In this episode of When Shift Happens , I sit down with Xin Song, Group CEO of GSR Markets, to discuss why crypto’s market structure is fundamentally broken, how misaligned incentives are holding the industry back, and what it would take to rebuild it into something closer to a real financial system. From his early days navigating illiquid crypto markets to his vision of turning GSR into the Goldman Sachs of Web3, Xin offers a perspective that is both deeply operational and u