Start Earning with Grayscale's Staking in Ethereum ETFs & Solana Trust! - Krista Lynch - Thinking Crypto News & Interviews

Episode Transcript
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Speaker 1 (00:00):
We're always excited to see more regulatory clarity. I think people,
you know, equate crypto with not wanting to have these
regulations surrounding it, but actually helps us understand what are
the rules of the road. No matter where you are
in the crypto journey, it's not too late and you
shouldn't feel like, you know, asking what is bitcoin? What's
the value proposition? There is like you've missed the boat.

Speaker 2 (00:19):
We know a lot of folks are always on the
hunt for yield. What do you think this means for
investors that you know, it's not just holding the asset,
but they can now earn off of it.

Speaker 1 (00:28):
That's so exciting because you're taking an asset that was
otherwise kind of static. Now you're putting your assets to
work and you're actually able to earn those staking rewards.

Speaker 2 (00:41):
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visit the link in the description. Hey folks, welcome into
the Thinking Crypto podcast. I'm your host, Tony Edward and
joining me today is Krysta Lynch, who is the SVP
of ETF Capital Markets at Grayscale. Christa great to have you.

Speaker 1 (01:49):
Thanks so much for having me. I'm excited to be here.

Speaker 2 (01:52):
Yeah, absolutely, Christ. Lots of talk about just last week
Greyscale launch staking in some of its crypto et apps
and this has been a big topic with the SEC
and the markets, and a lot of people have been
waiting in anticipation for it. So I'm excited to go
through the details. Well, let's kick it off with your background.
Tell us a bit about yourself and where you're from.

Speaker 1 (02:10):
Sure, I grew up in Florida, in Jupiter, Florida to
be precise, which is near West Palm Beach. I went
to college at the University of Miami. So I was
a Floridian kind of through and through from childhood to
early adulthood. And I eventually moved to New York, I
guess twelve years ago now for my first job out
of college, and I have kind of become a New Yorker.
It really stuck. So here I am.

Speaker 2 (02:33):
And you spent a lot of time in TRATFI, specifically Goldman,
Sachs and black Rock. Tell us about how you got
into the financial industry and what it was like working
at those firms.

Speaker 1 (02:42):
Yes, I did so. My first job out of college
was as a product controller at Goldman, and product control
is kind of a hybrid of finance and accounting. I
specifically worked for the index trading desk, doing their profit
and loss statements on a daily basis. And one thing
that you know, both tormented me and taught me so
much was they were in the process of moving fixed

(03:04):
income ETFs to my desk, the desk that I supported
it had previously been in another area of the firm,
and the systems that I used really weren't equipped to
handle this kind of calculation for the ETF wrapper, which
is in equity. They were really built for the fixed
income underlier, and so I spent many an hour kind

(03:25):
of banging my head against the wall trying to figure
out how to calculate the P and L for these
products without the use of the tools I would typically have.
And that was when I decided, I'm really going to
learn how these ETF things work. I'm going to become
the subject matter expert on my team. And that was
my first foray into ETFs. That's how I really got
interested in them. And then, you know, years later, I

(03:46):
was at Blackrock for my second job, and that's kind
of the mothership of ETFs at the time, if you will,
I decided I loved working with ETFs. I wanted to
do it in that capacity, and just working on the
desk there, Crypto was kind of becoming sothing that ebbed
and flowed. It was around twenty sixteen or twenty seventeen,
and I wanted to be able to keep up with
the conversation on the desk, so people were talking about

(04:08):
this thing called bitcoin. I started reading about it, and
I thought, this is really cool, but I don't want
to seem too basic, so let me not buy bitcoin,
let me buy ethereum. And I felt like that was
so edgy at the time, but that's really how I
got into crypto, and eventually I wanted to be able
to mash crypto and ETFs together, So what better place
to do it than Greyscale.

