Matt and Nic are back for another week of news and deals. In this episode:

• SEC fiscal year ending in September
• How to get accurate transfer volume figures for stablecoins
• How much volume do stablecoins really settle?
• Do SEC rules stop registered venture firms from voting in governance or staking?
• CFTC settles with Uniswap
• Robinhood settles with the California DoJ
• Choke Point 2.0 is still happening
• What’s the latest with World Liberty Financial?
• John Deaton wins his primary in MA
• What’s the deal with Polymarket versus the polls?

Sponsor notes:

• Withum’s Digital Currency and Blockchain Technology Team specializes in crypto-assets, offering accounting, tax and advisory solutions to fortify trust in a dynamic industry. Contact them today to get started. - withum.com/crypto
• Coin Metrics: An Update on Layer–1 Networks

Dan Burke, CEO of Nirvana Labs, joins the show. In the episode we discuss:

• Dan’s background and journey into the crypto space
• The role of nodes in a blockchain network and the complexities of running one independently
• Challenges with existing node infrastructure providers as companies in the space scale
• Nirvana’s product offerings including managed nodes and web3 cloud and the benefits of leveraging bare metal servers
• Dan’s long term view on how the node operation landscape evolves

Luke Hoersten, the founder and CEO of Bitnomial joins the show. In this episode we discuss:

• Luke’s background and the path that led him to start Bitnomial.
• An overview of Bitnomial and the products that the firm has launched to date.
• Perspectives on the market participants that are engaging in the digital asset derivatives market today.
• The future of digital asset market structure in the United States.
• The regulatory landscape and what is potentially ahead for the industry.
• How Bitnomial’s licensing strategy is unlocking new product opportunities.

To learn more about Bitnomial visit their website.

Matt and Nic are back for another week of news and deals. In this episode: 

• Holland versus the Netherlands 
• The end of Pax Americana
• Ditching the 'stablecoin' term
• Why synthetic USD is not the next Luna
• Caroline Ellison testifies
• SBF wanted to be president
• How Teneo worked with Singapore to apprehend Su Zhu
• Will criminal charges ever be leveled against the 3AC principals?
• Lightning is getting more efficient 

Content mentioned in the episode: 

• Nic and Martin join the Empire podcast
• Do we need a TARP 2.0? 

Sponsor notes: 

• Coin Metrics STATE OF THE NETWORK — Q3 2023 Wrap-Up
• In Coin Metrics State of the Network Issue 228, we set out to analyze USDC's supply loss and its impact on Circle

Guy Young, the founder and CEO of Ethena, joins the show to talk crypto-backed stablecoins. 

• How Ethena began with an Arthur Hayes blog post
• The origins of synthetic stablecoins on Bitmex
• The difference between Hayes’ Nakadollar and the Ethena design
• Why synthetic stablecoins have failed in the past and how Ethena addresses this
• How staked ETH as the underlying collateral opens up a new design space
• How Ethena mitigates their exposure to exchanges with off-exchange custody
• Guy’s backstory and entrance into crypto
• Why the circumstances are favorable for the success of a synthetic stable today
• Why the short leg of the Ethena position has to rely on CeFi for now
• Where the yield from ETH positive funding ultimately comes from
• Limits to scale on Ethena on the short leg of the trade and ETH staking
• Guy’s explanation for where the yield from being long ETH comes from
• Correlation dynamics between the ETH yield and the funding rate
• Why it’s important that crypto yields are somewhat negatively correlated with tradfi yields
• What protects the system when funding flips negative?
• How the system can react to constraints in ETH funding and ETH staking
• The possibility of adding Bitcoin as a collateral type
• Why Ethena distinguished the stablecoin and the yield-bearing component
• Rebasing versus accruing yield tokens
• How they think about different stETH derivatives
• Ethena versus stETH-backed overcollat stablecoins
• Why the supply of stablecoins is shrinking
• Will major stablecoin issuers become interest bearing?
• Ethena’s regulatory strategy
• The BUSD security analysis from the SEC and how interest bearing affects that
• Why end users deserve yield in exchange for taking on the counterparty risk of holding a stable
• Why Guy is excited by Paypal USD
• Guy’s prediction for stablecoin interest-bearing market cap

Further reading:

• Arthur Hayes, Dust on Crust

Matt and Nic are back for another week of news and deals. In this episode: 

• OTB gets some critical feedback
• The boys cover Walter Isaacson’s Elon Musk biography
• Is Elon going to turn around the Twitter acquisition?
• Bourgeous capitalism
• We review Lewis’ Going Infinite
• SBF was tungsten pilled
• Su Zhu is jailed for contempt of court in Singapore
• Is FTX solvent again thanks to Anthropic?
• Does ETH futs ETFs mean that ETH isn’t a security?
• Bharat Ramamurti, one of the architects of OCP 2.0, leaves the White House
• The Economist covers the Bitcoin lab leak hypothesis
• Coinbase gets a license in Singapore

Content mentioned in this episode:

• The Economist, Did bitcoin leak from an American spy lab?

Sponsor notes:

• Coin Metrics STATE OF THE NETWORK — Q3 2023 Wrap-Up
• In Coin Metrics State of the Network Issue 227, we take a data-driven look at the most important events that impacted the digital assets industry from Q3 2023

Matt Hougan, the Chief Investment Officer of Bitwise Asset Management joins the show. In this episode we discuss:

• The SEC’s approval of Ethereum Futures ETFs
• Bitwise’s launch of AETH, The Bitwise Ethereum Strategy ETF and BTOP, the Bitwise Bitcoin and Ether Equal Weight Strategy ETF.
• The current state of play as it relates to Bitcoin spot ETF filings.
• The SEC’s approach and posture given the Grayscale court case.
• The current lay of the land in the institutional market as it relates to digital asset products.

