Unchained

The hosts dive into Bitcoin's volatility below $75K, dissect the explosive CZ vs Star Twitter battle over who caused the 10/10 liquidation cascade, debate the ethics of founder secondary sales with passionate disagreement, and explore the surprising crypto connections in the newly released Epstein files including Tarun's unexpected cameo.

Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto.

This week, the crew tackles a volatile market with Bitcoin struggling below $75K and explores what's driving the uncertainty. They dive deep into the explosive Twitter battle between Binance founder CZ and OKX's Star over who really caused the catastrophic 10/10 liquidation event that broke crypto's correlation with traditional markets. The conversation gets heated as the hosts debate the ethics of founder secondary sales — with Haseeb taking a surprisingly libertarian stance against his co-hosts. Finally, they explore the unexpected crypto connections in the newly released Epstein files, including Tarun's own amusing cameo and connections to Coinbase, Bitcoin Core developers, and other industry figures.

From market analysis to Twitter drama to moral philosophy, this episode covers the full spectrum of crypto discourse. Let's get into it.

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

Show highlights

🔹 Bitcoin below $75K signals uncertain market conditions with equal odds of hitting $40K or $130K

🔹 CZ vs Star Twitter battle over who caused the catastrophic 10/10 liquidation cascade  

🔹 Athena unwinding timeline analysis challenges Star's claims about Binance's role

🔹 Heated debate on founder secondary sales ethics with sharp disagreements among hosts

🔹 Tarun's unexpected appearance in Epstein files via Quora digest on homomorphic encryption

🔹 Epstein's 2014 Coinbase investment and connections to Brock Pierce revealed

🔹 Bitcoin developers' interactions with Epstein including Adam Back and Jeremy Rubin

🔹 MicroStrategy's break-even position becomes psychological market threshold

🔹 Quantum computing concerns emerge as potential Bitcoin selling catalyst

🔹 Post-10/10 correlation breakdown between crypto and traditional risk assets analyzed

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly 

Disclosures

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

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If you want expert help with crypto taxes — without guessing or DIY spreadsheets — Crypto Tax Girl is offering $100 off their crypto tax services for Unchained listeners.

They provide personalized support for everything from complex transactions to full tax returns.

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In this episode of Bits + Bips, Austin Campbell and Chris Perkins sit down with Cosmo Jiang to unpack what gold’s volatility shock revealed about market structure, why onchain venues like Hyperliquid are increasingly where price discovery happens, and how digital asset treasuries are being blamed for stress they did not create.

The conversation also turns to Kevin Warsh’s nomination as Fed chair and why it represents a deeper shift in institutional power, not just personnel.

Hosts:

• Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting

• Christopher Perkins, Managing Partner and President of CoinFund

Guest:

• Cosmo Jiang, General Partner at Pantera Capital

Links:

• Crypto at a Crossroads: Winter Fatigue Meets the Risk of Lower Lows
• Weekend Drama Rekindles Debate Over What Really Caused the October 10 Crash
• Crypto’s Weekend Washout Tests Conviction After a Brutal Week
• Bitcoin Sinks as Markets Price In a More Hawkish Fed
• Why HYPE Is Up While Every Other Crypto, Including Bitcoin, Is Down
• Hyperliquid Prepares Prediction-Style Markets With HIP-4 Upgrade
• Hyperliquid Sees Record Trading as Commodities Drive New Interest
• ​​Crypto Market Structure Bill Clears Senate Committee — But the Hard Part Is Still Ahead
• Silver and gold extend losses after last week's historic plunge
• Gold Volatility Tops Bitcoin in Wildest Price Swings Since 2008

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Crypto has stalled, but markets haven’t. As volatility migrates and narratives shift, retail traders are moving fast into exciting, but risky frontiers. We break down where attention is going next, how professionals are adapting, and why this cycle feels different from the last.

Host:

• Steven Ehrlich, Host: Bits + Bips: The Interview

Guest:

• Evgeny Gaevoy, Founder and CEO, Wintermute

Links:

• Adams’ NYC Memecoin Crashes After Debut, Sparking Outcry
• Memecoins Were Hot a Year Ago. Many Have Crashed Over 90%
• Crypto Traders Flee to Prediction Bets After Crash
• Prediction Markets to Get New Federal Rules, CFTC Chair Says
• Three Reasons for the Record Rise in Gold Prices, and One Why They Are Falling
• Gold Falls as Investors Take Profits After Record High

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Thank you to our sponsors, Fuse: The Energy Network and MultiChain Advisors!

What is the Moltbot buzz about?

In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monahan delve into why Moltbot, the new AI agent hogging the internet spotlight, is so exciting as well as the memecoin drama that has followed.

They also discuss how the son of a U.S. government contractor was allegedly caught flexing stolen Bitcoin in an online contest, analyzing how scammers can be so dumb.

Plus, why Ethereum's quantum computing initiative is so bullish in contrast to Bitcoin’s nonchalance. Also, are memecoins back?

Don't miss out on what Kain says is the real AI agent opportunity and Luca's tales of flipping Instagram handles for millions of dollars.

Hosts:

• Kain Warwick, Founder of Infinex and Synthetix

• Luca Netz, CEO of Pudgy Penguins

• Taylor Monahan, Security at MetaMask

Links:

• How Nansen’s New Trading Agent Makes It Easier to Follow the Smart Money Onchain
• How the x402 Standard Is Enabling AI Agents to Pay Each Other
• Ilya Lichtenstein Pleads Guilty to 2016 Bitfinex Hack of Billions in Bitcoin
• Ethereum and Optimism Lay the Groundwork for a Post-Quantum Future
• Q-Day Is Imminent. Can Bitcoin Survive the Quantum Threat?
• PUMP Drops Below ICO Price as Private Sale Investors Send $160 Million to Exchanges

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If you’re looking for help with crypto taxes, Crypto Tax Girl is offering $100 off for Unchained listeners.

They provide personalized crypto tax reports and tax returns, and availability before April 15 is limited.

Go to http://cryptotaxgirl.com/unchained to save $100!

President Donald Trump is suing JPMorgan for $5 billion, a U.S. government contractor's son is linked to Bitcoin theft from the government, the SEC and CFTC appear to be collaborating on crypto and CZ's Davos interview goes viral.

In yet another packed episode of DEX in the City, hosts Jessi Brooks, Katherine Kirkpatrick Bos and Vy Le dive into how Trump's case impacts the debanking debate, how a government contractor’s son was bragging about controlling federally seized crypto, why the crypto regulatory turf war may be taking a different shape and CZ's interview, which got a bit too detailed about the horrors of prison.

Does the government need a Bitcoin Fort Knox and is the U.S. moving towards a single financial regulator? Listen to find out!

Hosts:

• Jessi Brooks, General Counsel at Ribbit Capital

• Katherine Kirkpatrick Bos, General Counsel at StarkWare

• TuongVy Le, General Counsel at Veda

Links:

• Trump Signs Executive Order to Prevent Crypto Debanking
• Bessent Clarifies U.S. Bitcoin Reserve Plans
• Ilya Lichtenstein Pleads Guilty to 2016 Bitfinex Hack of Billions in Bitcoin
• SEC and CFTC Signal United Front on Crypto
• CZ Denies Ties to Trump and WLFI After Pardon
• Good news

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Thank you to our sponsor, Adaptive Security!

As AI makes deception easier, security gets harder. Adaptive runs deepfake and phishing simulations so your team can train for real-world threats.

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Why is crypto sentiment so low despite the growing adoption narrative?

In this episode of Unchained, Syncracy Capital co-founder Ryan Watkins unpacks why he thinks crypto is in a “twilight zone” and why the market could take investors by surprise.

He also sheds light on why he thinks bitcoin is underperforming gold and what needs to change. Plus what he is excited about in the coming years and why crypto is not just fintech.

Is a big move ahead? Listen to find out!

Guests:

• Ryan Watkins, Co-Founder of Syncracy Capital

Links:

• Why Gold Rose and Bitcoin Tumbled on Japan Bond Turmoil
• Has Bitcoin Failed to Live Up to the Digital Gold Narrative?
• Will Bitcoin’s New Phase Change It Forever? And Is the 4-Year Cycle Dead?
• Why the Crypto Markets Seem Down Bad as Bitcoin Dips Below $100K

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Thank you to our sponsor, Walrus!

Walrus is where the world’s data becomes reliable, valuable, and governable.

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In this exclusive Unchained interview, Griff Green, one of the original DAO curators and a member of the White Hat Group that helped recover funds after the 2016 DAO hack, reveals how tens of thousands of unclaimed ETH are being transformed into a long-term security fund for the Ethereum ecosystem.

Nearly ten years after the most infamous exploit in crypto history, the community is repurposing its leftovers, not to rewrite history, but to prevent it from repeating itself.

The new DAO Security Fund will deploy grants for Ethereum security research, infrastructure, incident response, and user protection, while also reviving DAO-based governance experiments that have fallen out of favor.

Griff explains how the fund will work, why the Ethereum Foundation is involved, how staking will generate sustainable funding, and why, despite Ethereum’s strength, crypto still isn't safe enough for everyday users.

Guests:

• Griff Green, Co-Founder at Giveth, q/acc & Unicorn.eth

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The crew breaks down Superstate's massive $82M Series B for tokenization, the explosive rise of TradeXYZ's commodities trading hitting $1B+ volume, different tokenization models from "bootleg" to "back office," the ClawdBot AI phenomenon taking over coding, and how agent-based development is revolutionizing crypto software engineering.

Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto.

This week, Robert drops news about Superstate's massive $82 million Series B raise led by Bain Capital to bring Wall Street on-chain through tokenization. The crew dives deep into the explosive growth of Hip3 markets, particularly TradeXYZ's commodities trading that's hitting over $1 billion in daily volume as precious metals rip to all-time highs. They break down the different tokenization models emerging - from "bootleg" third-party approaches to "back office" settlement tools to issuer-led official tokenization.

Then the conversation shifts to the ClawdBot phenomenon taking the internet by storm, exploring how AI agents are revolutionizing coding and what this means for the future of software engineering in crypto. From vibe coding to the complete transformation of how startups will be built, the hosts examine whether we're witnessing a fundamental shift in how technical work gets done.

