Unchained

Iggy Azalea joins Unchained to share the story of how the $MOTHER token got started (spoiler: there was a brush with a potential scammer), her stresses during the launch, and what she plans to do about the price slumping over 60% since the all-time high. A master of memes and OnlyFans, she talks about how she is using her experience in both realms to make MOTHER a success, even though she has yet to make any money from the token. 

She also discusses her beef with Ethereum creator Vitalik Buterin, the allegations that there was insider trading of MOTHER, and how she plans to avoid regulatory action.

• 00:00 Intro
• 01:27 How Iggy got “onchain” and interested in crypto
• 03:01 How Iggy's understanding of memes and the attention economy influenced her approach to music and now MOTHER
• 08:09 How a brush with “scammer” Sahil Arora sparked the MOTHER launch 
• 11:56 How Iggy plans to integrate her token into her business ventures and what strategies she's using to achieve this
• 16:33 Why she chose two market makers – DWF Labs and Wintermute – and why she decided to name the coin "Mother"
• 23:53 The lessons she learned from her OnlyFans that she is applying to MOTHER 
• 33:54 Iggy’s response to Vitalik Buterin's criticisms of her coin
• 41:31 What strategies Iggy believes will bring $MOTHER out of its current slump
• 47:33 How Iggy responds to allegations of insider activity and dumping $2 million worth of her token
• 55:15 Whether she is concerned about regulators coming after her and what she's doing to prevent that
• 1:02:55 What Iggy thinks about the criticism regarding celebrities launching memecoins
• 1:08:49 Whether Iggy has a preference between Solana and Ethereum
• 1:11:36 How she’s trying to onboard other celebs into crypto, and her plans for integrating $MOTHER into mainstream culture and fan interactions

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot

• Iggy Azalea, rapper, creator of $MOTHER

• Previous coverage of Unchained on Iggy and MOTHER:
• Solana Attracts Attention From Mainstream Celebrities Caitlyn Jenner, Davido, Iggy Azalea, Rich The Kid, and Trippie Redd
• MOTHER Sheds Half Its Value Since All-Time High Despite Iggy Azalea's Mastery of Crypto Memes
• Traders Coping As Iggy Azalea’s MOTHER Token Surpasses $100 Million Market Cap
• Bits + Bips: Iggy Azalea, $MOTHER, and Celeb Coins: Is This the Top of the Crypto Cycle?
• The Chopping Block: Iggy Azalea, Hamster Kombat, & Airdrop Insights 

DWF labs

• CoinDesk: Iggy Azalea's MOTHER Token Jumps Over 50% After Partnering With DWF Labs

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, Jason Yanowitz from Blockworks joins the squad to explore the media's significant role in the crypto industry. They discuss challenges faced by the media in meeting client demands and industry expectations, and highlight financial sustainability and biases. The hosts compare crypto media to mainstream journalism, examining the balance between journalistic integrity and revenue. They critique broader media trends, discussing monopolistic narratives and public dissatisfaction, with a specific look at political coverage. The episode concludes with reflections on the media's evolving role in truth dissemination amidst industry fragmentation.

🔹 The Airdrop Era: Examination of the potential end of the airdrop/token narrative. 

🔹 Investing in Apps vs Infrastructure: Debate on funding apps versus infrastructure projects.

🔹 Crypto Media Trends: Analysis of shifts in crypto media, major acquisitions, and industry stance.

🔹 Challenges in Crypto Media: Ethical questions and investor pressures media firms face. 

🔹 Future of Media: Trends in media companies, prediction markets, and trust dynamics. 

🔹 Media Integrity: Exploration of media's perception, skepticism around its business motives, and flawed business models.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Jason Yanowitz, Founder of Blockworks

Timestamps 

• 00:00 Intro
• 02:30 Airdrops and Token Valuations
• 04:04 Apps vs. Infrastructure
• 14:26 Venture's Not a Charity
• 22:41 Crypto Media Landscape
• 32:31 Revenue in Media
• 34:26 Trust as the Cornerstone of Media
• 35:27 The Blockworks Op-Ed Controversy
• 38:55 Navigating Media Bias and Trust
• 44:18 Balaji's Anti-Media Sentiment
• 49:57 The Future of Media and Truth

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Mustafa Al-Bassam was a teenage hacktivist who outsmarted a US government contractor, shamed the Westboro Baptist Church, hacked Sony a record number of times, and eventually got arrested—though his 80 transgressions got halved for a funny reason. 

At the Modular Summit in Brussels, Laura had a fireside chat with Mustafa to discuss how he went from his teenage years as the head of LulzSec and member of Anonymous to founding Celestia, a project aiming to solve key issues in blockchain scalability by going with a modular approach. 

He also discussed data availability sampling, why he believes Celestia has achieved significant product-market fit since its launch, and the three key components of Celestia’s road map.

Show highlights:

• 00:00 Intro
• 01:47 Mustafa’s origin story and how he became a developer who ended up hacking FBI affiliates and Fox News
• 05:32 How he hacked a military contractor to the US Department of Defense and Sony
• 09:16 Why Mustafa was arrested at the age of 16
• 11:14 What about Bitcoin attracted his attention and got him interested in the industry
• 15:22 Why he founded Celestia, after doing a PhD in scaling blockchains and understanding the problems of sharding
• 21:16 What data availability sampling is and why it is important
• 23:52 Why Mustafa believes that Celestia has had “extreme product market fit” since the launch
• 26:16 What’s next for Celestia and why Mustafa is so excited about the possibilities that increased block size can enable
• 29:36 How Celestia is working with zero knowledge accounts for defragmenting liquidity in rollups and access liquidity even within the Cosmos ecosystem
• 30:57 What the endgame for Celestia and the overall industry looks like, according to Mustafa
• 37:36 Q&A with the audience
• 44:44 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot
• PlayFi Labs

• Mustafa Al-Bassam, co-founder of Celestia Labs.
• Previous appearance on Unchained: Why the Celestia Team Sees a Future With 10,000 Roll-Ups

• Previous coverage of Unchained on modular blockchains:
• Three Crypto Pioneers on Crypto’s Monolithic vs. Modular Debate
• What Are Modular Blockchains? A Beginner's Guide

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In this episode, crypto lawyers Kayvan Sadeghi and Sam Enzer delve into the SEC's lawsuit against Consensys, which focuses on MetaMask's swaps and staking services, and explore the implications of the SEC's stance on MetaMask acting as a broker-dealer, and the classification of its staking product as a security. 

They discuss how recent rulings on Coinbase and Binance challenge the SEC's claims, and whether differing judicial opinions could lead to the Supreme Court. 

Also, they talk about the potential impact of the Supreme Court striking down Chevron deference for crypto regulation.

• 00:00 Intro
• 01:22 The key claims in the SEC's lawsuit against Consensys and how they relate to MetaMask's swaps and staking services
• 03:42 How recent Coinbase and Binance rulings challenge the SEC's claims against Consensys
• 09:29 Whether differing judicial opinions on whether wallets with private keys act as brokers could end up being decided by the Supreme Court
• 12:55 How the SEC will substantiate its claims that MetaMask acts as a broker-dealer and that its staking product is a security in Texas legal briefings
• 17:42 Why a token itself is not considered a security, according to Sam, and how this distinction affects secondary market transactions in the SEC's case against MetaMask
• 22:14 What Lido and Rocket Pool can do in response to the SEC tangentially naming their liquid staking tokens as securities
• 31:27 How the SEC and Consensys lawsuits will proceed, and whether conflicting rulings could arise from their parallel tracks
• 36:35 The key distinctions in the Binance case compared to those of Coinbase and Kraken, and how the Binance ruling might impact future crypto cases
• 50:08 What Chevron deference means and how its removal impacts crypto
• 56:49 How the elimination of Chevron deference affects current crypto cases and legislative gridlock

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot

• Kayvan Sadeghi, partner at Jenner & Block
• Sam Enzer, partner at Cahill Gordon & Reindel
• Previous episode of Unchained with Sam and Kayvan: SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case

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Prediction markets are gaining mainstream traction, particularly with the upcoming US elections. In this episode, Nick Tomaino, founder of 1confirmation, which is an investor in Polymarket, explores how platforms like Polymarket identified the possibility that President Biden might drop out of the campaign before the mainstream media did. He talks about the journey of Polymarket, the challenges it faced, and how it overcame them to provide a credible platform for betting on political outcomes. 

Finally, Nick explains why prediction markets are currently illegal in the U.S., the implications of the Supreme Court striking down Chevron deference, and what the future holds for prediction markets in the U.S.

• 00:00 Intro
• 01:28 Why prediction markets like Polymarket finally gained mainstream traction, and how 1confirmation became an early investor
• 04:01 What challenges Polymarket faced in its journey to mainstream recognition, and how it managed to overcome them
• 07:22 How prediction markets contribute to bringing more truth to the world, particularly in the context of media narratives and social media algorithms
• 12:52 What challenges have arisen from conflicts in resolving prediction markets on Polymarket
• 19:00 How bets are created and how the wording and resolution of prediction markets is managed on Polymarket
• 21:56 How trading volumes affect the credibility of prediction markets on Polymarket
• 22:38The regulatory environment of prediction markets in the US and whether the elimination of Chevron deference by the Supreme Court will have a positive impact on these markets
• 28:35 Crypto News Recap

Visit our website for breaking news, analysis, pop op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot
• PlayFi Labs

• Nick Tomaino, Founder & General Partner at 1confirmation

Links

Recent news on Polymarket:

• Unchained: Polymarket Hits Record Highs in Monthly Users and Trading Volume Due to Presidential Election
• Crypto.news: Polymarket reverses Oracle decision on Barron Trump's involvement in DJT meme coin
• Decrypt: Ethereum ETFs Approved by the SEC? Yes—But Don't Bet On It - Decrypt
• Dune dashboard: Prediction Markets

Commentary:

• Vitalik’s tweet: “Prediction markets and Community Notes are becoming the two flagship social epistemic technologies of the 2020s. Both truth-seeking and democratic, built around open public participation rather than pre-selected elites. I want to see many more things like this.”
• Nick Tomaino’s tweet: “2024 will go down in history as the year prediction markets went mainstream.”

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, special guest Laura Shin is sitting in for Tom to discuss the impact of prediction markets on politics and crypto. They explore how prediction markets like Polymarket affect public perception during the presidential election, contrasting their reliability against traditional journalism. The conversation also touches on the implications of prediction markets on insider trading, market manipulation, and the role of expert information. Additionally, they discuss the Supreme Court's overturning of the Chevron doctrine and its potential impact on regulatory shifts in the crypto industry. The episode provides an insightful analysis into how prediction markets could revolutionize journalism and the evolving landscape of crypto regulation.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

🔹 Discussion on the recent presidential debate and its implications for prediction markets and the crypto industry. 

🔹 Overview of the prediction market phenomenon and its growing importance in political forecasting. 

🔹 Examination of the recent Supreme Court ruling overturning Chevron Deference and its implications for crypto regulations. 

🔹 Debate on whether the ruling will lead to more specific legislation from Congress or if it will hinder effective rulemaking. 

🔹 Speculation on how different political figures might impact future crypto legislation and regulation.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Laura Shin, journalist, author of ‘The Cryptopians,’ founder and CEO of Unchained

Timestamps

• 00:00 Intro
• 01:50 Presidential Debate Chaos
• 04:25 Mainstream Media vs. Prediction Markets
• 16:48 Insiders in Prediction Markets
• 30:38 Prediction Markets vs. Sports Betting
• 38:58 Market Manipulation
• 50:22 Supreme Court Ruling & Chevron Deference

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Are Solana ETFs on the brink of approval? How might political outcomes influence this decision? 

Join hosts James Seyffart, Alex Kruger, and Joe McCann as they delve into the latest buzz around Solana’s potential spot ETFs, dissect the SEC's puzzling delay on Ethereum ETFs, and debate why Bitcoin’s recent performance has diverged from the NASDAQ.

They also discuss the U.S. presidential election, the event that Alex says was the “second most bizarre thing” he’s seen in his life, what the bond market seems to indicate about expectations for a Trump presidency, and how upcoming nonfarm payroll reports and potential rate might affect the markets. 

• 00:00 Intro
• 01:47 How political outcomes might influence the approval of spot Solana ETFs
• 04:16 Whether futures ETFs are 100% needed for an approval of spot crypto ETFs
• 09:26 The high premium on Grayscale's Solana Trust (GSOL)
• 13:50 How the outcome of the 2024 U.S. presidential election could impact the crypto industry
• 20:55 Why the SEC delayed the launch of the Ethereum ETF
• 24:53 How the upcoming nonfarm payroll report and potential rate cuts impact market volatility and the Federal Reserve's decisions
• 27:51 How the rise of populist candidates in France and changes in currency markets might affect the US dollar and the broader economic landscape
• 31:40 How Bitcoin, Ethereum, and Solana performed in Q2, and the surprising outperformance of BONK
• 34:45 Why Bitcoin's performance diverged from the Nasdaq's recent rally
• 45:48 How recent movements in long-term bond rates are linked to political changes, such as the rise of right-wing populism and concerns about fiscal responsibility
• 52:45 How FTX creditors could potentially influence market dynamics, and the irony in the US government using Coinbase as a custodian

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard
• Joe McCann, Founder, CEO, and CIO of Asymmetric

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The problem of low float, high fully diluted valuation (FDV) coins is one that is frequently discussed in crypto. But there’s another wrinkle: investors need to understand the unrealized gains of these coins to really understand the price. 

In this episode, Jose Macedo of Delphi Digital and Ari Paul of Blocktower Capital explain the various metrics that reveal what a coin is really worth, why a wave of token unlocks that will be hitting the crypto markets in the next few years are not bullish, and whether there is a better way to design token unlocks for teams and insiders. 

Plus, they cover whether venture capitalists are extractive to crypto, whether these games with circulating supply and FDV have caused investors to turn to memecoins, and why they believe the ICO era was better for retail investors. 

