Mike Novogratz, founder and CEO of Galaxy Digital Holdings, describes the company's services and products, why it's launching a credit offering, and why he pivoted from his original intention to launch a crypto hedge fund and then pivoted again from working with ICOs to serving institutional players. He talks about why, if he had the chance to go public again, he wouldn't do it, why Galaxy's stock fell so precipitously one day that trading was halted, and why he thinks the SEC has made it clear the ICO markets are closed. He also talks about why, on the way to democratizing finance, the crypto markets need to "take a step back" and start with institutions, why decentralization is important, and why he thinks the launch of Bakkt is the most important news in the crypto space this year. Plus, Mike surmises as to how consumers will start using crypto, but believes it won’t replace fiat in the Western world.
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 Episode links:
 Galaxy Digital: https://www.galaxydigital.io
 Galaxy Digital's losses so far this year:  https://www.bloomberg.com/news/articles/2018-11-28/novogratz-s-crypto-trading-desk-lost-136-million-in-nine-months
  https://www.bloomberg.com/news/articles/2018-07-26/novogratz-s-galaxy-digital-sees-134-million-loss-on-crypto-drop
 Unchained episode about security tokens:  http://unchainedpodcast.co/harbor-and-trusttoken-on-why-they-dont-mind-being-unsexy-ep77
 Unchained interview with Philip Rosedale of High Fidelity:  http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable
 Unconfirmed episode with Tom Jessop of Fidelity Digital Assets:  http://unconfirmed.libsyn.com/fidelity-digital-asset-services-tom-jessop-on-why-its-serving-institutional-clients-first-ep043
 Unchained podcast with Arthur Hayes of Bitmex:  http://unchainedpodcast.co/arthur-hayes-of-bitmex-on-why-countries-will-turn-to-digital-cash-ep63
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Mike Novogratz on Why Bitcoin, "a Big FU to the System," Needs Institutions - Ep.98

Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world. Disclosure: I'm a nocoiner.

Tech News

Technology

Business News

Business

News

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Jake Chervinsky, chief legal officer of Variant, discusses the current state of crypto regulation, touching on several ongoing legal and regulatory issues in the crypto space, including Uniswap’s Wells notice, the Coinbase case, the Tornado Cash case, the Ethereum Foundation investigation and more. Chervinsky argues that the government's approach to these cases is often misguided, particularly in instances where they hold software developers liable for how third parties use their software. He also discusses the potential implications of the government's case against Tornado Cash, suggesting that it could have far-reaching consequences for all open-source software developers. 
Chervinsky also delves into the SEC's ongoing investigations into the Ethereum Foundation, as well as the recent IRS draft form that lists unhosted wallets as a type of broker. He expressed concern about the potential impact of these investigations on the crypto industry, but remained optimistic about the future of DeFi in the US.
Show highlights:

How the Tornado Cash case could set a critical precedent for open-source software

How the government’s Tornado indictment reveals a fear of unsurveilled financial systems, according to Jake

What the implications of the Tornado Cash case could be for the broader DeFi space

What lessons can be learned from the $62 million hack of Munchables on Blast

How to address the challenge of malicious actors like North Korea using a permissionless system

Whether Coinbase's staking services are considered a securities offering

Whether Judge Failla’s ruling on Coinbase acting as a broker could be overturned

Why Jake thinks the SEC will face significant challenges in its potential case against Uniswap Labs

How the Debt Box case order impacts the SEC’s reputation, according to Jake

How the industry is pushing back against the SEC’s regulation by enforcement with its own lawsuits for Lejilex and Beba

The future of DeFi in the U.S. and its potential for success, according to Jake

Why Jake believes the SEC will deny Ether ETFs and why he disagrees with the latest stablecoin regulation bill by Lummis and Gillibrand

How the U.S. Presidential election could impact the future of the crypto industry

Thank you to our sponsors!
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Guest:


Jake Chervinsky, Chief Legal Officer at Variant

Previous appearances on Unchained:

Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress

The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility

All Things Crypto Regulation With Jake Chervinsky

Everything You Need to Know About the Looming Battle Over Privacy in Crypto

Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky

Links
Tornado Cash

Jake’s amicus brief with Amanda Tuminelli

Unchained: Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?


Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash



Munchables exploit
Unchained: Blast-Based NFT Game Munchables Recovers $62.5 Million Lost in Exploit

SEC cases:

Coinbase

Unchained: 

Why the SEC’s Case Against Coinbase Is So Significant for Crypto

Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It

Uniswap

Unchained: 

Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?