Show highlights

🔹 Superstate raises $82M Series B led by Bain Capital for official securities tokenization

🔹 TradeXYZ hits $1B+ daily volume trading commodities on HyperLiquid's Hip3 markets  

🔹 Gold and silver surge drives massive crypto-native precious metals trading boom

🔹 Three tokenization models emerge: "bootleg" third-party, "back office" settlement, issuer-led official

🔹 ClawdBot/Molt Bot AI phenomenon explodes with agent-based life automation tools

🔹 Security concerns arise as thousands of unsecured ClawdBot gateways discovered online

🔹 Agent coding revolution transforms software engineering from hand-coding to management

🔹 Anthropic employees fully transition to Claude Code, abandoning traditional IDEs entirely

🔹 Crypto exchanges expand beyond crypto to capture trading cohorts aging into new assets

🔹 AI meme coin cycles continue as crypto financializes every new tech breakthrough

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly 

Timestamps

00:00 Intro

01:05 Superstate's $82M Series B Raise

05:16 Tokenization Models: Bootleg vs Back Office vs Issuer-Led

10:03 Trade XYZ HIP-3 Markets Commodities Surge

17:06 Why Crypto Traders Are Flocking to Precious Metals

20:45 The Evolution of Crypto Trading Cohorts

28:14 ClawdBot AI Phenomenon 

32:02 Security Concerns with AI Life Automation

35:43 Agent Coding Revolution

41:30 How AI is Transforming Crypto Startups

46:22 Anthropic Teams Fully Adopt Claude Code

51:06 Future of Software Engineering and Hiring

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If you’re looking for help with crypto taxes, Crypto Tax Girl is offering $100 off for Unchained listeners.

They provide personalized crypto tax reports and tax returns, and availability before April 15 is limited.

Go to http://cryptotaxgirl.com/unchained to save $100!

---

Thank you to our sponsor, Adaptive Security!

As AI makes deception easier, security gets harder. Adaptive runs deepfake and phishing simulations so your team can train for real-world threats.

Explore more: http://adaptivesecurity.com

---

Worried about your 2025 taxes? Don't fret, Unchained has you covered!

In this episode, Crypto Tax Girl founder Laura Walter joins to unpack new crypto tax developments such as the 1099-DA, offering strategies to navigate what she calls a tricky year for crypto taxation.

The key takeaway: “Don't freak out.”

Whether you only use stablecoins, are a heavy DeFi user, are a miner or staker, or even just a prediction market trader, you don't want to miss this episode!

Guest:

• Laura Walter, Founder and CPA of Crypto Tax Girl

Links:

• White House Considers Bid to Tax Crypto Held in Foreign Accounts
• Roger Ver to Pay $48 Million in Tentative Settlement Deal With DOJ: Report
• Senator Lummis Pushes Making Small Crypto Transactions Tax-Free in ‘Big Beautiful Bill’
• Crypto’s Black Friday Was Its Largest Liquidation Ever. What the Hell Happened?

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Crypto taxes stressing you out? You don’t have to figure it out alone.

We’ve partnered with Crypto Tax Girl, a crypto-focused tax firm that’s been helping investors since 2017, to give readers $100 off personalized, one-on-one crypto tax help.

Their team can handle everything from transaction calculations to full tax returns — but pre-April 15 spots are limited, so don’t wait!

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In this episode of Bits + Bips, Austin Campbell, Ram Ahluwalia, Chris Perkins, and guest Charles Edwards debate what “realpolitik” means for markets, why gold is leading, and whether Bitcoin is lagging for a reason that is not just sentiment.

They also argue over a counterintuitive claim gaining traction on desks: that rate cuts can be bad for risk assets in a high-debt world, and that the biggest adoption blocker for Bitcoin may be a known unknown, the quantum threat, whether it is imminent or simply believed enough to cap upside.

Hosts:

• Ram Ahluwalia, CFA, CEO and Founder of Lumida

• Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting

• Christopher Perkins, Managing Partner and President of CoinFund

Guests:

• Charles Edwards, Founder & CIO at Capriole Investments

Links:

• Why Gold Rose and Bitcoin Tumbled on Japan Bond Turmoil
• Should You Buy Gold or Bitcoin? Here’s How to Think About It
• Bitcoin Stumbles as Global Tensions Push Investors Toward Safe Havens
• Bitcoin Rebounds After Trump’s Truth Social Post Eases Tariff Fears

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Gold is hitting new highs. Bitcoin is struggling to keep up. And once again, the “digital gold” narrative is being put to the test.
On today’s episode of Bits + Bips: The Interview, host Steve Ehrlich sits down with Steve Sosnick, Chief Strategist at Interactive Brokers, to break down why bitcoin still trades like a risk asset, why gold keeps winning in moments of market stress, and what crypto must prove to close the credibility gap.

From rising bond yields to geopolitics and Fed independence, this conversation cuts through the noise to explain what’s really driving markets right now.

Hosts:

• Steven Ehrlich, Executive Editor at Unchained

Guests:

• Steve Sosnick, Chief Strategist at Interactive Brokers

Links:

• Should You Buy Gold or Bitcoin? Here’s How to Think About It
• Bitcoin Rebounds After Trump’s Truth Social Post Eases Tariff Fears
• Crypto Slides on Tariff Fears as Gold Breaks Above $4,850
• Why Gold Rose and Bitcoin Tumbled on Japan Bond Turmoil
• Supreme Court casts doubt on Trump’s power to fire Fed official without proper review

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Thank you to our sponsors!

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MultiChain Advisors

Trove Markets crashed at launch after a hyped ICO. X has pulled the plug on the InfoFi meta. Farcaster has been absorbed.

In this packed Uneasy Money episode, hosts Luca Netz, Kain Warwick and Taylor Monahan delve into how Trove's crash suggests that crypto's ICO struggles persist. Kain suggests X's move to block out InfoFi applications is “bullish” for the platform and the crew explores what's next for decentralized social media along with the takeaways from Farcaster's run.

They also discuss the pervasiveness of wallet poisoning scams, why Cosmos is struggling despite its good tech and why Paradex's rollback suggests that crypto's “code is law” ethos may be dying out.

Don't miss out on how Luca nearly got wrapped up in the Trove drama and Tay's tips to spot suspicious projects. Plus, why Kain thinks two people building with AI could succeed where Farcaster failed.

Hosts:

• Luca Netz, CEO of Pudgy Penguins

• Kain Warwick, Founder of Infinex and Synthetix

• Taylor Monahan, Security at MetaMask

Links:

• Uneasy Money: ICOs Are Back and Why Airdrops Are Instantly Dumped
• X Bans Incentivized Posting Apps, Prompting Shakeup in Crypto Engagement Platforms
• Linda Xie on How Mini-Apps Are Helping Farcaster Take on Web2 Social Media
• Ethereum Sets New Activity Record as Network Upgrades Pay Off
• Paradex Rollback Raises Hard Questions After Pricing Glitch Triggers Liquidations

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This week the boys break down the Crypto Clarity Act's dramatic Senate markup with Coin Center's Peter Van Valkenburgh, covering developer liability concerns, tokenized securities language controversy, the banking industry's war against stablecoin yield.

Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. Tarun's out this episode, but we're joined by Peter Van Valkenburgh, Principal of Policy at Coin Center and one of the sharpest legal minds in crypto.

This week, we're diving deep into the Crypto Clarity Act drama that has DC in chaos mode. What started as crypto's best shot at comprehensive regulation just hit a major roadblock when Coinbase pulled their support hours before the Senate markup. We'll break down the developer liability questions around "control" definitions, the tokenized securities language that has Brian Armstrong fired up, and the stablecoin yield restrictions that have banks and crypto companies at each other's throats.

Peter gives us the inside scoop on what's really in this 200-page bill, why Polymarket odds crashed from 80% to 40%, and whether this legislative train wreck can still get back on track. Let's get into it.

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

Show highlights

🔹 Coinbase pulls support for Crypto Clarity Act hours before Senate markup, citing "defacto ban" on tokenized equities

🔹 Peter Van Valkenburgh explains developer liability concerns and how "control" definitions could impact DeFi protocols  

🔹 Debate over whether the bill actually kills tokenized securities innovation or just restates existing law

🔹 Banking industry fights to restrict stablecoin yield payments, fearing deposit flight and profit compression

🔹 Tom breaks down multiple loopholes in yield restrictions that could easily be exploited through rewards programs

🔹 Robert argues banks are protecting oligopoly profits while stifling consumer choice and competition

🔹 Peter warns that fighting over yield could jeopardize crucial developer protections like the Blockchain Regulatory Certainty Act

🔹 Polymarket odds for bill passage crash from 80% to 40% as political tensions escalate

🔹 Discussion of sanctions obligations for DeFi frontend operators and application layer providers

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tom Schmidt, General Partner at Dragonfly 

Guest

⭐️Peter Van Valkenburgh, Executive Director of Coin Center

Disclosures

Links

Senate Banking Nears Vote on Digital Asset Market Structure by Peter Van Valkenburgh & Jason Somensatto & Lizandro (Laz) Pieper

https://www.coincenter.org/senate-banking-nears-vote-on-digital-asset-market-structure/ 

Timestamps

00:00 Intro

01:36 Clarity Act Panic

04:46 Peter's Expert Take: Why This Bill Matters

10:16 Developer Liability

19:36 Sanctions Compliance

27:03 Tokenized Equities Fight

35:42 Great Yield War: Banks vs. Stablecoins

45:11 Will Clarity Survive?

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Thanks to Mantle for supporting the pod—and launching the Global Hackathon 2025 with $150k in prizes, VC mentorship, and access to 7M+ Bybit users.

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The New York Stock Exchange just announced that it has developed a platform for the trading of tokenized equities with plans to unlock 24/7 trading for users.

In this DEX in the City episode hosts Katherine Kirkpatrick Bos and Vy Le are joined by Superstate General Counsel Alex Zozos to unpack the implications of NYSE's move and how tokenization could reshape markets.

Are traditional financial grants facing an Existential crisis? And will tokenization make most regulatory regimes redundant?

Plus, Zozos explains why all tokenized equities are not the same.

Hosts:

• Katherine Kirkpatrick Bos

• TuongVy Le

Guests:

• Alex Zozos, General Counsel at Superstate

Links:

• NYSE’s Tokenized Trading Push Marks a Quiet Win for Crypto
• Inside Robinhood’s Big Super App Plan: ‘There’s Still a Lot of Work to Be Done’
• JPMorgan Launches Tokenized Money Market Fund on Ethereum
• Vy's paper on the evolution of capital markets

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Thank you to our sponsor, Walrus!

Crypto intelligence platform Nansen has rolled out an AI trading agent, aiming to let users complete the full trading lifecycle—from discovery to execution—within a single platform. But the move also heralds a new horizon for trading and investment, one potentially filled with interesting possibilities.

In this episode of Unchained Nansen CEO Alex Svanevik unpacks what the AI agent does, the end game, the opportunities and the hurdles.

Can Nansen AI do for trading what Anthropic's Claude is doing for coding? And will humans soon be able to work without being glued to a screen?

Listen to find out!

Guests:

• Alex Svanevik, Co-founder and CEO at Nansen

Links:

• How the x402 Standard Is Enabling AI Agents to Pay Each Other
• GOAT: How AI Agents Talking Turned Into a $268 Million Memecoin ‘Religion’

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Is Bitcoin losing its “digital gold” narrative just as geopolitics heat up? The Bits + Bips crew debates what markets still aren’t pricing in.