• 00:00 Intro
• 01:58 Why upcoming token unlocks are creating market jitters
• 10:22 How the ratio of unrealized gains to market cap influences token price movements 
• 12:22 How some token projects manipulate their reported circulating supply
• 20:24 Whether and how everyday investors can uncover the truth about token projects
• 23:37 What secondary market trading says about the potential impact of upcoming token unlocks
• 34:50 Why Jose believes that the current token launch strategy, despite its flaws, is still favored by insiders and unlikely to change soon
• 41:02 Why some projects favor decisions that are more likely to result in short-term gains over long-term success
• 46:36 Why Jose believes that simple time-based token unlocks often work better than complex metrics, and how projects can balance funding with realistic success metrics
• 53:04 Why Ari believes the SEC's investigations into VCs for acting as securities dealers might be justified, and how these practices resemble pump-and-dump schemes
• 59:11 With numerous token unlocks looming, why the outlook is bearish for many projects, and what challenges they face in mitigating potential sell-offs
• 1:05:52 Why many crypto investors might end up holding the bag in the current cycle, despite plans to sell early and avoid losses
• 1:12:27 What the future role of VCs is in crypto, and how the influx of token unlocks and the rise of memecoins could shape the bull cycle

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot

• Jose Macedo, founder at Delphi Labs
• Ari Paul, CIO of Blocktower Capital
• Previous appearances on Unchained:
• Ari Paul on Why Bitcoin Is a Good Value Buy
• Ari Paul of BlockTower Capital on the Crypto Downturn and Why It Could Change Direction

High FDV and unlocks:

• Unchained:
• How ‘Fully Diluted Valuation’ Can Be a Very Dangerous Metric for Crypto Markets to Rely On
• Who’s to Blame for the Underperformance of Low Float, High FDV Tokens?
• 80% of Tokens on Binance Are Down Since Listing Date: SwissBorg Researcher
• Cobie newsletter: New launches (part 1) - private capture, phantom pricing
• Rocknblock: Token vesting explainer
• CoinDesk: 'Liquid Vesting' Is Oxymoronic Blockchain Feature That Lets Early Investors Sell Without Waiting
• Jose’s thread that inspired the episode
• Ari’s post responding to Jose’s thread
• Token.unlocks.app: Token vesting tracker

Solutions:

• Hack VC: Potential Solutions to Crypto's Unlock Problem
• Colony Lab: Early-Stage Program & Liquid Vesting
• Imran Khan’s tweet on Blast https://x.com/lmrankhan/status/1806040646433522149 

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Ten and a half years after filing for bankruptcy, Mt. Gox is finally set to disburse 142,000 Bitcoin worth nearly $9 billion to creditors between July and October. 

Market concern has been growing over the potential impact on Bitcoin prices, but Alex Thorn, head of research at Galaxy, explains why only a small fraction of those bitcoins will be sold. He also discusses the implications of this redistribution on the market, the potential success of Ethereum ETFs, and the chances of a Solana ETF approval.

Show highlights:

• 00:00 Intro
• 02:04 Why Alex estimates the amount of bitcoins that creditors sell will be a tiny fraction of the 142,000 to be repaid 
• 13:35 What market shocks could arise from Mt. Gox creditors receiving billions in Bitcoin, and why he believes Bitcoin Cash is the real wild card
• 18:18 Whether Ethereum ETFs could be as successful as Bitcoin ETFs in attracting investors
• 23:06 Whether potential outflows from Grayscale's Ethereum Trust will dampen the excitement around Ethereum ETFs
• 25:07 How the combination of Mt. Gox repayments, Ethereum ETFs, and German and American government Bitcoin sales might affect crypto prices
• 27:32 The chances the SEC approves a spot Solana ETF

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot

• Alex Thorn, head of research at Galaxy
• Previous appearance on Unchained: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection

Mt. Gox.

• Unchained: Crypto Market Sees $300 Million Liquidated as Bitcoin Briefly Drops Below $59,000
• CoinDesk: Mt. Gox to Begin Repayments in July

Governments selling:

• Unchained: US Government Sends $241 Million in Bitcoin to Coinbase: Arkham
• Cointelegraph: German gov’t offloads 900 Bitcoin, 400 BTC sent to Coinbase and Kraken

Solana ETF

Reuters: Investment manager VanEck files to list first spot Solana ETF in US |

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Last week, Consensys revealed that the SEC had concluded an investigation into Ethereum 2.0, referring to when Ethereum transitioned from a proof-of-work consensus mechanism to a proof-of-stake one.

In this episode, Laura Brookover, senior counsel & head of litigation and investigations at Consensys, and Sam Enzer, partner at Cahill Gordon & Reindel, explore the implications of this decision on Ether’s status as a commodity versus a security, and why the SEC dropped the pursuit, including whether the shifting political winds played a role. For instance, how much of the decision was influenced by the ETH ETF approvals, Democrats crossing party lines to vote for FIT21 and the repeal of SAB 121, and/or SEC crypto enforcement chief David Hirsch’s resignation? 

In this discussion, they also explained why the closure doesn’t necessarily mean that staking, or restaking, is safe from the SEC. Plus, what’s the impact of this closure on the other big crypto cases, such as Coinbase, Kraken, Uniswap, and Ripple?

• 02:13 How Consensys managed to get the SEC to reveal that it had concluded its investigation into Ethereum 2.0, and the significance of that move
• 08:14 The SEC's possible reasoning behind investigating Ethereum after it had switched to proof of stake
• 15:19 How uncommon is it for the SEC to send a letter concluding an investigation like the one into Ethereum
• 18:45 Whether recent events around crypto as an election issue, the ETH ETF approvals, votes for FIT21 and the repeal of SAB121, and David Hirsch’s resignation, might be connected to the decision to close this investigation
• 29:03 Whether the Biden administration has shifted its stance on crypto and whether Gensler should remain as chair
• 33:24 How the SEC might still go after staking
• 37:18 Whether restaking, such as pioneered by EigenLayer, is safe from regulatory actions
• 39:13 Why the SEC might be pursuing different judgments in various jurisdictions for MetaMask and Coinbase Wallet
• 44:24 What crucial evidence from the closed Ethereum 2.0 investigation could strengthen Coinbase's defense in its ongoing lawsuit
• 47:58 Why the SEC's aggressive stance on various crypto enforcement actions seems to remain unchanged despite closing the Ethereum 2.0 investigation
• 52:13 Why Sam and Laura believe Solana should not be considered a security, despite the SEC naming it as such in various crypto cases
• 58:13 How the SEC’s argument about an “ecosystem” is nonsensical, according to Laura Brookover
• 01:00:31 What the implications of the closed investigation are for the cases of Kraken and Ripple
• 01:04:58 What Sam and Laura B. are watching out for in terms of regulation and ongoing legal cases

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot

• Laura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys
• Previous appearance on Unchained: Consensys’s Lawsuit Against The SEC: Will It End Gensler's ‘Unlawful Power Grab’?
• Sam Enzer, Partner at Cahill Gordon & Reindel
• Previous appearances on Unchained:
• The Real Reason Why the SEC Might Be Going After Ethereum
• How 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison Sentence
• Why the SEC’s Case Against Coinbase Is So Significant for Crypto
• Why SBF’s Testimony So Far Has Likely Already Doomed Him
• Another Bad Week for Sam Bankman-Fried in His Criminal Trial
• Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify
• SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
• SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?

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LayerZero’s token claims went live on Thursday, and as with every recent airdrop, there was plenty of controversy.

In this episode, Bryan Pellegrino, cofounder and CEO of LayerZero Labs, joined to discuss their ambitious anti-Sybil campaign and the subsequent token distribution. He delved into the challenges of ensuring genuine user participation, the decision to offer a self-report option for Sybil attackers, and the complexities imposed by industrial-grade farmers. Bryan shared what he would have done differently and why a mandatory donation to Protocol Guild was imposed.

Also, are airdrops dead? How can the industry improve this not-so-effective distribution method? 

Show highlights:

• 00:00 Intro
• 01:23 Why LayerZero launched an anti-Sybil campaign with its airdrop, and what challenges they faced in ensuring genuine user participation
• 04:51 Why LayerZero offered a self-report option for Sybil attackers, and how this strategy revealed both the complexities and the creativity within the crypto community
• 10:16 How the anti-Sybil campaign uncovered over a million fraudulent accounts
• 14:34 What Bryan would have done differently in their campaign
• 17:18 What alternative methods, such as KYC and proof-of-humanity protocols, LayerZero could have used for their anti-Sybil campaign
• 18:35How LayerZero navigated the cat-and-mouse game with industrial airdrop farmers
• 23:08 Why they decided to impose a donation to Protocol Guild to claim the ZRO token
• 32:07 What caused the dramatic drop in LayerZero's activity post-announcement of their anti-Sybil campaign, and why the team is optimistic despite the decline
• 35:23 LayerZero's plans for future airdrops 
• 38:40 What Bryan thinks the future holds for airdrops in crypto, and how the current broken system can be improved to achieve better distribution and user engagement
• 42:43 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot

Bryan Pellegrino, cofounder and CEO of LayerZero Labs

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, we dive into the impact of celebrity-endorsed memecoins, featuring discussions around Iggy Azalea's 'Mother' token, Waka Flocka Flame's 'Flocka' token, and other celebrities. We debate the broader implications of these phenomena on the crypto market, address criticisms of venture capital's role in crypto, and explore the seasonal nature of crypto trading. Tune in for an in-depth look at how pop culture intersects with cryptocurrency, shaping current market sentiment.

Show highlights

🔹 Seasonality in Crypto: Exploration of the historical seasonal trends in crypto markets and their implications.

🔹 Memecoins & Celebrities: Insightful discussion on the rise of celebrity-launched memecoins and their impact on the crypto world.

🔹 Market Cycles: Exploration of the different phases in market cycles and their effects on asset creation and liquidation.

🔹 VC Funding in Crypto: Examination of the role of venture capital in the crypto ecosystem and its impact on market dynamics.

🔹 VC vs. Liquid Funds: Debate on whether venture capital funds are beneficial or detrimental to the crypto markets.

🔹 Institutional and Retail Adoption: The importance of growing crypto usage among both institutions and retail investors.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

• 00:00 Intro
• 01:58 Market Sentiment
• 07:34 Celebrity Involvement in Crypto
• 16:00 Celebrity Coins vs Endorsements 
• 25:24 Influencer Economy and Social Tokens
• 27:41 Legibility and Value of Memecoins
• 28:37 Crypto Influencers
• 31:07 VCs vs. Retail
• 36:50 Future of Crypto Markets
• 43:53 Institutional vs. Retail Adoption
• 50:45 Taking on Populist Takes

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A few weeks after its launch, Iggy Azalea's MOTHER memecoin is still in the spotlight. Host Joe McCann, who recently had dinner with her in New York, gives the inside scoop on how Iggy’s $MOTHER came to be, plus her plans. 

Also, Joe says Iggy is so bullish on Solana because it’s fast and cheap… but James Seyffart counters… nothing can be fast, cheap, and good. Except ETFs.

Guests Phil Bonello and Kelly Greer delve into the role of venture capital in crypto, and more particularly into dynamics between liquid hedge funds and massive token generation events. And James tells a mind-blowing story about how one ETF and obscure SEC rules could cause whiplash to the prices of Apple and Nvidia stock over the next few months. 

Plus, after SEC head enforcer David Hirsch resigned from the SEC this week, everyone gave their takes on why. Is Hirsch going to BlackRock, or was he scared about a potential lawsuit?

Show highlights:

• 00:51 The real story behind Iggy Azalea's MOTHER memecoin and the controversy between Joe and Haseeb Qureshi
• 07:26 Why Iggy is bullish on Solana, and whether MOTHER is a hopeful case for crypto, reflecting the evolving relationship between entertainment and Web3
• 12:35 Whether the market has already topped, given the involvement of celebrities in the industry
• 15:32 Whether VCs are extractive to the overall space, and how liquid funds and token unlocks impact the performance of assets
• 21:17 Why venture funds and hedge funds have different approaches to liquid crypto investments, and how memecoins are changing the game for allocators
• 33:18 Why there’s a 0% chance that SOL gets an ETF this year
• 34:19 What the recent macro trends point to, whether inflation going down is sustainable, and whether rate cuts are coming
• 43:32 Why Nvidia's rapid growth is about to trigger a multi-billion dollar rebalance in tech ETFs, and how both $NVDA’s and $AAPL’s stock prices might soon seesaw 
• 54:35 The theories about why the SEC’s chief crypto enforcer David Hirsch resigned from the agency (hint: it might have to do with the election)
• 59:52 Why James believes Ethereum ETFs will launch on July 2 and what amount of inflows the ETH ETFs might garner, esp. considering potential ETHE outflows

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Joe McCann, Founder, CEO, and CIO of Asymmetric

Guests:

• Kelly Greer, Vice President of Trading at Galaxy
• Philip Bonello, Founding Partner at Plaintext Capital

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The political landscape in the US is heating up with the November elections, and the crypto industry is watching closely. 

In this episode, Anthony Scaramucci, founder of SkyBridge, doesn’t mince words and explains why he believes Joe Biden is the best choice—even for the crypto voter—in the upcoming election, the significance of the Ethereum ETF approval, and how the industry has overcome significant regulatory hurdles. 

Scaramucci also shares his insights on the future of Bitcoin ETFs, the role of younger generations in driving crypto policy, and why Solana might be the next big thing. 

• 02:05 Why Anthony believes there’s only one choice in this election: Joe Biden
• 07:03 Why he thinks the crypto industry “has already won”
• 16:27 Whether the crypto industry should trust Trump with his pro-crypto comments
• 17:20 Why Anthony is convinced that the Biden administration has stopped its anti-crypto stance, even with the veto of the SAB 121 repeal
• 21:26 Why Anthony believes crypto is becoming a bipartisan issue, and how younger generations are driving this change in Washington
• 28:05 What three key elements would ideally be included in crypto legislation to ensure clarity and industry involvement in regulation
• 30:49 What happened to SkyBridge after selling a stake to FTX, and how they are riding the industry's “upswing”
• 38:00 What developments in Bitcoin ETFs could signal its recognition as an asset class and drive institutional adoption
• 40:00 What led SkyBridge to abandon its Bitcoin ETF application
• 43:23 What Anthony thinks is the best pitch for a spot Ether ETF to TradFi, and how expected inflows compare to Bitcoin ETFs
• 49:11 Anthony’s praise of Laura’s book
• 51:55 Why Anthony believes a Solana ETF might be the next big thing in crypto, despite SEC scrutiny and the need for a futures market first
• 55:20 Why SkyBridge is actively seeking new acquisitions and partnering with Parcl, a Solana-based decentralized real estate trading app
• 59:44 What Anthony's bullish predictions for Bitcoin and Ethereum are in the current cycle

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot

• Anthony Scaramucci, Founder and Managing Partner at SkyBridge

• Recent coverage of Unchained on the political scenario in the US:
• How the U.S. Government Can Protect the Dollar Through Stablecoins
• Why Many Democrats, Including the White House, Have Come Around on Crypto
• Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, we dive into the impact of celebrity-endorsed memecoins, featuring Iggy Azalea's new coin 'Mother' and Andrew Tate's 'Daddy.' We discuss how these phenomena influence the broader crypto market, recent trends in airdrops, and the challenge of Sybil resistance. Additionally, we explore the permissionless nature of crypto and the trade-offs involved in fun and chaotic projects, including the explosive rise of 'Hamster Kombat.' Tune in for an in-depth look at how pop culture intersects with the core principles of cryptocurrency, shaping current market sentiment.

