BitGo CEO Mike Belshe and COO Jeff Horowitz talk about one of the hottest topics facing the crypto industry today: regulation. They discuss...

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Episode links

Mike Belshe -- CEO BitGo

Jeff Horowitz -- CCO BitGo

• LinkedIn: https://www.linkedin.com/in/jeff-horowitz-3381977

BitGo

Infrastructure bill and its implications for crypto

FATF and the travel rule

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SOL is up 75% over the past seven days, 205% in the past month, and 3,800% YTD. On Unchained, Multicoin Capital’s Kyle Samani discusses the DeFi projects fueling Solana’s growth, why he thinks Solana could make Ethereum obsolete, and the spectrum of decentralization. Show highlights:

• what factors have contributed to SOL’s growth this year
• what two milestones occurred last week that Kyle thinks supercharged SOL’s popularity
• why Kyle thinks the issues with the Degen Ape Academy NFT drop were not actually a problem with the Solana blockchain
• what projects will be possible on Solana that are impracticable on Ethereum
• why Kyle thinks some combination of NFTs and social token apps will be the first breakout app on Solana
• why Solana decreases the risk of massive liquidations -- like the crypto industry saw on Black Thursday in March 2020
• how Solana and Ethereum differ in regards to composability and fragmentation
• what BitClout has to do with Kyle’s Solana investment thesis
• why Solana could be the basis for the next crypto bull run
• why Kyle thinks the Ethereum merge as it completes transition to Ethereum 2.0 will not really affect Solana
• how the competition between Solana and Ethereum could play out in the next 12 months
• why Kyle is not overly concerned about Solana being more centralized than Ethereum
• what the Solana versus Ethereum competition will look like going forward, and why Solana may have the upper hand
• what Kyle learned from his investment in EOS

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Episode links

Kyle Samani

• Twitter: https://twitter.com/KyleSamani 
• Multicoin Capital: https://multicoin.capital/ 

Previous Unchained appearances:

• May 2021: https://unchainedpodcast.com/how-solana-and-binance-smart-chain-could-take-ethereums-lead/ 
• April 2020: https://unchainedpodcast.com/the-most-forkable-defi-protocols-on-ethereum/

Solana 

• Twitter: https://twitter.com/solana 
• Recent updates: https://solana.com/news/solana-ecosystem-news/ 
• Website:  https://solana.com/ 

Recent SOL boom

• https://twitter.com/JohnStCapital/status/1427088119870935047
• https://www.ar.ca/blog/11-thoughts-during-a-digital-assets-bull-market

Projects

• Saber (AMM/DEX) growth

• Audius
• • https://www.coindesk.com/crypto-powered-audius-wins-tiktok-tie-up-for-streaming-music-direct-to-platform
• Degenerate Ape Academy
• • https://www.theblockcrypto.com/post/114703/solana-hits-all-time-high-as-market-watchers-say-institutional-interest-is-growing

Multicoin’s Solana material

• https://multicoin.capital/2021/05/04/announcing-venture-fund-ii/
• https://multicoin.capital/2019/03/14/on-value-capture-at-layers-1-and-2/

Solana overview

• https://thedefiant.io/solana-defi-ecosystem-overview/
• https://research.thetie.io/solana-ecosystem/
• https://research.binance.com/en/projects/solana
• https://medium.com/coinmonks/solana-more-update-for-sol-becb65024877
• https://genesisblockhk.com/what-is-solana/

Block explorers

• https://explorer.solana.com/
• https://solanabeach.io/

Submitted questions from Unchained listeners

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NFTs are the talk of the metaverse, EIP 1559 just went live, and DeFi stats are rebounding. On Unchained, Fredrik Haga, cofounder and CEO at Dune Analytics, along with Richard Chen, general partner at 1confirmation, discuss the booming Ethereum ecosystem through the lens of on-chain data, diving into NFTs, DeFi, ETH, and their favorite layer 2s. Show highlights:

• why Ethereum is on such a pronounced upswing
• why on-chain metrics lead to superior information reporting 
• mind-blowing OpenSea statistics
• why NFTs are so hot at the moment
• how Richard explains NFTs to normies
• whether the NFT market is sustainable
• what makes an NFT drop pop and why profile pics (PFPs) matter
• how Polygon NFTs compare to Ethereum NFTs
• the main driving force behind DeFi usage 
• how Richard measures the total amount of DeFi users
• what brings new users into DeFi
• what DEX trends Fredrik is keeping his eye on
• why structured products are crucial to DeFi’s continued success
• how Ethereum is doing since the London hard fork
• why NFT drops are like 2017 ICOs
• what metric shows ETH adoption outpacing BTC adoption among institutions
• which layer 2 solutions are Fredrik and Richard excited about
• why Richard considers Binance Smart Chain a centralized blockchain
• why Fredrik likes what Solana is building
• Richard and Fredrik’s predictions for the NFTs, DeFi, and ETH going forward

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Episode Links

Richard Chen

• Twitter: https://twitter.com/richardchen39

Fredrik Haga

• Twitter: https://twitter.com/hagaetc

On-chain dashboards

• Stablecoins: https://dune.xyz/hagaetc/stablecoins

Unchained episodes mentioned

• Ultra Sound Money: https://unchainedpodcast.com/is-eth-on-its-way-to-becoming-ultra-sound-money-yes-says-justin-drake/

Miscellaneous

• Zed Run: https://zed.run/

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Poly Network, a cross-chain DeFi protocol, recently suffered a $600M hack -- the largest DeFi exploit in crypto history. Mudit Gupta, security researcher and SushiSwap dev, breaks down the attack, explaining how it occurred, why the hacker is returning the funds, and what Poly Network should do next. Show highlights:

• how Poly Network works
• what specific mechanism the hacker attacked on Poly Network
• why many people (including myself) had never heard of Poly Network before the hack
• how “keepers” failed to protect Poly Network
• why a failed transaction was the key to pulling off the hack
• what SlowMist claims to have discovered about the hacker
• what could be motivating the hacker to return the stolen funds
• how the hacker is communicating with Poly Network
• why Tether was able to freeze funds while USDC and BSC allowed the hacker to get away with their tokens
• how Poly Network should handle negotiations with the hacker

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Episode Links

Mudit Gupta

• Twitter: https://twitter.com/Mudit__Gupta

Poly Network hack

• Poly Network response: https://twitter.com/PolyNetwork2/status/1425870262067548163 
• Mudit’s analysis: https://mudit.blog/poly-network-largest-crypto-hack/ 
• Kelvin Fichter thread: https://twitter.com/kelvinfichter/status/1425217046636371969

​​Returning funds: https://www.coindesk.com/poly-network-hacker-starts-to-return-funds

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Ethereum just went through its most complex upgrade ever. Justin Drake, researcher at the Ethereum Foundation, discusses what the upgrade, aka the London hard fork, means for ether’s future as what he calls "ultra-sound money." At the end of the episode, he also drops a few Bitcoin hot takes. Show highlights:

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Episode Links

Justin Drake

Twitter: https://twitter.com/drakefjustin

Written content

Math

Podcast appearances

London/EIP 1559/Ethereum 2.0 Resources

Unchained content

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Kristin Smith, executive director at the Blockchain Association, discusses the latest news on a provision in the infrastructure bill that seeks to raise $28B from the crypto industry in taxes. Show highlights:

• how the original crypto provision within the infrastructure bill came to be
• why the expansion of the term “broker” is problematic in the original language of the bill
• what the Treasury and the White House have to do with this bill and how they, along with Senator Portman, are resisting change
• how Senators Ron Wyden, Pat Toomey, and Cynthia Lummis are attempting to change the language of the provision through an amendment
• how the crypto community rallied around Wyden's amendment 
• why Kristin believes a rival amendment put forward by Senators Warner and Portman and supported by the White House late Thursday is worse than the bill’s original language 
• when the Senate will be voting on the amendments
• how the amendment the White House supports seems harmful to proof-of-stake networks and bad for DeFi
• whether this is part of a master plan to regulate crypto in the US
• what Kristin hopes happens during the vote
• how the crypto community can have its voice heard
• how to fix the issues within the crypto policy world so this doesn’t happen again

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Episode Links

Kristin Smith: https://twitter.com/KMSmithDC

Blockchain Association: https://theblockchainassociation.org/

Infrastructure Bill Information

Latest Coverage:

• https://decrypt.co/77838/rival-amendment-senate-infrastructure-bill-threatens-proof-stake

• https://decrypt.co/77859/crypto-industry-mobilizes-to-stop-controversial-tax-plan
• https://decrypt.co/77841/biden-crypto-infrastructure-bill-amendments

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CFTC Commissioners Dan Berkovitz and Brian Quintenz discuss the difficulties of regulating crypto derivatives and DeFi. Show highlights:

• their backgrounds
• what the CFTC’s duties are regarding crypto
• how the CFTC’s jurisdiction has evolved over the years
• why Commissioner Quintenz believes SEC Commissioner Hester Peirce’s safe harbor proposal is “brilliant”
• what relationship the CFTC and SEC have when making decisions on crypto assets
• why the commissioners believe CFTC’s complaints regarding BitMEX are “well-founded”
• why formal regulation for crypto derivatives is unlikely to be produced by the CFTC
• why leveraged derivatives products are a “concern” to the CFTC
• what makes regulating DeFi platforms so difficult
• when it comes to DeFi, who is a natural entity for the CFTC to regulate, if any
• whether the CFTC would ever go after DeFi "market participants," who the CFTC also regulates
• why smart contracts involving futures could be illegal 
• how the possibility that smart contracts could be illegal squares with the view that software development is a form of free speech 
• whether the CFTC could prosecute developers who write smart contracts
• whether the CFTC needs to re-write its laws in light of DeFi innovation
• why Commissioner Berkovitz thinks the DeFi “winners” will be protocols that focus on meeting regulatory requirements
• why the CFTC approved Bitcoin futures in 2017 while the SEC has not yet approved a Bitcoin ETF
• how a Bitcoin ETF could solve Bitcoin’s accounting issue, which currently gives companies no upside for adding BTC to its balance sheet

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Episode Links

People

Dan Berkovitz, CFTC Commissioner (Sep 2018+)

• CFTC website: https://www.cftc.gov/About/Commissioners/CommissionerDanMBerkovitz/index.htm

Brian Quintenz, CFTC Commissioner (Aug 2017+)

• CFTC website: https://www.cftc.gov/About/Commissioners/BrianQuintenz/index.htm

Related Links

• CFTC digital asset resources: https://www.cftc.gov/digitalassets/index.htm

Bitcoin futures approval from CFTC in 2017: https://www.businessinsider.com/bitcoin-price-futures-trading-exchanges-cftc-2017-12

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Leah Callon-Butler, director of Emfarsis, discusses her documentary, “Play-to-Earn: NFT Gaming in the Philippines,” and the real-world impact that crypto is having in the Philippines. Show highlights:

• how the Axie Infinity movement started in the Philippines
• how much money players can earn through Axie Infinity compared to normal wages in the Philippines
• how Filipino crypto exchanges are catering to Axie Infinity players to make it easier to cash out their earnings
• what percentage of Axie Infinity players live in the Philippines
• why the game is so popular in rural areas
• what about Axie Infinity is bringing in non-crypto native players
• why Axie Infinity now has high barriers to entry
• how players have created their own system for helping bring new users into Axie Infinity
• how Axie Infinity scholarships work
• what Leah thinks about Yield Guild Games’s relationship with Axie Infinity

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NEAR: https://near.org 

Episode Links

Leah Callon-Butler: https://twitter.com/leah_cb 

Emfarsis: https://emfarsis.com/

Axie Infinity:

• Documentary: https://www.youtube.com/watch?v=Yo-BrASMHU4 
• Coverage
• • https://www.cnbc.com/2021/05/14/people-in-philippines-earn-cryptocurrency-playing-nft-video-game-axie-infinity.html
  • https://venturebeat.com/2021/05/13/how-a-rural-filipino-community-is-earning-a-living-playing-an-nft-game/
  • https://hypebeast.com/2021/5/axie-infinity-nft-cryptocurrency-game-philippines-documentary
  • https://www.esquiremag.ph/money/industry/axie-infinity-mobile-game-cryptocurrency-nft-a00289-20210521

Leah’s NFT/Axie Infinity writings:

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ShapeShift recently announced an intent to decentralize -- a move that would transition the one-time centralized exchange to a full-on DAO. Erik Voorhees, founder and CEO of ShapeShift, comes onto the show to talk about decentralizing the exchange, along with his thoughts on Bitcoin maximalism and crypto regulation. Show highlights:

• why ShapeShift is decentralizing the company 
• how ShapeShift used to work
• what needs to happen for ShapeShift to decentralize
• why user experience should not change during the transition
• how the FOX token works
• what parts of a company cannot be decentralized yet
• how ShapeShift’s forthcoming foundation will function
• how ShapeShift decided upon the allocations for the FOX token airdrop
• why ShapeShift employee and shareholder FOX tokens are locked up for three years
• what Erik’s role will be going forward
• how ShapeShift plans to attract devs
• why Erik believes FOX is not a security
• how Erik wants the SEC to handle crypto
• why he believes THORChain is one of the most critical projects in crypto
• why he is opposed to Bitcoin maximalism
• Erik’s thoughts on BitMEX’s and Binance’s regulatory issues
• what he thinks about stablecoin regulation
• Why Erik believes ShapeShift and Uniswap are not competitors

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Episode Links

Erik Voorhees

• Twitter: https://twitter.com/ErikVoorhees

ShapeShift: https://beta.shapeshift.com/ 

Decentralizing

• Tweet thread: https://twitter.com/ErikVoorhees/status/1415339998740508674

Other

• THORChain: https://erikvoorhees.medium.com/an-introduction-to-thorchain-for-bitcoiners

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Neha Narula, director of the Digital Currency Initiative at the MIT Media Lab, discusses Elon Musk’s appearance at ‘The B Word’ conference, along with a few current events in the Bitcoin world. Show highlights:

• her main takeaway from ‘The B Word’ conference
• why governance plays an essential role in Bitcoin’s block size arguments
• what Neha thinks of proof-of-work mining and Bitcon’s environmental concerns
• why Neha is skeptical of Dogecoin becoming a serious cryptocurrency
• why Jack Dorsey’s new Bitcoin platform business is a good idea
• what Bitcoin’s dip in hashrate due to China’s crackdown could affect network security going forward
• what questions Neha has about Bitcoin’s adoption in El Salvador
• why Neha thinks cryptocurrencies and CBDCs will coexist
• what DCI has planned for the rest of 2021

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Oasis: https://oasisprotocol.org/ 

NEAR: https://near.org 

Episode Links:

• Neha Narula: https://twitter.com/neha

• Neha’s appearance:
• • https://www.thebword.org/c/track-3-Supporting-the-Developer-Ecosystem

• Miscellaneous
• • Square’s Bitcoin DeFi platform
  • • https://www.cnbc.com/2021/07/16/square-is-building-a-decentralized-finance-business-for-bitcoin.html
  • Bitcoin and El Salvador
  • • https://www.cnbc.com/2021/06/05/el-salvador-becomes-the-first-country-to-adopt-bitcoin-as-legal-tender-.html
  • Bitcoin hashrate drop

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