In this episode of Bits + Bips, hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins are joined by David Duong, Global Head of Research at Coinbase, to unpack a volatile mix of crypto regulation, geopolitics, and shifting market structure.

The group digs into why the latest market structure bill is starting to crack, why investors may be underpricing regulatory clarity, and what it means that Bitcoin is failing to behave like digital gold just as global risk rises.

They also explore whether the U.S. and Europe are still true allies, why Wall Street’s move toward 24/7 onchain markets matters more than most realize, and how internet capital markets could reshape who gets access to capital in the next decade.

Hosts:

• Ram Ahluwalia, CFA, CEO and Founder of Lumida

• Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting

• Christopher Perkins, Managing Partner and President of CoinFund

Guests:

• David Duong, Global Head of Research at Coinbase

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Thank you to our sponsor, Walrus!

Walrus is where the world’s data becomes reliable, valuable, and governable.

Geopolitical tensions are rising. Crypto legislation is stalled. And pressure on the Federal Reserve is intensifying.
So why are Bitcoin and the broader crypto market holding strong?

In this episode of Bits + Bips: The Interview, Steve Ehrlich sits down with Zach Pandl, Director of Research at Grayscale Investments, to unpack what’s been driving markets since 2026 began, from Washington’s regulatory battles to global instability and the Fed’s fight to maintain independence.

They break down where U.S. crypto policy stands, why Wall Street isn’t waiting for Congress, and how macro forces like inflation, debt, and geopolitics are shaping crypto’s next move.

Hosts:

• Steven Ehrlich

Guests:

• Zach Pandl, Head of Research at Grayscale

Links:

• Robinhood CEO warns Congress delay is hurting Americans - TheStreet Crypto: Bitcoin and cryptocurrency news, advice, analysis and more
• Senate Banking Committee postpones vote on crypto market structure legislation amid industry pushback
• Crypto bill delay 'may ultimately be constructive' for final product, Benchmark says
• Trump attacks on Jerome Powell testing Fed’s independence
• Why the Federal Reserve has historically been independent of the White House

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Thank you to our sponsors!

Walrus

Post-quantum era focused blockchain builder Project Eleven has just raised $20 million from the industry's heavy hitters as concerns over Bitcoin's quantum readiness grow.

In this Unchained podcast episode, Project Eleven CEO Alex Pruden delves into the urgency of the quantum threat to Bitcoin while highlighting which other blockchains are most at risk. He also shares what Project Eleven is focused on to help crypto prepare and the potential outcomes.

Listen to learn why Pruden believes implementing post-quantum cryptography would be the most significant upgrade blockchains have ever undergone and why a Bitcoin chain split is likely.

Guests:

• Alex Pruden, CEO and Co-Founder of Project Eleven

Links:

• Solana Deploys Post-Quantum Signatures on Testnet

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Thank you to our sponsor, MultiChain Advisors!

Privacy is back on the radar as Monero gets compared to silver. Meanwhile, Vitalik wants Ethereum to ossify, former New York City Mayor Eric Adams’ NYC token rugs and X's algorithm has crypto Twitter up in arms.

In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monahan unpack: Monero's sudden surge, Vitalik's “walkaway test,” why blatant scams like Adams’ NYC token continue to succeed and whether X has been suppressing crypto content.

Don’t miss Kain’s story on how he lost nearly $250K in a wild vibe coding experiment.

Plus, Is Vitalik's “walkaway test” too “aspirational?” And could X cashtags usher in the next altseason?

Hosts:

• Luca Netz

• Kain Warwick

• Taylor Monahan

Links:

• Why the Privacy Coins Mania Is Much More Than Price Action
• Eric Adams’ NYC Token Crashes Amid Liquidity Concerns
• Ethereum’s Vitalik Buterin Says Blockchain Trilemma ‘Has Been Solved’

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Thank you to our sponsor, Figure!

Ethereum scaling network Polygon is charting a new course. Polygon on Jan. 13 announced that it was becoming a “regulated U.S. payments platform” following the acquisition of Web3 services companies Coinme and Sequence.

In this Unchained episode, Polygon Labs CEO Marc Boiron reveals the motivations behind the pivot and what it means for the network and its native token POL. He says that despite the pivot, Polygon is not becoming an application chain.

Can Polygon thrive in the stablecoin dominated space? And will POL benefit?

Guests:

• Marc Boiron, Chief Executive Officer at Polygon Labs

Links:

• Flutterwave and Polygon to Launch Africa-Wide Stablecoin Payments
• Why Wall Street Banks Need to Launch Their Own Stablecoins
• Stripe and Paradigm Announce New Layer 1 Blockchain ’Tempo’
• Circle to Launch Layer 1 Blockchain ‘Arc’
• Stablecoin Blockchains Are Coming. Here’s Why These Two Giants Should Be Nervous

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Thank you to our sponsor, Figure!

As tensions between the Trump administration and the Federal Reserve rise, gold and silver have surged to record highs. Bitcoin, meanwhile, has struggled to keep pace, raising uncomfortable questions about its “digital gold” narrative.

In this back-to-back Unchained episode, Vinny Lingham, cofounder of Xash, and Eric Fine, portfolio manager at VanEck, offer two distinct but complementary perspectives on what’s happening beneath the surface of global markets.

Vinny explains why gold’s liquidity, trust, and central-bank adoption still dwarf Bitcoin’s, and why that gap led him to design a gold-backed, reward-bearing stablecoin, USDX.

Eric walks through VanEck’s provocative analysis showing gold could reach $39,000 or even $184,000 if the dollar were to lose its reserve-currency dominance and gold had to back the money supply. He also dives into why some developed markets may be more fragile than investors assume.

Guests:

• Vinny Lingham, Co-founder, and President of Xash

• Eric Fine, Portfolio Manager, Active Emerging Markets Debt at VanEck

Links:

• Why Gold and Bitcoin Work Best Together
• Why Bitcoin Is Tanking Despite Gold Reaching High After High
• How Venezuela Shows Why Bitcoin, Crypto and Stablecoins Help Everyday People
• Bitcoin Rallies to $93,000 After U.S. Attack on Venezuela

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Thank you to our sponsor, Uniswap!

If trust in central banks erodes, what replaces it? This week’s Bits + Bips connects AI, energy, inflation, and Bitcoin.

In this episode of Bits + Bips, hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins are joined by Daniel Ives, one of Wall Street’s most closely followed technology analysts, to break down how AI is colliding with macroeconomics.

They debate whether AI will ultimately be inflationary or deflationary, why energy may become the binding constraint on technological growth, and how rising productivity could force the Federal Reserve into uncomfortable trade-offs.

The conversation also covers pressure on central bank independence, the fragility of trust in fiat systems, and why Bitcoin increasingly enters the conversation when that trust erodes.

Hosts:

• Ram Ahluwalia

• Austin Campbell

• Christopher Perkins

Guests:

• Daniel Ives, Managing Director and Senior Equity Research Analyst at Wedbush

Links:

• Bitcoin Briefly Pops to $92K on Powell DOJ News, Then Retreats
• Tether Freezes $182 Million in USDT on Tron

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Thank you to our sponsor, Mantle!

After months of anticipation, U.S. Senators have unveiled draft crypto market structure legislation.

In this episode of DEX in the City, hosts Jessi Brooks, Katherine Kirkpatrick Bos and Vy Le are joined by Blockchain Association CEO and former CFTC Commissioner Summer Mersinger to unpack all the provisions that stand out.

These include the bill's attempt to draw a line between centralized and decentralized platforms, the amended stance on stablecoin yield and exemptions for assets with ETFs.

Would the bill “sweep up all of DeFi?” Has crypto lost the fight over stablecoin yield? And is Trump playing interference for crypto?

Hosts:

• Jessi Brooks

• Katherine Kirkpatrick Bos

• TuongVy Le

Guests:

• Summer Mersinger, CEO Blockchain Association

Links:

• Tether Freezes $182 Million in USDT on Tron
• Senators Move to Curb Passive Stablecoin Yields in Market Structure Push
• How the Crypto Market Structure Law Would Expose that Trump’s WLFI Isn’t DeFi
• Jessi and Katherine's paper on programmable risk management

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The Chopping Block breaks down the Kontigo Venezuela sanctions scandal, poly market insider trading drama around Maduro's capture, and the explosive Zcash governance crisis that has the entire Electric Coin Company team quitting to launch CashZ amid foundation versus for-profit wallet debate.

Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, the crew dives deep into Venezuela's unexpected crypto connections following Maduro's capture, unpacking how the YC-backed fintech Kontigo allegedly used stablecoins to arbitrage sanctions and capital controls.

They debate the moral complexities of banking the unbanked versus violating US sanctions, and whether stablecoins are fulfilling their promise of financial freedom or enabling bad actors. The conversation then shifts to prediction markets drama, as a mysterious trader made $400k betting on Maduro's downfall just hours before it happened — sparking calls for insider trading laws in political betting markets.

Finally, they tackle the governance chaos in Zcash land, where the entire Electric Coin Company team quit en masse over disagreements with the nonprofit board, launching a new for-profit venture called CashZ. The hosts debate whether this signals the end of the foundation era in crypto, or just growing pains for protocols trying to build killer products.

Hosts:

• Haseeb Qureshi

• Robert Leshner

• Tarun Chitra

• Tom Schmidt

Links:

• FinTech Business Weekly - Kontigo: Y Combinator's Venezuelan Sanctions Evasion Startup
• Wall Street Journal - A Mystery Trader Made $400,000 Betting on Maduro’s Downfall

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Thank you to our sponsors, Uniswap and Figure Markets!

Amid several years of economic challenges, Venezuela boasts a long and intriguing relationship with crypto. Following the capture of President Nicolas Maduro by the U.S. government, these crypto ties have again been brought into focus.

In this Unchained podcast episode, Ledn cofounder Mauricio Di Bartolomeo and Economic Inclusion Group President Jorge Jraissati join Laura Shin to unpack this history, including the plausibility of the Latin American country sitting on a $60 billion Bitcoin stash.

Mauricio details how the hums of Bitcoin mining rigs became the sound of freedom for Venezuelans. Jorge says post-Maduro Venezuela will “demand” a crypto powered economy.

Will the crypto industry shape the future of Venezuela? And what does such a future look like?

Hosts:

• Laura Shin

Guests:

• Mauricio Di Bartolomeo, Cofounder and CSO of Ledn

• Jorge Jraissati, President of Economic Inclusion Group

Links:

• Bitcoin Rallies to $93,000 After U.S. Attack on Venezuela
• How Maduro’s Capture and a ‘Pre-War World’ Affects Bitcoin: Bits + Bips
• Brian Kelly on Token-Curated Registries, Robinhood Crypto Trading and the Petro

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Thank you to our sponsor, Mantle!

