Unchained

From AI shaking up Big Tech to bitcoin’s role in the macro landscape, Jim Bianco delivers insights on the DeepSeek-triggered market selloff, memecoins, and the challenges facing traditional systems. In this episode, the macro strategist shares why DeepSeek’s AI model is reshaping competition, how crypto reserves might evolve, and what happens to MicroStrategy if bitcoin’s price takes a hit. Plus, hear his take on why stablecoins are a threat to banks, and why memecoins could be more than speculation.

• 0:49 What of crypto attracted Jim so much
• 6:15 Why the DeepSeek new model was so disruptive
• 12:47 Whether the biggest loser is OpenAI, not all the Mag 7
• 16:14 Whether we’ll see a major macro response from U.S. companies and government
• 26:06 What will happen next with the price of bitcoin
• 28:54 What would happen to MSTR if bitcoin goes 30% lower
• 34:11 How Trump was able to move so fast since the inauguration
• 39:30 Why the Fed should not do QE, according to Jim
• 49:02 How memecoins could be designed to be much more than speculative assets
• 53:03 Why James hopes the SEC doesn’t approve all the memecoin ETF applications
• 58:06 Whether banks will start onboarding crypto companies
• 1:05:52 Why stablecoins poise an existential threat to the current banking system
• 1:11:19 Whether it’s a bad idea for the U.S. to acquire other cryptos that are not bitcoin

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Ram Ahluwalia, CFA, CEO and Founder of Lumida
• Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter 

• Jim Bianco, President and Macro Strategist at Bianco Research

• CNN Business: Trump announces a $500 billion AI infrastructure investment in the US
• Unchained: Tuttle Capital Files for 10 Leveraged Crypto ETFs
• CoinDesk: Nasdaq Files for In-Kind Redemptions for BlackRock Spot Bitcoin ETF
• Reuters: US, Colombia reach deal on deportations; tariff, sanctions put on hold

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Chris Dixon, founder and managing partner of a16z crypto, joins Unchained to share why he believes crypto innovation is about to explode. From Ethereum’s potential to new crypto legislation, Chris delves into why the industry is poised for a major break out.

He also discusses why the Biden administration’s “lawfare campaign” led to the memecoin craze, how AI and crypto together could transform technology, and why bad tech policy stifled the industry for years. 

Plus, he shares his take on the executive order signed by President Donald Trump and its significance for the industry.

• 2:51 Why Chris feels like the Biden administration was trying to destroy crypto
• 7:16 Chris’s take on the Trump announcements and executive orders
• 14:18 What Chris would like to see in upcoming crypto legislation
• 21:37 How he compares the intertwining of AI and crypto with mobile, cloud and social
• 26:24 Whether an investing AI agent like ai16z could ever compete with A16z
• 32:05 How technologies usually evolve exponentially and how the AI x crypto craze will evolve
• 39:21 Why Chris doesn’t think the debate about whether Ethereum L2s are ‘parasitic’ is important
• 47:24 Chris’s opinion on whether Vitalik should be doing more marketing for ETH
• 51:29 Why Chris thinks native rollups on Ethereum could be valuable and promising
• 55:43 What he believes is important to pitch blockchain to Wall Street
• 59:39 Chris’s vision for a future multichain world
• 1:04:20 How the Biden administration’s “lawfare campaign” enabled the memecoin craze in 2024
• 1:08:08 Why Chris says that Coinbase has been very innovative
• 1:14:11 Whether ICOs are a recipe for fraud and scams
• 1:17:39 What apps and innovations Chris is excited about

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

• Polkadot
• Somnia Network

• Previous appearances on Unchained:
• A16z Crypto’s Chris Dixon on How Blockchains Can Save the Internet
• Chris Dixon on How Trust Is the Best Lego

• Unchained: 
• President Trump Declares Crypto a National Priority in Executive Order
• 2024 Was Solana's Best Year Yet. Can It Sustain the Momentum in 2025?
• Chris’ tweet on the executive order 

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, and Tom Schmidt chop it up about the latest in crypto. This week, we're joined by special guest Peter Van Valkenburgh, Executive Director of Coin Center, to tackle one of the most pivotal moments in crypto policy. In this episode, we dive into the groundbreaking Fifth Circuit ruling on Tornado Cash, unpack its implications for blockchain privacy, and discuss the challenges noncustodial developers like Roman Storm are facing. We also break down Trump’s crypto executive order, the SEC’s new direction under Hester Peirce, and speculate on what a U.S. strategic Bitcoin reserve might mean for the future.

Show highlights

🔹 Crypto as a Public Good: Why open, permissionless technologies need protection—and how Coin Center defends them.

🔹 Tornado Cash Ruling: The Fifth Circuit overturns OFAC sanctions—what this means for blockchain privacy and freedoms.

🔹 Roman Storm Case: DOJ’s controversial crackdown on noncustodial developers and its implications for innovation.

🔹 Trump’s Crypto EO: Breaking down the ban on CBDCs and the push for U.S. leadership in digital assets.

🔹 SEC’s New Direction: Hester Peirce’s crypto task force and the future of enforcement and regulation.

🔹 CFTC vs. SEC: Will Congress resolve the jurisdiction battle over crypto markets?

🔹 Senate Banking’s Subcommittee: How Senator Lummis could lead a new era of crypto-friendly policy.

🔹 Strategic Bitcoin Reserve: Speculating on what a U.S. Bitcoin reserve might look like.

🔹 2025 Regulatory Outlook: How shifting policies could redefine crypto’s future.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly 

Guest:

⭐️Peter Van Valkenburgh, Executive Director of Coin Center

Timestamps - 

00:00 Intro 

01:34 Coin Center & Crypto as a Public Good

05:04 Crypto Policy Shifts & Trump's Executive Order

16:11 Senate Banking Digital Assets Subcommittee

20:20 SEC Crypto Task Force

32:10 Hester Peirce's Safe Harbor Proposal

35:43 Strategic Bitcoin Reserve: Expectations and Realities

41:12 Tornado Cash & OFAC Sanctions

45:28 Legal Implications for Noncustodial Developers

57:51 Future of Crypto Regulation & Coin Center's Role

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Ethereum has had a tough year, losing ground to Solana in price performance, developer activity and as the home to the latest crypto trends. Yet, Vivek Raman, founder and CEO of Etherealize, is doubling down on Ethereum’s future.

In this episode, Vivek explains how Etherealize, a “marketing arm for the ETH ecosystem,” was in the works long before the current criticisms of the Ethereum Foundation’s marketing, and how it got funding from Ethereum creator Vitalik Buterin and the foundation. He discusses why he believes layer 2 solutions make Ethereum a better fit for Wall Street than Solana.

Plus, Vivek shares his thoughts on Ethereum’s value accrual, the state of its ecosystem, and how Etherealize plans to bridge the gap between Wall Street and Web3.

Show highlights:

• 2:50 Why Vivek thinks that it’s an opportune time to launch Etherealize
• 7:32 How the project has been in the works for longer than people might think
• 13:28 How Etherealize secured funding from Vitalik Buterin and the Ethereum Foundation
• 15:11 Why Vivek says they got “lucky” with the timing of the announcement
• 19:03 How Vivek plans to drive the narrative of ETH as an asset
• 22:17 Why he believes corporations will launch their own L2s on Ethereum
• 29:13 How he pitches Ethereum to TradFi
• 31:42 Why Vivek believes Ethereum is better suited for Wall Street than Solana 
• 34:08 What he has to say about L2s being centralized
• 38:24 News Recap

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

• Quai Network
• Polkadot

• Vivek Raman, founder and CEO of Etherealize 

• Etheralize’s announcement
• Unchained: 
• Lido Founder Says No ‘Second Foundation’ Exists Yet
• 2024 Was Solana's Best Year Yet. Can It Sustain the Momentum in 2025?
• 2025 Will Be a Year of Crypto Competition. Can ETH Make a Comeback?
• Ethereum Foundation to Fund New DeFi MultiSig Wallet With 50,000 ETH
• The Block: Vitalik Buterin details 'large changes' to Ethereum Foundation leadership amid calls for new leadership 

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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. In this episode, we dive into one of the wildest weeks in crypto history, unpacking the unprecedented launch of Trump’s memecoin and its explosive $70 billion valuation. We discuss how it broke every record imaginable, the fallout from Melania’s token, and the chaos it unleashed across the Solana network. From the ethics of a sitting president launching a coin to the implications for retail investors and the future of memecoins, we’re covering it all. Plus, we debate whether this marks a new chapter for crypto adoption or a troubling precedent for political grift. Stay tuned for this jam-packed emergency episode!

Show highlights

🔹 Trump’s Memecoin Craze: Breaking down the historic launch of $Trump, its unprecedented $70B valuation, and how it shattered every record in crypto history.

🔹 Melania’s Memecoin Fallout: What went wrong with the $Melania token launch? Exploring its disastrous impact on the market and $Trump coin’s rapid crash.

🔹 DeFi’s Ultimate Stress Test: How Solana infrastructure held up against unprecedented volumes, Moonshot’s rise to the top, and why this reshaped the memecoin landscape.

🔹 Retail FOMO vs. Institutional Doubts: Examining retail’s overwhelming rush to $Trump coin and why some insiders remain skeptical of its long-term implications.

🔹 Crypto Meets Politics: The ethics and implications of a sitting president launching a memecoin—and how it could distort the future of crypto regulation and perception.

🔹 The Memecoin Economy Evolves: Could Trump and Melania coins signify the end—or a new era—of memecoins? A debate on the future of speculative tokens.

🔹 Solana’s Big Moment: Why Trump coin positioned Solana as the go-to chain for memecoins, and how it outperformed competitors during this chaos.

🔹 On-Chain Innovation or Grift? Is this a turning point for crypto adoption, or just the latest example of right-wing opportunism? The crew debates the broader implications.

🔹 Adversarial Predictions: What happens when other world leaders witness Trump’s success? The panel speculates on who could be next in the memecoin race.

⭐️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 

02:23 The Crypto Ball

07:11 Trump's Memecoin: $TRUMP

13:21 Market Reactions & Infrastructure Challenges

26:25 Melania Token: $MELANIA

38:52 Solana's User Surge, Start of Ethereum Civil War?

45:12 Speculation: Crypto's Killer Use Case

49:59 Partisan Divide in Crypto

54:22 Trump's Crypto Strategy

01:07:32 Crypto's Social and Political Implications

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This week, Trump’s memecoin launch had everyone talking—and scrambling for Phantom wallets. But was it a strategic masterstroke or just another speculative frenzy?

On this episode of Bits + Bips, the hosts unpack the wild moments of the Crypto Ball, where $TRUMP made its surprise debut. They discuss how Bitcoin maxis were forced to embrace Solana wallets, why Multicoin Capital emerged as the biggest winner, and whether the memecoin launch signals a local market top.

Plus, they debate whether Trump’s crypto-friendly stance could shape policy in 2025, why Litecoin might beat Solana to a spot ETF, and what Trump’s inauguration speech reveals about his crypto game plan.

• 0:58 What Ram can tell us about his experience at the Crypto Ball 
• 3:39 How Ram was so surprised when the $TRUMP coin dropped in the middle of the event
• 7:51 What will happen with the 80% of $TRUMP that Trump holds
• 8:51 Why Ram believes Multicoin Capital was the biggest winner of $TRUMP dropping
• 10:14 Whether the coin was “gift or grift”
• 17:07 How the $Melania coin was the Trumps shooting themselves in the foot
• 19:37 How the launch of the coin is a “major win” for Solana
• 22:49 Whether ETH can have a comeback as the “TradFi chain”
• 35:28 How the market would react to the lack of a strategic bitcoin reserve mention
• 43:28 What executive orders Trump could deliver for the crypto industry
• 48:47 Alex’s experience with the pump and dump of a fake Barron Trump memecoin
• 53:41 What was notable from Trump’s inauguration speech
• 56:28 Whether rate cuts in December were a mistake and whether more are coming
• 1:05:51 Why James believes that Litecoin has more chances than Solana for a spot ETF
• 1:08:41 Whether the launch of $TRUMP will mark a local top for the markets

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard
• Ram Ahluwalia, CFA, CEO and Founder of Lumida
• Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter 

• Saylor’s parody account’s tweet recounted by Alex 
• Meme recounted by Noelle
• Vitalik on changing the EF leadership
• Josh Stark’s tweet on how the EF “uses Ethereum”
• Paper on DeFi that Alex talked about: Christopher J Waller: Centralized and decentralized finance - substitutes or complements?
• Polymarket: Will Trump create Bitcoin reserve in first 100 days?
• Unchained: 
• Trump Appoints Crypto-Friendly Mark Uyeda as Acting SEC Chair
• Trump-Backed World Liberty Financial Goes on Token Buying Spree
• Trump Picks Pham as Acting CFTC Chair

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The crypto world was shaken this weekend when Donald Trump and Melania Trump launched their own memecoins, ahead of Trump’s inauguration as president. 

Financial analyst Lyn Alden joins Laura to explain why she’s not a fan of memecoins, neutral on a U.S. strategic bitcoin reserve, and doubtful the U.S. can disrupt itself even as Bitcoin, crypto and blockchain technology hold the possibilities of upending the geopolitical world order.

Discussing everything from rising tariffs to reshoring strategies, Lyn offers a sharp analysis of the U.S. fiscal and monetary outlook and explains why she believes fiscal policy now overshadows monetary policy. Plus, hear her take on the TikTok ban debate, her skepticism that Bitcoin’s future security could be at risk as the block subsidy decreases, and her Bitcoin projection for 2025.

• 02:13 Why Lyn is not supportive of the launch of Trump’s and Melania’s memecoins
• 10:01 Whether Trump should airdrop his memecoin to U.S. citizens
• 11:47 Why a U.S. strategic bitcoin reserve sparks debate over its potential to devalue the dollar, reshape trade deficits, and challenge the global reserve currency system
• 25:09 How bitcoin’s rise as a neutral reserve asset could shape a multi-polar world
• 27:23 Why she thinks addressing U.S. fiscal issues may require the reshoring of industry and rethinking the dollar system
• 31:22Why Lyn thinks rising tariffs could disrupt global trade, but might also make the government less able to rely on taxation in a world of portable capital and growing privacy tools
• 35:16 Whether DOGE will be bearish for bitcoin
• 39:39 Why Lyn feels that Scott Bessent’s “3-3-3 Plan” faces challenges
• 42:29 Why fiscal policy now overshadows monetary policy, according to Lyn
• 48:21 What the TikTok ban debate reveals to Lyn about government control and the push for decentralized social media
• 52:31 Lyn’s take on MSTR’s plan to increase the number of shares
• 54:56 Lyn’s view on OP_CAT and bitcoin soft forks
• 57:20 Why Lyn doesn’t think that declining subsidies pose a problem for bitcoin’s security
• 1:05:59 Why Lyn doesn’t see value in other sectors of crypto, such as DeFi, aside from Bitcoin and stablecoins
• 1:09:15 Lyn’s projection for the price of bitcoin in 2025

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

• Somnia Network
• Polkadot

• Lyn Alden, founder of Lyn Alden Investment Strategy
• Previous appearances on Unchained:
• Does Maximalism Help or Hurt Bitcoin? Lyn Alden and Udi Wertheimer Debate
• How Will Inflation Impact Crypto?
• Is Ethereum a Good Investment? 
• Why Bitcoin Now: Meltem Demirors and Lyn Alden on the Perfect Conditions for Bitcoin

• Trump’s announcement of a memecoin 
• Unchained: TRUMP Memecoin Soars Then Sinks as MELANIA Launches
• Balaji’s tweet on the proposal of airdropping $TRUMP
• Unchained: A Bitcoin Strategic Reserve for the U.S.? Senator Cynthia Lummis Reveals Her Bill
• Bloomberg: MicroStrategy May Soon Rival Amazon, Alphabet in Common Shares - 
• Unchained: What Is the OP_CAT Bitcoin Improvement Proposal? - Unchained
• Unchained: Bitcoin Layer 2s Aim to Attract Ethereum-Like Dapps. Will They Succeed? - Ep.638

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This week, Sony launched the mainnet for Soneium, its Ethereum Layer 2 blockchain built on the OP Stack from Optimism. Soneium is designed to support creators, developers, and fans through tools like Sony’s NFT-based Fan Marketing Platform and Soneium Spark.

