The SEC is broken and crypto regulations are a mess And don't count on the market structure bill passing this year to fix it 🧵Highlights from our latest episode Patrick Murck: @pete_rizzo_ @virtuallylaw

@pete_rizzo_ @virtuallylaw First, BTC hit an ATH! But its real mission wasn’t just high prices ➤ Early builders wanted financial autonomy ➤ $118K+ validates it financially ➤ But merchant adoption & daily use remain limited Big price, small real-world change?

@pete_rizzo_ @virtuallylaw Why Murck never cared about price ➤ Saw Bitcoin as freedom tech, not an asset bet ➤ Wall Street games don’t interest him ➤ True win = autonomy, censorship resistance Money or mission?

@pete_rizzo_ @virtuallylaw Stablecoins: from hated to essential ➤ Murck once thought they were dumb ➤ Now sees them as making dollars “compatible with Bitcoin” ➤ But warns they remain trust-maximized vs BTC’s ideals Utopia needs practicality.

@pete_rizzo_ @virtuallylaw The future isn’t millions of tokens ➤ Most arbitrary tokens have no utility ➤ Real value: marketplaces, AI data markets, tokenized RWAs ➤ NFTs & meme coins? Probably niche From chaos to purpose.