Afleveringen
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Ryan Salame, the former CEO of FTX Digital Markets, is headed to prison, but not before sharing his side of the story. Ryan talks candidly about the decisions he made at FTX, why he withdrew millions of dollars worth of assets in the days leading up to its bankruptcy, and the backstory behind the Thai prostitute trading scheme to unfreeze Alameda’s funds in China. He also disputes the claims about his campaign finance violations, while explaining why he thinks Caroline Ellison is “at least as guilty as SBF” and that Nishad Singh lied.
Show highlights:
Ryan’s life pre-FTX and how he got into crypto
His three attempts to quit working at FTX
How Ryan committed campaign finance violations
Why Ryan disputes claims that FTX misled banks and misused customer funds
How Ryan was involved in setting up trading accounts with the identities of Thai prostitutes to unfreeze Alameda’s funds
Whether Ryan was involved in bribing a Chinese official
Why he withdrew millions of dollars worth of assets from his FTX accounts right before its bankruptcy
Why Ryan claims he was cooperative with prosecutors, despite common belief
How he refuses to comment on his wife Michelle Bond's case, but denies wrongdoing
Why Ryan pleaded the Fifth Amendment
His allegations that prosecutors lied to his lawyers about whether they would pursue charges against Michelle
Why he thinks that SBF could have never coerced Caroline Ellison and whether Ellison is “equally guilty” as SBF
Why Ryan believes Nishad Singh lied to save himself and his take on Gary Wang
How, if he didn’t know about the fraud, he could be so certain that Caroline or Nishad lied
Whether the legal advice from FTX’s and Alameda’s lawyers should have been considered in Bankman-Fried's trial
Whether testimony from more employees could have created reasonable doubt in SBF's trial
Why Ryan is going to law school
His plans post-prison
What Ryan learned from the FTX debacle
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
Mantle
Guest:
Ryan Salame, former CEO of FTX Digital Markets
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and special guest Stani Kulechov chop it up about the latest in crypto. In this episode, the crew dives into the latest speculation about Satoshi Nakamoto, spurred by the just-released HBO documentary. They also discuss Ethereum’s big debate over block times and blob storage expansion, exploring whether these changes can keep Ethereum competitive. The conversation gets heated with talk of a Trump whale on PolyMarket, Operation Chokepoint 2.0, and TikTok’s role in onboarding memecoin buyers. Don’t miss this episode packed with crypto conspiracies, performance debates, and insider gossip!
Show highlights
🔹 Who is Satoshi? Speculation about the HBO documentary “Money Electric” possibly revealing Satoshi Nakamoto’s identity.
🔹 Trump Betting Whale on PolyMarket: Discussion about a large whale accumulating Trump shares in Polymarket and addresses conspiracy theories.
🔹 MEV Reduction Through Shorter Block Times: Reducing Ethereum’s block times from 12 seconds to 8 seconds could decrease MEV by making arbitrage harder, with potential UX and cost improvements for Ethereum.
🔹 Blob Space Expansion: Increasing Ethereum’s blob storage for rollups might prevent alternative data availability layers like Celestia from gaining ground, raising whether more blob space is necessary.
🔹 Operation Chokepoint 2.0: New revelations suggest that regulators, possibly spurred by Elizabeth Warren, pressured banks to unbank crypto firms without formal rulemaking, with Tom calling it “shocking” how accurate initial speculations were.
🔹 Ethereum’s Future Performance Debate: Stani suggests Ethereum should continue to innovate and improve Layer 1 performance, advocating for faster block times and more radical changes to maintain its competitive edge.
🔹 DeFi Market Dynamics: The panel dives into how competitive decentralized finance platforms like Aave and Compound maintain resilience in an ever-evolving landscape, with Stani commending Robert’s contributions to the space.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Tarun Chitra, Managing Partner at Robot Ventures
Guest:
⭐️ Stani Kulechov, Founder & CEO Avara
Disclosures
Timestamps
00:00 Intro
01:09 Mainnet Conference Recap
05:39 HBO & Satoshi Nakamoto
12:55 Election Betting
21:24 World Liberty Financial
31:54 Operation Chokepoint 2.0 Exposed
39:44 Challenges in Crypto Disclosures
50:18 Ethereum's Potential Upgrades
1:03:59 Future of Avara
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Zijn er afleveringen die ontbreken?
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As the PBOC and Fed shift their stances on rates and liquidity flows, the macro landscape is evolving rapidly. In this episode of Bits + Bips, we unpack how these policy changes could spark a massive surge across all asset classes—from equities and bonds to Bitcoin and crude oil.
The hosts, joined by Nikos Kargadouris, a seasoned trader, discuss why liquidity is about to flood the markets, why fears of a U.S. recession may be overblown, and how even memecoins could benefit.
Plus, are central banks close to buying bitcoin ETFs?
Show highlights:
How the PBOC's shift in policies impacted the markets and when we’ll see a “bazooka”
How market complacency and short positions on oil amid geopolitical tensions could lead to mispricing and unexpected volatility
How rising crude oil prices could slow the U.S. economy, despite the country being a net oil exporter
How strong payrolls data reduced market expectations of U.S. rate cuts
Why predictions of a U.S. recession might be off
Whether it matters for crypto who wins the elections
The chances of central banks adopting Bitcoin
What the outlook for memecoins looks like in the next months
Whether the HBO documentary about the identify of Satoshi Nakamoto will be a disappointment
Sponsors:
Gemini
Stellar
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric
Guest:
Nikos Kargadouris, Chief Investment Officer of a private investment office specializing in cross-asset thematic macro and digital asset strategies.
Timestamps:
00:00 Intro
02:09 Impact of the PBOC’s policy shift and timing of the “bazooka”
15:01 Oil mispricing and volatility due to geopolitical tensions
27:30 Rising oil prices and potential U.S. economic slowdown
35:51 Strong payrolls reducing expectations for U.S. rate cuts
44:11 Why U.S. recession predictions might be wrong
50:10 Can prediction markets reflect U.S. election outcomes?
56:05 Does the election winner matter for crypto?
1:04:43 Memecoin outlook for the next months
1:15:34 Will the HBO documentary disappoint?