To learn more about Bitwise visit bitwiseinvestments.com

 

David Phelps is the co-founder and CEO of jokerace and a prolific writer. He joins the podcast to discuss:

•  Why tokens are not optimal for effective governance
•  Alternative ways to incentivize users and distribute decision making power
•  How we solve for retaining users versus just attracting them
•  Composability and evolving from user generated content to user generated apps

Matt and Nic return for deals and news. In this episode: 

• Is AI going to cause unemployment for IB associates?
• Blockchain based sneakers
• Tungsten business cards
• What’s happening with OTB merch?
• Nic’s Vespa catastrophe
• Gensler’s HSFC hearing
• How Gensler is the Tonya Harding of crypto
• Made up airlines
• What’s going on with Huobi?
• FTX trial starts next week

Content mentioned in this episode:

• Merch: onthebrink.shop
• Eric Hess, Bridging Policy and Practice: A Pragmatic Approach to Decentralized Finance, Risk, and Regulation
• Nic's Token 2049 talk

Matt and Nic return for news and deals. In this episode: 

• We recap the conferences 
• Nic's Columbia lecture snafu
• The Bitcoin security budget debate 
• One theory for what might provide Bitcoin with long term security
• FTX sues Joseph Bankman and Barbara Fried
• Tether has resumed their lending operations
• Did SBF's parents make him do it?  
• HK is creating stablecoin legislation
• USA vs Singapore

Content mentioned: 

• David Morris tweetstorm on SBF parents
• Evanston Capital, Investor Participation Trends in Blockchain VC
• Anatoly Yakovenko, Solana co-founder: ‘To keep the next great American founder in America, Congress must regulate crypto. But first lawmakers should learn how it works’

Sponsor notes: 

• Coin Metrics STATE OF THE NETWORK — A Glimpse into Coinbase through Coin Metrics’ Data
• In Coin Metrics State of the Network Issue 225, we highlight pivotal data underscoring Coinbase's current market position

 

 

Henri Stern, CEO and co-founder of Privy, joins us to discuss:

• The contradictory functions that wallets serve
• Offering in-app non-custodial embedded wallets

• Balancing the trade offs of security versus convenient recovery
• How customers are customizing their embedded wallet experience
• The decision to build third party wallet connectors and embedded wallets

   

Matt and Nic are back for another week of news and deals. In this episode. 

• We review Singapore and Token 2049
• Singapore food reviews
• Is crypto pivoting to Asia?
• Singapore bans the 3ac boys from the Securities industry for 9 years
• The offshoring of dollar stablecoins
• Stablecoins are becoming interest bearing
• Fortress is hacked and acquired by Ripple
• SEC versus Stoner Cats
• Sentiment is turning against John Ray III
• We review Arthur Hayes’ party in Singapore
• How involved was Joe Bankman in FTX?
• Genesis is ceasing trading operations
• 19 hour flights

Content mentioned in this episode:

Nic’s Token 2049 Keynote (slides)

Bloomberg, How Sam Bankman-Fried’s Elite Parents Enabled His Crypto Empire

Peter Johnson, co-head of Venture at Brevan Howard Digital, returns to the show to talk about his latest theses on stablecoins. In this episode: 

• The origins of Peter's interest in stables 
• We review Peter's prior stablecoin predictions 
• USDC versus USDT market share trends 
• Peter's main takeaways from the Relentless Rise paper
• Stablecoin usage on BSC and TRON 
• Peter's views on PYUSD
• The emergence of interest-bearing stablecoins 
• How synthetic USD stablecoins might work
• Stablecoin comparisons to the Eurodollar market
• We make some predictions 

Further reading: 

• BH Digital, The Relentless Rise of Stablecoins

 

Matt and Nic are back for another week of news and deals. In this episode: 

• Nic recaps his Karate fight
• The Bitcoin Nashville conference
• Kamala’s crypto posture
• A new pension fund is buying Bitcoin
• Did we get a soft landing?

Content mentioned:

• BVNK, The decade of digital dollars

Sponsor notes:

• The Launch of Ether ETFs
• In Coin Metrics State of the Network Issue 269, we look into ETH ETF fees, Grayscale funds and demand & supply dynamics heading into Ether ETF Launch

Martin Carrica, cofounder of Mountain Protocol, joins us to discuss their launch of their USDM, permissionless interest-bearing stablecoin. In this episode: 

• Martin’s story and origins of his desire to create a stablecoin
• Obtaining a registered digital assets company in Bermuda
• Martin’s review of regulatory options worldwide and how they ended up in Bermuda
• How Bermuda has distinguished itself from other financial hubs in the Atlantic
• How reinsurance is like stablecoins
• What it takes to get licensed as a digital asset business in Bermuda
• How Mountain Protocol’s USDM stablecoin works
• How rebasing stablecoins work – and how they integrate in DeFi
• How USDM differs from on-chain T bills and other interest bearing stable products
• How USDM was able to achieve a permissionless structure
• How Mountain avoids US clients
• Why the market for stablecoins is mostly ex-US
• Stablecoins as a backend for emerging market fintechs
• Different exchange rates in Argentina
• How Argentine firms use Argentine ADR stocks to manage their corporate cash
• How street moneychangers on the street in Argentina work
• Milei and the prospects for dollarization in Argentina
• The importance of a stablecoin being issued out of a bankruptcy remote structure

Disclaimer:

• USDM and other Mountain Protocol products and services are not available for U.S. persons as well as other restrictied jurisctions. 
• For more information and disclosures on Mountain Protocol, please refer to the Terms and Conditions.