Canton's in bed with Nasdaq, a Google DeepMind's paper talks up the role of blockchain in an agentic economy and an alleged insider cashes in on Maduro's capture.

In this DEX in the City episode, hosts Katherine Kirkpatrick Bos, Jessi Brooks and Vy Le dive into the implications of Canton's Nasdaq deal, why DeepMind's study matters for crypto and the legality of insider trading on prediction markets.

Vy highlights what Canton's Nasdaq deal signals about the priorities of institutions adopting blockchain technology. Katherine and Jessi engage in what happens when the machines take over. Plus, should federal officials be banned from using prediction markets?

Hosts:

• Jessi Brooks
• Katherine Kirkpatrick Bos
• TuongVy Le

Links:

• Bitcoin Rallies to $93,000 After U.S. Attack on Venezuela
• How the x402 Standard Is Enabling AI Agents to Pay Each Other
• Why the Black Friday Whale’s $192 Million Crypto Trade Was Legal
• DEX in the City: Insider Trading and Crypto: What the Law Actually Says
• Google DeepMind’s agentic economy paper
• Pawthereum's website
• A copy of Rep. Ritchie's bill

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Thank you to our sponsors, Multichain Advisors and Mantle!

Aave DAO on Christmas Day lost the vote to take control of Aave brand assets, but the fight is likely not over.

In this Uneasy Money episode Aave Chan Initiative (ACI) founder Marc Zeller takes hosts Kain Warwick and Taylor Monahan inside the fight over one of DeFi's biggest names, teasing a “phase two” of the fight.

Plus, why is Infinex's ICO getting so much flak and are claims of insider trading on Polymarket misguided?

Hosts:

• Kain Warwick

• Taylor Monahan

Guests:

• Marc Zeller, Founder of the Aave Chan Initiative (ACI)

Links:

• Uneasy Money: Why Token Holders Have No Rights & Why Every DAO ‘Has Failed’
• Aave Labs Proposes Off-Protocol Revenue Sharing With Token Holders
• Aave’s Rushed Governance Vote Draws Backlash
• Infinex Changes INX Token Sale Terms After Low Demand
• MegaETH Just Had Its Public Sale. Can It Succeed in Building a Web2-Like Experience?
• Polymarket Introduces Taker Fees in 15-Minute Markets
• Polymarket Resolves Issues After Polygon Network Disruption
• How to Trade Prediction Markets Without an Opinion on the Event
• Ethereum’s Vitalik Buterin Says Blockchain Trilemma ‘Has Been Solved’

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Thank you to our sponsor, Mantle!

In this Unchained podcast episode, guests Alex Thorn and Ryan Graham share their 2026 outlook for Bitcoin and the broader crypto market, exploring why the year looks unusually uncertain.

The conversation also digs into questions around Ethereum’s long-term value, whether killer apps are enough to drive adoption, prediction markets’ push into sports betting, and why the privacy meta could continue in 2026.

Hosts:

• Laura Shin

Guests:

• Ryan Graham, Research Analyst at Messari
• Alex Thorn, Head of Firmwide Research at Galaxy Digital

Links:

• DAT Stocks Are on Sale. Are They a Buy? Plus, Why Crypto Is Dead
• Ethereum’s Vitalik Buterin Says Blockchain Trilemma ‘Has Been Solved’
• Solana Withstands Week-Long DDoS Attack
• Solana Mulls Proposal to Lower Inflation Rate
• Western Union Files ‘WUUSD’ Trademark After Solana Stablecoin Reveal
• Why the Privacy Coins Mania Is Much More Than Price Action
• The Chopping Block: Hyperliquid vs. Tarun, ADL Transparency & The Coming Perps Arms Race
• How to Trade Prediction Markets Without an Opinion on the Event
• Why Wall Street Banks Need to Launch Their Own Stablecoins
• How the GENIUS Act Creates a Built-In Advantage for Banks and Deposit Tokens
• Klarna Launches Stablecoin Built on Stripe’s Tempo Chain
• How the x402 Standard Is Enabling AI Agents to Pay Each Other

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Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. It's a new year, and that means the crew is back with their annual year-end awards and predictions episode.

First up: the 2025 winners and losers. From Trump's meme-coin windfall to Gary Gensler's legacy getting torched, from prediction markets going mainstream to Web3 getting its official eulogy — no one is safe. The team debates the biggest surprises (Circle's shocking IPO run, Ethereum's pivot under new leadership, Zcash's unlikely comeback), the best new mechanisms (ICO 2.0, DATs, federal preemption), and the year's best memes (including the Chopping Block's own tariff factory video).

Then comes the flops and comebacks: AI agents that overpromised, Berachain's fall from grace, and Tether somehow winning again. Finally, the crew reviews how badly their 2025 predictions aged — spoiler: not great — and lays out fresh calls for 2026 including AI-powered hacks, stable-coin-funded AI capex, and equity perps taking over DeFi.

New year, fresh takes, brutal honesty — let's get into it.

Show highlights

🔹 Biggest winner debate — Trump's meme-coin empire, prediction markets going mainstream, and M&A consolidation reshaping the industry.

🔹 Gary Gensler's legacy destroyed — Haseeb declares his SEC tenure the biggest loser as every initiative got reversed.

🔹 Web3 pronounced dead — Tarun writes the epitaph on the "ownership economy" thesis as NFT sentiment hits rock bottom.

🔹 Bitcoin as biggest loser? — Robert's controversial pick: BTC underperformed in a year that should have been its best.

🔹 Circle IPO shocks — From skeptics to $70B market cap, the stablecoin thesis briefly took over Wall Street.

🔹 Ethereum pivot surprise — Vitalik's leadership shake-up and new EF direction restored optimism no one expected.

🔹 DATs dominate mechanism talk — Robert calls them highest "absolute value of impact" — amplifying volatility both ways.

🔹 AI agents flopped hard — From mania to annoyance, the speculative thesis collapsed and sentiment turned hostile.

🔹 2025 predictions reviewed — The team confesses their misses (150K BTC, 5x AI agent caps) with Tom winning at 2/3.

🔹 2026 predictions dropped — AI-generated $100M+ hacks, stable-coin-funded AI capex, and equity perps hitting 20% of DeFi volume.

Hosts:

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly 

Timestamps

00:00 Intro

00:26 Crypto Industry Overview

02:39 Biggest Winners of 2025

07:32 Biggest Losers of 2025

13:29 Biggest Surprises of 2025

22:24 Best New Mechanisms of 2025

28:49 Best Memes of 2025

33:24 Best and Worst Pivots of 2025

39:15 Biggest Flops of 2025

41:31 Biggest Flop of 2025

42:58 Bitcoin's Disappointing Year

45:30 Biggest Comeback Stories of 2025

49:12 Favorite Guests of 2025

52:40 Reflecting on 2025 Predictions

56:33 Predictions for 2026

Disclosures

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Thank you to our sponsor, Uniswap!

In this episode of Bits + Bips, hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins are joined by macro strategist Peter Tchir to unpack one of the most consequential geopolitical events in years: the U.S. capture of Venezuelan President Nicolás Maduro.

The conversation explores why Bitcoin surged past $94,000, what the operation signals about U.S. power and strategy, and how investors should think about energy, supply chains, and national security in a shifting global order.

The group also debates whether crypto’s 24/7 markets are revealing a structural weakness in traditional finance, whether Latin America is poised for an investment renaissance, and why “production for security” may replace ESG as the dominant investment framework.

Hosts:

• Ram Ahluwalia, CFA, CEO and Founder of Lumida
• Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
• Christopher Perkins, Managing Partner and President of CoinFund

Guest:

• Peter Tchir, Head of Macro Strategy at Academy Securities

Links:

• Bitcoin Rallies to $93,000 After U.S. Attack on Venezuela
• The Venezuelan Oil Narative is PURE THEATRE
• Venezuela: The $60B+ Bitcoin "Shadow Reserve"

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Thank you to our sponsor, Mantle. Sign up for their hackathon here!

Crypto markets this year failed to live up to expectations, raising questions about the trajectory for next year. The situation is further complicated by speculation that Bitcoin is about to kick off a multiyear decline in line with the so-called four year cycle.

In this Unchained podcast episode, Delphi Digital analysts Jason Pagoulatos and Jordan Yeakley break down the market and applications outlook for next year.

They look at whether the four year cycle would hold, what gold's run means for Bitcoin and the conditions that have led to recent market apathy. They also discussed whether the recent resurgence of privacy coins is a fad and who would come out on top in the race to become an “everything app.”

Is the four year cycle the result of multiple coincidences? And, is X the dark horse in the everything app meta?

Guests:

• Jason Pagoulatos, Head of Markets at Delphi Digital

• Jordan Yeakley, CFA, Research Analyst at Delphi Digital

Previous appearances on Unchained:

• What Went Wrong With Pump's ICO and Where It Goes From Here

• How Crypto Markets Are Post-Selloff, With Election/Fed Uncertainty

Links

• Unchained:

  • Will Bitcoin’s New Phase Change It Forever? And Is the 4-Year Cycle Dead?

  • The Chopping Block: Hyperliquid vs. Tarun, ADL Transparency & The Coming Perps Arms Race

  • What Ethereum Will Look Like When It Implements Its New Privacy Focus

  • Why the Privacy Coins Mania Is Much More Than Price Action

  • Coinbase Launches Stock Trading and Prediction Markets

  • Inside Robinhood’s Big Super App Plan: ‘There’s Still a Lot of Work to Be Done’

  • How the x402 Standard Is Enabling AI Agents to Pay Each Other

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Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This episode opens with the Aave DAO civil war: a CoWSwap integration that allegedly routed swap fees to Aave Labs/Avara instead of the DAO, igniting “stealth privatization” claims, a “poison pill” push to seize Aave IP/brand, and a bigger fight over who really owns Aave.com and the protocol’s front door.

Next, the crew unpacks the Flow hack (a $3.9M mint exploit) and the wild rollback talk that followed — plus why forks and bridges make rollbacks dangerous, turning bridges into accidental custodians and breaking old security assumptions.

Finally, they break down Coinbase’s System Update and the “Everything Exchange” strategy — stocks, tokenization, perps, prediction markets, stablecoin rails — and whether this approach can win against Robinhood. DAO wars, chain chaos, and super-app ambition — let’s get into it.

Show highlights

🔹 Aave DAO civil war erupts — CoWSwap fees reportedly route to Aave Labs/Avara, not the DAO, fueling “stealth privatization” claims.

🔹 “Poison pill” proposal — DAO demands Aave IP/brand and Aave.com control, turning governance into a DevCo vs DAO showdown.

🔹 No foundation, messy ownership — Aave’s pre-foundation setup exposes off-chain IP risk, jurisdiction questions, and untested legal theory.

