We think that it's not surprising that the banks are looking now to revert back to a world where

all of that economic benefit remains in the hands of the institutions.

That's the business model effectively that they have relied upon for now decades.

But we think it's very important to call this out for what it is and to hold firm on this basic

idea that sharing

economic benefits with participants and networks is frankly what crypto has always been about

and it's not up to Congress or anybody else to pick winners and losers.

We are joined by Coinbase Chief Legal Officer Paul Graywell, and we are talking all things,

prediction markets. Hey, Paul. Hey, Jen. Hey, Renato. How are you?

We're doing well. I'm doing well. Yeah, thanks very much for joining us. How's your new year going?

Renato and I were saying, you know, we really kicked up 2026 with a bang. Yeah, I definitely felt like I started the new year, ready, refreshed, and

recharged. And that lasted about, I don't know, 10 minutes because we are running at a full

spring right now. We really are. You know, market structure has dominated almost every reggae policy conversation I've had this year.

It, of course, has dominated what we've talked about on the show so far. Talk to us about how you're looking at market structure.

Do you think it's going to pass in the next three months and how's that impacting how you're looking at CoinBases, 2026?

Count me as an optimist. I think we are going to see legislation pass. I know that there are

a number of outstanding issues that remain. And, you know, the last push is in many ways

always the hardest push when it comes to getting law passed by the Congress that's ready for the president's signature. But I think we're going to get it done. I think at the

very top of the list of outstanding hard issues remains rewards. And it's clear there is a concerted

effort on the part of the banking industry to not only relitigate an issue that was

resolved when the Genius Act was passed in the middle of last year, but to really fundamentally

entrench a competitive advantage for the industry when it comes to paying the economic benefits

...