Matt and Nic are back with another week of news and deals. In this episode: 

• Ryan Salame pleads guilty
• Our thoughts on the latest turn of the Bitcoin security budget debate
• What are the prospects for fees to develop on Bitcoin long term?
• Is blockcspace a race to the bottom?
• Visa adds merchant settlement tools for USDC on Solana
• The significance of Visa’s move toward merchant settlement with stablecoins
• CBOE files for spot Ether ETFs
• We reflect on El Salvador’s Bitcoin law
• The FASB moves to fair value accounting for Bitcoin
• Greenpeace files a comment letter on the GlobalX Bitcoin trust
• Are the ESG tides turning for Bitcoin mining?
• Has El Salvador's Bitcoin project been a failure? 

Sponsor notes: 

• Coin Metrics STATE OF THE NETWORK — Evaluating the Market Quality of DeFi collateral
• In Coin Metrics State of the Network Issue 223, we explore predominant collateral types in DeFi lending protocols and evaluate their liquidity & volatility characteristics to determine their desirability as collateral

We sit down with Lee Bratcher, President and Founder of the Texas Blockchain Council. Lee is one of the primary architects of Texas' Proof of Reserve bill, now in effect. In this episode: 

• The origin of the TBC
• Why Lee is moving their Summit to Ft Worth
• Notable legislative successes by the TBC in Texas
• The importance of getting the UCC to recognize digital assets
• The importance of Bitcoin mining
• The origins of HB1666
• Why PoR legislation benefited from the industry spontaneously adopting the standard
• How the TX PoR bill emerged as a compromise
• How Lee expects this to become model legislation in other states
• Comparing PoR to established financial statement audits
• The importance of frequency in Proof of Reserve
• The lack of accounting firms that are willing to supervise PoR
• How would PoR dealt with issues at Gox, Quadriga, FTX, or Prime Trust?
• How are companies operating in Texas reacting to the bill?
• Future legistlative directions
• The role of stablecoins in upholding the role of the dollar
• The lost authority of the states in chartering banks

Further reading on PoR: 

• Nic in Forbes, The crypto industry is embracing self regulation. It’s time Washington gets on board
• Texas HB1666
• TBC, Texas 'Proof of Reserves' Bill

Matt and Nic are back for another week of news and deals. In this episode: 

• Tether is actually the most interventionist stablecoin when it comes to freezing
• Should we be bullish on PYUSD? 
• Why stablecoin data shows meaningful utility for public blockchains 
• Is the idea of a 'crypto generalist' dead? 
• The meaning of the SEC's loss in court to Grayscale
• Why the SEC was 'arbitrary and capricious'
• The SEC's blunder over their approval of Futs ETFs
• The SEC's possible options 
• Our guesses for how the SEC reacts to their loss
• The SEC delays other pending spot ETFs
• The SEC wins against Impact Theory
•  Why the case against Impact Theory could implicate a lot of other NFT projects 
• Uniswap wins a class action case 
• What does the SEC's case against Binance being under seal mean? 

Content mentioned: 

• BH Digital, The Relentless Rise of Stablecoins
• WSJ, The SEC Strikes Out Again on Crypto With Grayscale

Sponsor notes:

• Coin Metrics STATE OF THE NETWORK — Coin Convergence: Piecing Together Common Ownership Patterns Across Major Stablecoins
• In Coin Metrics State of the Network Issue 222, we highlight trends in user behavior & common ownership across major stablecoins on Ethereum

Matt and Nic are back for more news and deals. In this episode: 

• The Bitcoin halving is coming up
• We review the Republican Presidential debate
• We review the state of New Jersey
• Coinbase takes a stake in Circle
• Hidden tensions between Coinbase and Circle
• BH Digital releases a stablecoin report
• USDC is challenged due to their inability to pay interest
• The DoJ charges the founders of Tornado Cash with AML and sanctions violations
• Did the Tornado Cash token hurt the founders’ case?
• The problem with chat apps creating their own tokens
• FTX is working with Galaxy to liquidate some crypto
• SBF isn’t happy with his prison meals
• Prime Trust was up to some shenanigans

Content mentioned: 

• BH Digital, The Relentless Rise of Stablecoins

Sponsor notes: 

• Coin Metrics STATE OF THE NETWORK — From East to West: the Global Pulse of Stablecoin Transactions
• In Coin Metrics State of the Network Issue 221, we provide a data-driven overview of halvings and their implications in anticipation for Bitcoin’s upcoming 4th halving

Darshan Vaidya, the founder of Credora joins the show. In this episode we discuss:

• The crypto credit markets, what went wrong in the last cycle and how the market functions today
• Thoughts on Real-World-Assets on chain
• Comparisons of risk management approaches in tradfi versus crypto markets
• How Credora is working with firms to protect customers from idiosyncratic risk
• The capital raising environment

To learn more about Credora visit www.credora.io

Matt and Nic return for another week of news and deals. In this episode: 

• Geographic distribution for USDC v USDT
• Blockchains have become dollarized
• What’s the deal with Helium’s phone plan?
• SBF heads to jail
• We inaugurate a new member of the bad boys
• Dubai regulators fines OPNX
• What’s up with Argentina’s Libertarian presidential candidate?
• We need a new theme song for the SEC
• The Prometheum saga rumbles on
• What’s going on with Better Markets?
• Coinbase can now offer Bitcoin and ETH futures
• FTX and Genesis reach a settlement