🔹 Christmas vote drama — 41% abstain signals a redo; OG/Asia backlash pits “property rights” vs “commons” narratives.

🔹 Flow hacked for $3.9M — chain pause + rollback idea sparks outrage (and wouldn’t even stop the attacker).

🔹 Rollbacks meet bridges — forked history can wipe innocent bridgers; bridges become custodians when chains reorg or rewind.

🔹 Interconnected chains break security — old models crumble, and small chains “die twice” when bridges/oracles unplug.

🔹 Coinbase goes “Everything Exchange” — stocks/ETFs, tokenization, perps, prediction markets; can Coinbase beat Robinhood’s funnel?

Hosts:

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner [MIA], CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly 

Links:

Aave Cowswap Integration- Tokenholder Questions (aave discussion) 

https://governance.aave.com/t/aave-cowswap-integration-tokenholder-questions/23530?u=ignas 

Aave Will Win: 2026 Master Plan by Stani Kulechov

https://x.com/StaniKulechov/status/2001036446098919461 

Timestamps

00:00 Intro

01:51 Aave Civil War Erupts

06:37 CoWSwap Fees Spark Aave IP Debate

10:20 Can a DAO Own IP?

15:25 Aave’s Pre-Foundation Legal Quirk

28:20 Flow Hacked: $3.9M Mint Attack

33:50 Small Chains Die When Bridges Leave

34:33 App Chains Boom Is Over

36:32 The Hidden $20M L1 Tax

43:29 Coinbase System Update: Everything Exchange

57:43 Coinbase vs Robinhood: Build vs Buy

Disclosures

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In this year-end Bits + Bips roundtable, hosts Austin Campbell and Chris Perkins are joined by John D’Agostino, Head of Strategy at Coinbase Institutional, for a wide-ranging and often contentious look at what 2026 may hold for crypto.

They debate whether a major global brand will launch its own stablecoin, whether altcoins are structurally doomed—or secretly set up for a Wall Street–driven resurgence—and whether a major crypto hack is coming.

The conversation also explores how tokens accrue value and whether there will be a new M&A trend that’ll reshape the industry as we know it.

Plus: don’t miss what they have to say about NFTs, financial nihilism, and whether we’ll see all-time highs for bitcoin in 2026.

Hosts:

• Ram Ahluwalia, CFA, CEO and Founder of Lumida

• Austin Campbell, NYU Stern professor and Founder of Zero Knowledge Consulting

• Christopher Perkins, Managing Partner and President of CoinFund

Guest:

• John D'Agostino, Head of Strategy for Coinbase Institutional

Timestamps

🚀 3:38 Why John thinks a global Web2 giant will launch a stablecoin in 2026
💵 8:34 How big the stablecoin market can actually get and where tokenized deposits fit in
🚫 12:18 Whether stablecoins will face outright bans in parts of the world
🔓 16:18 Why a major crypto hack of more than $2 billion in 2026 seems likely
🏛️ 19:56 Why it looks like crypto market structure legislation won’t pass in 2026 — and maybe not after the midterms either
🧠 30:57 John’s three counter-consensus predictions involving quantum tech and AGI
📉 39:25 Whether altcoins are structurally set up to underperform again in 2026
⚡ 44:02 Whether massive Solana adoption would or wouldn’t translate into token value
🌀 45:00 What “financial nihilism” explains about altcoin behavior
🤝 49:50 Why Chris believes 2026 could become a defining year for crypto M&A
🇺🇸 59:57 How U.S. political shifts now could ripple into the 2028 election cycle
🖼️ 1:02:39 What an NFT comeback would actually look like and why it won’t resemble JPEG mania
💣 1:07:05 Why John isn’t buying the idea that post-10/10 blowups are inevitable
📈 1:08:26 Whether all-time highs in 2026 are still on the table

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Thank you to our sponsors!

• Uniswap

• Mantle

2025 was a year of mixed outcomes for crypto. The industry got landmark stablecoin regulations in the U.S. but with a major limitation. Bitcoin soared to new all-time highs but failed to surge to heights many expected and is set to end the year flat.

In this final installment of Unchained's year in review show, Ambient Finance founder Doug Colkitt and Gwart take a look back at the passing of the GENIUS Act, Bitcoin's all-time high run and the “10/10” crash.

Plus, did “threadguy's” tax woes trigger Zcash's run? And is Nic Carter overreacting about the quantum computing threat to Bitcoin?

Guests:

• Doug Colkitt, Co-founder of Fogo and Ambient Finance

• Gwart, Host of The Gwart Show

Links:

• Unchained:

• Who Are the Winners and Losers of the New Stablecoin Law in the U.S.?

• Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes

• Stripe and Paradigm Announce New Layer 1 Blockchain ’Tempo’

• Stablecoin Issuers Enter Bidding War to Launch Hyperliquid’s USDH

• Coinbase Buys Cobie’s ‘Up Only’ NFT and Echo in $375 Million Deal

• Bitcoin Hits All-Time High Ahead of $125,500

• Crypto Markets Recover After Record $19 Billion Liquidation

• Why the Black Friday Whale’s $192 Million Crypto Trade Was Legal

• Why the Privacy Coins Mania Is Much More Than Price Action

• How the x402 Standard Is Enabling AI Agents to Pay Each Other

• MegaETH Just Had Its Public Sale. Can It Succeed in Building a Web2-Like Experience?

• Can ‘Choose Rich’ Nick Create the Barstool Sports of Crypto?

• Do Kwon Sentenced to 15 Years in Prison

• Cracking Bitcoin Encryption Is Getting Much Easier, Google Says

Timestamps:

🚀 00:00 Introduction 

🫠 00:53 Why GENIUS Act blocking interest payments is problematic 

🤔 4:31 Did PUMP launch buybacks too soon?

👀 10:56 Is Stripe fully committed to Tempo?

⁉️ 14:28 Was Hyperliquid's USDH partner “pre-ordained?”

😅 19:38 Is Cobie Coinbase’s best hire yet?

😵‍💫 27:16 Bitcoin's peak in downtober

❕️ 29:55 What “10/10” says about the crypto industry 

🤣 41:13 Did “threadguy's” tax woes trigger Zcash's run?

👀 47:27 Is the AI agent meta a “charade?”

🤺 50:27 What is fueling the bitter rivalry between Kalshi and Polymarket

🤔 56:50 Did “ICOBeast” deserve to lose his MegaETH allocation?

💥 1:00:40 Is “Choose Rich” Nick now mainstream?

🫣 1:02:55 Was Do Kwon's 15 year sentence excessive?

🧐 1:08:54 Is Nic Carter overreacting about the quantum computing threat to Bitcoin?

🔮 1:13:42 Doug and Gwart lock in their 2026 predictions

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Crypto natives entered 2025 with many expectations, but bingo cards likely did not include world leaders launching memecoins.

In this first installment of a two part Unchained Special, Ambient Finance founder Doug Colkitt and “Gwart” join to offer a whimsical take on some of the years major happenings as it pertains to crypto.

How did an erstwhile dropshipper get in bed with world leaders and convince them to launch memecoins? And did Tom Lee's “good hair” save ETH?

Thank you to our sponsor, Walrus! http://walrus.xyz/

Guests:

• Doug Colkitt, Co-founder of Fogo and Ambient Finance

• Gwart, Host of The Gwart Show

Links:

• Unchained:

• Why Lyn Alden Isn’t a Fan of Trump’s Memecoins, but Neutral on a Strategic Bitcoin Reserve

• The Chopping Block: Trump’s Crypto Shake-Up, Solana’s Big Moment, that Changes Everything

• Why Would Argentine President Javier Milei Protect Kelsier’s Hayden Davis?

• How the $1.5 Billion Bybit Hack Could Have Been Prevented

• Which Crypto Assets Belong in a Reserve? This VC Says Not XRP and ADA

• White House Crypto Summit: Two Attendees Share Why It Matters

• Arthur Hayes and Hanson Birringer on Hyperliquid’s Success (And What Could Stop It)

• Hyperliquid Trader Makes $87M in 70 Days, Loses It In Five

• The Chopping Block: Tom Lee the New Saylor? DAT Consolidation, Token Wrappers Under Fire

• Circle, Issuer of the $61.5 Billion USDC, Raises $1.1 Billion in Landmark IPO

• Why Arbitrum Won Over Robinhood + A $59 Million Polymarket Controversy

• DAT Stocks Are on Sale. Are They a Buy? Plus, Why Crypto Is Dead

Timestamps:

🚀 00:00 Introduction 

😵 1:20 How Trump and Melania surprised the crypto community with Solana memecoins

😅 4:46 How Hayden Davis went from dropshipping to launching coins with world leaders

🫠 8:39 Could a test transaction have saved Bybit from the largest heist of all time?

🫡 13:34 How Ripple lobbyists reportedly got Trump to shout out an XRP reserve

🤣 17:55 Was the White House Crypto Summit hijacked by FIFA?

🤺 20:20 Hyperliquid's Run and the CZ v. Jeff Memes

😅 26:48 Who is James Wynn, really?

😆 30:36 What sparked ETH's comeback? Tom Lee's good hair or EF reforms?

📈 35:51 How Circle's IPO run blindsided Arthur Hayes

🎇 38:48 Robinhood's grand on-chain debut

🫠 43:58 Still early or DOA? Base's hit and miss campaigns

🤔 54:23 How does the DAT mania end?

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In this Christmas Eve episode of DEX in the City, hosts Jessi Brooks, Katherine Kirkpatrick Bos, and Vy Le break down a pivotal moment for crypto: the industry is no longer operating as a self-contained, oppositional ecosystem. It’s converging with traditional finance. And the cool thing? Washington is responding.

The trio unpacks the latest on the crypto market structure bill, what it means that TradFi players are actively supporting legislation, how compliance tools like KYC became unavoidable, and why crypto may be going through an identity crisis. 

They also delve into why Democratic engagement is crucial to getting a bill across the finish line, and why January’s confirmed markup could be a turning point.

Hosts:

• Jessi Brooks, General Counsel at Ribbit Capital

• Katherine Kirkpatrick Bos, General Counsel at StarkWare

• TuongVy Le, General Counsel at Veda

Timestamps:

🎬 0:00 Intro

🎄 2:09 Whether crypto’s convergence with TradFi is finally changing how policymakers treat the industry

🧬 13:54 What “crypto-native hybrids” are and why they’re suddenly everywhere

🔐 15:23 How KYC and compliance tools went from optional to unavoidable in crypto’s tech stack

🪞 18:24 Why Vy says crypto is in the middle of a real identity crisis

📅 21:12 Why a confirmed January markup is a much bigger deal than it sounds

⚔️ 24:00 How the DeFi fight inside the bill is shaping up and why TradFi is now showing up loudly

🏛️ 31:02 What Democrats are zeroing in on to actually get this bill across the finish line

🔄 35:02 Whether the revolving door between government and crypto is healthy or a red flag

✨ 45:49 Good news and end-of-year thoughts

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

Security remains work in progress for crypto — and that may be putting it mildly. This year Bybit was hacked for $1.5 billion, the largest exploit ever, crypto or otherwise. 

