As the 2024 elections draw near, Bitcoin and crypto have become hot topics on the political stage. In this episode, Trey Walsh, host of The Progressive Bitcoiner podcast, and Jason Maier, author of “A Progressive’s Case for Bitcoin,” explain why they believe progressive values align with Bitcoin. They discuss how Bitcoin can be a tool for social justice and financial inclusion, challenge misconceptions about its environmental impact, and debate whether making Bitcoin a presidential issue in 2024 was premature.  With Elizabeth Warren attacking crypto and the unfriendly environment for the industry under the Biden administration, the guests also highlight that there’s a slight change in the Democratic party, though they are not certain that the Harris campaign will adopt a pro-Bitcoin stance. Show highlights: How Trey and Jason became Bitcoiners What progressivism means to Trey and Jason, highlighting Bitcoin's alignment with social justice and financial inclusion, beyond its typical libertarian associations How Jason and Trey persuade skeptical progressives about Bitcoin Whether they believe that other areas of crypto besides Bitcoin have value  Why they think Bitcoin’s environmental impact is the biggest misconception among progressives Whether Elizabeth Warren’s focus on consumer protection blinds her to Bitcoin as a tool for financial inclusion Why Jason believes pushing Bitcoin as a presidential issue in 2024 was premature Why Trey sees potential hope for pro-crypto policies under a potential Harris administration, despite the hostility of the Biden administration Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Stellar Mantle Coinbase Guests: Trey Walsh, host of The Progressive Bitcoiner podcast Jason Maier, author of “A Progressive’s Case for Bitcoin” Trump and the Future of Bitcoin, Jason’s op-ed Timestamps: ➡️ 02:06 - How Trey and Jason became Bitcoiners ➡️ 05:14 - Bitcoin, progressivism & social justice ➡️ 11:24 - Persuading skeptical progressives ➡️ 16:19 - Value beyond Bitcoin? Other cryptos ➡️ 21:46 - Environmental impact misconceptions ➡️ 34:36 - Elizabeth Warren & Bitcoin: Consumer protection vs. financial inclusion ➡️ 41:24 - Was making Bitcoin a 2024 election issue premature? ➡️ 55:15 - Potential for pro-crypto policies under Harris? Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this episode, the squad is joined by Rebecca Rettig, Polygon’s Chief Legal & Policy Officer, to dissect the SEC's impact on the crypto landscape, particularly focusing on OpenSea's Wells notice and impending legal challenges.  They discuss the arrest of Pavel Durov, Telegram's founder, analyzing the political and cybersecurity ramifications. The conversation shifts to the internal frictions within the Ethereum Foundation and Vitalik Buterin's criticism of DeFi, reflecting the community's mixed reactions. The broader implications for the crypto industry, privacy, and regulatory clarity are highlighted with special insights from guest Rebecca Rettig, who adds depth on the legal and historical context. Wrapping up, they anticipate future challenges and emphasize staying informed. Show highlights 🔹 Arrest of Telegram founder Pavel Durov in France sparks global free speech and encryption debates. 🔹 Impact of Pavel Durov's charges on Telegram's role in global communication and crypto communities. 🔹 DeFi protocols face challenges with decentralization, privacy, and regulatory pressures. 🔹 OpenSea receives a Wells notice from the SEC, raising concerns about NFT marketplaces and royalty enforcement. 🔹 Ethereum Foundation's spending and Vitalik Buterin's critical comments on DeFi stir community debate. 🔹 Tension between public goods and financial services in Ethereum's future development. 🔹 Real-World Assets (RWAs) and their controversial role in Ethereum's ecosystem. 🔹 Speculation on future Ethereum protocol changes and their impact on network efficiency and user experience. 🔹 Broader implications of the SEC's aggressive stance towards crypto exchanges and NFT platforms. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly  ⭐️Tom Schmidt, General Partner at Dragonfly  ⭐️Tarun Chitra, Managing Partner at Robot Ventures Special Guest  ⭐️Rebecca Rettig, Chief Legal & Policy Officer at Polygon Labs Disclosures Links Plurality philosophy in an incredibly oversized nutshell by Vitalik: https://vitalik.eth.limo/general/2024/08/21/plurality.html  OpenSea’s response to SEC Wells notice “Taking a stand for a better internet” by Devin Finzer https://opensea.io/blog/articles/taking-a-stand-for-a-better-internet Timestamps 00:00 Intro  01:24 Telegram’s Pavel Durov’s Arrest 05:12 Free Speech/Encryption in the Crypto World 09:26 Policy Implications for Tech Platforms 13:57 France's Role and International Reactions 27:49 SEC Targets OpenSea 36:35 SEC’s Jurisdictional Strategies 40:29 Good vs. Bad Actors 45:16 Ethereum Foundation: Public Good or DeFi? 56:43 Vitalik vs. Crypto Twitter Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann sit down with Chris Cecere of crypto investment firm Asymmetric to make sense of the latest market volatility and the factors driving it.  From the impact of the yen carry trade and the Fed’s controversial decisions on interest rates, to the potential signals coming out of Jackson Hole, the discussion cuts to the heart of what’s moving the markets. The group also dives into the SEC’s crackdown on Ripple, the ongoing drama surrounding wrapped bitcoin (WBTC) custody, and whether the Biden-Harris administration is genuinely considering a “crypto reset” or if it’s just political posturing. Show highlights: 00:00 Intro 02:05 Whether the yen carry trade is to blame for the recent market sell-off and the concept of Value at Risk (VAR) 09:25 How Asymmetric handled the volatility of the sell-off using a strategy called “delta replacement” 14:17 Why the Volatility Index (VIX) spiked and whether it could do so again 22:21 Why Alex thinks that unemployment numbers started a panic and what the Sahm rule is 27:24 What might have triggered Jump Trading's sudden liquidation during a massive market sell-off, and whether more funds will face similar pressures 31:15 Why the market and major banks like J.P. Morgan agreed that the Fed missed the mark by not cutting rates in July 41:36 What key signals the Fed might send at Jackson Hole about the future of interest rates and the winding down of quantitative easing 45:40 How significant the timing of the first rate cut is in determining whether it will be bullish or bearish for the markets 53:45 What Ripple's lawsuit settlement and the SEC’s subpoenas to VCs mean for the broader crypto industry 58:13 Whether Harris will actually do a “crypto reset” 1:03:04 The drama surrounding the custody of wrapped bitcoin (WBTC) Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Joe McCann, Founder, CEO, and CIO of Asymmetric Guest: Chris Cecere, GP and Head of global macro and trading at Asymmetric Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week kicks off with a crucial question: Are the latest trends in crypto ETFs signaling a major shift in the investment landscape? We delve into the market's nuanced response to these ETFs and what it means for investors. How important is client diversity for Ethereum's stability and future growth? The squad engages in a lively debate on this topic. With the advent of Proto-Danksharding, how might Ethereum's scalability be impacted, and what are the implications for the blockchain ecosystem? We further examine the user experience across blockchain platforms, particularly comparing Solana and Ethereum in terms of their user interfaces and transaction dynamics. Looking to the future, what breakthroughs and challenges can we anticipate in blockchain technology? Join us for an in-depth exploration of these key questions and their profound impact on the world of cryptocurrency. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.   Show highlights:  🔹 ETF Market Analysis: Dissecting the impact of GBTC and other ETFs on the crypto market. 🔹 Client Diversity in Ethereum: Debating the pros and cons of multiple clients for network resilience. 🔹 Proto-Danksharding Effects: Assessing its potential to lower rollup costs and enhance scalability. 🔹 User Experience in Crypto: Exploring how fees and speeds affect user interactions on various platforms. 🔹 Solana vs. Ethereum UX: Comparing their user interfaces, focusing on transaction costs and latency. 🔹 Blockchain's Future Trends: Delving into predictions and emerging innovations in the blockchain world. 🔹 Ethereum's Protocol Evolution: Discussing the roadmap and future developments in Ethereum. 🔹 Scalability Solutions: Evaluating different approaches to scaling blockchains effectively. 🔹 Layer 2 Dynamics: Analyzing the growth and challenges of Layer 2 solutions on Ethereum.   Hosts Haseeb Qureshi, managing partner at Dragonfly  Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly  Tarun Chitra, managing partner at Robot Ventures   Disclosures Links Vitalik's post about Cypherpunk values: https://vitalik.eth.limo/general/2023/12/28/cypherpunk.html  PolyMarket for gas price per blob after EIP 4844: https://polymarket.com/event/gas-price-per-blob-1-month-after-eip-4844?tid=1706149992794  Tweet thread from DC investor: https://twitter.com/iamDCinvestor/status/1749410364666606075  Ethereum's Proto-Danksharding and EIP-4844: https://www.eip4844.com/  Ethereum 2.0 Clients Dashboard: https://clientdiversity.org/#distribution  Solana's Firedancer: https://github.com/firedancer-io Learn more about your ad choices. Visit megaphone.fm/adchoices

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Polychain Capital founder and CIO Olaf Carlson-Wee has been through every single bubble in crypto history, from Bitcoin’s rise past the single digits in 2012 to the ICO craze of 2017 to 2021’s NFT mania, and he says his main thesis about crypto has remained consistent since the beginning. That is, that crypto constitutes an “incentive vortex” that will replace the world’s preoccupation with country-backed currencies.  Carlson-Wee, who was the first employee at Coinbase, joins Unchained to discuss the significance of the launch of spot Bitcoin ETFs, how he successfully navigated all the industry blow-ups in 2022, the challenges of balancing incentives for early adopters versus new users, why EigenLayer is so significant, why Worldcoin’s distribution strategy is a “disaster,” and the strange places that the intersection between crypto and AI could take us.  Show highlights: Why Olaf sees the current market as the cusp of another bull run and how his thesis has remained consistent since 2011​​ How the launch of spot Bitcoin ETFs marks a significant milestone  Why criticisms of the crypto space are really criticisms of money in general  The fundamental differences between Web3 applications and the Web2 ecosystem and why they matter The importance of fair token distribution in enhancing the value of Web3 projects When Olaf expects Bitcoin to replace legacy financial systems The areas and technologies Olaf and his fund are keen to invest in Why Olaf thinks a modular blockchain architecture is superior to a monolithic one in the long term How EigenLayer is innovating to enable new types of applications and whether it competes with Celestia How Polychain managed to avoid being hurt by the major market blowups of 2022, including Terra and FTX The evolution of the space from an ideologically driven to a more pragmatic approach The significance of incentive design in crypto ecosystems and the trade-offs involved in system design Olaf’s perspective on the recent rise of points systems The growth of privacy-focused crypto projects and the potential for private blockchains to become the norm Why he thinks Worldcoin’s distribution strategy is a “disaster” Olaf’s interest in the intersection of AI and crypto and potential developments in this area His bullish outlook on SocialFi and Web3 gaming Thank you to our sponsors! Popcorn Network Guest: Olaf Carlson-Wee, founder and CIO of Polychain Capital Previous appearances on Unchained: Olaf Carlson-Wee: 'If There Is a Money-Losing Exploit, the Money Is Gone'  Why The First Employee Of Coinbase Launched A Hedge Fund To the Moon and Back With Polychain's Olaf Carlson-Wee Special Episode with CNBC's Crypto Trader: Olaf Carlson-Wee on Why This Crypto Winter Is Different From Previous Ones All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital Links Olaf Carlson-Wee Forbes:  This Man Has Been Living On Bitcoin For 3 Years Why This Hedge Fund CEO Once 'Put Most Of My Meager Life Savings Into Bitcoin' TechCrunch: The future is a decentralized internet Blockworks: Why Polychain Capital Founder Never Sells His Crypto  CoinDesk: Olaf Carlson-Wee: Crypto Is the Great Wealth-Redistribution Machine Restaking/EigenLayer Unchained:  DeFi Protocol EigenLayer Reaches Restaking Capacity, Pushing TVL Past $1.4 Billion Do You Need to Think Twice Before Restaking Your Assets?  Olaf’s tweet on EigenLayer Crypto + AI Olaf’s tweet: “in crypto nearly 100% of value accrues to start-ups and outsiders, not existing establishment interests” Visit Unchained for more links and details Learn more about your ad choices. Visit megaphone.fm/adchoices

On Wednesday, a federal court in New York heard oral arguments in Coinbase’s motion to dismiss the SEC’s case against it for, among other things, allegedly acting as an unregulated securities exchange. Notably, Judge Katherine Polk Failla pressed the SEC to explain how it has jurisdiction over Coinbase in the case by defining what it considers a security.  Sam Enzer, a partner at Cahill Gorden & Reindel who represents Coinbase but not in this matter, joined Unchained to discuss why this case is so significant for the crypto industry, how he believes the government contradicted itself on the crucial definition of what constitutes a security, why he thinks the judge will not dismiss the case at this early stage, how the Ripple and Terraform Labs cases could be used by each side, and why he thinks Judge Failla is such a perfect choice to rule in this case.   Show highlights: Why SEC v Coinbase holds important implications for the U.S. crypto ecosystem What the SEC alleges against Coinbase, focusing on its trading platform, wallet, and staking services How Coinbase forcefully counters the SEC's claims as it strives to get the case dismissed What the “major questions doctrine” entails and its critical role in this dispute Why Sam perceives the judge as “extremely skeptical” of the SEC's stance Whether inconsistencies surfaced in the SEC lawyers' arguments What “strict liability” means and its frequent mention in this legal battle What takeaways from the Ripple and Terraform Labs cases offer about secondary market sales Why Sam believes Judge Katherine Polk Failla is exceptionally well-suited for this case Whether Judge Failla might reject the motion to dismiss, and when  Thank you to our sponsors! Popcorn Network iTrustCapital Guest Sam Enzer, partner at Cahill Gordon & Reindel Previous appearances on Unchained:  Why SBF's Testimony So Far Has Likely Already Doomed Him Another Bad Week for Sam Bankman-Fried in His Criminal Trial Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial? Links Previous coverage of Unchained on the Coinbase case and the topic of securities: SEC Sues Binance, Coinbase: ‘This Is Not the End of Crypto in the United States’  These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler Coinbase’s Legal Action Against the SEC: How It Will Likely Unfold  ‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer Gary Gensler vs. Crypto: What Will the SEC Attack Next? Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’ Coinbase vs. SEC Unchained:  Federal Judge Presses SEC Over Jurisdiction in Case Against Coinbase SEC Sues Coinbase for Breaking Securities Laws SEC Files Motion to Freeze Binance’s Assets, Asks for ‘Sworn Accounting’ SEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities SEC Calls Solana, Polygon, Algorand and Other Tokens Securities but Misses Ether in Binance Lawsuit Cointelegraph: Senator Lummis files amicus brief supporting Coinbase’s dismissal motion against SEC. Other cases Kraken CNBC: Crypto exchange Kraken settles with SEC for $30 million, will close US staking operation XRP Unchained: SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security Terraform Labs Reuters: Judge sides with US SEC, says Terraform Labs crypto founder Do Kwon violated law Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. This episode delves into the complexities and market impact of crypto ETFs: Are they a game-changer for investors? The team also examines the controversies surrounding Tether, exploring its stability and the implications of recent scandals. They then shift focus to the burgeoning world of asset-backed securities and crypto casinos: What potential and challenges do they present? NFTs and their evolving role beyond digital art are scrutinized, along with the integration of crypto technology in devices like the Solana phone. Tune in for a thought-provoking discussion on these critical developments shaping the future of cryptocurrency. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:  🔹 ETF Performance Analysis: Grayscale Bitcoin Trust and Competitors. 🔹 Circle IPO: Impact on Stablecoin Market and Financial Ecosystem. 🔹 Tether Controversy: Financial Backing and Southeast Asian Scams. 🔹 Vivek Ramaswamy's Political Future: Influence on Crypto Policy. 🔹 Asset-Backed Securities (ABS) in Crypto: Opportunities for Investors. 🔹 Crypto Casinos: Rise in Popularity and Move Toward Transparency. 🔹 NFTs in Mainstream Culture: Adoption and New Use Cases. 🔹 Crypto and Traditional Finance: Stablecoins like USDC and Tether. 🔹 Crypto Integration in Devices: Solana Phone and Market Adoption. Hosts Haseeb Qureshi, managing partner at Dragonfly  Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly  Tarun Chitra, managing partner at Robot Ventures Disclosures Links Blockworks: Tether says UN needs more blockchain education in response to USDT report by Casey Wagner  UNODC: Casinos, Money Laundering, Underground Banking, and Transnational Organized Crime in East and Southeast Asia: A Hidden and Accelerating Threat CNBC: Costco sold more than $100 million in gold bars last quarter by Spencer Kimball Number Go Up: Inside Crypto's Wild Rise And Staggering Fall by Zeke Faux CNBC: BlackRock CEO Larry Fink: Bitcoin ETF approvals are ‘stepping stones’ towards tokenization Learn more about your ad choices. Visit megaphone.fm/adchoices