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The crypto community is facing a new kind of threat—North Korean devs are infiltrating crypto companies to steal millions and funnel funds back to the regime in order to bypass sanctions.
In this episode, Sam Kessler, CoinDesk’s deputy managing editor for tech and protocols, and Taylor Monahan, security at MetaMask, explain how North Korea has embedded its operatives into the crypto space, the red flags companies should watch for, and what these hackers are doing once inside crypto firms.
Plus, they share their most interesting stories about how these hackers have gotten hired at crypto companies and the red flags the industry should know about.
Show highlights:
What Sam found in his investigation about North Koreans infiltrating the industry
How Taylor has found that this is a recurring issue
Why Sam and Taylor refer to these infiltrated workers as ‘IT’ workers
The most interesting stories that Sam and Taylor have discovered
The trends in the hiring process that lead to North Koreans being hired and also what the big red flags are
How “easy it is to de-anonymize” addresses and transactions in blockchains
What assets and networks these workers often use to get paid
How, after infiltrating a company, those projects get hacked
How to deal with a situation in which you’ve already hired North Koreans
How to protect a protocol from another type of North Korean hack: by hacking groups
Whether the industry is getting better at security
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
Mantle
Guests:
Sam Kessler, CoinDesk's deputy managing editor for tech and protocols
CoinDesk: How North Korea Infiltrated the Crypto Industry
Taylor Monahan, Co-Founder of MyEtherWallet
Previous appearances on Unchained:
The QuadrigaCX Case: Taylor Monahan on What We Know From the Blockchain
MyCrypto's Taylor Monahan on Why She's Not a Fan of ICOs
Links
Previous coverage of Unchained on North Korea:
Why North Korea Is Interested in Cryptocurrency
Yeonmi Park on Why Doing Business With North Korea Is Like Buying a Ticket to a Concentration Camp
Others:
DL News: North Korean hackers are infiltrating crypto job boards in a ‘quiet war’ that rakes in $600m
FBI PSA: North Korea Aggressively Targeting Crypto Industry with Well-Disguised Social Engineering Attacks
Chainalysis:
2024 Crypto Crime Mid-year Update Part 1: Cybercrime Climbs as Exchange Thieves and Ransomware Attackers Grow Bolder
Funds Stolen from Crypto Platforms Fall More Than 50% in 2023, but Hacking Remains a Significant Threat as Number of Incidents Rises
Russian and North Korean Cyberattack Infrastructure Converge: New Hacking Data Raises National Security Concerns
ZachXBT: How Lazarus Group laundered $200M from 25+ crypto hacks to fiat from 2020–2023
Timestamps:
00:00 Intro
01:59 Sam's findings on North Korean workers infiltrating crypto projects
04:04 Taylor on the recurring nature of the issue
09:05 Why they’re referred to as ‘IT’ workers
16:17 Most interesting infiltration stories
34:16 Hiring trends and red flags for North Korean operatives
44:02 How easy it is to de-anonymize blockchain transactions
51:05 Assets and networks used for payment
54:06 How infiltrated companies end up getting hacked
58:36 What to do if you've already hired North Korean operatives
1:00:21 How to protect a protocol from being hacked
1:06:22 Is the industry improving in security?
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew dives into Ethereum’s homestaking crisis and its growing competition from high-throughput chains like Solana. They tackle the explosive drama between EigenLayer and Celestia, including the controversial $82 million token sale by VCs. The discussion also covers Ethereum's future, staking rewards, and how restaking could boost its long-term value. Tune in for a deep dive into the challenges and ethical debates shaping the blockchain space right now!
Show highlights
🔹 Total Fees in DA: Data availability (DA) layers generate relatively low fees compared to other blockchain networks.
🔹 EigenLayer Token Launch: EigenLayer launched at a $6 billion valuation, sparking drama with Celestia over DA performance.
🔹 VC Staking Practices: Polychain sold $82 million in Celestia staking rewards, raising ethical concerns about token vesting practices.
🔹 Ethereum Homestaking Debate: Ethereum’s focus on homestaking is being questioned as it faces competition from faster, high-throughput chains.
🔹 Ethereum vs. Solana: Ethereum is urged to take growing competition from Solana seriously to maintain its market dominance.
🔹 Restaking for Monetary Premium: Restaking in EigenLayer could significantly boost Ethereum’s value and long-term sustainability.
🔹 Staking Rewards and Inflation: Staking rewards protect investors but can lead to ethical issues with inflation mechanics.
🔹 Scaling Ethereum: Critics suggest Ethereum should increase bandwidth and capital requirements to enhance scalability and performance.
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
Disclosures Related to Employee and Investor Staking by EigenLayer https://docs.eigenlayer.xyz/eigenlayer/information-and-transparency/disclosures
“Polychain invested around $20mil in the Series A&B round of Celestia and have already sold over $82 million worth of $TIA just from staking rewards” by @gtx360ti
https://x.com/gtx360ti/status/1839553081773560045
“I think there's a sane version of this where we recognize that 32 ETH is much more of a barrier than bandwidth reqs” by @VitalikButerin
https://x.com/VitalikButerin/status/1841756178692358587
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October started with hopes for “Uptober”—a positive price trajectory in October—in the Bitcoin community, since, historically, Bitcoin has performed well this month. But things took a turn when geopolitical tensions in the Middle East escalated, raising concerns about how that could affect Bitcoin’s price this month.
In this episode, André Dragosch, European Head of Research at Bitwise, talks about how Bitcoin typically responds to geopolitical shocks, whether this could present a buying opportunity, and how major events like the U.S. elections might shape Bitcoin’s future.
