Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the group sits down with Circle CEO Jeremy Allaire to discuss how the USDC stablecoin issuer responded to the banking crisis that started at the end of 2022, what PayPal’s new stablecoin offering means for Circle and the rest of the industry, and whether central bank digital currencies (CBDCs) represent real competition for stablecoins.  
 Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. 
Show highlights: 
how the collapse of FTX and other companies led to a de-banking crisis for the industry
what the Circle Reserve Fund is
how the banking crisis in early 2023 caused a "flight from safety"
how regulatory clarity has improved in the aftermath of the banking crisis
why Jeremy actually hopes PayPal's recently launched PYUSD is successful
why Tarun believes Central Bank Digital Currencies (CBDCs) are one of the most "boring concepts" within the industry
whether CBDCs pose a threat to businesses that issue stablecoins such as Circle
Whether the status quo on stablecoins in the U.S. of knowing-your-customer on redemption and minting, but not on holding, is likely to continue. 

Hosts:

Haseeb Qureshi, managing partner at Dragonfly 

Robert Leshner, founder of Compound

Tarun Chitra, managing partner at Robot Ventures
Guest:
Jeremy Allaire, CEO of CircleDisclosuresLinks
The Chopping Block: Was Crypto Just Debanked?
Will PayPal's PYUSD Steal Market Share From Tether and Circle?
The Fall of SVB: What Happened and How It Affects Crypto
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The Chopping Block: Why Circle CEO Jeremy Allaire Is So Optimistic About Stablecoins' Future - Ep. 541

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

Last week, Consensys revealed that the SEC had concluded an investigation into Ethereum 2.0, referring to when Ethereum transitioned from a proof-of-work consensus mechanism to a proof-of-stake one. In this episode, Laura Brookover, senior counsel & head of litigation and investigations at Consensys, and Sam Enzer, partner at Cahill Gordon & Reindel, explore the implications of this decision on Ether’s status as a commodity versus a security, and why the SEC dropped the pursuit, including whether the shifting political winds played a role. For instance, how much of the decision was influenced by the ETH ETF approvals, Democrats crossing party lines to vote for FIT21 and the repeal of SAB 121, and/or SEC crypto enforcement chief David Hirsch’s resignation?  In this discussion, they also explained why the closure doesn’t necessarily mean that staking, or restaking, is safe from the SEC. Plus, what’s the impact of this closure on the other big crypto cases, such as Coinbase, Kraken, Uniswap, and Ripple?Show highlights:
02:13 How Consensys managed to get the SEC to reveal that it had concluded its investigation into Ethereum 2.0, and the significance of that move
08:14 The SEC's possible reasoning behind investigating Ethereum after it had switched to proof of stake
15:19 How uncommon is it for the SEC to send a letter concluding an investigation like the one into Ethereum
18:45 Whether recent events around crypto as an election issue, the ETH ETF approvals, votes for FIT21 and the repeal of SAB121, and David Hirsch’s resignation, might be connected to the decision to close this investigation
29:03 Whether the Biden administration has shifted its stance on crypto and whether Gensler should remain as chair
33:24 How the SEC might still go after staking
37:18 Whether restaking, such as pioneered by EigenLayer, is safe from regulatory actions
39:13 Why the SEC might be pursuing different judgments in various jurisdictions for MetaMask and Coinbase Wallet
44:24 What crucial evidence from the closed Ethereum 2.0 investigation could strengthen Coinbase's defense in its ongoing lawsuit
47:58 Why the SEC's aggressive stance on various crypto enforcement actions seems to remain unchanged despite closing the Ethereum 2.0 investigation
52:13 Why Sam and Laura believe Solana should not be considered a security, despite the SEC naming it as such in various crypto cases
58:13 How the SEC’s argument about an “ecosystem” is nonsensical, according to Laura Brookover
01:00:31 What the implications of the closed investigation are for the cases of Kraken and Ripple
01:04:58 What Sam and Laura B. are watching out for in terms of regulation and ongoing legal cases

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

Laura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys
Previous appearance on Unchained: Consensys’s Lawsuit Against The SEC: Will It End Gensler's ‘Unlawful Power Grab’?