🔹 Crypto Market Sentiment: Discussion on the latest market trends and how inflation numbers are impacting the community. 

🔹 Memecoins & Celebrities: Analysis of Iggy Azalea's $Mother and the phenomenon of celebrity-launched memecoins. 

🔹 Emerging Memecoins: Insights into new memecoins, including issues with fake and hacked accounts. 

🔹 Tap-to-Earn Games: Overview of the rapid growth of simple click-based games like Hamster Kombat. 

🔹 Airdrop Controversies: Exploration of recent controversies, particularly involving zkSync and LayerZero, and challenges of Sybil attacks. 

🔹 Future Airdrop Strategies: Discussion on the evolution and need for clear, ungameable metrics.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

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Nathaniel Popper just published his latest book, "The Trolls of Wall Street," covering the Wall Street Bets phenomenon. Funnily enough, his book comes at a time when there are striking similarities with the current memecoin mania in crypto. 

In this episode, Popper explores the rise of online investing communities like Wall Street Bets and their reflection of broader societal changes, particularly among young men. 

He also touches on the parallels between the trolling culture of these communities and the rise of figures like Donald Trump, and delves into the hidden dangers and psychological influences of memes in modern investing.

Show highlights:

• 01:21 The rise of online money communities and the shift towards investing based on ideas rather than traditional financial fundamentals
• 04:06 How the changing roles of young men in society have influenced the growth of crypto and online financial communities
• 13:36 How Robinhood's design choices changed retail investing, sparking FOMO and controversy by making trading as easy as a swipe
• 18:04 The hidden dangers of memes in modern investing, and how they balance fostering community with driving speculation
• 22:56 Why Trump's ties to the crypto community highlight the mix of serious intent and trolling
• 30:07 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot

• Nathaniel Popper, author of The Trolls of Wall Street

Previous coverage of Unchained on memecoins:

• Unchained: Why Memecoins Have Been 2024's Most Profitable Crypto Trade: Ansem and Kelxyz - Ep. 641
• BRETT Becomes First Memecoin on Base to Reach $1 Billion in Market Cap
• DWF Labs to Invest in Memecoins, Onchain Data Reveals LADYS Transactions
• Celebrity Tokens Continue to Bleed With Some Memecoin Traders Losing Six-Figures

The book:

• Blockworks: What do memecoins and meme stocks have in common?: A review of ‘The Trolls of Wall Street’
• Fortune: Q&A with the author of ‘The Trolls of Wall Street’: Gambling, conspiracies, and the return of Roaring Kitty, 

Meme culture

• WSJ: 
• Meme Stocks Are Back, but Fund Investors Moved On
• Meet the ‘Degen’ Traders Fueling the Latest Meme-Stock Mania
• CoinDesk: In Defense of Meme Coins
• What else could memecoins be? By Vitalik Buterin

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Robinhood has been in the spotlight for its $200 million acquisition of European crypto exchange Bitstamp. The TradFi app’s venture into crypto is paying off: its recent earnings showed that revenue is growing substantially, and the Bitstamp acquisition is just one way the company will grow the pie.

Johann Kerbrat, general manager of Robinhood Crypto, came on the show to discuss the acquisition, Robinhood's plans for expanding its crypto business internationally and into the institutional market, the company's approach to listing crypto assets, how regulation has affected its business decisions, and its efforts to bridge traditional finance and decentralized finance.

• 02:14 How the acquisition of Bitstamp will reshape Robinhood
• 08:51 Whether Robinhood could list more coins and whether it’s considering more acquisitions
• 11:54 Whether the U.S.’s unclear crypto regulation influenced the decision to acquire Bitstamp and which other jurisdictions, besides the EU, Robinhood Crypto is eyeing
• 17:46 Why Johann was disappointed by the Wells notice Robinhood received from the SEC
• 20:47 Johann’s U.S. crypto regulation wish list and why Robinhood supports the FIT21 bill
• 24:09 Why Robinhood delisted ADA, MATIC, and SOL, and the process for listing or delisting a coin on the platform
• 29:49 Johann’s background in crypto and trajectory at Robinhood Crypto
• 31:35 How Robinhood is uniquely poised to help bring real-world assets and securities on-chain, and how it will handle offerings for institutional investors
• 37:48 The impact and importance of the introduction of spot bitcoin ETFs
• 44:26 Why Robinhood decided to offer staking, but only for Solana, not Ethereum
• 46:11 Whether there’s demand for crypto-native features in the Robinhood platform
• 48:26 Robinhood’s collaboration with Arbitrum and whether the company might build their own Layer 2
• 54:29 Johann’s take on the memecoin mania and whether Robinhood could list them
• 59:26 What Johann thinks about the political fight around crypto in the U.S.

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot

• Johann Kerbrat, general manager of Robinhood Crypto

Acquisition of Bitstamp: 

• Unchained: Q&A With Robinhood Crypto General Manager: Why the Crypto Giant Went to the EU
• Fortune: Robinhood defies the SEC by forking over $200 million for a crypto exchange
• DL News: Robinhood crypto head says Bitstamp will help lure wealthy investors

Robinhood’s crypto business:

• Bloomberg: Robinhood (HOOD) Profit Beats Estimates as Crypto Revenue Surges
• Robinhood Reports First Quarter 2024 Results

Regulatory actions:

• Reuters: Robinhood Crypto gets Wells notice from US SEC 
• Robinhood Crypto Launches Staking in Europe with Localized Apps to Follow

Memecoin mania

• Unchained: 
• Celebrity Tokens Continue to Bleed With Some Memecoin Traders Losing Six-Figures 
• Why Memecoins Have Been 2024's Most Profitable Crypto Trade: Ansem and Kelxyz

Ether ETFs:

• Unchained: 
• Ethereum ETFs Likely Protect Ether From the SEC. But What About Staked ETH? 
• Why the SEC May Not Be Done in Its Legal Battles Over Ethereum
• Kerbrat’s statement on ETFs

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Coinbase’s “onchain summer” has kicked off with the launch of its new smart wallet. This interview with Luke Youngblood, founding contributor to Moonwell, gives a peek at how it’s sweetening the pot for developers and users alike. 

In this episode, Youngblood describes how smart wallets are different from traditional wallets, how they do away with past security issues, and the more minor potential risks that still do exist with smart wallets. He also gives details on the ways that Coinbase is trying to use its smart wallet to get users onchain: making it much easier to transact onchain directly from their Coinbase accounts, subsidizing gas costs for certain dapps, and making sure everything is web-accessible. 

Plus, he explains why Moonwell chose Base, how it is branching out to non-crypto native DeFi users, such as populations that only have mobile phones and not desktop computers in geographies like Africa, Latin America, and Asia, and how the DeFi lending protocol differentiates itself from bigger ones that have established a beachhead on Base. 

Show highlights:

• (00:00) Intro
• (01:40) How smart wallets differ from traditional wallets and embedded wallets
• (04:06) Why Luke is excited to be working with Coinbase smart wallet
• (06:33) What happens if the user loses the device linked to their smart wallet
• (08:12) How hard it would be for a hacker to try to get access to the assets in this smart wallet
• (09:36) How Coinbase is initially paying for user gas fees on dapps like Moonwell and other launch partners
• (12:02) How Coinbase’s Magic Stand feature enables users to transact onchain straight from their Coinbase accounts
• (14:24) How Coinbase might keep paying gas fees for some dapps even after the initial launch period
• (16:38) Why the smart wallet is also accessible via the web, and not just through an app
• (19:50) Why Moonwell has focused on lending and borrowing
• (18:03) Why Moonwell chose to build on Base as opposed to, say, Solana
• (21:24) Moonwell’s plans to grow 
• (23:00) How having access to Coinbase’s user base changes Moonwell’s strategy for attracting users
• (26:14) Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot

• Luke Youngblood

• Previous coverage on Unchained:
• Coinbase Smart Wallet: Coinbase Launches Its Smart Wallets, Dubbing It Crypto’s ‘IPhone Moment’
• Wallets: 
• Why (Almost) Everyone in Ethereum Is So Excited About a Wallet-Related Proposal
• What Are Externally Owned Accounts (EOAs) in Ethereum?
• An Introduction to ERC-4337 (Account Abstraction) Standard
• Base: 
• How Ethereum’s Dencun Upgrade Could Lead to the Rise of Millions of Layer 3s
• Dencun Day One: Ethereum Layer 2 Networks See Drastic Drop in Transaction Fees
• Base Daily Transactions Spike to 2 Million Post Dencun Upgrade 
• Why Base’s Creator Thinks Social Apps Will Be a ‘Huge Part’ of the Layer 2 Blockchain’s Success
• Base TVL Hits $4 Billion as Transactions Per Second Surpass Ethereum
• 3 Reasons Why Layer 2 Network Base Has More Than Doubled Its Total Value Locked This Year
• Ethereum Layer 2s:
• Ethereum L2 Networks Reach Record High of 7 Million Distinct Addresses

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In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann, along with guest Hal Press, founder of North Rock Digital, dive into the intricate challenges of pitching the ETH spot ETF to traditional finance and the Federal Reserve’s anticipated next steps. They discuss why Biden vetoed the repeal of SAB 121, and why that veto lends credence to an alternative theory as to why the SEC approved Ethereum ETFs. 

Also, they talk about why the spot ETH ETFs are already turning out to be different from the Bitcoin ETFs, Hong Kong's (and perhaps China’s?) crypto ambitions, recent U.S. macroeconomic indicators, and whether or not Roaring Kitty’s recent antics with GME stock are illegal—and how he’s impacting memecoins. 

• Why Biden vetoed the repeal of SAB 121 and whether it was priced in
• The recent political change around crypto and the surprise Gen Z celebrity who could swing the U.S. presidential election
• The impact of the Trump conviction on the crypto industry
• Why ETF issuers were caught off guard with the spot ETH ETF approvals
• Whether Bitcoin ETF buyers will rotate to Ethereum, and when the products will launch 
• How the ETH ETF will be pitched to TradFi 
• Why Alex thinks ETH/BTC will go up 
• How Hong Kong is trying to become the Wall Street of crypto, according to Joe
• The recent macroeconomic indicators in the U.S. and their implications for crypto
• The massive glitches in the NYSE that showed Berkshire Hathaway going down 99%
• Whether what Roaring Kitty is doing with the GME stock is illegal

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard
• Joe McCann, Founder, CEO, and CIO of Asymmetric

• Hal Press, Founder of North Rock Digital

Politics: 

• Unchained: President Biden Vetoes SAB121 Repeal
• Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?
• POLITICO: Crypto super PACs get $25M boost
• Fortune: Coinbase donates $25 million to super PAC Fairshake days after Biden vetoes crypto custody bill

Ether ETFs:

• Unchained: 
• Ethereum ETFs Likely Protect Ether From the SEC. But What About Staked ETH? 
• Why the SEC May Not Be Done in Its Legal Battles Over Ethereum
• Why ETH Spot ETFs Could Benefit Stakers and Make Ethereum More Resilient
• ETH ETFs Will Be Approved. But Could Grayscale Outflows Depress the Price of ETH?
• Blockworks: What we learned from the latest ETH ETF filing dump

Hong Kong

• Bloomberg: Hong Kong Says 11 Crypto Exchanges Are Closer to Getting Permits

Other recent events: 

• CNN Business: Berkshire Hathaway: NYSE says glitch that showed stock down 99.97% has been resolved 
• WSJ: E*Trade Considers Kicking Meme-Stock Leader Keith Gill Off Platform 

TIMESTAMPS

• 00:00 Intro
• 01:59 Why Biden vetoed the repeal of SAB 121 and whether it was priced in
• 08:43 The recent political change around crypto and whether this particular Gen Z celeb could swing the U.S. presidential election
• 12:07 What the impact of the Trump conviction had in the crypto industry
• 15:38 Whether Bitcoin ETF buyers will rotate to Ethereum, and when the ETH ETFs will launch 
• 25:53 How the ETH ETF will or should be pitched to TradFi 
• 31:02 Why Alex thinks ETH/BTC will go up 
• 32:48How Hong Kong is trying to become the Wall Street of crypto, according to Joe
• 36:27 The recent macroeconomic indicators in the U.S. and their implications for crypto
• 45:15 The massive glitches in the NYSE that showed Berkshire Hathaway going down 99%
• 49:26 Whether what Roaring Kitty is doing with the GME stock is illegal

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In this episode, Laura Shin speaks with former CFTC chairman Chris Giancarlo and former CFTC chief innovation officer Daniel Gorfine on the pressing need for the U.S. to safeguard the dollar. They explain why they believe the future of regulation is the government operating nodes on blockchains rather than regulating intermediaries, why even private USD stablecoins will want a USD central bank digital currency, and how China might export the technology behind the digital yuan—and its surveillance capabilities—to other countries. They also touch on how the upcoming U.S. elections could influence crypto policy, why stablecoins are more than just trading instruments, and what the U.S. must do to maintain its financial leadership.

• How governments should embrace blockchain technology to become better at its job, according to Chris
• How the financial system needs to change for the younger generations
• Whether the U.S. is losing ground in terms of innovation
• Why Daniel thinks stablecoins are much more than a trading instrument for crypto
• Why Daniel believes that the U.S. is making the regulation of stablecoins “far more complicated than it needs to be”
• How Singapore is already giving licenses to USD stablecoin issuers
• Whether the dollar should be trademarked to protect it
• How Tether has become one of the most profitable companies per employee in history without being under U.S. jurisdiction
• Who should be the next chair of the SEC and the need to regulate DeFi in order for it to become mainstream
• Why Daniel thinks that some of the criticism of the FIT21 bill “doesn’t hold water”
• Why Chris believes that China is lying about not intending to export the technology behind the digital yuan
• Whether algorithmic stablecoins should be banned, as proposed in the Lummis-Gillibrand bill

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle?

• Polkadot
• VaultCraft

• Chris Giancarlo, Former Chairman of the US Commodity Futures Trading Commission, author of CryptoDad
• Forbes: ‘Elizabeth Warren’s Anti-Crypto Wing Is A Shrinking Iceberg’, Says Former Top Regulator
• FoxBusiness Interview: Elizabeth Warren and others have declared war on cryptocurrency: Chris Giancarlo
• Op-ed in the FT Banking Risk & Regulation: Can CBDCs be made safe for democracy?
• Daniel Gorfine, Founder & CEO of boutique advisory firm Gattaca Horizons, former Chief Innovation Officer at the U.S. CFTC, and adjunct professor at the Georgetown University Law Center
• Opinion: Stablecoin and other digital assets are falsely framed as a choice between personal privacy and national security. We can have both. - MarketWatch
• Building digital infrastructure for the future of finance

Stablecoins:

• Stablecoins Are Defense Tech by Morgan Beller 
• Unchained: 
• Opinion: Regulated Dollar Stablecoins Created by a Proposed New Senate Bill Would be Crypto’s Ultimate Trojan Horse 
• Tether's Record $4.5 Billion Q1 Profit Highlights Its Dominance of the Stablecoin Industry

SAB 121

• Unchained: President Biden Vetoes SAB121 Repeal

FIT21

• Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?