Show highlights:
How Bitcoin’s reacted to the geopolitical escalations
Why André believes this is a buying opportunity
How there was a macro capitulation after the beginning of the unwind of the Japan carry trade in August
Whether Bitcoin can truly act as a safe haven asset
How the clientele of ETFs have changed the market structure for Bitcoin
Whether ‘Uptober’ is canceled
How Andre expects Bitcoin will perform depending on the winner of the U.S. elections
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
Mantle’s FBTC
Guest
André Dragosch, European Head of Research at Bitwise
Bitcoin as a Safe-Haven: Hedging Against Geopolitical Risks
Links
Previous coverage of Unchained on the recent market movements::
Investors Ditch Bitcoin, Scoop Up Gold, as Iran-Israel Tensions Escalate
$500 Million Liquidated From Crypto Markets Cools ‘Uptober’ Enthusiasm
Unchained:
Bitwise CIO Matt Hougan’s thread on how bitcoin & gold have performed
BlackRock’s bitcoin report
Timestamps:
00:00 Intro
01:14 How Bitcoin's price reacts to geopolitical tensions
03:17 Whether this could be a buying opportunity
08:54 Macro capitulation after the start of the Japan carry trade unwind
11:02Can Bitcoin act as a safe haven asset?
16:12 How ETFs have changed Bitcoin's market structure
20:28 Is ‘Uptober’ canceled?
24:17 Bitcoin’s future based on U.S. election outcomes
28:45 News Recap
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AI and crypto are two of the hottest topics of the decade, but are there any projects truly making waves at the intersection of both? Bittensor, an open-source, decentralized AI network, is positioning itself as a leader in this space, with its TAO token seeing explosive growth and its model challenging traditional centralized AI companies.
In this episode, we’re joined by Joseph Jacks, aka JJ, founder of OSS Capital, and Sami Kassab, partner at OSS Capital, to explore why they’ve gone all-in on Bittensor. They discuss how Bittensor works, what makes it different from centralized AI models, and why they believe this project could be transformative for both crypto and AI.
Show highlights:
OSS Capital’s background and how they got to invest in Bittensor
Why Sami and JJ are bullish on TAO
What the three roles in the Bittensor ecosystem are
How new subnets incentivize miners to develop AI models
Why it’s so expensive to launch a subnet
Why Bittensor was built on the Polkadot SDK
The pros and cons of rolling out EVM compatibility
What Allora and Commune AI are focused on within the ecosystem
How Bittensor can compete with the big AI companies
The dangers AI poses to humanity and whether Bittensor can mitigate them
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
Mantle
Guests:
Joseph Jacks, Founder and General Partner of OSS Capital
Sami Kassab, Partner at OSS Capital
Links
Previous coverage of Unchained on Crypto/AI:
Erik Voorhees' New Venture: Why AI Desperately Needs Privacy and Uncensorability
When AI and Blockchain Meet, How Can Each Technology Benefit?
The Chopping Block: Why AI Will Change the Course of History in Crypto
Learn more:
A Beginner's Guide to AI Tokens
5 Use Cases of AI in Blockchain
Bittensor:
Bittensor’s website
The game theory of TAO
Nous Research leaving Bittensor
Seth Bloomberg’s tweet on “Bittensor’s Network Effects”
Cost of building a subnet
Commune.ai
Allora Network
Timestamps:
00:00 Intro
02:39 Background of OSS Capital and investing in Bittensor
19:06 Why Sami and JJ are bullish on TAO
24:51 The three roles in the Bittensor ecosystem
35:00 How subnets incentivize AI model development
47:50 Why launching a subnet is expensive
50:12 Bittensor’s foundation on the Polkadot SDK
53:00 Pros and cons of EVM compatibility
1:03:03 Focus areas for Allora and Communi
1:06:48 How Bittensor competes with big AI companies
1:09:19 JJ’s take on AI dangers and Bittensor’s role
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With Bitcoin ETF options on the horizon, the crypto market is bracing for significant changes. In this episode, Joshua Lim, co-founder and CEO of Arbelos Markets, joins us to explain what the launch of Bitcoin ETF options means for the broader market. Could they unlock vast amounts of capital and set off a new altcoin boom? Josh also dives into the potential effects on Bitcoin volatility, DeFi lending, and even the onchain options markets. Plus, what could the 2024 U.S. presidential election mean for Bitcoin?
Show highlights:
What are options and why they are significant for bitcoin ETFs
How they will affect the price of BTC
When options will actually launch and what needs to be done
How the launch of IBIT options could lower Bitcoin volatility and compress spreads
Whether dominant players in derivatives will suffer from this launch
How the launch of options could lead to an “altcoin boom”
Why Josh thinks the SEC delayed its decision on ether ETF options
How rising Bitcoin options interest could trigger volatility during major options expiries
What Josh thinks the impact of the US presidential election will be on the markets
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Coinbase
iTrustCapital
Polkadot
Mantle’s FBTC
Guest:
Joshua Lim, Co-founder and CEO of Arbelos Markets
Links
Approval for BlackRock’s IBIT
The Block: Bitcoin ETFs set to attract liquidity and speculation as IBIT options trading gains approval
CoinDesk: BlackRock Bitcoin ETF Options to Set Stage for GameStop-Like 'Gamma Squeeze' Rally, Bitwise Predicts
Decrypt: SEC Hits Pause on Ethereum ETF Options Following Bitcoin Nod -
Timestamps:
00:00 Intro
01:48 What Bitcoin ETF options are and why they’re significant
05:41 Impact on BTC price
08:17 When Bitcoin ETF options will launch
10:03 How IBIT options could reduce volatility
15:53 Will dominant players in derivatives be affected?
20:40 How options could trigger an altcoin boom
24:12 Thoughts on potential ether ETF options approval
24:47 Rising Bitcoin options interest and volatility risks
28:22 Impact of the 2024 US election on crypto markets
31:48 News Recap
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Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann are joined by Sam Callahan of The NewsBlock to explore how macroeconomic factors and liquidity conditions are driving Bitcoin’s price. They dive into the Federal Reserve's recent rate cuts, the impact of Solana's token unlocks, and why many investors are concerned about a potential liquidity crunch. Plus, the panel discusses whether Bitcoin’s price is increasingly dependent on global M2 money supply, and how BlackRock’s Bitcoin ETF options could impact the market.
Is Bitcoin simply a leveraged macro bet? And could Solana’s unlocks cause a price squeeze?
