Unchained

By Laura ShinNews Business News Tech News

Unchained episodes

June 11, 2024Why Robinhood, a TradFi Hub, Is Growing Its Crypto Business Globally - Ep. 658
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.com
Thank you to our sponsors!
Polkadot
Guest:
Johann Kerbrat, general manager of Robinhood CryptoLinks
Acquisition 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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1 hr 6 min
June 07, 2024How Coinbase Might Bring 1 Billion People Onchain Using Its Smart Wallet - Ep. 657
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.com
Thank you to our sponsors!
iTrustCapital
Polkadot
Guest
Luke Youngblood
Links
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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43 min
June 05, 2024Bits + Bips: Is This the Real Reason the SEC Approved the Ethereum ETFs? - Ep. 656
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 DigitalLinks
Politics:
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 Kong
Bloomberg: 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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58 min
June 04, 2024How the U.S. Government Can Protect the Dollar Through Stablecoins - Ep. 655
In this episode, Laura Shin speaks with former CFTC chairman Chris Giancarlo and former CFTC chief innovation officer Daniel Gorfine on the pressing need for the U.S. to safeguard the dollar. They explain why they believe the future of regulation is the government operating nodes on blockchains rather than regulating intermediaries, why even private USD stablecoins will want a USD central bank digital currency, and how China might export the technology behind the digital yuan—and its surveillance capabilities—to other countries. They also touch on how the upcoming U.S. elections could influence crypto policy, why stablecoins are more than just trading instruments, and what the U.S. must do to maintain its financial leadership.
Show highlights:
How governments should embrace blockchain technology to become better at its job, according to Chris
How the financial system needs to change for the younger generations
Whether the U.S. is losing ground in terms of innovation
Why Daniel thinks stablecoins are much more than a trading instrument for crypto
Why Daniel believes that the U.S. is making the regulation of stablecoins “far more complicated than it needs to be”
How Singapore is already giving licenses to USD stablecoin issuers
Whether the dollar should be trademarked to protect it
How Tether has become one of the most profitable companies per employee in history without being under U.S. jurisdiction
Who should be the next chair of the SEC and the need to regulate DeFi in order for it to become mainstream
Why Daniel thinks that some of the criticism of the FIT21 bill “doesn’t hold water”
Why Chris believes that China is lying about not intending to export the technology behind the digital yuan
Whether algorithmic stablecoins should be banned, as proposed in the Lummis-Gillibrand bill
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle?
Thank you to our sponsors!
Polkadot
VaultCraft
Guests:
Chris Giancarlo, Former Chairman of the US Commodity Futures Trading Commission, author of CryptoDad
Forbes: ‘Elizabeth Warren’s Anti-Crypto Wing Is A Shrinking Iceberg’, Says Former Top Regulator
FoxBusiness Interview: Elizabeth Warren and others have declared war on cryptocurrency: Chris Giancarlo
Op-ed in the FT Banking Risk & Regulation: Can CBDCs be made safe for democracy?
Daniel Gorfine, Founder & CEO of boutique advisory firm Gattaca Horizons, former Chief Innovation Officer at the U.S. CFTC, and adjunct professor at the Georgetown University Law Center
Opinion: Stablecoin and other digital assets are falsely framed as a choice between personal privacy and national security. We can have both. - MarketWatch
Building digital infrastructure for the future of finance
Links
Stablecoins:
Stablecoins Are Defense Tech by Morgan Beller
Unchained:
Opinion: Regulated Dollar Stablecoins Created by a Proposed New Senate Bill Would be Crypto’s Ultimate Trojan Horse
Tether's Record $4.5 Billion Q1 Profit Highlights Its Dominance of the Stablecoin Industry
SAB 121
Unchained: President Biden Vetoes SAB121 Repeal
FIT21
Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?
Spot Ether ETFs
Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security
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1 hr 28 min
June 01, 2024The Chopping Block: Crypto Populism: From Celebrity Coins to Politics -Ep. 654
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in crypto. This episode explores the buzz around LeBron James' potential memecoin, the recent approval of Ether ETFs, and Biden's shifting stance on crypto policy. We dissect the implications of Trump's pro-crypto promises and the FIT21 legislation. Tune in for a lively debate on celebrity coins, the market's reaction to regulatory changes, and the evolving landscape of political influence in the crypto space.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
Show highlights
🔹 Celebrity Coins: In-depth discussion on the rise of celebrity-endorsed cryptocurrencies, focusing on LeBron James' potential memecoin and its market implications.
🔹 Ether ETF Approval: Examination of the recent Ether ETF approval, the political motivations behind it, and how it might impact the broader crypto market.
🔹 Biden's Crypto Policy: Analysis of Biden's evolving crypto stance, including recent outreach to the crypto industry and the potential effects on the upcoming elections.
🔹 Trump's Crypto Strategy: Debate on Trump's newfound pro-crypto stance, his promises to the crypto community, and the potential impact on his voter base.
🔹 FIT21 Legislation: Overview of the Financial Innovation and Technology in the 21st Century Act, its key provisions, and the potential for bipartisan support.
🔹 Political Influence in Crypto: Discussion on the increasing influence of politics in the crypto space, including the roles of key figures and the impact of regulatory developments.

Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures

Timestamps
00:00 - Intro
02:45 - ETF Approval
07:00 - How deep is this policy shift?
09:00 - FIT21
15:45 - Trump's Pro-Crypto Stance
24:40 - Caitlyn Jenner's Memecoin Launch

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35 min
May 31, 2024With Ether ETFs in the Works, How Else Might the SEC Pivot on Crypto? - Ep. 653
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
After some big wins for the crypto industry (and big losses for the U.S. Securities and Exchange Commission), Jason Gottlieb, partner at Morrison Cohen, delves into how the upcoming US elections could reshape the SEC’s crypto agenda, the political pressures influencing SEC decisions, and the potential impact that a new SEC chair could have.
Gottlieb provides insights into ongoing court battles involving major crypto firms like Coinbase and explores the broader political implications of the Democrats' recent outreach to the crypto industry.
Show highlights:
How the sea change in Congress, the White House, and the Biden campaign affects the SEC’s stance on crypto
Whether the SEC's agenda on crypto has changed, following the sudden reversal on ETH ETFs
Whether the SEC is being pressured politically about crypto and how that could affect its actions between now and the election
How the ongoing legal crypto cases are affected by the SEC’s change of tune
What the implications of a possible new SEC chair would be
How the SEC’s credibility was damaged by the Debt Box case
Why Jason thinks Democrats are in an “uncomfortable position” but also believes there’s a lot of common ground with the Republicans with regard to crypto
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
iTrustCapital
Polkadot
VaultCraft
Guest
Jason Gottlieb, partner at Morrison Cohen
Previous appearances on Unchained:
The Department of Justice Goes After Its First NFT Insider Trading Case
‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer
Links
Previous coverage on Unchained of the recent shift in the US political landscape:
Why Many Democrats, Including the White House, Have Come Around on Crypto
Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress
Bits + Bips: Is US Politics Driving the ETH ETF Approval?
Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday
Political turn and ongoing cases:
The Block: Biden campaign ramps up crypto industry outreach in surprising tone 'shift'
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
SAB 121
Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance
FIT21
Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?
Spot Ether ETFs
Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security
TIMESTAMPS:
00:00 Introduction
02:55 The outlook for the SEC’s efforts after the seeming sea change from the Democrats
06:09 Whether the SEC's agenda has changed, after the sudden reversal on ETH ETFs
09:58 Whether the SEC is being pressured politically and whether that will influence its actions between now and the presidential election
15:30 How the ongoing legal crypto cases are affected by the SEC’s change of tune
19:51 What the implications of a new SEC chair would be on court cases winding slowly through the courts
23:52 How the SEC’s credibility was damaged by the Debt Box case
27:59 Why Jason thinks Democrats are in an “uncomfortable position” but also believes there’s a lot of common ground with the Republicans with regard to crypto
34:14 Weekly recap