Speaker 2 (04:28):
Absolutely, and Chris, your journey is very analogous as to
what's happening overall with tradfy and crypto. We're seeing firms
that you worked with now entering crypto. Weill black Art,
they've already entered launching big one ETFs and tokenizing. What
is it like looking back at these firms and seeing
how they are adopting crypto at just a rapid pace.

Speaker 1 (04:48):
Yeah, it's so interesting to me to watch from afar
now as my former colleagues are also getting into the
crypto space, but from a more trad FI angle. I
think it speaks volumes to how this asset class is
growing and maturing. We have firms like Greyscale that are
very cryptonative and really at the forefront of pushing the
crypto agenda forward. But then we also have firms like

(05:10):
Blackrock or Goldman that are also partners in the space
or competitors in the space, also working on bitcoin products,
ethereum products, other digital asset products, and so to me,
that's really kind of a resounding vote of confidence in
the digital asset space itself, and I think that we're
going to continue to see a lot of momentum as
these partners and competitors developed the space more.

Speaker 2 (05:34):
So amazing journey and it's amazing to see all these
firms getting involved, and it feels like crypto at one
point was this, I don't know, illegitimate asset class, right.
Larry Fink at one point called it index from money laundering.
JP Morgan co Jamie Diamond has been bashing it for years.
But now the narrative has changed and now they recognize

(05:57):
the value of the technology and the asset. So it's
incredible what's happening. You know, are you blown away by
just even just this year the amount of entrance, right
of people coming into this market.

Speaker 1 (06:09):
For sure, Yeah, and I think from my viewpoint, especially
helping to launch the first bitcoin ETPs about a year
and a half ago, it's been amazing the doors that
that has opened to investors. I think there were so
many investors that were on the sidelines previously because of
various reasons. That could be either some sort of mandate
restriction where they couldn't own spot bitcoin or ethereum outright,

(06:32):
or perhaps they were intimidated by aspects like having to
open a wallet or custody their own assets. But the
ETPs have really done away with all of those barriers,
and so we're seeing this tremendous amount of interest in education,
in investment, in dipping one's toe in the water, if
you will, and that is ultimately starting to culminate in

(06:52):
more and more investment, more and more demand for bitcoin
and ethereum, oftentimes via these ETP products.

Speaker 2 (06:58):
Yeah, and of course grace scale leading to charge in
many ways creating incredible products. And I recently so you
guys launched the Grayscale Top five and now you have
Staking tell us about Grayscale being the first to launch
staking and ETPs.

Speaker 1 (07:15):
Yes, we're so excited, So thank you for the shout out.
We did implement staking to our Ethereum and Solana products
last Monday, and that was a major milestone for us
and also for the industry, where the first thirty three
act products in the US that can offer staking, So
it's really a pure access tool to get staking on
Solana and Ethereum. Now, we do also have GDLC, which

(07:37):
is our top five tokens by market capitalization product that
you mentioned another you know, first or kind of trying
to move the industry forward type product, and we do
not yet have staking in that fund specifically, but it
is on our roadmap to get into the nitty gritty there.
It's sometimes confusing because it was approved on the same
day as the generic listing standards that's what allows staking

(08:01):
in these ETPs, but it actually was not approved under
the same listing as that staking approval. So while the
government's shut down, unfortunately we won't be able to move
it to align with that. But it is something that
we plan to do in the future.

Speaker 2 (08:15):
So talk to us a bit about the functionality of
the staking and the ETF. So let's say I have
the gray scale ETHEREMYTF right and the staking rewards are
being earned. Am I getting paid out via distribution or
some sort of dividend or is that being reinvesti in.

Speaker 1 (08:31):
Yeah, so we're in a bit of a unique position
having two ethereum ETPs in market, and we're actually working
on the tools to be able to provide investors either one.
So if you wanted to have a product that pays
out a cash distribution, that's something we're working on. And
if you wanted to have your rewards accrue to the
navs so that they continue to compound over time, that's
also something we're working on. And we think that that

(08:53):
will provide investors with optimal choice. They can really choose
whatever is most appropriate for their needs.