In this Unchained episode, Security Alliance members explain how crypto exploits have evolved, why smart contracts are no longer the primary vulnerability and why a security plan alone may not be enough.

They take us inside how North Koreans are getting jobs at crypto and tech companies and how they operate. 

Plus, best practices for individuals that intend to hold their assets for the long-term. Test transactions and 2FA based on authenticator apps may not be ideal.

Thank you to our sponsors, ⁠Uniswap⁠ and ⁠Mantle⁠!

Guests:

• Pablo Sabbatella, Member of SEAL (Security Alliance) and Founder of Opsek

• Isaac Patka, Wargames Initiative Lead at SEAL, and Founder of Shield3

Links:

• Unchained:

• How the $1.5 Billion Bybit Hack Could Have Been Prevented

• The Chopping Block: Code, Chaos & Consequences — What the Balancer Hack and Rollback Debates Mean for Crypto’s Future

• How AI Agents Hacked Smart Contracts for $1 Apiece – DEX in the City

• DEX in the City: How Privacy in Crypto Makes Everyone’s Finances More Secure

• Chainalysis crypto crime report

• SEAL 911 bot

• SEAL website with profiles of confirmed DPRK IT workers

Timestamps:

🚀 00:00 Introduction 

⚠️ 1:27 How social engineering has become the primary driver of crypto exploits

🤔 8:28 What does SEAL do?

💡 12:08 Why safe harbor for white hats matters

👀 14:41 Why North Koreans are infiltrating U.S. companies?

🫠 18:03 How the North Korean IT jobs scheme has evolved with “laptop farms”

😬 22:05 How North Korean IT workers steal crypto from companies and how to avoid hiring them

⚠️ 32:20 Isaac explains how companies can minimize losses even with North Korean hackers on staff

🤯 35:52 Why Isaac doesn't do test transactions

❕️ 38:19 How Bybit was targeted

⁉️ 49:41 The primary ways individuals get hacked

🚨 54:28 How individuals can avoid getting rekt

💡 1:08:42 What privacy means for crypto security

🤧 1:12:38 What to do if your assets are stolen

💫 1:15:41 Useful security resources for individuals and companies

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Thank you to our sponsor, Mantle. Sign up for their hackathon here!
After a “weird” year in the markets, hosts Ram Ahluwalia and Christopher Perkins are joined by Ava Labs’ President John Wu for a candid debate about where crypto really is in the cycle—and what needs to happen next.

The panel wrestles with a question many investors are quietly asking: has the market washed out enough to set up the next move, or is something still missing? They explore why momentum has faded, what signs would suggest it’s coming back, and why 2026 keeps coming up in long-term conversations—even as near-term enthusiasm remains divided.

Plus, why TGEs are “dying” and, with the rise of super apps, does Coinbase has an edge on Web2 players like Robinhood? 

Hosts:

• Ram Ahluwalia, CFA, CEO and Founder of Lumida

• Christopher Perkins, Managing Partner and President of CoinFund

Guest:

• John Wu, President of Ava Labs

Links:

• Unchained: 

• Circle Acquires Interop Labs Team, Excludes Axelar Foundation and Token 

• Aave’s Rushed Governance Vote Draws Backlash

• UNI Token Rallies as Voting Begins on UNIfication Proposal

• Bitcoin’s Demand Boom is Fading: CryptoQuant

• Alex Thorn predicts BTC will reach $250K by end of 2027 

• Memento’s research on TGEs 

• Jeff Dorman on X: “I don’t know a single liquid fund that has bought a new token on TGE in over 2 years.”

• CoinDesk: Coinbase rolls out stock trading, prediction markets and more in bid to become the 'Everything Exchange'

• The Block: 

• Coinbase to acquire prediction markets startup The Clearing Company

• AAVE token holder proposes 'poison pill' for DAO to absorb Aave Labs amid contentious revenue debate

Timestamps:

🎬 0:00 Intro

📉 1:55 What made this a truly “weird year” for markets

🗓️ 7:09 Why 2026 may be a breakout year and why not all tokens may survive

🌊 8:41 Whether a big washout is ahead and what actually brings momentum back

🔁 13:40 How the four-year cycle, midterms, and new cohorts keep reshaping crypto demand

🏦 20:30 The fight over institutional settlement layers and Canton’s rise

🧩 24:34 Why tokens exist at all and where real value capture is getting lost

⚖️ 30:19 How investors should think about the constant tug-of-war between equity and tokens

📊 41:07 Why Chris feels constructive on markets while Ram sees something missing

💵 43:52 Why stablecoins are quietly becoming the “new net interest income”

📱 44:51 How super apps are changing the game and why Coinbase may have an edge over Robinhood

🧟 53:16 Why token generation events are fading

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In this double-header episode of Bits + Bips, Steven Ehrlich first speaks with Figure CEO Mike Cagney about why most tokenization projects fail, how Figure built an onchain mortgage replacement, and why he believes big banks may now be leading blockchain innovation.

Then, Jason Brett joins the show to explain how an upcoming crypto market structure bill could expose President Trump’s World Liberty Financial as centralized, and why that matters for DeFi, regulation, and the industry’s credibility.

Sponsors:

• Uniswap

• Mantle

Host:

• Steve Ehrlich, Executive Editor at Unchained

Guests:

• Mike Cagney, Co-founder and CEO of  Figure Technology Solutions

• Jason Brett, Former Banking Regulator With FDIC

Links:

• Unchained:

• Inside Robinhood’s Big Super App Plan: ‘There’s Still a Lot of Work to Be Done’

• Coinbase Launches Stock Trading and Prediction Markets

• How the GENIUS Act Creates a Built-In Advantage for Banks and Deposit Tokens

Timestamps: 

🚀 00:00 Introduction 

🧠 1:48 What is a HELOC?

💡 4:48 How Figure is turning HELOCs into a mortgage replacement

⚡️ 7:58 How Figure issues loans from origination to disbursement

📍 11:28 Why Figure uses a blockchain 

⚠️ 12:15 Cagney explains how liquidity poses a challenge for many tokenization projects

🧏‍♂️ 13:10 Why the real value proposition is in DeFi and how Figure is bring $1 billion on-chain

📃 14:14 Cagney reveals Figure's preferred DeFi platforms 

💥 16:09 How the GENIUS Act could drive assets onchain 

⚡️ 17:46 How Figure is working towards stablecoin settlement of loans

👀 23:40 Why Cagney says the big banks are doing more disruptive work than the likes of Coinbase

⚖️ 27:53 What Cagney is advocating for around DeFi in DC and his litmus test for decentralization 

❕️ 31:30 Why Cagney believes anonymity is not necessary for decentralization CLIP

💡 33:32 How Cagney deals with the pressures of going public

🧠 34:32 Why Cagney has taken a different philosophical approach to Robinhood and Coinbase 

💥 37:05 Cagney explains what it takes for tokenization projects to succeed

41:55 Intro

45:51 If crypto finally gets rules, what then?

49:39 Frozen wallets: the DeFi dealbreaker

55:51 Has the White House picked a DeFi side?

56:36 Why this goes beyond “ethics”

58:49 If Trump’s DeFi fails the test… then what?

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In this combined episode of Unchained, Steven Ehrlich first breaks down why crypto treasury stocks (DATs) have swung from massive premiums to deep discounts, why comparisons to GBTC can be misleading, and why buying these stocks isn’t a clean arbitrage trade but a long-term, high-conviction bet.

You can read Steve’s full report here and you can subscribe for 95% OFF before the end of year! 😱

Then, Figment Capital’s Dougie DeLuca zooms out to the broader shift underway. As fintechs and institutions embrace blockchain infrastructure, he argues that “crypto as we know it” may be fading—and that crypto natives risk being left behind unless they adapt to real users, sustainable products, and mainstream distribution.

Need liquidity without selling your crypto? Take out a Figure Crypto-Backed Loan, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event. 

Thank you to our sponsor, Figure!

Unlock your crypto’s potential today at Figure! 

Guests:

• Dougie DeLuca, Investor and Researcher at Figment Capital

• Steven Ehrlich, Executive Editor at Unchained

Links:

• Unchained:

• Coinbase Launches Stock Trading and Prediction Markets

• Inside Robinhood’s Big Super App Plan: ‘There’s Still a Lot of Work to Be Done’

• Dougie's “Crypto is Dead” article

Timestamps:

• 👏 0:00 Intro

• 📘 1:16 What a DAT actually is and why mNAV matters more than most people think

• 📉 5:16 How deep the discounts really are and why some of them are optical illusions

• ⚖️ 7:12 Whether mNAVs should trade back to 1 and when that assumption breaks

• 🔁 8:59 How this compares to the GBTC discount and why the analogy can be dangerous

• 🧱 13:44 Why many DATs are stuck below mNAV and what’s structurally holding them down

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Thank you to our sponsor, Multichain Advisors!What rights do token holders have? Is everyone getting rugged?

In this episode of Uneasy Money, Ethena founder Guy Young joins hosts Kain Warwick, Luca Netz and Taylor Monahan to interrogate the lack of clarity around token expectations and rights as Aave DAO goes against Aave Labs and Circle acquires the Axelar team.

Do centralized exchanges hold the solution?

Plus, does MOVE's Rushi Manche deserve a second chance? And how can you stay safe from the fake Zoom scam?

Hosts:

• Luca Netz, CEO of Pudgy Penguins

• Kain Warwick, Founder of Infinex and Synthetix

• Taylor Monahan, Security at MetaMask

Guest:

• Guy Young, CEO & Founder of Ethena Labs

Links:

• Unchained:

• AAVE Holders Question if DAO Quietly Redirected Revenue Away From Treasury

• SEC Ends Four-Year Probe Into Aave

• ‘Poison Pill’ Proposal Calls for Aave DAO to Take Over Aave Labs

• Jump Crypto’s Firedancer Goes Live on Solana Mainnet

• How to Trade Prediction Markets Without an Opinion on the Event

• MetaMask Adds Native Bitcoin Support

Timestamps:

🚀 00:00 Introduction 

👀 01:39 Who owns Aave?

🤔 5:42 Is the DAO and Foundation model faulty?

⚡️ 11:29 Why tokens need clarity

⁉️ 16:23 Is the SEC to blame for the lack of token clarity?

💡 20:03 How lack of regulatory clarity arounds tokens boosts scams

⚔️ 22:00 The Solana client diversity debate

📍 25:48 How Circle's Axelar acquisition highlights the lack of token rights

💥30:20 How centralized exchanges can help secure rights for token holders

🧠 33:25 Luca explains why some tokens should not confer rights

⁉️ 39:48 Should Rushi Manche get a second chance?

