Welcome to The Chopping Block – where crypto insiders chop it up about the latest news. This week, Haseeb Qureshi and Tom Schmidt speak to Will Warren, cofounder of 0x Labs, to discuss why the CFTC issued them a Wells Notice, how they responded to regulatory scrutiny, and how other countries may offer a blueprint for crypto regulation. 
 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: 
why the CFTC issued a Wells Notice to 0x
how a decentralized application addresses the issue of geolocalization of users
how the team at 0x worked together with the CFTC to avoid violating the Commodity Exchange Act (CEA) again
what are the implications of the settlement and who's liable for offering services 
why it's so hard for crypto projects to follow the rules without clear regulatory guidance
why Haseeb says that the SEC wants this industry to “not exist”
how lack of regulatory clarity may be stunting US innovation
whether there's a conflict of interest between the companies building protocols and the protocols themselves
Hosts

Haseeb Qureshi, managing partner at Dragonfly 

Tom Schmidt, general partner at Dragonfly 
Guest
Will Warren, cofounder of 0x Labs DisclosuresLinks
Unchained: 
UniswapX Launches With MEV Protection and Gas Free Swaps
CFTC Charges Three DeFi Protocols With Violating AML Rules, Operating Without Licenses
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The Chopping Block: Will Warren of 0x on Its Settlement With the CFTC - Ep. 546

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

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News

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 Iggy Azalea's new coin 'Mother' and Andrew Tate's 'Daddy.' We discuss how these phenomena influence the broader crypto market, recent trends in airdrops, and the challenge of Sybil resistance. Additionally, we explore the permissionless nature of crypto and the trade-offs involved in fun and chaotic projects, including the explosive rise of 'Hamster Kombat.' Tune in for an in-depth look at how pop culture intersects with the core principles of cryptocurrency, shaping current market sentiment.Show highlights

The Chopping Block: Iggy Azalea, Hamster Kombat, & Airdrop Insights - Ep. 660

Nathaniel Popper just published his latest book, "The Trolls of Wall Street," covering the Wall Street Bets phenomenon. Funnily enough, his book comes at a time when there are striking similarities with the current memecoin mania in crypto.  In this episode, Popper explores the rise of online investing communities like Wall Street Bets and their reflection of broader societal changes, particularly among young men.  He also touches on the parallels between the trolling culture of these communities and the rise of figures like Donald Trump, and delves into the hidden dangers and psychological influences of memes in modern investing. Show highlights:
01:21 The rise of online money communities and the shift towards investing based on ideas rather than traditional financial fundamentals
04:06 How the changing roles of young men in society have influenced the growth of crypto and online financial communities
13:36 How Robinhood's design choices changed retail investing, sparking FOMO and controversy by making trading as easy as a swipe
18:04 The hidden dangers of memes in modern investing, and how they balance fostering community with driving speculation
22:56 Why Trump's ties to the crypto community highlight the mix of serious intent and trolling
30:07 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
Guest
Nathaniel Popper, author of The Trolls of Wall Street
LinksPrevious coverage of Unchained on memecoins:
Unchained: Why Memecoins Have Been 2024's Most Profitable Crypto Trade: Ansem and Kelxyz - Ep. 641

BRETT Becomes First Memecoin on Base to Reach $1 Billion in Market Cap
DWF Labs to Invest in Memecoins, Onchain Data Reveals LADYS Transactions
Celebrity Tokens Continue to Bleed With Some Memecoin Traders Losing Six-Figures
The book:
Blockworks: What do memecoins and meme stocks have in common?: A review of ‘The Trolls of Wall Street’

Fortune: Q&A; with the author of ‘The Trolls of Wall Street’: Gambling, conspiracies, and the return of Roaring Kitty, 
Meme culture
WSJ: 
Meme Stocks Are Back, but Fund Investors Moved On
Meet the ‘Degen’ Traders Fueling the Latest Meme-Stock Mania
CoinDesk: In Defense of Meme Coins


What else could memecoins be? By Vitalik Buterin
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Are Memecoins the Next Evolution of Wall Street Bets? - Ep. 659

Robinhood has been in the spotlight for its $200 million acquisition of European crypto exchange Bitstamp. The TradFi app’s venture into crypto is paying off: its recent earnings showed that revenue is growing substantially, and the Bitstamp acquisition is just one way the company will grow the pie. Johann Kerbrat, general manager of Robinhood Crypto, came on the show to discuss the acquisition, Robinhood's plans for expanding its crypto business internationally and into the institutional market, the company's approach to listing crypto assets, how regulation has affected its business decisions, and its efforts to bridge traditional finance and decentralized finance.Show highlights:
02:14 How the acquisition of Bitstamp will reshape Robinhood
08:51 Whether Robinhood could list more coins and whether it’s considering more acquisitions
11:54 Whether the U.S.’s unclear crypto regulation influenced the decision to acquire Bitstamp and which other jurisdictions, besides the EU, Robinhood Crypto is eyeing
17:46 Why Johann was disappointed by the Wells notice Robinhood received from the SEC
20:47 Johann’s U.S. crypto regulation wish list and why Robinhood supports the FIT21 bill
24:09 Why Robinhood delisted ADA, MATIC, and SOL, and the process for listing or delisting a coin on the platform
29:49 Johann’s background in crypto and trajectory at Robinhood Crypto
31:35 How Robinhood is uniquely poised to help bring real-world assets and securities on-chain, and how it will handle offerings for institutional investors
37:48 The impact and importance of the introduction of spot bitcoin ETFs
44:26 Why Robinhood decided to offer staking, but only for Solana, not Ethereum
46:11 Whether there’s demand for crypto-native features in the Robinhood platform
48:26 Robinhood’s collaboration with Arbitrum and whether the company might build their own Layer 2
54:29 Johann’s take on the memecoin mania and whether Robinhood could list them
59:26 What Johann thinks about the political fight around crypto in the U.S.

 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.comThank you to our sponsors!PolkadotGuest:
Johann Kerbrat, general manager of Robinhood CryptoLinksAcquisition of Bitstamp: 
Unchained: Q&A; With Robinhood Crypto General Manager: Why the Crypto Giant Went to the EU

Fortune: Robinhood defies the SEC by forking over $200 million for a crypto exchange

DL News: Robinhood crypto head says Bitstamp will help lure wealthy investors

Robinhood’s crypto business:
Bloomberg: Robinhood (HOOD) Profit Beats Estimates as Crypto Revenue Surges

Robinhood Reports First Quarter 2024 Results
Regulatory actions:
Reuters: Robinhood Crypto gets Wells notice from US SEC 
Robinhood Crypto Launches Staking in Europe with Localized Apps to Follow
Memecoin mania
Unchained: 
Celebrity Tokens Continue to Bleed With Some Memecoin Traders Losing Six-Figures 
Why Memecoins Have Been 2024's Most Profitable Crypto Trade: Ansem and Kelxyz

 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
Kerbrat’s statement on ETFs

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Why Robinhood, a TradFi Hub, Is Growing Its Crypto Business Globally - Ep. 658

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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The Chopping Block: Will Warren of 0x on Its Settlement With the CFTC - Ep. 546

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