Content mentioned in this episode: 

• Brooke Masters in the FT, When Tackling Crypto, the SEC Should Be Wary of Overreach
• Kristin Smith in Coindesk, The FIT Act Is the Most Comprehensive Crypto Regulation Ever Voted on by Congress

Sponsor notes: 

• Coin Metrics STATE OF THE NETWORK — From East to West: the Global Pulse of Stablecoin Transactions
• In Coin Metrics State of the Network Issue 220, we leverage seasonality analysis to reveal geographical trends in Stablecoin usage and volumes

Matt and Nic are back with more news and deals. In this episode: 

• Matt's op-ed in Coindesk
• SAB121 is still bad
• SEC scope creep
• We investigate PayPal's stablecoin 
• Why would PayPal want to issue a stablecoin? 
• What does PYUSD mean for Operation Choke Point for 2.0? 
• Why PYUSD is being launched on Ethereum
• Crypto as a flashpoint for state versus federal banking oversight
• The Fed's new crypto oversight program
• Banks still can't issue stablecoins in the US
• Ryan Salame reemerges
• What will become of Ryan Salame's restaurant empire? 
• SBF will indeed be prosecuted on campaign finance violations
• SBF's trial will not be televised
• LK-99 did NOT replicate

 

Content mentioned in this episode: 

• Matt in Coindesk, Congress, Not the SEC, Should Set U.S. Digital Asset Policy
• Zach Wong, A comprehensive explanation of SAB 121 and how it prevents safe crypto custody

Sponsor notes:

• Coin Metrics STATE OF THE NETWORK: DeFi’s Double Edged Sword - Unpacking the Features & Risks of DeFi Lending 
• In our new special insights report, we utilize a balance sheet like methodology to contextualize the health of DeFi lending protocols through the lens of two recent exploits on Aave and Curve Finance

Matt and Nic are back for more deals and news. In this episode: 

• Nic's early Do Kwon experience
• Reflecting back on Terra/Luna 
• The SEC charges Richard Heart and HEX 
• Is the SEC's case against Richard Heart flimsy? 
• Does the SEC deserve praise for coming after HEX? 
• Kyle Davies thinks he's immune from prosecution because he gave up his US citizenship
• Who's behind the BALD rugpull? 
• Implications of the Curve hack 
• We look at Tether's asset portfolio 
• Kenya suspends Worldcoin operations in the country
• Is there an account firm choke point? 
• Ethereum future ETFs are filed
• Judge Rakoff dissents from the Torres doctrine 

Content mentioned: 

• CIV white paper on Cryptodollars

Sponsor notes: 

• STATE OF THE NETWORK: Decoding the Digital Dollar — Unraveling the Risks of Stablecoins
• In our new special insights report, CM lays out the key fragilities of stablecoins and how on-chain and market data can help monitor these risks for the future of digital dollars to materialize

Matt and Nic are back with another week of news and deals. In this episode: 

• Nic's issues editing the show
• Why Washington is attacking PoR 
• Why Big 4 audit firms aren't working on PoR 
• The Financial Innovation and Technology in the 21st Century bill (FIT) passes out of committee in the House 
• Six Democrats defect and support the bill
• The Stablecoin bill reaches an impasse because the White House 
• Why stablecoins being limited to the banks is a paradox 
• The SEC settles with Quantstamp
• SBF gets a gag order because he released Caroline Ellison's diaries 
• SBF did actually pay for his legal defense with stolen FTX customer money 
• The UK gets embroiled in a banking scandal due to Nigel Farage 
• We digest the room temperature ambient pressure superconductor news 
• Nic's pickleball injury

 

Content mentioned: 

• Nic in Fortune, The crypto industry is embracing self regulation. It’s time Washington gets on board  
• Kathleen Breitman in Fortune, Ben McKenzie needs a hug: The ‘OC’ star’s crypto book is an ill-informed flop  

Sponsor notes: 

• Coin Metrics STATE OF THE NETWORK - From Orange Groves to Orange Gold 
• In this special edition of State of the Network, we are excited to share a new report that translates the legal language of securities framework for digital assets into objective, measurable criteria from “on-chain” data

 

Representative French Hill (R-AR) join the show. In this episode we discuss:

• Representative Hill’s perspective on the blockchain/digital asset ecosystem and why he initially became interested in this technology.
• The status of SAB 121 repeal.
• FIT 21 and the future of market structure clarity in the United States.
• The prospects of stablecoin legislation and the issues that are being discussed in Congress.
• Tigran Gambaryan’s unlawful detainment in Nigeria.

To learn more about Representative Hill’s efforts please visit his website.

In this episode, we hosted Richard Meissner, CTO of Safe, to illuminate the state of adoption of smart contract wallets following the roll out of ERC-4337 (an effort to standardize account abstraction on Ethereum). Our conversation covers:

• The limitations of smart contract wallets in a multi-chain universe

• Account recovery and hybrid custody using traditional institutions

• Combining account abstraction with intents and AI

• Worldcoin's use of Safes and adoption of smart contract accounts

Find additional content by Safe on account abstraction here.

