The Defiant

Fourteen days. That's the window the crypto industry has to get the CLARITY Act through the Senate — or wait until the 2030s for another shot.The combined draft dropped last week for the first time, merging the Senate Banking and Agriculture committee text into one bill. It added a law enforcement title (the Fraternal Order of Police endorsed it the same day). It added an ethics provision. And Democrats are rejecting that provision outright.This week on The Defiant, we're bringing three people living this fight from the inside: Miller Whitehouse-Levine (Solana Policy Institute), Amanda Tuminelli (DeFi Education Fund), and Adrian Wall (Digital Sovereignty Alliance). They don't all agree on how close we are — and one of them drops what might be the most explosive political take of the year: that Republicans, Democrats, financial institutions, and Coinbase may none of them actually want this bill to pass.The Polymarket odds: down from 80% in February to 37% this week. The stakes: if it fails, the next administration can undo anything the agencies do by rulemaking. Without a law, there's no floor. And innovation goes abroad.Guests: Miller Whitehouse-Levine (Solana Policy Institute) | Amanda Tuminelli (DeFi Education Fund) | Adrian Wall (Digital Sovereignty Alliance / Tron DAO US Policy) Topics: CLARITY Act, crypto regulation, SEC, CFTC, DeFi, stablecoins, blockchain policy, US Congress, ethics provision, RWAs

Michael Saylor built his entire identity around one promise: he would never sell Bitcoin. Last week, that promise ended.

Strategy's board voted to authorize selling Bitcoin to cover dividend payments and build cash reserves — in the middle of MSTR and STRC crashing to record lows, the yield blowing up, and confidence in the whole experiment starting to crack.

Is this a rational pivot? Or the beginning of the end for the world's largest corporate Bitcoin treasury?

This week on The Defiant, I sat down with Scott Melker and Kaleo to get into all of it: the hollow signaling, the STRC question, whether Saylor should rip the Band-Aid and sell billions now — and what any of this actually means for Bitcoin.

Spoiler: they disagree. Strongly.

Guests: Scott Melker | Kaleo (CryptoKaleo)

Topics: Strategy, Michael Saylor, Bitcoin, MSTR, STRC, corporate Bitcoin treasury, convertible debt

But the community didn't wait. In a matter of weeks, 50 institutions and Ethereum leaders came together to form ETH Labs — a new organization backed by Sharp Link, Joe Lubin, and Bitmain, with a mandate to build what the Foundation decided it no longer wants to. Is this a rescue? A power grab? Or the most important moment in Ethereum's 11-year history?

Last week on The Defiant, I sat down with Josef Chalom (Sharp Link, the second-largest public ETH holder) and Viktor Bunin (Coinbase) to get into all of it: the funding structure, the credible neutrality question, the ETH asset vs. protocol tension, and what's actually coming in the Glastonbury upgrade — including a technical shift that could finally make Ethereum feel good to use. 

Guests: Josef Chalom, CEO of Sharp Link | Viktor Bunin, Coinbase

Topics: Ethereum Foundation, ETH Labs, protocol governance, institutional adoption, Glastonbury upgrade

Last Friday, the U.S. Department of Commerce forced Anthropic to shut down Fable V for the entire world. One government, one decision, zero global access. Is this the definitive case for decentralized AI?

Jake Brukhman (Coin Fund), Jesus Rodriguez (Sentora), and Haseeb Qureshi (Dragonfly) debate the hottest topic at the intersection of crypto and AI: whether frontier AI can and should be decentralized — or whether we're repeating the same mistakes as decentralized storage.What you'll hear: why the government hand-picked who gets access to Mythos (and it wasn't Anthropic's call), whether consumer GPU swarms can realistically compete with data centers, what's really happening with on-chain hacks in 2026, and Haseeb's most controversial take: the world's most powerful AI should be treated like a nuclear weapon, not a public good.No easy answers. No consensus. Just the most important debate of 2026.

How close did DeFi come to a real systemic collapse?In this episode, Camila Russo sits down with Mike Silagadze, co-founder and CEO of Ether.fi, to break down the Kelp exploit, the DeFi United rescue effort, and why Mike believes the default path could have been far worse if nobody had stepped in. He explains why the bigger lesson is not just smart contract risk, but operational security, app-layer responsibility, and the need to move past "decentralization theater."They also get into why Ether.fi wants to be "the safest place to stake," why application-layer protocols should have emergency controls, and how Ether.fi is evolving from liquid staking into a vertically integrated DeFi bank with vaults, card rails, and real-world utility.If you want to understand where DeFi security is failing, what serious builders are changing, and what the next phase of crypto products could look like, this is the episode to watch.