Thursday was a momentous day in crypto as the first SEC-approved spot Bitcoin ETFs finally began trading after more than a decade of waiting, and by almost all accounts, it was a huge success, with more than $625 million in inflows on the first day of trading.  Bitwise CIO Matt Hougan and VanEck head of digital assets research Matthew Sigel joined Unchained to discuss their approaches towards selling their products in the market, the challenges of competing with larger firms like BlackRock and Fidelity, the fee wars and where those are headed, the importance of specialist expertise in the crypto investment space, and how Bitcoin prices might react to all the new supply in the market.  Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: Why Matt Hougan regards the first week as a massive success for Bitcoin How Matthew Sigel emphasizes the costs and benefits ETFs offer to retail investors The strategic marketing approaches of VanEck and Bitwise aligning with Bitcoin community values The reasons for Bitwise's standout performance in the first days of trading, according to Matt Whether the introduction of Bitcoin ETFs will reshape the broader ETF landscape Matt's perspective on why some financial institutions resist Bitcoin, and their eventual openness to crypto Whether the established players in finance feel threatened by the rise of open source technologies Whether Gary Gensler’s statement after the approval is “totally crazy” Why data for the various ETFs in the market should be analyzed on a weekly or monthly basis The ongoing fee competition and how smaller entities can compete against giants like BlackRock and Fidelity Grayscale's strategies to remain competitive with higher fees and the possibility of launching a new, low-fee ETF How investment advisors might adapt to these new crypto products and the potential for mainstream adoption Matthew’s predictions for when BTC investors, both short-term and long-term, will take profits Why they are both closely monitoring Ethereum's performance and the prospects for a spot ether ETF in the market Thank you to our sponsors! Arbitrum Foundation Popcorn Network Guests: Matt Hougan, Chief Investment Officer at Bitwise Asset Management Previous appearances on Unchained: Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Matthew Sigel, Head of Digital Assets Research at VanEck. Links Previous coverage of Unchained on spot Bitcoin ETFs: Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday  Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Will a Spot Bitcoin ETF Finally Get Approved? The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Approval: Unchained:  Spot Bitcoin ETFs Finally Receive SEC Seal of Approval What Officials, ETF Issuers, and Others Are Saying About the SEC's Spot Bitcoin ETF Approvals Laura Shin’s op-ed on Unchained: Why Spot Bitcoin ETFs Are (But Mostly Aren't) a Big Deal for Crypto David Z. Morris’ op-ed on Unchained: The SEC’s Bumbling Bitcoin ETF Rollout Was Perfectly On-Brand First days of trading Unchained:  Spot Bitcoin ETFs Record $4.6 Billion First Day Trading Volume Spot Bitcoin ETF Inflows Topped $625 Million on First Day in ‘Phenomenal’ Debut, Led by Bitwise Vanguard Isn’t Allowing Customers to Buy Spot Bitcoin ETFs Visit Unchained for more links and details Learn more about your ad choices. Visit megaphone.fm/adchoices

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Unless you've been living under a rock, you probably heard that spot Bitcoin ETFs were finally approved by the SEC this week. That set the stage for 11 such offerings from the likes of BlackRock, Fidelity, and ARK 21Shares to begin trading on Thursday. On this episode of Unchained, Nate Geraci, president of the ETF Store; Eric Balchunas, senior ETF analyst at Bloomberg Intelligence; and James Seyffart, research analyst at Bloomberg Intelligence discussed the initial record trading volumes, the mechanics of how the funds work, the botched roll-out process, the pointed commentary from SEC commissioners, the potential for future Ethereum spot ETFs and predictions for total inflows. Plus, they explain why brokerage firms like Vanguard, Merrill and others were blocking customer access to the ETFs. Show highlights: The initial impact and trading volumes on the launch day of the ETFs How BlackRock’s ETF, IBIT, had a lot of volume in pre-market and what that means Why Eric was surprised that BlackRock proceeded with a waiver for its ETF, but realized that it was “genius marketing” Whether there’s a problem that ETFs don’t trade 24/7, unlike BTC itself Why James says the spot ETFs are not going to have significant premiums or discounts to NAV  What the percentage premium is and how it will play out with spot Bitcoin ETFs Whether the SEC will ever allow in-kind creation and redemption Why Nate and Eric believe that the SEC’s denials of spot Bitcoin ETFs for a decade was “completely suboptimal” for retail investors How the SEC commissioners pointedly disagreed with each other in their comments and dissents The politics of the approval process Whether Ethereum spot ETFs will be approved next Why some big platforms and brokerages are not offering the spot Bitcoin ETFs How RIAs will respond to the ETF and whether there’s going to be mainstream adoption by advisors Thank you to our sponsors! Arbitrum Foundation Popcorn Network iTrustCapital Guests James Seyffart, Research analyst at Bloomberg Intelligence Previous appearances on Unchained: Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence Previous appearances on Unchained: Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday Will a Spot Bitcoin ETF Finally Get Approved? Nate Geraci, President of The ETF Store Links Previous coverage of Unchained on spot Bitcoin ETFs: The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF Approval: Unchained:  Spot Bitcoin ETFs Finally Receive SEC Seal of Approval What Officials, ETF Issuers, and Others Are Saying About the SEC's Spot Bitcoin ETF Approvals Laura Shin’s op-ed on Unchained: Why Spot Bitcoin ETFs Are (But Mostly Aren't) a Big Deal for Crypto David Z. Morris’ op-ed on Unchained: The SEC’s Bumbling Bitcoin ETF Rollout Was Perfectly On-Brand Learn more about your ad choices. Visit megaphone.fm/adchoices

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. Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. In this episode, they're joined by Gwart, the caustic comedian of Crypto Twitter, as they explore questions like: What is Gwart's stance on the overhyped nature of DAOs and governance in crypto? How does Gwart view the potential and risks of NFTs, particularly Bitcoin-based Ordinals? The team also dives into the recent SEC Twitter hack - what does this incident reveal about market manipulation and the importance of cybersecurity? They then explore the competitive landscape of Bitcoin ETFs, discussing the implications of their fee structures. Finally, they consider the significance of developing crypto infrastructure that resonates with the average user, not just the niche crypto enthusiast. Tune in for an engaging exploration of these pivotal questions shaping the future of cryptocurrency. Show highlights:  🔹The concept of Ethereum alignment and its origins 🔹The SEC's Twitter account being hacked and a fake BTC ETF approval tweet 🔹Fees for different ETF issuers and Grayscale's fee reduction for GBTC 🔹The SEC's Twitter account being hacked and the fake BTC ETF approval tweet 🔹The potential use case of prediction markets in Taiwanese elections 🔹Imprisonment of individuals in Taiwan for betting on the election through PolyMarket 🔹Discussion on the concept of futarchy and its potential implementation 🔹The prevalence of centralized exchanges and their impact on user adoption 🔹Gwart's role as an observer and heckler in the crypto space 🔹Building infrastructure for onboarding users in crypto 🔹The dichotomy between the ideal of decentralization and the reality of user adoption 🔹Criticism of DAO governance and lack of significant innovation Hosts Haseeb Qureshi, Managing Partner at Dragonfly  Robert Leshner, Founder of Compound Tom Schmidt, General Partner at Dragonfly  Tarun Chitra, Managing Partner at Robot Ventures Guest Gwart, Crypto Twitter Icon Disclosures Links Justin Drake on Bankless’ “57 - Ultra Sound Money | Justin Drake”: https://youtu.be/bWqhn1hXvVc  Justin Drake on “ETH’s Biggest Upgrade Since EIP1559 | MEV Burn w/ Justin Drake and Dom”: https://youtu.be/nb7x7n8Ga3U  Eliezer Yudkowsky – “AI Alignment: Why It's Hard, and Where to Start”: https://youtu.be/EUjc1WuyPT8   Eliezer Yudkowsky - “Why AI Will Kill Us, Aligning LLMs, Nature of Intelligence, SciFi, & Rationality”: https://www.dwarkeshpatel.com/p/eliezer-yudkowsky   Vitalik Buterin’s “An Introduction to Futarchy”: https://blog.ethereum.org/2014/08/21/introduction-futarchy   Arthur Breitman’s “Towards Futarchy in Tezos”: https://medium.com/tezos/towards-futarchy-in-tezos-54a7b8926967   “More arrests for betting crypto on Taiwan election via blocked website” by Jono Thomson (Taiwan News, Staff Writer): https://www.taiwannews.com.tw/en/news/5070386   Learn more about your ad choices. Visit megaphone.fm/adchoices

It’s set to be a historic week in crypto, with the SEC widely expected to finally approve a spot Bitcoin ETF, although it’s not a 100% certainty. Two Bloomberg analysts who have followed all the developments closely since the beginning, James Seyffart and Eric Balchunas, join Unchained to discuss the final filings, the likely schedule, and whether all the applications are likely be approved on the same day. Then they dive into the real action: the cutthroat wars that have already begun, why Grayscale might be keeping its fees on the Grayscale Bitcoin Trust so high, and who the likely winners in what has traditionally been a “winner take most” category will be.  Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: What the recent 19b-4 and S-1 filings say about how close the ETFs are to approval Whether Hashdex's existing futures ETF impacts its treatment in the spot Bitcoin ETF process The likely timeline for trading to start post-ETF approval The possibility of simultaneous launches for all approved ETF issuers The SEC's concerns about ensuring a fair launch, informed by the BITO experience Eric’s surprise at JP Morgan's involvement as an Authorized Participant Why the SEC is approving the ETF despite Gensler’s stance against crypto What extreme cases Eric believes might cause the ETF not to be approved  How BlackRock's low fees set a challenging benchmark for competitors The potential for an issuer to offer even lower fees than current players How issuer margins are thin due to marketing fees, and the impact of waivers James’ theory about why Grayscale might be keeping the fee on GBTC so high Predictions about which issuer(s) will gain the bulk of assets under management The rumor about BlackRock introducing substantial liquidity on the ETF's first day Eric and James's expectations for ETF inflows and market dynamics Thank you to our sponsors! Arbitrum Foundation Popcorn Network Guest: James Seyffart, Research analyst at Bloomberg Intelligence Previous appearances on Unchained: Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence Previous appearances on Unchained: Will a Spot Bitcoin ETF Finally Get Approved? Links Previous coverage of Unchained on spot Bitcoin ETFs: The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF Fees  Unchained: Fee Competition Heats Up Among BlackRock and Other Spot Bitcoin ETF Applicants Caitlin Long’s tweet warning about no fees Fidelity set their fee to .39% Invesco/Galaxy chose to waive fees Market participants: Unchained: Goldman Sachs Could Take Vital Role in BlackRock, Grayscale Spot Bitcoin ETFs: Report The Block: Nasdaq to meet with SEC today to discuss spot bitcoin ETFs: Source Reuters: BlackRock, VanEck among asset managers that submitted updated filings for spot bitcoin ETF CoinDesk: BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF Others: Better Markets’ letter: The SEC Must Follow the Law and Reject Spot Bitcoin ETPs Which Will Inflict Massive Investor Harm FXSTREET: BlackRock might be on track to create history with $2 billion inflows in spot Bitcoin ETF in a week Eleanor Terrett of Fox News’ tweet on Better Markets’ letter Scott Johnson of Van Buren Capital’s estimate Learn more:  Unchained:  Bitcoin ETFs Explained: What Are They & How Do They Work? Why The Spot Bitcoin ETF Is a Big Deal Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF? Learn more about your ad choices. Visit megaphone.fm/adchoices

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. The past few days have been a busy stretch in the run-up to a potential spot Bitcoin ETF approval by the SEC. Goldman Sachs was revealed as a possible authorized participant (AP) for BlackRock and Grayscale’s offerings, the SEC met with representatives of major stock exchanges, and a report skeptical of an imminent SEC approval likely caused a 7% decline in Bitcoin. Spencer Bogart, general partner at venture capital firm Blockchain Capital, joined Unchained to break down what all of these events mean, as well as discuss who the likely winners will be among ETF issuers, the impact of a spot bitcoin ETF on companies such as MicroStrategy and Coinbase, and how a spot ETF will affect Bitcoin futures ETFs and leveraged crypto ETFs. Show highlights: Why the newly authorized participants in the spot Bitcoin ETFs are critical for maintaining the ETF’s price alignment The reasons behind the excitement over Goldman Sachs becoming an authorized participant in the spot Bitcoin ETFs How the Matrixport report led to a 7% drop in BTC value The importance of seed funding for ETFs and its impact on their stability and growth The pivotal role of distribution in an ETF and why Spencer emphasizes its significance Whether the fees charged by ETF issuers will become a decisive factor for consumers in choosing their preferred ETF The potential impact of changes in the Grayscale board on its aspirations to launch an ETF How the introduction of a spot Bitcoin ETF might influence BITO, the futures-based Bitcoin ETF Whether the launch of a spot Bitcoin ETF could affect the stock value of MicroStrategy Spencer's reasoning behind why Coinbase stands to "absolutely benefit" from the introduction of a spot Bitcoin ETF Thank you to our sponsors! Arbitrum Foundation Popcorn Network iTrustCapital Guest Spencer Bogart, General Partner at Blockchain Capital Links Previous coverage of Unchained on spot Bitcoin ETFs: Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF Matrixport report Why the SEC will REJECT Bitcoin Spot ETFs again Jihan Wu’s tweet defending the analyst  Unchained: Why Did Bitcoin's Price Dip as ETF Approval Nears? Market participants: Unchained: Goldman Sachs Could Take Vital Role in BlackRock, Grayscale Spot Bitcoin ETFs: Report The Block: Nasdaq to meet with SEC today to discuss spot bitcoin ETFs: Source Reuters: BlackRock, VanEck among asset managers that submitted updated filings for spot bitcoin ETF CoinDesk: BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF 8-As The Block: Fidelity, Grayscale filing 8-A forms show progress for spot bitcoin ETF applications Fees Fidelity set their fee to .39% Invesco/Galaxy chose to waive fees Grayscale: Unchained: DCG CEO Silbert, President Murphy Exit Grayscale Board  Learn more:  Unchained:  Bitcoin ETFs Explained: What Are They & How Do They Work? Why The Spot Bitcoin ETF Is a Big Deal Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF? Learn more about your ad choices. Visit megaphone.fm/adchoices

