This Friday Five breaks down a pivotal Fed meeting marked by rare open dissent that signals a splintered FOMC and a far more politicized, harder-to-read monetary path into 2026, including what the new liquidity program really means for markets. The episode then turns to Washington, where the crypto market structure bill remains stuck in a late-year quagmire over DeFi AML rules and stablecoin yield, before digging into why markets appear finished with Bitcoin treasury companies after a high-profile debut flopped. It closes with a sober trimming of year-end Bitcoin bull cases and the sentencing of Do Kwon, a moment that feels like the final punctuation mark on the last crypto cycle.

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