Editor’s Note!

I’ll post a round of QAs this week. Also, XRP holders, make sure you read the article below so you know about a major shift in Ripple’s business strategy that could change the narrative around the XRP token.

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 🤨 Ripple Applies for US Banking License, Heating Up Domestic Stablecoin Race

Bottom line: Ripple asked the US government to make it a national bank for its stablecoin.

My take: It's good to see Ripple get a chance to make money from something other than selling its XRP token. What, then, is XRP for? It was supposed to be the bankers’ token. Why would bankers use XRP if they can get everything Ripple provides using Ripple’s stablecoin on its permissioned blockchain? Honest question, I don't know the answer.

Why you should care: Ripple is pivoting toward compliance and stablecoins, actively building a future that doesn’t depend on XRP. It’s worth asking what that means for XRP.

😳 We're Fighting Over Scraps Now': How Memecoins and VC Money Killed the Crypto Dream That Made Early Investors Rich

If you’ve followed my for any length of time, you know the crypto landscape has shifted from serious innovation to memecoins and VC-driven money grabs.

That will change once the hype dies down.

Little comfort for some of my fellow tortoises who see crypto doing something more than retiring your bloodline. I know too many who feel uneasy about the shift from financial revolutionaries to moneymen and casual speculators chasing institutional and social approval.

A reddit poster wrote an angry piece claiming “crypto as a whole is a scam. The belief system that made this industry work has completely collapsed.”

Reddit commenters called this a “bottom signal,” but I remember when the creator of Litecoin sold millions near the top of the 2017 bull market and people said “bottom signal.” One signal does not a bottom make.

Benzinga has a nice summary.

I wouldn’t say we’re fighting over scraps. Crypto can support an ocean of capital.

The problem is, if you’re only here to make a lot of money, you’d better make a lot of money. Otherwise, you're not going to stick around very long. You’ll give up.

Many already have.

I’ll share deeper thoughts next week. Meanwhile, what do you think? Tap this button to share your thoughts or reply to tell me privately.

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Relax and enjoy the ride!

— Mark