Matt and Nic are back with more deals and news. In this episode: 

• Was XRP discovered or created?
• The saga of Otter 841
• Matt’s wildlife trouble
• More SAB121 chaos
• Rep Ritchie Torres sends Gensler a tough letter
• What is the Torres Doctrine?
• Terraform labs has a new CEO
• Our theories for why Nasdaq pulled the plug on their crypto custody business
• The IRS is auditing the crypto rich in PR
• We bring back our triple threat segment

Content mentioned

• Matt’s thread on SAB121
• Bloomberg’s profile on Customers Bank
• We enjoyed the Fidelity Digital Assets Q2 Signals Report.
• BitMEX Research had a thoughtful article about Gary Gensler's CFTC days
• Kathleen Breitman in Fortune, Ben McKenzie needs a Hug

Sponsor notes:

• Coin Metrics’ State of the Network: Currents Shift After SEC v. Ripple Summary Judgment
• In this issue of State of the Network, we provide a data-driven overview of digital asset markets after a milestone ruling in SEC v. Ripple case

Matt and Nic are back with a huge week in the markets. In this episode: 

• Ripple gets a key win in their summary judgment versus the SEC
• Implications for XRP holders
• Implications for exchanges and other tokens
• Prometheum’s denials about their ties to the CCP don’t hold water How Prometheum is a Potemkin platform
• Alex Machinsky has been arrested
• Arkham’s tokensale and doxing snafu
• The Lummis Gillebrand bill gets a facelift and incorporates PoR
• The prospects for the Lummis Gillebrand bill
• Updates on the piping plovers
• Why Threads isn’t going to make it

Sponsor notes: 

• Coin Metrics’ State of the Network: Spot On - From Trusts to Spot ETFs

• In this issue of State of the Network, we dive deeper into Grayscale’s trusts and discuss the evolution of the digital assets investment landscape with the anticipated arrival of spot ETF’s

•  

Amir Haleem, the founder of Nova Labs (formerly named Helium, Inc) joins the show. In this episode we discuss:

• The origin of Helium and the Helium network
• Amir’s views on L1 blockchains and the path that the company took in evaluating building its own chain versus building on an existing L1.
• Decentralized Physical Infrastructure (DEPIN) and Decentralized Wireless (DEWI) as emerging categories demonstrating real-world applicability of public blockchains.
• The various tokens in the Helium ecosystem and how they interact.
• MVNOs and how Helium Mobile is positioned.
• The regulatory landscape in the United States and how Helium has navigated these waters.

To learn more about Helium visit: helium.com/

Matt and Nic are back for more deals and news. In this episode: 

• Matt’s plover rivalry
• Matt’s struggles against animals
• Taylor Swift actually did sign that partnership with FTX
• Are Eras tour tickets securities?
• Lightning in emerging markets
• Could we build the SR-71 today?
• How Ripple was 90% right about XRP being the bridge currency for remittances
• ETF applications hiccup
• More SAB121 issues
• Matt’s cigar snafu
• Why ETF seeding will be a source of buy pressure

Sponsor notes: 

• Coin Metrics’ State of the Network: Q2 2023 Wrap-Up
• In this issue of State of the Network, we provide a data-driven overview of the events that shaped digital asset ecosystem in Q2, 2023

Jose Lemus, CEO and cofounder at IBEX Mercado, joins the show to talk Lightning and its growing usage in emerging markets. In this episode:

• The origins of IBEX
• How IBEX clients are using LN in emerging markets
• How Lightning as a settlement layer for cross-border interbank payments
• Lightning as a bridge currency
• Why stablecoins make sense on Lightning
• Why EM firms have an affinity for Lightning
• IBEX’s partnership with Grupo Salinas and how they are introducing Lightning to Mexican households
• Lightning as an emerging remittance tool
• Why Mexico is a good fight for Lightning adoption
• Is Jose satisfied with Lightning’s maturity as a protocol
• How Bitcoin’s market cap is the ultimate bandwidth for Lightning
• Why Lightning reimagines the established batched payments model
• Jose’s answer to the biggest critique of Lightning at present

Further reading: 

• Learn more about IBEX
• IBEX’s partnership with Salinas Group

Matt and Nic return for another week of news and deals. In this episode: 

• The problem with SEC SAB 121
• Pickleball is driving up American healthcare costs
• Microstrategy buys some more Bitcoin
• Fidelity refiles their Wise Origin Bitcoin ETF
• Why the Prime Trust insolvency is so bad
• Will there be Prime Trust clawbacks?
• The SEC is slacking with their document retention policies
• How stablecoins are mirroring the development of eurodollars
• How Prometheum’s listing strategy might pose a risk to certain cryptoassets
• The UK law commission determines that digital assets are a new kind of “thing”

Content mentioned in this episode:

• SEC Staff Bulletin 121
• Odd Lots, Josh Younger on the Surprising Origins of Eurodollars and Petrodollars
• Laura Shin Podcast, Paradigm debates Prometheum
• The UK Law Commission: Final Report on Digital Assets

Sponsor notes: 

• Coin Metrics’ State of the Network: Bitcoin & the Rest 
• In this issue of State of the Network, we assess Bitcoin’s resurgence and gauge market sentiment amidst a rapidly evolving digital asset landscape marked by regulatory ambiguity and external macro events.

Matt and Nic are back for another week of news and deals. In this episode: 

• Bitcoin hits 30k
• Wyoming’s stable token developments
• The story behind FTX’s mammoth $500m outflow to K5 global
• Why was SBF spending hundreds of millions cozying up to talent agents?
• Do Kwon will spend 4 months in jail in Montenegro
• The Bitgo Prime Trust acquisition falls apart
• Deutche Bank applies for a crypto license in Germany
• EDX officially launches
• Blackrock files for their ETF and others follow
• Our theory for why Blackrock is filing now
• Is the SEC back-channeling to Blackrock?
• Was surveillance sharing really a blocker for other ETF applications?
• Does the notion of spot market surveillance even make sense for a global commodity?
• What’s the deal with the Bitcoin bathhouse in Brooklyn?

