Franklin Templeton's New Bitcoin Product & The Truth Behind AI
June 23, 2026
In this episode of Final Settlement, presented by Onramp Media, Brian, Michael, and Liam examine Franklin Templeton's new ETFs that automatically reinvest stock dividends into bitcoin, Fidelity and State Street entering stablecoin reserve management, and the Anthropic Mythos and Fable controversy reshaping the open-source versus frontier AI debate. The conversation also covers Illinois's 0.2% crypto wealth tax, the Fed's 130-page stablecoin KYC rulemaking, and Coinbase's tokenized-stock rollout.
Presented collaboratively by Early Riders & Onramp Media…
Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.
This week Brian, Michael, and Liam cover Anthropic's Mythos and Fable controversy and the orchestrated open-source-vs-frontier AI dynamic (Microsoft eyeing DeepSeek for enterprise, Japan's Sakana Fugu launch, Goldman's 24x token forecast by 2030), Franklin Templeton's new ETFs that auto-invest stock dividends into Bitcoin, Fidelity and State Street's entry into stablecoin reserve management, Illinois Governor Pritzker's 0.2% crypto wealth tax, the Fed's 130-page stablecoin KYC rulemaking, Binance's MiCA expulsion, Coinbase's tokenized-stocks rollout, SpaceX's IPO run and $60B Cursor acquisition, and the latest on Strategy's STRC product.
Chapters
00:00 - Introduction and Current Events 03:04 - Anthropic's Mythos and Fable Controversy 05:58 - The Role of Open Source in AI 08:54 - AI Models and National Security Concerns 11:54 - Microsoft's Strategic Moves in AI 14:57 - The Future of AI Infrastructure 17:55 - The Dynamics of AI Token Consumption 21:06 - Emerging AI Technologies and Market Trends 24:10 - Japan's Entry into AI with Sakana Fugu 27:11 - Open Source Challenges and GitHub Controversy 30:31 - Merging Money and AI for Market Success 32:08 - Stablecoin Management: Fidelity and State Street's Moves 33:59 - Innovative ETF: Dividends into Bitcoin 38:48 - Regulatory Challenges: Illinois Crypto Tax 42:52 - Stablecoin Issuer Regulations and KYC 48:54 - Tokenized Stocks: Coinbase's New Offering 50:53 - SpaceX's Rapid Growth and Market Dynamics
Frequently Asked Questions
What is the Anthropic Mythos and Fable controversy?
Beginning around the 03:04 mark, the hosts discuss Anthropic's Mythos and Fable situation alongside the broader open-source versus frontier AI dynamic, including Microsoft eyeing DeepSeek for enterprise and Goldman's forecast of 24x token consumption by 2030.
How are Fidelity and State Street involved in stablecoins?
Around the 32:08 mark, the episode covers Fidelity and State Street entering stablecoin reserve management, set against the Fed's 130-page KYC rulemaking (42:52) and Binance's expulsion under MiCA.
What is Illinois's crypto wealth tax?
Governor Pritzker's proposed 0.2% crypto wealth tax is discussed beginning at 38:48, framed within the episode's wider look at regulatory pressure on digital assets.
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.