Spot Ether ETFs

• Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in crypto. This episode explores the buzz around LeBron James' potential memecoin, the recent approval of Ether ETFs, and Biden's shifting stance on crypto policy. We dissect the implications of Trump's pro-crypto promises and the FIT21 legislation. Tune in for a lively debate on celebrity coins, the market's reaction to regulatory changes, and the evolving landscape of political influence in the crypto space.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

🔹 Celebrity Coins: In-depth discussion on the rise of celebrity-endorsed cryptocurrencies, focusing on LeBron James' potential memecoin and its market implications.

🔹 Ether ETF Approval: Examination of the recent Ether ETF approval, the political motivations behind it, and how it might impact the broader crypto market.

🔹 Biden's Crypto Policy: Analysis of Biden's evolving crypto stance, including recent outreach to the crypto industry and the potential effects on the upcoming elections.

🔹 Trump's Crypto Strategy: Debate on Trump's newfound pro-crypto stance, his promises to the crypto community, and the potential impact on his voter base.

🔹 FIT21 Legislation: Overview of the Financial Innovation and Technology in the 21st Century Act, its key provisions, and the potential for bipartisan support.

🔹 Political Influence in Crypto: Discussion on the increasing influence of politics in the crypto space, including the roles of key figures and the impact of regulatory developments.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Timestamps 

• 00:00 - Intro
• 02:45 - ETF Approval 
• 07:00 - How deep is this policy shift?
• 09:00 - FIT21
• 15:45 - Trump's Pro-Crypto Stance
• 24:40 - Caitlyn Jenner's Memecoin Launch

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Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

After some big wins for the crypto industry (and big losses for the U.S. Securities and Exchange Commission), Jason Gottlieb, partner at Morrison Cohen, delves into how the upcoming US elections could reshape the SEC’s crypto agenda, the political pressures influencing SEC decisions, and the potential impact that a new SEC chair could have.

Gottlieb provides insights into ongoing court battles involving major crypto firms like Coinbase and explores the broader political implications of the Democrats' recent outreach to the crypto industry.

Show highlights:

• How the sea change in Congress, the White House, and the Biden campaign affects the SEC’s stance on crypto
• Whether the SEC's agenda on crypto has changed, following the sudden reversal on ETH ETFs
• Whether the SEC is being pressured politically about crypto and how that could affect its actions between now and the election
• How the ongoing legal crypto cases are affected by the SEC’s change of tune
• What the implications of a possible new SEC chair would be
• How the SEC’s credibility was damaged by the Debt Box case
• Why Jason thinks Democrats are in an “uncomfortable position” but also believes there’s a lot of common ground with the Republicans with regard to crypto

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot
• VaultCraft

• Jason Gottlieb, partner at Morrison Cohen
• Previous appearances on Unchained: 
• The Department of Justice Goes After Its First NFT Insider Trading Case
• ‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer

• Previous coverage on Unchained of the recent shift in the US political landscape:
• Why Many Democrats, Including the White House, Have Come Around on Crypto
• Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress
• Bits + Bips: Is US Politics Driving the ETH ETF Approval?
• Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday

Political turn and ongoing cases:

• The Block: Biden campaign ramps up crypto industry outreach in surprising tone 'shift'
• Unchained: 
• Ethereum ETFs Likely Protect Ether From the SEC. But What About Staked ETH?
• Why the SEC May Not Be Done in Its Legal Battles Over Ethereum 

SAB 121

• Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance 

FIT21

• Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?

Spot Ether ETFs

• Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security

TIMESTAMPS:

• 00:00 Introduction
• 02:55 The outlook for the SEC’s efforts after the seeming sea change from the Democrats
• 06:09 Whether the SEC's agenda has changed, after the sudden reversal on ETH ETFs
• 09:58 Whether the SEC is being pressured politically and whether that will influence its actions between now and the presidential election
• 15:30 How the ongoing legal crypto cases are affected by the SEC’s change of tune
• 19:51 What the implications of a new SEC chair would be on court cases winding slowly through the courts
• 23:52 How the SEC’s credibility was damaged by the Debt Box case
• 27:59 Why Jason thinks Democrats are in an “uncomfortable position” but also believes there’s a lot of common ground with the Republicans with regard to crypto
• 34:14 Weekly recap

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Sheila Warren, CEO of the Crypto Council for Innovation, joins Unchained to explore the dramatic shift by Democrats in the last few weeks on crypto. She explains why she believes the overturning of SAB 121 and the House vote for the FIT21 bill were both instrumental to the White House's changing view on crypto and may have played a role in the SEC’s surprising approval of spot ETH ETFs. 

Having worked for years on passing crypto legislation and as a lifelong Democrat, Sheila describes what kinds of arguments were persuasive to Democratic members of Congress, addresses some criticisms of the FIT21 bill, and gives her perspective on the debate about single-issue voters.

• The overall attitude toward crypto in Washington going into the House vote on SAB 121 on May 8
• The bipartisan votes in the House and Senate to overturn SAB 121
• Why, by the time of the Senate vote on FIT21, the White House had had a change of heart about crypto
• Why, after the Senate vote to repeal SAB 121, the SEC approved the spot ETH ETFs
• Why Sheila is so proud of the passage in the House of the FIT21 bill
• How Sheila and CCI approached their discussions with Democrats and what arguments they found effective
• Whether the industry has survived the negative image of SBF and FTX
• The sea change in the White House between the SAB 121 vote and the FIT21 vote
• A high-level description of the FIT21 bill 
• What kind of authority the bill would give the CFTC over crypto 
• What the implications of the bill are for launching tokens
• FIT21’s approach to regulating DeFi and how the FIT21 bill is "kicking the can" on this topic
• The overall political and legislation landscape and the next likely steps for crypto
• Whether the ETF approval changes anything about the SEC’s investigation into Ethereum
• What Sheila thinks about the 'crypto single-issue voter’ debate 

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• VaultCraft

• Sheila Warren, CEO of the Crypto Council for Innovation
• Previous appearance on Unchained: Did FTX Ruin Crypto’s Image on Capitol Hill? Two DC Insiders Discuss

• Previous coverage on Unchained of the recent shift in the US political landscape:
• Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress
• Bits + Bips: Is US Politics Driving the ETH ETF Approval?
• Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday

SAB 121

• Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance 

FIT21

• CCI: FIT21 Coalition Support Letter
• Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?
• Sheila’s op-ed on Fortune: The clock is ticking for Democrats on crypto

Spot Ether ETFs

• Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security

Ethereum Foundation investigation

• Fortune Crypto: SEC probing crypto companies in Ethereum investigation as hopes for ETF dim

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Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Amazon Music, or on your favorite podcast platform.

With crypto becoming more politicized than ever, US Senator from Wyoming Cynthia Lummis came on Unchained to talk about the recent regulatory action in Washington DC.

With crypto becoming more politicized than ever, U.S. Senator from Wyoming Cynthia Lummis came on Unchained to talk about the recent regulatory action in Washington, D.C.

She delves into what led to bipartisan support to repeal SAB 121, and how the strength of the vote there in both the House and Senate may have affected the about-face decision to approve spot ether ETFs. Sen. Lummis also explains why she disagrees with how Gary Gensler’s SEC is handling the industry, how to avoid the next TerraUSD, why she feels Wyoming-chartered Custodia Bank is not being treated fairly, the ban on a Chinese-owned, Wyoming-based Bitcoin mining firm, and what advice she would give to the crypto industry during this election year.

Show highlights:

• Why the SAB 121 approval was bipartisan 
• Whether President Biden will veto the resolution 
• How it's a "mystery" to Sen. Lummis why the SEC had a change of heart about Ether ETFs
• How the SEC's approach to regulating the industry "is not the American way"
• Whether there is a bipartisan majority in favor of crypto in Congress
• How bitcoin has come a long way in terms of adoption
• Sen. Lummis' thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation
• The differences between the Lummis-Gillibrand bill and FIT21
• How Sen. Lummis feels about the denial of a master account for Custodia Bank
• Whether there's a move against Bitcoin mining companies in the US, given the recent ban of an operation in Wyoming
• What Sen. Lummis would advise for the industry to accomplish its goals

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot
• VaultCraft

• Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress - Ep. 651, U.S. Senator from Wyoming

Ether ETFs

• Unchained: 
• Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security
• Bits + Bips: Is US Politics Driving the ETH ETF Approval?
• Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday

SAB 121

• Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance 
• 
  

FIT21:

• Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?

Open cases:

• Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security
• Unchained: 
• Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
• SEC Puts DeFi in Its Sights With Potential Uniswap Suit
• Unchained:
• SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report
• The Real Reason Why the SEC Might Be Going After Ethereum

Timestamps:

• (00:00) Introduction
• (02:53) Why the SAB 121 approval was bipartisan 
• (04:52) Whether President Biden will veto the resolution 
• (08:40) How it's a "mystery" to Sen. Lummis why the SEC had a change of heart about Ether ETFs
• (13:23) Why Senator Lummis believes there is a bipartisan majority in favor of crypto in Congress
• (20:19) Sen. Lummis' thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation
• (23:55) The differences between the Lummis-Gillibrand bill and FIT21
• (28:59) How Sen. Lummis feels about the denial of a master account for Wyoming-special purpose depository institution Custodia Bank
• (30:20) What she thinks about the Biden administration’s ban against a Wyoming-based, Chinese-owned Bitcoin mining company near a nuclear site
• (33:44) What Sen. Lummis would advise for the industry to accomplish its goals
• (35:04) Weekly Recap

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in crypto. This episode covers the anticipated Ether ETF Approval and its market impact, Biden's evolving crypto policy, and the bipartisan repeal of SAB-121. We debate the controversy around High FDV Low Float Tokens and discuss the DOJ indictment for a $25 million MEV exploit. Tune in for insights on memecoin performance, the role of prediction markets in politics, and the increasing participation of retail investors in the crypto market.

Show highlights

🔹 Crypto Regulation: In-depth discussion on SEC Crypto Guidance, focusing on SAB-121 and its implications for the crypto and banking sectors.

🔹 Ethereum ETF News: Examination of the anticipated Ether ETF Approval, the political motivations behind it, and potential market implications.

🔹 Biden Administration Crypto Stance: Analysis of Biden's evolving crypto policy, bipartisan repeal of SAB-121, and how these shifts might affect the upcoming elections.

🔹 High FDV Low Float Tokens: Debate on the controversy surrounding high FDV low float tokens, recent market downturns, and potential market structure issues.

🔹 MEV Exploit DOJ: Overview of the DOJ indictment of two brothers for a $25 million MEV exploit, exploring the legal and ethical implications.

🔹 Memecoin Performance: Insights into current market trends, including the performance of memecoins versus VC-backed tokens, and predictions on future regulatory impacts.

🔹 Prediction Markets in Politics: Exploration of how prediction markets are influencing political stances, particularly Trump's pro-crypto stance and its effects on voter behavior.

🔹 Impact of Regulation on Crypto: Discussion on the increased participation of retail investors in the crypto market and its broader implications.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Haseeb’s “Why are all these low float / high FDV coins down bad?” https://x.com/hosseeb/status/1792257063399403669 

Two Brothers Arrested for Attacking Ethereum Blockchain and Stealing $25M in Cryptocurrency:

https://www.justice.gov/opa/pr/two-brothers-arrested-attacking-ethereum-blockchain-and-stealing-25m-cryptocurrency 

Tarun’s Towards a Theory of Maximal Extractable Value I: Constant Function Market Makers: 

https://arxiv.org/pdf/2207.11835 

Timestamps 

(00:00) - Intro

(2:20) - Congressional Response to SAB-121

(12:05) - Are memecoiners activists?

(16:09) - Crypto is a new wedge issue

(19:03) - ETH ETF & Regulation softening

(22:23) - Prediction markets steering politics

(30:22) - Being anti-crypto is stupid

(35:38) - "High FDV, Low Float" tokens

(40:16) - Market structure problems

(49:14) - Market price is not sustainable

(55:38) - DOJ vs. MEV Bot Exploit

(1:01:45) - Crypto-on-crypto crime

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With ETH spot ETFs now more likely than ever, Bits + Bips hosts James Seyffart, Alex Kruger, and Joe McCann delve into the reasons behind this shift, surmising that the reversal may have come from powers above the SEC—perhaps in the Biden administration.

The three hosts surmise that ETH will likely reach all-time highs, discuss how this changes their election trading strategy and ponder where there is enough institutional demand for ether ETFs. They also look at whether the potential approval could sway the US elections. 

Plus, they share insights into stablecoins and how they strengthen the US’s political power globally, dive into the debate on low float/high FDV coins, and also take a peek at what they think could be the potential next crypto spot ETF.

• Why the chances of an ETH ETF suddenly reversed
• What the "Coinbase premium" is and how Joe uses it for trading
• Why Alex believes that ETH is heading to all-time highs
• Whether there's institutional demand for spot ether ETFs
• The political pressure that led to this change
• Whether the ETH ETF will change the course of the US elections
• The broader macroeconomics conditions and how Alex thinks to trade the US elections
• How US dollar-pegged stablecoins promote USD hegemony
• The debate about high FDV, low float coins, and whether there is a solution
• Whether new crypto spot ETFs will be approved

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard
• Joe McCann, Founder, CEO, and CIO of Asymmetric

Ether ETF approval:

• Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security
• CoinDesk: Ether ETFs Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources
• The Block: Fidelity files amended S-1 registration statement, removing staking rewards from prospective Ethereum ETF
• Unchained Podcast: Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday

High FDV, low float coins:

• Unchained: Who’s to Blame for the Underperformance of Low Float, High FDV Tokens?

Timestamps:

• (00:00) Intro
• (01:40) Why the chances of an ETH ETF suddenly reversed
• (09:13) Why Alex believes that ETH is heading to all time highs
• (11:22) Whether there's institutional demand for ether
• (16:46) The political pressure that led to this change
• (28:46) The broader macroeconomics conditions and how Alex thinks he’ll trade the US elections
• (35:51) How US dollar-pegged stablecoins promote USD hegemony and mirror the Eurodollars market
• (40:01) The debate about high FDV, low float coins, and whether there is a solution
• (49:52) Whether there are going to be new crypto spot ETFs being approved

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Just when everyone thought that spot Ether ETFs were going to be denied on Thursday, news broke Monday that they are now likely to be approved, with Bloomberg analysts tripling their odds to a 75% chance of approval. 