Show highlights:
Alex and Joe’s takeaways from Token 2049 and Solana Breakpoint
Why there’s so little attention on Bitcoin at these conferences
The SOL vs. ETH trade debate
Why Sam thinks that the Fed cut rates to help the Treasury
Whether they think inflation will persist
How China's rate cuts aim to boost its economy amidst export challenges
How Bitcoin's correlation with global liquidity can break down during speculative bull runs, despite its typical sensitivity to liquidity conditions
The pros and cons of the approval of Bitcoin ETF options
Why fears about BlackRock and Coinbase's bitcoin holdings are unfounded, according to James
Sponsors:
Gemini
Stellar
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric
Guest:
Sam Callahan, Current Free Agent Analyst & Scribe of the NewsBlock
Sam’s research post with Lyn Alden
Links
Coverage of Unchained on Token 2049 and Solana Breakpoint:
Should the Solana Foundation Be Dissolved? Yes... and No...
$1.3 Billion Market Cap BONK Caught Asymmetric Financial's Eye at $28 Million, Founder Tells Solana Breakpoint Event
Bring Back ICOs, Says Multicoin Capital’s Tushar Jain, Winning Agreement From Debate Adversary Qiao Wang of AllianceDAO
PYTH Stakers Get Carrots and Sticks as Douro Labs Rejigs Staking Mechanism
DeFi Protocol Sky, Formerly MakerDAO, to Launch on Solana Blockchain
Firedancer Efforts Bring Solana a Step Closer to Leap in Processing Power, Says Jump Trading’s Science Chief
Stoner-Originated Proof-of-Liquidity Network Berachain Scores a Hit at Token2049
SOL vs. ETH
Unchained: SOL on Course to Flip ETH, Says Multicoin Capital’s Kyle Samani
Alex’s tweet: “Ironically $SOLETH is barely up in 2024”
Rate cuts and macro:
Fed Cuts Rates for First Time Since 2020
China:
Reuters: China's central bank unveils most aggressive stimulus since pandemic |
ETF options:
CoinDesk: BlackRock Bitcoin ETF Options to Set Stage for GameStop-Like 'Gamma Squeeze' Rally
Decrypt: SEC Hits Pause on Ethereum ETF Options Following Bitcoin Nod -
Kamala Harris:
Unchained:
Kamala Harris Makes Her First Comments on Crypto
Harris Commits to Prioritizing Emerging Industries Like Blockchain in Speech
Timestamps:
00:00 Intro
02:55 Takeaways from Token 2049 and Solana Breakpoint
07:14 Little Bitcoin interest me at conferences
12:23 The SOL vs. ETH trade debate
17:32 Sam’s view on the Fed’s rate cuts
28:55 Will inflation persist?
41:14 China’s rate cuts and economic boost
49:44 Bitcoin’s correlation with global liquidity
1:02:43 Pros and cons of Bitcoin ETF options
1:13:23 BlackRock and Coinbase Bitcoin holdings fears
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The Fed just made its first rate cut in years, slashing 50 basis points off interest rates—but what does this mean for the crypto markets? With Bitcoin lagging behind traditional finance, and the looming U.S. elections, uncertainty is growing.
In this episode, Quinn Thompson of Lekker Capital and Travis Kling of Ikigai Asset Management break down the major factors influencing the markets: from Bitcoin’s sluggish summer and the unwinding of the Japan yen carry trade, to why the 2024 elections could be a pivotal moment for crypto. Are these the catalysts we’ve been waiting for, or should we brace for more turbulence ahead?
Also, they cover which assets could benefit the most under a Trump administration, and why they believe SOL could have a negative catalyst in the near future.
Show highlights:
Why the Fed cut rates by 50 basis points and what the chances of a recession are in the U.S.
Why Bitcoin has underperformed the broader TradFi markets this summer
The risks of the unwinding of the Japan carry trade for crypto
How the election results might matter differently for different sectors of the industry
Whether rate cuts affect stablecoin yields in DeFi
How the approval of Bitcoin ETF options will affect the price of BTC
Whether Bitcoin miners will be affected by AI’s need for computing power
Ether’s lagging performance this year and what might be a huge catalyst for ETH
How SOL will manage through the huge unlock in early 2025
What Quinn and Travis think about investing in memecoins
How the rise of Base will impact Coinbase
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
Mantle
Gemini
Guests:
Quinn Thompson, CIO of Lekker Capital
Travis Kling, Founder and CIO of Ikigai Asset Management
Previous appearance on Unchained: With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold
Links
Rate cuts
Unchained:
Fed Cuts Rates for First Time Since 2020; Bitcoin Remains Mostly Flat
Fed Rate Cut Should Spur Crypto Investors to Load up on Memecoins, Asymmetric Founder Tells Token2049
Bitcoin Is Now in a ‘Classic Setup’ to Surge Higher Soon, Analysts Say
Bitcoin and the Crypto Markets Slump as Fed Faces Tough Rate Cut Decision
What Do Cooling Inflation and Rate Cuts Mean for Crypto and Bitcoin Prices?
ETH performance and L2s:
Unchained:
SOL on Course to Flip ETH, Says Multicoin Capital’s Kyle Samani
Ether Has Been a Much Worse Investment Than Both Gold and Silver So Far This Year
Are L2s 'Parasitic'? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees
Alex Kruger’s tweet: “Ironically $SOLETH is barely up in 2024”
Bitcoin ETF options:
CoinDesk: BlackRock Bitcoin ETF Options to Set Stage for GameStop-Like 'Gamma Squeeze' Rally, Bitwise Predicts
Mining and AI:
TIME: Why So Many Bitcoin Mining Companies Are Pivoting to AI
Timestamps:
00:00 Intro
02:09 Fed rate cut and recession chances
12:34 Bitcoin’s underperformance this summer
14:56 Risks of Japan carry trade unwinding
21:3 Election impacts on crypto sectors
38:00 Rate cuts and DeFi stablecoin yields
43:00 Bitcoin ETF options
49:31 AI’s impact on Bitcoin miners
54:38 Ether’s lagging performance and future catalysts
1:03:19 SOL’s 2025 unlock concerns
1:10:39 Investing in memecoins
1:18:15 Base’s rise and Coinbase impact
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week the squad is live from Token2049 in Singapore and joined by special guests Mo Shaikh, CEO and Co-Founder of Aptos Labs, and Arthur Hayes, CIO at Maelstrom. In this episode, they tackle the buzz around Trump’s DeFi projects, the challenges of hosting Token2049 during F1, and the controversy surrounding Iggy Azalea’s cancelled debate. The conversation also covers the macro impact of potential Fed rate cuts, the role of celebrity coins, and the future of global crypto adoption. Don't miss this insightful live discussion in front of the Token2049 audience!