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. Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they are joined by Laura Shin, the host of Unchained, to discuss the latest post from Ethereum co-founder Vitalik Buterin, who argues that crypto needs to get back to its idealistic cypherpunk roots. Is Vitalik the Pope of crypto, as Haseeb argues, and is there even a need for such an exemplary-type figure? And how do other influential crypto folks like Solana’s Anatoly Yakovenko and Tron’s Justin Sun fit into this dynamic? The gang also discusses the likely imminent approval of a spot Bitcoin ETF in the U.S. and what it might mean for Bitcoin’s price and Ordinals Inscriptions. Show highlights:  Who won the group’s bet on what the circulating supply of PayPal’s stablecoin, PYUSD, would be at the end of the year The Orbit Bridge hack and how the potential involvement of North Korea could be a problem for the industry How Vitalik’s post urging for a return to the cypherpunk ideals sparked a debate within the community Whether Vitalik is like “the Pope of crypto” and whether there’s even a need for one Why it’s so important to keep the cypherpunk ethos, according to Tarun Why Tom believes, after reading Vitalik’s post, that the wrong lessons are being learned How Vitalik and Solana’s Anatoly Yakovenko could represent the religious leaders of two different approaches Whether Justin Sun is the “inverse of Vitalik” How GBTC holders are the most impacted ones given that the spot Bitcoin ETFs will be created and redeemed in cash Whether the SEC is picking favorites in the Bitcoin ETF landscape What could happen to the price of BTC if the ETF is approved Whether the rise in Bitcoin’s price will increase fees so much that it crowds out Ordinals Inscriptions Hosts Haseeb Qureshi, managing partner at Dragonfly  Tom Schmidt, general partner at Dragonfly  Tarun Chitra, managing partner at Robot Ventures Guest Laura Shin, journalist, author of ‘The Cryptopians,’ founder and CEO of Unchained Disclosures Links Cypherpunk ideals Make Ethereum Cypherpunk Again by Vitalik Buterin Quotes on Vitalik’s post on X Business Insider: 'Heed these words of warning:' Ethereum founder threatens to leave if the crypto community doesn't grow up The Block: Solana Labs CEO: It ‘doesn’t really matter’ if the network goes down again Spot Bitcoin ETF Unchained:  77% of Financial Advisors Are Waiting for a Spot Bitcoin ETF to Offer Their Clients How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Should First-Time Bitcoin Investors Buy Now or Wait for the ETF? Signs Increasingly Point to January Approval of Spot Bitcoin ETF Applications Why The Spot Bitcoin ETF Is a Big Deal Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF? CoinDesk: Michael Saylor Commences Plan to Sell $216M Worth of MicroStrategy Stock Options PayPal’s PYUSD bet: The Chopping Block: Curve Crisis Concludes With a Whimper, PayPal’s PYUSD Raises New Questions Orbit Bridge hack Unchained: Orbit Chain Announces 'Significant Clue' in $81 Million New Year's Eve Hack The Block: Orbit Chain's bridge reportedly hacked for $81.5 million Learn more about your ad choices. Visit megaphone.fm/adchoices

Custodia, established as a special purpose depository institution in Wyoming, aimed to offer secure banking services for the crypto sector. Despite meeting state requirements and taking extra steps to demonstrate its commitment to safety, Custodia’s application for a Fed master account was met with delays and ultimately denied in an unprecedented 86-page report. In this episode, Caitlin and Michelle explain why they believe the Fed’s rejection was politically motivated, how this relates to Operation Choke Point 2.0, the appallingly small number of American banks owned by women, where they are in their lawsuit against the Fed, and what this case means for the future of crypto banking in the U.S. Show highlights: 00:00 Intro 01:52 What Custodia Bank is and how it got started in Wyoming 06:04 How Custodia got into a fight with the Fed to get its master account 09:58 How the dual banking system works in the U.S. and the differences between Custodia and traditional banks 18:15 Why Custodia filed a lawsuit against its own regulator 24:33 Why the Fed denied Custodia its applications and Caitlin’s response to the criticisms 29:57 The political coordination meant to “intimidate” Custodia, according to Caitlin 42:43 The amicus briefs that were filed in favor of Custodia 48:48 Caitlin’s reaction to the Fed’s enforcement action against Customers Bank  53:35 Why Caitlin says that it’s “abusive and corporatist” that the SEC is granting exceptions to big banks 56:03 Why so few banks are owned by women and whether this played a role in Custodia’s denial 59:25 The next steps in Custodia’s case and whether a stablecoin is viable for them 1:05:21 Whether the elections are going to impact the case Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Token 2049 Mantle  Guests: Caitlin Long, Founder & CEO of Custodia Bank Previous appearances on Unchained: Why Caitlin Long and Meltem Demirors Are Worried About Crypto’s Future in the US Caitlin Long: Why Avanti Will Be a New Kind of Crypto Bank Michelle Kallen, Partner at Jenner & Block Links Timeline PerkinsCoie: Federal Reserve Issues Final Guidelines for Master Account Access CoinDesk: Crypto Bank Custodia Sues Federal Reserve Davis Polk: Crypto bank sues Federal Reserve over delay in master account application Fed’s 86-page report of its denial of Custodia’s membership  Custodia’s response to the Fed report Custodia’s amended filing Judge Scott Skavdahl’s order to dismiss Davis Polk: District courts refuse to order Federal Reserve to grant master accounts to Custodia Appeal Custodia’s appeal notice Custodia’s appeal filing Amicus briefs for the appeal Bitcoin Magazine: The Federal Reserve, Custodia Bank, And The Battle For Sovereignty Paul Clement on behalf of the Digital Chamber and Global Blockchain Business Council (GBBC) Don Verrilli for Blockchain Association State of Wyoming Americans for Prosperity Foundation Members of the United States Senate Banking Committee and House Financial Services Committee Former Sen. Patrick Toomey Customers Bank: CoinGeek: ‘Crypto’-friendly Customers Bank hit with Fed Reserve enforcement action Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Unchained, Anatoly Yakovenko, co-founder of Solana Labs, Nick White, COO at Celestia, and Chris Burniske, partner at VC firm Placeholder discuss the differences between modular and monolithic, or integrated, blockchains, with Solana epitomizing the monolithic approach and Celestia the modular one. They all agree that both approaches have their merits and will likely coexist, but argue each lends itself to specific use cases and developer preferences.They also discuss what will drive the next crypto bull cycle, and each gives their best predictions for a specific development in the crypto industry in the next few years.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: Chris’s explanation of the modular vs. monolithic approach in blockchains What drove Anatoly to prioritize speed in Solana's architecture and its impact on the network What Celestia is and how it represents the first modular blockchain network Whether developers and users will gravitate more towards modular or monolithic blockchains How Solana, as one of the fastest blockchains, is gearing up to handle massive usage and scalability Why Chris views Celestia as a frontrunner in the data availability sector How Nick perceives the philosophical similarities and executional differences between Celestia and Solana Whether there's potential for Solana to transition into a modular blockchain in the future Why Chris believes that the Solana Virtual Machine (SVM) might surpass the Ethereum Virtual Machine (EVM) in user adoption What challenges Bitcoin faces in developing actual Layer 2 solutions, especially considering its "doomers storage" issue What could drive the next crypto bull market Top predictions for 2024 and beyond  Anatoly’s perspective on how a significant hack could pose a serious setback for the entire industry  Thank you to our sponsors! Arbitrum Foundation Popcorn Network iTrustCapital Guests: Anatoly Yakovenko, cofounder of Solana Labs Previous appearances on Unchained: Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans Will Solana Be the Execution Layer and Ethereum the Settlement Layer? Can Solana Seize Marketshare From Ethereum With Serum? Anatoly Yakovenko on Why Solana Is Building the SAGA Chris Burniske, partner at Placeholder Previous appearances on Unchained: Two VCs on Why This Is the Perfect Time to Invest in Crypto 2022 in Review + How Cobie and Chris Burniske Are Playing the New Year Cobie and Chris Burniske on How to Navigate a Crypto Bear Market How To Value A Crypto Asset Nick White, COO at Celestia Labs Links Modular vs. monolithic Alchemy: Modular vs. Monolithic Blockchains Visa: Monolithic vs. modular blockchain Chris Burniske’s tweet on modular vs monolithic “The horrific inefficiencies of monolithic blockchains” by polynya Blockworks: A spicy salvo launched in the monolithic vs modular debate Unchained: What Is the Blockchain Trilemma? Celestia Celestia’s explanation of modular blockchains Data availability Data availability sampling An introduction to sovereign rollups Spot Bitcoin ETF: Unchained:  Why The Spot Bitcoin ETF Is a Big Deal Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF? Ledger ConnectKit incident Unchained: Ledger Library Compromised, Causing Confusion and Panic in Crypto Community Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they are joined by Lucas Bruder, co-founder and CEO of Jito Labs, an infrastructure provider that mitigates the impact of maximum extractable value (MEV) on Solana — specifically spam and wasted block space. He and the gang discuss how the Jito airdrop this month helped rejuvenate Solana; how Jito differs from Flashbots, its counterpart on Ethereum; Solana’s potential scalability; and how Solana believers have been vindicated by the developments of the last few months.  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:  Why Jito is a crucial development in the Solana ecosystem and its potential impact on network performance What sets Jito apart from its counterpart on Ethereum, Flashbots, in terms of functionality and benefits Whether Solana's speed uniquely influences Jito's effectiveness compared to Flashbots Lucas' explanation of maximum extractable value (MEV) and how it operates within the Solana network, providing insight into its complexities and advantages Whether Solana's infrastructure could sustain block production if the AWS integration encounters disruptions How the Jito airdrop may have rejuvenated the Solana network, potentially marking an end to its "ice age" What recent surges in on-chain activity in Solana indicate about the network's health and user engagement Where MEV fees in Solana are directed and who benefits from this value accrual within the ecosystem Whether Solana dapps are evolving their architectures to mitigate MEV opportunities and enhance network security How Tarun envisions the design of Solana's fee market for optimal efficiency and fairness Whether Solana has the inherent capacity for infinite scalability and what potential bottlenecks might impede this growth Hosts Haseeb Qureshi, managing partner at Dragonfly  Tom Schmidt, general partner at Dragonfly  Tarun Chitra, managing partner at Robot Ventures Guest: Lucas Bruder, CEO of Jito Labs Links MEV: Previous coverage of Unchained on MEV:  Unchained: Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate The Chopping Block: Why the Once-Taboo MEV Is Now a Core Part of Ethereum CoinDesk: What Is MEV, aka Maximal Extractable Value? Jito:  Unchained: Jito, Solana-Based Liquid Staking Protocol, Airdrops Governance Token Solana Validator 101: Transaction Processing Jito Block Engine Expands Access to All Solana MEV Traders Solana’s recent activity and bull run: Unchained:  Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans Solana Takes the Lead in Daily Stablecoin Transfer Volume Solana Surges to $84, Flips Ethereum in Weekly DEX Volume Paxos Bringing Stablecoin Issuance on Solana, Diversifying Beyond Ethereum Solana’s model: Solana Proof of History: How Solana brings time to crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Take the Unchained 2023 survey! Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. As 2023 nears its end, the crypto community is abuzz with speculation: will the relentless crypto winter give way in 2024? Crypto OG Arthur Hayes is confident that crypto is on an upswing. According to Hayes, these market cycles are historically recurrent, indicating a potential bull run in the near future.  In this episode, Hayes offers his insights on a range of compelling topics, from what he believes will be a resurgence of central bank money printing between 2024 and 2027 to the effect spot Bitcoin ETFs will have on crypto markets.  He also shares his views on the post-FTX blockchain landscape, the dynamics of Ethereum and memecoins, and why he thinks Tether won’t last.  Show highlights: Why Arthur believes that central banks across the globe might resort to printing money again between 2024 and 2027 Why he's anticipating a bull run in the crypto market within the next year Whether the financial system established post-World War II is on the verge of a breakdown What Arthur recommends investors should do in the event of a spot Bitcoin ETF launch Why he is confident that the launch of a Bitcoin ETF won't immediately lead to a massive surge in prices How, according to Arthur, the collapse of FTX actually validated the resilience of the blockchain ecosystem Whether the DCG crisis is likely to have a far-reaching impact on the crypto industry Why Arthur maintains a bullish stance on ETH and the Ethereum ecosystem, despite labeling it a “shitcoin” Whether he sees the use of the Bitcoin blockchain for trading memecoins (BRC-20s) as problematic Why Arthur thinks Tether's dominance will be challenged with the entry of major U.S. banks into the stablecoin market Why he firmly believes that AI systems will favor Bitcoin over traditional forms of money Why, in Arthur's view, China may not aim to become the issuer of the global reserve currency The investment strategy of Arthur’s family office, Maelstrom Thank you to our sponsors! Arbitrum Foundation Uniswap Popcorn Network Guest Arthur Hayes, CIO of Maelstrom. Previous appearances on Unchained: 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 Links Macroeconomics CoinDesk: The Relationship Between Bitcoin and Interest Rates Is Breaking Down: Arthur Hayes Bad Gurl by Arthur Hayes The Periphery by Arthur Hayes Arthur Hayes’ tweet: “the U.S. banking crisis is back” Bitcoin ETFs and markets Forbes’ Billy Bambrough on Arthur Hayes’ hot ETF take - “If ETFs managed by TradFi asset managers are too successful, they will completely destroy Bitcoin.” Blockworks: Institutional custody of bitcoin could kill it, cautions Hayes Arthur’s tweet on cash or in-kind Bitcoin ETFs Unchained: Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Arthur’s meme on BlackRock  SBF and FTX White Boy by Arthur Hayes White Man by Arthur Hayes New York Magazine: The Original King of Crypto Is Back Arthur Hayes rubbed success in the Feds’ face and got busted. Now he’s returning to a shell-shocked industry. CZ and Binance Panda Power by Arthur Hayes Unchained:  How Binance Will Open All Its Activity to the U.S. Government Binance to Pay $4.3B Penalty to Resolve U.S. DOJ Criminal Investigation; Changpeng Zhao Resigns, Pleads Guilty to Money Laundering Charges For more detail and links visit Unchained! Learn more about your ad choices. Visit megaphone.fm/adchoices

