Just wrapped up our week in Davos. I don't love wearing a suit every day, but sometimes it has to be done! Davos is a unique place - world leaders and CEOs (and lots of crypto companies!) all come together in a small mountain town in Switzerland for a few days. It’s a productive time to connect 1:1 with everyone in one location, and of course our focus was using this moment to push crypto adoption forward. There were a few key themes and takeaways: - Everyone was talking about tokenization. On the surface it seems like a buzzword, but it's an important trend. It started with stablecoins, now it's expanding to every asset class. Business leaders across the Fortune 500 are leaning in. Tokenization will democratize access to high quality investments, as there are about 4B adults who don't have access to these markets today (the "unbrokered"). Expect some major progress here in 2026. - Crypto legislation and the CLARITY Act. As @POTUS said, we want to keep the U.S. as the crypto capital of the world. We’ve had countless meetings with key players in DC and Davos over the last two weeks. There’s lots of hard work being done to reach a draft that’s win-win for all parties, but especially consumers. It’s created some healthy debate, and I can say, of the bank CEOs that I met with this week, most of them are actually very pro crypto and are leaning into it as an opportunity (some aren't quite there yet). One CEO of a top 10 global bank told me crypto is their number one priority, and they view it as existential. - Trump and the current administration are the most crypto-forward government in the world. They’re committed to getting market structure done, and done correctly. These clear rules are vital for global competitiveness (as China and other countries push forward on stablecoins), and will put money back in people’s pockets, cementing the U.S. as the world’s crypto hub. - ESG and DEI didn’t come up at all this year. Overall this week felt productive and focused on real, global progress. Credit to  Larry Fink as the new WEF co-chair for this. I like his idea of choosing other locations for WEF to be held in future years. - Crypto and AI are the two most talked about techs, and they are highly complementary. Agents will default to using stablecoins for payments, since they can't be KYCed like a human being. The infra exists, and usage is rapidly growing. - Coinbase and Circle announced a partnership with Bermuda, aiming to build a fully onchain economy. Excited to make progress on this and create a compelling case study for other nations to follow. Back home now, time to get back to building products.

It contradicts the preferred narrative of so many. And yet this is just as much as a part of crypto’s narrative whether you accept it or not.