Show highlights
🔹 Token2049 Event: Token2049 faced logistical challenges due to Singapore’s F1 weekend, resulting in heavy traffic and delays for attendees.
🔹 Canceled Celebrity Coin Debate: Iggy Azalea’s debate with Eric Wall about celebrity coins was canceled due to conflicts with Singaporean regulations, which prevented her planned on-stage stunts.
🔹 World Liberty Financial Overview: The Trump family’s DeFi project, World Liberty Financial, is scrutinized for its lack of clear direction and concerns over the 70% insider token pre-allocation.
🔹 Fed Rate Cuts and Market Implications: Potential Fed rate cuts and their impact on the dollar-yen exchange rate could lead to liquidity crises and increased market volatility.
🔹 Celebrity Coins and Memecoins: A look into celebrity coins and memecoins raises questions about their value, considering whether they bring meaningful attention to crypto or are merely speculative distractions.
🔹 Korea vs. Japan in Crypto: Korea’s active crypto trading culture and crypto-friendly policies contrast with Japan’s more cautious, restrictive approach, reflecting different market dynamics.
🔹 Global Crypto Adoption Rankings: Skepticism is expressed regarding India’s top spot in Chainalysis’ Global Crypto Adoption Index, with a case made for Korea ranking higher than 19th.
🔹 Aptos and Mainstream Adoption: Aptos is pushing for mainstream adoption through partnerships in Korea and innovations like the Aptos card, offering integrated cold storage and new financial products.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Tarun Chitra, Managing Partner at Robot Ventures
Guest
⭐️ Mo Shaikh, CEO and Co-Founder of Aptos Labs
⭐️ Arthur Hayes, CIO at Maelstrom
Disclosures
Links
The 2024 Global Adoption Index: Central & Southern Asia and Oceania (CSAO) Region Leads the World in Terms of Global Cryptocurrency Adoption: https://www.chainalysis.com/blog/2024-global-crypto-adoption-index/
Timestamps
0:00 Intro
00:49 TOKEN2049
06:20 $10 Billion FDV? World Liberty Financial
16:10 Allure of Memecoins & Celebcoins
19:06 Beyond Memecoin Adoption
20:27 Global Crypto Adoption Ranking
24:43 Korea vs. Japan's Crypto Scenes
29:19 Macro Trends and Fed's Impact
35:26 Crypto's Resilience Against Regulation
40:00 The Future of Crypto and Decentralization
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This week, Republican Representatives Tom Emmer and Patrick McHenry sent a letter pressing SEC Chair Gary Gensler for clarity on how securities laws apply to airdrops.
With billions of dollars worth of tokens airdropped this year alone, projects need clarity more than ever.
In this episode, Amanda Tuminelli, Chief Legal Officer of the DeFi Education Fund, dissects the SEC’s stance on airdrops, why her organization believes the SEC has stretched the legal definition of “compensation” too far, and what Congress might ask Gensler in his upcoming hearing.
Plus, she talks about how the SEC “regrets” any confusion it caused for using the term “crypto assets securities,” since the agency now admits that tokens themselves are not securities.
Show highlights:
Why Amanda believes the SEC’s position on airdrops doesn’t make sense
Why the DeFi Education Fund sued the SEC over the BEBA airdrop
How the SEC’s position on airdrops has been clear for a while, but is “wrong” according to Amanda
Her take on users bypassing the geographic restrictions to claim airdrops in the U.S.
How and why the SEC has changed its language around “crypto assets securities”
How the SEC’s new position on crypto assets implicating securities laws seems to rest on the “embodiment” theory
Why Amanda believes the Supreme Court or Congress may be needed to step in
What Amanda expects Congress to question Gary Gensler about in the hearing next week
Amanda’s takeaways from the first Congressional DeFi hearing last week
How she expects the presidential election will impact the regulatory landscape in the U.S.
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Coinbase
iTrustCapital
Polkadot
Mantle
Stellar
Guest
Amanda Tuminelli, Chief legal officer of the DeFi Education Fund
Previous appearances on Unchained:
Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
Is This the End of DeFi? Why the US Government Is Going After Tornado Cash
Links
Airdrops:
Blockworks: Republican Reps. ask Gensler for clarity on how securities laws apply to airdrops -
Gabriel Shapiro’s tweet: “We may *disagree* that the position is correct but it's not unclear.”
CoinDesk: Crypto Airdrops Ban U.S. Users, but Americans Are Claiming Tokens Anyway
SEC’s amended complaint in the Binance case
BEBA case
DeFi Education Fund suing the SEC
First Congressional Hearing on DeFi
Unchained: First Congressional Hearing on DeFi Highlights Divide Between Republicans and Democrats
Timestamps:
00:00 Intro
01:42 SEC’s stance on airdrops
04:25 DeFi Education Fund’s lawsuit over BEBA
06:47 Amanda: SEC’s position on airdrops is “wrong”
08:27 Users bypassing geographic restrictions for airdrops
12:47 Why the SEC suddenly apologized for using the term “crypto asset securities” for years
16:47 Amanda’s take on what the SEC’s new theory is for why tokens fall under securities laws
17:43 Why Supreme Court or Congressional involvement is likely needed
19:01 What Congress might ask Gensler in a hearing next week
19:59 Key takeaways from the first Congressional DeFi hearing
20:43 Amanda’s take on how the presidential election might impact crypto
23:45 News Recap
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, the squad is joined by special guest Mert Mumtaz, co-founder of Helius. In this episode, the crew dives into the growing rivalry between SVM and EVM, the surge of VC investments in the Solana ecosystem, and the fierce debate over rollups. They also explore the rise and fall of memecoins, Solana’s infrastructure evolution, and the future for high-performance blockchains. Tune in for a high-energy discussion on the cutting edge of crypto!