However, Soneium’s launch has sparked controversy. Its decision to blacklist some memecoins—over intellectual property concerns—has raised questions about the balance between decentralization and protecting creators’ rights. Even Ethereum co-founder Vitalik Buterin weighed in, highlighting the tradeoffs businesses face in Web3.

Sota Watanabe, CEO at Startale, took a quick interview to clear up the misunderstanding about IP infringement. He also explains the vision for the platform and what’s next for Soneium in entertainment and finance.

Plus, at the end of the episode, Laura speaks to Ari Gore, head of communications at Zengo Wallet, about protecting your private keys and your cryptocurrencies from natural disasters.

Show highlights:

• 01:52 Why Sony decided to launch a layer 2 on Ethereum
• 05:39 How Soneium will work with creators to support them
• 11:29 Sota’s response to the backlash about blacklisting memecoins
• 18:46 How Soneium’s technical implementation protects IP rights
• 23:56Why Soneium attracts people from certain demographics
• 27:05 What the L2 blockchain will focus on next
• 27:05 Tips to protect your crypto safe from natural disasters
• 34:47 News Recap

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

• Stellar Build Better
• Quai Network
• Polkadot

• Sota Watanabe, CEO at Startale
• Ari Gore, head of communications at Zengo Wallet

• Soneium Mainnet: Invoking Emotion And Empowering Creativity
• Tweet by PopPunkOnChain
• Tweet by 0xKawz
• Tweet by Vitalik 
• Tweet by donnoh_eth
• Soneium's Philosophy for Responsible Innovation

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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. In this episode, we’re joined by Guy Young, CEO and founder of Ethena Labs, to break down the hard truths behind DeFi’s most recent chaos. We dive into the USD0++ depeg and its ripple effects across the ecosystem, exploring what went wrong and the critical lessons for the future of stable assets. Plus, we discuss Ethena’s meteoric rise, Guy’s vision for synthetic dollars, and how innovative yield strategies are reshaping DeFi. Stay tuned as we debate, analyze, and uncover the hidden forces shaping crypto today.

Show highlights

🔹 USD0++ Depeg Drama: A deep dive into what caused the USD0++ depeg, the mechanics behind the chaos, and the broader implications for DeFi.

🔹 Lessons on Risk Transparency: Why sudden rule changes eroded trust and how protocols can improve communication to avoid similar fallout.

🔹 Ethena’s Rise and Vision: Guy Young shares the story of Ethena’s explosive growth, its innovative synthetic dollar model, and its role in DeFi’s evolution.

🔹 The Yield Dilemma: Exploring how Ethena’s yield model works, its appeal, and the risks it carries for users and the ecosystem.

🔹 DeFi’s Distribution Problem: Why centralized exchanges remain the key to scaling synthetic assets and stablecoins like Ethena’s USD.

🔹 Transparency vs. Overconfidence: Drawing lessons from Luna’s downfall and how Ethena’s approach to clear communication sets a new standard.

🔹 Athena’s 2025 Roadmap: From DeFi integrations to TradFi adoption, what’s next for Ethena as it scales synthetic dollars globally.

🔹 Reflections on Building in DeFi: Guy Young opens up about the challenges, surprises, and rewards of leading one of DeFi’s fastest-growing projects.

🔹 2025 Predictions: The crew debates who might become this year’s “main character” in crypto and what that could mean for the market.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tom Schmidt, General Partner at Dragonfly 

Guest

⭐️Guy Young, CEO & Founder of Ethena Labs

Timestamps 

00:00 Intro

01:30 Changes to Usual Money’s Protocol

06:05 Reactions & Analysis

09:12 Lessons from USD0 

18:35 Transparency vs. Miscommunication

22:42 Ethena: A DeFi Success Story

32:12 Demand for Stablecoins & Yield

36:40 Custody & Market Structure Post-FTX

43:58 Handling Negative Yields and Market Corrections

48:22 Ethena's Roadmap and Future Plans

55:53 Reflections on Building Ethena

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This week, Bloomberg’s James Seyffart, Lumida’s Ram Ahluwalia, and guest Tom Dunleavy explore whether the “Fed pivot” is officially dead, how AI will impact the job market, and what Tether’s move to El Salvador means for U.S. stablecoin policy.

They also debate whether bitcoin could ever be a risk-off asset, how sovereign nations might already be accumulating BTC, and what the Coinbase legal win against the SEC signals for the future.

Plus, why volatility is still king in crypto and what lies ahead for the global markets.

• 02:12 Whether the “Fed pivot” is officially dead and whether rate cuts are coming
• 08:37 What the impact of AI will be on the jobs market
• 13:27 Why the markets have been chopping so much and whether it’s the bottom
• 18:00 What Trump could achieve for the crypto industry in his first 100 days
• 23:02 Whether the US sold the Silk Road bitcoin
• 25:27 Why bitcoin will not be a risk-off asset in the near term according to Tom and Ram
• 31:08 Whether sovereign nations have already started buying bitcoin
• 36:49 Why Tether moving to El Salvador is a loss to the U.S., according to Ram
• 40:26 How the L.A. fires will have an impact on the political landscape in the U.S.
• 52:06 How Coinbase just achieved a “huge win” against the SEC

Sponsors:

• Stellar Build Better
• 
  

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Ram Ahluwalia, CFA, CEO and Founder of Lumida

• Tom Dunleavy, Partner at Master Ventures

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In October, the crypto industry saw a jaw-dropping acquisition: Bridge, a stablecoin-focused company, was bought by Web2 payments giant Stripe for $1.1 billion.

Now, three months later, Bridge co-founder Zach Abrams opens up about the wild journey that led to this moment, from navigating collapses like Terra’s UST and USDC’s depegging, to securing compliance and fraud prevention as core priorities.

Zach also delves into his vision for the future of stablecoins, whether the U.S. dollar will continue to dominate, and why global financial infrastructure needs an upgrade.

Plus, he recounts how timing and resilience helped Bridge stand out amidst massive industry challenges.

• 01:49The problems of the payments system and how stablecoins could solve them
• 13:35 What Bridge is, how it works and what types of consumers it serves
• 19:33 What significant inconveniences Bridge found throughout its journey
• 25:56 How Zach’s background in Coinbase influenced the launch of Bridge
• 30:20 Whether there will be multiple stablecoins or just a couple of winners
• 33:49 How Bridge worked with their customers to improve its product
• 39:35 The story of how Bridge was acquired by Stripe for $1.1 billion
• 46:37 Whether its dependence on banks is a problem for Bridge
• 53:02 How Bridge deals with fraud and compliance 
• 59:50 What Zach thinks about the competition in the stablecoin landscape
• 1:04:37 Why Zach believes that the fiat infrastructure landscape is still Bridge’s main competitor
• 1:10:08 Whether the U.S. dollar will remain the overwhelmingly predominant currency in stablecoins

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

• Stellar Build Better
• Polkadot

• Zach Abrams, Co-founder of Bridge

• Recent coverage of Unchained on stablecoins:
• How This Stablecoin Business in Africa Is Taking on SWIFT and Big Banks
• Why Robinhood CEO Vlad Tenev Is Betting Big on Crypto, Stablecoins, and Prediction Markets
• CNBC: Stripe's $1.1 billion deal for crypto firm Bridge marks much-needed win for VCs

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It’s been a tough week for the markets, with bitcoin gyrating from $102,400 to $92,000. 

Travis Kling, CIO of Ikigai Asset Management, shares his thoughts on the selloff, whether this market dip is a cause for alarm, and how macro factors like the Fed’s rate policy and ETF dynamics are shaping the landscape. 

Plus, he dives into the explosive growth of AI agents and why crypto investors should start paying attention to this new frontier. Could AI agents revolutionize crypto, or are we witnessing another bubble?

Show highlights:

• 01:49 Why Travis believes this market selloff was “abnormal”
• 04:31 Whether he thinks the DOJ will sell Silk Road’s $6 billion worth of BTC from Silk Road
• 07:36 Why Travis is supportive of a US bitcoin strategic reserve
• 17:15 Why inflation and policy shifts might keep Fed rates steady
• 22:30 What explains the significant outflows from bitcoin spot ETFs on Wednesday
• 24:37 Whether Travis thinks the AI agent rise is a bubble 

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

• Stellar Build Better
• Polkadot

• Travis Kling, Chief Investment Officer of Ikigai Asset Management
• Previous appearances on Unchained: 
• With Rate Cuts and Upcoming Elections, What’s the Best Play in Crypto?
• With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold

• Previous coverage of Unchained on AI agents:
• 2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback?
• With AI Agents Now Trading Crypto, What Does Their Future Look Like?

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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. In this episode, the crew dives deep into the FDIC’s alleged vendetta against crypto, whistleblower revelations, and the evolving dynamics of token distribution on platforms like Echo. Plus, we analyze the rise of crowdsales, explore the intersection of policy and crypto innovation, and reflect on our 2024 podcast stats with some friendly competition. 

Show highlights

🔹 FDIC Scandal Unveiled: The panel discusses the whistleblower claims against the FDIC, allegations of a vendetta against the crypto industry, and the fallout from newly unredacted FOIA documents.

🔹 Echo Crowdsale Platform: A deep dive into Echo’s rise as a preferred crowdsale platform, its competition with CoinList, and its innovative token distribution model.

🔹 Regulators Under Scrutiny: Insights into systemic issues within regulatory agencies like the FDIC and parallels drawn with other organizations like the FTC.

🔹 VC Sentiment and Crowdsales: The crew explores the tension between venture capitalists and crowdsale platforms, examining fairness, community building, and strategic distribution.

🔹 KOL Rounds vs. Community Fairness: A comparison of KOL rounds and Echo’s syndicate model in balancing fairness and hype in token distribution.

🔹 Token Distribution Dynamics: Analysis of how platforms like Echo incentivize participation and create new avenues for community engagement.

🔹 2024 Podcast Stats Recap: Fun insights into which hosts spoke the most, used the most filler words, and referenced Ethereum, Solana, or Bitcoin the most in 2024.

🔹 Predictions in Review: Early check-ins on 2025 predictions and how trends like DeSci and crowdsales are already shaping the year.

⭐️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 

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Bitcoin crossed the $100,000 mark, only to slump back down on Tuesday, sparking debates about what’s next for the crypto markets. In this episode, James Seyffart and Alex Kruger are joined by Charles Edwards of quant fund Capriole Investments to break down the macro trends shaping Bitcoin’s trajectory. From Trump’s inauguration to the Fed’s looming decisions on quantitative tightening, they analyze the key factors influencing risk assets. Plus, they unpack the premium on MicroStrategy’s BTC holdings, the future of AI agents in crypto and whether AI agent swarms might someday hire humans, and their bold predictions —supercycle? SOL ETFs?—for 2025.

• 01:54 Why bitcoin broke the $100K level again
• 07:28 How the markets will react to the inauguration of Donald Trump as President
• 19:09 What factors will affect the Fed’s next decision on rates
• 26:38 What the premium of MSTR to its BTC holdings should be
• 34:37 Why they all hate the current version of AI agents
• 43:19 Why Charles likes Ethena and ENA
• 45:49 Alex’s and Charles’ thoughts on what to expect in 2025: supercycle incoming?
• 50:01 Alex’s analysis on the market corrections and what they teach us
• 57:34 Whether James believes the spot Solana ETF will be approved this year

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard

• Charles Edwards, founder of Capriole Investments 

• Capriole Investments | Update #58
• MicroStrategy just bought another $100m in Bitcoin on path to $2bn spree – DL News
• With AI Agents Now Trading Crypto, What Does Their Future Look Like?

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Ethereum, once the undisputed leader in the smart contract ecosystem, is facing intense competition from Solana, which has outpaced Ethereum on key metrics such as developer growth. Meanwhile, debates rage within Ethereum’s community over governance, scalability, and the Ethereum Foundation’s leadership.

Adding to the disruption, AI agents are rapidly reshaping DeFi and token launches, reducing barriers to entry and creating new opportunities—and risks—for founders and investors. Is this the next big leap for crypto or just the latest bubble?

In this episode, Marc Zeller of Aave Chan Initiative and Kain Warwick of Infinex discuss Ethereum’s future, the role of AI in DeFi, and whether Solana’s momentum will continue. They also share bold predictions for crypto in 2025 and debate whether Ethereum’s fragmented ecosystem can still deliver on its promise.

• 03:35 Why 2024 became a turning point for the crypto ecosystem
• 07:02 How AI agents could reshape onchain innovation and public discourse in 2025
• 14:47 Whether AI agents might soon compete with VCs
• 22:10 Why fundamentals-driven crypto projects will gradually dominate the market, according to Marc
• 26:05 Whether Solana will continue to steal Ethereum’s thunder
• 37:56 Is Base cannibalistic to Ethereum? Can Base or Ethereum compete with Solana?
• 42:53 Where the ETH ecosystem is headed and whether it can overcome issues of fragmentation, lack or interoperability, so many L2 tokens detracting from the ETH price
• 52:30 Whether Coinbase's deep commitment to Ethereum is causing it to discriminate against Solana
• 1:00:10 How Ethereum's reputation rises and falls with its price action, not its fundamentals, per Kain
• 1:08:43 What the purpose is of the Ethereum Foundation and whether it should change its approach
• 1:24:57 Why Kain doesn’t think the native rollups proposal is tenable 
• 1:31:12 Whether Ethena is depressing the price of ETH
• 1:34:00 What Kain and Marc think about crypto-specific phones, especially the Solana Seeker
• 1:42:07 Kain’s and Marc’s predictions for 2025

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

• Stellar Build Better 
• Robinhood & Arbitrum
• Kelp DAO
• Polkadot

• Marc Zeller, founder of Aave Chan Initiative
• Kain Warwick, founder of Infinex

• Unchained: Why Robinhood CEO Vlad Tenev Is Betting Big on Crypto and Stablecoins
• Unchained: 2024 Was Solana's Best Year Yet. Can It Sustain the Momentum in 2025?
• Unchained: What's the Best Way for Ethereum to Grow? Two Ethereans Debate
• The Block: Long-running Ethereum newsletter shutting down, cites lack of funding
• Unchained: How Solana Beat Out Ethereum to Nab New Crypto Developers in 2024
• Evan Van Ness’ tweet on the newsletter shutdown 
• EF’s Josh Stark’s reply to Van Ness
• Unchained: Vitalik Has Gone 'Founder Mode.' Is This Just What Ethereum Needs?
• Marc’s proposal about the EF 
• 0xMawuko’s tweet on ETH governance 
• Unchained: Are Layer 2s Failing Ethereum? A New Proposal Advocates for Native L2s
• Ben Lilly’s tweet on Ethena possibly suppressing the price of ETH

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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. In this episode, the crew is joined by special guest Jansen, co-founder of Virtuals, the leading AI agent launchpad. Together, they dive into the $5 billion Virtuals craze, explore the explosive rise of tokenized AI agents like AIXBT, and debate how AI is reshaping DeFi and blockchain. From the clash between scarcity and abundance to the emergence of agentic societies and decentralized economies, this episode unpacks the key trends driving the next phase of crypto innovation.