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, and Matt Hougan, CIO at Bitwise Asset Management, say this reversal definitely has to do with politics, citing the fight of Staff Accounting Bulletin 121, a rule that was unfriendly to financial institutions wanting to engage with crypto. 

Plus, they delve into the reasons why Michael Sonnenshein stepped down as CEO of Grayscale after 10 years (hint: it has to do with GBTC), what the 13F filings revealed about who’s been buying the spot bitcoin ETFs since the beginning of the year, and what Vanguard’s incoming CEO, Salim Ramji, who was instrumental to getting BlackRock to launch its Bitcoin ETF, could mean for crypto’s future at the asset management firm.

• Why Eric believes the ether ETFs will be approved
• Why Matt thinks the Bitcoin ETFs set off a "complete sea change in Washington around crypto"
• Whether the spot Ether ETFs will be approved with or without staking
• Who the authorized participants and other behind-the-scenes players in the ether ETFs will be
• When the ETH ETFs could start trading and why Eric believes they won't be as successful as Bitcoin ETFs
• What the 13F filings revealed about the spot Bitcoin ETFs buyers and why their identities are "stunning"
• Why Michael Sonnenshein stepped down as CEO of Grayscale
• Grayscale’s new mini ETF, BTC
• Whether Vanguard's new CEO appointment could mean a change in attitude by the asset management firm towards crypto
• What a buffered ETF is and why they could be significant
• Matt's prediction for the BTC price
• Their outlook on the future of ETFs and developments in the space

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• VaultCraft

• Matt Hougan, Chief Investment Officer at Bitwise Asset Management
• Previous appearances on Unchained: 
• How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock
• Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
• Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence
• Previous appearances on Unchained:
• How, in 7 Weeks, Bitcoin ETFs Reached Inflows That Took Gold ETFs 3 Years
• Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
• Will a Spot Bitcoin ETF Finally Get Approved?

Ether ETFs

• Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security
• CoinDesk: Ether ETFs Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources
• The Block: Fidelity files amended S-1 registration statement, removing staking rewards from prospective Ethereum ETF
• 
  

SAB 121

• Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance 
• Unchained: Senate Votes to Kill SAB 121 Custody Bill: How Crypto Became So Political

13F Filings

• Unchained: Large Institutions Betting Big on Bitcoin ETFs Revealed in SEC Filings

Leadership changes

• CoinDesk: Grayscale CEO Michael Sonnenshein Steps Down, to Be Replaced by TradFi Veteran
• WSJ: Meet Salim Ramji, Who Is Going to Oversee the Retirement Assets of Tens of Millions of Americans

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In this episode, Evan Zinaman, founder and principal at Trailbreak, delves into the first-of-its-kind case of the Bueno brothers, who face Department of Justice charges for exploiting Maximal Extractable Value (MEV) in a cryptocurrency scheme. Accused of manipulating transaction ordering to create an arbitrage opportunity, the brothers are charged with conspiracy to commit wire fraud as well as wire fraud itself. 

Zinaman explores the broader implications of MEV exploitation, addresses critics who say that the MEV exploiters just got a taste of their own medicine, and the need for block building participants to consider their legal and compliance responsibilities.

Show highlights:

• What the charges against the Bueno brothers are about
• How block building works on Ethereum and how the relay was manipulated by the Bueno brothers
• The different types of MEV and which ones are acceptable 
• Why these charges could be seen as a "vanilla fraud," according to Evan
• Whether the benefits of MEV outweigh the cons of it
• The lack of terms of service in the MEV space
• How the regulators' attention to the space has changed over time

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle?

• iTrustCapital
• Polkadot
• VaultCraft

• Evan Zinaman, Founder & Principal at Trailbreak
• Where the Rubber Meets the Road: A MEV-Aware, Functionalist Review of OFAC Risk "on the Base Layer"

• Previous coverage on Unchained of MEV:
• Why MEV Will Always Be Controversial
• The Chopping Block: Why the Once-Taboo MEV Is Now a Core Part of Ethereum
• The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not
• The Chopping Block: ‘Code Is Law’ Is ‘Obviously Not How Anything Works Ever’

The Case:

• Unchained: DOJ Alleges Two Brothers Stole $25 Million From MEV Bots Last Year

Research:

• Blockchain Transaction Ordering as Market Manipulation by Mikolaj et al

Learn more: 

• What Are Sandwich Attacks in Crypto? A Beginner's Guide
• What Is MEV in Crypto?

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and special guest Laura Shin explore the latest trends in the crypto world. In this episode, we touch on how Donald Trump's pro-crypto statements influence voter behavior in the upcoming U.S. elections. We ask ourselves, is voting based solely on crypto policy a legitimate strategy? What are the implications of the Biden administration's stance on crypto regulations for future electoral outcomes? Following the political discussion, we unpack the recent GameStop and AMC pump and dissect the viability of their business models. We bring to light the broader implications for memestocks and whether the increased capital really saves these companies. Tune in for a detailed exploration of these critical questions affecting the interplay of politics, finance, and cryptocurrency.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 Crypto's Role in U.S. Politics: Trump's pro-crypto stance at a recent gala and its potential implications for voter behavior are examined.

🔹 Single Issue Voting on Crypto: The legitimacy of voting based solely on crypto policy is debated, with insights into how this could impact the political landscape.

🔹 Opinions on Financial Regulations: The various aspects of financial regulation, including the Biden's administration's stance on crypto, and predictions on how this might influence future electoral outcomes.

🔹 Roaring Kitty’s resurgence and its impact on GameStop's stock prices are discussed, analyzing the ongoing influence of meme stocks in the market.

🔹 Retail's Impact on Financial Markets and the broader implications of retail investment behaviors.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Laura Shin, journalist, author of ‘The Cryptopians,’ founder and CEO of Unchained

Blockworks article: https://blockworks.co/news/only-a-fool-would-vote-on-crypto-alone 

Trump’s 2019 Tweet: https://x.com/realDonaldTrump/status/1149472282584072192 

SAB121: https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409250 

Roaring Kitty Tweet: https://x.com/TheRoaringKitty/status/1789807772542067105 

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Erik Voorhees, a crypto OG, has launched Venice, a private, uncensorable, open-source competitor to OpenAI’s ChatGPT or Anthropic’s Claude, powered by a decentralized crypto network. 

In the episode, Erik and Venice’s COO Teana Baker-Taylor delve into the problems with censorship and data in current AI agents, including how they create honeypots of information about users’ search history for hackers, or that they can be absurdly politically correct, such as refusing to create images of Caucasian people. As they point out, there’s also the risk that the companies managing them could be censoring the models to please the Chinese government, in order to access the market in that country. They talk about their plan for Venice to gain market share, considering that DuckDuckGo, a privacy-preserving competitor to Google, has a much smaller market share. And they explain why they intend for Venice to eventually use the compute of Morpheus, or other decentralized crypto-powered compute networks. 

They also critique the SEC’s current regulatory approach to crypto, calling it “a joke.” Additionally, they explore the concept of AI agents using cryptocurrencies as their primary currency.

• Why Erik decided to move into artificial intelligence and merge it with crypto
• What problems decentralized AI would solve and why it's hard to solve sexist and racist views in LLMs
• The differences between ChatGPT and other similar products and Venice AI
• Why privacy is so important for users, according to Erik, and how Venice doesn't store the users' information
• How central governments could manipulate information to their own benefit and how to avoid it
• Whether people will shift from using search engines to LLMs
• What Morpheus is and its goal to provide decentralized computation for AI
• How Erik and Teana believe crypto and AI will continue to work together 
• Erik's and Teana's thoughts on some of the recent government actions against founders of crypto privacy services such as Samourai Wallet andTornado Cash
• Why Erik believes that the SEC has become a joke

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle?

• Polkadot
• VaultCraft

• Erik Voorhees, Founder and CEO of Venice AI
• Previous appearances on Unchained:
• Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
• Why ShapeShift’s Erik Voorhees Thinks Toxic Bitcoin Maximalism Is Bullshit
• Shapeshift’s Erik Voorhees on How Crypto Will Separate Money and State
• Teana Baker-Taylor, COO at Venice AI

Previous coverage on Unchained of crypto/AI:

• When AI and Blockchain Meet, How Can Each Technology Benefit?
• The Chopping Block: Why AI Will Change the Course of History in Crypto
• 5 Use Cases of AI in Blockchain
• A Beginner's Guide to AI Tokens

Venice AI:

• Erik’s thread announcing Venice 
• The Separation of Mind and State

Architecture:

• About Morpheus.Network
• Messari: What is Akash Network?

LLMs:

• MIT Technology Review: LLMs become more covertly racist with human intervention
• China Talk: Censorship’s Impact on China’s Chatbots - by Nicholas Welch

Recent cases on privacy:

• CoinDesk: Samourai Wallet Founders Arrested and Charged With Money Laundering
• Cointelegraph: DOJ’s Tornado Cash arguments show ‘obvious disdain for privacy’ — Lawyer
• CNBC: North Korea crypto hacking activity soars to record high in 2023, new report shows
• Reuters: Exclusive: UN experts investigate 58 cyberattacks worth $3 bln by North Korea
• Erik’s post on the right to have privacy

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and special guest Avichal Garg from Electric Capital dissect the latest trends in the crypto world. This episode dives deep into the buzz around EigenLayer’s airdrop: What sparked the controversy and how did EigenLayer respond to community backlash? We then explore LayerZero’s unique self-reporting strategy to combat Sybil farmers and analyze Friend.Tech’s bold, no-VC token launch. The discussion heats up with a look at ConsenSys’ proactive lawsuit against the SEC, setting the stage for a showdown over regulatory clarity. We also delve into Robinhood’s decision to challenge the SEC’s Wells Notice amidst soaring earnings, and tackle the ongoing debate between VC-backed tokens and memecoins: Which is captivating the market? Finally, we predict the future of SocialFi and its potential to revolutionize the crypto landscape. Join us for an insightful exploration of these pivotal topics shaping the cryptocurrency ecosystem.

Show highlights

🔹 Breaking down the EigenLayer airdrop controversy and its impact on the community.

🔹 Exploring LayerZero's self-reporting mechanism to combat Sybil attacks.

🔹 Assessing Fantasy Top's growth and its significance in the NFT trading landscape.

🔹 Predicting the trajectory of SocialFi and its potential to reshape the crypto landscape.

🔹 Detailing Consensys’ proactive lawsuit against the SEC over regulatory clarity.

🔹 Robinhood's SEC Challenge and analyzing Robinhood's decision to fight the SEC’s Wells Notice amid record earnings.

🔹 VC Coins vs. Memecoins: Exploring the ongoing debate about the dominance and appeal of VC-backed tokens versus memecoins.

🔹 The Future of SocialFi: Predicting the trajectory of SocialFi and its potential to reshape the crypto landscape.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest

⭐️ Avichal Garg, Co-Founder and General Partner at Electric Capital.

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Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Thomas Braziel, managing partner at 117 Partners, dives into the draft FTX bankruptcy plan, which was praised for paying out at more than 100% in dollar terms, but has a number of intricacies that are drawing criticisms from creditors—including a group that is urging creditors to vote not. 

The episode delves into the nuances of the proposed payout, explaining how the estate was able to pay back more than 100% than the dollar value of the claims, why some creditors are being pitted against each other, and why it might get approved even “over the kicking and screaming” of some creditors. 

Braziel gives his insights into the the rapid formation of this plan, the controversial role of Sullivan and Cromwell, and the logistical challenges posed by what may end up being paper check payouts. 

Show highlights:

• Why the plan that was filed this week is such big news
• How it was never even possible for creditors to be made whole in crypto asset terms
• How the majority of depositors actually had stablecoins on the FTX platform
• Why there are “inter-creditor” disputes
• What a "cramdown" is and why it's significant in this case
• Criticisms of the plan, and why larger investors, especially with crypto holdings, are having their gains socialized
• Whether the FTX estate made mistakes by selling some of its positions before they 10x’ed
• Why FTX didn't reboot its platform 
• What conflicts of interest might arise from law firm Sullivan and Cromwell
• The tax implications for creditors who are non-US taxpayers
• How the claims are going to be distributed
• Whether the creditors will favor the proposal and the next steps 

• iTrustCapital
• Polkadot
• VaultCraft

• Thomas Braziel, Managing Partner at 117 Partners
• Previous appearances on Unchained:
• Why FTX Might Try to Claw Back Funds From Retail Customers
• Will FTX Reboot? Here’s John Ray’s Internal Deadline for Making a Decision
• Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In
• Will Celsius Survive the Bankruptcy Process?
• How Crypto Bankruptcy Claims Buyers Will Profit From the Collapse of FTX

• Previous coverage on Unchained of the FTX bankruptcy:
• Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
• Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
• The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater 
• Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
• The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?

Creditors plan:

• Unchained: 98% of FTX Creditors to Receive 118% Claims Payout
• Thomas’ summary of the plan

Dollarization: 

• Unchained: Is it Fair That Crypto Bankruptcies Are Denominated in Dollars? Here’s a Solution to Dollarization

Criticism of the plan:

• Nicholas Hall’s thread 
• Sunil Kavuri’s opinion on X
• Zach Guzman on the sale of Anthropic

Taxes:

• Thomas’ thread on the taxes for creditors

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In this first episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann explain why the macroeconomics could point to the markets actually being in a crypto supercycle.

They discuss the recent Federal Reserve meeting and its impact on the markets, as well as the irony that leveraged Ethereum futures ETFs will likely be approved while spot Ethereum ETFs will likely not. James also reveals his pet theory on where the SEC is going with its investigation into ETH. They cover why the bottoming of emerging market currencies in Asia is good for Bitcoin, dismiss the recent Wells notice issued to Robinhood, and speculate that Tether may be the most profitable company per employee in the world. 

Agreeing that the current market cycle is different, Seyffart and McCann suggest that there is still a long way to go, and assert that the market may be underweighting the possibility that crypto goes to a $10 trillion market cap in the next few years. 

• The Fed's recent decisions and how they lower the chances of more rate hikes
• The importance of global liquidity in the performance of risk assets like Bitcoin and crypto assets
• Why a bottoming in the value of the yen, yuan and other emerging markets currencies is good for Bitcoin and crypto, according to Joe
• The irony that leveraged Ethereum futures ETFs are likely to be approved but spot ETFs are not
• James’s pet theory about how the SEC will rule on whether ETH is a security 
• Whether trading in Hong Kong's crypto ETFs shows how little interest there would be in an ETH ETF compared to spot BTC ETFs
• Grayscale’s Bitcoin Mini Trust ETF
• Whether people are underweight on a “crazy bonkers rise” in crypto
• Why Robinhood's Wells Notice is a "minor story," according to Alex
• Whether Tether is the most profitable business per employee in the world 
• Why James believes that it's not a good idea for the US Congress to be against stablecoins
• CZ's sentence and whether it's a "good ending for the story"

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard
• Joe McCann, Founder, CEO, and CIO of Asymmetric

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In this episode of Unchained, memecoin traders Ansem and Kelxyz unpack everything about memecoins, discussing what makes them valuable and how they evaluate their investment potential. They also address the criticisms and controversies surrounding them, including racism and sexism. (They have a surprising reaction to the latter.) Ansem and Kel argue that memecoins have substance and value, largely due to their popularity and the attention they receive on the internet. 