Take the Unchained 2023 survey! Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. In 2023, the crypto industry began with post-FTX fallout such as Operation Chokepoint 2.0, the failures of banks serving the crypto industry and the SEC's Wells Notice against Coinbase. Meanwhile, Bitcoin Ordinals brought innovation to the Bitcoin network, while Ethereum's Shanghai upgrade introduced new functionalities.  The criminal trial of Sam Bankman-Fried was the dramatic climax of the year, as lawmakers’ concerns about crypto being used for terrorist financing brought crypto into the mainstream conversation. The year ended with Binance's substantial settlement with the U.S. government and spot Bitcoin ETFs in the horizon, ushering in what looks like the beginnings of another bull market.  Thank you to our sponsors! Arbitrum Foundation Uniswap Popcorn Network Links DCG Unchained: Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy? Reuters: Crypto lending unit of Genesis files for U.S. bankruptcy CELSIUS Unchained:  7 Revelations From Celsius’ Examiner Report Why the Celsius Examiner Report Shows 'a Complete Disaster in Almost Every Way' Operation Chokepoint 2.0 WSJ: Regulator Orders Crypto Firm Paxos to Stop Issuing Binance Stablecoin The Verge: Kraken pays a $30 million fine and shuts down crypto staking in the US Unchained:  Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’ Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown Bitcoin Ordinals Unchained:  Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About? Bitcoin’s Daily Transaction Fees Surpass Ethereum’s for First Time Since 2020 Signature, Silvergate, SVB, USDC depeg Investopedia: What Happened to Silicon Valley Bank? CNBC: Stablecoin USDC breaks dollar peg after firm reveals it has $3.3 billion in SVB exposure Unchained:  The Chopping Block: Was Crypto Just Debanked? Why Caitlin Long and Meltem Demirors Are Worried About Crypto’s Future in the US - Cryptocurrency SEC Issues Coinbase a Wells Notice Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’ Reuters: Signature Bank failure due to 'poor management,' US FDIC report says The Verge: Silvergate has collapsed Ethereum’s Shanghai upgrade Unchained:   Shapella in the Rearview: After Major Upgrade, What’s Next for Ethereum?  Staked Ethereum Withdrawals Enabled As Shanghai Upgrade Goes Live CoinDesk: What’s Next After the Ethereum Shanghai Upgrade Known as Shapella PROMETHEUM Unchained:  Prometheum and Paradigm in Debate: Can the Status Quo Work for Crypto These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler Crypto Community Unearths Questionable History of SEC-Aligned Prometheum - Cryptocurrency Regulation SEC vs. Binance and Coinbase Unchained:  SEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities SEC Sues Coinbase for Breaking Securities Laws SEC Sues Binance, Coinbase: ‘This Is Not the End of Crypto in the United States’ RIPPLE Unchained:  New Order in SEC vs. Ripple Over XRP Is a Win for Crypto: What Happens Now? The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility CoinDesk: Ripple, Crypto Industry Score Partial Win in SEC Court Fight Over XRP Visit our site to see more details and links! Learn more about your ad choices. Visit megaphone.fm/adchoices

Take the Unchained 2023 survey! Over the past year, the crypto industry has seen the rise of a new trend: the adoption of points systems.  Li Jin, cofounder of Variant Fund, says that while points systems have long been a staple in the Web2 domain, their integration into the crypto ecosystem could have pitfalls.  She covers how these points are currently being leveraged within crypto applications in the hopes of driving user engagement and retention, why they’re taking off now, and why they’re off-chain. She also points out that, if implemented poorly, they could engender disloyalty instead of leading to sustainable communities, and urges founders to be thoughtful about the design of these systems, especially about how points translate to economic value. Show highlights: What points are in crypto and their role in rewarding user behavior​​ Examples of popular projects that have successfully implemented points systems​​ Why points mechanisms are gaining traction in crypto, offering benefits of tokens without the downsides​​ Whether points, which are currently off-chain, will eventually move on-chain, and the implications for users and founders​​ How points can incentivize inorganic behavior, drawing from Li Jin's experience in the Web2 sector​​ The potential pitfalls of points systems and how they can sometimes create more disloyalty than loyalty​​ Identifying which crypto projects are best suited for using points, and the importance of product-market fit​​ Why keeping the economic value of points ambiguous can enhance user engagement and loyalty​​ Whether points are being used by projects to navigate around regulatory challenges​​ Future developments in points systems, including the potential of bringing points on-chain for a universal loyalty system​​ Thank you to our sponsors! Arbitrum Foundation Uniswap Popcorn Network Phemex Guest Li Jin, cofounder and General Partner at Variant Fund Previous appearances on Unchained:  Will Every Piece of Media Enter the Internet as an NFT? Variant Fund Says Yes The Chopping Block: Two on Two Debate: NFT Royalty Throwdown! Links Points Li’s Newsletter: Lessons on Points Programs for Crypto Apps Li’s comments on the topic:  Tweet 1 on points entering “the crypto app zeitgeist” Tweet 2 on points discounting the cost of the product Tweet 3 on points and product-market-fit Tweet 4 on how points can “distort activity” CoinDesk:  Crypto Points: Off-Chain Derivatives That Everyone is Talking About  Web3 Loyalty Programs Are a Trojan Horse for Good Crypto Policy DL News: Why DeFi protocols love to offer ‘points’ before airdrops  Projects using points Rainbow wallet Friend.tech Blast Blackbirds Marginfi Parcl Learn more about your ad choices. Visit megaphone.fm/adchoices

Take the Unchained 2023 survey! Swan founder and CEO Cory Klippsten is all-in on Bitcoin. Not only does he believe that Bitcoin is poised to reach $1 million by 2030, he also thinks most alt-coins add little to no value and will eventually all go to zero. Accordingly, his company is a massive bet on the future of Bitcoin, from educating people about the world’s first crypto and convincing them to eventually self-custody, to making private equity investments in the Bitcoin ecosystem, to eventually planning to launch the first US Bitcoin-only trust company to create a safer environment for investors.  Here he talks to Unchained about his crypto journey, the likely impact of spot Bitcoin ETFs on crypto adoption and prices, his extreme skepticism about Bitcoin Ordinals, when he first knew Sam Bankman-Fried was a fraud and why he thinks that crypto VCs have done a “massive disservice” to the world. Show highlights: What Swan Bitcoin is, its origin story and the future trajectory envisioned by Cory Cory's journey into crypto, his journalism background and the shift to a Bitcoin-centric focus How Cory is navigating discussions with hedge funds, family offices, and insurance companies in anticipation of a Bitcoin spot ETF Swan’s Bitcoin-only investment strategies How lending and borrowing with Bitcoin is evolving Cory's private equity investments within the Bitcoin ecosystem The rationale behind Swan launching the first US Bitcoin-only trust company Swan's stance on financial privacy, especially after warning customers that banks might close their accounts if they used mixers Cory's reasoning for advising against "trading" the Bitcoin spot ETF launch Predictions on when BTC might reach new all-time highs Cory's perspective on Bitcoin Ordinals and their impact on the Bitcoin mempool The concerns about decreasing block rewards and the future security of Bitcoin Why Cory was convinced of FTX's fraudulent nature after reviewing the balance sheet that led to SBF's downfall Why he thinks that VCs have done a "massive disservice” to the world Thank you to our sponsors! Uniswap Popcorn Network Arbitrum Foundation Guest: Cory Klippsten, CEO of Swan Bitcoin Links: Swan Bitcoin: Fortune: Swan deployed more than $200 million in 2023 building out institutional offerings such as Bitcoin-backed lending Protos: Some Swan Bitcoin customers lose banking access CoinDesk: BitGo, Swan to Form Bitcoin-Only Trust Company WSJ: Crypto Custodian Prime Trust Files for Bankruptcy Protection Decrypt: Swan, Coinbits Disclose Prime Trust Ties as Fallout Continues Cointelegraph: Swan Bitcoin to terminate customer accounts that use crypto-mixing services Bitcoin ETFs: Previous coverage on spot Bitcoin ETFs: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF Unchained:  Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Bitcoin ETFs Explained: What Are They & How Do They Work? BlackRock Updates Bitcoin ETF Filing to Make Access Easier for Wall Street Banks  FTX CoinDesk: Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet Ordinals: Cory’s tweet on Ordinals  Unchained: Bitcoin Ordinals-Related Token ORDI Passes $1 Billion in Market Value Bitcoin Mempool Reaches Record Levels of Congestion Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What’s the Hype About? Bitcoin’s BRC-20 Mania: Is It Sustainable? Why All 10,000 OnChainMonkey NFTs Will Move From Ethereum to Bitcoin Learn more: What Are BRC-20 Tokens?  What Are ORC-20 Tokens?  How to Create a Bitcoin Ordinal Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, after an incredibly eventful year for crypto, The Chopping Block crew makes its picks for the best and worst of 2023, including its biggest winners and losers, biggest surprises, best memes, best or worst pivots, biggest flops, best comeback stories, favorite podcast guests and predictions for 2024. Hear why some in the gang consider Solana to be the year’s biggest winner, Circle the biggest loser, MicroStrategy the best and worst pivot, Coinbase the best comeback and a renewed boom in crypto lending one of the top predictions for 2024.  Hosts Haseeb Qureshi, managing partner at Dragonfly  Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly  Tarun Chitra, managing partner at Robot Ventures Disclosures Links Surprises:  The Chopping Block: Was Crypto Just Debanked? What Is Depegging in Crypto and Why Does It Occur? Flops: The Chopping Block: Why the Azuki Elementals Drop Was a Big Flop The Chopping Block: Michael Lewis Swindled, SBF’s Effective Altruism Ruse, Ethereum Protocol Enshrinement The Block: Worldcoin unveils integrations with Minecraft, Reddit, Telegram and Shopify CoinDesk: Future of Solana's Hyped Saga Phone Is 'Under Internal Discussion' as Sales Figures Fail to Wow ApeCoin DAO Governance Winners: Unchained:  SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans  Bitcoin’s Daily Transaction Fees Surpass Ethereum’s for First Time Since 2020 What Are BRC-20 Tokens? A Brief Introduction The Chopping Block: Wizards vs. Laser Eyes for the Future of Bitcoin Memes: Dexerto: What is TikTok’s viral NPC fetish? New streaming kink explained David Beckham’s memes Favorite guests: The Chopping Block: Top White Hat Hacker Samczsun Discusses the State of Crypto Security The Chopping Block: How This DeFi Hack Negotiator Gets Hackers to Return Stolen Money The Chopping Block: Why Vivek Ramaswamy Wants Less Crypto Regulation The Chopping Block: Coinbase’s Paul Grewal on Why the SEC Is Going After Crypto So Aggressively Others Unchained:  Ledger Library Compromised, Causing Confusion and Panic in Crypto Community Vitalik Buterin Supports Integrating Zero-Knowledge Ethereum Virtual Machines Into Main Ethereum Chain Learn more about your ad choices. Visit megaphone.fm/adchoices

Take the Unchained 2023 survey! Unchained is doing its annual survey. Let us know what we’re doing well, how we can improve, what you’d like to see more of, and generally, how we can serve you better. The survey also helps us find sponsors whose products and services would appeal to you. Plus, participating gives you an opportunity to win Unchained merch! Five randomly selected respondents will receive one free Unchained t-shirt or mug — your choice. Click here to participate. Thanks so much! The long-awaited approval of a spot bitcoin ETF looks to be mere weeks away, and Bloomberg ETF analyst James Seyffart joins Unchained to discuss the final issues and considerations, especially the battle over whether the new funds will feature in-kind vs. cash creation and redemptions, which appears to be one of the last main sticking points in negotiations between the SEC and fund companies. He also discusses the specific impact of an ETF approval on Grayscale, which runs the $26.6 billion Grayscale Bitcoin Trust, and why he thinks the SEC has thrown in the towel on trying to classify Ethereum as a security.  Show highlights: Why James views the multitude of potential issuers meeting with the SEC as a positive sign for the future of ETFs When James anticipates the ETFs will actually be listed on exchanges, which differs from their approval dates The crucial differences between in-kind versus cash creation and redemptions in ETFs and their impact on market dynamics How the choice of in-kind or cash creation and redemptions influences the overall cost structure of these financial products Whether the current actions of ETF issuers suggest a "bending the knee" approach to the SEC's preference for cash creations and redemptions How the selected ETF model will specifically impact Grayscale and the future of its GBTC offering The potential strategies behind BlackRock's private trust, especially in terms of integrating its Bitcoin holdings into its prospective ETF Why James holds a more cautious outlook for the approval of an Ethereum spot ETF compared to his confidence in Bitcoin ETFs Thank you to our sponsors! Arbitrum Foundation Popcorn Network Uniswap Guest James Seyffart, Research analyst at Bloomberg Intelligence Previous appearances on Unchained: Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Links Previous coverage on spot Bitcoin ETFs: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF Unchained:  Bitcoin ETFs Explained: What Are They & How Do They Work? BlackRock Updates Bitcoin ETF Filing to Make Access Easier for Wall Street Banks  Understanding the ETF creation and redemption mechanism Nate Geraci’s tweet on in-kind/cash James comments “the people want in-kind” James: “I think everyone is gonna have to bend the knee to cash creates and redeems.” Eric Balchunas suggests the SEC is only letting cash-create ETFs launch initially Learn more about your ad choices. Visit megaphone.fm/adchoices