🫨  47:01 Taylor unpacks messy details of Movement Labs’ MOVE token deals

💫 50:28 How the debate between Tarun Chitra and Dan Robinson provides a base for unraveling 10/10

⚠️ 53:10 How Guy believes the crypto industry can prevent another 10/10

🚨 1:00:20 Why new fake Zoom scams are particularly dangerous 

📽 1:04:04 Kain reveals how his domain registrar was socially engineered 

🧏‍♀️ 1:08:20 What to do if you are a victim of the fake Zoom scam

👀 1:09:41 Is adding leverage to Polymarket “pure insanity?”

⚡️ 1:11:47 What to know about MetaMask's Bitcoin support

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

Thank you to our sponsors!

• Figure

• Uniswap

Robinhood is moving toward offering a full suite of crypto services and overhauling the infrastructure underpinning its stock trading services with blockchain technology. 

In this episode of Unchained, Robinhood Crypto Senior Vice President and General Manager Johann Kerbrat discusses the company's “super app ambitions” and potential competition with Coinbase. 

He also discusses the platform's entry into prediction markets and resistance from state regulators. Could state opposition to prediction markets drive businesses offshore?

Plus, will tokenized stocks make IPOs redundant? And where are we in the crypto market?

Guest:

• Johann Kerbrat, Senior Vice President and General Manager of Robinhood Crypto

• Previous appearances on Unchained:

• Why Robinhood, a TradFi Hub, Is Growing Its Crypto Business Globally

• Unchained:

• Robinhood Is Building Its Own Layer 2 Blockchain

• Perps Are Coming to America. Will Coinbase and Robinhood Win the Race?

• OpenAI Says Robinhood’s Stock Tokens Are Not Equity

• Coinbase Expands Into Tokenized Stocks and Prediction Markets

• Coinbase Launches Digital Token Sales Platform

• Coinbase Buys Cobie’s ‘Up Only’ NFT and Echo in $375 Million Deal

Timestamps:

🚀 00:00 Introduction 

🤔 1:33 What drove Robinhood's 3x year-on-year crypto revenue growth in Q3?

💡 5:34 Why Johann says we are still far from a bear market

💥 7:49 How the crypto users on Robinhood have evolved overtime

⚔️ 11:08 How Robinhood views competition from Coinbase

🧏 14:30 What Robinhood's Susquehanna deal for prediction markets brings to the table

👀 18:48 Could state opposition to prediction markets drive businesses offshore?

💡 20:34 Why Robinhood chose Ethereum over Solana

🤔 25:19 When will Robinhood bring perps to other jurisdictions?

📍 27:00 Why Robinhood chose to invest in Lighter over the competition

⚠️ 29:17 Why Johann says the crypto industry needs to build resilience after 10/10

📈 33:50 How Robinhood's tokenized stock offering might come to the US

💥 39:16 Why Johann says private companies would eventually seek retail participation

💡 43:26 What tokenization of physical assets would look like

💫 47:12 How tokenization could impact the financial lives of users

🚨 49:18 Why Johann thinks crypto founders should talk less about the protocol

🧏‍♂️ 51:19 How Robinhood is looking to combine with DeFi 

🤔 53:03 Will Robinhood follow Coinbase to launch an ICO platform?

⚡️ 54:22 Why Robinhood is expanding to Indonesia

🗣 56:28 What being a “super app” means for Robinhood 

🔮 58:11 Johann reveals his crypto predictions for 2026

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The SEC this week held a roundtable on financial surveillance and privacy in another sign of the major shift in the regulator's approach to crypto.

In this DEX in the City episode, Espresso co-founder Jill Gunter joins hosts Jessi Brooks and Katherine Kirkpatrick Bos to unpack the major talking points and takeaways from the roundtable. And more importantly, what it signals about the SEC’s approach to crypto and privacy.

With legacy financial institutions coming onchain, like JPMorgan and DTTC, they discuss how crypto can actually help prevent data breaches and have a better product for users and companies alike. 

Interestingly, Jill recounts how she lost $30,000 in an exploit involving crypto mixer Railgun and why she didn’t even try to hide it from regulators at the roundtable. 

Plus, was Do Kwon's sentence excessive? Well, according to Jessi, it’s a complicated question, but she unpacks what people misunderstood about the judge’s decision.

Hosts:

• Jessi Brooks, General Counsel at Ribbit Capital

• Katherine Kirkpatrick Bos, General Counsel at StarkWare

Guest:

• Jill Gunter, Co-founder and Chief Strategy Officer at Espresso Systems

Links:

• Unchained:

• Why the Privacy Coins Mania Is Much More Than Price Action

• Do Kwon Sentenced to 15 Years in Prison

• Jessi's and Katherine's paper on programmable risk management

Timestamps:

🚀 00:00 Introduction 

⚡️ 3:23 How SEC privacy roundtable marks a sea change in the regulatory approach to crypto 

💡 12:39 Why privacy is also important for legacy institutions moving onchain 

📍 17:31 How projects and institutions can be compliant while collecting less data

🤧 24:57 Jill recounts being the victim of a hack and seeing the hackers use a privacy protocol

❕️ 30:36 Why Jill says the hack did not change her perspective on crypto privacy

😎 33:30 How far the crypto industry has come since Tornado Cash

⚔️ 35:54 The debate over proof of innocence 

⚖️ 42:09 What everyone misunderstood about Do Kwon's sentence

💫 52:24 Shoutout to Save the Children for their innovative Bitcoin initiative

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Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This episode features special guest Vladimir Novakovski, Founder of Lighter, joining the crew to unpack the fallout from October 10’s historic perpetuals liquidation event and the ADL research that sparked a public clash with Hyperliquid. The panel digs into how auto-deleveraging really works, why these failures were long hidden inside centralized exchanges, and what decentralized perps must fix to truly outperform TradFi.

The conversation then turns to the intensifying perp wars. With Lighter’s zero-fee trading model, premium tiers for pros, and a looming token launch, the hosts debate whether crypto is headed for a Robinhood-style fee reset, why TVL may matter more than volume, and how RWAs, FX perps, and cross-margining are reshaping market structure. Finally, they tackle the growing divide between tokens and equity as devcos get acquired and tokenholders are left behind.

Perps are evolving, incentives are breaking — let’s get into it.

Show Highlights

🔹 ADL research ignites a firestorm — Tarun’s paper on auto-deleveraging sparks a public clash with Hyperliquid and Paradigm, exposing how opaque ADL systems really are.

🔹 October 10 liquidation shock — Repeated ADLs during crypto’s largest liquidation day reveal structural fragility long hidden inside both CEXs and DEXs.

🔹 Fairness vs predictability in perps — Why traders care less about perfect algorithms and more about knowing when and how ADLs will hit.

🔹 Lighter’s design tradeoffs — Vladimir Novakovski explains Lighter’s less-aggressive ADL approach, insurance fund buffers, and trader-friendly risk parameters.

🔹 Zero-fee perps debate — Lighter’s free retail tier + paid pro tier raises the question: is crypto headed for a Robinhood-style fee reset?

🔹 TVL beats volume — The panel argues TVL is the most honest signal of trust in perp exchanges, especially during market stress.

🔹 RWAs and FX perps surprise — Euro and index perps outperform expectations, challenging assumptions about which real-world assets actually trade onchain.

🔹 Tokens vs equity explode — Devco acquihires (Axelar, Tensor) leave tokenholders behind, reigniting debates over incentive alignment and crypto M&A.

Hosts:

⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest

⭐️Vladimir Novakovski, Founder & CEO. Lighter.

Links:

Tarun Chitra’s Autodeleveraging: $653 million lost to a greedy heuristic?

🔗 https://x.com/kenchangh/status/1994854381267947640 

⁠Disclosures⁠

Timestamps

00:00 Intro

01:38 Tarun’s ADL Paper Sparks Backlash

05:24 Research vs Bag Defense

06:27 How ADLs Actually Work

12:27 Fairness vs Predictability

24:14 Tarun’s Inspiration 

28:17 Zero-Fee Perps Explained

34:12 Perp Wars Heat Up

38:15 RWAs Trade Onchain

41:49 Token Launch Reality

47:19 Tokens vs Equity Clash

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Thank you to our sponsors, Mantle!
On this episode of Bits + Bips, hosts Ram Ahluwalia, Austin Campbell, and Chris Perkins are joined by Elisabeth Kirby, Head of Market Structure at Tradeweb, for a wide-ranging conversation about the future of crypto markets — and who will control them.

They unpack why US market structure legislation stalled, how the SEC’s enforcement-first approach shaped the last cycle, and what it signals that JPMorgan, BlackRock, and others are moving forward with tokenization. 

The group debates whether Ethereum’s institutional edge is durable, whether Canton can scale beyond early adopters, and why Solana’s “decentralized Nasdaq” vision still faces hard questions.

The episode closes with a sober look at macro conditions, risk appetite, and why crypto may be stuck waiting, even as the long-term institutional thesis quietly strengthens.

Hosts:

• Ram Ahluwalia, CFA, CEO and Founder of Lumida

• Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting

• Christopher Perkins, Managing Partner and President of CoinFund

Guest: Elisabeth Kirby, Head of Market Structure at Tradeweb

Links:

• The S.E.C. Was Tough on Crypto. It Pulled Back After Trump Returned to Office.

Timestamps:

🎬 0:00 Intro

🗳️ 1:56 Impact of crypto market structure legislation getting pushed into 2026

📰 12:55 Howthe New York Times articleof the SEC’s regulation of crypto missed crucial context 

🏦 22:12 How JPMorgan’s tokenized money market fund on Ethereum changes the tone for TradFi onchain

🏛️ 32:18 Whether Canton can become the real institutional chain and what could derail it

🧑‍💻 45:10 What Solana’s “decentralized Nasdaq” pitch gets right and where it still looks shaky

🌍 49:58 How macro, Fed expectations, and a rotation into “boring” assets are squeezing crypto risk-taking

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On this bundled episode of Bits + Bips, Unchained executive editor Steve Ehrlich digs into the less obvious risks shaping crypto returns, from DeFi yield to tax reporting.

First, Sebastien Derivaux, co-founder of Steakhouse Financial, explains why chasing high yield can be dangerous, how institutional risk curation works onchain, and why the future of stablecoins won’t be limited to the US dollar.

Then, Shehan Chandrasekera, CPA and Head of Tax Strategy at CoinTracker, breaks down what crypto investors need to know heading into 2026, including tax loss harvesting, the wash sale gray zone, hidden tax obligations in crypto ETFs, and why the new 1099-DA form won’t tell the full story.