April saw some of the worst DeFi losses in recent memory, and even OpenZeppelin co-founder Manuel Aráoz warned people to get out. But while CT feels gloomy, institutions are not stepping back - they're leaning in with more diligence, stronger infrastructure requirements, and growing demand for onchain yield.In this livestream, Camila Russo is joined by John Zettler of Kraken, Sunand Raghupathi of Veda, and Anthony DeMartino of Sentora to break down what the latest hacks actually revealed: why many recent attacks look more like supply-chain and key-management failures than pure smart-contract exploits, why DeFi's next big challenge is operational security, and why that does not automatically kill the institutional DeFi thesis.They also unpack Kraken's new Bitcoin Vault, the rise of risk-curated vaults, why enterprises still see onchain finance as inevitable, and why fundamentals may be diverging sharply from price action. If you want the clearest view yet on whether DeFi is actually ready for institutions, this is the debate to watch.

Top Ethereum talent is leaving. The Ethereum Foundation is shrinking. And one question now hangs over the entire ecosystem: what happens to ETH if the EF steps back?

In this livestream, Camila Russo is joined by Dankrad Feist, Laura Shin, Ajit Tripathi, and William Mougayar to break down the EF departures, leadership turmoil, the cypherpunk mandate, the debate over tokenomics, and whether Ethereum is still positioned to win as competition intensifies.

The big tension in this conversation is clear: the EF may be choosing to do less, but the market is demanding more. So if Ethereum is entering a new phase, who organizes, who builds, and who fights for ETH from here?

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DeFi is approaching a breaking point.After a wave of hacks and growing concerns around smart contract risk, liquidity risk, and hidden dependencies, the biggest question in crypto is no longer just how much yield you can earn, but whether that yield is actually worth the risk.In this debate, Camila Russo is joined by Santiago Roel Santos of Inversion, Daniele Ugolini of Rysk Finance, and Mauricio Di Bartolomeo of Ledn to break down why DeFi yields may be fundamentally mispriced, what TradFi still does better, where DeFi still wins, and what has to change before institutions can trust it at scale.They get into:🟢 why some of the best-known DeFi protocols may still not compensate users for risk🟢 whether trapped onchain liquidity is distorting the market🟢 why builders need stronger guardrails, better risk management, and more transparency🟢 and whether DeFi is on the verge of becoming mainstream infrastructure, or staying niche until it grows upIf you're allocating capital onchain, building in DeFi, or trying to understand where crypto goes from here, this is the debate to watch.

Explosive debate: after one of DeFi's biggest attacks left Aave facing bad debt, DeFi United raised more than $300M to stop the contagion. But did the ecosystem prove its strength - or expose hidden trust assumptions, opaque risk, and the need for a real DeFi backstop?

The Defiant's Camila Russo is joined by Dean Eigenmann (Markets Inc.), binji (Ethereum Foundation), and David Phelps (Confetti) to debate whether crypto bailouts are good for crypto, what this means for decentralization, and what DeFi must fix before it can scale to the mainstream.Watch the full discussion and decide for yourself.

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The Arbitrum Security Council just made one of the most controversial decisions in DeFi history — freezing $70M in ETH stolen by North Korean hackers from the KelpDAO bridge exploit. But was it the right move?

And what does it say about the systems we're building?

Griff Green (Giveth Co-Founder and Arbitrum Security Council member) and Gabe Shapiro / Lex_node (crypto lawyer, MetaLex founder, ZK Sync Guardian Council) go head-to-head on the decisions, the precedent it sets, and the hard questions the DeFi ecosystem can no longer avoid.

They debate:Was freezing North Korea's funds the right call?

Do Stage 1 rollups like Arbitrum have too much centralized power?

How does the Arbitrum Security Council compare to PayPal, Bitcoin miners, and Ethereum validators?

What would real accountability look like for security councils?

What's the path to Stage 2 — and how long will it take?This is one of the most important conversations in DeFi right now. Don't miss it.

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Nexo is a premier digital assets wealth platform that helps clients build, manage, and preserve their wealth through advanced interest-generating products, crypto-backed credit, advanced trading tools, and 24/7 client care. Get started at ⁠https://nexo.com/defiant⁠