Show highlights

🔹 AI and Crypto Convergence: The panel explores how AI agents are revolutionizing blockchain, tokenomics, and decentralized finance (DeFi).

🔹 Virtuals AI Launchpad: Jansen discusses Virtuals, a platform for tokenizing and crowdfunding AI-driven blockchain agents.

🔹 Autonomous AI Evolution: The rise of AI agents from basic chatbots to self-improving tools for crypto and DeFi applications.

🔹 Tokenized AI Agents: How agents like AIXBT generate revenue through trading, attention, and blockchain commerce.

🔹 Managing AI Risks: Insights into policy-based wallets and infrastructure to mitigate risks in autonomous crypto agents.

🔹 Decentralized Agent Societies: A vision for specialized AI agents collaborating in blockchain ecosystems.

🔹 Scarcity vs. Abundance in Crypto: Contrasting crypto’s scarcity-driven models with AI’s abundance and economic disruption.

🔹 AI Agent Backlash: Predictions of anti-AI sentiment as agents dominate Crypto Twitter and online communities.

🔹 Blockchain Verifiability: The role of cryptographic proofs in ensuring trust and security in AI-driven tokenized economies.

🔹 Future of AI in Crypto: Debates on sustainable applications for AI agents in trading, DeFi, and digital economies.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Special Guest

⭐️Jansen Teng, Co-Founder and CEO of Virtuals Protocol

Timestamps 

• 00:00 Intro
• 02:19 What Are AI Agents?
• 07:23 AI Agents in Crypto
• 13:04 AI-Driven Societies Emerge
• 15:53 Challenges of AI Agents
• 24:47 Tokenizing AI Revenue Models
• 35:13 AI Crypto Predictions
• 43:26 AI Influencers and Trust
• 53:54 Perception of AI Content
• 01:04:44 Humans vs. AI Roles

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In this episode, Shaw Walters, founder of Eliza Labs, takes us through his journey of launching ai16z, a decentralized AI-driven investment DAO, and the explosive growth of the Eliza open-source framework.

Shaw explains how AI agents are evolving beyond "reply bots" to serve as powerful tools for financial autonomy, community investment, and user empowerment. He shares the challenges of building trust between humans and AI, the possibilities of agents trading across multiple blockchains, and his vision of a world where financial freedom drives human progress.

• Why Shaw decided to launch ai16z
• What he believes AI agents are useful for 
• What the Eliza framework is and the role it plays being an open-source project
• Whether AI agents can be good at trading
• Why the Eliza framework works on every chain, even though there’s a focus on Solana
• How and why the AI version of Marc Andreessen was launched
• Whether ai16z will launch its own layer 1 and the details on the future launchpad
• How agents on social media could be really useful instead of being “reply bots”
• What Shaw thinks overall of the AI space and how it’ll impact human society

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

• Polkadot
• Kelp DAO

• Shaw Walters, Founder of Eliza Labs

• Unchained: 
• The Backstory of How 3 AI Agents Led to the Rise of the Hottest Memecoin, GOAT
• AI Meme Tokens Like FARTCOIN Dominate Crypto Markets, Suggesting Powerful 2025 Trend
• The Block: AI agent platform ai16z considers tokenomics overhaul and launching Layer 1 blockchain
• Chain of Thought: Ai16z: The Bazaar of Agents
• Cygaar: How the Eliza Framework works

Timestamps:

• 00:00 Intro
• 03:01 Shaw’s inspiration for launching ai16z
• 08:45 How AI agents are evolving beyond simple tasks
• 10:28 The Eliza framework and its open-source impact
• 13:22 Can AI agents excel at trading?
• 21:19 Why Eliza works seamlessly across multiple blockchains
• 24:08 The story behind launching Marc Andreessen as an AI character
• 35:18 Plans for ai16z’s layer 1 and its future launchpad
• 40:23 Transforming AI agents into more than just “reply bots”
• 43:26 Shaw’s vision for AI’s role in shaping human society
• 49:26 Crypto News Recap

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2024 was nothing short of transformative for the crypto world. From bitcoin’s relentless climb amidst macroeconomic shifts to Solana’s continued rise amidst meme coin mania, this year saw narratives unfold that no one could have predicted. 

In this special episode that has become a tradition at Unchained, Laura revisits the biggest moments of the year, featuring insightful clips from the standout guests who joined Unchained and Bits + Bips in 2024.

Whether it was further institutional adoption, debates over decentralization, the victory over Gary Genser’s regulation by enforcement strategy, or the taking off of AI agents, this year marked a turning point for crypto. Tune in for a reflective journey through the year that was—and a glimpse of what lies ahead in 2025.

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

• Polkadot
• Robinhood & Arbitrum

Highlights and Timestamps:

• 03:15 | Matt Hougan on the significance of spot bitcoin ETFs
• 04:31 | Jesse Pollak explains the impact of Ethereum’s Dencun upgrade
• 05:43 | Eric Balchunas on the rapid adoption of bitcoin ETFs
• 07:53 | Kyle Davies reflects on 3AC’s collapse
• 10:11 | Carlos Domingo discusses BlackRock’s BUIDL fund
• 11:13 | Sam Enzer on the reasoning behind SBF’s sentencing
• 13:04 | Arthur Hayes debates the potential of a bitcoin supercycle
• 15:44 | Ansem breaks down the memecoin craze
• 16:42 | Eric Balchunas and Matt Hougan on ether ETF approval
• 18:18 | James Seyffart on SEC politics and ETF decisions
• 19:51 | Laura Brookover on the end of the Ethereum 2.0 probe
• 21:08 | Bryan Pellegrino on tackling Sybil attacks with LayerZero
• 23:42 | Iggy Azalea on her fascination with memecoins
• 24:31 | Joe McCann on how the assassination attempt influenced Trump’s win
• 25:47 | Ro Khanna on the democratic party’s stance on crypto
• 26:44 | George Selgin critiques a U.S. bitcoin reserve proposal
• 28:35 | Nick Tomaino on the truth-finding power of prediction markets
• 29:50 | Jack Booth on TON’s viral growth strategies
• 31:58 | Jeff Dorman on why the ETH sell-off was a buying opportunity
• 32:29 | Caitlin Long and Michelle Kallen on their lawsuit against the Fed
• 33:52 | Justin Bons on why layer 2s might be parasitic to Ethereum
• 35:13 | Taylor Monahan on how North Koreans infiltrated crypto companies
• 36:42 | Taylor Monahan recounts a failed North Korean job interview
• 39:13 | Teng Yan on how truth terminal redefined AI and crypto
• 40:36 | Ryan Salame on DOJ dealings and his guilty plea
• 42:40 | Alex Kruger on Trump’s election and its crypto impact
• 43:44 | Jeff Park on Uniswap and Solana’s post-election gains
• 44:57 | Faryar Shirzad on the success of the FairShake PAC
• 46:15 | Eric Balchunas on the importance of bitcoin ETF options
• 47:26 | Cody Carbone on Paul Atkins’ nomination as SEC chair
• 48:19 | Mike Selig on David Sacks as crypto and AI czar
• 49:27 | French Hill on token standards under FIT21
• 50:33 | Maria Shen on Solana’s rise in new developer activity

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Low float and high fully diluted valuation (FDV) coins have been a hot topic in crypto this year. Yet, understanding these coins' unrealized gains is critical for truly grasping their pricing.

In this episode, Jose Macedo of Delphi Digital and Ari Paul of BlockTower Capital dive deep into metrics that help assess a coin’s true value. They discuss why upcoming token unlocks may put downward pressure on the market, how token unlocks could be better structured for long-term success, and whether VCs are extracting more value than they contribute.

• Why upcoming token unlock events are creating anxiety in the crypto market
• The role unrealized gains play in token price volatility
• How certain projects manipulate circulating supply metrics to influence perceptions
• Tips for everyday investors to uncover accurate token information
• The impact of secondary market trading on anticipated token unlock events
• Why short-term token strategies often prevail over those focused on sustained success
• Jose’s insights into why simple, time-based unlock models may outperform complex systems
• Ari’s thoughts on the SEC’s investigations into VCs and their parallels to pump-and-dump schemes
• Why many crypto projects face a bearish outlook due to pending token unlocks
• How the intersection of memecoins and VC involvement could shape the next market 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 

Timestamps:

• 00:00 Intro
• 02:46 Token unlocks creating market concerns
• 11:06 Unrealized gains to market cap ratio impact
• 13:06 Token supply manipulation tactics
• 21:11 How investors can verify token projects
• 24:21 Secondary market trading and unlock impacts
• 35:36 Current token launch strategy persistence
• 41:46 Short-term vs long-term project decisions
• 47:21 Time-based vs metric-based token unlocks
• 53:51 SEC investigations into VC practices
• 59:56 Bearish outlook for upcoming token unlocks
• 1:06:36 Investor risks in current cycle
• 1:13:11 Future of VCs in crypto and memecoins

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2024 has been a transformative year for Solana. With a surge in developer activity, bold innovations in DePIN, and its ambitions to become a “decentralized Nasdaq,” the ecosystem is making waves. But are these changes enough to differentiate it from competitors like Ethereum and L2 solutions such as Base?

In this episode, Lily Liu, president of the Solana Foundation, and Mert Mumtaz, CEO of Helius, join Unchained to discuss how Solana is carving out its niche. They debate whether Base is a serious contender, why they’re not concerned about the 2025 token unlocks, and how Solana’s unique approach to MEV could shape its future. Plus, they tackle the ecosystem’s broader challenges and why they believe Solana’s vision will endure.

• Why Mert feels paranoid but also vindicated 
• Why Lily started working on Solana after being known as a hardcore bitcoiner
• How Mert’s background in Coinbase led him to found Helius and become the voice of Solana online
• Whether Solana can become a place where unique innovations are built, rather than copying Ethereum
• Whether Solana can achieve its vision of a “decentralized Nasdaq”
• Why the ecosystem has attracted so many developers in 2024 
• Why Lily believes that Base is no competitor to Solana
• What network extensions actually mean, according to Mert
• How Mert responds to the criticisms around Solana’s MEV
• Why Mert and Lily are not worried about the token unlocks of 2025
• How the Solana mobile phone will compete with the giants
• Why DePIN showcases the real value of blockchain technology

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

• Kelp DAO
• Robinhood & Arbitrum
• Polkadot

• Lily Liu, President of the Solana Foundation
• Mert Mumtaz, CEO of Helius

• Unchained: 
• Pudgy Penguins See NFT Floor Price Drop Almost 50% After PENGU Launch - 
• Pump.fun Becomes First Solana DApp to Top $100M in Monthly Revenue
• How Solana Beat Out Ethereum to Nab New Crypto Developers in 2024
• Are Solana's 'Network Extensions' Just Like Ethereum's Layer 2s But by a Different Name?
• What Are DePINs in Crypto? A Beginner’s Guide

Timestamps: 

• 00:00 Intro
• 02:34 Mert’s mix of paranoia and vindication about Solana
• 07:08 Why Lily shifted from Bitcoin to working on Solana
• 09:43 Mert’s journey from Coinbase to becoming Solana’s online advocate
• 14:47 Can Solana foster unique innovations rather than mimic Ethereum?
• 19:47 Solana’s vision of a “decentralized Nasdaq” vs. center of memecoin mania 
• 27:54 What’s driving Solana’s surge in developer activity
• 30:26 Why Lily sees Base as no real competitor
• 33:04 The meaning and implications of network extensions
• 37:07 Mert’s take on criticisms of Solana’s MEV approach
• 42:11 Why they aren’t worried about the 2025 token unlocks
• 44:26 Competing with tech giants through the Solana mobile phone
• 50:48 How DePIN highlights blockchain’s true potential

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

In this episode of Unchained, Robinhood CEO Vlad Tenev offers a rare glimpse into the company’s strategy. How did memes like Dogecoin become one of Robinhood’s biggest assets, onboarding millions of users? What drove its decision to embrace stablecoins, staking, and a dedicated crypto wallet—and what risks do these moves carry?

As Europe’s MiCA regulations set the stage for a global crypto framework, Vlad discusses how Robinhood is positioning itself for growth, the role of prediction markets, and why blockchain could dramatically lower costs for investors. He also shares personal insights from his own experiences with hyperinflation, revealing how stablecoins might safeguard wealth for millions around the world.

With crypto ETFs, regulatory shifts, and a new administration looming, here’s what he thinks is next for Robinhood—and the crypto industry.

Show highlights:

• How Robinhood has been experiencing growth in the crypto retail market
• The effect of election night and Robinhood’s event contracts on trading volumes
• What Robinhood saw happened with the launch of spot ETFs in the U.S.
• How the exchange was able to attract crypto investors
• The role of MiCA in Robinhood allowing users to stake ETH and SOL
• How the company aims to enhance the user experience with the Robinhood wallet
• Why Robinhood decided to invest in Global Dollar Network, which has stablecoin USDG
• What’s on Vlad’s crypto regulation wish list under the new administration and Congress
• Whether the criteria to list crypto assets on Robinhood will change under a crypto-friendly Trump administration
• Why Vlad is so excited about prediction markets
• Why he sees blockchain technology as a tool that will ultimately help users

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

• Polkadot
• Kelp DAO

• Vlad Tenev, CEO of Robinhood

• Unchained: Why Robinhood, a TradFi Hub, Is Growing Its Crypto Business Globally
• Reuters: Robinhood's top attorney Gallagher rules out SEC chair role
• Robinhood Reports Third Quarter 2024 Results
• Robinhood to Acquire Bitstamp
• Spot Bitcoin ETF Options: Why You 'Can't Overstate' Their Importance
• The Legend Awakens: Introducing Robinhood Legend, Futures Trading, and Index Options
• Finimize: Robinhood, Kraken, And Partners Launch New Stablecoin USDG - 
• Decrypt: Robinhood Launches US Presidential Election Prediction Market—For Americans Only

Timestamps 

• 00:00 Intro
• 02:43 Robinhood’s growth in the crypto retail market
• 05:05 Election night’s surprising impact on trading volumes
• 07:11 What Robinhood observed after U.S. spot ETF launches
• 11:56 How the platform attracted millions of crypto investors
• 16:49 MiCA’s role in enabling ETH and SOL staking on Robinhood
• 19:09 Enhancing user experience with the Robinhood wallet
• 21:32 Why Robinhood is betting on stablecoins
• 25:37 Vlad’s crypto regulation wish list from the new administration
• 30:05 Will Robinhood change its crypto listing criteria?
• 32:18 Vlad’s excitement about prediction markets
• 36:12 How blockchain could lower costs and empower users
• 41:21 News Recap

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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. In this special end-of-year episode, they recap 2024's key moments and forecast what's ahead in 2025. The team debates Bitcoin's potential to hit $180K, the impact of AI on crypto security, and upcoming U.S. crypto legislation. They also predict the rise of viral blockchain games. Join the crew as they unpack these predictions and more, offering unique insights into what the new year might bring for crypto enthusiasts.

Show highlights

🔹 Bitcoin Hits New Highs: The crew debates Bitcoin's potential to reach $180K, with predictions of a significant rally and subsequent corrections.

🔹 AI Turns Crypto Scammer: A bold prediction that an AI system will become a crypto scammer makes waves, highlighting the intersection of artificial intelligence and blockchain security concerns.

🔹 Crypto Legislation Breakthroughs: Anticipation grows for groundbreaking crypto-specific legislation in 2025, reflecting a major shift in regulatory landscapes.

