Crypto Did Not Defeat Wall Street. It Merged Into It.
Cory Klippsten on Coinbase, Robinhood Chain, tokenized stocks, prediction markets, and the day trading study in which 97% of those who persisted lost money after fees.Almost none of what gets called crypto is decentralized. It has companies, founders, foundations, issuers, venture investors and custodians, which are identifiable people with control. Those are regulatory choke points, and an industry with choke points can merge into the licensed financial system rather than replace it.
The evidence is on both sides of the trade. Coinbase started as a place to buy Bitcoin and now calls itself the everything exchange. Robinhood put tokenized stocks on its own chain, where traders paired them with meme coins and pushed a tokenized share above $130 while the real stock closed below $30. In the second quarter of 2026 Robinhood earned more transaction revenue from prediction markets than from either stocks or crypto. E-Trade and Schwab offer crypto. The chairman of the SEC has said that enabling financial super apps is a priority.
The argument is that the institutional half of the merger was always coming, and the behavioral half is the one worth worrying about. Finance is supposed to allocate capital to productive activity. Increasingly we are allocating productive people to financial activity.
Chapters
0:00 Crypto was never going to replace traditional finance
0:27 Almost none of crypto is decentralized
1:31 Coinbase and the everything exchange
1:55 What crypto changed about the inventory
2:24 Robinhood Chain, meme coins and tokenized stocks
3:32 Gathering assets versus generating trades
4:10 Robinhood's second quarter numbers
4:53 The SEC on financial super apps
5:05 What each side picked up from the other
5:37 The day trading study
6:06 Click traders
6:41 The cost almost nobody counts
7:12 Finance versus financial activity
8:01 Why Swan is not an everything exchange
8:55 Crypto did not defeat Wall Street
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