Hester Peirce, AKA “Crypto Mom,” was just confirmed to a second term as SEC Commissioner of the Securities Exchange Commission in August. In this episode, she talks about:
  the reasons for her dissent in the Unikrn Settlement and what she believes would have been a proper penalty
 the current status of her token safe harbor proposal
 her thoughts on fair launch projects as opposed to traditional VC-backed tokens
 her view on how the SEC should view airdrops
 her thoughts on whether existing securities laws could be tweaked as opposed to implementing a safe harbor
 whether she thinks DeFi governance tokens should be considered securities
 her thoughts on DeFi playing its own regulatory role
 her thoughts on the Securities Clarity Act introduced in Congress
 the chances of a Bitcoin ETF being approved by the SEC in the future
 the charges against BitMEX and the effect it may have on the industry in general
 stablecoins, and how they might raise securities issues
 and whether she thinks that all securities could one day be tokenized
  Thank you to our sponsor!
 Crypto.com: https://www.crypto.com
  
 Episode links: 
 Hester Peirce: https://twitter.com/HesterPeirce
 SEC: https://www.sec.gov
  
 Her dissent on the Unikrn settelement:  https://www.sec.gov/news/public-statement/peirce-statement-settlement-charging-token-issuer
  
 Unconfirmed interview on her safe harbor proposal:  https://unchainedpodcast.com/sec-commissioner-hester-peirce-on-her-safe-harbor-proposal/
 Her token safe harbor proposal:  https://www.sec.gov/news/speech/peirce-remarks-blockress-2020-02-06
  
 Unchained interview with Cmr. Peirce:  https://unchainedpodcast.com/sec-commissioner-hester-peirce-come-talk-to-the-sec/
  
 Proposal in The Block on ways to amend existing securities law instead of issuing a token safe harbor:  https://www.theblockcrypto.com/post/57207/case-for-reg-a-response-commissioner-peirce-sec-token
  
 Is UNI a security:  https://www.theblockcrypto.com/post/78231/uniswap-token-security-debate
  
 FCA banning crypto derivatives and ETNs:  https://www.coindesk.com/fca-bans-sale-of-cryptoderivatives-to-retail-consumers-in-uk
  https://www.theblockcrypto.com/post/79911/uk-regulator-fca-bans-crypto-derivatives-retail-users
  
 Securities Clarity Act:  https://www.theblockcrypto.com/post/78231/uniswap-token-security-debate
  
 Statement on ATS’s:  https://www.sec.gov/divisions/marketreg/mr-noaction/2020/finra-ats-role-in-settlement-of-digital-asset-security-trades-09252020.pdf
  
 SEC chairman Jay Clayton says all stocks could be tokenized:  https://www.theblockcrypto.com/post/79783/all-stocks-tokenized-sec-chairman-clayton
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SEC Commissioner Hester Peirce on BitMEX, DeFi and a Token Safe Harbor - Ep.194

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.
On Thursday, Consensys sued the U.S. Securities and Exchange Commission (SEC) in a Texas federal court, seeking to prevent an impending SEC action against its MetaMask wallet and to clarify that ether is not a security.
The complaint calls out the agency for what Consensys describes as “regulatory overreach,” challenges its notion that ETH is a security, and says the SEC has violated the Constitutional requirement of fair notice under the due process clause. It notes that for years, the SEC and its sister agency, the Commodity Futures Trading Commission, took the position that ETH is not a security.  
The lawsuit also challenges the SEC’s recent focus on Ethereum's switch to proof of stake in 2022 as a basis for increased scrutiny, a stance Consensys CEO Joseph Lubin  deemed "preposterous."
Laura Brookover, Senior Counsel & Head of Litigation and Investigations at ConsenSys, joined Unchained to unpack the lawsuit and what it means for the future of Ethereum and overall crypto in the US.
Show highlights:

Why Consensys sued the SEC and why Brookover feels like the SEC has gone too far

How they are looking for a Judge to declare that the ETH is not a security

Whether the switch to proof of stake turned ETH into a security

Why the SEC issued Consensys a Wells Notice, with one potential allegation being that it is operating an unregistered securities broker through its MetaMask wallet

How the major questions doctrine applies to what the SEC is doing in the industry, according to Brookover

Why Hinman’s speech is still relevant today, even after 6 years

Whether the moves by the SEC are related to a motivation to deny ether spot ETFs

How the several cases against the SEC show that the industry “has had enough”

Whether Texas is a jurisdiction favorable to crypto, given that many lawsuits are being filed there

The implications of a Consensys victory for the industry and what the next steps in the case are

Thank you to our sponsors!

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Guest

Laura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys
Links
The lawsuit: 

Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security


ConsenSys’s complaint

Bill Hughes’ thread on why Consensys sued the SEC


Consensys is suing the SEC to defend the Ethereum ecosystem

Hinman speech
CryptoLaw: The Hinman Speech Documents

Major questions doctrine

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


Reuters: SEC argues Coinbase crypto case not barred by ‘major questions’ doctrine 


Other 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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Consensys’s Lawsuit Against The SEC: Will It End Gensler's ‘Unlawful Power Grab’? - Ep. 637

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dissect the crypto world’s topics of the day. In this episode, we delve into the SEC's recent scrutiny of Uniswap, exploring the potential legal and regulatory impacts on the DeFi landscape. We also discuss the unprecedented flooding in Dubai and its effects on the recent crypto conference, highlighting the resilience of the crypto community in the face of natural disasters. Shifting our focus to Bitcoin, we analyze the implications of the latest halvening event and what it means for Bitcoin’s inflation rate and market dynamics. Through these discussions, we unpack the intricate relationships between regulatory actions, environmental challenges, and technological advancements in cryptocurrency. Join us as we navigate through these complex topics, offering deep insights and expert analysis on the events that are shaping the future of blockchain and digital currencies. Tune in to understand how these pivotal moments are influencing the strategic direction and ethical considerations within 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: Uniswap's SEC Scrutiny, Token2049 Flood Catastrophe, and Bitcoin's Halving Impact - Ep. 636

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!
Polkadot
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!

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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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SEC Commissioner Hester Peirce on BitMEX, DeFi and a Token Safe Harbor - Ep.194

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