Laura reports on the opening statements of the prosecution and defense, which painted a portrait of Sam Bankman-Fried as power-hungry and discussed how he allegedly managed to fumble customer funds.  Next witnesses are set to include Matt Huang, cofounder and managing partner at crypto VC firm Paradigm, and Gary Wang, former CTO of FTX.  
 Tune in to get the latest updates and insights on a case that could have far-reaching implications for the crypto industry. 
 If you need to catch up, don’t miss our recent coverage on the trial:
SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family
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
In the SBF Case, Elite Corruption Is What’s Really on Trial
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SBF Trial, Day 2: DOJ: Sam Bankman-Fried ‘Lied’ His Way to ‘Wealth, Power, and Influence’

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

Coinbase’s “onchain summer” has kicked off with the launch of its new smart wallet. This interview with Luke Youngblood, founding contributor to Moonwell, gives a peek at how it’s sweetening the pot for developers and users alike.  In this episode, Youngblood describes how smart wallets are different from traditional wallets, how they do away with past security issues, and the more minor potential risks that still do exist with smart wallets. He also gives details on the ways that Coinbase is trying to use its smart wallet to get users onchain: making it much easier to transact onchain directly from their Coinbase accounts, subsidizing gas costs for certain dapps, and making sure everything is web-accessible.  Plus, he explains why Moonwell chose Base, how it is branching out to non-crypto native DeFi users, such as populations that only have mobile phones and not desktop computers in geographies like Africa, Latin America, and Asia, and how the DeFi lending protocol differentiates itself from bigger ones that have established a beachhead on Base.  Show highlights:
(00:00) Intro
(01:40) How smart wallets differ from traditional wallets and embedded wallets
(04:06) Why Luke is excited to be working with Coinbase smart wallet
(06:33) What happens if the user loses the device linked to their smart wallet
(08:12) How hard it would be for a hacker to try to get access to the assets in this smart wallet
(09:36) How Coinbase is initially paying for user gas fees on dapps like Moonwell and other launch partners
(12:02) How Coinbase’s Magic Stand feature enables users to transact onchain straight from their Coinbase accounts
(14:24) How Coinbase might keep paying gas fees for some dapps even after the initial launch period
(16:38) Why the smart wallet is also accessible via the web, and not just through an app
(19:50) Why Moonwell has focused on lending and borrowing
(18:03) Why Moonwell chose to build on Base as opposed to, say, Solana
(21:24) Moonwell’s plans to grow 
(23:00) How having access to Coinbase’s user base changes Moonwell’s strategy for attracting users
(26:14) Crypto News Recap

 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.comThank you to our sponsors!
iTrustCapital
Polkadot
GuestLuke YoungbloodLinks
Previous coverage on Unchained:
Coinbase Smart Wallet: Coinbase Launches Its Smart Wallets, Dubbing It Crypto’s ‘IPhone Moment’

Wallets: 
Why (Almost) Everyone in Ethereum Is So Excited About a Wallet-Related Proposal
What Are Externally Owned Accounts (EOAs) in Ethereum?
An Introduction to ERC-4337 (Account Abstraction) Standard
Base: 
How Ethereum’s Dencun Upgrade Could Lead to the Rise of Millions of Layer 3s
Dencun Day One: Ethereum Layer 2 Networks See Drastic Drop in Transaction Fees


Base Daily Transactions Spike to 2 Million Post Dencun Upgrade 
Why Base’s Creator Thinks Social Apps Will Be a ‘Huge Part’ of the Layer 2 Blockchain’s Success
Base TVL Hits $4 Billion as Transactions Per Second Surpass Ethereum
3 Reasons Why Layer 2 Network Base Has More Than Doubled Its Total Value Locked This Year
Ethereum Layer 2s:
Ethereum L2 Networks Reach Record High of 7 Million Distinct Addresses
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How Coinbase Might Bring 1 Billion People Onchain Using Its Smart Wallet - Ep. 657

