On this episode of CoinDesk's Public Keys from the New York Stock Exchange, host Jennifer Sanasie is joined by Ram Ahluwalia, CEO and Founder of Lumida, who makes a non-consensus case that the Fed will hold rather than hike at its September meeting, and argues that AI has more room to run than crypto as capital rotates between the two. Then Joris Delanoue, CEO of Fairmint, breaks down the SEC's proposed overhaul of transfer-agent rules, the first in decades, which could let a blockchain serve as the official record of securities ownership. He unpacks the three models of tokenized equities, the AMC–Robinhood stock-token dispute, and why a single source of truth matters for the issuer-shareholder relationship. Plus, a look at ETF flows, with bitcoin ETFs posting their worst week since July and ether ETFs drawing net inflows.
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Chapters/Timecodes:
00:00 Welcome to Public Keys
00:21 Crypto Green as AI Stocks Sell Off, Oil Tops $100
00:47 Lumida's Ram Ahluwalia on the Macro Picture
01:23 The Non-Consensus Call: No Rate Hike Coming
03:26 Anthropic's Coming S1 and the AI "Nothing Burger"
04:46 Why AI Has More Room to Run Than Crypto
06:58 Tokenization, DeFi, and the CLARITY Act
08:30 Ahluwalia's Top AI Plays and Midterm Positioning
10:27 SEC Proposes Biggest Transfer-Agent Overhaul in Decades
10:42 Fairmint's Joris Delanoue Joins
11:41 The Tokenization Paper-Crisis Parallel
12:43 Three Models of Tokenized Equities
15:17 The AMC–Robinhood Fight Over Stock Tokens
16:19 Fixing the Issuer-Shareholder Disconnect
18:38 Educating CEOs on What Tokenization Unlocks
20:31 ETF Flows: BTC Bleeds $463M, ETH Gains $197M