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50 min
May 28, 2024Why Many Democrats, Including the White House, Have Come Around on Crypto - Ep. 652
Sheila Warren, CEO of the Crypto Council for Innovation, joins Unchained to explore the dramatic shift by Democrats in the last few weeks on crypto. She explains why she believes the overturning of SAB 121 and the House vote for the FIT21 bill were both instrumental to the White House's changing view on crypto and may have played a role in the SEC’s surprising approval of spot ETH ETFs.
Having worked for years on passing crypto legislation and as a lifelong Democrat, Sheila describes what kinds of arguments were persuasive to Democratic members of Congress, addresses some criticisms of the FIT21 bill, and gives her perspective on the debate about single-issue voters.
Show highlights:
The overall attitude toward crypto in Washington going into the House vote on SAB 121 on May 8
The bipartisan votes in the House and Senate to overturn SAB 121
Why, by the time of the Senate vote on FIT21, the White House had had a change of heart about crypto
Why, after the Senate vote to repeal SAB 121, the SEC approved the spot ETH ETFs
Why Sheila is so proud of the passage in the House of the FIT21 bill
How Sheila and CCI approached their discussions with Democrats and what arguments they found effective
Whether the industry has survived the negative image of SBF and FTX
The sea change in the White House between the SAB 121 vote and the FIT21 vote
A high-level description of the FIT21 bill
What kind of authority the bill would give the CFTC over crypto
What the implications of the bill are for launching tokens
FIT21’s approach to regulating DeFi and how the FIT21 bill is "kicking the can" on this topic
The overall political and legislation landscape and the next likely steps for crypto
Whether the ETF approval changes anything about the SEC’s investigation into Ethereum
What Sheila thinks about the 'crypto single-issue voter’ debate
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Polkadot
VaultCraft
Guest:
Sheila Warren, CEO of the Crypto Council for Innovation
Previous appearance on Unchained: Did FTX Ruin Crypto’s Image on Capitol Hill? Two DC Insiders Discuss
Links
Previous coverage on Unchained of the recent shift in the US political landscape:
Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress
Bits + Bips: Is US Politics Driving the ETH ETF Approval?
Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday
SAB 121
Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance
FIT21
CCI: FIT21 Coalition Support Letter
Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?
Sheila’s op-ed on Fortune: The clock is ticking for Democrats on crypto
Spot Ether ETFs
Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security
Ethereum Foundation investigation
Fortune Crypto: SEC probing crypto companies in Ethereum investigation as hopes for ETF dim

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1 hr 32 min
May 24, 2024Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress - Ep. 651
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Amazon Music, or on your favorite podcast platform.
With crypto becoming more politicized than ever, US Senator from Wyoming Cynthia Lummis came on Unchained to talk about the recent regulatory action in Washington DC.
With crypto becoming more politicized than ever, U.S. Senator from Wyoming Cynthia Lummis came on Unchained to talk about the recent regulatory action in Washington, D.C.
She delves into what led to bipartisan support to repeal SAB 121, and how the strength of the vote there in both the House and Senate may have affected the about-face decision to approve spot ether ETFs. Sen. Lummis also explains why she disagrees with how Gary Gensler’s SEC is handling the industry, how to avoid the next TerraUSD, why she feels Wyoming-chartered Custodia Bank is not being treated fairly, the ban on a Chinese-owned, Wyoming-based Bitcoin mining firm, and what advice she would give to the crypto industry during this election year.
Show highlights:
Why the SAB 121 approval was bipartisan
Whether President Biden will veto the resolution
How it's a "mystery" to Sen. Lummis why the SEC had a change of heart about Ether ETFs
How the SEC's approach to regulating the industry "is not the American way"
Whether there is a bipartisan majority in favor of crypto in Congress
How bitcoin has come a long way in terms of adoption
Sen. Lummis' thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation
The differences between the Lummis-Gillibrand bill and FIT21
How Sen. Lummis feels about the denial of a master account for Custodia Bank
Whether there's a move against Bitcoin mining companies in the US, given the recent ban of an operation in Wyoming
What Sen. Lummis would advise for the industry to accomplish its goals
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
iTrustCapital
Polkadot
VaultCraft
Guest
Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress - Ep. 651, U.S. Senator from WyomingLinks
Ether ETFs
Unchained:
Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security
Bits + Bips: Is US Politics Driving the ETH ETF Approval?
Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday
SAB 121
Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance
FIT21:
Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?
Open cases:
Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security
Unchained:
Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
SEC Puts DeFi in Its Sights With Potential Uniswap Suit
Unchained:
SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report
The Real Reason Why the SEC Might Be Going After Ethereum
Timestamps:
(00:00) Introduction
(02:53) Why the SAB 121 approval was bipartisan
(04:52) Whether President Biden will veto the resolution
(08:40) How it's a "mystery" to Sen. Lummis why the SEC had a change of heart about Ether ETFs
(13:23) Why Senator Lummis believes there is a bipartisan majority in favor of crypto in Congress
(20:19) Sen. Lummis' thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation
(23:55) The differences between the Lummis-Gillibrand bill and FIT21
(28:59) How Sen. Lummis feels about the denial of a master account for Wyoming-special purpose depository institution Custodia Bank
(30:20) What she thinks about the Biden administration’s ban against a Wyoming-based, Chinese-owned Bitcoin mining company near a nuclear site
(33:44) What Sen. Lummis would advise for the industry to accomplish its goals
(35:04) Weekly Recap