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann, along with guest Hal Press, founder of North Rock Digital, dive into the intricate challenges of pitching the ETH spot ETF to traditional finance and the Federal Reserve’s anticipated next steps. They discuss why Biden vetoed the repeal of SAB 121, and why that veto lends credence to an alternative theory as to why the SEC approved Ethereum ETFs.  Also, they talk about why the spot ETH ETFs are already turning out to be different from the Bitcoin ETFs, Hong Kong's (and perhaps China’s?) crypto ambitions, recent U.S. macroeconomic indicators, and whether or not Roaring Kitty’s recent antics with GME stock are illegal—and how he’s impacting memecoins. Show highlights:
Why Biden vetoed the repeal of SAB 121 and whether it was priced in
The recent political change around crypto and the surprise Gen Z celebrity who could swing the U.S. presidential election
The impact of the Trump conviction on the crypto industry
Why ETF issuers were caught off guard with the spot ETH ETF approvals
Whether Bitcoin ETF buyers will rotate to Ethereum, and when the products will launch 
How the ETH ETF will be pitched to TradFi 
Why Alex thinks ETH/BTC will go up 
How Hong Kong is trying to become the Wall Street of crypto, according to Joe
The recent macroeconomic indicators in the U.S. and their implications for crypto
The massive glitches in the NYSE that showed Berkshire Hathaway going down 99%
Whether what Roaring Kitty is doing with the GME stock is illegal

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence

Alex Kruger, Founder of Asgard

Joe McCann, Founder, CEO, and CIO of Asymmetric
Guest:
Hal Press, Founder of North Rock DigitalLinksPolitics: 
Unchained: President Biden Vetoes SAB121 Repeal

Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?

POLITICO: Crypto super PACs get $25M boost

Fortune: Coinbase donates $25 million to super PAC Fairshake days after Biden vetoes crypto custody bill

Ether ETFs:
Unchained: 
Ethereum ETFs Likely Protect Ether From the SEC. But What About Staked ETH? 
Why the SEC May Not Be Done in Its Legal Battles Over Ethereum
Why ETH Spot ETFs Could Benefit Stakers and Make Ethereum More Resilient
ETH ETFs Will Be Approved. But Could Grayscale Outflows Depress the Price of ETH?
Blockworks: What we learned from the latest ETH ETF filing dump

Hong KongBloomberg: Hong Kong Says 11 Crypto Exchanges Are Closer to Getting Permits
Other recent events: 
CNN Business: Berkshire Hathaway: NYSE says glitch that showed stock down 99.97% has been resolved 

WSJ: E*Trade Considers Kicking Meme-Stock Leader Keith Gill Off Platform 

TIMESTAMPS
00:00 Intro
01:59 Why Biden vetoed the repeal of SAB 121 and whether it was priced in
08:43 The recent political change around crypto and whether this particular Gen Z celeb could swing the U.S. presidential election
12:07 What the impact of the Trump conviction had in the crypto industry
15:38 Whether Bitcoin ETF buyers will rotate to Ethereum, and when the ETH ETFs will launch 
25:53 How the ETH ETF will or should be pitched to TradFi 
31:02 Why Alex thinks ETH/BTC will go up 
32:48How Hong Kong is trying to become the Wall Street of crypto, according to Joe
36:27 The recent macroeconomic indicators in the U.S. and their implications for crypto
45:15 The massive glitches in the NYSE that showed Berkshire Hathaway going down 99%
49:26 Whether what Roaring Kitty is doing with the GME stock is illegal
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Bits + Bips: Is This the Real Reason the SEC Approved the Ethereum ETFs? - Ep. 656

In this episode, Laura Shin speaks with former CFTC chairman Chris Giancarlo and former CFTC chief innovation officer Daniel Gorfine on the pressing need for the U.S. to safeguard the dollar. They explain why they believe the future of regulation is the government operating nodes on blockchains rather than regulating intermediaries, why even private USD stablecoins will want a USD central bank digital currency, and how China might export the technology behind the digital yuan—and its surveillance capabilities—to other countries. They also touch on how the upcoming U.S. elections could influence crypto policy, why stablecoins are more than just trading instruments, and what the U.S. must do to maintain its financial leadership.Show highlights:
How governments should embrace blockchain technology to become better at its job, according to Chris
How the financial system needs to change for the younger generations
Whether the U.S. is losing ground in terms of innovation
Why Daniel thinks stablecoins are much more than a trading instrument for crypto
Why Daniel believes that the U.S. is making the regulation of stablecoins “far more complicated than it needs to be”
How Singapore is already giving licenses to USD stablecoin issuers
Whether the dollar should be trademarked to protect it
How Tether has become one of the most profitable companies per employee in history without being under U.S. jurisdiction
Who should be the next chair of the SEC and the need to regulate DeFi in order for it to become mainstream
Why Daniel thinks that some of the criticism of the FIT21 bill “doesn’t hold water”
Why Chris believes that China is lying about not intending to export the technology behind the digital yuan
Whether algorithmic stablecoins should be banned, as proposed in the Lummis-Gillibrand bill

 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle?Thank you to our sponsors!
Polkadot
VaultCraft
Guests:

Chris Giancarlo, Former Chairman of the US Commodity Futures Trading Commission, author of CryptoDad
Forbes: ‘Elizabeth Warren’s Anti-Crypto Wing Is A Shrinking Iceberg’, Says Former Top Regulator

FoxBusiness Interview: Elizabeth Warren and others have declared war on cryptocurrency: Chris Giancarlo

Op-ed in the FT Banking Risk & Regulation: Can CBDCs be made safe for democracy?


