Good morning, and welcome to Protocol Fintech. This Tuesday: Gensler on bitcoin, Cawthorn’s crypto and PayPal’s layoffs. Who said crypto’s worthless? At Davos, Tether was handing out free pizza slices to celebrate Bitcoin Pizza Day, the time when a poor soul exchanged 10,000 bitcoin, then worth $41 and now worth roughly $300 million, for two pies. The gathering of central bankers, the traddiest of the TradFi crowd, jostled elbows with HODLers. Even as Christine Lagarde of the ECB argued that crypto was “worth nothing,” Circle CEO Jeremy Allaire and FTC CEO Sam Bankman-Fried showed up to make the case for digital assets. One lesson: Don’t pay for pizza.