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
🔹 SVM vs. EVM Showdown: The team breaks down the growing battle between Solana's SVM and Ethereum's EVM, examining what’s at stake for both ecosystems.
🔹 VC Investments in Solana: As VC interest in Solana surges, the crew discusses how this new wave of funding could reshape the future of blockchain development.
🔹 Memecoin Chaos: The rapid rise and fall of memecoins comes under fire, with a debate on whether they are a net positive or simply speculative noise in the market.
🔹 Solana’s Infrastructure Evolution: Solana's ongoing efforts to improve scalability and performance are highlighted, especially with innovations like Fire Dancer and ZK compression.
🔹 Network Extensions Controversy: A heated discussion on Solana’s push to rebrand rollups as “network extensions,” sparking backlash from Ethereum proponents.
🔹 VC vs. Market Sentiment: The role of venture capital in the crypto space is examined, with insights into whether VCs are driving innovation or creating unsustainable hype.
🔹 Solana Breakpoint Preview: Excitement builds around Solana’s flagship event, with predictions on what key announcements could impact the blockchain’s future.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Tarun Chitra, Managing Partner at Robot Ventures
Guest
⭐️ Mert, Co-founder & CEO at Helius
Disclosures
Timestamps
0:00 Intro
02:02 Impressions of Singapore
07:55 Mert's Journey & Solana Advocacy
15:41 Challenges & Growth in Solana Ecosystem
21:01 EBOLA [EVM Bags Over Logic Affliction]
31:13 Solana's Resilience
34:38 The Rise of SVM and Developer Perspectives
41:41 Network Extensions vs. Rollups
51:08 Future of High-Performance Blockchains
59:47 AI's Impact on Developer Ecosystems
01:06:19 Memecoins and Market Dynamics
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World Liberty Financial (WLF), the Trump-backed DeFi project, launched this Monday.
In this episode, crypto security expert Ogle discusses his role as an advisor to WLF. He dives into why he joined the project, what makes it unique, and how Trump’s involvement could bridge the gap for many who are new to the space.
Plus, Ogle shares his thoughts on the security challenges WLF might face and the project's potential to rival major players in the market.
He also touches on his new L1 blockchain Glue, and why he thinks it will provide a better user experience than what is out in crypto today.
Show highlights:
2:05 Ogle’s background and how he came up with a standard for dealing with crypto hacks
10:28 Where crypto hackers are usually from
13:21 Why he does security work for free
16:57 Why Ogle is advising the Trump family’s DeFi project, World Liberty Financial
22:30 Why some in the crypto community are skeptical of WLF
26:39 His thoughts on how to prevent a crypto hack of a high-profile project
32:52 Why Ogle is not worried about WLF having been forked from the hacked app Dough Finance
33:54 How the Trump family is involved in WLF
41:00 How Donald Trump is excited about the project and actually gets it, according to Ogle
43:49 Why Ogle believes WLF will attract as much traction as the entire market cap of Shiba Inu
47:04 How Ogle's new layer 1 blockchain, Glue, aims to be crypto’s AOL
56:33 Why Glue’s L2s will be specific to certain areas of the industry
1:02:41 When Ogle expects Glue to launch and whether it’ll have a token
1:04:19 How North Korean hackers are now “just so clever, socially”
1:13:56 Ogle’s tips for crypto users
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
Mantle
Stellar
Gemini
Guest:
Ogle, crypto security expert, founder of Glue, and advisor to World Liberty Financial.
Previous appearance on The Chopping Block: How This DeFi Hack Negotiator Gets Hackers to Return Stolen Money
Links
World Liberty Financial (WLFI)
Unchained: Trump’s New DeFi Project Could Be a Magnet for Hackers
CoinDesk: In Trump-Backed Crypto Project World Liberty Financial (WLFI), Insiders Are Poised for Unusually Big Token Payouts
IBTimes: Donald Trump Announces DeFi Project's Launch Date – What To Know About World Liberty Financial
Latin Times: Who Is Ogle? The Crypto Sleuth Recruited As An Advisor For Trump's DeFi Project
Glue:
Glue, The Web3 Network Built for Regular Users
How Glue Will Keep User Assets Safe
Scams and North Korea:
FBI Fraud report
North Kora Aggressively Targeting Crypto Industry with Well-Disguised Social Engineering Attacks
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news in crypto. This week the squad is joined by special guest Jason Choi, co-founder of Tangent. In this episode the crew tackles the overvaluation of crypto projects by VCs, Friend.Tech’s 96% token crash, and the ethics of early token launches They also explore how airdrop farming skews user metrics, the volatility of memecoins, and whether VCs are extracting more value from crypto than they contribute. Tune in for insights into the ever-evolving crypto landscape!
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
🔹 Friend.Tech Token Crash: Friend.Tech’s token dropped 96%, highlighting the risks of launching tokens without sustainable product planning and user retention strategies.
🔹 Project Exits and Ethics: Early token launches raise concerns about ethical obligations when teams abandon projects, with accusations of rug-pulling increasing.
🔹 Airdrop Farming’s Impact: Airdrop farming distorts true user engagement, leading to inflated metrics that misrepresent product-market fit and real user growth.
🔹 Venture Capital in Crypto: Low barriers for VCs have led to inflated project valuations, often resulting in overhyped, underdelivered crypto ventures.
🔹 Challenges of Early Token Launches: Early token releases often harm long-term project potential by confusing market signals and damaging user retention.
🔹 VC vs. Liquid Funds: Debate over whether venture capital is extracting value from crypto or whether liquid funds can improve market efficiency.
🔹 Hedge Funds and Market Efficiency: Hedge funds may improve market liquidity, but their impact on long-term crypto growth remains under scrutiny.
🔹 Speculative Markets and Long-Term Value: The crypto market continues to grapple with balancing short-term speculative plays and the creation of sustainable, long-term value.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Tarun Chitra, Managing Partner at Robot Ventures
Guest
⭐️Jason Choi, Co-Founder of Tangent
Disclosures
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On Thursday, Coinbase unveiled cbBTC, a tokenized version of Bitcoin on its Base layer 2 and Ethereum. This launch follows the recent BitGo controversy about the custody arrangement for Wrapped Bitcoin (WBTC) now involving Justin Sun, sparking concerns within the crypto community.
