Allowing and enabling like more seamless connectivity between the traditional fiat system and traditional payment systems and crypto is really the only way that crypto and defy can scale.

Hi all and welcome to Dex in the city where the wallets are cold and the takes are hot.

Before we get going, remember as always, we're lawyers, but we're not your lawyers.

So nothing you hear on Dex in the City is legal financial advice, and it doesn't create an attorney-client relationship. For the fine print, as always, check unchained crypto.com. First, we have Jesse, Web3 prosecutor turned Web3 protector at Ribbett Capital, and V from the SEC to Web3. And I'm your host, Catherine KK, Fluent and TradFi and Conversing in Deep Tech over at Starkware.

So we are going to dive right in today with a lot of good stuff as always.

We were talking that it was a relatively slow news week in crypto, but actually when we really drilled down

on the topics that we wanted to talk about today, we realized yes and no. I mean, even a slow

news week this week, there's a lot of really substantive developments that happen that could have

long-term impact. So the first one is yet another action

that really has the capacity to change what it means to be a bank. So V, tell us more about this

executive order that we heard. Yeah. So the White House just issued a new executive order on FinTech access to the Federal Reserve

Payment accounts. And so first of all, for those of you guys who don't know what an executive order

is, it's basically something the White House, the executive branch issues to like agencies directing, directing them to do something.

So it could be like to consider like a new regulation or to do a study on something.

So in this case, they're telling the Fed to consider giving fintechs and, you know, potentially like crypto companies, to consider giving

them access to a Fed master account. And a Fed master account, like the best way to think about it is

it gives you access to basically the core plumbing of the U.S. dollar system. It lets qualifying

institutions settle directly in central bank money, so US dollars, instead of relying

on intermediary banks, right? So as many of us in crypto know, if you're a crypto company or

some crypto banks or a stable coin issuer or a tokenized securities platform or a digital asset

custodian, you've always had to use a separate

correspondent bank for all of your fee fee, fiat and payment needs. So with a Fed master account,

...