Sam Enzer, Partner at Cahill Gordon & Reindel
Previous appearances on Unchained:
The Real Reason Why the SEC Might Be Going After Ethereum
How 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison Sentence
Why the SEC’s Case Against Coinbase Is So Significant for Crypto
Why SBF’s Testimony So Far Has Likely Already Doomed Him
Another Bad Week for Sam Bankman-Fried in His Criminal Trial
Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?
For more links visit UnchainedCrypto.com   Learn more about your ad choices. Visit megaphone.fm/adchoices

The SEC Ends Its Ethereum 2.0 Investigation, but Staking Isn't in the Clear - Ep. 665

LayerZero’s token claims went live on Thursday, and as with every recent airdrop, there was plenty of controversy. In this episode, Bryan Pellegrino, cofounder and CEO of LayerZero Labs, joined to discuss their ambitious anti-Sybil campaign and the subsequent token distribution. He delved into the challenges of ensuring genuine user participation, the decision to offer a self-report option for Sybil attackers, and the complexities imposed by industrial-grade farmers. Bryan shared what he would have done differently and why a mandatory donation to Protocol Guild was imposed. Also, are airdrops dead? How can the industry improve this not-so-effective distribution method?  Show highlights:
00:00 Intro
01:23 Why LayerZero launched an anti-Sybil campaign with its airdrop, and what challenges they faced in ensuring genuine user participation
04:51 Why LayerZero offered a self-report option for Sybil attackers, and how this strategy revealed both the complexities and the creativity within the crypto community
10:16 How the anti-Sybil campaign uncovered over a million fraudulent accounts
14:34 What Bryan would have done differently in their campaign
17:18 What alternative methods, such as KYC and proof-of-humanity protocols, LayerZero could have used for their anti-Sybil campaign
18:35How LayerZero navigated the cat-and-mouse game with industrial airdrop farmers
23:08 Why they decided to impose a donation to Protocol Guild to claim the ZRO token
32:07 What caused the dramatic drop in LayerZero's activity post-announcement of their anti-Sybil campaign, and why the team is optimistic despite the decline
35:23 LayerZero's plans for future airdrops 
38:40 What Bryan thinks the future holds for airdrops in crypto, and how the current broken system can be improved to achieve better distribution and user engagement
42:43 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!
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GuestBryan Pellegrino, cofounder and CEO of LayerZero Labs   Learn more about your ad choices. Visit megaphone.fm/adchoices

LayerZero Fought the Sybils and Airdropped Its Token. Did the Team Win? - Ep. 664

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, we dive into the impact of celebrity-endorsed memecoins, featuring discussions around Iggy Azalea's 'Mother' token, Waka Flocka Flame's 'Flocka' token, and other celebrities. We debate the broader implications of these phenomena on the crypto market, address criticisms of venture capital's role in crypto, and explore the seasonal nature of crypto trading. Tune in for an in-depth look at how pop culture intersects with cryptocurrency, shaping current market sentiment. 
 Show highlights 

The Chopping Block: VC Tokens, Memecoins & Celebs, and Seasonal Patterns - Ep. 663