In this episode, Will Robinson, Coinbase’s VP of engineering, discusses the strategic importance of cbBTC, how it differs from other wrapped Bitcoin products, and what this means for the future of Bitcoin within DeFi ecosystems.
Will Coinbase’s reputation as a "trusted custodian" be enough to make cbBTC the go-to choice for Bitcoin in DeFi, or will the industry remain skeptical?
01:54 Why Coinbase launched cbBTC and how it aims to bring Bitcoin into the world of DeFi
04:05 What happens behind the scenes when users mint cbBTC
05:21 What sets cbBTC apart from other wrapped Bitcoin options, according to Will
06:32 Whether Coinbase will expand cbBTC to other layer 2s and where users can already use it on major DeFi platforms
08:45 Will’s response to criticisms about the centralization of cbBTC
12:28 Why Coinbase's cbBTC launch was part of long-term plans, unrelated to the recent controversy around WBTC and Justin Sun
13:31 How Coinbase plans to make money from cbBTC, considering that WBTC has not been a big moneymaker for BitGo
15:38 Why Coinbase has the ability to freeze and blacklist cbBTC addresses
19:34 How Coinbase ensures that Bitcoin backing cbBTC remains the property of token holders and won’t be used as collateral or rehypothecated
20:58 Why Coinbase, a centralized entity, is launching cbBTC, a product for the decentralized, onchain world
23:57 Why Will doesn't want to predict how much demand there'll be for cbBTC
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
Mantle’s FBTC
Gemini
Stellar
Guest
Will Robinson, VP of Engineering at Coinbase
Links
cbBTC
Unchained: Coinbase’s Wrapped Bitcoin Product cbBTC Launches on Base and Ethereum
BitGo changing custody and its implications:
Unchained:
Wrapped Bitcoin (WBTC) Redemptions Vastly Outpaced Minting Since BitGo’s Custodial Changes Announcement
Lending Protocol Aave to Propose Onboarding TBTC in Response to Concerns About Latest WBTC Custodial Changes
Could dlcBTC Resolve the Issues With Wrapped Bitcoin?
BitGo Abruptly Pivots on Holders of WBTC Multi-Sig Keys Following Community Outcry
MakerDAO Considers Offboarding WBTC as BitGo Plans Custody Changes
Aave DAO’s Chaos Labs Says ‘Risk-Off’ Recommendation for WBTC ‘Premature’
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As crypto markets continue to struggle, experts weigh in on whether the capitulation phase is finally over and what lies ahead. In this episode, hosts James Seyffart and Joe McCann, along with guest Noelle Acheson, delve into the recent market downturn, the potential for a recession in 2025, and why Bitcoin's divergence from gold is puzzling analysts. They also explore the impacts of upcoming rate cuts, the lingering effects of fiscal dominance, and whether Ethereum ETFs are living up to the hype.
Show highlights:
Why crypto has been down so bad recently despite the macro cycle
The three factors weighing on the bitcoin price for the moment, according to Noelle
The chances of a recession in the U.S. in 2025 and how much the Fed might cut rates
Why the current rate-cutting cycle is unusual, with markets expecting far more cuts than usual, and how a potential spike in inflation could complicate the Fed's response
Why the K-shaped economy endures, driven by the U.S. government's reliance on capital gains taxes
Why fiscal dominance is a growing concern and why bitcoin's recent divergence from gold is puzzling, as they typically move together during crises
Whether retail has been a buyer of the spot Bitcoin ETFs or it’s just onchain traders who are now buying them
Why James says the Ethereum ETFs “have been an absolute flop"
Sponsors:
Gemini
Stellar
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Joe McCann, Founder, CEO, and CIO of Asymmetric
Guest:
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Timestamps:
00:00 Introduction
03:35 Why crypto is struggling recently
09:16 Three key factors weighing on Bitcoin's price
15:12 Chances of a 2025 U.S. recession and potential Fed rate cuts
25:55 Unusual rate-cutting cycle and inflation risks
32:06 Enduring K-shaped economy and capital gains tax impact
34:37 Concerns about fiscal dominance and Bitcoin’s divergence from gold
54:57 Retail vs. onchain traders in spot Bitcoin ETFs
1:01:43 Whether Ethereum ETFs have been a "flop"
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Ethereum's Layer 2 solutions are booming, but are they inadvertently holding back the value of ETH itself?
In this episode, Justin Bons and Ryan Berckmans engage in a heated debate over whether L2s are enhancing Ethereum's ecosystem or siphoning off its potential. They discuss the impact of L2s on decentralization, network effects, and whether Ethereum L1 can scale on its own or if the base layer and the rollups now have different incentives. Has Ethereum scaled appropriately for future usage, or was scaling via L2s the wrong roadmap for Ethereum?
Show highlights:
02:43 How Ethereum's rollup-centric roadmap consists of a decentralized Layer 1 (L1) for security with Layer 2 (L2) providing more transaction throughput
04:53 Why Justin is so critical about how L2s centralize Ethereum
14:53 Why, according to Ryan, Layer 2 solutions aren't parasitic to Ethereum but instead enhance its network effects, decentralization, and long-term value
25:35 Why Justin criticizes Ryan’s reliance on "trust me, bro" arguments, questioning the tribalism and authority in claiming the superiority of Ethereum researchers over those from other blockchains
28:15 How Justin thinks the Ethereum L1 could scale and what the tradeoffs are
39:58 Justin’s argument that Ethereum is stuck in the past and his claim that the blockchain trilemma doesn't exist anymore
46:30 Ryan’s take on Ethereum's L1 scaling focuses on solving bandwidth limitations and addressing whether L2s are going to fully decentralize
51:01 Whether SNARKS is the way that Ethereum scales the L1
59:24 Whether L2s will start accepting other tokens to pay for gas
1:05:23 Why Ryan predicts Ethereum's L2 adoption will surge, driving up L1 fees and boosting Ether's value as the leading digital money
1:05:39 Whether based rollups are a good solution for Ethereum to scale without losing all the fees
1:13:21 Why L2s would even try to decentralize and why Justin says that Solana has a better roadmap than Ethereum
1:17:54 Concluding thoughts from Ryan and Justin
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
Mantle
Stellar
Coinbase
Guests:
Justin Bons, Founder & CIO of Cyber Capital
Previous appearances on Unchained:
Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off
Ryan Berckmans, Ethereum community member and investor
Links
Previous coverage on Unchained of ETH and L2s:
Are L2s 'Parasitic'? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees
Are Solana's 'Network Extensions' Just Like Ethereum's Layer 2s But by a Different Name?