Sponsor notes: 

• Coin Metrics STATE OF THE NETWORK - The Signal & the Nonce, Re-imagined
• In this issue of State of the Network, we showcase a novel analysis that sheds light on Bitcoins energy consumption, efficiency and e-waste

Wyoming state senator and Minority Floor Leader in the Wyoming Senate, Chris Rothfuss joins the show. We cover Wyoming’s crypto efforts to date to create a stable and secure digital asset ecosystem. In this episode:

• Senator’s Rothfuss’ pre-politics career and how he came to grapple with the crypto space
• Why Wyoming has an opportunity in digital asset policy
• The origins of Wyoming’s blockchain select committee
• How the NY Bitlicense inspired Wyoming’s efforts
• Why crypto policy isn’t politically polarized in Wyoming
• Wyoming’s foundational move to recognize digital assets under the uniform commercial code
• The origin of the SPDI charter
• Is there a future for the SPDI given that the Fed is denying master accounts?
• How Wyoming’s SPDI emerged as a consequence of Chokepoint 1.0
• Is the Fed blocking state charters unconstitutional?
• Wyoming’s Stable Token Act and the prospects for that product
• How the WY Stable Token could be a huge windfall for Wyoming – and where the revenues would be directed
• How Wyoming is thinking about the permissionless qualities of the stable token 

Further reading: 

• More about Chris Rothfuss
• More on the Blockchain Select Committee
• The Wyoming Stable Token Act 

Matt and Nic are back for another week of news and deals. In this episode: 

• Coin Metrics derives new estimates of Bitcoin’s electricity consumption
• Nic reviews his Lasik experience 
• Matt takes Prometheum to task
• Is Prometheum a patsy for the SEC?
• Why is vaporware being elevated by the SEC and major exchanges being stymied?
• We digest the Hinman emails and what they mean for ETH and XRP
• What do the Hinman emails mean for the SEC’s
• The SEC attempts to make DeFi protocols register as exchanges
• Blackrock is about to file a renewed application for a Bitcoin ETF
• Reps Davidson and Emmer’s SEC Stabilization Act
• Hong Kong is pressuring banks to service crypto firms
• Coindesk gets their hands on the NYAG’s Tether reports
• Abra is in trouble

Sponsor notes: 

• Coin Metrics STATE OF THE NETWORK - The Signal & the Nonce, Re-imagined
• In this issue of State of the Network, we showcase a novel analysis that sheds light on Bitcoins energy consumption, efficiency and e-waste

Matt and Nic return for another week of news and deals. In this episode:

• Nate Silver joins Polymarket
• JD Vance is Trump’s VP nominee
• Ethereum ETFs get the final go ahead
• Should crypto users be single issue voters?
• JD Vance’s crypto platform
• Does a Trump Vance admin imply a devaluation of the dollar?
• JD Vance and seed oils
• State Street is exploring their own stablecoin
• Possible SAB121 carveouts
• Germany is done selling their Bitcoin
• The CSW story is finally over
• Jamie Dimon for Treasury secretary?
• Trump is due to speak at Bitcoin Nashville
• Update on how voting works in Congress
• Was Trabs a whistleblower?

Sponsor notes:

• Charting the Course to Mt. Gox Repayments
• In Coin Metrics State of the Network Issue 268, we trace Mt. Gox's journey, analyzing BTC wallet flows and liquidity in the wake of Mt. Gox repayments.

Matt and Nic return for another week of deals and news. In this episode:

• Token disclosure practices
• Matt tries pickleball
• Sequoia is breaking up into parts
• Will Chinese and American capital markets be severed?
• What’s in the proposed House market structure bill?
• Coinbase sues Coinbase and Binance
• How does the SEC think BUSD is a security?
• The SEC approves Prometheum as a crypto broker dealer
• Prometheum’s CCP ties
• Did Gensler solicit Binance to advice them before he ran the SEC?
• What’s going on with Prime Trust?

Content mentioned:

• Tommy Tuberville in the WSJ, Crypto communism has a new meaning

Sponsor notes: 

• Coin Metrics STATE OF THE NETWORK - Token Unlocks & Free Float Supply Shocks in Digital Asset Markets 
• In this issue of Coin Metrics’ State of the Network, we analyze the impact of token unlocks and free float supply shocks through the lens of various unlock events to explore the behavior of participants under different market conditions

In this episode, we sat down with Lili Infante, Founder and CEO of CAT Labs. Lili shared:

• Her experience spearheading the formation of the crypto taskforce at the DOJ
• How the crypto-enabled crime landscape has evolved and become more sophisticated
• Investigating cases where crypto is used and the unique challenges in establishing a chain of custody
• Products CAT Labs is building to more effectively recover digital assets and protect against situations where assets are compromised in the first place

Learn more about Cat Labs in Fortune and on their website.

Matt and Nic are back for another week of news and deals. In this episode: 

• The debt ceiling debate is resolved
• What happened to Paxos’ / Paypal’s stablecoin?
• Offshore dollar stablecoins are growing while onshore stablecoins are shrinking
• Stablecoin policy in the US is backfiring
• USD stables issued out of Hong Kong
• Tether reaches a new all time high
• The bad boys are back
• SBF’s defense will reportedly claim he got bad advice from Fenwick
• Farenheit wins the bid for the Celcius assets
• Why Celcius’ mining operation was a big red flag
• What does CZ mean by 4?

