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Chris Perkins just took the helm of Franklin Crypto, and he arrives with a thesis: the old choice between TradFi and crypto has collapsed. What does it look like when the two finally stop competing and start absorbing each other’s tools?

Austin, Ram, and Chris map the messy middle of tokenization, from yield-bearing money market funds that could undercut stablecoins to Coinbase’s push to put US stocks in the hands of everyone but Americans. Which models are real, and which try to spin gold from bronze?

Then they dig into whether the AI trade is quietly rolling over — weighing data-center cancellations, a Mythos national-security scare, and why the CME is picking a fight with the very regulator that approved its rivals.

The conversation covers Coinbase’s tokenized stocks, whether tokenized money funds could disintermediate stablecoins, the AI trade, and the CME’s lawsuit against the CFTC.

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