🔹 Consolidation in Crypto's Infrastructure: Predictions surface about mergers among AppChains and Layer 2 solutions due to economic pressures, signaling a major consolidation trend.

🔹 Viral Blockchain Games: The panel foresees blockchain-based games going viral, capturing mainstream attention and potentially becoming a cultural phenomenon.

🔹 DeFi's Continued Evolution: Discussions center around DeFi's comeback, its impact on the crypto market, and the evolving challenges it faces as it grows in popularity and complexity.

🔹 Surprising Crypto Predictions for 2025: The episode wraps up with each host sharing their most surprising predictions for the coming year, setting the stage for a dynamic and unpredictable future in crypto.

⭐️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

03:00 Biggest Winner

8:30 Biggest Loser

14:04 Biggest Surprise

20:50 Best New Mechanism

27:03 Best Meme

31:02 Best/Worst Pivot

38:57 Biggest Flop

44:08 Comeback Story of 2024

48:42 Favorite TCB Guest

51:18 Predictions for 2025

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Bitcoin’s 2024 rally has been explosive, but is the next phase just beginning? In this episode of Bits + Bips, hosts Noelle Acheson, Ram Ahluwalia, and Alex Kruger are joined by Ledn’s Mauricio di Bartolomeo to unpack the forces shaping the crypto market as the year comes to a close.

Mauricio explains how Ledn has grown amidst regulatory and economic shifts, and shares insights on why the “Trump put” is creating a new trading setup for crypto. The panel dissects the undercurrents behind Bitcoin’s surge, explores how MicroStrategy’s presence on the NASDAQ creates unique market dynamics, and debates how much higher BTC could climb. But they warn not to expect “buy” ratings on MSTR.

Plus, they dive into why Solana underperformed in recent weeks, how Bitcoin enables capital flight (and how they may be happening from China), and what 2025 could hold for crypto. Packed with data, opinions, and a few book recommendations (well, except from Alex), this episode offers sharp analysis as 2024, a pivotal year for crypto, wraps up.

• Mauricio’s background and how Venezuela’s regime led him to crypto
• How Ledn works and how it’s seen substantial growth since the elections
• What’s driving this wave of growth in the price of bitcoin
• How much higher BTC will go and what the effects of the end-of-year portfolio rebalancing will be
• What the risks are for the U.S. economy
• How BTC is the easiest way to trade the Trump bump
• Whether the Chinese macro matters for crypto 
• How MicroStrategy has become a Trojan horse
• Why Alex likes XRP and ENA and why SOL has been underperforming recently
• 2024 wrap-up: what everyone was most surprised about 
• Book recommendations from everyone, except Alex, who’s only focused on shitcoins

• Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter 
• Alex Kruger, Founder of Asgard
• Ram Ahluwalia, CFA, CEO and Founder of Lumida

• Mauricio di Bartolomeo, cofounder & CSO of Ledn

• Unchained: 
• Bitcoin Hits New All-Time High
• MicroStrategy Joins Nasdaq-100, Expanding Bitcoin Exposure to Billions
• Trump’s Crypto Project Spent Nearly $45M Onchain in 2 Weeks
• FTX Distributions to Start in Under 2 Weeks

Timestamps:

• 00:00 Intro
• 01:38 Mauricio’s journey from Venezuela to crypto
• 07:37 How Ledn thrived post-elections and saw major growth
• 15:16 Key drivers behind Bitcoin’s explosive rally
• 20:30 How high could BTC climb – and might year-end rebalancing affect the price?
• 25:22 Risks facing the U.S. economy heading into 2025
• 32:47 BTC as the go-to trade for the Trump bump
• 36:13 The significance of Chinese macro trends for crypto
• 47:32 MicroStrategy’s role as a Trojan horse for Bitcoin adoption
• 53:20 Why Alex likes XRP and ENA, but SOL is lagging
• 1:02:35 Biggest surprises from 2024’s crypto market
• 1:06:33 Book picks from everyone—except Alex, who’s all about shitcoins

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USDe shattered expectations in 2024, emerging as the largest decentralized stablecoin in circulation and a game changer for DeFi. Ethena’s founder, Guy Young, joins the show to reveal how the protocol surpassed long-established giants, generating billions in fees and setting new benchmarks for yield generation.

Guy also breaks down the mechanics behind Ethena’s innovative strategies, including “Aavethena,” a yield-boosting approach that’s changing how users interact with synthetic dollars. Plus, he addresses the risks: what happens when leverage goes too far, and how Ethena mitigates volatility at its core.

Will Ethena bridge DeFi and TradFi, leveraging the disconnect between crypto and traditional interest rates to tap into a $100 trillion fixed-income market?

• Why Guy was surprised to see the rapid rise of USDe
• Why Guy is spending 80% of his time on bringing Ethena to TradFi
• The launch of Ethena’s UStb
• How regulation comes into play and the challenges in different jurisdictions
• Whether USDe could launch in the U.S. with a friendlier administration 
• Why Ethena hasn’t needed to utilize the reserve fund
• Why Guy believes Ethena has been able, at times, to surpass OG protocols like Ethereum and Uniswap in fees
• How USDe is being used across the board in DeFi applications 
• What the “Aavethena” strategy is and how it generates yield for users
• Whether USDe has brought considerable risks of liquidations
• How allowing Pendle’s PT tokens on Aave could supercharge growth
• How Ethena counters the centralization risks around exchanges
• Why Guy thinks that Ethena’s cross-chain strategy has been “pretty poor”
• How ENA has performed well despite airdrops not doing well in 2024
• Why Guy believes this bull cycle is different 
• Why he’s expecting USDe to reach at least $15 billion in 2025

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

• Polkadot
• Robinhood & Arbitrum

• Guy Young, Founder of Ethena Labs
• Previous appearances on Unchained: 
• Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe?
• How Ethena’s USDe Challenges Traditional Stablecoin Models

• Unchained: Ethena’s USDe Becomes Third-Largest Stablecoin
• UStB announcement
• How BlackRock, the World's Largest Asset Manager, Took Crypto Mainstream
• Blockworks Research thread on how USDe is used
• Aavethena tweet by Guy Young
• “androlloyd’s” tweet on the level of exposure USDe has
• Unchained: Circuit Breakers: Is ERC-7265 the Solution dApps Were Waiting For?
• Seraphim’s tweet on the Ethena endgame

Timestmaps:

• 00:00 Intro
• 01:52 The rapid rise of USDe and what surprised Guy about its ascent
• 05:11 Ethena’s growth plans for 2025
• 07:36 Ethena’s role in launching UStb
• 11:52 Regulatory challenges across different regions
• 16:24 Could a U.S. launch for USDe happen with a friendlier administration?
• 20:56 Why Ethena’s reserve fund hasn’t been tapped yet
• 22:22 How Ethena surpassed OG protocols, including Ethereum, Uniswap, etc., in fees
• 25:14 USDe’s growing role in DeFi applications
• 27:17 The “Aavethena” strategy and how it generates yield
• 30:38 Risks of liquidations tied to USDe
• 33:48 Supercharging growth with Pendle’s PT tokens on Aave
• 36:15 How Ethena mitigates centralization risks with exchanges
• 40:39 Guy’s thoughts on Ethena’s cross-chain strategy struggles
• 43:19 Why ENA has performed well despite airdrop fatigue
• 48:42 Why this bull cycle feels different

52:44 Guy’s target for 2025

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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 week, the crew explores the resurgence of ICOs through Echo sales, diving into MegaEth’s record-breaking sale and the shifting meta of token launches. They also discuss Google’s quantum computing breakthrough with the Willow chip and its potential implications for cryptographic security in crypto. Tarun doubles down on his critique of Decentralized Science (DeSci), sparking a lively debate on its viability and accountability. Finally, the team unpacks Electric Capital’s developer report, highlighting Solana’s dominance in India and the global trends shaping crypto development.

Show highlights

🔹 ICOs and Echo Sales Resurgence:The crew debates the return of ICOs, now rebranded as Echo sales, and their impact on token launches. Is the shift from airdrops to pre-sales a sustainable new meta for crypto?

🔹 MegaEth’s Record-Breaking Sale on Echo: A detailed analysis of MegaEth's $4.2M Echo sale that sold out in seconds. With a $200M FDV, the sale sparked discussions about community involvement and valuation dynamics.

🔹 Airdrops vs. Echo Sales: The panel dissects the shift in sentiment around airdrops, questioning their fairness and efficiency compared to community presales. Are Echo sales the new paradigm for engaging retail investors?

🔹 Quantum Computing and Crypto’s Future: Google’s breakthrough with the Willow chip sparks a discussion on quantum computing’s implications for cryptocurrencies. Is public key cryptography under threat, or do we have time to adapt?

🔹 The Satoshi Dilemma: Speculations about Satoshi Nakamoto’s coins and what would happen if they were ever moved. Could quantum computing make those coins vulnerable?

🔹 Decentralized Science (DeSci) Debate: Tarun doubles down on his criticism of DeSci projects, arguing they lack accountability and meaningful use cases. The team explores whether DeSci can evolve into something impactful.

🔹 Electric Capital’s Developer Report: Reactions to Electric Capital’s 2024 developer report, highlighting Asia overtaking North America in crypto developer activity, Solana’s dominance in India, and the growing trend of multi-chain developers.

🔹 Developer Efficiency in Crypto: Despite the plateauing number of developers, crypto projects demonstrate incredible efficiency. Fewer hacks, more battle-hardened code, and a shift toward higher-quality deployment signal a maturing space.

⭐️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
• 01:52 The Return of ICOs
• 07:29 Airdrops vs. Community Sales
• 19:27 Quantum Computing and Crypto
• 28:18 Bitcoin Addresses & Quantum Computing
• 32:24 DeSci Debate
• 42:56 Electric Capital Developer Report
• 51:35 Developer Efficiency in Crypto

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The 2024 Developer Report from Electric Capital reveals many shifting dynamics. For starters, for the first time in eight years, Ethereum was not the top chain for new developers—Solana was. Meanwhile, Asia has emerged as the leading hub for crypto development, taking the top spot from North America, which dropped to third.

In this episode, General Partner Maria Shen explores how Ethereum's Layer 2 solutions are bolstering its position despite fierce competition, why the Bitcoin developer ecosystem remains steadfast, and how emerging projects like EigenLayer are capturing builders’ attention. 

She also delves into the top crypto technologies that are fascinating devs, and how their usage and development activity differ across the globe. 

Show highlights:

• Maria’s top takeaways from the report
• Whether the developer migration from the U.S. will stop under a friendlier regulatory environment
• How Ethereum has maintained its dominance despite its high fees and the rise of Solana 
• What the steadiness of the Bitcoin developer ecosystem shows
• Which other smaller ecosystems are growing the most 
• How ZK contract usage has been increasing over time
• Why, despite what one could think, NFT minting activity is higher than ever
• How stablecoin usage differs from token to token and also across countries

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

• Polkadot

• Maria Shen, General Partner at Electric Capital
• Previous appearance on Unchained: Why Crypto Developer Activity Continues to Grow Despite the Bear Market 

• Unchained: A Big 2024 Crypto Trend: Solana Attracts More New Developers Than Ethereum

Timestamps: 

• 00:00 Intro
• 02:02 Key findings from Electric Capital’s Developer Report
• 08:28 Could a friendlier U.S. regulatory environment reverse the developer migration?
• 12:54 How Ethereum could stay dominant amid rising competition from Solana
• 17:48 Insights from the Bitcoin developer ecosystem
• 21:33 Emerging smaller ecosystems gaining traction
• 23:41 The steady growth in ZK contract usage
• 27:39 Why NFT minting activity is at an all-time high
• 32:31 How stablecoin usage varies across tokens, chains and countries
• 36:22 News Recap

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In this episode of Bits + Bips, hosts James Seyffart, Ram Ahluwalia, and Noelle Acheson are joined by Jamie Coutts to analyze Ethereum’s breakout and its improving fundamentals, how China’s “moderately loose” policy stance is changing the global liquidity landscape, and the pro-market implications of Paul Atkins leading the SEC. 

They also explore Jerome Powell’s and Putin’s takes on Bitcoin, the controversial CBOE withdrawal of the Solana ETF filing, and the role of Bitcoin in geopolitics.

• How the employment data showed some mixed reactions in regard to next steps for the Fed
• Whether China will start a new era of augmented liquidity 
• Why the U.S. dollar getting stronger is bad for crypto prices
• How bitcoin is not a competitor to the U.S. dollar
• The significance of David Sacks as Crypto & AI Czar
• Why everyone believes that Atkins in the SEC is very positive for markets
• Whether China will pivot and adopt friendlier crypto regulation 
• Putin’s remarks on the role of bitcoin
• Why CBOE withdrew its SOL ETF filing
• Jamie’s analysis on how liquidity affects prices and where we’ll see a top 
• Why Ram thinks that MSTR has peaked
• Why Jamie believes that ETH will continue its momentum and perform better than the broader market
• Why Microsoft and Amazon might adopt bitcoin on their balance sheet
• Whether the breakthrough in quantum computing will disrupt Bitcoin
• How Solana’s daily fees have grown to a significant percentage of the L1 landscape

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Ram Ahluwalia, CFA, CEO and Founder of Lumida
• Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter 

• Jamie Coutts, Chief Crypto Analyst at Real Vision

China Rally:

• China Politburo policy shift spurs surge in stocks, bonds | Reuters
• China Eases Overall Monetary Policy Stance for First Time in 14 Years

Fed and Powell:

• Decrypt: Fed Chair Jerome Powell Likens Bitcoin to Gold, Says It’s Not Dollar Rival

Timestamps:

• 00:00 Intro
• 01:42 Mixed signals from employment data and the Fed’s next steps
• 07:33 China’s “moderately loose” policy and its liquidity impact
• 13:32 Why a stronger U.S. dollar spells trouble for crypto
• 23:49 Bitcoin’s role alongside the U.S. dollar, not against it
• 27:49 David Sacks as Crypto & AI Czar: What it means for the industry
• 29:40 Why Paul Atkins at the SEC is a win for markets
• 34:00 Whether China could adopt a pro-crypto stance
• 37:53 Putin’s surprising take on Bitcoin’s geopolitical role
• 41:39 What’s behind the SOL ETF filings
• 43:25 Jamie’s take on crypto’s potential upside
• 46:49 Why Ram believes MSTR may have peaked
• 49:59 Jamie’s bullish outlook on ETH outperforming the market
• 56:26 Could Microsoft and Amazon add Bitcoin to their balance sheets?
• 59:05 The quantum computing breakthrough
• 1:01:05 Solana’s fees climb significantly—what does it mean?

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With Paul Atkins as the incoming SEC Chair, David Sacks as the AI & Crypto Czar, and potential CFTC leadership changes, the Trump administration is signaling a major shift for crypto, AI, and financial regulation. 

Guests Mike Selig and Jake Chervinsky break down what this means for token launches, enforcement actions, inter-agency collaboration, and the fate of Operation Chokepoint 2.0. Could this mark the end of the U.S.’s regulatory hostility toward innovation?

