pauseai.info/pdoom
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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Doppler: A New Way to Launch Tokens with Austin Adams
Austin Adams, founder of Whetstone and creator of Doppler, joins to discuss the next evolution in token launches.
We explore why the world needs more tokens—not fewer—and how Doppler enables creators, apps, and DAOs to build highly customized launchpads using modular tooling. We cover token market design, dynamic bonding curves to prevent sniping, and how this infrastructure could unlock more meaningful, value-connected tokens—from meme coins with DAOs to public market IPOs on-chain.
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🌐SELF | PROVE YOUR SELF
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🟠BINANCE | THE WORLDS #1 CRYPTO EXCHANGE
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TIMESTAMPS
0:00 Intro
4:08 Excess Tokens And Pushbacks
10:02 Doppler Explained
17:05 The Solution
25:37 Conserving Liquidity
32:58 Maximizing IPOs Using Doppler
42:32 Token to Real Value
50:31 Closing & Disclaimers
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RESOURCES
Austin Adams
https://x.com/AustinAdams10
Whetstone Research
https://x.com/whetstonedotcc
Doppler
https://www.doppler.lol/
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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Mike Novogratz: Bitcoin’s Escape Velocity, Bond Market Crisis, Crypto x AI, & the Genius Act
Mike Novogratz returns to Bankless to unpack Bitcoin’s surge to new all-time highs and what it means in a world grappling with fiscal uncertainty.
We dive into the unfolding bond market crisis, why the Genius Act marks a new chapter for stablecoins, the tokenization of traditional finance, and how Galaxy is uniquely positioned at the crossroads of crypto and AI. This is a front-row seat to the changing macro tides and crypto’s place in the new financial order.
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TIMESTAMPS
0:00 Intro
0:18 Bitcoin Hitting All-Time High
1:57 Trump’s Tariffs' Effect on Bitcoin
5:56 Liz Truss Moment 2.0?
7:33 US Liz Truss’s Effect
8:49 Bitcoin, Gold, and the US Dollar
12:11 BTC as a New World Asset
15:29 Treasuries in Decline
18:05 Galaxy Going Public
21:26 The Genius Act
24:32 Anti-Crypto Army Gone?
27:03 US Consumer Crypto Market
31:22 Tokenizing Galaxy Assets on ETH
34:08 A Roadmap From SEC in the Future?
36:53 Year of Crypto IPOs?
38:30 TradFi Fades, Crypto Rises
39:46 The Terra Luna Case
44:05 Future of Galaxy and Crypto
50:48 Building and Scaling Data Centers
55:18 Closing & Disclaimers
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RESOURCES
Mike Novogratz
https://x.com/novogratz
Galaxy Digital
https://www.galaxy.com/
Tokenization & RWAs (Galaxy Report)
https://www.galaxy.com/research/insights/tokenization-and-the-future-of-finance/
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
This week, Ryan and David break down the political storm brewing around crypto. From JD Vance’s fiery speech at Bitcoin 2025 to the Trump meme coin dinner that triggered bipartisan backlash. They dive into Ethereum’s biggest capital inflow yet, as a public company raises $425 million to buy and stake ETH, drawing comparisons to MicroStrategy. They also cover the court ruling that halted Trump-era tariffs, the Circle IPO finally moving forward, and early signs of a “Stablecoin Summer” as banks eye their own dollar-backed coins. Plus, the growing risks of copycat crypto acquisition vehicles, and why some say the next GBTC-style blowup could already be forming.
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🟠HEMI | BTC & ETH, ONE NETWORK
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TIMESTAMPS & RESOURCES
0:00 Intro
0:37 JD Vance Bitcoin Conference 2025
https://x.com/cointelegraph/status/1927766577845305579
2:59 Crypto Prices
5:13 US court blocks most Trump tariffs, says president exceeded his authority
https://ca.finance.yahoo.com/news/us-court-blocks-trumps-liberation-231041016.html
https://truthsocial.com/@realDonaldTrump/posts/114588777076099501
12:29 The microstrategy of ETH!
https://cointelegraph.com/news/sharplink-ethereum-treasury-joseph-lubin-board-chair
https://x.com/econoar/status/1927380671334404511
https://x.com/RyanSAdams/status/1927344185595633687
https://x.com/hanni_abu/status/1927408350527922585
18:39 Gamestop & Trump Media Buying Bitcoin & SolSolStrategy
https://x.com/WatcherGuru/status/1927680683847119289
https://x.com/KobeissiLetter/status/1927352308859330651
https://x.com/SolanaFloor/status/1927408166922293535
https://x.com/mikeippolito_/status/1927450775870931015
25:26 Trump Dinner
https://x.com/BillSun_AI/status/1925728406974443607/video/1
https://x.com/Mollyploofkins/status/1926098775233241537
https://x.com/justinsuntron/status/192576411185 9597602
https://x.com/USHouseFSC/status/1925625286818689066
https://www.nbcnews.com/politics/congress/senate-republicans-raise-red-flags-trumps-private-dinner-meme-coin-hol-rcna204293
https://www.bloomberg.com/news/articles/2025-05-22/protesters-yell-shame-at-guests-of-trump-s-memecoin-dinner
https://www.youtube.com/watch?v=JNJD-vKtrPc
36:22 The Annual Bitcoin (Stablecoin) Conference Week
https://x.com/UnderCoercion/status/1927885141059260768
https://x.com/TheBitcoinConf/status/1927914310212407481
https://x.com/BitcoinMagazine/status/1926324131923976224
https://x.com/Cointelegraph/status/1927763954178150848
https://x.com/TPostMillennial/status/1927767083217039818
https://x.com/pete_rizzo_/status/1927509752931635256
https://x.com/BitcoinMagazine/status/1927479261780127747
https://x.com/DogCandles/status/1927879603055415557
44:08 Echo announced Sonar
https://x.com/echodotxyz/status/1927422067801997336
46:18 Circle filed for an IPO on the NYSE
https://x.com/CoinDesk/status/1927326167033356458
48:37 Some of the biggest US banks are about to launch joined stablecoin
https://www.wsj.com/finance/banking/crypto-stablecoin-big-banks-a841059e
https://x.com/CryptoHayes/status/1925739441634652654
https://x.com/SecScottBessent/status/1925967578540781743
51:55 Closing & Disclaimers
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Australia