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.