• 02:18-What changes to expect under an Atkins-led SEC
• 08:58-Who could lead the SEC in the period between Gensler resigning and Atkins assuming
• 11:54-Whether the Democrats will nominate SEC Commissioner Crenshaw again
• 15:50-Elizabeth Warren's influence on the non-Republican SEC commissioner picks
• 23:39-Whether Atkins’ leadership at the SEC might shift crypto regulation away from aggressive enforcement
• 28:26-Whether Gensler’s recent promotion of people in enforcement roles will further his SEC’s regulation-by-enforcement strategy
• 38:52-Whether the SEC and Coinbase will reach a settlement
• 41:47-Why Mike and Jake think it’s not likely that the SEC will pursue litigation in the Ripple case
• 46:03-How the SEC might clarify securities laws around token sales, airdrops, and exemptions
• 55:14-Whether Atkins’ leadership could fast-track Hester Peirce’s Safe Harbor
• 59:53-How the CFTC's potential lead on crypto regulation might redefine how it splits duties with the SEC
• 1:03:03-Whether it even makes sense to have two financial regulatory agencies
• 1:11:00-Who might lead the CFTC 
• 1:13:59-Why Jake and Mike believe combining AI and crypto under one ‘czar’ makes sense
• 1:20:31-How the appointment of Scott Bessent for Treasury secretary will affect the crypto industry
• 1:25:47-How the likely end to Operation Chokepoint 2.0 will create a “sea change”

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

• Polkadot
• Robinhood & Arbitrum
• Kelp DAO

• Mike Selig, Partner at Willkie Farr & Gallagher 
• Previous appearance on Unchained: Is Gary Gensler on a Mission to Put Crypto Down for Good?
• Jake Chervinsky, Chief Legal Officer at Variant
• Previous appearances on Unchained:
• The US vs. Crypto: Jake Chervinsky on Crypto's Legal and Regulatory Status
• 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

• Trump’s Office Picks: 
• Unchained: 
• Why Trump’s SEC Chair Pick, Paul Atkins, Is So Positive for Crypto
• David Sacks as A.I. & Crypto Czar? Why the Industry Was Surprised
• Trump Taps Paul Atkins for Next SEC Chair, Making Good on His Crypto Promises
• Democratic SEC Commissioner Is Stepping Down, but That Doesn’t Mean Trump Will Get 2 Outright Picks 
• Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary
• A Degen Administration? Why the Crypto Czar May Be Allowed to Own Tokens
• Tracking Trump’s Cabinet and Staff Nominations 
• Congressional Results
• John Reed Stark’s tweet:“current SEC Chair Gary Gensler is quietly working behind the scenes to lead the SEC from the grave”

Operation Chokepoint 2.0

• Forbes: How ‘Debanking’ Tech And Crypto Companies Could Kill Businesses
• Marc Andreessen and the CFPB: Debunking the Debanking Debunkers by Nic Carter
• Unchained: Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law? 
• Unchained: Killed By Politics, Ex-Diem Boss Says of Meta’s Stablecoin

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner get together and give the industry insider's perspective on crypto. This week, Laura Shin joins the crew to tackle a whirlwind of major market trends and policy shifts.They dive into Bitcoin’s historic leap to $100K, the unexpected "dino coin renaissance" with legacy tokens like XRP and ADA soaring, and the NFT market’s surprising revival. Ripple’s DeFi ecosystem and its place in the broader crypto landscape spark a spirited debate on "chain biases" and decentralization. On the policy front, the team unpacks Trump’s pro-crypto administration, featuring bold regulatory appointments that could redefine the industry. Plus, a look at the dynamics of memecoins, token launch strategies, and the future of ICOs versus airdrops.

Show highlights

🔹 Bitcoin Hits $100K: The crew celebrates Bitcoin crossing into six-figure territory, discussing market reactions and the volatility surrounding this milestone.

🔹 Dino Coin Renaissance: Legacy tokens like XRP, ADA, and HBAR are skyrocketing, signaling retail’s return and sparking debate about the sustainability of these "boomer coin" rallies.

🔹 Memecoin Mania: Memecoins as "crypto gaming 2.0" are dissected, with insights on their role in market dynamics and their surprising impact on Layer 1 ecosystems.

🔹 Ripple's DeFi Evolution: Robert shares his deep dive into Ripple’s AMM features and emerging DeFi capabilities, addressing "chain biases" and decentralization concerns.

🔹 Trump’s Crypto Revolution: The panel analyzes the implications of Trump’s pro-crypto administration, featuring key appointments like SEC Chair Paul Atkins and Crypto Czar David Sacks.

🔹 NFT Revival: A surprising rebound in NFT markets sees CryptoPunks, Bored Apes, and Pudgy Penguins soaring, with speculation on what's driving the renewed interest.

🔹 Regulatory Shifts Ahead: Predictions on how new SEC leadership might redefine crypto policy and the industry's hopes for a safer, more transparent regulatory environment.

🔹 ICOs vs. Airdrops: Exploring token launch strategies, the conversation evaluates the potential for a new wave of innovative fundraising models.

Hosts

⭐️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
• 01:06 100K Bitcoin & Dino Coin Renaissance
• 04:11 Unit Bias and Retail Investors
• 12:05 XRP, Ripple & DeFi
• 24:53 Trump's Pro-Crypto Administration Picks
• 37:53 Does Laura Own Crypto?
• 41:18 Regulatory Surprises and Nominations
• 45:05 NFT Market Revival
• 51:41 Memecoins and Market Dynamics
• 56:48 Future of ICOs and Airdrops

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With the nomination of the pro-crypto Paul Atkins to be the next SEC chair, the crypto industry is potentially facing a 180 from the agency. As co-chair of The Digital Chamber’s Token Alliance initiative and a board member of Securitize, Atkins is not only pro-crypto, but also against the type of “regulation by enforcement” strategy of current Chair Gary Gensler. 

In this episode, Cody Carbone, president at The Digital Chamber, explains why Atkins is likely to start reassessment of the agency’s lawsuits against crypto firms, why Trump might break with protocol to fill one of the commissioner seats that would typically be filled by a Democrat, and who he thinks might make for a good “crypto czar.” 

Show highlights:

• Why Cody that Atkins leading the SEC would be a massive transformational shift 
• What can be expected from Atkins given his prior experience
• What crypto cases might be dropped under his leadership
• Whether Atkins could provide rulemaking before Congress passes legislation
• Cody’s hard criticism of Gary Gensler’s modus operandi
• Why Cody thinks Trump could surprise people when it comes to replacing Democratic Cmr. Jaime Lizárraga
• How long it could take for Congress to confirm Atkins
• Why Cody believes that Atkins will support Hester Peirce’s Safe Harbor proposal
• Whether the CFTC will be the primary regulator of the crypto industry in a Trump administration
• Whether the U.S. will have a crypto czar and who it could be
• What crypto legislation Cody thinks is likely to be passed in 2025

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

• Polkadot
• iYield

• Cody Carbone, President at The Digital Chamber

• Trump’s Office Picks: 
• Unchained: 
• Trump Taps Paul Atkins for Next SEC Chair, Making Good on His Crypto Promises
• Democratic SEC Commissioner Is Stepping Down, but That Doesn’t Mean Trump Will Get 2 Outright Picks 
• Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary
• Trump’s Plans for a ‘Crypto Czar’ and a Crypto Advisory Council: Here’s What We Know 
• A Degen Administration? Why the Crypto Czar May Be Allowed to Own Tokens
• Tracking Trump’s Cabinet and Staff Nominations 
• Congressional Results
• John Reed Stark’s tweet:“current SEC Chair Gary Gensler is quietly working behind the scenes to lead the SEC from the grave”
• Buckley LLP Infobytes Blog: SEC commissioner proposes cryptocurrency safe harbor
• Fox Business: Perianne Boring among contenders to lead agency involved with crypto in Trump admin

Timestamps:

• 00:00 Intro
• 02:19 Why Cody believes Atkins would be a transformational SEC chair
• 03:13 Insights from Atkins’ past experience and what it means for crypto
• 07:19 SEC/crypto cases likely to be dropped under Atkins’ leadership
• 14:31 Potential for SEC rulemaking before Congress passes legislation
• 18:19 Cody’s critique of Gary Gensler’s regulatory approach
• 21:13 Why Trump might break with protocol to replace Democratic commissioner Jaime Lizárraga
• 23:27 Expected timeline for Congress to confirm Atkins
• 26:52 Support for Cmr. Hester Peirce’s Safe Harbor proposal
• 28:18 An expanded role for the CFTC in crypto regulation?
• 31:37 Speculation on the potential for a U.S. crypto czar
• 35:03 Key crypto legislation to watch for in 2025
• 38:24 Crypto News Recap

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In this episode of Bits + Bips, hosts James Seyffart, Noelle Acheson, and Ram Ahluwalia are joined by Alex Thorn, head of research at Galaxy Digital, to discuss the surprising mainstream buzz around XRP’s latest rally, dubbed the “most hated rally in crypto.” 

They also analyze the new Treasury Secretary’s ambitious economic plan and what it could mean for inflation, fiscal discipline, and market stability. Meanwhile, Ethereum struggles to reclaim its narrative as the go-to blockchain, even as its ETH/BTC ratio shows signs of life.

And in a moment that captures the personal side of crypto’s rise, the team reflects on Thanksgiving table conversations, where bitcoin and digital assets became unexpected stars. 

• Why the newly appointed Treasury Secretary might be the right person for the job
• Whether the December rates cut is unnecessary
• How Marc Andreessen brought Operation Chokepoint 2.0 to the spotlight
• How Facebook’s project Libra would have benefited the US Dollar hegemony
• Whether the U.S. Congress will pass stablecoin legislation in 2025
• Why Ram believes Ryan Selkis would be a good Crypto Czar
• How people have been asking more about bitcoin during Thanksgiving
• Whether the XRP rally is a negative indicator
• What James thinks about the filings for news ETFs, such as WisdomTree’s XRP
• Why Alex thinks that ETH could continue its recent rally
• The impact of MicroStrategy being added to the Nasdaq-100, aka the QQQ ETF

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Ram Ahluwalia, CFA, CEO and Founder of Lumida
• Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter 

• Alex Thorn, Head of Firmwide Research at Galaxy Digital

Politics

• Unchained: 
• Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary
• The Trump-Connected Brad Bondi Is A New SEC Chair Contender and Pro-Crypto
• Investing: How Scott Bessent Plans to Reshape the US Economy with His 3-3-3 Rule

Macro

• Investing: US manufacturing improves in November as orders rebound, input price gains slow

Operation Chokepoint 2.0

• Forbes: How ‘Debanking’ Tech And Crypto Companies Could Kill Businesses
• Marc Andreessen and the CFPB: Debunking the Debanking Debunkers by Nic Carter
• Unchained: Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law? 
• Unchained: Killed By Politics, Ex-Diem Boss Says of Meta’s Stablecoin

XRP

• Unchained: 
• XRP Becomes the Top Traded Token on Binance and Coinbase, Hits Almost 7-Year High
• XRP Rallies 70% in a Week to Top Solana, Tether Market Cap
• The Block: WisdomTree files with SEC for spot XRP ETF

Ethereum

• Unchained: Ether Gains 19% Against Bitcoin in a Week After Months of Underperformance

 Timestamps:

• 00:00 Intro
• 02:15 Why the new Treasury Secretary could reshape the economy
• 06:28 Is a December rate cut unnecessary?
• 15:18 How Marc Andreessen spotlighted Operation Chokepoint 2.0
• 19:54 The missed opportunity of Facebook’s Libra for USD dominance
• 26:48 Will stablecoin legislation finally pass in 2025?
• 31:28 Why Ram thinks Ryan Selkis should be the “Crypto Czar”
• 34:45 Bitcoin conversations taking over Thanksgiving dinner
• 39:48 Is the XRP rally a red flag for the market?
• 48:15 James’s take on new ETF filings like WisdomTree’s XRP
• 55:48 Why Alex believes ETH could extend its recent gains
• 1:01:37 What MicroStrategy’s NASDAQ addition means for crypto

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Last week, the crypto world celebrated a major legal victory when a federal appeals court struck down OFAC’s sanctions on Tornado Cash’s immutable smart contracts in a Coinbase-funded lawsuit. While this decision is a significant win for crypto, its implications go far beyond the industry—it challenges the very limits of U.S. sanctions authority on open-source code.

In this episode, Coinbase’s Chief Legal Officer Paul Grewal and VP of Legal Leah Bressack discuss the case, the reasoning behind the court’s decision, and its broader implications, especially given that other cases are still in court. They address whether they think the government will appeal, how this ruling impacts other privacy tools and the other lawsuits, and why the case is a critical precedent for the intersection of code, law, and innovation.

Plus, what does this mean for Tornado Cash developer Roman Storm? 

• Why the decision was so significant, according to Paul
• What reasons the judge used in the ruling
• The basics of Tornado Cash and why OFAC sanctioned it in 2022
• Why Coinbase decided to get involved in the case 
• Why a District Court had previously agreed with OFAC 
• Whether the government will appeal and what the implications of the case are outside of crypto
• When users could start using the protocol
• Whether users will be safe to use relayers, which add privacy
• Why Paul believes that the 11th Circuit, where the Coin Center Tornado Cash lawsuit was filed, will not ignore this ruling from the 5th Circuit
• Whether the judges were encouraging Congress to update IEEPA to make it possible for OFAC to sanction smart contracts
• Whether there’s a risk that under new legislation OFAC could sanction smart contracts
• How the case of Tornado Cash developer Roman Storm could be impacted by this decision
• Paul’s and Leah’s take on Balaji’s proposal to build privacy-preserving zero knowledge smart contracts on ZEthereum
• Whether the judges’ opinion will have an impact on existing privacy projects
• What types of sanctions and regulations the government can impose to prevent money laundering

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

• Polkadot
• Robinhood & Arbitrum

• Paul Grewal, Coinbase’s chief legal officer
• Previous appearances on Unchained:
• Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’ - Unchained
• Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown
• Leah Bressack, VP of legal at Coinbase

• Previous coverage of Unchained on Tornado Cash:
• Did OFAC Overstep by Sanctioning Tornado Cash?
• Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?
• Unchained: Treasury Overstepped With Tornado Cash Sanctions, Rules U.S. Appeals Court
• Balaji’s tweet on Zatoshi and Zethereum
• Bankless: Roman Storm Speaks - Tornado Cash Developer on What’s at Stake

Timestamps:

• 00:00 Intro
• 01:39 Why this ruling is a major milestone for crypto
• 02:50 The judge’s key reasoning in striking down the sanctions
• 04:00 Why Tornado Cash was sanctioned in 2022
• 06:43 How Coinbase became involved in this landmark case
• 13:05 Why the District Court initially sided with OFAC
• 15:55 Whether the government will appeal, and what’s at stake beyond crypto
• 21:22 When Tornado Cash could be used again
• 25:07 Are users safe to use relayers for added privacy?
• 33:53 Why the 11th Circuit might uphold this ruling
• 38:28 Whether Congress is being nudged to rewrite sanctions laws
• 40:52 Could new legislation let OFAC target smart contracts again?
• 44:46 What this means for Tornado Cash developer Roman Storm
• 48:34 Thoughts on Balaji’s idea for ZEthereum
• 50:53 How the ruling could influence other privacy projects
• 54:08 What sanctions might look like in the fight against money laundering

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner get together and give the industry insider's perspective on crypto. This week, special guest Casey Caruso from Topology joins the crew to tackle the latest in crypto and tech. They explore the rise of AI memecoins like Freysa, blending gamified AI agents with blockchain mechanics, and the fallout from a major hack. The discussion also highlights Hyperliquid’s $1.9 billion airdrop and its no-VC funding model, signaling new trends in token launches. The crew critiques decentralized science (DeSci), questioning its accountability and funding models, with a spotlight on Pump.Science’s tokenized longevity experiments. Finally, they examine the success of Base’s incentive-light approach and the impact of frameworks like Eliza on crypto’s evolution. Tune in for a dynamic take on innovation, trends, and challenges shaping the crypto world.

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 Rise of AI Memecoins: Exploring the explosive trend of AI memecoins like Freysa, their gamification, and unique mechanics. The crew delves into how these coins combine on-chain activity with AI, creating a new layer of engagement and speculation.