Speaker 2 (09:00):
I love that there's a choice. That's really great As
an investor, you want to have that, you know, depending
on your strategy, whether it's a short term, long term horizon.
And then with the staking component, right, we know a
lot of folks are always on the hunt for yield.
They want to have that passive income if you want
to call it that. What do you think this means
for investors that you know, it's not just holding the asset,

(09:22):
but they can now earn off of it.

Speaker 1 (09:24):
Yeah. I think that's so exciting because you're taking an
asset that was otherwise kind of static. You know, you're
getting the priced return, but it's not doing anything for
you necessarily. Now you're putting your assets to work and
you're actually able to earn those staking rewards. So I think,
similar to how we saw some investors on the sidelines
before the bitcoin products came to market, the ETP products,

(09:46):
I think that we're also going to now see investors
who were sitting on the sidelines for ethereum come into
the ETPs because they knew that pre staking, they were
leaving some value on the table before the ETPs could stake.
You know, you might be or compelled to try to
do it yourself. But now for such a low cost,
high conviction product, where you don't have to custody yourself,

(10:08):
you don't have to worry about finding these staking providers.
You can really lean on an asset manager to do
it for you. I think that the value proposition of
the staking etp's Ethereum being the best example right now,
is very high.

Speaker 2 (10:21):
So that's really great that we have this option on
the market. It's and to your point, I've been talking
a lot about it. In regardless to the theorem spottytfs
that I expect inflows to surge once the staking is added,
because the incentive is there. Personally, I hold the etherorem
as an asset and I stake it, but I wouldn't
want necessarily go to the ETF because I will lose

(10:43):
the staking benefit. But now that's here, and great Skille
has that product.

Speaker 1 (10:47):
Exactly yep, and I think that that is exactly what
a lot of investors are going to be thinking. So
I share your sentiment and I'm very excited to see
what could potentially happen for these products in the coming months.

Speaker 2 (10:59):
This may be a hard question to answer, and it
maybe ebbs and flows with it, But what is the
expected staking apy a percentage of rewards?

Speaker 1 (11:07):
Yeah, I'm glad that you ask. Actually, so we have
a metric on our website where we display the percentage
of the fund staked at any point in time. Right now,
for eth and ETHY it's about sixty five percent of
the fund, and that's very much by design in order
to have sufficient liquidity to honor redemptions in a timely manner. Now,
the returns on ethereum are between two and three percent

(11:29):
on average, so you can take that percentage of the fund,
you can apply the apy you know, average return that
we're seeing in market, and you'll have a good idea
of what you can expect. Gray Scale is actually going
to be returning about ninety four percent of rewards for
our eth product, So there is going to be effectively
all of those rewards minus that six percent going back

(11:51):
to our investors.

Speaker 2 (11:53):
That's really great. And then I'm assuming that you know,
as you get the ball rolling with Etherorem and Solana
and you know, everything up and running and copestic, potentially
Greyscale could expand to other proof of steak blockchains that
have rewards as well and create product around those exactly.

Speaker 1 (12:09):
And we have our Salona products staking right now. It's
not yet an ETP, but we're again kind of uniquely
positioned in having a Salana product in market. It's an
OTC public quotation that we currently have a filing out
to uplist into ETP form, but we were able to
get STAKING going ahead of time because it is already
in existence. So that's another major thing that we're excited

(12:30):
about and can't wait for it to become an ETP.

Speaker 2 (12:32):
That's awesome. I know a lot of people in the
market of waiting for that as well. I guess we'll
just have to wait for the SEC to get things
up and running. I know, the government shut down slows
us all down.

Speaker 1 (12:42):
Yeah, I mean, it's been a crazy time in crypto land,
so I don't mind a little bit of a reprieve.
But I think ultimately we want to keep the momentum
going and we want to keep the ball rolling. So
we're looking forward to kickstarting things a new once they're back.