Host:

• Steve Ehrlich, Executive Editor at Unchained

Guests:

• Shehan Chandrasekera, CPA, Head of Tax Strategy at CoinTracker

• Sebastien Derivaux, Co-Founder & Partner at Steakhouse Financial

Timestamps:

• 🎬 0:00 Intro
• 🧾 1:10 How crypto fits into existing tax law
• 📅 2:14 What investors should be thinking about before year-end—and how tax loss harvesting works
• 🔁 4:54 The wash sale rule: Is it safe to use in crypto?
• ⚖️ 9:27 How upcoming legislation could change crypto taxes
• 💵 11:22 Stablecoins and taxes: Are there any special rules?
• 📊 13:47 The hidden tax complexity of trading crypto ETPs and ETFs
• 📄 16:39 What the new 1099-DA form is—and what it will (and won’t) tell the IRS
• 👀 22:31 The key things Shehan says crypto investors should watch closely
• 22:32 Intro
• 22:59 Understanding Steakhouse Financial and its growth rate
• 24:59 What “risk curation” actually means and why Steakhouse focuses on institutions
• 27:52 How Steakhouse vaults generate stablecoin yields
• 30:39 What risk curators can—and can’t—control in a decentralized environment
• 35:28 What recent volatility revealed about DeFi vaults and the collapse of Stream Finance
• 39:33 Whether “safe” high yield is even possible
• 41:33 The liquidity problem with tokenized credit funds onchain
• 49:48 How Steakhouse is positioning for the stablecoin boom
• 51:24 How stablechains like Tempo and Plasma could change the game
• 52:47 Why Steakhouse plans to integrate tokenized deposits
• 54:55 Steakhouse’s 2026 bet on non-USD stablecoins

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

Thank you to our sponsor!

• Walrus

The prediction market meta is piping hot and everyone wants a piece of the pie.

In this episode of Unchained, 10x Research founder Markus breaks down what the competition boils down to. Plus, will other platforms follow Polymarket's lead and launch a token?

He also walks through a “near certain” trade nestled in Polymarket and shares 10 strategies that can be used to trade prediction markets without an opinion. 

One key nugget: “It's the wisdom within the crowd.”

Guest:

• Markus Thielen, CEO of 10x Research

• Previous appearance on Unchained:

• How to Invest in This Bitcoin Downtrend: Bits + Bips

• Links

  Unchained:

• Paradigm Claims Polymarket Trading Figures Are Double Counted

• Polymarket Opens US App to Waitlisted Users

• Intercontinental Exchange to Invest $2 Billion in Polymarket

• Crypto.com and Kalshi Lead Prediction Market Coalition Setup

• Kalshi Hits $11B Valuation After $1B Raise: Report

Timestamps:

🚀 00:00 Introduction 

💡 3:07 Why Markus says prediction market adoption is still in its infancy

👀 6:23 Are speculators abandoning bitcoin for prediction markets?

🧏 8:10 How trading prediction markets differ from crypto markets

⚖️ 11:48 How Polymarket and Kalshi compare in strengths and weaknesses

⚡️ 15:12 Why Markus thinks Polymarket and Kalshi are likely to remain the dominant players 

📝 19:15 What traders should consider when choosing a prediction market platform 

💥 23:05 How the POLY Airdrop could give Polymarket an edge

⁉️ 26:39 Will other prediction markets launch a token?

💡 33:19 How risks in trading prediction markets differ from crypto markets

🧠 36:31 Markus walks through a “near certain” Bitcoin trade paying 63% annualized

🤯 39:58 Strategies to trade prediction markets without having an opinion

❕️ 51:48 Why Markus avoids “moon shot” trades

⚠️ 54:11 How to trade by finding “wisdom within the crowd”

🤺 1:00:17 How prediction markets enable hedging against real world outcomes

📃 1:02:34 Final thoughts on how traders should approach prediction markets

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Thank you to our sponsor, MultiChain Advisors!The beef between Solana dapps Jupiter and Kamino has taken a new dimension as Kamino has accused Jupiter of lying about contagion risks.

In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monahan dive into whether Jupiter misled users and raise questions about Kamino's response.

Plus, after Tarun Chitra’s paper on Hyperliquid’s ADL, they dig deep into the exchange’s design: did they cause unnecessary liquidations on Oct. 10? 

At the same time, they break down Lighter's 0% fees model. Does it resemble Robinhood? And how smart is it actually? 

Plus, what Farcaster's big pivot means for the future of Web3 social, and what Taylor says it would take to crack it.

Hosts:

• Luca Netz, CEO of Pudgy Penguins

• Kain Warwick, Founder of Infinex and Synthetix

• Taylor Monahan, Security at MetaMask

  Links:

• Unchained:

• Jupiter COO Says Vault’s ‘Zero Contagion’ Claim Was Not Fully Accurate

• Uneasy Money: Did Solana Dapp Kamino Break the Golden Rule of DeFi?

• Uneasy Money: Hyperliquid’s Dilemma After 10/10: Protect Itself or Its Users?

• Linda Xie on How Mini-Apps Are Helping Farcaster Take on Web2 Social Media

Timestamps:

🚀 00:00 Introduction

😬 1:18 Did Jupiter mislead users?

🤔 9:19 Did Kamino really block Jupiter over contagion risks?

💡 11:15 Why Kain says Solana is in its “post-DeFi summer growth” era

🧐 12:38 Should Jupiter even care about its lending business line?

👀 18:06 Whether Hyperliquid's algorithm screwed users during the Oct. 10 crash

🎯 21:29  Luca reveals why his Oct. 10 losses on Hyperliquid weren’t so bad

🫨 24:54 Why Taylor says DPRK traders got saved by Oct. 10

💥 30:38 Why Kain is optimistic a rival HL model would emerge

⁉️ 32:02 Are Lighter users the product?

🧠 33:26 Why Kain thinks Lighter's model is genius

⚖️ 39:10 Whether Lighter resembles Robinhood

💁‍♂️ 44:47 Farcaster’s pivot: Is Web3 social DOA? 

💡 50:53 What drives VC investment in crypto and why decentralization is not enough

💥 56:46 Kudos to Dan Romero for not launching a token, and whether more founders would be better off abstaining

👀 1:04:46 Whether having too much money is bearish for projects

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Sponsor: Uniswap
Citadel has sparked uproar with a letter calling on the SEC to regulate DeFi protocols as exchanges. But the company's requests may not be totally unreasonable.

In this episode of DEX in the City, hosts Jessi Brooks, Katherine Kirkpatrick Bos, and Vy Le dig into Citadel's controversial letter and how it is a reminder that “crypto is a bubble.”

They also discuss how the CFTC and SEC are in a “race to the top,” plus Jessi explains how AI agents can exploit smart contracts they haven’t been trained on for just $1 apiece.

Plus, Vy calls on the crypto community to support Samourai developers.

Hosts:

• Jessi Brooks, General Counsel at Ribbit Capital

• Katherine Kirkpatrick Bos, General Counsel at StarkWare

• TuongVy Le, General Counsel at Veda

Links:

• Unchained:

• Kraken Valued at $20 Billion After $200 Million Raise From Citadel Securities

• CFTC Approves Spot Crypto Trading on U.S. Exchanges

• CFTC’s New Pilot Allows BTC, ETH and USDC as Derivatives Collateral

• Samourai Wallet Founders Could Serve 5 Years for $237 Million Laundering

• Samourai pardon petition 

  
  

  
  

  Timestamps:

  🚀 00:00 Introduction 

  💡 3:05 What Citadel's SEC letter on tokenized securities and DeFi says about how TradFi views crypto

  👀 6:50 Why Vy says Citadel's suggestions are not unreasonable

  🤔 9:31 Is Citadel shooting itself in the foot?

  ❌️ 11:13 What Jessi says Citadel got wrong

  📍 13:42 How crypto is a bubble (or a cult?), but Citadel’s position is more mainstream

  🧠 19:39 Why the CFTC greenlighting spot crypto trading on regulated exchanges matters

  💡 22:57 Katherine explains Bitnomial’s advantage

  💥 26:53 Why Jessi says the CFTC and SEC are in a race to regulate crypto

  🧏‍♀️ 31:30 Why KK loves the CFTC’s tokenized collateral pilot 

  🧠 33:47 Why Anthropic's study on smart contract security is so scary for crypto

  ⚠️ 36:31 How AI agents could exploit 1,000 smart contracts for $1 apiece 

  📝 41:42 How community members can support Samourai wallet developers

  💫 44:00 Crypto good news shoutout for the week

  
  

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Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This episode starts with Farcaster’s pivot and Tarun’s claim that “Web3 is dead,” at least the A16z-style ownership economy. With Web3 social struggling, the crew digs into why spam, airdrops, and weak network effects keep sinking these apps — and why prediction markets may be crypto’s accidental social network.

We then jump to the L1 valuation fight. Haseeb recaps his debate with Santiago over whether chains are wildly overpriced or simply early, sparking a broader discussion on PE ratios, L1 “premiums,” and how many chains the world can realistically sustain.

Next up: Ken Chan’s viral “I wasted 8 years in crypto.” The team unpacks burnout, sugar-water loops, and why nihilism tends to hit founders right as the market turns. And finally, Tarun walks through his ADL research and how October 10’s cascading liquidations exposed major flaws in current systems.

Markets evolving, narratives collapsing — let’s get into it.

Show highlights

🔹 Farcaster pivots; Tarun calls A16z-style “ownership economy” Web3 (NFTs, own-your-posts) officially dead.

🔹 Web3 social stalls — Twitter clones drowned in spam, airdrop farming, and weak network effects; prediction markets emerge as the real crypto social layer.

🔹 Users’ revealed prefs — People claim to want decentralization/privacy but consistently choose convenience and incumbents.

🔹 RIP “Web3” — Term traced from Gavin Wood to A16z marketing; panel agrees it no longer reflects where crypto is actually succeeding.

🔹 L1 valuation battle — Santi’s PE-ratio critique vs Haseeb’s long-horizon “onchain finance will be huge” thesis; debate centers on how to value chains post-ICO/NFT era.

🔹 How many L1s survive? — Tarun expects activity to concentrate in a small set due to issuance, liquidity, and coordination costs; L1 “premium” still props up dino chains.

🔹 Burnout + disillusionment — Ken Chan’s “I wasted 8 years” resonates but feels mistimed amid strong fundamentals; panel contrasts sugar-water casino loops with real infra building.

🔹 ADL failures exposed — Tarun’s research shows October 10’s cascading liquidations revealed outdated ADL assumptions; better algorithms could’ve saved hundreds of millions.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly 

Ken Chan’s “I Wasted 8 Years of My Life in Crypto”

🔗 https://x.com/kenchangh/status/1994854381267947640 

Tarun Chitra’s Autodeleveraging: $653 million lost to a greedy heuristic?

🔗 https://x.com/kenchangh/status/1994854381267947640 

Disclosures

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