A few weeks after its launch, Iggy Azalea's MOTHER memecoin is still in the spotlight. Host Joe McCann, who recently had dinner with her in New York, gives the inside scoop on how Iggy’s $MOTHER came to be, plus her plans.  Also, Joe says Iggy is so bullish on Solana because it’s fast and cheap… but James Seyffart counters… nothing can be fast, cheap, and good. Except ETFs. Guests Phil Bonello and Kelly Greer delve into the role of venture capital in crypto, and more particularly into dynamics between liquid hedge funds and massive token generation events. And James tells a mind-blowing story about how one ETF and obscure SEC rules could cause whiplash to the prices of Apple and Nvidia stock over the next few months.  Plus, after SEC head enforcer David Hirsch resigned from the SEC this week, everyone gave their takes on why. Is Hirsch going to BlackRock, or was he scared about a potential lawsuit?  Show highlights:
00:51 The real story behind Iggy Azalea's MOTHER memecoin and the controversy between Joe and Haseeb Qureshi
07:26 Why Iggy is bullish on Solana, and whether MOTHER is a hopeful case for crypto, reflecting the evolving relationship between entertainment and Web3
12:35 Whether the market has already topped, given the involvement of celebrities in the industry
15:32 Whether VCs are extractive to the overall space, and how liquid funds and token unlocks impact the performance of assets
21:17 Why venture funds and hedge funds have different approaches to liquid crypto investments, and how memecoins are changing the game for allocators
33:18 Why there’s a 0% chance that SOL gets an ETF this year
34:19 What the recent macro trends point to, whether inflation going down is sustainable, and whether rate cuts are coming
43:32 Why Nvidia's rapid growth is about to trigger a multi-billion dollar rebalance in tech ETFs, and how both $NVDA’s and $AAPL’s stock prices might soon seesaw 
54:35 The theories about why the SEC’s chief crypto enforcer David Hirsch resigned from the agency (hint: it might have to do with the election)
59:52 Why James believes Ethereum ETFs will launch on July 2 and what amount of inflows the ETH ETFs might garner, esp. considering potential ETHE outflows
Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence

Joe McCann, Founder, CEO, and CIO of Asymmetric
Guests:

Kelly Greer, Vice President of Trading at Galaxy

Philip Bonello, Founding Partner at Plaintext Capital
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Bits + Bips: Iggy Azalea, $MOTHER, and Celeb Coins: Is This the Top of the Crypto Cycle? - Ep. 662

The political landscape in the US is heating up with the November elections, and the crypto industry is watching closely.  In this episode, Anthony Scaramucci, founder of SkyBridge, doesn’t mince words and explains why he believes Joe Biden is the best choice—even for the crypto voter—in the upcoming election, the significance of the Ethereum ETF approval, and how the industry has overcome significant regulatory hurdles.  Scaramucci also shares his insights on the future of Bitcoin ETFs, the role of younger generations in driving crypto policy, and why Solana might be the next big thing. Show highlights:
02:05 Why Anthony believes there’s only one choice in this election: Joe Biden
07:03 Why he thinks the crypto industry “has already won”
16:27 Whether the crypto industry should trust Trump with his pro-crypto comments
17:20 Why Anthony is convinced that the Biden administration has stopped its anti-crypto stance, even with the veto of the SAB 121 repeal
21:26 Why Anthony believes crypto is becoming a bipartisan issue, and how younger generations are driving this change in Washington
28:05 What three key elements would ideally be included in crypto legislation to ensure clarity and industry involvement in regulation
30:49 What happened to SkyBridge after selling a stake to FTX, and how they are riding the industry's “upswing”
38:00 What developments in Bitcoin ETFs could signal its recognition as an asset class and drive institutional adoption
40:00 What led SkyBridge to abandon its Bitcoin ETF application
43:23 What Anthony thinks is the best pitch for a spot Ether ETF to TradFi, and how expected inflows compare to Bitcoin ETFs
49:11 Anthony’s praise of Laura’s book
51:55 Why Anthony believes a Solana ETF might be the next big thing in crypto, despite SEC scrutiny and the need for a futures market first
55:20 Why SkyBridge is actively seeking new acquisitions and partnering with Parcl, a Solana-based decentralized real estate trading app
59:44 What Anthony's bullish predictions for Bitcoin and Ethereum are in the current cycle
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.comThank you to our sponsors!PolkadotGuest:
Anthony Scaramucci, Founder and Managing Partner at SkyBridgeLinks
Recent coverage of Unchained on the political scenario in the US:
How the U.S. Government Can Protect the Dollar Through Stablecoins
Why Many Democrats, Including the White House, Have Come Around on Crypto
Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress
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The Chopping Block: Why Circle CEO Jeremy Allaire Is So Optimistic About Stablecoins' Future - Ep. 541

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