Speaker 2 (12:55):
Oh for sure. Now there's been a lot of talks
of et apps versus digital as treasury companies where you
can hold the stock of a company that's holding some
of these assets on their balance sheet. Now, I personally
believe in the ETFs. I know folks use the digital
acid treasury company stocks for different things, but personally, as
a long term holder, I prefer to ets. But what

(13:16):
is your take on the dynamic between those two competing
assets problems.

Speaker 1 (13:20):
Yeah, of course I'm biased as an ETP ETF enthusiast,
I should preface I use the two interchangeably, But you know,
I'm an ETF person at my core, and so I
think that the ETFs, especially now that they can offer staking,
are a very compelling and preferable solution to getting access
to either Spot crypto and or the staking function on

(13:42):
top of Spot crypto. Of course, digital asset treasury companies,
I think are making the most of what they can
under certain regulatory environments where there's less clarity. But I
think as we get more clarity as we are as
we have in the past few weeks, especially with the
ability to stake in a regulated thirty three Act trans
parent ETP type vehicle, I think that you know, to me,

(14:03):
that's a much more compelling choice than doing something like
that through a digital asset treasury company. But again, I
think this speaks to the need for regulation and creative
solutions that will kind of pop up in the absence
of that.

Speaker 2 (14:17):
Yeah, for sure. And you know, I think of the
average Joe and Jane, they're more familiar with ETFs and
they've seen that in their retirement accounts. And then we
see that, you know, under the current administration, they have
opened up the ability for retirement accounts to expand beyond
traditional assets to crypto and other things. I could see
the registered investment advisors or wealth managers saying, look this, Okay,

(14:42):
there's these digital acid treasury companies. But let's go with
the ETF.

Speaker 1 (14:45):
I agree, and I think part of the compelling selling
points of ETFs, not just for crypto, but generally speaking
for getting access to different underlying assets is it is
a similar experience no matter what you're investing in. So
trading the wrapper itself, whether it's a STUF, a bond,
or crypto, is a very similar experience. And that's the
beauty of being able to get your crypto exposure through

(15:06):
the ETP. It's not going to be like opening a wallet.
It's going to be like buying another stock or bond.
So that is a way that we've also been able
to help ease people into the process where maybe they
were on the sidelines because of some of those kind
of barriers to entry where I just seemed like a
more intimidating asset class to get exposure to.

Speaker 2 (15:26):
Yeah. Absolutely, Now we know the SEC They've got a
lot of filings on their table, some from Grayscale for
individual ETPs like around Solana, XRP and much more. Are
you and the folks at gray Scale anticipating those get
approved maybe this quarter? And what would that mean for
your offerings? You know, being able to go beyond bitcoiny
theorem and to Salona XRP and others.

Speaker 1 (15:49):
Yeah, So, going back to my point about it being
a very busy time in crypto land, this is kind
of why. So at the end of last year, when
it became apparent we were going to have a more favorable
regulatory regime for crypto, a lot of issuers, Grayscale included
put filings forth in order to bring new products to
market that incorporated staking, incorporated new assets, new tokens, et cetera.

(16:11):
There were over ninety one of these filings with the SEC,
and each one of these filings has a two hundred
and forty day time clock on it, by which time
the SEC has to say yes or no. Now, that
time clock for many of these products expired in early October,
but the SEC was able to tackle it with their
generic listing standards. So generic listing standards kind of check

(16:34):
one box. There's two checkboxes that have to be cleared
before the product can actually go live, And so now
we find ourselves in the second area, which is approval
of what's called an S one or an S three
in the case of a live product that's uplisting like
GSOL greyscale Salana product. Now, because the SEC is not

(16:54):
in office right now, we're not seeing a lot of
progress on those. But I think that as soon as
they come back, it's going to be a very quick progression.
So I would measure when these are coming to market
more by days and weeks than months. I think we're
going to see a lot more products under the generic
listing standers. There's maybe ten to fifteen tokens that are eligible,
so I think we're going to see a lot of
products in the fall.