🔹 Freysa’s AI: A detailed look at how Freysa’s prize pool was jailbroken, the mechanics behind the attack, and what it reveals about the vulnerabilities of AI agents connected to smart contracts.

🔹 AI Agents and Crypto Innovation: An overview of AI-enabled agents and their crossover into crypto applications, with insights on current limitations, gamification trends, and how AI integrates with Web3 frameworks like Eliza.

🔹 Airdrop Trends and Hyperliquid: Breaking down Hyperliquid’s $1.9 billion airdrop, its innovative “no VC funding” model, and the market impact of launching into a bull market with a high float percentage.

🔹 The Decentralized Science Debate: Analyzing the potential and pitfalls of decentralized science (DeSci), including critiques of funding mechanisms, accountability, and the practicality of crowdfunding drug discovery through tokenized models.

🔹 Base’s Community-Led Success: Examining how Base has attracted top developers and projects without heavy incentive programs, reshaping the playbook for L1 and L2 ecosystems.

🔹 Pump.Science and Longevity Tokens: A closer look at Pump.Science’s tokenized longevity experiments, the mechanics of its funding model, and the aftermath of its private key leak.

🔹 Challenges of Token-Based Funding: Comparing decentralized incentive models for projects like DeSci with the successes and lessons learned from DeFi, highlighting the difficulty of creating effective accountability mechanisms.

🔹 The DAO Debate: Examining the viability of DAOs for deploying funds in high-stakes environments, with skepticism about their long-term effectiveness in innovation.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest:

⭐️Casey Caruso, Founder Topology 

Timestamps 

• 00:00 Intro
• 01:24 AI Memecoins & Freysa Challenge
• 07:07 Open Source Models & Security
• 21:15 Hyperliquid Airdrop
• 31:16 Blur vs. Blast Points
• 37:16 Decentralized Science (DeSci)
• 40:04 Criticisms of DeSci
• 48:18 Potential & Future of DeSci

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Farcaster-based social media app Anoncast has quickly grabbed the crypto community’s attention—especially after Ethereum creator Vitalik Buterin jumped in. 

The platform allows users to speak freely while ensuring no one—not even the platform itself—can trace their identity. And in its short week-and-a-half lifespan, it’s already generated thousands of posts. 

In this lighter, Black Friday edition of Unchained, developer Kartik Patel joins to discuss how Anoncast works and why the platform has taken off so quickly. He shares insights on the challenges of maintaining anonymity in a connected world, how AI intersects with these developments, and what it was like to “nerd-snipe” Buterin.

Show highlights:

• What sparked the rise of Anon and how it evolved into a ZK-powered anonymous posting platform
• Kartik’s favorite casts and what he likes about the platform
• Why the platform has evolved so quickly 
• How users can make casts
• How Anoncast completely protects the anonymity of all posters
• Kartik’s background in crypto and how he came to be involved in Anoncast
• Why it felt like a “dream” when Vitalik Buterin bought the ANON memecoin
• How AI is intersecting with this new era of social media
• Why Anoncast moderates the posts
• The new feature that was designed to give credit back to users

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

• Polkadot

• Kartik Patel, developer of Anoncast

• Decrypt: Vitalik Buterin Buys Anon, Token Surged 350%—What's It All About?
• Viral cast possibly about the Ethereum Foundation selling ETH

Timestamps:

• 00:00 Intro
• 01:13 How Anoncast became a ZK-powered anonymous platform
• 05:02 Kartik’s favorite casts and why they stand out
• 06:44 Why Anoncast has caught on so quickly
• 07:32 How Anoncast technically enables anonymous posting
• 11:40 How anonymity is protected on Anoncast
• 13:28 Kartik’s story and future plans for app development
• 15:19 Vitalik Buterin’s surprising interaction with Anoncast
• 16:56 The role of AI in the new era of social media
• 20:03 Why Anoncast moderates the posts
• 21:45 A new feature so users can take credit 
• 23:42 Crypto News Recap

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Ethereum has been left behind in this bull market. As rivals like Solana gain ground in metrics such as speed, cost, and developer mindshare, questions are being raised about whether Ethereum’s reliance on Layer 2 solutions is the right path forward—or if it needs a more fundamental redesign.

In this episode, Martin Köppelmann, co-founder of Gnosis, and Justin Drake, researcher at the Ethereum Foundation, discuss the trade-offs of native and based rollups, execution capacity, and Ethereum’s ability to maintain its dominance. They debate how Ethereum should address fragmentation across rollups, whether ETH has strayed from its ultrasound money narrative, and whether its deliberate pace of innovation could make it vulnerable in an increasingly competitive landscape.

Whose ideas will lead Ethereum out of this dark forest? 

• 03:10 Why Justin is so optimistic about pre confirmations and Ethereum scaling its throughput
• 06:15 Whether Ethereum could reach “maintenance mode” within 5 years
• 08:20 Whether Ethereum can solve the problem of fragmentation
• 20:21 The difference between based rollups and native rollups
• 25:29 Why Martin believes that Ethereum is not building for developers
• 34:21 What real-time proving is and why it is relevant
• 37:46 How programmable native rollups could have different business models from Ethereum but the same security
• 44:51 Why most assets on L2s might not actually be secured by Ethereum
• 50:24 Whether Ethereum’s consensus layer might see a “clean slate” redesign with the Beam Chain
• 58:59 Whether Ethereum’s slow pace of change could leave it vulnerable to competition
• 01:06:55 How Ethereum's shift to rollups and blob data has reshaped its ultrasound money narrative by transforming the primary sources of fee burn

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

• Polkadot
• Robinhood & Arbitrum
• iYield

• Martin Köppelmann, Co-founder and CEO of Gnosis
• Previous appearances on Unchained:
• Are Layer 2s Failing Ethereum? A New Proposal Advocates for Native L2s
• Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
• Justin Drake, Researcher at the Ethereum Foundation
• Previous appearances on Unchained:
• Why MEV Will Always Be Controversial
• Did the Merge Make Ethereum ‘the Most Secure Blockchain in the World’?
• Can Bitcoin Be Secured Only by Transaction Fees? Two Researchers Sound Off
• Is ETH on Its Way to Becoming Ultra-Sound Money? Yes, Says Justin Drake

• Previous coverage of Unchained on Ethereum layer 2s:
• ETH Is Down Bad, While Layer 2s Are Ripping. Are L2s Parasitic to Ethereum?
• Are L2s ‘Parasitic’? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees
• Are Solana’s ‘Network Extensions’ Just Like Ethereum’s Layer 2s But by a Different Name?
• Ethereum Has Had a Banner Year in Most Areas. Except Price.
• Should Ethereum Layer 2s Urgently Decentralize Their Sequencers?
• Ethereum Scaling With L2s Has Damaged Its Tokenomics. Is It Possible to Fix It

Beam Chain:

• Unchained: Ethereum Researcher Justin Drake Proposes Beam Chain Redesign, but Not All OGs Are Onboard
• Bankless: You’re Not Bullish Enough! Ethereum Roadmap & Beamchain with Justin Drake

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On Tuesday, options on BlackRock’s bitcoin ETF, IBIT, launched, seeing $1.9 billion worth of those options changing hands on the first day.

The launch of these options could mark a turning point for crypto markets, with implications for liquidity, volatility, and institutional adoption. 

Eric Balchunas, senior ETF analyst at Bloomberg, explains why these options are so significant, who they’re designed for, and how they could impact the broader ecosystem.

Plus, he offers some cautionary advice to bitcoiners, gives insight into whether spot ether etf options are on their way, and discusses the odds of SOL ETFs launching.

Show highlights:

• What bitcoin ETF options are and why they are relevant for traders and investors
• Whether options will reduce the volatility of BTC
• Why Eric offers caution after seeing bitcoin surging so much recently
• What Eric thinks about the possibility for Bitcoin ETF options to spark a “gamma squeeze” 
• What type of investors Eric thinks typically trade options
• Whether regulators treat Bitcoin differently and with prejudice 
• What he would like to see from a new SEC
• Why IBIT options will likely dominate the market, according to Eric
• Why Eric was surprised that options on futures ETFs was so low compared to the spot ETFs
• How the launch of options will affect Deribit, the main exchange for trading options
• Whether options for ether spot ETFs are coming as well
• His thoughts on the news that spot SOL ETFs may be moving to the next phase

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

• Polkadot
• Mantle’s FBTC

• Eric Balchunas, Senior ETF Analyst at Bloomberg
• Previous appearances on Unchained:
• Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday
• 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?

• Previous coverage of Unchained on bitcoin ETFs options:
• Why Bitcoin ETF Options Could Unlock Massive Amounts of Capital for Crypto
• Unchained: Bitcoin Hits New All Time High as IBIT’s First-Day Volume Nears $1.9 Billion 

Timestamps:

• 00:00 Intro
• 01:15 Why Bitcoin ETF options are a game-changer for traders
• 07:35 How options could impact Bitcoin’s volatility
• 11:38 Eric’s cautionary take after Bitcoin’s recent surge
• 13:13 Whether price rises will be due to gamma squeezes or a lack of resistance
• 16:04 Insights into the typical investors trading ETF options
• 16:58 Perceptions of bias against Bitcoin in traditional markets
• 18:53 What Eric hopes for under new SEC leadership
• 20:47 Why IBIT options might dominate the market
• 23:05 Comparison between futures and spot ETF options
• 25:20 What IBIT options mean for Deribit’s dominance
• 28:58 Are ether spot ETF options on the horizon?
• 29:25 What Eric thinks of the filings for SOL ETFs
• 32:37 News Recap

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner get together and give the industry insider's perspective on crypto. This week, special guest Vance Spencer of Framework Ventures joins the crew to explore Ethereum’s Beam Chain proposal, a bold yet contentious vision for Ethereum 3.0. With promises of quantum resistance, faster transactions, and decentralized staking, is this five-year roadmap a revolutionary leap or an unachievable ambition? The team dives into the tension between Layer 2s and Ethereum’s base chain, alongside Solana’s growing dominance as a UX benchmark. On the political front, the conversation breaks down Trump’s pro-crypto administration. From speculation around key cabinet picks to the potential establishment of a national Bitcoin reserve, they analyze what this new era could mean for regulation, innovation, and the broader market. Tune in for a lively discussion of the forces shaping Ethereum’s evolution and crypto’s role in America’s future.

Show highlights

🔹 Polymarket CEO Raided: The crew discusses the FBI’s raid on Polymarket founder Shayne Coplan following the election, raising questions about politically motivated actions and the future of prediction markets.

🔹 Trump’s Crypto Administration: Trump’s pro-crypto agenda, including cabinet picks and a proposed Bitcoin strategic reserve, signals a potential shift in U.S. crypto policy.

🔹 D.O.G.E. and Dogecoin: The Department of Government Efficiency (D.O.G.E.), led by Elon Musk and Vivek Ramaswamy, ignites a Dogecoin rally and highlights crypto’s rising cultural impact.

🔹 Bitcoin’s Surge: Bitcoin hits $94,000, sparking predictions of $250K or more during Trump’s presidency, while the crew debates whether a long-awaited altseason is imminent.

🔹 Ethereum’s Challenges: Ethereum’s Layer 2 friction and Solana’s growing UX dominance fuel concerns over Ethereum’s long-term competitiveness.

🔹 Solana and memecoins: Solana’s connection to memecoin markets strengthens its position as a key rival to Ethereum.

🔹 Crypto Regulation Outlook: The potential for sweeping pro-crypto legislation under Trump’s administration raises hopes for innovation but also risks overexuberance.

🔹 Ethereum 3.0 Skepticism: The Beam Chain proposal reflects Ethereum’s struggle to balance long-term visions with immediate market pressures, drawing comparisons to Solana’s rapid growth.

🔹 Future Price Predictions: Vance and the crew share bold price predictions for Bitcoin and Ethereum, exploring the political and technological forces driving market momentum.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest:

⭐️Vance Spencer, Co-Founder Framework Ventures

Timestamps 

• 00:00 Intro
• 01:36 Trump's Election and Market Reactions
• 03:14 Polymarket CEO FBI Raid
• 13:37 DOGE or the Department of Government Efficiency?
• 16:10 Memecoin Meta Update?
• 23:17 Trump's Pro-Crypto Administration
• 33:23 Market Sentiments and Predictions
• 42:00 Ethereum 3.0 and Beam Chain
• 52:17 Ethereum's Future and Competitors

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Bitcoin and SOL are flirting with all time highs, Ethereum is lagging behind, and the next six months could define the trajectory of crypto markets. 

In this episode of Bits + Bips, James Seyffart, Alex Kruger, and guest David Grider unravel the key stories driving the space: What could a meeting between Trump and Coinbase’s Brian Armstrong mean for crypto policy? Could a new Treasury Secretary pick become the industry’s biggest ally? And is Ethereum’s underperformance hiding a major comeback?

Plus, what crypto categories might be winners in the near future.

• Which pick for the Treasury Secretary position would be most positive for crypto
• Whether Michael Saylor has been driving the bitcoin market
• Whether rate cuts are coming in December and what impact it’s having on the markets
• How tariffs are not as bad as people think, but massive deportation is, according to Alex
• Why a potential Treasury General Account (TGA) rundown would be bullish for the markets
• Whether traders will be taking profits at the $90,000 bitcoin level
• How ETH has been underperforming and why David sees a silver lining
• How the lack of institutional interest in ETH has changed dramatically since the election
• Why David is so optimistic about restaking across different ecosystems
• What the outlook for crypto regulation looks like in the near future and what will benefit the industry
• Why James believes that we’ll have in-kind creations and redemptions for bitcoin ETFs under new SEC leadership
• What the future trajectory of bitcoin’s price is and the role of a strategic bitcoin reserve
• How different categories within crypto will perform in the markets

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard

• David Grider, Partner at Finality Capital

Trump and politics:

• Unchained: 
• Donald Trump to Meet Coinbase CEO Brian Armstrong: Report
• Truth Social in Talks to Acquire Crypto Platform Bakkt
• Who Might Trump Pick for S.E.C. Chair? This Is Who Jay Clayton Hopes to See
• The Trump-Connected Brad Bondi Is a New SEC Chair Contender and Pro-Crypto
• A Degen Administration? Why the Crypto Czar May Be Allowed to Own Tokens

Markets:

• Unchained: 
• Spot Ether ETFs See Record $515 Million Weekly Inflows
• Solana dApps See Massive Fees Amid Memecoin Frenzy

Bitcoin ETF options:

• Unchained: 
• Bitcoin Hits New All Time High as IBIT’s First-Day Volume Nears $1.9 Billion 
• Why Bitcoin ETF Options Could Unlock Massive Amounts of Capital for Crypto

Timestamps:

• 00:00 Intro
• 02:31 What a Trump-Brian Armstrong meeting means for crypto
• 07:36 Who could be crypto’s biggest ally as Treasury Secretary
• 12:43 Is Michael Saylor driving bitcoin’s rally?
• 14:46 Whether December rate cuts will shake the markets
• 19:33 Tariffs vs. deportation: What’s worse for crypto?
• 26:03 Whether a Treasury General Account rundown would be bullish for markets
• 30:19 Whether traders will take profits at $90K Bitcoin
• 35:50 Why ether’s underperformance might hide a comeback
• 47:15 Whether institutional interest in ETH has turned around
• 51:49 Why David is bullish on restaking across ecosystems
• 54:09 What’s next for crypto regulation and industry growth
• 1:06:55 Whether new SEC leadership would greenlight better bitcoin ETF structures
• 1:09:10 Whether strategic Bitcoin reserves could drive its price higher
• 1:17:25 Which crypto categories could lead the next rally

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Martin Köppelmann, co-founder of Gnosis, has proposed that Ethereum should have native rollups—a vision aimed at addressing scalability and decentralization.