SEC Puts DeFi in Its Sights With Potential Uniswap Suit

Uniswap Blog Post on the Wells notice

Marvin Ammori Thread on Wells notice

Ethereum Foundation

Unchained:

SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report

The Real Reason Why the SEC Might Be Going After Ethereum

Debt Box


Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit


Beba

DeFi Education Fund and Beba sue SEC over airdrop policies

Lejilex

Lawsuit document



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The US vs. Crypto: Jake Chervinsky on Crypto's Legal and Regulatory Status - Ep. 635

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Not only will April 20 (or 19, depending on which part of the world you are) mark the fourth Bitcoin halving, but also the launch of a new primitive on Bitcoin called Runes Protocol. 
Charlie Spears, co-founder of Blockspace Media, joined Unchained to talk about all things Runes, which is a messaging protocol that allows for the creation of fungible tokens on Bitcoin. It is designed to fix some of the issues with the BRC-20 token standard, such as inefficiency and proliferation of unspent transaction outputs. Charlie believes that the launch of Runes will increase demand for Bitcoin's blockspace and potentially lead to higher transaction fees. He also discusses the potential for Runes to interact with Bitcoin covenants and layer two solutions.
Show highlights:

What Runes is and why Charlie believes that it is the hottest thing since Ordinals

The differences between Runes and BRC-20 fungible tokens 

Runes’ unique features, with Charlie pointing out that this is “what the degens really want”

Whether the Runes Protocol will create a “burst of demand” and have a positive impact on miners 

Whether the launch of Runes will be successful in the long-term and how Bitcoin’s blockspace could become more attractive

Whether Bitcoin L2s will help clear Bitcoin’s mempool, and why Charlie believes that they won’t reduce fee pressure on the base layer

The coolest things that Runes Protocol will enable, according to Charlie

How Taproot Assets and RGB differ from Runes and why they have not taken off

Why Casey, the founder of Runes, will claim the first inscription with Uncommon Goods

Thank you to our sponsors!

iTrustCapital

Polkadot

Guest

Charlie Spears, cofounder of Blockspace Media
Links
Recent coverage on Unchained of the Bitcoin halving: Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different

Runes

Unchained: What Are Runes? A Guide to the New Fungible Token Protocol on Bitcoin



Bitcoin Runes Explainer by Charlie Spears

BRC-20s and Ordinals:

Unchained:

What Are BRC-20 Tokens? A Brief Introduction

Bitcoin’s BRC-20 Mania: Is It Sustainable?

How to Create a Bitcoin Ordinal

Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About? 

Halving

Unchained: 

Bitcoin Halving: What Is It & How Is It Determined?

Here’s Why No One Agrees Exactly When The Bitcoin Halving Will Happen

Bitcoin Miners Diversify Their Revenue Streams as Halving Nears

Bitcoin L2s

Unchained: 

Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again


Citrea: An Ethereum-Like Experience Built on Bitcoin?


How Botanix Aims to Enable Smart Contracts on Bitcoin


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After the Bitcoin Halving, Will the Runes Protocol Live Up to the Hype? - Ep. 634

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
The Bitcoin halving is just around the corner, expected to be on April 19 or April 20. 
Arthur Hayes, CIO of Maelstrom, and Will Clemente, co-founder of Reflexivity Research discuss the rise in Bitcoin prices ahead of the halving, the impact of the approval of spot Bitcoin ETFs in the US, and the potential effects of the halving on the price trajectory post-halving. They also discuss the potential impact of a new class of investors on Bitcoin's price, volatility, and decentralization. 
Learn more: Bitcoin Halving: What Is It & How Is It Determined?
Moreover, they dive into the impact of the macroeconomics, geopolitical, and demographic conditions for the crypto asset industry, the potential for L2s on Bitcoin, and their price predictions for bitcoin by year-end. 
Show highlights:

How the approval of spot Bitcoin ETFs altered the price trajectory of BTC before the halving

Whether the introduction of spot Bitcoin ETFs impacts Bitcoin's decentralization and price volatility

Whether this cycle could be the "last cycle" or the "supercycle"

Why Arthur predicts a 90% drawdown in the future and how they determine when the markets are nearing the top of the cycle

The effect of high inflation, the election, and the termination of the bank term funding program on Bitcoin

How artificial intelligence is expected to trigger a productivity boom, according to Will

Why Will considers Coinbase to be mispriced

Whether Bitcoin L2s have a future and if security budgets are a concern

Their views on Bitcoin Ordinals and the Runes Protocol launch

Why Will views DOGE as a purer commodity than ETH

Arthur's rebuttal to claims that Ethena could follow in Terra/Luna’s footsteps

Arthur's and Will’s Bitcoin price projections for the end of the year and the cycle

Thank you to our sponsors!
Polkadot
Guest:


Arthur Hayes, CIO of Maelstrom.

Previous appearances on Unchained:

Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves

Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH 

Arthur Hayes of Bitmex on Why Countries Will Turn to Digital

The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks

How Crypto and Blockchain Technology Could Change Financial Services


Will Clemente, Co-founder of Reflexivity Research

Previous appearance on Unchained: Strong Hands Aren't Selling Bitcoin. So Who Is? 


Links

This cycle

Naval’s tweet: “The narrative for this cycle is ‘this is the last cycle.’”

