Unchained

The crew breaks down Superstate's massive $82M Series B for tokenization, the explosive rise of TradeXYZ's commodities trading hitting $1B+ volume, different tokenization models from "bootleg" to "back office," the ClawdBot AI phenomenon taking over coding, and how agent-based development is revolutionizing crypto software engineering.

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.

This week, Robert drops news about Superstate's massive $82 million Series B raise led by Bain Capital to bring Wall Street on-chain through tokenization. The crew dives deep into the explosive growth of Hip3 markets, particularly TradeXYZ's commodities trading that's hitting over $1 billion in daily volume as precious metals rip to all-time highs. They break down the different tokenization models emerging - from "bootleg" third-party approaches to "back office" settlement tools to issuer-led official tokenization.

Then the conversation shifts to the ClawdBot phenomenon taking the internet by storm, exploring how AI agents are revolutionizing coding and what this means for the future of software engineering in crypto. From vibe coding to the complete transformation of how startups will be built, the hosts examine whether we're witnessing a fundamental shift in how technical work gets done.

Show highlights

🔹 Superstate raises $82M Series B led by Bain Capital for official securities tokenization

🔹 TradeXYZ hits $1B+ daily volume trading commodities on HyperLiquid's Hip3 markets  

🔹 Gold and silver surge drives massive crypto-native precious metals trading boom

🔹 Three tokenization models emerge: "bootleg" third-party, "back office" settlement, issuer-led official

🔹 ClawdBot/Molt Bot AI phenomenon explodes with agent-based life automation tools

🔹 Security concerns arise as thousands of unsecured ClawdBot gateways discovered online

🔹 Agent coding revolution transforms software engineering from hand-coding to management

🔹 Anthropic employees fully transition to Claude Code, abandoning traditional IDEs entirely

🔹 Crypto exchanges expand beyond crypto to capture trading cohorts aging into new assets

🔹 AI meme coin cycles continue as crypto financializes every new tech breakthrough

Hosts

⭐️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 

Timestamps

00:00 Intro

01:05 Superstate's $82M Series B Raise

05:16 Tokenization Models: Bootleg vs Back Office vs Issuer-Led

10:03 Trade XYZ HIP-3 Markets Commodities Surge

17:06 Why Crypto Traders Are Flocking to Precious Metals

20:45 The Evolution of Crypto Trading Cohorts

28:14 ClawdBot AI Phenomenon 

32:02 Security Concerns with AI Life Automation

35:43 Agent Coding Revolution

41:30 How AI is Transforming Crypto Startups

46:22 Anthropic Teams Fully Adopt Claude Code

51:06 Future of Software Engineering and Hiring

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Worried about your 2025 taxes? Don't fret, Unchained has you covered!

In this episode, Crypto Tax Girl founder Laura Walter joins to unpack new crypto tax developments such as the 1099-DA, offering strategies to navigate what she calls a tricky year for crypto taxation.

The key takeaway: “Don't freak out.”

Whether you only use stablecoins, are a heavy DeFi user, are a miner or staker, or even just a prediction market trader, you don't want to miss this episode!

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In this episode of Bits + Bips, Austin Campbell, Ram Ahluwalia, Chris Perkins, and guest Charles Edwards debate what “realpolitik” means for markets, why gold is leading, and whether Bitcoin is lagging for a reason that is not just sentiment.

They also argue over a counterintuitive claim gaining traction on desks: that rate cuts can be bad for risk assets in a high-debt world, and that the biggest adoption blocker for Bitcoin may be a known unknown, the quantum threat, whether it is imminent or simply believed enough to cap upside.

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Gold is hitting new highs. Bitcoin is struggling to keep up. And once again, the “digital gold” narrative is being put to the test.
On today’s episode of Bits + Bips: The Interview, host Steve Ehrlich sits down with Steve Sosnick, Chief Strategist at Interactive Brokers, to break down why bitcoin still trades like a risk asset, why gold keeps winning in moments of market stress, and what crypto must prove to close the credibility gap.

From rising bond yields to geopolitics and Fed independence, this conversation cuts through the noise to explain what’s really driving markets right now.

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Trove Markets crashed at launch after a hyped ICO. X has pulled the plug on the InfoFi meta. Farcaster has been absorbed.

In this packed Uneasy Money episode, hosts Luca Netz, Kain Warwick and Taylor Monahan delve into how Trove's crash suggests that crypto's ICO struggles persist. Kain suggests X's move to block out InfoFi applications is “bullish” for the platform and the crew explores what's next for decentralized social media along with the takeaways from Farcaster's run.

They also discuss the pervasiveness of wallet poisoning scams, why Cosmos is struggling despite its good tech and why Paradex's rollback suggests that crypto's “code is law” ethos may be dying out.

Don't miss out on how Luca nearly got wrapped up in the Trove drama and Tay's tips to spot suspicious projects. Plus, why Kain thinks two people building with AI could succeed where Farcaster failed.