Köppelmann critiques the current state of layer 2 solutions, highlighting their limitations in fully inheriting Ethereum’s security and composability. 

He proposes a bold alternative: 128 Ethereum-native rollups designed to expand block space, strengthen alignment with Ethereum’s core principles, and ensure long-term viability for developers and users.

Plus, Martin tackles the controversies: Are L2s parasitic? Could native rollups spell the end for existing solutions? And why should they rely on zero-knowledge proofs instead of Optimism?

• Whether the Ethereum scaling roadmap is accomplishing its goals
• Why based rollups are not a full solution, according to Martin
• What Martin proposes instead
• Why Martin is proposing these rollups to be ZK-rollups instead of optimistic
• Whether the proposed solution would focus on privacy
• What it is about chain abstraction that Martin doesn’t like
• How he envisions that these native rollups will solve many composability issues across L2s
• Whether the community has embraced this proposal and how likely it is to be implemented
• What would happen to current L2s if native rollups get implemented
• Why despite being against the current state of L2s, Martin says that they are not parasitic to Ethereum

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

• Polkadot
• Robinhood & Arbitrum
• iYield

• Martin Köppelmann, Co-founder and CEO of Gnosis

• Previous coverage of Unchained on Ethereum layer 2s:
• ETH Is Down Bad, While Layer 2s Are Ripping. Are L2s Parasitic to Ethereum?
• Are L2s ‘Parasitic’? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees
• Are Solana’s ‘Network Extensions’ Just Like Ethereum’s Layer 2s But by a Different Name?
• Ethereum Has Had a Banner Year in Most Areas. Except Price.
• Should Ethereum Layer 2s Urgently Decentralize Their Sequencers?
• Blockworks: Gnosis founder argues Ethereum needs native L2s
• Martin’s tweet on USDC yields

Timestamps: 

• 00:00 Intro
• 01:47 Is Ethereum’s scaling roadmap meeting its goals?
• 04:07 Why Martin believes based rollups aren’t the full solution
• 08:11 Martin’s bold proposal for native rollups
• 12:07 Why ZK-rollups over optimistic rollups
• 15:56 Whether these rollups should also preserve privacy
• 17:11 Martin’s issue with chain abstraction
• 22:35 How native rollups could solve L2 composability problems
• 26:49 Has the community embraced Martin’s vision?
• 30:52 What happens to existing L2s if native rollups win
• 36:06 Whether Martin thinks L2s are parasitic to Ethereum

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BlackRock’s entry into crypto through its bitcoin ETF (and later on the spot ether ETF) has rewritten the record books, driving massive inflows and reshaping the narrative for institutional crypto adoption.

Robbie Mitchnick, head of digital assets at BlackRock, unpacks the story behind this monumental shift. He shares the journey from skepticism to success, how BlackRock’s ETF has changed the market, and the surprises even he didn’t expect.

Plus, he explains why he believes people mistake bitcoin for a risk-on asset, what the investment case is for Ethereum, and what’s next for crypto in 2025.

• 01:31 What and who is driving this massive amount of activity in bitcoin trading
• 05:05 Why Robbie offers some caution about the future of digital asset regulation
• 08:35 What about crypto captivated Robbie
• 13:32Whether Robbie was the one who “orange pilled” BlackRock CEO Larry Fink
• 14:37 Why Robbie thinks that bitcoin is not a risk-on asset
• 18:08 The backstory of how BlackRock ended up filing for a spot bitcoin ETF
• 20:15 How inflows into ETFs surprised Robbie, even considering fairly optimistic projections
• 24:14 Why BlackRock’s clients always ask about bitcoin’s correlation with other assets
• 27:22 Robbie’s take on the critique that BlackRock could centralize a decentralized ecosystem
• 29:34 What his thesis is on stablecoins, payments, and tokenization
• 31:25 The reasons why Ethereum ETFs have not been as successful as bitcoin
• 34:14 How Robbie pitches the ether ETF to clients
• 35:26 Why BUIDL is built on Ethereum, a public blockchain, rather than on a private one
• 36:48 Why DeFi’s potential is “immense,” according to Robbie
• 41:56 How bitcoin ETF options will impact the behavior of investors
• 43:57 What features BlackRock would love to see under a new SEC regime
• 45:32 What it’ll take for regulators to approve staking in ether ETFs
• 46:33 Why Robbie is not sure which crypto ETFs might come next
• 48:16 Whether BlackRock will develop proof of reserves for its ETFs
• 52:21 Robbie’s outlook for the markets in 2025

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

• Polkadot
• Mantle’s FBTC

• Robbie Mitchnick, Head of Digital Assets for BlackRock

• Previous coverage of Unchained on Bitcoin ETFs:
• Why Bitcoin ETF Options Could Unlock Massive Amounts of Capital for Crypto
• How, in 7 Weeks, Bitcoin ETFs Reached Inflows That Took Gold ETFs 3 Years 
• Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access
• How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock
• Unchained: BlackRock’s Spot Bitcoin ETF Eclipses Firm’s Gold ETF in Net Assets
• CNBC: BlackRock CEO Larry Fink: I believe bitcoin is a legit financial instrument
• CoinDesk: BlackRock Sees Sovereign Wealth Funds, Pensions Coming to Bitcoin ETFs
• Forbes: A Trump U.S. Strategic Bitcoin Reserve ‘Game-Changer’ Is Suddenly Hurtling Toward The Bitcoin Price

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The 2024 elections have reshaped the future of crypto in Washington. With almost $200 million in donations, the Fairshake Super PAC not only backed pro-crypto candidates but also took bold risks by challenging entrenched incumbents. This strategic gamble appears to have paid off, leading to the most crypto-friendly Congress in U.S. history.

In this episode, Coinbase’s Faryar Shirzad and Kara Calvert reveal the behind-the-scenes decisions that drove this unprecedented effort, discuss why crypto needs to transcend partisanship, and explain how this election could usher in long-awaited regulatory clarity. They also delve into the global stakes of blockchain adoption and whether the U.S. can reclaim its leadership as other nations surge ahead in Web3 innovation.

• 01:48 The journey of how crypto became so important in this election
• 04:16 The differences between Fairshake and Stand With Crypto
• 08:48 How Fairshake decided which candidates to support
• 12:48 How Washington reacted to the massive influx of money to support pro-crypto candidates
• 15:51 Why Fairshake stayed out of the Presidential race
• 18:23 How hard it was for Fairshake to handle its non-partisan stance with both parties
• 22:32 How the U.S.’s approach to crypto can be compared to how it lost on the cutting-edge technologies of 5G and semiconductors
• 26:41 What drove the decision to attempt to unseat Sherrod Brown, which ended up giving Sen. Warren more power on the Senate Banking Committee
• 32:54 Whether Sen. Warren’s anti-crypto stance has been diminished after the elections
• 35:28 How the industry got past the fiasco of Sam Bankman-Fried and FTX
• 42:07 Why Faryar believes that “anyone would be an upgrade” from Gary Gensler as Chair of the SEC
• 46:45 How blockchain technology allows for instant settlements, a feature so needed in capital markets
• 49:36 What could happen with the SEC’s legal actions against crypto companies now that Gensler will lose his position as SEC chair
• 53:22 What Faryar and Kara expect the new administration to do around crypto
• 56:47 How DeFi can be regulated in the U.S. and whether Trump will support the motto “code is free speech”
• 1:01:37 The perception of Washington insiders about Polymarket 
• 1:04:28 Whether the technology sector will be on the Republican side from now on

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

• Polkadot
• Robinhood & Arbitrum
• iYield

• Faryar Shirzad, Coinbase Chief Policy Officer 
• Kara Calvert, Coinbase Head of US Policy

Previous coverage of the elections on the podcast:

• Under Trump, the First Crypto President, Where Will Markets Go?
• Bits + Bips: Trump Won and the Question Is: Do You Have Enough Crypto?
• How Arthur Hayes Has Prepared His Portfolio for the Elections
• The Chopping Block: 2024 Election Debate feat. Mike Novogratz & Shaun Maguire
• It’s Not Just the Presidency. Congressional Races Matter a Lot for Crypto

Unchained: 

• DeFi Tokens Jump on Hopes That Trump Will Provide Crypto Regulatory Clarity
• What Gary Gensler Could Still Do Against Crypto in His Remaining Days as SEC Chair
• Elizabeth Warren Will Be the Top Democrat on the Senate Banking Committee
• Stand With Crypto Says These Races Are Crucial for Crypto. But Why?

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner get together and give the industry insider's perspective on crypto. This week, Laura Shin joins the squad to help break down the aftermath of the 2024 U.S. presidential election and its impact on the crypto landscape. With a new pro-crypto administration on the horizon, they explore what Trump’s stance on blockchain regulation could mean for the industry, from ETFs and stablecoin legislation to the potential of a national Bitcoin reserve. They also dig into the power of prediction markets, which outperformed mainstream media in election coverage, signaling a shift in trust and transparency. From the populist appeal of crypto to the challenges facing a divided Democratic Party, this episode uncovers the political dynamics that could drive innovation or stifle growth in the U.S. crypto market. Expect insights on the forces shaping America’s crypto future and the role of policy in crypto’s place on the global stage.

Show highlights

🔹 Prediction markets outpaced mainstream media in calling the 2024 election, marking a shift in how people track election outcomes.

🔹 Trump’s pro-crypto stance signals potential changes for the industry, from new ETFs to a possible federal Bitcoin reserve.

🔹 The Democratic Party’s anti-crypto stance highlights a disconnect between progressive values and blockchain innovation.

🔹 As prediction markets gain popularity, more Americans rely on them over traditional media for real-time election insights.

🔹 One high-stakes bettor’s multi-million-dollar wager on the election paid off, thanks to a unique strategy involving the "neighbor effect."

🔹 The Democratic Party’s focus on "woke" issues may have contributed to a historic loss, raising questions about the future of these policies.

🔹 With pro-crypto Republicans in control, sweeping legislative changes are expected, from stablecoin laws to crypto tax reforms.

🔹 Crypto’s anti-elite appeal is resonating with populist movements, indicating a potential path for mass adoption.

🔹 The idea of Bitcoin on the U.S. national balance sheet is gaining traction as a pro-crypto administration takes office.

🔹 Political choices could propel or stifle America’s standing as a global leader in blockchain innovation and technology.

Hosts

⭐️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

Kamala Harris Shouldn’t Just Embrace Crypto. She Must Help It Flourish by Laura Shin:

https://time.com/7111315/kamala-harris-crypto-laura-shin-essay/ 

How the Trump Whale Correctly Called the Election by Alexander Osipovich

https://www.wsj.com/finance/how-the-trump-whale-correctly-called-the-election-cb7eef1d 

Timestamps 

• 00:00 Intro
• 01:17 Election Night Observations
• 04:32 Polymarket's Role
• 06:19 French Whale x Neighbor Effect
• 14:52 Mainstream Media vs. Prediction Markets
• 25:54 The Future of Prediction Markets
• 27:26 Crypto and the Democratic Party's Missteps
• 30:30 Democratic Party's Superiority Complex
• 31:38 Crypto's Global Impact and Legislation
• 43:23 Predictions for Crypto's Future in the U.S.
• 49:47 The Return of Crypto Companies to the U.S.

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With a friendlier regulatory environment in sight, will crypto finally get its moment?

Jeff Park, head of alpha strategies at Bitwise, joins Unchained to break down what a pro-crypto approach in Washington could mean for the industry, why DeFi tokens such as UNI are thriving, and whether Bitcoin has a place as a strategic national asset. 

Plus, Park shares insights into how China will respond to Trump’s economic measures and explains what he means by the “radical portfolio” thesis. 

Tune in to find out how this new political era could set the stage for crypto’s long-awaited breakout.

Show highlights:

• Jeff’s main takeaways from the intersection of crypto and politics this cycle
• Whether crypto has become a partisan issue
• Why Jeff highlights the usefulness of Polymarket to track the chances of each candidate
• Why Uniswap’s token UNI outperformed the broader market
• What sectors of the industry could boom with more regulatory clarity
• Whether the idea of using bitcoin as a strategic reserve is feasible 
• How China will respond to Trump’s economic measures
• What is the “radical portfolio” thesis and what’s bitcoin’s role in it

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

• Polkadot
• Mantle’s FBTC

• Jeff Park, Head of Alpha Strategies at Bitwise
• The Radical Portfolio Theory

Unchained: 

• Ether Breaks Past $2,800 to 3-Month High Following Trump’s Victory
• DeFi Tokens Jump on Hopes That Trump Will Provide Crypto Regulatory Clarity
• Bitcoin Just Gained $100 Billion in Market Cap Overnight. Is it Time to Take Profits?
• Bitcoin Hits New All-Time High of $75,000
• What Gary Gensler Could Still Do Against Crypto in His Remaining Days as SEC Chair

Haralabos Voulgaris’s tweets on gambling:

• Expressing concern about gambling addiction
• Contrasting gambling now vs. when he started
• His opposition to how much gambling is promoted

Timestamps:

• 00:00 Intro
• 01:13 Key takeaways on crypto’s role in politics
• 02:38 Has crypto become a partisan issue?
• 06:47 Why Polymarket is crucial for tracking election odds
• 09:29 Why UNI is outperforming the market
• 11:56 Which sectors could thrive with regulatory clarity?
• 15:07 Could Bitcoin become a national strategic reserve?
• 18:32 How might China respond to Trump’s economic policies?
• 20:17 What is the “radical portfolio” thesis?
• 29:57 Crypto News Recap

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Donald Trump is headed back to the White House, and the crypto markets are surging in response. 

This episode of Bits + Bips dives into what the election means for crypto, the potential crypto IPOs coming soon, why DeFi tokens are outperforming, and what changes in U.S. regulation could mean for investors. Ram Ahluwalia and Noelle Acheson join to explore this unprecedented moment in crypto and how inflation and policy changes may boost Bitcoin and the broader ecosystem.

• Everyone’s initial reactions to Trump’s win
• How some crypto companies could have their IPO soon
• Whether it’s time to take profits after the substantial run
• Why DeFi tokens have been the biggest winners 
• What the next crypto spot ETF will be and whether we’ll see staking rewards for ETH
• Why mainstream media didn’t see the Trump win coming
• Why Ram and Alex believe that Kamala Harris was not the right candidate
• How Trump won the appeal of the lower class in the U.S.
• Whether immigration was key to sustaining the GDP and avoiding a “hard landing”
• Crypto’s massive win in Congress
• How much impact Elon Musk had in the outcome of the elections
• How Polymarket has become a “new source of truth,” according to Ram
• Why the Fed doesn’t have a need to accelerate rate cuts
• Whether Trump’s policies will be inflationary and whether he’ll go forward with tariffs
• Whether the 10-year bond will reach new highs

Thanks to Gemini for sponsoring this episode of Bits + Bips.

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard

Guests:

• Ram Ahluwalia, CFA, CEO and Founder of Lumida
• Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter 

Timestamps:

• 00:00 Intro
• 01:57 Reactions to Trump’s election win
• 03:13 Which crypto companies might IPO soon?
• 09:28 Is it time to take profits in crypto?
• 17:30 Why are DeFi tokens surging?
• 20:31 What’s next for crypto ETFs and ETH staking rewards?
• 28:00 Why mainstream media missed Trump’s victory
• 33:44 Ram’s thoughts on Kamala Harris’s candidacy
• 43:52 How Trump gained appeal with lower-income voters
• 45:41 Did immigration help sustain GDP?
• 53:11 Crypto’s big win in Congress
• 56:53 Elon Musk’s influence on the election outcome
• 1:04:10 Is Polymarket becoming a “new source of truth”?
• 1:10:30 Why the Fed may not need faster rate cuts
• 1:13:26 Will Trump’s policies drive inflation?
• 1:17:08 Will the 10-year bond hit new highs?

