 Sadie Raney and Jesse Proudman talk to us about Makara, which they co-founded.  The genesis of Makara came from their work at cryptoasset hedge fund, Strix Leviathan, and the desire to provide an accessible set of portfolios for investors.  We hear the story behind Makara, their approach to educating investors, and their experience with regulators in getting registered.  We hope you enjoy hearing their take on the opportunities and challenges of the crypto space.  As always, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.  Disclosure: Lee uses Makara and also has invested in the Strix hedge fund.   

Appetite for Disruption: The Business and Regulation of FinTech

Makara: A robo-advisor for cryptoassets.

Jan van Eck, CEO of VanEck, has continued his father’s work in the funds world.  Jan sees Bitcoin as part technology and part store of value as it matures as an asset.  He also shares his view that individual investors have insights that institutional investors sometimes miss.  Jan's journey in considering the impacts of Bitcoin and other trends over the years might be a harbinger for how the world is evolving.  Jan’s perspective shows a healthy interest in the world around him.  As always, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.

Jan van Eck: Bitcoin and Financial Innovation

Rana Gujral, CEO of Behavioral Signals, joins us to explain how his company uses AI to help businesses improve their customer interactions.  Behavioral Signals has a cool technology that uses AI to learn speech patterns and match the people who are predicted to engage most effectively with each other, especially in tough conversations.  There is a lot to learn in this episode, and Rana explains how the AI works to help the matching result in improved communication, customer satisfaction, and business outcomes.  We found it all fascinating.  

Rana Gujral:  Can AI help humans communicate better in tough conversations? 

Christine Sandler, Joel Revill, and Anton Katz have at least one thing in common: they are all traditional capital markets people who have migrated to blockchain.  Anton started Talos Trading; Joel started 2 Oceans Trust; and Christine led Fidelity into the space.  From their very different but intersecting vantage points, we hear the story of the birth of a new asset class and how it is changing many preconceptions about how the world works.  Whether it is 24/7/365 markets, new ways to obtain and retain custody, or asset allocations that include both traditional and crypto assets, these three have been doing the hard work to bring the future into the present.  As a reminder, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.

Special episode! Capital markets people like blockchain

 We continue our conversation with BitGo founder and CEO Mike Belshe with an in-depth discussion of business and regulation in the sphere of new technology.  Mike makes the point that many cryptoassets are about money and therefore should be regulated.  He outlines some principles for regulation that focus on adaptability and balance.  Troy and Lee chat at the end.  As a reminder, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind. 

Mike Belshe, Part 2:  Business, technology, and regulation

We are joined by Mike Belshe, founder and CEO of BitGo, a FinTech firm focused on custody and other services related to blockchain assets.  Mike describes his journey from helping friends hold their Bitcoin in the early days to building and improving new techniques for the custody of these assets.  He drew on his experience in other areas of technology and on his love of disruption (our word, not his).  As a reminder, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.  

Mike Belshe, Part 1: From custody hobbyist to custody powerhouse

 A peek into the future of secure IoT.  We continue our conversation with Paul Clayson, CEO of AgilePQ.  Paul announces an exclusive first that they will open source their algorithm soon!  He explains the reasons behind that decision and the benefits of the open source movement.  He also delves further into what the future of the internet may look like where the world is incredibly connected.  Troy and Lee talk about their perceptions of what that world might mean from a practical standpoint.  As a reminder, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind. 

Paul Clayson Part 2

A peek into the future of secure IoT.  People talk a lot about the wave of internet of things (IoT) devices that will provide convenience to many aspects of our lives and revolutionize areas such as healthcare.  The folks at AgilePQ, whose CEO Paul Clayson joins us for a fascinating conversation, focus on related cybersecurity.  Paul warns about the dangers of insecure IoT devices and explains how AgilePQ is working to address these problems.  He also provides insights into management from years of running companies.  As a reminder, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.

Paul Clayson Part 1

Bloomberg reporter and author Matt Leising joins Troy and Lee to discuss his recent book about the Ethereum blockchain and the DAO hack.  Part history and part detective story, Matt doesn’t spoil the whodunnit but he gives us great insights into what happened and how he solved the mystery.  He also talks a lot about his views regarding the promise of blockchain and Ethereum and articulates the different visions that different people in the blockchain community have for the technology and its use cases.  The book is a compelling read and will give readers both a well-told story and insights into a potentially very important technology and how it developed.  As a reminder, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.

Special episode! Matt Leising and his new book “Out of the Ether.”