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This week the boys break down the Crypto Clarity Act's dramatic Senate markup with Coin Center's Peter Van Valkenburgh, covering developer liability concerns, tokenized securities language controversy, the banking industry's war against stablecoin yield.

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. Tarun's out this episode, but we're joined by Peter Van Valkenburgh, Principal of Policy at Coin Center and one of the sharpest legal minds in crypto.

This week, we're diving deep into the Crypto Clarity Act drama that has DC in chaos mode. What started as crypto's best shot at comprehensive regulation just hit a major roadblock when Coinbase pulled their support hours before the Senate markup. We'll break down the developer liability questions around "control" definitions, the tokenized securities language that has Brian Armstrong fired up, and the stablecoin yield restrictions that have banks and crypto companies at each other's throats.

Peter gives us the inside scoop on what's really in this 200-page bill, why Polymarket odds crashed from 80% to 40%, and whether this legislative train wreck can still get back on track. Let's get into it.

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

Show highlights

🔹 Coinbase pulls support for Crypto Clarity Act hours before Senate markup, citing "defacto ban" on tokenized equities

🔹 Peter Van Valkenburgh explains developer liability concerns and how "control" definitions could impact DeFi protocols  

🔹 Debate over whether the bill actually kills tokenized securities innovation or just restates existing law

🔹 Banking industry fights to restrict stablecoin yield payments, fearing deposit flight and profit compression

🔹 Tom breaks down multiple loopholes in yield restrictions that could easily be exploited through rewards programs

🔹 Robert argues banks are protecting oligopoly profits while stifling consumer choice and competition

🔹 Peter warns that fighting over yield could jeopardize crucial developer protections like the Blockchain Regulatory Certainty Act

🔹 Polymarket odds for bill passage crash from 80% to 40% as political tensions escalate

🔹 Discussion of sanctions obligations for DeFi frontend operators and application layer providers

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tom Schmidt, General Partner at Dragonfly 

Guest

⭐️Peter Van Valkenburgh, Executive Director of Coin Center

Disclosures

Links

Senate Banking Nears Vote on Digital Asset Market Structure by Peter Van Valkenburgh & Jason Somensatto & Lizandro (Laz) Pieper

https://www.coincenter.org/senate-banking-nears-vote-on-digital-asset-market-structure/ 

Timestamps

00:00 Intro

01:36 Clarity Act Panic

04:46 Peter's Expert Take: Why This Bill Matters

10:16 Developer Liability

19:36 Sanctions Compliance

27:03 Tokenized Equities Fight

35:42 Great Yield War: Banks vs. Stablecoins

45:11 Will Clarity Survive?

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Thanks to Mantle for supporting the pod—and launching the Global Hackathon 2025 with $150k in prizes, VC mentorship, and access to 7M+ Bybit users.

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The New York Stock Exchange just announced that it has developed a platform for the trading of tokenized equities with plans to unlock 24/7 trading for users.

In this DEX in the City episode hosts Katherine Kirkpatrick Bos and Vy Le are joined by Superstate General Counsel Alex Zozos to unpack the implications of NYSE's move and how tokenization could reshape markets.

Are traditional financial grants facing an Existential crisis? And will tokenization make most regulatory regimes redundant?

Plus, Zozos explains why all tokenized equities are not the same.

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Thank you to our sponsor, Walrus!

Crypto intelligence platform Nansen has rolled out an AI trading agent, aiming to let users complete the full trading lifecycle—from discovery to execution—within a single platform. But the move also heralds a new horizon for trading and investment, one potentially filled with interesting possibilities.

In this episode of Unchained Nansen CEO Alex Svanevik unpacks what the AI agent does, the end game, the opportunities and the hurdles.

Can Nansen AI do for trading what Anthropic's Claude is doing for coding? And will humans soon be able to work without being glued to a screen?

Listen to find out!

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Is Bitcoin losing its “digital gold” narrative just as geopolitics heat up? The Bits + Bips crew debates what markets still aren’t pricing in.

In this episode of Bits + Bips, hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins are joined by David Duong, Global Head of Research at Coinbase, to unpack a volatile mix of crypto regulation, geopolitics, and shifting market structure.

The group digs into why the latest market structure bill is starting to crack, why investors may be underpricing regulatory clarity, and what it means that Bitcoin is failing to behave like digital gold just as global risk rises.

They also explore whether the U.S. and Europe are still true allies, why Wall Street’s move toward 24/7 onchain markets matters more than most realize, and how internet capital markets could reshape who gets access to capital in the next decade.

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Geopolitical tensions are rising. Crypto legislation is stalled. And pressure on the Federal Reserve is intensifying.
So why are Bitcoin and the broader crypto market holding strong?

In this episode of Bits + Bips: The Interview, Steve Ehrlich sits down with Zach Pandl, Director of Research at Grayscale Investments, to unpack what’s been driving markets since 2026 began, from Washington’s regulatory battles to global instability and the Fed’s fight to maintain independence.

They break down where U.S. crypto policy stands, why Wall Street isn’t waiting for Congress, and how macro forces like inflation, debt, and geopolitics are shaping crypto’s next move.

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