They also discuss the importance of distribution and virality in the success of a memecoin, how the chain any coin is on affects its value, and give their opinions on Runes vs. BRC-20s vs. Solana and Ethereum. 

Plus, they talk about their wildest memecoin stories (think: Dogwifhat) and provide their insights on what they think memecoins will become in the future.

• Ansem’s and Kel’s investment theses around memecoins 
• How Ansem and Kel got into trading memecoins and how they evaluate their potential
• Why the coin distribution matters and whether tokenomics is important with memecoins
• How to discern between memecoins with genuine vs. fake interest 
• How memecoins differ across blockchains such as Solana, Ethereum, and Bitcoin
• Ansem and Kel’s responses to the criticisms of memecoins
• Whether and how memecoins could become safer for users 
• Kel and Ansem’s surprising reaction to racist and sexist memecoins 
• Ansem's story on WIF and how a female friend of his fueled its popularity 
• Whether Bitcoin is “the original memecoin" and how they define memecoin
• The future of memecoins and how they believe all memes will become coins

• Polkadot
• VaultCraft

• Ansem
• Kelxyz

Culture:

• What else could memecoins be? by Vitalik Buterin
• How bad policy favors memes over matter by Chris Dixon 
• Cointelegraph: Meme coins: Betrayal of crypto’s ideals… or its true purpose?
• CoinDesk: The Memecoin Grift and How It Threatens Ethereum Culture 

Investment:

• CoinGecko: Top Crypto Narratives Gained 39% to 1313% in Q1 2024 
• Messari: Navigating Memecoin Mania
• Kelxyz investment strategy
• Decrypt: Crypto Influencer Ansem Explains His Meme Coin Thesis and Why He’s Bullish on Bitcoin Runes 
• Unchained: What Is Dogwifhat (WIF) and Why Is It Up so Much? 

Safer memecoins

• Unchained: Half of Solana Presale Tokens Rolled Out Between November and February Were Malicious: Blockaid Study
• Cointelegraph: 1 in 6 new Base meme coins are scams, 91% have vulnerabilities
• Andre Conje’s proposal

Racist memecoins

• Unchained: Offensive Memecoins Proliferate on Solana, Sparking Debate
• Crypto.news: Ethereum's Buterin slams Solana's racist meme coins, urges better projects

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Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

EigenLayer has been in the news this week after it announced its ‘stakedrop,’ where it will distribute EIGEN tokens to early users of the restaking platform. 

Sreeram Kannan, founder and CEO of EigenLayer, and Robert Drost, CEO and executive director of the Eigen Foundation, discuss the launch of the token, a “universal intersubjective work token” and how it allows for slashing, or penalizing, for externally observable faults, such as data unavailability. The Eigen Foundation, a non-profit entity based in the Cayman Islands, was also recently established to grow the protocol and assist in creating a decentralized community. 

They also address criticisms of the token's launch, including geoblocking and the initial non-transferability of stakedrops for the community and explain why they decided to allocate an additional 100 EIGEN tokens for all participants in the stakedrop. Plus, they reveal a target date by when a decision about the token unlock date should be made.

Show highlights:

• The buzz around the universal intersubjective work token and what it was created for
• What constitutes the digital commons and its two primary characteristics
• How the EIGEN token is designed to prevent the necessity of forking an entire blockchain
• Whether dapps should evolve into AVSes and EigenLayer’s complementary role to Ethereum, not replacing it
• Why the Eigen Foundation was established and how it differs from Eigen Labs
• Robert's response to the criticism regarding the exclusion of certain countries
• Why EIGEN will be distributed linearly, despite it potentially favoring whales
• EigenLayer's announcement of an updated stakedrop, after listening to community feedback  
• The critique of the vesting schedule and Robert's explanation of when the lock period actually starts
• Why Sreeram believes that transfer restrictions are beneficial and empowering for users
• What the next steps are for EigenLayer

• iTrustCapital
• Polkadot
• VaultCraft

• Sreeram Kannan, founder of EigenLayer
• Previous appearance on Unchained: 
• Why EigenLayer May Be the Most Innovative New Ecosystem Since Ethereum
• Do You Need to Think Twice Before Restaking Your Assets?
• Robert Drost, CEO and executive director of the Eigen Foundation

Airdrop:

• Introducing the Eigen Foundation, EIGEN token and Season 1 Stakedrop
• Robert Drost’s thread on the Eigen Foundation
• Viktor Bunin’s thread on the token 
• Unchained: 
• Eigen Foundation to Allocate an Additional $1,000 in EIGEN Tokens to Over 280,000 Users
• Should You Sell ETH Before the Just-Announced EigenLayer Airdrop?

Reaction

• CoinDesk: Why Eigenlayer’s Airdrop Is Controversial
• Unchained: 5 Reasons E-Beggars Are Not Happy With EigenLayer’s Airdrop

Learn more: 

• Unchained:
• What Is EigenLayer? A Guide to the Decentralized ETH Restaking Protocol
• What Is Ethereum Restaking? A Beginner’s Guide

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In this episode, we dive deep into the controversy surrounding the EigenLayer airdrop, discussing the community’s backlash and its broader implications for token distributions in crypto. We also explore the ongoing debate over the efficacy and future of cryptocurrency points programs. The episode also delves into Martin Shkreli’s impactful campaign against Io.Net, highlighting how his public criticisms shed light on project valuations and investor trust. Additionally, we discuss CZ’s recent four-month sentencing, reflecting on the crypto community’s supportive response and considering the Department of Justice's approach to crypto leadership. Tune in to gain expert perspectives on the complex interplay between market movements, regulatory actions, and community reactions in the evolving world of crypto!

Show Highlights

🔹 EigenLayer Airdrop Controversy: Delve into the community's disappointment over the EigenLayer airdrop and explore its implications for future token distributions.

🔹 Debate on Crypto Points Programs: Analyze the effectiveness and future prospects of cryptocurrency points programs.

🔹 Impact of VCs on Market Dynamics: Consider the role of venture capitalists and how investor sentiment is shaped by their actions in the market.

🔹 Martin Shkreli's Campaign Against Io.Net: Discuss how Martin Shkreli significantly impacted Io.Net by publicly criticizing the project's overvaluation.

🔹 CZ's Four-Month Sentencing: Reflect on the crypto community's support for CZ following his four-month sentencing.

🔹 DOJ Sentencing and Prospects for Crypto Leaders: Examine the Department of Justice's approach to sentencing and what it means for future leadership in the cryptocurrency sector.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Robert Leshner, Founder of Compound

⭐️Tarun Chitra, Giga-Brain & Grand Poobah at Gauntlet

AI x Web3: Pioneering Decentralized Intelligence - TOKEN2049 Dubai 2024

https://youtu.be/zt_uEHcFiA4 

EigenLayer Whitepapter https://github.com/Layr-Labs/whitepaper/blob/master/EIGEN_Token_Whitepaper.pdf 

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In this episode of Unchained, host Laura interviews Alexei Zamyatin, co-founder of Build on Bitcoin, Willem Schroé, founder of Botanix Labs, and Orkun Kılıç, co-founder of Chainway Labs. They discuss their respective projects, all of which are focused on developing Layer 2 solutions for Bitcoin. 

Zamyatin's Build on Bitcoin is a hybrid Layer 2 that connects to both Bitcoin and Ethereum, aiming to bring innovation back to the Bitcoin ecosystem. Schroé's Botanix Labs is developing a decentralized Layer 2 solution using the ‘Spiderchain,’ which uses a series of multi-signature wallets to secure the chain. Kılıç's Chainway Labs is building Citrea, a zk-rollup on Bitcoin that aims to create a Bitcoin-backed economy. 

All three projects are in various stages of development and testing, with BOB’s mainnet launch expected shortly.

• Introduction to Build on Bitcoin (BOB), Botanix, and Citrea: How they aim to innovate and expand Bitcoin's capabilities, including their architectural designs that integrate Ethereum users and work toward decentralization and trustlessness
• Security Aspects and Integration Strategies: What the security risks associated with BOB, Botanix, and Citrea are, and strategies to enhance decentralization over time
• How these Layer 2s influence Bitcoin fees, and how Botanix's integration can leverage the Bitcoin ecosystem, with insights on the potential of Layer 3s and zk-rollups to transform Bitcoin's utility and fee dynamics
• How these projects aim to attract Ethereum users and developers, and the reasons why this may be an attractive opportunity for them
• How Runes, Ordinals, and BRC-20s operate on Citrea, Botanix, and BOB
• How Bitcoin is always a derivative when it’s not in its Layer 1 and the pros and cons of different bridging solutions
• The concept of forward secrecy and how it can help improve security in blockchains
• Why Willem believes that Layer 3s are possible and bullish for Bitcoin
• How "merged mining” resembles Ethereum’s restaking and why it’s positive for Bitcoin

• Polkadot

• Willem Schroé, founder of Botanix Labs 
• Orkun Kılıç, cofounder of Chainway Labs 
• Alexei Zamyatin, cofounder of Build on Bitcoin

• Recent coverage on Unchained of Bitcoin L2s:
• Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again

Build on Bitcoin

• BOB learning documents
• Announcement of mainnet on May 1st.
• Unchained: Bitcoin DeFi App Sovryn to Deploy on Hybrid Layer 2 Network Build on Bitcoin
• Alexei’s tweet on BitVM/rollups 
• Alexei went on a retreat with the inventor of BitVM

Citrea

• Unchained: Here's What You Should Know About Citrea, Bitcoin's First ZK Rollup
• Whitepaper
• Orkun Mahir Kılıç’s interview on Unchained Premium
• Citrea learning documents
• Clementine -Citrea's BitVM Based Trust-Minimized Two-Way Peg Program

Botanix

• CoinDesk: Willem Schroé: Building Botanix, a Bitcoin Layer 2 That Brings the EVM to Bitcoin
• Botanix and the Future of Bitcoin
• Bitcoin Magazine: Spiderchains: A Proof Of Stake Second Layer For Bitcoin
• Willem Schroé’s interview on Unchained Premium

Learn More: 

• Unchained: 
• What Is the OP_CAT Bitcoin Improvement Proposal? 
• What Are Opcodes in Bitcoin? A Beginner's Guide 

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On Thursday, Consensys sued the U.S. Securities and Exchange Commission (SEC) in a Texas federal court, seeking to prevent an impending SEC action against its MetaMask wallet and to clarify that ether is not a security.

The complaint calls out the agency for what Consensys describes as “regulatory overreach,” challenges its notion that ETH is a security, and says the SEC has violated the Constitutional requirement of fair notice under the due process clause. It notes that for years, the SEC and its sister agency, the Commodity Futures Trading Commission, took the position that ETH is not a security.  

The lawsuit also challenges the SEC’s recent focus on Ethereum's switch to proof of stake in 2022 as a basis for increased scrutiny, a stance Consensys CEO Joseph Lubin deemed "preposterous."

Laura Brookover, Senior Counsel & Head of Litigation and Investigations at ConsenSys, joined Unchained to unpack the lawsuit and what it means for the future of Ethereum and overall crypto in the US.

• Why Consensys sued the SEC and why Brookover feels like the SEC has gone too far
• How they are looking for a Judge to declare that the ETH is not a security
• Whether the switch to proof of stake turned ETH into a security
• Why the SEC issued Consensys a Wells Notice, with one potential allegation being that it is operating an unregistered securities broker through its MetaMask wallet
• How the major questions doctrine applies to what the SEC is doing in the industry, according to Brookover
• Why Hinman’s speech is still relevant today, even after 6 years
• Whether the moves by the SEC are related to a motivation to deny ether spot ETFs
• How the several cases against the SEC show that the industry “has had enough”
• Whether Texas is a jurisdiction favorable to crypto, given that many lawsuits are being filed there
• The implications of a Consensys victory for the industry and what the next steps in the case are

• iTrustCapital
• Polkadot

• Laura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys

The lawsuit: 

• Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security
• ConsenSys’s complaint
• Bill Hughes’ thread on why Consensys sued the SEC
• Consensys is suing the SEC to defend the Ethereum ecosystem

Hinman speech

• CryptoLaw: The Hinman Speech Documents

Major questions doctrine

• Unchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
• Reuters: SEC argues Coinbase crypto case not barred by ‘major questions’ doctrine 

Other SEC cases:

• Coinbase
• Unchained: 
• Why the SEC’s Case Against Coinbase Is So Significant for Crypto
• Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It
• Uniswap
• Unchained: 
• Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
• SEC Puts DeFi in Its Sights With Potential Uniswap Suit
• Uniswap Blog Post on the Wells notice
• Marvin Ammori Thread on Wells notice
• Ethereum Foundation
• Unchained:
• SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report
• The Real Reason Why the SEC Might Be Going After Ethereum
• Debt Box
• Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit
• Beba
• DeFi Education Fund and Beba sue SEC over airdrop policies
• Lejilex
• Lawsuit document

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Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dissect the crypto world’s topics of the day. In this episode, we delve into the SEC's recent scrutiny of Uniswap, exploring the potential legal and regulatory impacts on the DeFi landscape. We also discuss the unprecedented flooding in Dubai and its effects on the recent crypto conference, highlighting the resilience of the crypto community in the face of natural disasters. Shifting our focus to Bitcoin, we analyze the implications of the latest halvening event and what it means for Bitcoin’s inflation rate and market dynamics. Through these discussions, we unpack the intricate relationships between regulatory actions, environmental challenges, and technological advancements in cryptocurrency. Join us as we navigate through these complex topics, offering deep insights and expert analysis on the events that are shaping the future of blockchain and digital currencies. Tune in to understand how these pivotal moments are influencing the strategic direction and ethical considerations within the crypto space.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹The devastating floods in Dubai and their impact on the Token 2049 conference

🔹 Analysis of Bitcoin's halvening event, exploring whether it's a bullish signal or just market noise.

🔹 Examine the evolution and market impact of new Bitcoin protocols like ordinals and runes, assessing their effectiveness and reception within the community.

🔹 Explore the dynamics of the Asian market's influence on Bitcoin's secondary layers, discussing the integration of substantial Bitcoin deposits and yield strategies.

🔹 Dive into the SEC's Wells Notice to Uniswap and its broader implications for decentralized finance (DeFi).