Speaker 2 (17:15):
That's exciting. And I know the generic listing standards changed
a lot. I know, like I just recently had a
conversation with SEC Commissioner Hester Purse. Unfortunately I couldn't publish
that interview because that the government shut down. They needed
to review the content. But you know, she talked about, Yeah,
there's no longer to need to have features markets in place,
which was kind of the standard they had set for
Bigcoin and e theorem, and it just makes it a

(17:37):
lot easier now for filers to get products live.

Speaker 1 (17:40):
Yeah, and even more than that, it gives some clarity
also about like what are the rules of the road.
And I think that that's something that had been missing
before too. You know, you see a lot of filings.
The methodology was more like throw spaghetti at the wall
and see what sticks. But now it's more you know,
you know what's going to be permissible, you know what's
on the edge, you know what's way out of the bounds,

(18:01):
And so I think there's more opportunity to be thoughtful
about the things that are out of the bounds, to
push the boundaries more, you know, with more rationale in mind,
and just kind of let's see what we can get
out there.

Speaker 2 (18:13):
Now. This kind of correlates to a bit with what
maybe on your roadmap. And I don't know how much
you can talk about it, but you know, as you
get these ETFs live right with these different products and
they're essentially your basic ets allowing investors to get exposure.
Are you going to look to expand to more complex
products in ETFs and maybe some of the products that

(18:35):
you know exist in the trad FI world can be
brought to etip's like two X leverage or whatever it
may be. Are you is that on your roadmap?

Speaker 1 (18:43):
So we've always been pretty true to wanting to remain
pure spot exposure without derivatives and without a lot of
the leveraged type things introduced to the fund. However, I
will say that even in bringing staking to market, we've
extensively studied how traditional finance vehicles operate, and there are
so many parallels.

Speaker 2 (19:02):
You know.

Speaker 1 (19:02):
I never thought that in my seat as a crypto
ETF person, i'd be studying loan funds, but that was
actually the case for many months. So I think that
in terms of the aspect of the question bringing traditional
vehicles into the kind of cryptosphere, I think we're going
to continue to see this convergence between crypto and traditional finance.
What exactly the shape of that looks like, I think

(19:25):
remains to be seen. But I definitely think that we're
going to see that continuum getting closer and closer.

Speaker 2 (19:31):
Yeah, that makes sense. And then I guess it also
depends if there's demand for those products and if the
investors are educated about it, because there's still a lot
of people they're new to crypto and they still need
to go that education process. While maybe for stocks and
gold it's just like Okay, yeah, I invest in it,
and you know that it's common knowledge for the most part.

(19:52):
So I guess it's like kind of crawl, walk, run
right over time, these things may come in.

Speaker 1 (19:57):
Yeah, and I love the education point too, because we
do find a lot of investors are still learning what
is bitcoin and that's totally fine. I think it's important
to underscore that no matter where you are in the
crypto journey, it's not too late and you shouldn't feel like,
you know, asking what is bitcoin? What's the value proposition
there is like you've missed the boat. Grayscale does a
series that we call Cryptoconnect, and I was actually in

(20:18):
San Francisco last week for one of these sessions, and
a lot of the conversation was just that it's like,
my clients are asking me how can I get access
to digital assets? And we're starting with the very basics.
We're talking about a bitcoin ETF And obviously now we
have more complex products, like we have our multi token product,
which we think could be like the S and P

(20:39):
five hundred of crypto, but there's still a lot of
conversations that are more at the forefront of what is bitcoin?
And that's fine.

Speaker 2 (20:46):
Yeah, absolutely, I mean you think about it. There's one
number I saw recently, there's not even a billion people here,
yet we're still so early relative to other asset classes.
So on a note of education, I'm assuming unifoks a
gray scale are educating rias and wealth managers people who
are you know, have a client base that they're trying

(21:07):
to get into this asset.