Ethereum Has Had a Banner Year in Most Areas. Except Price.
Should Ethereum Layer 2s Urgently Decentralize Their Sequencers?
Others
Justin’s thread on whether L2s are parasitic
Tweet by Zach Rynes, aka ChainLinkGod
Adam Cochran’s tweet on based rollups
Ethereum Foundation September AMA
Vitalkin on L2s
How do layer 2s really differ from execution sharding?
Layers 2s as cultural extensions of Ethereum
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The SEC and CFTC’s recent actions against Uniswap and Galois Capital could mark a turning point in crypto regulation. With both firms settling on relatively low fines, are we witnessing regulators establish precedent for a broader crackdown on the industry?
In this episode, Larry Florio, general counsel at 1kx, delves into the implications of these settlements, the frustrations asset managers face with regulatory compliance, and whether the SEC’s approach could push the crypto industry into a corner. Will these actions set a precedent for more aggressive enforcement ahead?
Show highlights:
Why the SEC's action against Galois Capital highlights a shift in language, focusing on tokens "offered and sold as securities"
What a qualified custodian is and why the SEC's action against Galois punishes them for using FTX, which could have fit one definition of a qualified custodian if it hadn’t been perpetrating a fraud
How the SEC demands crypto fund managers comply with regulations on qualified custodians while also limiting qualified custodians in crypto
Whether the SEC is effectively banning crypto funds by requiring compliance with impossible rules
How the SEC penalized Galois for giving affiliates better liquidity terms than outside investors
How SEC Commissioner Mark Uyeda’s call for clarity on "crypto asset securities" reflects the industry’s frustration with the lack of clear guidelines from the SEC
Why the CFTC's fine against Uniswap for alleged leveraged transactions may set a precedent for future enforcement actions
How Commissioner Summer K. Mersinger's dissent highlights the unfairness of punishing Uniswap despite their proactive compliance, according to Larry
Whether the New York Attorney General’s subpoenas to VCs about Uniswap signal a renewed adversarial approach to regulating DeFi
The timing of these actions, along with the SEC’s Wells notice to OpenSea
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
Mantle
Gemini
Stellar
Guest
Larry Florio, general counsel at 1kx
Timestamps:
➡️ 01:51 - The SEC using different language to describe tokens as securities
➡️ 04:53 - Qualified custodians & Galois Capital's use of FTX
➡️ 09:04 - Compliance frustrations for crypto asset managers
➡️ 11:58 - The SEC effectively banning crypto funds?
➡️ 18:22 - Penalty for giving some investors undisclosed preferential treatment
➡️ 18:25 - SEC Commissioner Mark Uyeda’s call for clarity on crypto assets
➡️ 19:35 - CFTC's fine against Uniswap: A troubling precedent?
➡️ 23:09 -Uniswap's compliance efforts & two CFTC Commissioners’ dissents
➡️ 24:56 - NY Attorney General’s subpoenas
➡️ 27:04 - OpenSea’s Wells notice: NFTs as securities?
➡️ 30:34 - Crypto News Recap
Links
Galois Capital:
The Block: SEC charges and settles with crypto-focused Galois Capital over custody issues
Larry Florio’s thread
Uniswap:
CoinDesk: Uniswap Labs Settles CFTC Charges Over 'Illegal' Margin Products
Blockworks: CFTC Commissioners dissent on Uniswap settlement
Comments from Uniswap counsel
Axios: The SEC has questions for VCs about Uniswap
NY Attorney General’s Subpoenas
CoinDesk: VC Giants a16z, Union Square Ventures Get Subpoenaed by New York About Uniswap: Sources
OpenSea’s Wells notice:
Unchained: If the SEC Sues OpenSea, Here's Why the NFT Platform Could Win Easily
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this episode, the boys tackle the buzz around World Liberty Financial, a controversial DeFi project linked to Donald Trump, and its ties to a previously hacked protocol. They explore the motivations behind the Trump family's involvement in crypto, questioning the legitimacy and future of the project.
The conversation pivots to memecoins, with debates around the sustainability of the memecoin market and the growing influence of platforms like Pump.fun. We explore the thought-provoking discussion on the evolution of financial games in crypto, where both strategies and the game's rules can change dynamically. The squad also reflects on broader crypto market trends, touching on AI-driven markets, decentralized finance, and the shifting regulatory landscape.
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
🔹 World Liberty Financial, a DeFi project allegedly linked to Donald Trump, sparks controversy with its origins in a hacked protocol.
🔹 Debate on the motivations behind Trump family involvement in crypto, questioning the legitimacy of World Liberty Financial.
🔹 Discussion around memecoins and their market cycles, with concerns about the sustainability and long-term viability of these tokens.
🔹 The concept of dynamically adjusting financial rules in crypto systems, contrasting it with traditional finance.
🔹 Pump.fun reaches $100M in revenue, marking it as a dominant memecoin platform, but also raising questions about the health of the memecoin ecosystem.
🔹 The innovation in memecoins, suggesting that dynamic mechanics could extend the life cycle of these tokens.
🔹 Broader reflections on the future of memecoins, potential market corrections, and how the crypto ecosystem will adapt.
🔹 Speculation on the continued rise of AI-driven markets and the evolving role of decentralized finance in a digital-first world.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Tarun Chitra, Managing Partner at Robot Ventures
Disclosures
Links
Coindesk article: “Inside the Trump Crypto Project Linked to a $2M DeFi Hack and Former Pick-Up Artist”
https://www.coindesk.com/business/2024/09/04/in-trump-backed-crypto-project-insiders-are-poised-for-unusually-big-paydays
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