Unchained is running its annual survey to better serve you. Please answer our annual survey here. The record $4.3 billion settlement reached between Binance and the U.S. government over charges of money laundering and sanctions violations calls for the world's largest crypto exchange to maintain an independent compliance monitor for the next five years. Michael Dawson, a partner at WilmerHale, and Dorothy DeWitt, founder and CEO of Tolt Strategies, a former director at the CFTC and former general counsel at Coinbase, dissect the intricacies of this arrangement, delving into the roles and responsibilities of the compliance monitor, the potential impact on Binance's operations and the broader implications for the crypto industry. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: what exactly is a compliance monitor, and why it's essential in the Binance settlement  which regulatory agencies the monitors report to and their significance why the DOJ insisted on including a compliance monitor in its settlement with Binance how Binance’s compliance monitor is expected to create a “ripple effect across the industry,” according to Michael why Binance, despite being a non-U.S. entity, is subject to a U.S.-appointed monitor Dorothy's perspective on why more monitorships might be appointed in the crypto industry going forward how much the monitorship will cost Binance and the factors influencing their choice of monitor whether the government will be able to discover other crimes with all this new information, which will be used by other agencies such as the IRS and the FBI who might be appointed as the compliance monitor for Binance and why Michael favors Patrick McHenry what constitutes the SAR lookback and AML program consultancy what could happen when the government gets to look at all past transactions what happens if the monitor discovers any wrongdoing within Binance whether the monitorship is likely to impact Binance's business operations advice from Dorothy and Michael for Binance's new CEO on navigating these challenges why predicting the future of Changpeng Zhao, Binance's ex-CEO, is complex, according to Dorothy Thank you to our sponsors! LayerZero Popcorn Network Arbitrum Foundation Guests: Michael Dawson, partner, Financial Institutions Group at WilmerHale Dorothy DeWitt, founder and CEO of Tolt Strategies and former Director of the Division of Market Oversight at the CFTC Links Settlement DOJ Settlement Text FINCEN Settlement Text CFTC Settlement Text OFAC Settlement Text WSJ: Binance Penalties Include a Number of Crypto Industry Firsts: The Treasury Department’s FinCEN is imposing its first-ever monitorship on the cryptocurrency exchange CoinDesk: Binance's Future and Other Questions Post-Settlement  Unchained: Binance to Pay $4.3B Penalty to Resolve U.S. DOJ Criminal Investigation; Changpeng Zhao Resigns, Pleads Guilty to Money Laundering Charges Law360: Binance's Compliance Chief Is Optimistic About Monitorship The CFTC’s guidance on monitorships CFTC Releases Enforcement Advisory on Penalties, Monitors and Admissions Other monitors at crypto companies  Coinbase (independent monitor): Press Release- January 3, 2023: Superintendent Adrienne A. Harris Announces $100 Million Settlement with Coinbase, Inc. after DFS Investigation Finds Significant Failings in the Company’s Compliance Program | Department of Financial Services Robinhood Crypto (independent compliance consultant): Press Release- August 2, 2022: DFS Superintendent Harris Announces $30 Million Penalty on Robinhood Crypto for Significant Anti-Money Laundering, Cybersecurity & Consumer Protection Violations | Department of Financial Services (ny.gov) Learn more about your ad choices. Visit megaphone.fm/adchoices

Unchained is running its annual survey to better serve you. Please answer our annual survey here. The likely impending approval of spot bitcoin ETFs has already sparked a major rally in the price of bitcoin and other cryptocurrencies, but will the bull run continue once the funds are up and running? On this episode of Unchained, the founder and CEO of Global Macro Investor, Raoul Pal, describes why a spot bitcoin ETF is such a significant development, likening it to a free trade agreement with the traditional financial world. He also discusses what effect a spot Ether ETF is likely to have on Ether prices, the relative merits of Ether vs. Solana, the usefulness of BRC-20 tokens and why 2024 is likely to be a very good year for crypto and the economy as a whole.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: How Pal sees crypto as creating a new parallel financial system that a spot Bitcoin ETF will soon offer entrée to  what he believes will be the key catalysts for the upcoming bull market in crypto why Raoul is predicting a "very strong 2024" for the crypto market, including his outlook for the price of Bitcoin how he thinks investors and institutions will respond to the potential launch of an ETH spot ETF why Raoul is bullish on both Ethereum and Solana what developments in the Solana ecosystem are making Raoul particularly optimistic which network Raoul expects to emerge as the winner in the blockchain space why he views BRC-20s and Ordinals inscriptions as positive developments for Bitcoin Thank you to our sponsors! Arbitrum Foundation Phemex Popcorn Network Guest Raoul Pal, cofounder and CEO of Real Vision Links Bitcoin ETF and markets: Unchained:  Bitcoin Surges Past $40,000 for First Time Since April 2022 Signs Increasingly Point to January Approval of Spot Bitcoin ETF Applications 77% of Financial Advisors Are Waiting for a Spot Bitcoin ETF to Offer Their Clients How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF Learn more: Bitcoin ETFs Explained: What Are They & How Do They Work? Ordinals and BRC-20s Unchained:  Bitcoin Ordinals-Related Token ORDI Passes $1 Billion in Market Value Bitcoin Mempool Reaches Record Levels of Congestion Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About? Bitcoin’s BRC-20 Mania: Is It Sustainable? Why All 10,000 OnChainMonkey NFTs Will Move From Ethereum to Bitcoin Learn more:  What Are BRC-20 Tokens?  What Are ORC-20 Tokens?  How to Create a Bitcoin Ordinal Solana vs. ETH Unchained: Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode addresses the recent market crash, the Bank of Japan's surprising rate hike, and its global impact. The team also discusses the Science of Blockchain Conference's relocation from Stanford to New York, and the current political landscape affecting crypto, including reactions from key politicians and internal community conflicts. Highlights include Solana's recent performance surge, opportunities in its ecosystem, and the effects of Elizabeth Warren's letter to the CFTC on prediction markets. Tune in for an insightful overview of these significant developments! Show highlights 🔹 In-depth analysis of the recent U.S. crypto market crash caused by the Bank of Japan’s unexpected rate hike and its impact on global financial markets.  🔹 Discussion on the resilience of DeFi during market turmoil, with highlights on record on-chain volumes and DEX stability.  🔹 Examination of the rebranding of the Stanford Blockchain Conference and its implications. 🔹 Insights into the political landscape affecting crypto, including perspectives on Kamala Harris, Trump's pro-crypto stance, and Elizabeth Warren's opposition to political event betting contracts.  🔹 Analytical focus on the Solana ecosystem, its early investment opportunities, network reliability, UX advantages, and its influence on newer EVM chains.  🔹 Reflections on market trends and opportunities for smart investors to capitalize on new developments. Hosts ⭐️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 Disclosures Links What Drives Crypto Asset Prices? Adams, Austin and Ibert, Markus and Liao, Gordon, (July 30, 2024). Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4910537  Timestamps 00:00 Intro  01:29 SBC 03:57 Market Crash & BOJ 06:58 Crypto Market Reactions and On-Chain Activity 17:41 Fed's Interest Rate Decisions and Market Implications 23:27 Political Landscape and Crypto 38:50 Elizabeth Warren Doesn’t Like Prediction Markets 55:09 Solana vs. Ethereum Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, they are joined by Samczsun, an anonymous security researcher at Paradigm, who delves into the intricacies of crypto security, ethical hacking and the shifting landscape of smart contract vulnerabilities. He also discusses his strong feelings about the “Code Is Law” philosophy and gives tips on how people in crypto can best protect their online security.  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:  what led Sam to a career in crypto security and his current role at Paradigm how Sam uncovered one of crypto's most legendary vulnerabilities why security experts like Sam choose the path of white hat hackers over black hats The craziness of the KyberSwap hacker's proposal parallels that Robert draws between this case and Avi Eisenberg's Mango Markets exploit what advice Sam has for the KyberSwap hacker  whether Sam, as a security expert, trusts storing his money on-chain how the Platypus hack ruling by a French judge challenges the 'Code Is Law' philosophy what the Security Alliance aims to achieve and its impact on the industry how Sam suggests individuals should practice personal crypto security, including the importance of using password managers and hardware wallets, and avoiding SMS two-factor authentication Hosts Haseeb Qureshi, managing partner at Dragonfly  Robert Leshner, founder of Compound and Superstate Tom Schmidt, general partner at Dragonfly  Disclosures Guest:  Samczsun, security researcher at Paradigm Links Hacks Episode with Ogle: The Chopping Block: How This DeFi Hack Negotiator Gets Hackers to Return Stolen Money Unchained: $48 Million Drained from KyberSwap in Hack  Kyberswap hacker's latest message Cointelegraph:  KyberSwap hacker offers $4.6M bounty for return of $46M loot Platypus exploiters walk free after claiming to be ‘ethical hackers’ Code is law: The Chopping Block: ‘Code Is Law’ Is ‘Obviously Not How Anything Works Ever’ Unchained: The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not Thread by Gabriel Shapiro on the topic and Vy Le’s response Learn more about your ad choices. Visit megaphone.fm/adchoices

Unchained is running its annual survey to better serve you. Please answer our annual survey here. Solana’s native token SOL has been one of the best-performing cryptos of the year, up more than 500% so far, but you wouldn’t have guessed that would be the case given how closely tied the blockchain was to FTX, which held huge amounts of SOL and was a big supporter of the platform. The blockchain also experienced numerous outages in 2022. But Anatoly Yakovenko, Solana’s co-founder, says the discipline imposed by FTX’s collapse, as well as improvements to the technology, have made Solana stronger.  On this episode of Unchained, Yakovenko talks about the impact of FTX’s collapse, his early impressions of Sam Bankman-Fried, the SEC’s designation of SOL as a security, how entrepreneurs are leaving the U.S. because of the regulatory risk, SOL’s share of the stablecoin market, and why he thinks it’s inevitable that finance will eventually run on something like Solana.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: How the Solana ecosystem weathered the FTX crisis How FTX’s collapse was like ripping off a band-aid for Solana Anatoly's initial impression of SBF as a “super genius” Why, despite SOL's strong 2023 performance, the Solana ecosystem hasn't experienced a corresponding growth in active developers What factors Anatoly believes contribute to the relatively low number of daily active wallet addresses in Solana How Solana addressed and rectified the outage issues that were so frequent in previous years Why Anatoly draws a parallel between Ethereum and Windows 95, and Solana and Windows 2000 Why he's not worried about Jump Crypto building a client for the blockchain The ongoing debate within Solana on open-source versus closed-source culture, and the potential for future shifts How the Solana Foundation is handling the SEC's classification of SOL as a security Whether there's a trend of developers and founders relocating from the United States in search of a more supportive ecosystem Why Solana holds a low market share of stablecoins across various blockchains, and the implications of this trend Why Anatoly considers trading volume a more critical metric than Total Value Locked (TVL) in assessing blockchain success How Web3 gaming has been flourishing on Solana Why Anatoly is confident that DeFi will find its rightful place on the Solana network The future plans for the Saga phone after its market challenges What Anatoly thinks is the number one focus for Solana for the near term Thank you to our sponsors! LayerZero Popcorn Network Arbitrum Foundation Guest: Anatoly Yakovenko, Co-founder of Solana Labs Previous appearance on Unchained: Will Solana Be the Execution Layer and Ethereum the Settlement Layer? Previous appearance on Unchained: Can Solana Seize Marketshare From Ethereum With Serum? Previous appearance on The Chopping Block: Anatoly Yakovenko on Why Solana Is Building the SAGA Links Unchained: Solana Saga review  Decrypt: Mad Lads NFTs Hit All-Time High as Backpack Taps FTX Lawyer for Exchange Launch  Op-ed by Anatoly on Fortune: Solana co-founder: 'To keep the next great American founder in America, Congress must regulate crypto. But first lawmakers should learn how it works' Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the gang sits down with Ogle Crypto, a veteran negotiator in crypto hacks, to discuss the recent KyberSwap exploit, which involved an almost $50 million loss across various chains.  Ogle shares how he initially became a negotiator, including his first case in which he tracked down a group of hackers from Hong Kong when they fled to Great Britain after stealing $24 million in funds. Ogle also shares his negotiation tactics, the typical profile of hackers he encounters today and his empathetic approach towards these often young and financially struggling individuals.  Then the group raises concerns around the hype and marketing strategies of Blast, a new Layer 2 on Ethereum offering “native yields” that achieved $620 million of TVL in less than two weeks. 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:  How KyberSwap's sophisticated security was breached, resulting in an almost $50 million loss across various blockchain networks. Why Tarun suspects the behind-the-scenes workings of an organized group, rather than a lone attacker, in the KyberSwap incident. The evolution of crypto hacks towards more systematic and professional negotiations with hackers. Ogle's journey into the world of crypto hack negotiations, highlighted by a fascinating case of pinpointing hackers who had fled Hong Kong. Ogle's strategic approach to negotiating with hackers, balancing empathy and tactical communication. Profiling the typical hackers in these scenarios, focusing on their youth, origins, and backgrounds. Ogle's perspective on why he often finds a sense of understanding towards these young, misguided hackers. Assessing the crypto industry's response to white hat hackers: Are they adequately rewarded for safeguarding the digital frontier? The curious surge of investments into Blast, Ethereum's new Layer 2 contender, amidst swirling concerns and skepticism. Robert's take on why the Blast phenomenon could signal a troubling trend, surpassing the chaos of 2017, paralleled by Tarun's analogy to a “decentralized Herbalife.” Were Blast’s marketing tactics misleading or merely overly optimistic? Hosts Haseeb Qureshi, managing partner at Dragonfly  Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly  Tarun Chitra, managing partner at Robot Ventures Disclosures Guest Ogle Crypto, Crypto sleuth and negotiator Links Hacks Unchained: $48 Million Drained from KyberSwap in Hack  Kyberswap’s hacker latest message HackerNoon: Mark Cuban's Bane: How Iron Finance's $TITAN Crypto Crashed From $60 to $0  Cointelegraph: KyberSwap hacker offers $4.6M bounty for return of $46M loot Blast Unchained: Blast Surges to $300M TVL, Rapidly Gaining on Top Ethereum L2s Amid Concerns DefiLlama: Blast TVL Learn more about your ad choices. Visit megaphone.fm/adchoices

Unchained is running its annual survey to better serve you. Please answer our annual survey here. Vivek Ramaswamy is likely the biggest supporter of crypto among the current crop of presidential candidates. But his enthusiasm comes not from an inherent love of the technology or its principles themselves, but a dissatisfaction with what he calls the “administrative state” that’s stifled innovation in a number of important industries, crypto among them.  On this episode of Unchained, Ramaswamy discusses his radical plan to slash the number of people working at federal agencies; his three-point crypto policy plan based on the freedom to code as a protected form of expression, the freedom of financial self-reliance, and the freedom to innovate free from regulatory overreach; why the current orientation of the U.S. government towards regulation of the crypto industry by enforcement isn’t helping anyone; his plans to stabilize the U.S. dollar by pegging it to a basket of commodities that could eventually include Bitcoin; why he’s so opposed to central bank digital currencies; and what industries he thinks could benefit from the use of blockchain technology. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: how Vivek, who has a background in biotech, fell down the “crypto rabbit hole” how the administrative branch of government doesn't work like it's supposed to, according to Vivek why he believes the government poses a threat to the future of crypto how he would respond to a situation in which the code of a smart contract is exploited how Vivek would prevent the use of crypto for illicit ends why he thinks that the current status quo in terms of crypto regulation is the “worst of all worlds” Vivek’s plan to stabilize the U.S. dollar by pegging it to a basket of commodities, potentially including Bitcoin why he is so against the creation of a central bank digital currency in the U.S. how blockchain technology can be used to help the U.S. maintain its technological supremacy Thank you to our sponsors! Arbitrum Foundation Phemex Popcorn Network Guest Vivek Ramaswamy, 2024 U.S. Presidential Candidate Vivek on The Chopping Block: Why Vivek Ramaswamy Wants Less Crypto Regulation Links Original speech unveiling his crypto policy plan at the North American Blockchain Summit 2023 Unchained: GOP Candidate Vivek Ramaswamy Makes the Case for Reduced Crypto Regulation Bloomberg: Ramaswamy’s Crypto Deregulation Plan Is Scaring the Industry CoinDesk: Ramaswamy Shares Crypto Plan, Making Him the Only GOP Candidate Who Has One Learn more about your ad choices. Visit megaphone.fm/adchoices