How might applying Nobel Prize winning economics to markets affect how they operate?  Jesse is the COO at alternative trading system OneChronos.  He explains the thinking behind the ATS and how it matches securities orders in a unique manner that employs Nobel Prize winning auction theory, probabilistic search, expressive bidding. and other advanced concepts.  We talked about how OneChronos combines them into a very frequent auction process.  How will this impact execution quality and the user experience?  We’ll find out.  It certainly should spark a lot of discussion and exchange of ideas.  Troy and Lee share some of their thoughts at the end of the episode.  As a reminder, nothing in this episode is investment, legal, or any other advice of any kind, and nothing in this episode is an endorsement or recommendation of any kind.

Jesse Greif of OneChronos

Cost/benefit analysis and emerging technologies.  We continue our conversation with Haime Workie of FINRA’s Office of Financial Innovation with a deep exploration of questions about balancing policy and regulatory considerations with innovation and offering new products and services.  Haime shares his views on the opportunities and challenges, both from his legal background and from his engineering background.  If you are too rigid, you might miss big opportunities.  If you don't exercise appropriate caution, you might expose market participants to significant risks.  And there are questions about what risks are posed, whether traditional risks are mitigated by new technology, and the magnitude of each identified risk.  Haime also talks about how regulators use technology.  Troy and Lee share their thoughts at the end.  In this episode, Haime is speaking for himself and not for FINRA.

Haime Workie of FINRA Part 2

Can financial innovation create the best day ever?  Haime heads FINRA’s Office of Financial Innovation where he and the team study the future of financial services and the potential impact of innovation on investors, markets, and FINRA’s mandate.  This work involves lots of learning about new technologies and new applications of technology to all aspects of financial services as well as parsing the potential benefits and risks.  Their recent AI report highlights this work and assesses many considerations across various AI use cases.  Haime discusses some details of the report and considers whether automated investment decisions are here to stay.  In this episode, Haime is speaking for himself and not for FINRA.

Haime Workie of FINRA Part 1

Troy and Lee welcome Bea Wray and discuss her new book and its main messages.  She teaches us about gratitude as an attitude and the art of “thank you” notes.  It turns out that "thank you" notes can make a big difference in relationships, both business and personal.  You might say that they are Bea’s “secret sauce.”  We also talk about how to create an organization that is focused on people -- employees, customers, vendors, and others in a company’s ecosystem.  Creating great relationships that involve collaboration and helping each other can be an effective way to build a business and move it forward.  Her energy, complemented by her thoughtfulness and insights, should translate into a great book with nuggets of wisdom.  At the end of the recording, Troy and Lee chat about Bea's key points and how they apply to their lives and business.

Special Episode!  Bea Wray, entrepreneur and author of “What an MBA Taught Me . . . But My Kids Made Me Learn.”  

The GraniteShares CEO finishes our conversation sharing his thoughts about the differences between public companies and private companies and how public markets can force companies to have more discipline.  He also offers insight into some of his ideas for ongoing innovation and our financial markets.  Stay tuned at the end as Troy and Lee discuss where technology might be headed.  As a reminder, nothing said in this or any other episode is investment, legal, or any other advice of any kind.  

William Rhind Part 2:  Public Markets or Private Markets? 

William Rhind is founder and CEO of Granite Shares, a recent entrant in the exchange traded funds space.  As William explains, financial innovation -- and associated disruption -- continues.  That disruption could come from new goods or services or whole new business models.  He also touches on themes we hear from other entrepreneurs around the challenges of a startup.  But thinking differently about things is often where the innovation begins.  As a reminder, nothing said in this or any other episode is investment, legal, or any other advice of any kind.  

Willian Rhind Part 1:  The Rise of ETF Disruption

Many opportunities and challenges are at the intersection of technology and financial services. And FinTech itself is rapidly evolving as businesses continuously innovate and new ideas come from unexpected places. At the same time, government regulators are trying to keep pace. Troy A. Paredes and Lee A. Schneider explore this disruption by engaging the leaders who are changing what FinTech is and how we think about it. In this biweekly podcast, Troy, former SEC Commissioner and founder of Paredes Strategies LLC, and Lee, general counsel at Block.one and co-founder of Genesis Block, LLC, discuss today’s –and tomorrow’s – exciting and impactful FinTech topics. With their guests, they explore business and regulatory developments and technology trends, giving listeners new perspectives to take back to Main Street, the Hill, Wall Street, and the boardroom.

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Appetite for Disruption: The Business and Regulation of FinT...

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