Sponsor notes: 

• Coin Metrics STATE OF THE NETWORK - Zooming Out: A datonomy update
• In this issue of Coin Metrics’ State of the Network, we leverage datonomy—a classification system for digital assets to zoom out and gauge the ecosystem and its underlying trends from a broader lens. Despite a slew of challenges over years, we explore how the market has shown resilience through an analysis of market returns, volatility and volumes across sectors.

Matt and Nic return for another week of news and deals. In this episode: 

• Validators sign up to stake ETH post merge
• Will there be MEV on Bitcoin? 
• What's the deal with Worldcoin? 
• Is the wash sale tax loophole stalling the debt ceiling negotiations? 
• Have ordinals changed Bitcoin culture? 
• The Fed releases new data on crypto adoption in the U.S. 
• Paradigm adds AI to their mandate 
• Whip Tom Emmer and Rep Darren Soto introduce the Securities Clarity Act
• The NYT reports that prosecutors have a mountain of evidence against SBF
• Greenidge is vindicated regarding activist claims 
• Ripple vs the SEC

Content mentioned: 

• The Federal Reserve, Economic Well-Being of U.S. Households in 2022
• Coindesk, The Bitcoin Mining Debate Is Ignoring the People Most Affected

Sponsor notes: 

• Coin Metrics STATE OF THE NETWORK - A Claim in the Ether: Tracking the Soaring Demand for Ethereum Staking
• In this week’s issue of State of the Network, we examine essential data and metrics highlighting the current state of the Ethereum staking ecosystem. The transition to Proof of Stake and the successful launch of the Shapella upgrade have bolstered confidence in the Ethereum ecosystem, but a variety of regulatory and technical risk factors still pose challenges.

Nic and Matt return for another week of news and deals. In this episode: 

• Nic and Matt reminisce on the Bitcoin Miami conference
• Ripple wins a key victory over the SEC in the Hinman test
• Texas passes a proof of reserve bill
• The SEC alleges that Filecoin is a security 
• What's the deal with Worldcoin? 
• How biometrics and blockchain can help with AI 
• Regulating AI
• Tether is buying Bitcoin
• John Ray is trying to claw back more funds
• Is Michael Lewis an innocent bystander in the FTX situation?

Sponsor notes: 

• Coin Metrics STATE OF THE NETWORK - Market Liquidity Review
• The current market environment for digital assets is characterized by complexity, owing to the presence of regulatory uncertainty, an onslaught of exogenous macro events, and continued shifts in the preferred exchange venues among traders. In this edition of State of the Network, the Coin Metrics team zooms in on essential trading volume & market data trends to contextualize the current crypto market environment.

Chris Ellis, Head of Strategic Initiatives at FactSet and Tim Rice, founder of Coin Metrics join the show. In this episode we discuss:

• The partnership between FactSet and Coin Metrics how the companies are jointly going to market.
• How FactSet thinks about partnerships and how digital assets has evolved as an area of focus at the company.
• The features and functionality that FactSet users are asking for as it relates to crypto/digital asset data.
• The future of asset tokenization and the regulatory landscape in the United States.
• On-chain data and how Coin Metrics sees this category evolving.

To learn more about the FactSet/Coin Metrics partnership visit:

https://investor.factset.com/news-releases/news-release-details/factset-and-coin-metrics-collaborate-deliver-digital-assets-data

To learn more about Coin Metrics visit www.coinmetrics.io

 

Matt and Nic return for another week of news and deals. In this episode: 

• BRC20 PEPE versus ERC20 PEPE
• Is PEPE an alt right coin?
• What’s driving up fees on Bitcoin?
• The relationship between HEX, XEN, and VPMX
• Bitcoin’s circular firing squad
• The upside of high fees in Bitcoin
• Why the White House’s DAME mining tax is counterproductive
• What is the $18b tax loophole the Biden admin thinks crypto investors are taking advantage of?
• What’s the deal with blue checks?
• The difficulty of bootstrapping new social networks
• Bittrex is filing for bankruptcy in the US
• The Democratic messaging on the crypto hearing
• The US chamber of Congress files an amicus brief in the Coinbase v SEC case
• Texas passes a bill to support flare gas mining
• The Wyoming Stable Token gets closer to becoming a reality
• The US Chamber of Commerce amicus brief in the Coinbase v SEC case
• Can the US government afford these interest rates? 
• Matt and Nic solve the debt crisis

Content mentioned in this episode:

• Reuters, Cryptoverse: Digital coins lure inflation-weary Argentines and Turks
• Nic Carter in Coindesk, The White House’s Bitcoin Mining Tax Undermines Itself
• Two Ocean Trust, Revisiting the Case for Bitcoin
• Nick Neumann at Casa, Hands Off our Self-Custody

Sponsor notes:

• Coin Metrics State of the Network - Bidding on Bytes: A Bitcoin & Ethereum Fee Market Update
• In this week’s report, the Coin Metrics team examines the underlying causes of the recent surge in transaction fees on Bitcoin and Ethereum and explore the implications of this development for the future.

Steven Walbroehl, the co-founder and CTO of Halborn joins the show. In this episode we discuss:

• Steven’s crypto origin story and how he began tinkering with public blockchains.
• How Halborn’s work differs across traditional financial services customers versus decentralized organization customers.
• Basic recommendations for companies entering the public blockchain ecosystem.
• Halborn’s recent discovery of a zero-day exploit impacting 280 public blockchains.
• Views on market manipulation and game theory exploits.
• Halborn’s Seraph digital notary product and how it is keeping DeFi protocols safe.