The IRS sparked a storm of controversy when it released proposed new rules for crypto transaction reporting earlier this year. The new rules seek to define who is considered a broker, what types of transactions need to get reported, and the kinds of digital assets that need to be included, but many in the industry consider them overly broad and ultimately unworkable.  Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at tax software firm CoinTracker, discuss the crypto industry’s specific objections to the proposed new rules, and what might be a better way forward. They also delve into how the regulations would apply to stablecoins and NFTs, potential blockchain-based solutions for the reporting requirements, and what the likely outlook and timeline for the proposals to come into effect are.   Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: What the newly proposed IRS regulations around crypto are and when they are likely to go into effect what entities qualify as a broker and why this may pose a problem what the implications for the industry are if these regulations were passed the number of additional reports the IRS is expecting to receive if these regulations are adopted how the regulations would apply to stablecoins and NFTs what the five types of brokers are under the proposed regulations and the three types that they exclude, according to Shehan the unprecedented amount of comments submitted what suggestions Coinbase and CoinTracker have in mind for better tax regulation why Lawrence thinks that DeFi exchanges should be treated the same as centralized ones whether people should have privacy concerns about the new proposals what some blockchain-based solutions for tax reporting are, such as attestation tokens what the next steps for the IRS proposed regulation are how long it will take to actually implement these regulations Thank you to our sponsors! LayerZero Popcorn Network Guests: Shehan Chandrasekera, Head of Tax Strategy at CoinTracker Lawrence Zlatkin, VP of Tax at Coinbase Links Previous coverage of Unchained on crypto taxes, with appearances from Shehan and Lawrence: Everything You Need to Know About Filing Your 2022 Crypto Taxes Your 2021 Crypto Taxes: How to Handle NFTs, DAOs, Airdrops and More Everything You Need to Know About Your 2020 Crypto Taxes  Why You Shouldn’t Trust Crypto Exchange Reports for Your Taxes The IRS Is Cracking Down on Crypto Taxes: What You Need to Know  Could the Bank Secrecy Act Harm Crypto? Coin Center Thinks So Infrastructure Investment and Jobs Act (117th Congress) Proposed rule: IRS proposed rule text: Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions U.S. Department of the Treasury, IRS Release Proposed Regulations on Sales and Exchanges of Digital Assets by Brokers CoinDesk: How the Crypto Industry Responded to the IRS Proposed Broker Rule Twitter thread from Ji Kim of Crypto Council for Innovation  CNBC: President Joe Biden to sign the bipartisan infrastructure bill⁠ into law—here's how crypto investors will be impacted IRS issues guidance, seeks comments on nonfungible tokens Coinbase first comment letter Coinbase second comment letter CoinTracker comment letter Learn more about your ad choices. Visit megaphone.fm/adchoices

Tiffany Fong has had an unusual route to crypto fame. After losing most of her life savings in the Celsius bankruptcy, she began posting on YouTube about her experiences and eventually received some leaked documents, which she shared with The New York Times and on her channel. The leaks gave her some visibility, and that’s when Sam Bankman-Fried began following her on Twitter.   Fong unexpectedly managed to carve out a relationship with the one-time crypto mogul, and after he was arrested last November, she chatted often and even met with him while he was under house arrest. From there, she became known for posting details of her conversations with Bankman-Fried and documents he shared with her, and went on to attend every day of his trial in person and do videos on them.   On this episode of Unchained, Fong shares why she thinks SBF opened up to her, whether she ever had a romantic relationship with him, her unpleasant encounter with Sam Bankman-Fried’s mother at the trial, why she doesn’t really consider herself a crypto influencer, and what her plans are now that the trial is over.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: what Tiffany did before getting into crypto how Tiffany lost most of her life savings in the Celsius bankruptcy and how that jumpstarted her journey into the content creation space how she got in touch with Sam Bankman-Fried and got him to speak with her after FTX’s collapse the conversations Tiffany had with SBF during his house arrest  Tiffany's response to the rumors about a romantic relationship with SBF how Tiffany reacted to the DOJ reaching out to her for information before the SBF trial  why she decided to go to the courtroom every day during the SBF trial Tiffany’s unpleasant encounter with SBF's mom, Barbara Fried how Tiffany feels about crypto, and why she doesn’t consider herself a "crypto influencer" what Tiffany’s career plans are now that the SBF trial is over Thank you to our sponsors! Arbitrum Foundation Popcorn Network Phemex Guest Tiffany Fong, Crypto content creator Links Unchained:  RollingStone: The Crypto Whistleblower at the Center of the Sam Bankman-Fried Storm Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the gang breaks down the record $4.3 billion settlement between Binance and the U.S. government — whether it was fair, the chances CEO Changpeng Zhao will face any jail time, whether it was ultimately a good thing for Binance and for the U.S., and what this changes for the industry going forward. They also delve into the SEC’s lawsuit against Kraken, and the drama around Sam Altman’s firing from Open AI and what it says about corporate governance and crypto companies.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:  the details of the settlement between Binance and the Department of Justice  how a core part of Binance’s business model was to allow bad actors on its platform, according to Robert why Binance had to settle with the U.S. government even though it's not an American company why Tom believes that the settlement represents a "very bad lesson" whether U.S. market makers should be liable in cases like these how the crypto community has reacted to the settlement  what the settlement means for the future of the crypto industry  whether the new SEC lawsuit against Kraken is just a “copy-and-paste” of its suit against Coinbase The drama around Sam Altman’s removal from his role as CEO of OpenAI Why Robert thinks that the OpenAI board was “silly and dumb” What the problems at OpenAI say about its innovative governance structure  Hosts Haseeb Qureshi, managing partner at Dragonfly  Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly  Tarun Chitra, managing partner at Robot Ventures Disclosures Links Binance Settlement Unchained:  Binance to Pay $4.3 Billion to Settle U.S. DOJ Criminal Probe; CEO Changpeng Zhao Pleads Guilty for Violating Bank Secrecy Act  Binance CEO CZ Released on $175 Million Bond SEC Charges Against Kraken Unchained: Crypto Exchange Kraken Accused by SEC of Violating Securities Law OpenAI The Verge: Sam Altman returns as CEO of OpenAI Unchained: Worldcoin Falls and Rises After Sam Altman-OpenAI Saga Haseeb’s tweet on accelerationism Learn more about your ad choices. Visit megaphone.fm/adchoices

According to surveys of financial advisors, only 12% are currently recommending that clients invest in Bitcoin, while 47% of advisors personally own Bitcoin and a whopping 77% say they are waiting for a spot Bitcoin ETF to become available so they can offer it to their clients.  On this episode of Unchained, Ric Edelman, founder of the Digital Assets Council of Financial Professionals and author of “The Truth About Crypto,” explains how this should all lead to high demand once the first spot Bitcoin ETFs become available, although it will take some time for them to allocate. Edelman also discusses how FTX’s implosion impacted advisor perceptions of crypto, why investors have not been that excited by crypto futures ETFs, and which Bitcoin ETF issuers he believes are likely to be the big winners. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: how regulatory confusion keeps financial advisors away from recommending Bitcoin to their clients how the collapse of FTX affected financial advisors’ interest in crypto, according to Ric how the knowledge level of financial advisors about Bitcoin is "extraordinarily low" why 77% of investment advisors are willing to buy a spot Bitcoin ETF why there wasn't a huge interest from advisors after the launch of Bitcoin futures ETFs the percentage of client portfolios that he expects they will allocate to BTC why Ric thinks there won't be huge inflows immediately after the approval of spot BTC ETFs how financial advisors will decide whose ETF to buy, among the 12 potential issuers why he believes spot Ethereum ETFs have great growth potential why he thinks tokenization might be the "next big thing" that will increase institutional activity Take the Unchained 2023 survey! Unchained is doing its annual survey. Let us know what we’re doing well, how we can improve, what you’d like to see more of, and generally, how we can serve you better. The survey also helps us find sponsors whose products and services would appeal to you. Plus, participating gives you an opportunity to win Unchained merch! Five randomly selected respondents will receive one free Unchained t-shirt or mug — your choice. Click here to participate. Thanks so much! https://www.surveymonkey.com/r/unchained2023 Thank you to our sponsors! LayerZero Popcorn Network Guest: Ric Edelman, Founder of the Digital Assets Council of Financial Professionals Previous appearance on Unchained: Financial Advisors Control $5 Trillion in Investor Wealth. Are They Buying Bitcoin? Links Previous coverage on spot Bitcoin ETFs: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The 'Low IQ' Response to the Potential Spot Bitcoin ETF Unchained:  BlackRock Files for Spot Ethereum ETF The Bitcoin ETF Is a Double-Edged Sword Bitcoin ETFs Explained: What Are They & How Do They Work? CoinDesk: BlackRock Bitcoin ETF in August Got on DTCC Site That Just Belatedly Moved Markets Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Unchained, Peter Van Valkenburgh, director of research at Coin Center, explains why the IRS's proposed broker rule for tax reporting in crypto could harm the crypto industry as well as the security and privacy of users. He explains how Coin Center thinks the IRS should accomplish its aims, and why that would even work for collecting taxes on DeFi gains.  Additionally, Peter explains why he believes the Bank Secrecy Act might be unconstitutional and how that could potentially affect developers building in crypto.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: What the IRS's proposed broker rule entails for crypto tax reporting and why this could have a negative impact on the industry What responsibilities brokers in the crypto space now face Why the IRS didn’t use Congress's amended language from the infrastructure bill Why Peter argues that the IRS’s new proposed broker rule on crypto is unconstitutional and the principles at stake The alternative approaches Peter suggests the IRS could adopt for more effective and fair regulation Why Peter has concerns for crypto developers about the potential application of the Bank Secrecy Act What actions Coin Center is undertaking to advocate for changes in the Bank Secrecy Act to better align with crypto realities Why Coin Center is appealing in its lawsuit against the Treasury Department over the OFAC sanctions on Tornado Cash Thank you to our sponsors! Arbitrum Foundation Popcorn Network Guest Peter Van Valkenburgh, director of research at Coin Center Previous appearances on Unchained:  Why the SEC Is Probing Yuga Labs and Coin Center Is Suing Treasury How Coin Center Is Helping Define The 'Big Fuzzy Gray Area' Of Blockchain And Cryptocurrency Law Why the SEC's Proposed Rules Affecting DeFi Could Violate the First Amendment Links IRS Crypto Regulation Coin Center: Electronic Cash, Decentralized Exchange, and the Constitution The Blockchain Association’s letter opposing tax regulations proposed by the IRS CoinDesk: How the Crypto Industry Responded to the IRS Proposed Broker Rule Patriot Act  California Bankers Assn. v. Shultz Bank Secrecy Act Coin Center: Broad, Ambiguous, or Delegated: Constitutional Infirmities of the Bank Secrecy Act Tornado Cash Coin Center: U.S. Treasury sanction of privacy tools places sweeping restrictions on all Americans Coin Center is suing OFAC over its Tornado Cash sanction Denial of Coin Center’s motion in its case against the US Treasury over OFAC sanctions Learn more about your ad choices. Visit megaphone.fm/adchoices

The recent Wall Street Journal article that claimed Hamas raised $130 million via cryptocurrency has sparked considerable debate, especially after Sen. Elizabeth Warren used it as her sole source to ask for tighter regulations around crypto. However, the veracity of this claim has come under scrutiny.  Yaya Fanusie, Jessi Brooks, and Andrew Fierman delve into the veracity of reported figures, the methodology behind them, and the subsequent industry responses that sought to correct the public record. They examine the political implications of cryptocurrency, its use in funding organizations, and the nuanced role of stablecoins in this digital economy. Additionally, they address the broader challenges in regulating crypto to prevent illicit funding, emphasizing the need for factual accuracy and a comprehensive approach to understanding and tackling such complex issues.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: how the Wall Street Journal article claimed that Hamas and other militant groups in Palestine raised $130 million via crypto why Yaya, who spent some time in his career doing research on terrorist financing, found those numbers odd why Jessi believes that there's been a loss of focus on facts and accuracy Andrew's explanation of the post by Chainalysis that corrected the record why it's so difficult to make a confident assessment of how much money is being funneled to terrorist groups whether crypto has become politicized  why is it so important to focus not only on the crypto fundraising but also the other avenues, according to Jessi the role of USDT and other stablecoins in fundraising terrorist organizations how North Korea is a much more sophisticated actor than Hamas in its know-how about crypto how the government has tried to respond to the illicit usage of crypto, such as the OFAC sanctions on Tornado cash the challenges to creating regulations to prevent the use of illicit activity in crypto Thank you to our sponsors! Crypto.com LayerZero Popcorn Network Guests: Yaya Fanusie, Director of anti-money laundering and cyber risk at the Crypto Council for Innovation Previous appearance on Unchained: How Widespread Is Money Laundering in Crypto? Hamas has been experimenting with crypto for years: Yaya Fanusie, appearance on FOX Business Jessi Brooks, CCO and Legal Officer at Ribbit Capital Previous appearance on Unchained: How This DOJ Strike Force Hunts Down Cryptocurrency Criminals Andrew Fierman, Head of Sanctions Strategy at Chainalysis  Links Fundraising report and corrections: WSJ:  Hamas Militants Behind Israel Attack Raised Millions in Crypto Cryptocurrency Feeds Hamas’s Terrorism Questioning Two Senators on Crypto Terrorism Washington Post:  U.S. to warn crypto firms against financing Hamas, terror groups  U.S. Cyber Command helps prosecutors seize stolen cryptocurrency traced to illicit N. Korea nuclear weapons program FT: Israel orders freeze on crypto accounts in bid to block funding for Hamas Fortune: Stricter verification laws in the U.S. won’t stop international terrorists from using crypto DOJ: Global Disruption of Three Terror Finance Cyber-Enabled Campaigns Elliptic:  Setting the record straight on crypto crowdfunding by Hamas How Hamas has utilized crypto, and what may be coming Chainalysis:  Cryptocurrency and Terrorism Financing: Correcting the Record DOJ Takedowns Terrorism Financing with Blockchain Analysis Learn more about your ad choices. Visit megaphone.fm/adchoices

