Matt and Nic are back with another week of news and deals. In this episode:  Tail risks with the Bitcoin ETF Are SBF’s parents off the hook? The FDIC is embroiled in scandal Should Marty Gruenberg step down? Tokenized bank deposits versus stablecoins What’s wrong with the third party doctrine SAB121 under pressure Content mentioned in this episode: Fidelity Digital Assets, Understanding Proof of Work The WSJ, Strip Clubs, Lewd Photos and a Boozy Hotel: The Toxic Atmosphere at Bank Regulator FDIC Whip Emmer Letter to Treasury regarding Hamas crypto financing Sponsor notes: Coin Metrics STATE OF THE NETWORK—November Rally Reaches New Corners of the Digital Asset Market In Coin Metrics State of the Network Issue 233, we delve into the primary beneficiaries of the recent market rally and explore diverse avenues channelling this momentum