To learn more about Halborn visit www.halborn.com

 

Matt and Nic are back with another week of news and deals. In this episode: 

• Updates on South Shore Bar Pie
• The CIV boys consider new sponsors
• Regional banks keep failing
• Is the turmoil in the bank sector deflationary or inflationary?
• How does the Fed end the banking crisis?
• McHenry’s stablecoin bill
• Biden proposes a 30% tax on Bitcoin miners
• Why Biden’s DAME tax is counterproductive
• RFK Jr’s pro-crypto takes
• Nic throws his hat in the ring for RFK Jr
• Gensler running for Senate in Maryland/
• Where in the world are the FTX executives
• FTX attempts to claw back funds from Genesis
• FTX debtors stumble on Mysten Labs
• Is summary judgment in the Ripple SEC case almost due?
• Nate Chastain is found guilty of insider trading
• Poloniex settles with OFAC
• OpenX is reprimanded by Dubai for not registering
• Coinbase launches in Bermuda
• Bhutan has been mining Bitcoin since 2020
• NYMAG spills the beans about Protego
• CIV is throwing a pickleball event at BTC Miami

Content mentioned in this episode: 

• Jen Wieczner in NYMAG, Is the Federal Government Trying to Kill Off Crypto?

Sponsor notes: 

• Coin Metrics State of the Network - MakerDAO’s Dai Dilemma: As one of the longest-standing DeFi protocols, Maker has held strong as the maintainer of the decentralized stablecoin Dai. Still, the protocol faces headwinds, and MakerDAO stakeholders must make major decisions about governance and risk management.

 

Simon Forster and Duncan Trenholme of TP ICAP join the show. In this episode we discuss: 

- TP ICAP's journey in the crypto / blockchain space.  - The market structure for institutional cryptoasset trading.  - The future of tokenization and the types of assets that are likely to be represented on chain.  - The regulatory landscape and how this will shape the pace of building in the industry.    To learn more about TP ICAP and their strategy visit:  www.tpicap.com/digitalassets

Chris Duffus, Founder & CEO of Fonbnk joins Wyatt in this episode. We cover: 

• Stablecoin and crypto usage in emerging markets
• Popular and high-potential platforms in these markets
• Alternative forms of onramping and moving money
• Airtime as a form of digital value storage

More on Fonbnk

Matt and Nic return for another week of news and deals. In this episode: 

What’s the deal with south shore bar pie?

• We review Consensus in Austin
• Nic’s 2022 Coin Center dinner incident
• Nic’s gas siphoning incident
• First Republic appears heading for collapse
• Why was First Republic given time to save itself but not Signature?
• Block partners with Yellowcard for cross-border African payments
• Open Exchange’s purported investors deny investing in the business
• Coinbase is setting up operations in Bermuda
• Coinbase is suing the SEC for clarity
• Hong Kong embraces banking for crypto firms
• NYDFS Superintendent Harris denies that crypto caused the Signature collapse
• The Biden admin is backpedaling on whether crypto contributed to the banking crisis
• House Republicans probe financial regulators for info on de-banking of crypto
• The FBI has searched the home of FTX’s Ryan Salame
• We reminisce on FTX’ Crypto Bahamas conference
• Why is flare gas mining better than the alternative?
• Nic’s music royalties situation
• Nic resolves his differences with the Bitcoin 2023 conference

Content mentioned: 

• The Hong Kong Monetary Authority, Embracing new opportunities and accessing banking services
• Letter from Reps Hill, Huizenga, and McHenry to key financial regulators
• TVP, The Emerging Bitcoin-Native Venture Capital Landscape

Sponsor notes: 

• Coin Metrics presents State of the Network Foundations: Blockchain Addresses: This week's State of the Network kicked off the new Foundations series, which looks to present various technical aspects of blockchain technology in an approachable way. In the first report, Coin Metrics breaks down the concept of an 'address,' the fundamental unit of identity in the world of crypto.

Matt and Nic are back with another week of news and deals. In this episode: 

• We debate some curious new sponsors
• The Miami gas shortage
• Nic’s impressions of NFT NYC
• We review Eric’s Orb
• When do Harberger taxes work?
• CIV is hiring
• The SEC is suing Bittrex and alleges that Algorand and Dash are unregistered securities
• Gensler is skewered by Republican lawmakers in the House Financial Services hearing
• Gensler refuses to answer whether Ethereum is a security
• We review the House hearing on stablecoins
• The McHenry Waters stablecoin bill appears to be dead
• Does FedNow make stablecoins obsolete?
• Should stablecoin issuance be limited to banks?
• A stablecoin catch-22
• Hester Peirce dissents on the proposed SEC exchange rule

Content mentioned:

• CIV is hiring
• Austin Campbell’s written testimony to the House financial services committee
• Hester Peirce, Rendering Innovation Kaput: Statement on Amending the Definition of Exchange  

Dan Tapiero, the founder of 10T Holdings and 1 Round Table Partners joins the show. In this episode we discuss:

• The performance of Bitcoin as a macro asset over the past year.
• The current regulatory environment and how the USA is losing its lead versus other countries in the digital asset ecosystem.
• The prospect of U.S. companies going public in non-U.S. jurisdictions.
• How Dan and his team approach growth stage investing.
• The secondary market and how Dan thinks about building ownership via secondary transactions.
• The LP landscape and how allocators are thinking about digital asset ecosystem managers.

To learn more about Dan visit the 1RT website and follow Dan on Twitter