In this first full episode of The Local, Tim and Marcus dig into what’s really happening in crypto right now — from regulatory shifts to market microstructure to the culture wars of the chain.

They cover:

• Why US regulatory clarity (or lack of it) is such a critical driver for adoption
• What makes ETFs the gateway for TradFi, and why that might not be a good thing
• The rise of Hyperliquid and what it tells us about community, product delivery, and market timing
• Whether the crypto space has lost its ideological roots, and why financialisation has overtaken idealism
• Self-regulation vs real enforcement: does the new MM code of conduct mean anything?

Plus: some thoughts on why early crypto ideas (NFTs, tokenised assets, on-chain land registries) didn’t take off, and whether it’s all just a generational waiting game.