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Crypto networks are meant to be decentralized, community owned systems. But they’re turned out to be dominated by whales and to have more mercenaries who are just interested in getting free tokens to dump them, rather than having long-term believers who want to build the ecosystem. How can tokens be launched in a way that gets token holders aligned with long-term success? 

Today’s guests, Mike Dudas, founding partner of 6th Man Ventures, and Matt O’Connor, co-founder of Legion, believe there’s room for improvement. In this episode, they share how Legion aims to reshape the process, focusing on fair distribution, incentivizing organic user growth, and building loyal communities. They explore Legion’s approach to token sales, its compatibility with regulatory frameworks, and why it might be the key to bringing new people into crypto.

• How Legion was born and what its main goal is
• The problems with how token launches currently work 
• Why projects don’t want to return to the ICO model
• Whether the criteria to earn a better reputation on Legion is gameable 
• How Legion actually works and what the role of KYC is
• What type of regulatory framework Legion is leveraging
• How MiCA’s rules for token offerings allowed for this type of project to emerge
• Whether the U.S. should follow Europe in establishing a crypto framework like MiCA
• What the business model of Legion is
• What the difference is between Legion and other similar platforms such as Cobie’s Echo
• Whether token sales is a better distribution mechanism than airdrops

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

• Polkadot
• Mantle
• Robinhood & Arbitrum

• Mike Dudas, Founding partner of 6th Man Ventures
• Matt O’Connor, Co-Founder of Legion
• Matt’s open source publication: Tokenomics for Builders

• Unchained: Legion Launches New Tool to Identify Best Contributors in Crypto Fundraises
• Legion Whitepaper

Timestamps:

• 00:00 Intro
• 01:49 How Legion was born and its main goal
• 05:33 What’s wrong with current token launches?
• 11:13 Why projects avoid the ICO model
• 13:37 Can Legion’s reputation system be gamed?
• 26:18 How Legion works and the role of KYC
• 35:23 The regulatory framework behind Legion
• 39:06 How MiCA enabled this type of project
• 44:09 Should the U.S. adopt a framework like MiCA?
• 46:32 What is Legion’s business model?
• 50:28 How Legion differs from Cobie’s Echo
• 53:18 Are token sales better than airdrops for distribution?

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. This week, Robert Leshner welcomes two special guests: Mike Novogratz, CEO of Galaxy, and Shaun Maguire, general partner at Sequoia Capital, for a one-of-a-kind debate on how the upcoming 2024 U.S. presidential election could shape the future of crypto. With the stakes higher than ever, they explore what a Harris or Trump presidency could mean for crypto regulation, market infrastructure, and the populist undercurrents driving the industry forward. From blockchain voting possibilities to the macroeconomic forces impacting Bitcoin and stablecoins, the conversation pushes beyond policy to the heart of crypto's role in tomorrow's world. This episode delivers crucial insights on the political forces that could redefine crypto’s trajectory in the U.S. and beyond.

Show highlights

🔹 Crypto in the Election Crosshairs: Mike Novogratz and Shaun Maguire debate how a Trump or Harris presidency could reshape the U.S. crypto landscape.

🔹 Deregulation vs. Innovation: Trump’s pro-deregulation stance meets Harris’s pro-innovation campaign promises. Which path is better for crypto growth?

🔹 Crypto's Populist Appeal: How Trump’s base connects with crypto’s populist movement and why that resonates with “the people at the bottom” of the income bracket.

🔹 Deep State and Political Jaywalking: Shaun Maguire dives into the concept of “political jaywalking” and its impact on trust in U.S. elections.

🔹 The Future of Blockchain Voting: Could blockchain-based voting bring transparency to elections? The crew weighs in on the feasibility and timing of decentralized voting.

🔹 Bitcoin's Role in Macro Trends: With U.S. debt surging, Mike and Shaun share their thoughts on Bitcoin as a hedge, whether Trump or Harris takes office.

🔹 The Crypto Political Machine: A look at how crypto insiders engage with political campaigns and the industry’s impact on down-ballot races.

🔹 Wildcard Assets: How a national Bitcoin reserve might impact U.S. fiscal policy – could it ever happen under Harris?

⭐️Robert Leshner, CEO & Co-founder of Superstate

Guests

⭐️Mike Novogratz, CEO of Galaxy

⭐️Shaun Maguire, general partner at Sequoia Capital

Timestamps 

• 00:00 Introduction
• 02:03 Shaun’s Argument for Trump
• 05:10 Mike's Argument for Harris
• 11:10 Political Bias and Prediction Markets
• 18:25 Flynn & Political Jaywalking
• 24:26 Macroeconomic Implications for Crypto
• 30:29 Bitcoin Price Predictions Post-Election
• 32:38 Gold & Central Bank Dynamics
• 34:41 Nation States & Bitcoin Reserves
• 37:35 Military Technology & Future Dominance
• 39:10 Presidential Campaign Issues & AI
• 47:44 Election Integrity & Blockchain Voting
• 53:17 Crypto's Influence in Politics
• 56:42 $WLFI Endeavors
• 01:00:17 Closing Thoughts

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As the 2024 U.S. election draws near, the crypto market is buzzing with speculation on what’s next. Arthur Hayes, co-founder of BitMEX, joins Unchained to discuss how Bitcoin and altcoins might react depending on who wins. Hayes shares his insights on election trade strategies, from the importance of sticking to the majors to his preference for Solana over Ethereum in the short term.

He also dives into whether Trump will fulfill his promises to the crypto community and drops a banger explanation on what could be the next Federal Reserve move. (Hint: it’s not about interest rates.) 

Plus, Unchained reporter Veronica Irwin joins the show to discuss her latest scoops on Stand With Crypto’s scoring system and SEC Commissioner Hester Peirce’s stance on whether she would want to become Chair of the agency in replacement of Gary Gensler.

Show highlights:

•    01:39 How the market could react based on the election outcome
•    03:53 Has a Trump win been priced in? What if there’s no clear winner?
•    06:30 Arthur’s short-term trade strategy for the elections
•    13:00 Will Bitcoin surge, and is an altcoin rotation coming?
•    16:52 Why Arthur favors SOL over ETH right now
•    21:28 Whether Layer 2s are parasitic to Ethereum
•    24:19 Could crypto regulation reform come after the election?
•    26:12 Whether Trump would deliver on his promises to the crypto community
•    29:45 The election outlook for memecoins
•    30:52 Why traders should focus on high-cap AI memecoins
•    36:41 Why Arthur believes the Fed need to restart quantitative easing
•    47:55 How much money China will print to tackle its property crisis
•    52:21 Arthur’s take on Japan’s political shift and economic impact
•    54:44 Whether Stand With Crypto has been honest with the crypto community
•    56:20 A potential conflict of interest of one of the top executives
•    56:58 Stand With Crypto’s affiliation with PAC Fairshake
•    1:04:19 Whether Hester Peirce will become SEC Chair if Trump wins
•    1:08:27 Crypto News Recap

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

• Polkadot
• Mantle’s FBTC

• Arthur Hayes, Co-Founder of BitMEX and CIO at Maelstrom
• Previous appearances on Unchained: 
• Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different
• 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

• Unchained: 
• Why You Might Have to Wait a Little Longer for a Crypto Bull Market
• What Needs to Happen for Altcoins to Finally Pump: Report
• Arthur’s latest blog post

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. This week, the crew tackles everything from AI-powered memecoins and the explosive rise of GOAT token to the ongoing rivalry between Ethereum and Solana. They break down the appeal of AI-driven assets, analyze Trump’s World Liberty Finance flop, and debate whether Ethereum’s current fragmentation is hurting its narrative. With Halloween thrills and market chills, this episode delivers insider insights on the trends pushing crypto forward.

Show highlights

🔹 GOAT Token Madness: The latest in AI memecoin hype and how GOAT token captured the attention of investors and Twitter alike.

🔹 Memecoin Stagecraft: Are AI-driven coins here to stay, or is it all clever stagecraft? Our thoughts on the future of AI-based assets. 

🔹 AI Meets Memecoins: Is character-driven AI the secret sauce in building compelling memecoins? Exploring the potential of charismatic, interactive assets. 

🔹 World Liberty Finance Flop: Trump's crypto token sale misses the mark—are accredited investor rules and lack of memes to blame? 

🔹 Trump’s Role in Crypto: How Trump’s “hands-off” approach may have impacted World Liberty’s slow start. 

🔹 Ethereum vs Solana: Ethereum’s current challenges and Vitalik’s roadmap defense—can Ethereum reclaim its narrative from Solana’s simpler, single-layer approach? 

🔹 Fragmentation in Ethereum’s Ecosystem: How Ethereum’s L2 rollup competition might be confusing new users and hurting its narrative.

⭐️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
• 02:12 The Rise of GOAT Token
• 11:41 The Future of AI Coins & Meme-Based Value
• 21:50 The Importance of Attention in Crypto
• 23:53 Trump's World Liberty Finance Token Sale
• 31:24 Ethereum's Struggles and Vitalik's Response

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Subscribe to Unchained’s new regulatory newsletter Unregulated.

With the presidential race in the spotlight, it’s easy to overlook the powerful role that Congress could play in shaping crypto policy in the coming years. From committee chairs to legislative allies, crypto advocates are keenly focused on the outcome of key Congressional races. Kristin Smith of the Blockchain Association and Alex Grieve of Paradigm join us today to break down which races and committees are critical for crypto, why the industry is more visible in Washington than ever, and what the chances are for lame duck legislation this year. 

Read more: How Congressional Committee Leadership Could Shake Out for Crypto This Election

• Why this election is “incredibly important” for crypto 
• How the presence of Fairshake is increasingly noticed by Washington
• Why some committees are more important than others for the industry
• Why the Senate Banking Committee is key
• Whether Alex and Kristin are concerned about Sen. Warren becoming chair of the Senate Banking Committee
• What could happen to the House Financial Services Committee
• Who is likely to take on both of the Agricultural Committees, which is in charge of the CFTC
• How the Senate Commerce affects the crypto industry
• How the members of the House Energy Committee don’t have a strong stance on crypto
• What the stance of the Finance Committee on crypto is
• Why there is an opportunity in the House Ways and Means Committee
• Whether crypto tax legislation is in the works
• Who could be the SEC Chair under a Trump or Harris presidency
• Who could be the next Chair of the CFTC
• Whether Yellen will be replaced on Treasury, with many pro-crypto options on tap
• Why the Federal Reserve matters much more if they get to regulate stablecoins
• What the odds are for crypto legislation being passed this year

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

• Polkadot
• Mantle
• Robinhood & Arbitrum

• Kristin Smith, CEO of the Blockchain Association
• Kristin’s Op-ed on Unchained: In the Ongoing SAB 121 Fight, Here’s How Crypto Can Move Forward With Bipartisan Support
• Previous appearances on Unchained:
• Kristin Smith on Why Crypto Legislation Could Be Passed by Year's End 
• Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky
• What the Crypto Industry Could See Under a Biden Administration
• Alexander Grieve, VP of Government Affairs at Paradigm

• Previous coverage of Unchained on the elections:
• With Rate Cuts and Upcoming Elections, What’s the Best Play in Crypto?
• Why Congressman Ro Khanna Is Hopeful the Democratic Party Will Embrace Crypto
• Why Gary Gensler Will Likely Be Out as SEC Chair No Matter Who Wins the Election
• Congressman French Hill on Crypto and His Top Pick for the Next SEC Chair

Timestamps: 

• 00:00 Intro
• 01:55 Why this election is pivotal for crypto
• 04:50 How Fairshake’s presence is catching Washington’s eye
• 16:39 Which committees matter most for crypto?
• 22:49 Why the Senate Banking Committee is crucial
• 28:54 Concerns about Sen. Warren as potential chair?
• 38:15 Possible shifts in the House Financial Services Committee
• 41:47 Who could control the Agricultural Committees and CFTC oversight?
• 47:35 How the Senate Commerce Committee impacts crypto
• 51:04 House Energy Committee’s stance on crypto
• 53:21 Finance Committee’s crypto perspective
• 55:03 Opportunities in the House Ways and Means Committee
• 57:28 Is crypto tax legislation in the works?
• 1:01:23 Potential SEC Chairs under Trump or Harris
• 1:03:57 Who could be the next CFTC Chair?
• 1:05:46 Will Yellen be replaced with a pro-crypto Treasury option?
• 1:08:06 Why the Fed’s role could be pivotal for stablecoin regulation
• 1:10:46 Odds of crypto legislation passing this year

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Subscribe to our new regulatory newsletter Unregulated: https://unchainedcrypto.substack.com/s/unregulated

The two-week-old GOAT memecoin, which hit a market cap of almost $880 million on Thursday, is captivating everyone in crypto. Not because this is memecoin szn, but because its rise was fueled by an AI called Truth Terminal, which is itself a baby of two other AI models. 

Teng Yan, founder of Chain of Thought, joins Unchained to break down how this unexpected AI creation has turned into a phenomenon, why it has captured the attention of the crypto world, and what the future holds for AI-driven tokens. 

At the end, Laura also discusses with Unchained’s regulatory reporter Veronica Irwin two interesting and important news stories: who Kamala Harris is vetting for SEC chair and how one Senate race could inadvertently give Senator Elizabeth Warren more power over crypto. 

Show highlights:

• How an AI experiment unexpectedly led to the creation of GOAT and sparked interest in AI-generated subcultures
• How "Terminal of Truth" evolved its own personality, gained attention from Marc Andreessen, and began posting about a new "Goat Sea gospel" religion
• How the spelling mistake sparked skepticism about the AI model
• What happened with the $50,000 in BTC that Marc Andreessen gave to Truth Terminal
• Whether an AI can have its own wallet and what the implications are 
• Whether AI memecoins could start surging on other chains
• What we can expect in terms of the proliferation of AI memecoins
• What the future looks like for the intersection of crypto and AI
• Who Kamala Harris is considering for SEC Chair if she wins the U.S. election
• Why one Senate race could give Elizabeth Warren more power over crypto

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

• Polkadot
• Mantle’s FBTC

• Teng Yan, Founder of Chain of Thought
• Teng’s article: GOAT: The Gospel of Goatse 

• Previous coverage of Unchained on GOAT:
• GOAT Hits a Record $879 Million Market Cap After Brian Armstrong Offers to Help Truth Terminal
• GOAT: How AI Agents Talking Turned Into a $268 Million Memecoin 'Religion'
• Infinite backrooms
• Andy : https://x.com/AndyAyrey
• Andy Ayrey's (creator of Truth Terminal) research paper on LLMtheism: 
• Truth Terminal's X account 
• Kaito: GOAT’s mindshare

Timestamps: 

• 00:00 Intro
• 01:28 How an AI experiment led to the creation of GOAT
• 06:16 The rise of “Terminal of Truth” and its unexpected evolution
• 11:57 How a simple spelling mistake raised skepticism
• 20:09 What happened to the $50,000 in BTC from Marc Andreessen?
• 21:06 Whether AI models can have their own wallets
• 24:17 Whether AI memecoins will surge on other chains
• 26:19 What’s next for the rise of AI memecoins
• 28:35 The future of AI and crypto’s intersection
• 31:39 Who Kamala Harris may consider for SEC Chair
• 34:12 How one Senate race could boost Elizabeth Warren’s power over crypto
• 40:33 News Recap

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