THE STATE OF PLAY
Coinbase is entering equities trading.
RobinHood wants to get from crypto to alts.
Schwab is confused and feels disruption encroaching.
Fidelity is getting into bitcoin lending.
Kraken bot Ninja Trader and is eyeing a differentiated value prop.
Morgan Stanley is wondering why they bought e-Trade.
Competitive intensity is increasing.
Fair to say we are close to peak multiples as we see these heavy weight champs start to do damage to each other.
There is still blue ocean space here… a digitally native bank with deposits, lending, payments and a Fed Master account will be the next $100 Bn company.
It does not exist… yet…
$COIN $HOOD $MS $SCHW
2/ In 2022, various exchanges were blowing up in the background (FTC, Celsius, Genesis, etc) for pretending to act like a bank and rehypothecate
3/ I put pen to paper and learned the Bank Holding Co and related acts and sketched out what the correct model would look like.
This is the opening TOC:
4/ The venn diagram of people that can execute against this vision against a regulatory jungle while at the same time building a great UX and relevant content is extremely narrow.
More to come.
5/ Some of us lobbied the regulators - the SEC and the OCC
Here was an op-ed I wrote titled ‘OCC Head Hsu misses the point of decentralized tokenization’
6/ Former SEC Chair @ArthurLevitt6 and I criticized former SEC Chair Gary Gensler for failing to lead and lay down rules foe the road
@ArthurLevitt6 7/ Arthur and I penned this op-ed in the WSJ when FTX was blowing up in the background and none of these ideas were consensus.
Bitcoin had a $20k handle.
@ArthurLevitt6 15/ Today, SEC Chair Paul Atkins gave a critical speech advancing this thesis of ‘The Blockchain Is the Balance Sheet’
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