Raoul welcomes Sam Bankman-Fried, the co-founder and CEO of FTX, for a high-level summit on financial markets and crypto. And they launch right into a macro discussion of the impact on liquidity of higher rates, with an emphasis on crypto’s response. Raoul and Sam discuss parallels to the 1998 blow-up of Long-Term Capital Management. They also debate whether ETH 2.0 could establish a risk-free rate for Web 3.0 and make digital asset pricing more efficient and transparent. Raoul also digs into SBF’s interest in traditional markets, his plans to tokenize them, and why that step matters so much. And they also talk about other big, forward-looking opportunities to onboard the masses, from mobile to tickets. This is a fascinating, fast-paced conversation full of takeaways about what’s really going on. Recorded on July 5, 2022.