Speaker 1 (21:08):
Class for sure, And a lot of those conversations have
started months, if not years ago, but we're starting to
see them really come to fruition, which is so exciting
for us. As an example, recently, there have been a
couple of news pieces about some of these investment platforms
opening up to bitcoin and ethereum products. Those conversations happen
months and months and months, if not years in advance,

(21:31):
and there's a lot of due diligence, there's a lot
of education that goes into them. So we're super excited
to happily chip away at the smaller conversations that lead
to the bigger conversations and eventually hopefully they lead to
platform inclusion. But overall, it's very exciting to see any
of these products getting kind of you know, mainstreamified on
those avenues.

Speaker 2 (21:52):
Yeah, and education is just such a big part of it,
and so people understand what to watch out for, what's
a good investment, and what's not because there's so many
things like meme coins and this and that. And don't
get me wrong, now all meme coins are bad, but
you know, there's just so much. It's like drinking from
the fire hose sometimes, yes.

Speaker 1 (22:10):
For sure, and what's right for a particular investor. You know,
there could be some small allocation too, you know, something
that's fun, but then you want to have more of
your allocation and something more serious. And I think that
helping investors understand which products fit into which category is
also really helpful.

Speaker 2 (22:26):
Jumping back to additional ETF products, What are your thoughts
and are you guys thinking about creating ets for tokenized assets.
I know there's a move to tokenize thoughts. There's some
folks are tokenizing goal someone looking at real estate. Is
it too early or you know, over time you may
be looking at things like that.

Speaker 1 (22:44):
Yeah, tokenization is so interesting to me. It's very buzzy.
I go to a lot of traditional finance conferences and
I find that that's always a topic on the agenda,
and I think that it's again going back to that
continuum between traditional finance and crypto. I think this is
a way that are really going to pull more people
into the fold, and I see it already, not just
from an investment standpoint, but really from an infrastructure standpoint.

(23:07):
So a couple weeks ago you might have seen Nasdaq
put out a big notice about a tokenization project they're
working on. I think that's a great example of these
kind of behemoths in the industry and someone you would
typically think of as a traditional finance player really leaning
into things like tokenization. So I think Grayscale specifically, it

(23:29):
remains to be seen how far we go down that path,
but we're really excited to see partners and others in
the industry getting more involved in digital assets, whether it's
through crypto specifically or kind of these tangential things like tokenization.

Speaker 2 (23:42):
Even from my perspective as an investor, and it's just anecdotal,
you know, if you put some tokenized assets in an ETF,
unless there is an additional benefit or incentive, I don't
see the reason why I would want to invest in it,
because it's like, what am I getting? So what? Right?
It's kind of like how the staking adds a huge
incentive in the etherial massona ETF. What does the tokenized

(24:04):
assets ETF give me? When I could just get access
to it, maybe other platforms, or put into work in
to defining things like that.

Speaker 1 (24:13):
Yeah, and I hear this debated a lot. So one
thing that is very interesting to me is Greyscale did
a study on the generational preferences for investing, and we
found that gen X and millennials are our gen Z
rather and millennials oftentimes have some of their first investment
experiences through crypto rather than through traditional rails. And I

(24:33):
think that just speaks volumes to the direction of travel
of where we might find ourselves in ten twenty years.
You know, we're going to be learning from our kids
how to trade these tokenized products when you know, we're like,
this is how you trade a stock or a bond.
But I think that that's another example that sometimes we
overlook is the value that they see. They're more comfortable

(24:54):
in working with a digital asset than in working with
a traditional product, and so this is a way that
they can get a traditional product with that kind of
experience they're used to.

Speaker 2 (25:04):
Yeah, christ I'm a perfect example. I am a millennial
and my crash course to investing in just understanding markets
was through bitcoin. Yep. Before that, it was a world
that scared me. I didn't understand, but I was very
much into technology, and I saw bitcoin as this thing
that was outside the traditional financial world and that pulled me.

(25:27):
And then I realized we're fit in this whole economic
investing world. And then I started learning about monetary policy
and the stock market and all that.

Speaker 1 (25:36):
Yep, yep exactly. And going back to your first question
about how I really got into bitcoin, So during my
kind of dabbling in it, I took a course online
called the Economics of Blockchain, and that was when I
really felt like something here is going to stick. I
don't necessarily know what it is, what coin it is,
but I think that this overall thesis, there is something

(25:57):
really real here, like this could impact my daily life,
This could impact how I go about business, and so
I think it's really worth learning. And you know, here
we are now.

Speaker 2 (26:06):
Yeah, it's amazing. I look back and I'm like, wow,
I can't believe I didn't catch what was happening overall
with markets and didn't want to participate. But I guess
everybody has their own journey. And you know, to your point,
a lot of the younger folks and millennials and younger
folks this is their entry into markets.

Speaker 1 (26:28):
Yep, exactly.

Speaker 2 (26:30):
Yeah. What are your thoughts on crypto legislation. We got
the stable Coin Bill that was packed past the Genius Act,
and then the Clarity Act is in the Senate. It
is expected to pass maybe later this quarter. And what
impact you think that might have on the crypto market.

Speaker 1 (26:45):
Yeah, I think overall we're always excited to see more
regulatory clarity. Sometimes that can be counterintuitive. I think people,
you know, equate crypto with not wanting to have these
regulations surrounding it. But for issuers like Gray Scale, it
actually helps us understand what are the rules of the road,
so that we can go forth and build things, as
opposed to being on the sidelines unclear of you know,

(27:06):
if we put millions of dollars of investment into this project,
but then two days later it's not permissible anymore. You know,
we got to throw that work away. So I think
for those who are trying to build the path forward,
more regulation is useful. Of course, we want it to
be reasonable, but having those rules of the road in
front of us are very helpful. And I think that
these are two really important pieces of it that are

(27:28):
going to come together in the near future.

Speaker 2 (27:31):
Yeah. I often tell people to your point, who say, oh, well,
why do we need regulations. Crypto is supposed to be
this anti government type thing, right, And I say, well,
because you have to protect consumers and foster innovation, because
if you don't have the regulations, if the policeman's not
there watching out for bad actors, crypto is not going
to be able to grow. People are going to be

(27:52):
scamming folks left and right. That's just the nature of humans, right,
Humans are going to be humans. And then for innovators
and people to put capital to build on these blockchains
and create cool products, well, they're not going to put
a lot of capital if they don't if they know
that the government's going to drop the hammer on them.

Speaker 1 (28:10):
So do you need the climate, Yeah, And that's exactly
what we saw maybe, you know two years ago, going
back three years ago, we saw a lot of our
partners just kind of wait and see mode, which you know,
it's a good time to think, but it's not a
good time to do. And so I think now we're
in a phase where we can really put the pedal
to the metal and build confidently.

Speaker 2 (28:31):
Okay, Chris, great stuff. I got some wrap up questions
here for you. First, if you could create your own metaverse,
what would the theme be?

Speaker 1 (28:39):
I think so I live in Manhattan, but I love
going out to the suburbs and seeing the grass and
the trees. So I think it would be some way
that I could create the perfect hybrid, Like maybe I
would live in Central Park or something like that, but
a hybrid between the city and suburbs without commute.

Speaker 2 (28:56):
Ah. Yeah, the commute is the tough part. Fire questions,
favorite food Kiosa, favorite musician or band Georgia Q, favorite movie, Clueless,
favorite book.

Speaker 1 (29:07):
I'm a big Emily Henry fan. I just finished my
fourth or fifth Emily Henry book.

Speaker 2 (29:12):
And when you're not working in gray Scale, what are
you doing for fun?

Speaker 1 (29:14):
I'm out checking out new coffee shops with my dog Chris.

Speaker 2 (29:18):
The absolute pleasure. I love what gray Scale is doing.
I love the staking and the ETFs. I think long overdue,
but the market is ready for it and we're gonna
have to do round two as Grayscale continues to launch
cool products. Well, thank you so much for joining me.

Speaker 1 (29:33):
Thanks so much for having me

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.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}Start Earning with Grayscale's Staking in Ethereum ETFs & Solana Trust! - Krista Lynch