Daniel Gorfine, Founder & CEO of boutique advisory firm Gattaca Horizons, former Chief Innovation Officer at the U.S. CFTC, and adjunct professor at the Georgetown University Law Center
Opinion: Stablecoin and other digital assets are falsely framed as a choice between personal privacy and national security. We can have both. - MarketWatch
Building digital infrastructure for the future of finance

LinksStablecoins:

Stablecoins Are Defense Tech by Morgan Beller 
Unchained: 
Opinion: Regulated Dollar Stablecoins Created by a Proposed New Senate Bill Would be Crypto’s Ultimate Trojan Horse 

Tether's Record $4.5 Billion Q1 Profit Highlights Its Dominance of the Stablecoin Industry
SAB 121Unchained: President Biden Vetoes SAB121 Repeal
FIT21
Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?
Spot Ether ETFsUnchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security
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How the U.S. Government Can Protect the Dollar Through Stablecoins - Ep. 655

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in crypto. This episode explores the buzz around LeBron James' potential memecoin, the recent approval of Ether ETFs, and Biden's shifting stance on crypto policy. We dissect the implications of Trump's pro-crypto promises and the FIT21 legislation. Tune in for a lively debate on celebrity coins, the market's reaction to regulatory changes, and the evolving landscape of political influence in the crypto space. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.Show highlights

The Chopping Block:  Crypto Populism: From Celebrity Coins to Politics -Ep. 654

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. After some big wins for the crypto industry (and big losses for the U.S. Securities and Exchange Commission), Jason Gottlieb, partner at Morrison Cohen, delves into how the upcoming US elections could reshape the SEC’s crypto agenda, the political pressures influencing SEC decisions, and the potential impact that a new SEC chair could have. Gottlieb provides insights into ongoing court battles involving major crypto firms like Coinbase and explores the broader political implications of the Democrats' recent outreach to the crypto industry. Show highlights:
How the sea change in Congress, the White House, and the Biden campaign affects the SEC’s stance on crypto
Whether the SEC's agenda on crypto has changed, following the sudden reversal on ETH ETFs
Whether the SEC is being pressured politically about crypto and how that could affect its actions between now and the election
How the ongoing legal crypto cases are affected by the SEC’s change of tune
What the implications of a possible new SEC chair would be
How the SEC’s credibility was damaged by the Debt Box case
Why Jason thinks Democrats are in an “uncomfortable position” but also believes there’s a lot of common ground with the Republicans with regard to crypto

 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.comThank you to our sponsors!
iTrustCapital
Polkadot
VaultCraft
Guest

Jason Gottlieb, partner at Morrison Cohen
Previous appearances on Unchained: 
The Department of Justice Goes After Its First NFT Insider Trading Case
‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer
Links
Previous coverage on Unchained of the recent shift in the US political landscape:
Why Many Democrats, Including the White House, Have Come Around on Crypto
Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress
Bits + Bips: Is US Politics Driving the ETH ETF Approval?
Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday
Political turn and ongoing cases:
The Block: Biden campaign ramps up crypto industry outreach in surprising tone 'shift'

Unchained: 
Ethereum ETFs Likely Protect Ether From the SEC. But What About Staked ETH?
Why the SEC May Not Be Done in Its Legal Battles Over Ethereum 
SAB 121Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance FIT21
Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?
Spot Ether ETFsUnchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security

 TIMESTAMPS:
00:00 Introduction
02:55 The outlook for the SEC’s efforts after the seeming sea change from the Democrats
06:09 Whether the SEC's agenda has changed, after the sudden reversal on ETH ETFs
09:58 Whether the SEC is being pressured politically and whether that will influence its actions between now and the presidential election
15:30 How the ongoing legal crypto cases are affected by the SEC’s change of tune
19:51 What the implications of a new SEC chair would be on court cases winding slowly through the courts
23:52 How the SEC’s credibility was damaged by the Debt Box case
27:59 Why Jason thinks Democrats are in an “uncomfortable position” but also believes there’s a lot of common ground with the Republicans with regard to crypto
34:14 Weekly recap
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SBF Trial, Day 2: DOJ: Sam Bankman-Fried ‘Lied’ His Way to ‘Wealth, Power, and Influence’

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