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Robert Leshner, Founder of Compound

⭐️Tarun Chitra, Founder and CEO of Gauntlet

Fighting for DeFi by Uniswap: https://blog.uniswap.org/fighting-for-defi 

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Jake Chervinsky, chief legal officer of Variant, discusses the current state of crypto regulation, touching on several ongoing legal and regulatory issues in the crypto space, including Uniswap’s Wells notice, the Coinbase case, the Tornado Cash case, the Ethereum Foundation investigation and more. Chervinsky argues that the government's approach to these cases is often misguided, particularly in instances where they hold software developers liable for how third parties use their software. He also discusses the potential implications of the government's case against Tornado Cash, suggesting that it could have far-reaching consequences for all open-source software developers. 

Chervinsky also delves into the SEC's ongoing investigations into the Ethereum Foundation, as well as the recent IRS draft form that lists unhosted wallets as a type of broker. He expressed concern about the potential impact of these investigations on the crypto industry, but remained optimistic about the future of DeFi in the US.

• How the Tornado Cash case could set a critical precedent for open-source software
• How the government’s Tornado indictment reveals a fear of unsurveilled financial systems, according to Jake
• What the implications of the Tornado Cash case could be for the broader DeFi space
• What lessons can be learned from the $62 million hack of Munchables on Blast
• How to address the challenge of malicious actors like North Korea using a permissionless system
• Whether Coinbase's staking services are considered a securities offering
• Whether Judge Failla’s ruling on Coinbase acting as a broker could be overturned
• Why Jake thinks the SEC will face significant challenges in its potential case against Uniswap Labs
• How the Debt Box case order impacts the SEC’s reputation, according to Jake
• How the industry is pushing back against the SEC’s regulation by enforcement with its own lawsuits for Lejilex and Beba
• The future of DeFi in the U.S. and its potential for success, according to Jake
• Why Jake believes the SEC will deny Ether ETFs and why he disagrees with the latest stablecoin regulation bill by Lummis and Gillibrand
• How the U.S. Presidential election could impact the future of the crypto industry

• Polkadot

• Jake Chervinsky, Chief Legal Officer at Variant
• Previous appearances on Unchained:
• Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
• The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility
• All Things Crypto Regulation With Jake Chervinsky
• Everything You Need to Know About the Looming Battle Over Privacy in Crypto
• Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky

Tornado Cash

• Jake’s amicus brief with Amanda Tuminelli
• Unchained: Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
• Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash

Munchables exploit

• Unchained: Blast-Based NFT Game Munchables Recovers $62.5 Million Lost in Exploit

SEC cases:

• Coinbase
• Unchained: 
• Why the SEC’s Case Against Coinbase Is So Significant for Crypto
• Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It
• Uniswap
• Unchained: 
• Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
• SEC Puts DeFi in Its Sights With Potential Uniswap Suit
• Uniswap Blog Post on the Wells notice
• Marvin Ammori Thread on Wells notice
• Ethereum Foundation
• Unchained:
• SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report
• The Real Reason Why the SEC Might Be Going After Ethereum
• Debt Box
• Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit
• Beba
• DeFi Education Fund and Beba sue SEC over airdrop policies
• Lejilex
• Lawsuit document

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Not only will April 20 (or 19, depending on which part of the world you are) mark the fourth Bitcoin halving, but also the launch of a new primitive on Bitcoin called Runes Protocol. 

Charlie Spears, co-founder of Blockspace Media, joined Unchained to talk about all things Runes, which is a messaging protocol that allows for the creation of fungible tokens on Bitcoin. It is designed to fix some of the issues with the BRC-20 token standard, such as inefficiency and proliferation of unspent transaction outputs. Charlie believes that the launch of Runes will increase demand for Bitcoin's blockspace and potentially lead to higher transaction fees. He also discusses the potential for Runes to interact with Bitcoin covenants and layer two solutions.

Show highlights:

• What Runes is and why Charlie believes that it is the hottest thing since Ordinals
• The differences between Runes and BRC-20 fungible tokens 
• Runes’ unique features, with Charlie pointing out that this is “what the degens really want”
• Whether the Runes Protocol will create a “burst of demand” and have a positive impact on miners 
• Whether the launch of Runes will be successful in the long-term and how Bitcoin’s blockspace could become more attractive
• Whether Bitcoin L2s will help clear Bitcoin’s mempool, and why Charlie believes that they won’t reduce fee pressure on the base layer
• The coolest things that Runes Protocol will enable, according to Charlie
• How Taproot Assets and RGB differ from Runes and why they have not taken off
• Why Casey, the founder of Runes, will claim the first inscription with Uncommon Goods

• iTrustCapital
• Polkadot

• Charlie Spears, cofounder of Blockspace Media

• Recent coverage on Unchained of the Bitcoin halving: Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different

Runes

• Unchained: What Are Runes? A Guide to the New Fungible Token Protocol on Bitcoin
• Bitcoin Runes Explainer by Charlie Spears

BRC-20s and Ordinals:

• Unchained:
• What Are BRC-20 Tokens? A Brief Introduction
• Bitcoin’s BRC-20 Mania: Is It Sustainable?
• How to Create a Bitcoin Ordinal
• Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About? 

Halving

• Unchained: 
• Bitcoin Halving: What Is It & How Is It Determined?
• Here’s Why No One Agrees Exactly When The Bitcoin Halving Will Happen
• Bitcoin Miners Diversify Their Revenue Streams as Halving Nears

Bitcoin L2s

• Unchained: 
• Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again
• Citrea: An Ethereum-Like Experience Built on Bitcoin?
• How Botanix Aims to Enable Smart Contracts on Bitcoin

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The Bitcoin halving is just around the corner, expected to be on April 19 or April 20. 

Arthur Hayes, CIO of Maelstrom, and Will Clemente, co-founder of Reflexivity Research discuss the rise in Bitcoin prices ahead of the halving, the impact of the approval of spot Bitcoin ETFs in the US, and the potential effects of the halving on the price trajectory post-halving. They also discuss the potential impact of a new class of investors on Bitcoin's price, volatility, and decentralization. 

Learn more: Bitcoin Halving: What Is It & How Is It Determined?

Moreover, they dive into the impact of the macroeconomics, geopolitical, and demographic conditions for the crypto asset industry, the potential for L2s on Bitcoin, and their price predictions for bitcoin by year-end. 

• How the approval of spot Bitcoin ETFs altered the price trajectory of BTC before the halving
• Whether the introduction of spot Bitcoin ETFs impacts Bitcoin's decentralization and price volatility
• Whether this cycle could be the "last cycle" or the "supercycle"
• Why Arthur predicts a 90% drawdown in the future and how they determine when the markets are nearing the top of the cycle
• The effect of high inflation, the election, and the termination of the bank term funding program on Bitcoin
• How artificial intelligence is expected to trigger a productivity boom, according to Will
• Why Will considers Coinbase to be mispriced
• Whether Bitcoin L2s have a future and if security budgets are a concern
• Their views on Bitcoin Ordinals and the Runes Protocol launch
• Why Will views DOGE as a purer commodity than ETH
• Arthur's rebuttal to claims that Ethena could follow in Terra/Luna’s footsteps
• Arthur's and Will’s Bitcoin price projections for the end of the year and the cycle

• Polkadot

• Arthur Hayes, CIO of Maelstrom.
• Previous appearances on Unchained:
• Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves
• Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH 
• Arthur Hayes of Bitmex on Why Countries Will Turn to Digital
• The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks
• How Crypto and Blockchain Technology Could Change Financial Services
• Will Clemente, Co-founder of Reflexivity Research
• Previous appearance on Unchained: Strong Hands Aren't Selling Bitcoin. So Who Is? 

This cycle

• Naval’s tweet: “The narrative for this cycle is ‘this is the last cycle.’”
• Unchained: 
• Here’s Why No One Agrees Exactly When The Bitcoin Halving Will Happen
• Bitcoin Miners Diversify Their Revenue Streams as Halving Nears
• Heatwave by Arthur Hayes
• Dissecting Bitcoin's “4 Year Cycle,” guest post by Will Clemente on The Pomp Letter

Bitcoin ETFs:

• Unchained: 
• The Best Spot Bitcoin ETFs for Different Types of Investors
• Who Is Buying Into Spot Bitcoin ETFs? We'll Soon Start to Get an Idea
• Bitcoin ETFs Explained: What Are They & How Do They Work? 

Macroeconomic conditions

• CNBC: Consumer prices rose 3.5% from a year ago in March, more than expected
• FT: Investors lose hope of rapid US interest rate cuts this year

Block size wars

• Bloomberg: The Block War Is Still a Sore Subject for ‘Bitcoin Jesus’ 

Bitcoin L2s

• Unchained: Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again 

Runes

• Decrypt: Bitcoin Runes Launch at the Halving: Here's Everything You Need to Know

Ethena

• Hayes’ tweet on Ethena
• Unchained: 
• ENA Surges 20% to New All-Time High as Ethena Rolls Out Reward Boosts
• Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe?
• What Is Ethena's USDe Synethic Dollar?

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On Wednesday, the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to Uniswap Labs, the team behind the prominent decentralized exchange (DEX) Uniswap, signaling a forthcoming enforcement action.

Amanda Tuminelli, Chief Legal Officer at the DeFi Education Fund, joined Unchained to unpack what the case could mean for Uniswap and the overall decentralized finance (DeFi) industry.

Amanda also talks about the DeFi Education Fund's recent lawsuit against the SEC over its airdrop policies and the industry’s need for a proactive counteroffensive approach in dealing with the SEC.

Show highlights:

• Why Amanda thinks that the SEC is going to take a “kitchen sink approach” to their charges
• How the SEC could make a case that some of the tokens traded via Uniswap are securities
• What the next steps are in the case, with a lawsuit possibly coming soon
• Whether there’s an inconsistency between the SEC’s position and Judge Failla’s rejection of the motion to dismiss the Coinbase lawsuit
• How the different components of Uniswap make it hard to prove that Uniswap Labs is responsible for everything that happens on the protocol
• Why the DeFi Education Fund recently filed a lawsuit against the SEC
• Why Amanda believes in a “proactive counteroffensive strategy” with the SEC
• How Amanda would like legislation to be implemented in the U.S.
• Why the Tornado Cash developers are not liable for the actions of third parties such as North Korean hackers, according to Amanda
• Why Amanda thinks Uniswap will ultimately win against the SEC

• iTrustCapital
• Polkadot

• Amanda Tuminelli, Chief Legal Officer at DeFi Education Fund
• Previous appearance on Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash
• You’ve got a friend in me: How amicus briefs are helping the crypto industry win over the courts, Amanda’s op-ed for Fortune

Wells Notice

• Unchained: SEC Puts DeFi in Its Sights With Potential Uniswap Suit
• Unchained: UNI Drops 16% as SEC Targets Uniswap Labs
• Uniswap Blog Post on the Wells notice
• Marvin Ammori Thread on Wells notice

Other cases:

• Fortune: Don't blame Uniswap for crypto scams, judge rules—and she's right
• The Block: Three crypto advocacy groups file amicus briefs in Tornado Cash developer Roman Storm's case
• The DeFiant: SEC Faces Lawsuit Seeking To Exempt Airdrops From Securities Classification
• Unchained: Court Rejects Coinbase's Bid to Dismiss SEC Charges Against It

Social media commentary:

• Paul Grewal’s tweet on the potential inconsistencies with the Coinbase case.
• Gabriel Shapiro’s tweet on how Uniswap AMM smart contracts are not run by the Uniswap company

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Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, and Robert Leshner dive into the crypto universe's hottest topics. In this episode, we have the CEO/Co-Founder of Monad to explore the fascinating world of Monad and its ambitious endeavor to revolutionize EVM scalability through innovative parallelization techniques. The discussion shifts gears to the recent turmoil in Solana, dissecting the network's congestion issues and the broader implications for blockchain efficiency and scalability challenges. As the conversation deepens, we pivot to the gripping courtroom drama surrounding Avi Eisenberg, challenging the foundational crypto principle of 'code is law' and sparking debate over the legality of smart contract exploitation. Through these discussions, we untangle the complex interplay between technological innovation, regulatory frameworks, and the ethical considerations that define the crypto industry. Join us as we navigate the intricate dynamics shaping the future of blockchain technology, providing insightful analysis on the strategic developments and moral dilemmas at the heart of the digital age. Tune in for a compelling journey through the strategic and ethical battlegrounds that are forging the path forward for crypto and blockchain.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹 Dive into Monad’s efforts to revolutionize Ethereum with parallelization for higher transaction throughput and efficiency.

🔹 Discussion on Solana's congestion issue, its impact on network performance, and lessons for future scalability.

🔹 Examination of Avi Eisenberg's courtroom saga, challenging the boundaries between legal systems and blockchain autonomy.

🔹 Insight into the scalability challenges facing blockchains and the innovative solutions proposed by new projects.

🔹 Analyzing the ethical considerations in exploiting blockchain vulnerabilities and the responsibility of the crypto community.

🔹 Debate on the future of smart contracts in light of legal challenges and the evolving concept of 'code is law'.

🔹 Perspectives on the balance between innovation and user protection in the rapidly evolving landscape of decentralized finance.

Special guest

⭐️ Keone Hon, Cofounder/CEO at Monad Labs 

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Robert Leshner, Founder of Compound

The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not - Ep. 413

https://unchainedcrypto.com/podcast/the-mango-markets-attacker-on-whether-his-trade-was-ethical-or-not-ep-413/ 

Nickel Blowup Made a Lot of Trouble by Matt Levine

https://www.bloomberg.com/opinion/articles/2022-03-14/nickel-blowup-made-a-lot-of-trouble 

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Polygon Labs CEO Marc Boiron and co-founder Brendan Farmer discussed everything about the AggLayer, a decentralized protocol built by Polygon that enables fast, secure cross-chain interactions and allows different chains to use the same native bridge. This allows users to seamlessly move assets across chains in the AggLayer ecosystem. 

The AggLayer aims to unify blockspace so that it feels like a single chain, improving user experience. Boiron and Farmer also discussed the potential for Layer 2 solutions to scale Ethereum, the benefits of zero-knowledge technology, and the future of Polygon's proof-of-stake chain.

Learn more: What Are Zero-Knowledge Proofs?

