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In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann welcome venture capitalist Rennick Palley to explore the implications of Fed chair Jerome Powell's recent shift from focusing on inflation to employment, analyzing how it might influence crypto and global markets.\xa0\nPalley also shares some incisive analysis for why he thinks blue-chip DeFi projects might be overvalued, and both McCann and Palley highlight why they are still bullish on memecoins.\nFinally, the gang discusses the growing political influence of the crypto industry, the potential impact of Kamala Harris presidential run on future regulations, and whether Justin Sun is using Tron as his \u201cpersonal piggy bank.\u201d\nPlus, what\u2019s the latest with bitcoin ETF option applications, and what Telegram CEO Pavel Durov\u2019s arrest means.\nShow highlights:\n\n00:00 Intro\n\n02:41 How Powell's speech signaled a shift from a focus on inflation to employment and what that means for crypto markets\xa0\n\n10:25 Why the Fed's proactive stance on the labor market could cement Powell's legacy, and how cutting rates amid high real rates might prevent long-term economic damage\n\n23:47 How a significant payroll revision caused a brief panic, yet the markets dismissed it as noise due to its lagging nature\n\n27:21 What the absence of crypto in the DNC's platform means for the industry, and how Kamala Harris\u2019 presidential run could impact future regulations\n\n34:12 How the surge in crypto contributions to political campaigns highlights the industry's growing influence\n\n37:00 How the growing narrative around undervalued DeFi tokens could play out under a Trump administration, given the perception of Republican support for crypto\n\n43:15 Why blue-chip DeFi projects, despite their dominant market share and attractive business models, may be overvalued, according to Rennick\n\n53:44 Whether Justin Sun uses Tron as his \u201cpersonal piggy bank\u201d\n\n58:52 Whether investing in memecoins is a good strategy and how to construct a portfolio around them\n\n1:12:59 Why James says that the withdrawal and refiling of bitcoin ETF options applications signals potential progress, and how the SEC\u2019s ongoing review could lead to approval by early 2025\n\n1:19:43 Pavel Durov\u2019s arrest and why Alex believes TON might be a good asset to buy\n\nHosts:\n\n\nJames Seyffart, Research Analyst at Bloomberg Intelligence\n\n\nAlex Kruger, Founder of Asgard\n\n\nJoe McCann, Founder, CEO, and CIO of Asymmetric\n\nGuest:\n\nRennick Palley, Czar of Speed, Protector of the Hat.\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices