USDC stablecoin issuer Circle has filed for an initial public offering with the SEC, as Trump’s tariffs cause turmoil in the markets and stablecoin bills make their way through Congress, promising to upend competition. 

The information in its prospectus shows a company that has few aces up its sleeve, a lot of business deals to make and a perhaps lofty valuation.

Omar Kanji, Partner at Dragonfly, joined the show to explain:

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Previous coverage on Unchained: 

• Congress Bickers Over Whether to Bail Out Stablecoins

How a Radical Proposal in Trump’s World Could Hurt Stablecoins, but Boost Bitcoin

Coinbase Aims to Jointly Pass Market Structure and Stablecoin Legislation in Congress

Stablecoin Bills Could Squeeze Out $140 Billion Tether

Circle files an initial public offering

Timestamps:

🤝 0:00 Introduction

🫰 4:04 Circle’s shockingly high distribution costs for USDC

💲 7:11 How much does Circle’s revenue depend on interest rates?

🤯 10:46 Circle’s staggering regulatory compliance costs vs. the likes of Tether

📈 16:02 How imminent regulatory clarity for stablecoins helps and hurts Circle

🫤 23:11 Is Circle’s $5 billion valuation realistic?

⚖️ 25:21 How stablecoin competition might look after stablecoin bills become law

😰 28:14 How will Trump’s tariffs affect Circle’s IPO?

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After President Donald Trump’s proud announcement of ‘Liberation Day’ tariffs, markets worldwide took a tumble. 

Shortly after Trump’s Rose Garden announcement concluded, James Seyffart, Steven Ehrlich, Ram Ahluwalia, and guest Quinn Thompson discussed:

Sponsors:

• Bitwise

Guests:

Trump Tariffs Shake Markets

US Tariff History

Impact on Bitcoin and Crypto

The Concerned Consumer and CEO

CBS: Consumer confidence slumps to 12-year low as Americans fret over their financial prospects

NPR: Why CEOs are calm about tariffs in public — but 'very discouraged' in private

🤝 00:00 Introductions + Quinn’s background

📕 4:09 Trump’s take on U.S. tariff history

📉 6:11 The market’s tumultuous reaction

🏭 11:13 Will tariffs bring manufacturing back to America?

▶️◀️ 12:47 The contradictions in Trump’s policies and the threat of stagflation

⏳ 18:53 Why Trump doesn’t have as much time as he thinks

🥵 24:12 Will American consumers bear the burden?

💥 26:05 Taking a wrecking ball to market psychology

❓ 28:02 Whether Trump inherited a healthy or faltering economy

🫸 32:00 Why CEOs are hesitating and how to persuade them to invest in manufacturing

❌ 35:11 “This is not the way you go do it.”

🇹🇼 40:44 Another contradiction: Trump willing to defend Taiwan while being isolationist?

🪖 47:55 Why the current geopolitical climate is especially dangerous

😱 55:51 Is America heading for a recession?

🤔 01:02:00 How will this affect Bitcoin?

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by SEC Commissioner Hester Peirce—aka “CryptoMom”—for a rare, candid conversation. They unpack the SEC’s vibe shift, why airdrops might be doomed, and whether memecoins are just collectibles or cleverly disguised securities. Plus, Hester dishes on Paul Atkins’ potential leadership, the SEC’s new crypto task force, and what real regulatory clarity might finally look like.

Show highlights

🔹 Hester Peirce Unfiltered – The SEC’s “CryptoMom” on vibes vs. law, the Gensler era, and why the U.S. needs a freedom-first approach

🔹 “Come In and Talk to Us” – Why the SEC wants founders to re-engage—but can trust be rebuilt after years of legal whiplash?

🔹 Memecoins ≠ Securities? – How the new SEC is redefining meme coin oversight and why “collectibles” might be the new loophole

🔹 Airdrops Are Kinda Pointless – Haseeb argues most airdrops fail to deliver value or decentralization; the panel debates

🔹 Self-Regulation in Crypto – Hester’s surprising praise for proof-of-reserves and why industry norms might beat new rules

🔹 The Howey Test Is Broken – How forcing orange grove law onto crypto led an entire industry to play armchair lawyer

🔹 Will the New SEC Last? – If the White House flips, could the next Chair bring back the enforcement hammer?

🔹 Tarun’s TradFi Feedback Loop – Why TradFi may start borrowing more from crypto playbooks than the other way around

🔹 Regulation by Meme – The SEC embraces facts and circumstances—but is “Ghibli meme policy” scalable?

🔹 What Should Founders Do Now? – The panel pushes Hester on timelines, clarity, and whether the U.S. is safe to build in again

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly 

Guest

⭐️ Hester Peirce, SEC Commissioner

Miles To Go: Remarks before The Digital Chamber's 8th Annual DC Blockchain Summit by Hester Peirce: https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-dc-blockchain-summit-032625 

Timestamps

00:00 Intro

05:35 The Role of Regulation in Innovation

09:54 Crypto Task Force & Future Plans

18:47 Global Perspectives on Crypto Regulation

23:26 Self-Regulation in the Crypto Industry

27:27 SEC's Role & Potential Adjustments

35:04 Evaluating Memecoins & Their Regulatory Status

36:48 The Howey Test & Its Application to Crypto

43:55 Future of Crypto Regulation & SEC's Approach

47:10 Insights on SEC Leadership & Regulatory Philosophy

51:35 Advice for Aspiring Securities Lawyers

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As DeFi continues to evolve, the challenge of finding a balance between decentralization and protection from all manner of exploits persists.

The founder of Infinex, Kain Warwick, joined the show to talk about:

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Bitwise

Crypto Market Making

Hyperliquid

• Unchained: Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism

Infinex

Timestamps:

👋 0:00 Intro 

💭 03:30 Thoughts on crypto market makers

🙊 05:54 ICO-era market makers engaging in ‘all-out crime’

🦹 09:33 Extracting value in an inefficient market

💸 11:28 How crypto market making has evolved in recent years

😨 16:53 The low float meta problem

📊 19:49 Why Kain evaluates tokens on FDV rather than market cap

⁉️ 25:06 What happened with MOVE on Binance

😱 31:14 Citadel as a market maker?

🥷 35:48 The $JELLY attack on Hyperliquid and the problem of centralization

🔧 44:59 The problems Kain is trying to solve with Infinex

🌎 54:13 Building a web vs. mobile app

👂 56:17 Echo group integration with Infinex

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew dives into the Hyperliquid controversy and what it reveals about decentralization theater in DeFi. Then, things get weirder: the Say Foundation wants to buy 23andMe and put your genetic data onchain. We break down the backlash and privacy concerns. Finally, we look at the new Stable Act making its way through Congress and whether stablecoin regulation is headed toward bank-only control.

Show highlights

🔹 Hyperliquid’s JELLYJELLY Debacle – How a DeFi darling nuked its credibility by bailing out its own vault at a fake oracle price

🔹 The Exchange Wars Heat Up – Why Binance and OKX listing JELLYJELLY perps looked like an assassination attempt on Hyperliquid

🔹 Are DEXes Just CEXes in Disguise? – What the Hyperliquid saga reveals about decentralization theater and validator capture

🔹 23andMe on the Blockchain – Say Foundation wants to token-gate your DNA; is this privacy-preserving or dystopian?

🔹 The Great DeSci Grift – Tarun revisits his war on DeSci and why putting genetics onchain is worse than memecoins

🔹 Stablecoin Regulation Showdown – The Stable Act vs. The Genius Act and who’s really winning in D.C.

🔹 Stablecoins as Narrow Banks – How crypto may finally force the Fed to accept a 20-year-old idea they’ve long resisted

🔹 Red Bull & Ratio Bets – The hosts make a real-money wager on whether HLP deposits will rise or fall after the meltdown

🔹 Memecoins and the Return of Olympus – Are the robbers now just quietly collecting rent from their broken treasuries?

🔹 Tarun’s Aesthetic Death Rankings – Why JELLYJELLY is a worse way to die than MobileCoin, but at least it’s on brand

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly 

Kevin Zhou (Galois Capital) Tweet: https://x.com/Galois_Capital/status/1904942458666094932 

Steil and Hill Introduce STABLE Act Press Release: https://steil.house.gov/media/press-releases/steil-and-hill-introduce-stable-act 

Timestamps

00:00 Intro

01:29 Hyperliquid Drama Unfolds

10:49 Debating the Bailout Decision

18:28 OKX & Binance Join 

23:05 An FTX Moment?

31:45 Future of 23andMe & SEI

44:20 Stablecoin Legislation: Genius Act vs. Stable Act

51:45 Are Stablecoins the Trojan Horse?

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Perpetual swap DEX Hyperliquid suffered a whale attack and was on the brink of losing $15 million. It promptly responded in a way that generated a fair amount of controversy.

The founder and CEO of Ambient Finance Doug Colkitt joined the show to explain:

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Timestamps:

👋 0:00 Intro

🤔 02:59 What is Hyperliquid?

🐳 05:16 How a whale used $JELLY to attack

⛔ 09:19 How Hyperliquid responded

📈 11:59 Why did Binance and OKX suddenly list the memecoin?

🤔 16:32 How did Hyperliquid ‘change the rules’ to protect themselves?

⚖️ 19:25 ‘Losses for thee, but not for me’: Hyperliquid’s hypocrisy?

💡 24:39 Doug’s ‘cleaner’ solution

👀 28:35 Will this have positive or negative knock-on effects?

🧹 31:20 Tidying up illiquid markets

📰 32:46 Crypto News Recap

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Investors are still licking their wounds from this month’s corrections. But just as Trump’s tariffs are about to move into full-force, our experts are seeing silver linings and causes for optimism.

With conflicting signals coming from all corners of the map, hosts Noelle Acheson, Ram Ahluwalia, Alex Kruger, and Felix Jauvin break down:

• Bitwise

Incoming Trump Tariffs

FOMC Meeting

Animal Spirits Return

BlackRock

Fidelity Tokenization

• CoinDesk: Fidelity Files for Onchain U.S. Treasury Fund, Joining the Asset Tokenization Race

Timestamps:

👋 0:00 Intro

📉 2:16 Why investors are nervous about April 2nd

🌎 4:40 Two ways to think about tariffs

☯️ 6:56 The difference between retail and professional traders

🏦 8:44 Why the Fed is predicting a worst-case scenario

📈 12:08 Why the correction is largely done

💰 19:20 How the Mag7 got its groove back

🏛️ 20:42 Are Bessent and Powell more aligned than thought?

🚀 22:54 BlackRock says a recession is good for bitcoin?

🥇 24:54 Altcoin ETF race about to start?

🎌 28:41 Why Japan is irrelevant right now

🐂 30:42 Why animal spirits are back

⛓️ 35:03 The great financial unshackling

📈 38:02 Is ether ready for a comeback?

✅ 42:09 Why Fidelity is tokenizing on Ethereum

📈📉 44:32 Are pump and dumps over?

🇪🇺 49:32 Dumb money coming to Europe?

🐙 52:35 Why Kraken made a smart buy this week

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As Ethereum deploys Pectra, it faces stiff competition and community criticism. Ethereum Foundation Research co-leads Alex Stokes and Barnabe Monnot map out the chain’s direction.

Ethereum is well on its way to some major upgrades, with Pectra and Fusaka introducing a number of performance improvements in the near future. But will it be enough to stay ahead of the competition?

Ethereum Foundation Research co-leads Alex Stokes and Barnabe Monnot join the show to discuss:

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Bitwise

Timestamps:

👋 0:00 Intro

🪝 2:05 How Barnabe and Alex got hooked on Ethereum development

⚙️ 6:37 How Pectra will change Ethereum

🪴 10:35 How does increasing blobs boost Ethereum?

🪲 13:22 Pectra fork bugs on Holeski testnet

🔮 18:38 What’s in the upcoming Fusaka upgrade?

🤯 22:42 How decisions get made in Ethereum and which groups are involved

📈 30:34 Can Ethereum keep up with the competition?

🏁 39:16 Can Ethereum compete by scaling the L1?

🤓 44:02 What are native roll-ups and how do they help Ethereum compete?

🤺 49:26 Native rollups and expanded data availability on Ethereum vs. non-native options

⚰️ 52:22 Is Ethena building its own blockchain the “nail in the coffin” for Ethereum?

👬 1:00:05 Shaking up the EF’s leadership

🤔 1:06:14 Will Etherealize fix Ethereum’s problems?

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Blockchains were supposed to capture the majority of the value in crypto. But what if that’s wrong?

For years, the Fat Protocols Thesis argued that blockchains would be the biggest winners. But new data suggests that apps like Uniswap, Ethena, and others are now out-earning many networks.

Are we watching the rise of “Fat Apps” instead?

On this episode, Ryan Watkins, Co-founder at Syncracy Capital, talks about: 

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Timestamps:

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew unpacks Ethereum’s existential crisis and whether the rollup-centric roadmap is backfiring. Plus, AI is rapidly changing how crypto is built, traded, and secured—so what happens when blockchain and AI collide? We also dig into Solana’s controversial ad, Ethereum Foundation’s leadership shake-up, and why macro forces are still running the show.

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 AI’s Invasion of Software Engineering – Why AI is replacing developers & what it means for crypto startups

🔹 Ethereum’s Rollup Reckoning – The “rollup-centric roadmap” was supposed to save Ethereum, but is it actually weakening it?

🔹 The Solana Ad Disaster – How Solana’s political ad backfired & alienated both sides of the aisle

🔹 Is Ethereum Becoming IBM? – Why Ethereum risks getting stuck as the slow-moving corporate giant of crypto

🔹 The Great AI Pivot – Why top engineers are abandoning language models for robotics & what it means for the future

🔹 AI Trading Bots & Crypto Security Risks – How prompt injections could turn AI-powered wallets into honeypots

🔹 Ethereum’s New Leadership – Does the Ethereum Foundation finally have a plan to fix its credibility problem?

🔹 The XRP Bartender Index – The unexpected bar tab metric that tracks XRP market sentiment

🔹 Will AI Replace VCs? – The case for AI-led investment strategies & automated due diligence

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly 

Solana Ad repost by @basedkarbon: https://x.com/basedkarbon/status/1901809992514052319 

Timestamps - 

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