After the unwinding of the Japan carry trade, the weak jobs report, and Jump’s dumping of ETH slammed crypto prices earlier this week, Jason Pagoulatos, head of markets at Delphi Digital, gives his insights on where prices are headed. He explains why he thinks Ethereum has underperformed so far in 2024, how the ETH ETFs might impact the price as outflows from Grayscale’s ETHE dwindle, and how the election, moves by the Fed, and the adoption of Bitcoin ETFs by Morgan Stanley advisors will affect BTC.  Show highlights: 00:00 Intro 01:34 Why the markets have rebounded since the weekend selloff 04:11 The role of Jump in the ETH selloff and why ETH has been underperforming so much this year 14:18 Whether Grayscale’s ETHE slowing down the outflows will reverse the trend for ETH 17:53 Why Jason believes that investment advisors will continue to push bitcoin to their clients 20:18 How the macroeconomic environment is affecting crypto prices now and the impact in the near future Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Token 2049 Guest Jason Pagoulatos, head of markets at Delphi Digital Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the gang welcomes Republican presidential candidate Vivek Ramaswamy, who discusses his mission to end the U.S. government’s regulatory overreach of the crypto industry, the parallels between crypto and the biotech industry where he came from, whether “code is law” is an appropriate framework for crypto regulation, how Bitcoin could be a check on the Fed, and how less regulation would actually lead to fewer, not more, instances of fraud like FTX.   Ramaswamy is promising to release a comprehensive crypto policy plan this week.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:  what Vivek thinks about crypto and why he is interested in this topic as a presidential candidate why he believes the SEC is engaging in “unconstitutional overreach” when it comes to crypto what the similarities are between early-stage biotech and early-stage crypto investing whether current regulatory requirements create a "false blanket of security" how Vivek would act to make sure the SEC doesn't overreach how the system should respond to less regulation in terms of fraud and innovation how stablecoins can reinforce the value of the dollar and Bitcoin can help discipline the Fed, according to Vivek whether Bitcoin is an asset that the Fed should buy for its balance sheet why Vivek believes it was a mistake to abandon the gold standard in the 1970s the gang's debrief of the conversation: what stood out, where they agree or disagree with Vivek their reaction to the conviction of Sam Bankman-Fried Hosts Haseeb Qureshi, managing partner at Dragonfly  Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly  Tarun Chitra, managing partner at Robot Ventures Disclosures Guest Vivek Ramaswamy, American entrepreneur and U.S. presidential candidate Links Fox Business: Ramaswamy woos pro-crypto voters, says he’ll build new policy framework for digital assets Axios: Ramaswamy goes after regulators at crypto event CoinDesk: Vivek Ramaswamy Is Drafting a 'Crypto Policy Framework' WSJ: Stablecoins Can Keep the Dollar the World’s Reserve Currency Decrypt: What Stops the Fed From Buying Up Bitcoin? Forbes: What Happened In 1971? Unchained: SBF Trial, Day 18: Sam Bankman-Fried Found Guilty on All 7 Counts in Swift Verdict Learn more about your ad choices. Visit megaphone.fm/adchoices

Last week, OpenSea, the former frontrunner in the NFT marketplace, confirmed the layoff of half its workforce as the NFT markets seemed to bottom out.  gmoney, NFT collector and founder of 9dcc, joins Unchained to provide insight into the once-dominant NFT marketplace’s fall from grace. He talks about the competitive dynamics that challenge the platform's market share and whether a token launch could help. In addition, gmoney delves into why the NFT market has been “abysmal,” what could potentially catalyze its revival, and how he thinks creator royalties will evolve.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: whether OpenSea 'rested on their laurels' after becoming the market leader whether the fact that its competitor Blur launched a token was a reason for OpenSea's fall whether OpenSea not immediately following other platforms such as Blur in making creator royalties optional led to some of its decline how gmoney wants to incentivize people to pay creator royalties  why the NFT market has gone down and what gmoney's thesis for NFTs is what catalysts could cause the next NFT bull run, according to gmoney how NFTs make it possible for certain groups to access new forms of credit  whether Ethereum can be displaced from its leadership position in the NFT market what gmoney thinks could revive OpenSea’s prospects Whether Blur's model is to blame for the decline in the NFT market how gmoney thinks Blur should act to retain its market dominance Thank you to our sponsors! Crypto.com Arbitrum Foundation Phemex Popcorn Network Guest gmoney, NFT collector and founder of 9dcc Links Previous episodes of Unchained and The Chopping Block debating NFT Royalties: The Chopping Block: Did Blur Cause a Decline in the NFT Market? The Chopping Block: Two on Two Debate: NFT Royalty Throwdown! Are NFT Royalties the Way? How to Build a Sustainable Creator Economy Decrypt:  Did Blur Really Crash the NFT Market? OpenSea’s move to make creator royalties optional for NFT trades Blur Overtakes OpenSea as Ethereum NFT Trading Skyrockets The Crypto Times: Blur Jumps Nearly 30% Within Days While OpenSea Layoffs Cointelegraph: OpenSea lays off 50% of staff with severance in preparation for version 2.0 launch CoinDesk: NFT Lending Platform Blend Sparks Concerns Over Ecosystem Liquidity The Information: Coatue Cuts Value of OpenSea Stake by 90% as Fund’s Returns Sag Axios: The fight over a shrinking NFT market as marketplaces foresee next big boom  Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, they explore the enigmatic 'unhinged scale' metric, consider whether recent layoffs could have been anticipated, and examine the challenges facing the NFT market. They also provide a somewhat critical look at the events of the recent BAYC Apefest and share their takeaways on how Solana survived the Sam Bankman-Fried and FTX fiasco.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:  What the unhinged scale metric is and why SBF ranks the highest in that metric Whether the companies doing layoffs could have predicted the market moves in a better way Whether people and the press are being too harsh on the companies reducing their workforce How the NFT market is a much harder environment than everything else, given the extreme volatility Whether the model used by Blur caused the value of NFTs to go down What’s more important in the NFT market: the supply or the demand The BAYC ‘Apefest’ that caused eye damage to some participants and whether someone sabotaged the meetup Tarun’s takeaways from the recent Solana conference in Amsterdam Whether the people who survived the Solana market crash are like ‘cockroaches after a explosion’ Why Haseeb believes that Solana represents the most incredible story in the history of Layer 1s Whether crypto gaming studios should focus on building ‘dumber’ games rather than AAA ones Why “nature is a Ponzi scheme,” according to Tarun Hosts Haseeb Qureshi, managing partner at Dragonfly  Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly  Tarun Chitra, managing partner at Robot Ventures Disclosures Links Previous episodes of Unchained and The Chopping Block debating NFT Royalties: The Chopping Block: Two on Two Debate: NFT Royalty Throwdown! Are NFT Royalties the Way? How to Build a Sustainable Creator Economy Decrypt:  Ava Labs Confirms Layoffs, Affecting 12% of Avalanche Studio's Employees Did Blur Really Crash the NFT Market? Cryptotimes.io: Blur Jumps Nearly 30% Within Days While OpenSea Layoffs Cointelegraph: OpenSea lays off 50% of staff with severance in preparation for version 2.0 launch Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Unchained, Laura does a detailed unpacking of the historic Sam Bankman-Fried trial and verdict with defense lawyer Sam Enzer and former Southern District of New York prosecutor Rich Cooper. They discuss what a thorough job the government did in presenting its case, whether the government will pursue a second trial on campaign finance charges, why it takes so long for sentencing to occur, what the differences between this case and the Bernie Madoff case are, and what Bankman-Fried’s likely sentence will be.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: how the cross-examination of SBF showed to the jury that he was unreliable, according to Rich why the charge conference with the jury is important to the prosecution for “protecting the record” why the closing argument of the prosecutors was so effective  what “conscious avoidance” is and how the prosecutors tried to prove that SBF was guilty of that why SBF’s tweet last November that "FTX is fine" was the hardest part of the trial for the defense, according to Enzer why Enzer wasn’t surprised by how quickly the jury made its decision  what SBF’s strongest argument is for an appeal why Enzer "hopes" that there won't be a second trial against SBF and whether he will plead guilty to the additional charges why the sentencing occurs so many months after the verdict how this case is similar, but also different, from the Bernie Madoff case how many years SBF could spend in prison, according to Enzer and Cooper when cooperating witnesses such as Caroline Ellison, Nishad Singh, and Gary Wang are likely to get sentenced Thank you to our sponsors! Crypto.com LayerZero Popcorn Network Guest: Sam Enzer, partner at Cahill Gordon & Reindel. Previous appearances on Unchained:  Why SBF's Testimony So Far Has Likely Already Doomed Him Another Bad Week for Sam Bankman-Fried in His Criminal Trial Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial? Rich Cooper, Former SDNY prosecutor Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? Visit www.unchainedcrypto.com for more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Two Genesis creditors, BJ and Branden, who prefer to use pseudonyms for security reasons, spoke with Unchained about the alleged fraud by the crypto lender and its parent company, Digital Currency Group (DCG). The discussion is one of the first times Genesis creditors have spoken with a media organization about the situation.   BJ and Branden explain how they gave more loans to Genesis after it took a $1.1 billion hit from the liquidation of Three Arrows Capital and how they then came to be members of the ad hoc group, a collective of Genesis customers who came together to try and save the company from bankruptcy.   They talk about how they now want DCG to pay back the $1.1 billion it owes over a shorter timeframe and to pay back any Bitcoin in actual Bitcoin. The discussion with Unchained followed shortly after New York Attorney General Letitia James filed a lawsuit against Genesis, along with its parent company Digital Currency Group, and Gemini Trust. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: what NYAG Letitia James alleged in the lawsuit against Gemini, DCG, and Genesis how BJ and Branden became creditors of Genesis, including the role of the influence of MicroStrategy's Michael Saylor how Genesis claimed it got into what it called a “liquidity mismatch” how, after the Three Arrows Capital collapse, BJ and Branden were reassured that Genesis had "no issues" and "was back to business" whether the trading and lending units of Genesis were all part of the same company and why that distinction is important what the difference is between the ad hoc group and an unsecured creditors committee what the creditors are proposing in order to get their assets back why the creditors want to be paid in crypto, not in USD whether the case will go to litigation and what Silbert can do to avoid it   Thank you to our sponsors! Crypto.com Arbitrum Foundation Phemex Popcorn Network Guests: Branden, Creditor of Genesis BJ, Creditor of Genesis Links Previous coverage of Unchained on Genesis and DCG: ​​Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It? Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy? $630M Due Next Week: Is DCG at Default Risk? NYAG Lawsuit Unchained: NY Attorney General Sues Crypto Firms Gemini, Genesis, and DCG for Over $1 Billion Fraud The Block: DCG says it was 'blind sided' by NYAG suit in third quarter shareholder letter Genesis, Gemini, DCG disputes Unchained: Gemini Says DCG Missed $630 Million Payment Last Week Cameron Winklevoss Threatens to Sue DCG and Barry Silbert Over Delays in Genesis Resolution DCG Calls Gemini Lawsuit a ‘Publicity Stunt’ From Cameron Winklevoss DCG Calls Gemini’s Complaint a PR Campaign in Motion to Dismiss Lawsuit FTX and Genesis Reach $175 Million Settlement, Resolving Complex Dispute DCG and Genesis Reach In-Principle Deal With Creditors Gemini and Genesis Creditor Groups Object to In-Principle Deal to Resolve Bankruptcy Genesis Winds Down its US Spot Crypto Trading Operation Genesis Sues Parent Company DCG, Seeks Repayment of $600 Million DCG Proposes Remuneration Plan That Could Enable Gemini Earn Users to Be Made Whole Genesis Winds Down All Crypto Trading Services: Report Gemini Pushes Back on DCG’s Remuneration Proposal, Calling it an ‘Attempt to Bait’ Earn Users   Learn more about your ad choices. Visit megaphone.fm/adchoices

The downfall of former FTX CEO Sam Bankman-Fried from king of the crypto world to crypto scammer is complete. A Manhattan jury of nine women and three men took less than five hours Thursday afternoon, day 18 of the high-profile trial, to convict Bankman-Fried on seven counts of fraud and conspiracy for stealing billions of dollars of his customers’ assets.  “Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history, a multi-million scheme designed to make him the king of crypto,” said Damian Williams, U.S. attorney for the Southern District of New York in remarks following the verdict. The guilty verdict came a year to the day after crypto publication CoinDesk published a story showing balance sheet irregularities at Bankman-Fried’s investment company, Alameda Research, that suggested the ties between Alameda and FTX were unusually close. Bankman-Fried now faces potentially decades in prison. Sentencing is scheduled for March 28. After listening to Judge Lewis Kaplan read through 60 pages of instructions, jurors quickly concluded that Bankman-Fried was responsible for decisions that led to an $8 billion hole in its balance sheet, including the use of customer assets for political donations, investments and his own personal use. Prosecutors had reiterated this theme in a stinging, Thursday morning rebuttal.  And jurors rejected whole-hog Bankman-Fried’s defense team’s narrative that Bankman-Fried was being villainized for being a poor manager who didn’t create sufficient risk management systems. They also did not buy into Bankman-Fried’s claim that he was unaware of the severity of his company’s financial problems and that his inner circle, three of whom testified earlier in the trial as part of plea agreements, were to blame.  “We respect the jury’s decision,” said Bankman-Fried’s lead attorney, Mark Cohen. But we are very disappointed with the result. Mr. Bankman-Fried maintains his innocence and will continue to fight the charges against him.” U.S. attorney Wiliams called Bankman-Fried’s crimes “ fraud” as “old as time,” and said his office had “no patience for it.”  He added: “This case moved at lightning speed, that was a choice, not a coincidence.” Catch up on Unchained’s previous coverage:  SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

Prosecutors and defense attorneys in the trial of former FTX CEO Sam Bankman-Fried closed their arguments with similar stories to their opening statements more than three weeks ago: a tale of two Sams. On Wednesday morning, day 17 of the trial, the government took jurors on a final grand tour of Bankman-Fried’s alleged lies, evasions and misdirections that they said aimed to hide the ugly truth of a gaping $8 billion hole in the crypto exchange’s balance sheet from investors and regulators, and that reflected his indifference to spending customer assets.  Assistant U.S. Attorney Nicholas Roos said that as the person overseeing FTX and the separate trading entity, Alameda Research, to which FTX funneled customer deposits, Bankman-Fried was the only person who could have been responsible for decisions that led to the deficit – criminally so. “He told a story and he lied to you,” said Roos, who punctuated his more than two-hour presentation with metadata readings and time tables that seemed to devastatingly illustrate SBF’s ongoing awareness of his company’s financial debacle. But in the afternoon, Bankman-Fried’s defense team portrayed him in softer tones, as a math nerd with no ill-intent and guilty only of bad management, particularly his failure to install adequate risk management protections. Attorney Mark Cohen said that the government had failed to prove its case as it sought to create a Hollywood villain responsible for the disappearance of the funds, cartooning his dress and personal habits to make their case. At one point, he seemed to appeal to jurors’ emotions, reminding them that Bankman-Fried had lived a big life and now faces prison. Bankman-Fried faces potentially decades in prison on a total of seven counts of wire fraud and conspiracy. The prosecution will have an opportunity for rebuttal on Thursday, and jurors could begin deliberating his fate before the end of the day..  Often raising his voice for dramatic effect, Roos highlighted earlier testimony from Bankman-Fried’s inner circle and Google metadata indicating his awareness of the balance sheet woes to show his involvement in the company’s oversight. Bankman-Fried testified on Monday that he was unaware of the problems, suggesting others were to blame.  And Roos used the time tables to demonstrate separately that Bankman-Fried had lied to Congress about protecting customer assets even as he paid off loans using them, and that he had spent heavily on investments, political contributions and personal items, even after he knew of the massive balance sheet hole.  “This was a pyramid of deceit built by the defendant on a foundation of lies and false promises, all to get money, and eventually it collapsed, leaving countless victims in its wake,” Roos thundered. Visit UnchainedCrypto.com for prior episodes Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner chop it up about the latest news. This week, the gang sits down with guest Nic Carter of Castle Island Ventures, whose tweet thread pushed the Wall Street Journal to correct its story that Hamas had raised tens of millions in crypto. Carter discusses the challenges in tracking how much crypto Hamas has actually received, the declining prospects for Sam Bankman-Fried’s acquittal, and ongoing dramas surrounding staking protocol Lido and decentralized exchange dYdX.   Show highlights:  Why the cross-examination has not gone well for Sam Bankman-Fried how the Wall Street Journal misinterpreted data and may have overstated the amount of crypto donations flowing to Hamas for terrorist activities  why it’s difficult to pinpoint how much funding Hamas has raised in crypto donations how extensive crypto funding for terrorists is believable to many outside observers of the industry, even recently some of its supporters in Congress, but does not reflect reality Why Hamas has decided on its own to stop trying to raise funds in crypto how Lido is upset at the way Layer Zero has pre-marketed its bridge why dYdX’s pivot to decentralization with fees going into its token is a positive development but does not give the protocol the moral high ground to attack erstwhile competitors such as UniSwap. Hosts Haseeb Qureshi, managing partner at Dragonfly  Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly Guest Nic Carter, general partner at Castle Island Ventures Disclosures Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges  Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender Day 10: Defense Struggles to Discredit Nishad Singh's Testimony Day 11: How Alameda Got FTX Into a $9 Billion Hole Day 12: Former FTX General Counsel Speaks Out Against SBF Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX Day 15: Prosecutors Hammer Bankman-Fried’s Contradictions With Reams of Evidence Day 16: In Final Cross Examination, SBF Gets Caught Again by His Own Words Hamas Unchained: Binance Helps Israel Police Freeze Hamas Crypto Accounts: Report Unchained: Bitcoin Slips to $27.4K Amid Escalating Israel-Hamas War but Long-Range Impact Remains Uncertain Nic Carter Twitter thread: Can crypto-twitter OSINT outperform the WSJ’s chain analysis? Nic Carter Tweet: Liz Warren wyd? The Wall Street Journal: The Wall Street Journal and Liz Warren double down on the Hamas crypto canard Washington Post: U.S. to warn crypto firms against financing Hamas, terror groups CoinDesk: The Hamas Funding Story Is Why Crypto Is Sick of the Mainstream Media Layer Zero/Lido LayerZero’s wstETH bridge deployment draws Lido DAO ire LayerZero introduces omnichain token to move Lido's wstETH across Avalanche, BNB Chain and Scroll dYdX Examining dYdX’s Path to Profitable DeFi Learn more about your ad choices. Visit megaphone.fm/adchoices

For a second, consecutive day, prosecutors pounded away at Sam Bankman-Fried’s credibility, asking the former FTX CEO to explain his obliviousness about how Alameda had spent $8 billion of FTX customer funds. Prosecutors and the defense both rested their cases on Day 16 of the high-profile trial. Both sides will make their closing arguments on Wednesday and jurors could begin deliberating the following day.  While Bankman-Fried claimed that he thought “it was permissible” for Alameda to use FTX customers’ fiat deposits, he also admitted that he didn’t tell his employees not to spend that money or create measures to segregate FTX customer funds from Alameda’s. Prosecutor Danielle Sassoon also grilled him on why he didn’t look into who had spent the FTX customer money. “So it’s your testimony that while you were CEO of Alameda some unknown people spent $8 billion without your knowledge?” prosecutor Danielle Sassoon asked Bankman-Fried, who replied that he didn’t agree that was his testimony. Bankman-Fried later said that he had asked former Alameda CEO Caroline Ellison to explain the $8 billion in spending but did not fire anyone. Under subsequent defense questioning, Bankman-Fried said that he had wanted to look ahead. Earlier in the day, Sassoon had honed in on Bankman-Fried’s allegedly close relationship with government officials in the Bahamas, and presented an email in which he said that the company had “segregated funds for all Bahamian customers on FTX and that it would be “more than happy to open up withdrawals for all Bahamian customers on FTX.” The communication came Nov. 9, 2022, a few days after FTX had halted customer withdrawals as awareness of its financial problems grew.  Catch up on Unchained’s previous coverage:  SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF SBF Trial, Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX SBF Trial, Day 15: Prosecutors Hammer Bankman-Fried’s Contradictions With Reams of Evidence Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

In a trial during which he has suffered many low points, former FTX CEO Sam Bankman-Fried may have reached a nadir on day 15 as prosecutor Danielle Sassoon used his own words to show stark contradictions from his earlier testimony and a seemingly callous disregard for customer assets. The tenacious, methodical Sassoon punctuated her more than four hours of interrogation on Monday afternoon with devastating audio and visual evidence of Bankman-Fried, including memos to himself, internal FTX and Alameda documents, and testimony to Congress that countered statements he’d made under his defense team team’s kinder questioning. In one instance, Sassoon showed a Signal chat in which Bankman-Fried expressed his interest in purchasing MAPs token, a direct refutation of his testifying that he “was not involved at all in any way” in trading.  In another instance, she illustrated Bankman-Fried’s alleged lack of regard for his Twitter followers, showing a screenshot of a Twitter DM with Kelsy Piper in which he admits to being insincere about his support for regulation that protects customers, telling Piper at one point, “just PR, fuck regulators.” Bankman-Fried claimed not to remember a spreadsheet with seven, different balance sheets created by then Alameda Research CEO Caroline Ellison to make the company’s balance sheet look better than it was, a key piece of evidence that Ellison addressed in her testimony. Sassoon presented Google metadata showing Bankman-Fried had read the document.  Dressed in a light gray suit with a purple tie, Bankman-Fried claimed repeatedly not to remember other events or his responses in conversations, and he answered other questions with curt yeses and nos, unlike the windy, often convoluted responses that he provided to his defense team earlier in the day and on Monday. And as Sassoon continued to catch him in contradictions, he seemed to grow irritable and occasionally rocked back and forth in his chair.  Prosecutors will continue their cross-examination on Tuesday followed by redirect for one or two hours before the defense closes its case. The prosecution will then call two rebuttal witnesses. Catch up on Unchained’s previous coverage:  SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF SBF Trial, Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers SBF Trial, Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

The recent crypto crash has left many investors questioning the way the market is going. In this episode, Jeff Dorman, chief investment officer at Arca, provides a deep dive into the factors behind the crash, the macroeconomic influences at play, and why he remains optimistic despite the downturn. Expressing surprise at Ethereum's underperformance this year, he describes how the Democrats’ handling of crypto is an own goal, and how TradFi and DeFi differ from each other during market upheavals. Show highlights: 00:00 Intro 01:38 The two main reasons the markets crashed this past weekend 05:29 How the macro environment has affected crypto lately and why the market has gotten “way ahead of itself” 12:44 Why ETH was down so much, more than other cryptocurrencies 16:52 The “most important” shift in crypto policy that has occurred this year 21:19 The Japanese yen carry trade that was one of the key factors in the market meltdown 30:20 Whether Genesis distributing $4 billion in assets had an impact on the market 33:39 Why Jeff believes that the data we have today does not point to a recession in the U.S. 36:49 Why Jeff says he’s "buying the dip” 40:47 Crypto as a political issue and why he thinks Harris winning would not be as bad for crypto as many believe 48:19 Why bitcoin doesn’t always act as a hedge against equity-related or geopolitical risk, in Jeff’s opinion 52:56 What Jeff thinks about the proposals for the U.S. government to buy bitcoin for a strategic reserve 54:15 The stark contrast between TradFi giants halting trading and the permissionless nature of DeFi Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Token 2049 Guest: Jeff Dorman, Chief Investment Officer at Arca. Previous appearances on Unchained: How Elon Musk Pushed DOGE Up and BTC Down, With Arca's Jeff Dorman 3 Things SushiSwap Needs to Get in Order, According to Arca Links Market crash: Unchained:  Ethereum Drops Below $2,300 Amid Jump Crypto Rumors Bitcoin ETF Trading Volume Surges to $4.7 Billion Amidst Market Selloff Bitcoin and Ethereum Funds Record $546 Million in Weekly Outflows: CoinShares The Block: Cryptocurrency market capitalization registers largest daily drop since 2022 Japan BBC: The Bank of Japan raises interest rates for second time this year The Defiant: Here’s an ELI5 on on How Japan Sent Global Markets Tumbling SEC: Eleanor Terret’s tweet on the SEC’s funding Unchained: Can Gary Gensler Be ‘Fired’ If Trump Becomes President Again? Others: The Block: Genesis completes bankruptcy restructuring, begins distributing $4 billion in crypto and cash Poylmarket: US Presidential Elections odds Learn more about your ad choices. Visit megaphone.fm/adchoices

Sam Enzer, a partner at the law firm Cahill Gordon & Reindel, told Laura that former FTX CEO Sam Bankman-Fried did about as well as he could in his testimony Friday but that he was unlikely “to withstand the scrutiny” of what prosecutors have already said will be a robust cross-examination when he takes the stand Monday.  Enzer noted that Bankman-Fried’s attempts to explain why he thought his trading shop, Alameda Research, could borrow billions in dollars of FTX customer assets “defies common sense,” and that the company’s own terms of agreement or any other communications offered no justification for this belief. A Thursday hearing without the jury present, in which the defense gave a preview of some arguments it wanted to make, ended up giving the government answers from SBF that it can now use against him. Enzer also said that Bankman-Fried’s contention that his biggest mistake – a failure to implement proper risk management – did not constitute criminal fraud, did not address the core of the government’s case; namely, that he lied about how FTX was handling customer deposits. Show highlights: why Enzer thinks Sam Bankman-Fried’s testimony is unlikely to sway jury sentiment or withstand cross-examination why the evidentiary hearing in which SBF testified without a jury may hurt his cause the purpose of the evidentiary hearing how Judge Lewis Kaplan hinted at what he thought about SBF’s testimony how Bankman-Fried is likely to fare against prosecutor Danielle Sassoon in what she has promised will be a robust cross-examination how the defense tried to recast SBF’s image by humanizing him why the defense now has the strongest grounds for an appeal than it previously did  what the jury is likely to make of SBF’s contention that he was in the dark about core allegations  why the prosecution said it will call rebuttal witnesses what a charge conference is and why that will take place after SBF testifies Thank you to our sponsors! Crypto.com Arbitrum Foundation LayerZero Popcorn Network Guest: Sam Enzer, partner at Cahill Gordon & Reindel Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges  SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF SBF Trial, Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers SBF Trial, Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Good Morning America: FTX's Sam Bankman-Fried on crypto giant's collapse: 'A lot of people got hurt. And that's on me' Learn more about your ad choices. Visit megaphone.fm/adchoices

Sam Bankman-Fried took the stand before a jury for the first time in his criminal trial for allegedly defrauding FTX customers. The exchange’s co-founder and former CEO tried to recast the image that prosecutors spent nearly three weeks shaping of an executive who defrauded customers and dismissed the concerns of the three members of his inner circle, all of whom named him as their co-conspirator earlier in the trial.   Responding to his defense team’s gentle questioning, SBF spent large parts of his testimony, offering alternative, often long-winded explanations for actions and behavior that prosecutors allege demonstrated intent to evade legal and regulatory scrutiny of the business he created. He admitted to making mistakes, which supported his defense team’s “failed entrepreneur” strategy, and none more significant than a failure to create a dedicated risk management team.  Bankman-Fried denied committing any crimes or attempting to defraud anyone and said that he believed funds used for sponsorships, real estate purchases, political donations, venture investments and payments to lenders did not come from customer funds. At times, he attempted to shift blame for certain decisions on the inner circle, who he insisted had the authority to take action “on behalf of the company without consulting” him.  SBF described former CEO of Alameda Research, Caroline Ellison, his on-and-off girlfriend, as a good trader and researcher who did not act on his stated concerns about the FTX trading arm’s exposure to market risk and importance of hedging. Ellison, who agreed to a plea deal with prosecutors, testified early in the trial that Bankman-Fried had asked her to manipulate Alameda balance sheets at Bankman-Fried’s direction to make them seem less risky to lenders and that Alameda had used FTX customer funds for its own investments. Prosecutors have promised a robust cross-examination next week. Whether they or Bankman-Fried’s version of events is more persuasive for jurors remains uncertain.  Catch up on Unchained’s previous coverage:  SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF SBF Trial, Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

In a recent report, Alex Thorn, head of research at Galaxy, predicted that inflows to spot bitcoin ETFs would rise above $14 billion in the first year following the potential approval by the Securities and Exchange Commission of multiple applications the agency is considering. Thorn called the availability of this product significant because it will give financial advisors and wealth managers accessibility to digital assets in a way that will be acceptable to clients seeking exposure to crypto. He also believes approval of a spot BTC ETF could occur this year before the holidays, and draws comparisons between bitcoin and gold as investment products.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: why Alex believes this is a significant moment for Bitcoin how, in Bitcoin, retail had access to this asset before institutions why Alex expects the spot Bitcoin ETF approved this year what the capital inflows Galaxy expects to be in the first years and how they arrived at those numbers  whether the addressable market will increase significantly for Bitcoin what will be the average percentage of assets adding BTC exposure why Alex compares Bitcoin to gold, and what he learned after comparing both types of assets how much the price of Bitcoin will increase after the first year of the ETF approval, according to Galaxy's report how the several spot Bitcoin ETFs will be differentiated  Thank you to our sponsors! Crypto.com Arbitrum Foundation Popcorn Network Guest Alex Thorn, head of firmwide research at Galaxy Links Previous coverage of Unchained on spot Bitcoin ETFs: Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The 'Low IQ' Response to the Potential Spot Bitcoin ETF Unchained:  Bitcoin Soars Past $35,000 Amid Spot ETF Optimism Bitcoin ETFs Explained: What Are They & How Do They Work? CoinDesk: BlackRock Bitcoin ETF in August Got on DTCC Site That Just Belatedly Moved Markets 12 spot bitcoin ETFs in consideration by the SEC Galaxy: Sizing the Market for a Bitcoin ETF Alex’s thread drawing out highlights from the report Alex’s thread on the potential for a “gamma squeeze” CoinShares Digital Asset Funds Flow Weekly Learn more about your ad choices. Visit megaphone.fm/adchoices