Welcome to The Crypto Podcast. You can find all our episodes on thecryptopodcast.org. My guest today spent years inside the room where crypto’s rules actually get written. As a regulatory crypto attorney, he’s advised leading exchanges on exactly what they could and couldn’t legally offer, and he helped launch the first crypto ETFs on the Toronto Stock Exchange. Now he’s on the other side of the table as CEO of Yield School and founder of New Market Trading, helping everyday investors get access to the primary markets that most retail traders never know exist. Please welcome Frank Hepworth.In this episode, Roy and Frank cover the regulatory landscape shaping crypto today, including the Genius Act, the pending Clarity Act, and why Frank believes Europe’s MiCA legislation forced crypto into traditional finance and backfired. Frank explains how New Market Trading uses smart contract technology so clients retain full self-custody while still getting professional portfolio management, why institutional ETF buyers have been buying the top and selling the bottom like retail investors, and how he evaluates which crypto assets are worth investing in using a commodity-versus-business framework. The conversation closes with a detailed, refreshingly honest breakdown of why real estate tokenization is far less advanced than people assume, and why native on-chain companies, not tokenized off-chain assets, are where Frank believes the space is actually heading.