• Background of Brendan and Marc and how they joined Polygon
• A brief description of what Polygon is overall
• What the AggLayer is and how it aims to enable the best of monolithic and modular blockchains
• How Brendan differentiates the AggLayer from its competitors, such as Optimism's Superchain or Cosmos and why he believes that zk-technology is such a game changer
• How the interoperability experience gets better in such a system, according to Marc and Brendan, and what will become possible that's not now
• Which chains can use the AggLayer and how it works to improve security across chains
• The tradeoffs between the various types of zkEVM provers 
• How projects should decide their architecture and when it would make sense to tap the AggLayer
• Why projects should build on the AggLayer, including layer 1s, according to Marc
• How Layer 1s can still join the AggLayer and retain their own consensus and sovereignty 
• Why Polygon believes that zk-technology is the future of blockchain architecture
• Why the Polgyon zkEVM suffered an outage on March 30
• Whether Layer 3s are needed to scale the Ethereum ecosystem
• Why Brendan believes that EigenLayer is not a good fit for rollups to use
• The transition of the Polygon PoS chain to become an Ethereum L2 using the AggLayer
• When EIP-4844/Dencun will go live on Polygon

• Polkadot

• Marc Boiron, CEO of Polygon Labs
• Previous appearances on Unchained:
• Gary Gensler vs. Crypto: What Will the SEC Attack Next?
• The Chopping Block: The SEC Is Attacking Crypto – Will Gary Gensler Succeed?
• Brendan Farmer, co-founder of Polygon and co-lead of Polygon Zero

AggLayer

• Polygon: Aggregated Blockchains: A New Thesis
• More technical Agglayer explainer
• CoinDesk: 
• Polygon Lands Astar Network as First User of New 'AggLayer’
• Cosmos-Based Canto Blockchain Reverses Course on Polygon Layer-2 Plans, Unveils New Roadmap 
• Zaki on the comparisons with Cosmos

zk-Technology

• Polygon: Upgrading Every EVM Chain to ZK: Introducing the Type 1 Prover
• The different types of ZK-EVMs by Vitalik
• Unchained: Why Zero-Knowledge Proofs Are Critical to Ethereum’s Future

Polygon zkEVM

• Unchained: Polygon zkEVM Chain Goes Down for 10 Hours
• Blockworks: Polygon unpacks zkEVM outage and ‘emergency’ upgrade

Layer 3s

• Unchained: Layer 3s Only Exist to Take Value Away From Ethereum: Polygon Labs CEO
• 0xCygaar on L3s and L2s
• Potuz on the benefit of L3s

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Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

This week, Ethena was in the spotlight after the airdrop of ENA, its new governance token. Ethena’s flagship product, the “synthetic dollar” USDe has amassed a $2 billion market cap in less than two months. Meanwhile, ENA’s market capitalization sits around $1.4 billion, with a fully diluted valuation of $15.5 billion. 

In this episode, Guy Young, founder of Ethena Labs, discusses the risks associated with Ethena, including custodial risks and counterparty risks to exchanges. Young also talks about the use cases of Ethena's governance token, and discusses the potential for Ethena to be integrated with DeFi and CeFi.

Show highlights:

• An introduction to what Ethena is and how USDe works
• Why the team doesn't want to refer to USDe as a stablecoin, and prefers to use the term "synthetic dollar"
• What the risks of USDe are, including custody, counterparties, and smart contracts
• Why Guy is "pleased" with how the ENA airdrop went through
• How ENA will be used and what its role will be in the governance of Ethena
• Why Ethena is now onboarding Bitcoin as collateral
• Why Guy thinks that there's been an "exaggeration" regarding the situation with Maker and Aave
• Guy's response to the critics who say that Ethena is essentially Terra/Luna
• Whether USDe would only work in a bull market
• How the Ethena insurance fund works and what it aims to accomplish
• What's next for Ethena after onboarding Bitcoin, with Solana potentially being the next asset

• Polkadot
• iTrustCapital

• Guy Young, founder of Ethena Labs. 
• Previous appearance on Unchained: How Ethena's USDe Challenges Traditional Stablecoin Models

Ethena: 

• Unchained: What Is Ethena’s USDe Synethic Dollar? A Beginner’s Guide
• Decrypt: Ethena Just Launched to a $1.2 Billion Market Cap: Here’s What You Need to Know 
• Dust on Crust by Arthur Hayes

Airdrop:

• Unchained: Airdrops From Wormhole and Ethena Labs Set to Inject $2.4 Billion Into Crypto Market This Week 
• Cointelegraph: Ethena will become highest revenue-generating crypto project — Delphi Labs CEO
• ENA Airdrop and Season 2: Sats Campaign 
• Learn more: What Is a Crypto Airdrop? A Beginner’s Guide

MakerDAO/Aave controversy: 

• The Block: MakerDAO proposes allocating $600 million worth of DAI into USDe and sUSDe
• The Defiant: DeFi Projects Clash After MakerDAO Adds Ethena’s USDe As Collateral, 

Comparisons to Terra’s UST: 

• The Defiant: Ethena Stablecoin’s 27% Yield is Triggering Terra-Induced PTSD
• Andre Cronje’s thoughts on USDe
• Cointelegraph: Ethena Labs founder clarifies USDe stability amid high yield worries

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Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dive into the crypto universe's hottest topics. In this episode, amidst the crypto bull market's fervor, the boys dissect the launch of Ethena and its repercussions, including a potential DeFi civil war spurred by integration disputes between MakerDAO and AAVE. The conversation then shifts to the broader implications of SBF's sentencing, exploring how this landmark legal decision could reshape the landscape of trust and regulation within the crypto community. Moreover, we tackle the ethical and operational dilemmas faced by Blast in response to a significant hack, debating the merits and risks of potential rollbacks and the preservation of user funds against the backdrop of decentralized ideals. As we navigate through these complex issues, we shed light on the dynamics between decentralization, regulation, and innovation, offering nuanced perspectives on the challenges and opportunities that lie ahead for crypto. Tune in for an insightful journey through the strategic battlegrounds and evolutions that are defining the future of blockchain technology.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹 Analysis of Ethena's token launch impact on the crypto bull market and the crypto ecosystem

🔹Insight into the ongoing DeFi civil war triggered by MakerDAO's integration of Ethena, extending into Aave's strategic response and the broader DeFi ecosystem.

🔹Examination of SBF's sentencing, exploring its repercussions for crypto regulation, investor trust, and the legal landscape of the crypto industry.

🔹Evaluation of Blast's response to a significant security breach, debating the implications of potential rollbacks for DeFi security and user trust.

🔹Exploration of the balance between DeFi innovation, regulatory challenges, and the need for a stable legal framework to support crypto growth.

🔹Analysis of the crypto community's response to the DeFi civil war, SBF's sentencing, and security issues in decentralized finance platforms.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Robert Leshner, Founder of Compound

MakerDAO Proposal: “Morpho Spark DAI Vault Update” - https://forum.makerdao.com/t/morpho-spark-dai-vault-update-1-april-2024/24006 

AAVE’s Proposal: “Risk Parameters for DAI Update”

https://governance.aave.com/t/arfc-risk-parameters-for-dai-update/17211 

Barbara Fried’s SBF sentencing submission

https://storage.courtlistener.com/recap/gov.uscourts.nysd.590939/gov.uscourts.nysd.590939.419.0_1.pdf 

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On March 20, Fortune reported that the SEC was investigating the Ethereum Foundation and was looking for legal ways to label ETH as a security.

Sam Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLx Law joined Laura to discuss everything about the investigation and its implications.  

The guests speculate about the hidden motivations behind the SEC's investigation and discuss the likelihood of the approval of spot Ether ETFs. They also discuss the recent ruling in the SEC vs Coinbase case, where the judge dismissed claims that Coinbase's wallet was acting as an unregistered brokerage, but allowed the rest of the suit to proceed. 

Lastly, they touch on the devastating impact on the crypto industry if the SEC were to win a case alleging ETH is a security and what they are looking out for in the next couple of weeks and months.

• Whether the investigation into the Ethereum Foundation is confirmed and why the SEC would do this
• Why Sam Enzer believes that the SEC would be "utterly wrong and ridiculous" in alleging ETH is a security
• Whether the number of people working on Ethereum could make the argument that it is decentralized
• How would the SEC justify that ETH is a security and whether the Foundation is running Ethereum’s managerial efforts
• Whether the SEC is looking for evidence to deny spot ether ETFs
• Why SEC chair Gary Gensler has changed his mind on many of his previous stances regarding crypto assets and whether he's acting in good faith
• The ongoing battle between the SEC and the CFTC and the need for Congress to regulate the industry
• What the possible outcome of this investigation could be, and whether we'll have a court case soon
• What the impact would be if ETH were classified a security
• Whether Prometheum could launch its platform offering custody of ETH as a security before an SEC designation
• Why Sam believes that the spot ETH ETFs will be denied on May 23rd
• How the SEC has already made up its mind even before gathering the facts, according to Sam
• Whether the recent judgment on Coinbase's case affects the potential case against the EF
• Whether Ethereum transactions are security transactions, and the difference between primary and secondary sales
• What to expect in terms of regulation and enforcement actions in the short term, given the number of cases at the moment

• Polkadot

• Sam Enzer, Partner at Cahill Gordon & Reindel
• Previous appearances on Unchained:
• How 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison Sentence
• Why the SEC’s Case Against Coinbase Is So Significant for Crypto
• Why SBF’s Testimony So Far Has Likely Already Doomed Him
• Another Bad Week for Sam Bankman-Fried in His Criminal Trial
• Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify
• SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
• SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?
• Greg Strong, partner at DLx Law
• Previous appearance on Unchained: Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify

Ethereum Foundation investigation:

• Fortune: SEC probing crypto companies in Ethereum investigation as hopes for ETF dim
• CoinDesk: Ethereum Foundation Faces Inquiry From a Government; Fortune Says SEC Investigating ETH
• Unchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a Security
• Unchained: SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report 

Ethereum’s security status

• Unchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a Security
• Fortune: SEC’s Gensler seen telling hedge funds that Ethereum and Litecoin are ‘not securities’ in 2018 video
• CNBC: 
• SEC Chair Gary Gensler on potential Crypto regulation: It's within the securities laws
• SEC Chair Gary Gensler discusses potential crypto regulation and stablecoins

For more details and links, visit Unchained

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Sam Bankman-Fried (SBF), FTX's co-founder, was sentenced to 25 years in prison and $11 billion in forfeiture for massive fraud, marking a historic moment in the crypto industry. Judge Lewis Kaplan emphasized the sentence's necessity due to Bankman-Fried's risk-oriented decision-making philosophy known as “expected value” and lack of remorse. 

Sam Enzer joined Unchained to unpack the sentencing, discussing the fairness of the length, explaining how the $11 billion forfeiture would work and how it’s different from the bankruptcy proceedings. Additionally, Enzer provided insights into the kind of prison SBF would end up in and into the three-year supervised release SBF will face after his prison term. The conversation further delved into the broader impact of the sentencing on the crypto industry, suggesting it could signify the end of a dark chapter. 

Show highlights:

• Whether the 25-year sentence is fair, according to Sam
• What the $11 billion in forfeiture means for SBF
• Whether the assets of SBF actually belong to the FTX estate
• Where SBF will likely go to prison and why Sam believes that SBF will not go to a maximum security prison
• When the clock starts ticking for the 25-year sentence
• Why SBF will not be eligible for parole and whether he could get "good time credit"
• What the defense will attempt in appealing the conviction
• What types of behavior could get SBF enough credit to appeal for a reduced sentence
• Why SBF will have to be supervised for three years after his release
• How SBF’s philosophy about “expected value,” was the theme of the crime, according to Judge Kaplan
• Whether the co-conspirators, such as Caroline Ellison, will be sentenced and serve in prison
• Why Sam says that the sentencing represented "the closing of a dark chapter" in crypto

• iTrustCapital
• Polkadot

• Sam Enzer, Partner at Cahill Gordon & Reindel
• Previous appearances on Unchained:
• Why the SEC’s Case Against Coinbase Is So Significant for Crypto
• Why SBF’s Testimony So Far Has Likely Already Doomed Him
• Another Bad Week for Sam Bankman-Fried in His Criminal Trial
• Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify
• SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
• SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?

• Unchained: 
• FTX Founder Sam Bankman-Fried Sentenced to 25 Years for Historic Fraud
• SBF’s Prison Sentencing Is Coming Up. How Many Years Will He Get?
• Is Prison Crypto’s New Glow-Up? Post-Incarceration Do Kwon and SBF Are Admired
• What to Expect from Sam Bankman-Fried’s Sentencing – and the Lessons We Should Learn

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Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dive into the crypto universe's hottest topics. In this episode, we're tackling pressing questions: "Are Memecoins a Good Bet for Institutional Investors?" and "Can BASE Catalyze a Shift in Ethereum's DeFi Dominance?" Amidst Ethereum's upgrades, we explore the impact on scalability and the Layer 2 landscape. The legal entanglements of KuCoin with the DOJ and Beba's lawsuit against the SEC prompt a discussion on "What Do These Legal Challenges Mean for Crypto's Regulatory Future?" Additionally, we analyze the Blast Layer 2 security breach, questioning its implications for decentralized finance's security. Plus, a hypothetical scenario with Mr. Beast airdropping his own token leads us to ponder, "Can Celebrity-Endorsed Cryptocurrencies Create Real Value?" Join us as we dissect these pivotal developments, offering insights into the strategic maneuvers and policy shifts shaping crypto's future. Tune in for a compelling narrative on innovation and speculation in the rapidly evolving world of blockchain technology.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹 BASE's Growth and Challenges: Discussing BASE's explosive growth amidst Ethereum's upgrades, and how it's shaping the Layer 2 landscape amidst rising gas fees and scalability solutions.

🔹 Beba & DeFi Education Fund vs. SEC: Unpacking the lawsuit against the SEC for clearer airdrop regulations, highlighting its significance for future of airdrops.

🔹 KuCoin's Legal Battle: Insights into KuCoin's indictment by the DOJ, emphasizing the exchange's challenges and the broader implications for crypto regulations.

🔹 Blast L2 Security Incident: Analyzing the $62 million hack on Blast L2, exploring its impact on security perceptions and the debate over centralized control in DeFi.

🔹 Institutional Engagement with Memecoins: Exploring the surprising trend of reputable investment firms and family offices venturing into the volatile world of memecoins. 

🔹 The Mr. Beast Coin Hypothesis: Exploring the theoretical impact of a Mr. Beast coin on the crypto economy, debating whether celebrity-backed coins can lead to genuine wealth creation.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Robert Leshner, Founder of Compound

BEBA LLC and DEFI EDUCATION FUND v. SEC - https://www.defieducationfund.org/_files/ugd/84ba66_3f7a8f2ca6614d7381122cb1beeed4a8.pdf 

Prominent Global Cryptocurrency Exchange KuCoin And Two Of Its Founders Criminally Charged With Bank Secrecy Act And Unlicensed Money Transmission Offenses - https://www.justice.gov/usao-sdny/pr/prominent-global-cryptocurrency-exchange-kucoin-and-two-its-founders-criminally 

Tweet “Learn about that touch and the intersection of AI and blockchain” - https://twitter.com/NEARProtocol/status/1772494712525426865 

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