The Ledger, every show

“It kind of stands to reason that the agentic economy will be bigger than the human economy at some point in the not too distant future as well.”

“I think it'll be more normal over time. And at some point it'll be abnormal To have children without doing this kind of screening and editing, because it'd be like, well, this is so risky.”

“I'm in the camp of people who don't think AI is going to actually cause high unemployment. I think that employment will be about the same.”

“My understanding, this is kind of what other people in the Congress told me, is that she asked Gary Gensler to go hard on crypto and like try to really curtail it in the United States.”

“This erupted in Slack and basically 300 employees did a walkout. In protest.”

“There's actually been examples where I voted no on something and it turned out to be a massive success. And an example of that is like USDC, which is the stable coin. I actually, Embarrassed to admit, I voted no on that idea. Luckily, somebody else funded it o…”

“My estimates would probably be 20% of the billionaires have already left in California, that it's already created a negative ten billion tax hole, even if, even with the amount that they hope to raise from the people who stay.”

“There is not currently a way to register, and so, they've been sort of talking out of both sides of their mouth, and then saying, hey, just come and register, and then you see these exchanges come in that have never traded a single coin as, like, you know, the…”

“I, there'll be more agents than humans in the not too distant future.”

“Private credit and treasuries and bank deposits, like everything's going to get tokenized. And it, it's just going to mean that financial services is going to have modern, modern rails to run on.”

“So we see every asset class being tokenized and brought into on chain to, you know, 24 seven and global liquidity and all this kind of thing”

“You know, the open source models are really like six months behind and they're like 99% cheaper or more sometimes for inference.”

“We, we've built this in the cloud where anybody can spin up an AWS instance in the same availability zone and have the same access as Citadel or Jane Street.”

“The House has already voted on it, so now the two committees in the Senate have to come together to reconcile their drafts, and then it'll hopefully, it could go to full Senate vote in the next month or two, so we'll see.”

“Like most people don't know that 80% of the trading volume went offshore for crypto because of the lack of clarity in the US.”

“I think in five or 10 years, people are going to be using financial services. A lot of it will be running on crypto rails. They won't even really know or care about crypto itself. They just like, oh, this is a cheaper way to send money abroad to my family, or …”

“If the average developer is shipping maybe like eight pull requests a week, the top few engineers are doing like a hundred pull requests a week.”

“Traditionally, in tech companies, you'd have, like, a team of a pod of 10, right? There'd be, like, one product manager, one designer, eight engineers, something like that, and we're now seeing these teams that are, like, two to four people. In some cases, we'…”

“There's actually about 1200 full-time agents working at Coinbase now. Yeah, we, it's, we try to basically estimate it because, you know, you can spin up an agent for five minutes and shut it down, but if you look at it as, How much time AI agents are working c…”

“We also run the largest institutional business in crypto. I actually don't think there's like a close competitor for that, at least not One that comes to mind.”

“We're also going to see AI agents have their own financial accounts, and we're powering that with the base, like, MCP API so they can have their own self-custodial wallet now and start to have a true agentic economy, paying for goods and services, hiring other…”

“Oh, and I should mention we won that case. It was, so we didn't pay a single dollars, a single dollar in fines. We didn't have to change a single thing about the company. The judge Actually, the SEC withdrew it under this new administration, and several judges…”

“We put out the post, and I said, anybody who's not aligned with this new direction, we'll give you a good severance package. You can fill out this form and accept it by Friday or something. And five percent of the company took the exit package.”

“We've demonstrated successfully programming human cells for the first time to restore function.”

“It's not currently compliant under the genius act in the U S and so it doesn't follow those same hundred percent reserves in short term U S treasuries is my understanding.”

“So anyway, we're long, I think that, yeah, the biggest trends are all assets are coming on chain for trading. Prediction markets are growing like crazy, and stablecoin payments are growing like crazy. Those are the, probably the three biggest trends in crypto …”

“I think eventually, like, you'll actually just be able to go public totally on-chain too.”

“AI agents, I think, are gonna use stablecoins and wallet, crypto wallets.”

“The next five year period, if we just looked at the history of venture, the next five years are going to change venture more than any five year period in the history of venture.”

“Crypto's gonna update the entire financial system globally, and, like, the majority of all payments will run on these crypto rails.”

“We had like two million Advocates who raised their hand in the US saying they wanted to elect a pro crypto Congress and candidates. We had like a couple hundred million dollars in the fair shake super pack.”

“And so we now have the most pro crypto Congress that we've ever seen. And we're on the cusp of getting stable coin and fair and market structure legislation passed.”

“USDC, I will tell you, I actually voted no on USDC to like, which was a terrible, now it's like almost a billion dollars of revenue or something for us.”

“So I actually think, like, most traditional securities are going to get tokenized on chain in the next five years.”

“So I actually think like most traditional securities are going to get tokenized on chain in the next five years.”

“The Biden administration with Warren and Gensler has not been Good for Americans on this dimension, and it's pushed a lot of tech jobs overseas.”

“I think NFTs will come back in the next cycle.”

“I think generally, I think both FTX and Binance have been really good at execution and You know, they've taken a different risk posture, I would say, internationally as well, which, you know, we'll, we'll see, have to see what happens with that. But Coinbase i…”

“The future is a little hard to predict, but look, here's one vision I've had for it, which is that I think Coinbase Global, the parent company is starting to become more like a holding company over time. And we have this portfolio of different products, differ…”

“About five percent of the company opted into the exit package package.”

“And so the best data that I have on it today, like over the last couple of years, is that crypto transactions, it's less than one percent are for illicit purposes.”

“It turned out it was about five percent of the company. We offered this exit package to people, anybody who was not on the same page and wanted to make it all win-win, about five percent of the company decided to take the exit package”

“Crypto as a whole industry, I think could become 10, 20% of global GDP, like in maybe 10 or 20 years, something like that.”

“And now, you know, I think the same thing is going to happen with cryptocurrency where in five or 10 years, pretty much every startup that gets created, it's going to use the internet, it's going to use AI, and it's also going to use some form of cryptocurrenc…”

“There's a billion people using the open financial system on a daily basis, and, you know, I think that could be done in five years, like, without a lot of hard work, it could be 10 years, 20 years.”

“So, these are very small today, but I think in the future some of these will end up being many multi-billion dollar companies and systems.”

“I think Bitcoin will be the currency that, that everyone ends up using on the blockchain, and they probably don't quite understand what they're saying when they say that.”

“And I think over time what'll happen is that those two percentages will shift. The 80% will end up becoming the 20% speculative asset, and it'll be 80% payment network actually happening.”