Matt and Nic are back with another week of news and deals. In this episode:  Ryan Salame pleads guilty Our thoughts on the latest turn of the Bitcoin security budget debate What are the prospects for fees to develop on Bitcoin long term? Is blockcspace a race to the bottom? Visa adds merchant settlement tools for USDC on Solana The significance of Visa’s move toward merchant settlement with stablecoins CBOE files for spot Ether ETFs We reflect on El Salvador’s Bitcoin law The FASB moves to fair value accounting for Bitcoin Greenpeace files a comment letter on the GlobalX Bitcoin trust Are the ESG tides turning for Bitcoin mining? Has El Salvador's Bitcoin project been a failure?  Sponsor notes:  Coin Metrics STATE OF THE NETWORK — Evaluating the Market Quality of DeFi collateral In Coin Metrics State of the Network Issue 223, we explore predominant collateral types in DeFi lending protocols and evaluate their liquidity & volatility characteristics to determine their desirability as collateral