Unchained: 

Here’s Why No One Agrees Exactly When The Bitcoin Halving Will Happen

Bitcoin Miners Diversify Their Revenue Streams as Halving Nears


Heatwave by Arthur Hayes


Dissecting Bitcoin's “4 Year Cycle,” guest post by Will Clemente on The Pomp Letter

Bitcoin ETFs:

Unchained: 

The Best Spot Bitcoin ETFs for Different Types of Investors

Who Is Buying Into Spot Bitcoin ETFs? We'll Soon Start to Get an Idea

Bitcoin ETFs Explained: What Are They & How Do They Work? 

Macroeconomic conditions

CNBC: Consumer prices rose 3.5% from a year ago in March, more than expected


FT: Investors lose hope of rapid US interest rate cuts this year


Block size wars
Bloomberg: The Block War Is Still a Sore Subject for ‘Bitcoin Jesus’ 

Bitcoin L2s
Unchained: Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again 

Runes
Decrypt: Bitcoin Runes Launch at the Halving: Here's Everything You Need to Know

Ethena

Hayes’ tweet on Ethena

Unchained: 

ENA Surges 20% to New All-Time High as Ethena Rolls Out Reward Boosts

Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe?

What Is Ethena's USDe Synethic Dollar?


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Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different - Ep. 633

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
On Wednesday, the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to Uniswap Labs, the team behind the prominent decentralized exchange (DEX) Uniswap, signaling a forthcoming enforcement action.
Amanda Tuminelli, Chief Legal Officer at the DeFi Education Fund, joined Unchained to unpack what the case could mean for Uniswap and the overall decentralized finance (DeFi) industry.
Amanda also talks about the DeFi Education Fund's recent lawsuit against the SEC over its airdrop policies and the industry’s need for a proactive counteroffensive approach in dealing with the SEC.
Show highlights:

Why Amanda thinks that the SEC is going to take a “kitchen sink approach” to their charges

How the SEC could make a case that some of the tokens traded via Uniswap are securities

What the next steps are in the case, with a lawsuit possibly coming soon

Whether there’s an inconsistency between the SEC’s position and Judge Failla’s rejection of the motion to dismiss the Coinbase lawsuit

How the different components of Uniswap make it hard to prove that Uniswap Labs is responsible for everything that happens on the protocol

Why the DeFi Education Fund recently filed a lawsuit against the SEC

Why Amanda believes in a “proactive counteroffensive strategy” with the SEC

How Amanda would like legislation to be implemented in the U.S.

Why the Tornado Cash developers are not liable for the actions of third parties such as North Korean hackers, according to Amanda

Why Amanda thinks Uniswap will ultimately win against the SEC

Thank you to our sponsors!

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Guest


Amanda Tuminelli, Chief Legal Officer at DeFi Education Fund


Previous appearance on Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash



You’ve got a friend in me: How amicus briefs are helping the crypto industry win over the courts, Amanda’s op-ed for Fortune

Links
Wells Notice

Unchained: SEC Puts DeFi in Its Sights With Potential Uniswap Suit


Unchained: UNI Drops 16% as SEC Targets Uniswap Labs


Uniswap Blog Post on the Wells notice

Marvin Ammori Thread on Wells notice

Other cases:

Fortune: Don't blame Uniswap for crypto scams, judge rules—and she's right


The Block: Three crypto advocacy groups file amicus briefs in Tornado Cash developer Roman Storm's case


The DeFiant: SEC Faces Lawsuit Seeking To Exempt Airdrops From Securities Classification


Unchained: Court Rejects Coinbase's Bid to Dismiss SEC Charges Against It


Social media commentary:

Paul Grewal’s tweet on the potential inconsistencies with the Coinbase case.

Gabriel Shapiro’s tweet on how Uniswap AMM smart contracts are not run by the Uniswap company


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Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance? - Ep. 632

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, and Robert Leshner dive into the crypto universe's hottest topics. In this episode, we have the CEO/Co-Founder of Monad to explore the fascinating world of Monad and its ambitious endeavor to revolutionize EVM scalability through innovative parallelization techniques. The discussion shifts gears to the recent turmoil in Solana, dissecting the network's congestion issues and the broader implications for blockchain efficiency and scalability challenges. As the conversation deepens, we pivot to the gripping courtroom drama surrounding Avi Eisenberg, challenging the foundational crypto principle of 'code is law' and sparking debate over the legality of smart contract exploitation. Through these discussions, we untangle the complex interplay between technological innovation, regulatory frameworks, and the ethical considerations that define the crypto industry. Join us as we navigate the intricate dynamics shaping the future of blockchain technology, providing insightful analysis on the strategic developments and moral dilemmas at the heart of the digital age. Tune in for a compelling journey through the strategic and ethical battlegrounds that are forging the path forward for crypto and blockchain.
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


Mike Novogratz on Why Bitcoin, "a Big FU to the System," Needs Institutions - Ep.98

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