The Talk - July 17th, 2025

The latest edition of The Talk focused on a transformative moment for crypto policy and institutional engagement in the U.S. The discussion centered on “crypto week” in Washington, marked by the advancement of the Genius Act (stablecoins), the Clarity Act (market structure), and anti-CBDC legislation. Regulatory clarity is beginning to materialize as a bipartisan priority, with President Trump backing the legislation and a White House signing ceremony anticipated. The team also explored the implications for Ethereum, which is benefiting from renewed institutional interest, and the rise of crypto treasury companies.

Other highlights included scrutiny of Strategy’s financial structure, Cantor’s deepening crypto strategy, the dominance of U.S. Bitcoin miners (now controlling ~33% of global hashrate), and concerns over miner governance and executive compensation.

Key takeaways

U.S. Regulatory breakthrough

The Genius Act (stablecoins) and Clarity Act (crypto market structure) are advancing through Congress with Trump’s full support. A White House signing is expected imminently.

Anti-CBDC politics

Republican resistance centered on demands to include anti-CBDC language in the Genius Act, which was ultimately separated into a different bill to avoid Senate delays.

Ethereum momentum

ETH is seeing renewed inflows, driven by stablecoin clarity, anticipation of staking in ETFs, and growing interest in Ethereum-focused treasury strategies.

Strategy under scrutiny

Strategy’s expanding use of preferred shares to manage its premium is drawing concern. Its valuation premium is compressing, raising sustainability questions.

Cantor’s crypto commitment

Cantor Equity Partners is doubling down on crypto with a new Bitcoin treasury company, leveraging its close ties to government and deep market knowledge.

U.S. Bitcoin mining dominance

Public miners in the U.S. now control about 33% of global hashrate, enabled by access to capital markets and long-term supplier relationships.