Andy and Kelly discuss the necessary steps to establish cryptocurrency as a fully functioning asset class following the recent US elections and a Bitcoin all-time high. They identify three fundamental components: regulatory infrastructure, investment infrastructure, and an investment framework for various allocators. They emphasize the importance of the US market, not only for capital but also for innovation and favorable business conditions. However, they note the current regulatory ambiguity surrounding digital assets, with many tokens at risk of being classified as unregistered securities. They argue that clear and supportive regulations could stimulate innovation and investment in the sector. The discussion highlights successful regulatory approaches in other regions, like Hong Kong and Dubai, which could serve as models for the US. The conversation culminates in optimism about potential regulatory changes and the evolving landscape of crypto investments.

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