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51 min
May 23, 2024 The Chopping Block: Response to SAB-121, ETH ETF, & More - Ep. 650
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in crypto. This episode covers the anticipated Ether ETF Approval and its market impact, Biden's evolving crypto policy, and the bipartisan repeal of SAB-121. We debate the controversy around High FDV Low Float Tokens and discuss the DOJ indictment for a $25 million MEV exploit. Tune in for insights on memecoin performance, the role of prediction markets in politics, and the increasing participation of retail investors in the crypto market.
Show highlights
🔹 Crypto Regulation: In-depth discussion on SEC Crypto Guidance, focusing on SAB-121 and its implications for the crypto and banking sectors.
🔹 Ethereum ETF News: Examination of the anticipated Ether ETF Approval, the political motivations behind it, and potential market implications.
🔹 Biden Administration Crypto Stance: Analysis of Biden's evolving crypto policy, bipartisan repeal of SAB-121, and how these shifts might affect the upcoming elections.
🔹 High FDV Low Float Tokens: Debate on the controversy surrounding high FDV low float tokens, recent market downturns, and potential market structure issues.
🔹 MEV Exploit DOJ: Overview of the DOJ indictment of two brothers for a $25 million MEV exploit, exploring the legal and ethical implications.
🔹 Memecoin Performance: Insights into current market trends, including the performance of memecoins versus VC-backed tokens, and predictions on future regulatory impacts.
🔹 Prediction Markets in Politics: Exploration of how prediction markets are influencing political stances, particularly Trump's pro-crypto stance and its effects on voter behavior.
🔹 Impact of Regulation on Crypto: Discussion on the increased participation of retail investors in the crypto market and its broader implications.

Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures

DisclosuresLinks
Haseeb’s “Why are all these low float / high FDV coins down bad?” https://x.com/hosseeb/status/1792257063399403669
Two Brothers Arrested for Attacking Ethereum Blockchain and Stealing $25M in Cryptocurrency:
https://www.justice.gov/opa/pr/two-brothers-arrested-attacking-ethereum-blockchain-and-stealing-25m-cryptocurrency
Tarun’s Towards a Theory of Maximal Extractable Value I: Constant Function Market Makers:
https://arxiv.org/pdf/2207.11835
Timestamps
(00:00) - Intro
(2:20) - Congressional Response to SAB-121
(12:05) - Are memecoiners activists?
(16:09) - Crypto is a new wedge issue
(19:03) - ETH ETF & Regulation softening
(22:23) - Prediction markets steering politics
(30:22) - Being anti-crypto is stupid
(35:38) - "High FDV, Low Float" tokens
(40:16) - Market structure problems
(49:14) - Market price is not sustainable
(55:38) - DOJ vs. MEV Bot Exploit
(1:01:45) - Crypto-on-crypto crime

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1 hr 14 min
May 21, 2024Bits + Bips: Is US Politics Driving the ETH ETF Approval? - Ep. 649
With ETH spot ETFs now more likely than ever, Bits + Bips hosts James Seyffart, Alex Kruger, and Joe McCann delve into the reasons behind this shift, surmising that the reversal may have come from powers above the SEC—perhaps in the Biden administration.
The three hosts surmise that ETH will likely reach all-time highs, discuss how this changes their election trading strategy and ponder where there is enough institutional demand for ether ETFs. They also look at whether the potential approval could sway the US elections.
Plus, they share insights into stablecoins and how they strengthen the US’s political power globally, dive into the debate on low float/high FDV coins, and also take a peek at what they think could be the potential next crypto spot ETF.
Show highlights:
Why the chances of an ETH ETF suddenly reversed
What the "Coinbase premium" is and how Joe uses it for trading
Why Alex believes that ETH is heading to all-time highs
Whether there's institutional demand for spot ether ETFs
The political pressure that led to this change
Whether the ETH ETF will change the course of the US elections
The broader macroeconomics conditions and how Alex thinks to trade the US elections
How US dollar-pegged stablecoins promote USD hegemony
The debate about high FDV, low float coins, and whether there is a solution
Whether new crypto spot ETFs will be approved
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric
Links
Ether ETF approval:
Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security
CoinDesk: Ether ETFs Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources
The Block: Fidelity files amended S-1 registration statement, removing staking rewards from prospective Ethereum ETF
Unchained Podcast: Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday
High FDV, low float coins:
Unchained: Who’s to Blame for the Underperformance of Low Float, High FDV Tokens?
Timestamps:
(00:00) Intro
(01:40) Why the chances of an ETH ETF suddenly reversed
(09:13) Why Alex believes that ETH is heading to all time highs
(11:22) Whether there's institutional demand for ether
(16:46) The political pressure that led to this change
(28:46) The broader macroeconomics conditions and how Alex thinks he’ll trade the US elections
(35:51) How US dollar-pegged stablecoins promote USD hegemony and mirror the Eurodollars market
(40:01) The debate about high FDV, low float coins, and whether there is a solution
(49:52) Whether there are going to be new crypto spot ETFs being approved

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56 min

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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…

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