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Unchained episodes
- Three Crypto Pioneers on Crypto’s Monolithic vs. Modular Debate - Ep. 589
In this episode of Unchained, Anatoly Yakovenko, co-founder of Solana Labs, Nick White, COO at Celestia, and Chris Burniske, partner at VC firm Placeholder discuss the differences between modular and monolithic, or integrated, blockchains, with Solana epitomizing the monolithic approach and Celestia the modular one. They all agree that both approaches have their merits and will likely coexist, but argue each lends itself to specific use cases and developer preferences.They also discuss what will drive the next crypto bull cycle, and each gives their best predictions for a specific development in the crypto industry in the next few years.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights:- Chris’s explanation of the modular vs. monolithic approach in blockchains
- What drove Anatoly to prioritize speed in Solana's architecture and its impact on the network
- What Celestia is and how it represents the first modular blockchain network
- Whether developers and users will gravitate more towards modular or monolithic blockchains
- How Solana, as one of the fastest blockchains, is gearing up to handle massive usage and scalability
- Why Chris views Celestia as a frontrunner in the data availability sector
- How Nick perceives the philosophical similarities and executional differences between Celestia and Solana
- Whether there's potential for Solana to transition into a modular blockchain in the future
- Why Chris believes that the Solana Virtual Machine (SVM) might surpass the Ethereum Virtual Machine (EVM) in user adoption
- What challenges Bitcoin faces in developing actual Layer 2 solutions, especially considering its "doomers storage" issue
- What could drive the next crypto bull market
- Top predictions for 2024 and beyond
- Anatoly’s perspective on how a significant hack could pose a serious setback for the entire industry
Thank you to our sponsors!- Arbitrum Foundation
- Popcorn Network
- iTrustCapital
Guests:Anatoly Yakovenko, cofounder of Solana Labs- Previous appearances on Unchained:
- Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans
- Will Solana Be the Execution Layer and Ethereum the Settlement Layer?
- Can Solana Seize Marketshare From Ethereum With Serum?
- Anatoly Yakovenko on Why Solana Is Building the SAGA
Chris Burniske, partner at Placeholder- Previous appearances on Unchained:
- Two VCs on Why This Is the Perfect Time to Invest in Crypto
- 2022 in Review + How Cobie and Chris Burniske Are Playing the New Year
- Cobie and Chris Burniske on How to Navigate a Crypto Bear Market
- How To Value A Crypto Asset
Nick White, COO at Celestia Labs
LinksModular vs. monolithic
- Alchemy: Modular vs. Monolithic Blockchains
- Visa: Monolithic vs. modular blockchain
Chris Burniske’s tweet on modular vs monolithic“The horrific inefficiencies of monolithic blockchains” by polynya
- Blockworks: A spicy salvo launched in the monolithic vs modular debate
- Unchained: What Is the Blockchain Trilemma?
Celestia
- Celestia’s explanation of modular blockchains
- Data availability
- Data availability sampling
- An introduction to sovereign rollups
Spot Bitcoin ETF:
- Unchained:
- Why The Spot Bitcoin ETF Is a Big Deal
- Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF?
Ledger ConnectKit incident
Unchained: Ledger Library Compromised, Causing Confusion and Panic in Crypto CommunityLearn more about your ad choices. Visit megaphone.fm/adchoices
1 hr 15 min - The Chopping Block: How Jito Helped Put Solana on the Map Again - Ep. 588
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they are joined by Lucas Bruder, co-founder and CEO of Jito Labs, an infrastructure provider that mitigates the impact of maximum extractable value (MEV) on Solana — specifically spam and wasted block space. He and the gang discuss how the Jito airdrop this month helped rejuvenate Solana; how Jito differs from Flashbots, its counterpart on Ethereum; Solana’s potential scalability; and how Solana believers have been vindicated by the developments of the last few months.
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:
- Why Jito is a crucial development in the Solana ecosystem and its potential impact on network performance
- What sets Jito apart from its counterpart on Ethereum, Flashbots, in terms of functionality and benefits
- Whether Solana's speed uniquely influences Jito's effectiveness compared to Flashbots
- Lucas' explanation of maximum extractable value (MEV) and how it operates within the Solana network, providing insight into its complexities and advantages
- Whether Solana's infrastructure could sustain block production if the AWS integration encounters disruptions
- How the Jito airdrop may have rejuvenated the Solana network, potentially marking an end to its "ice age"
- What recent surges in on-chain activity in Solana indicate about the network's health and user engagement
- Where MEV fees in Solana are directed and who benefits from this value accrual within the ecosystem
- Whether Solana dapps are evolving their architectures to mitigate MEV opportunities and enhance network security
- How Tarun envisions the design of Solana's fee market for optimal efficiency and fairness
- Whether Solana has the inherent capacity for infinite scalability and what potential bottlenecks might impede this growth
HostsHaseeb Qureshi, managing partner at DragonflyTom Schmidt, general partner at DragonflyTarun Chitra, managing partner at Robot VenturesGuest:Lucas Bruder, CEO of Jito LabsLinksMEV:
Previous coverage of Unchained on MEV:
- Unchained: Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate
- The Chopping Block: Why the Once-Taboo MEV Is Now a Core Part of Ethereum
- CoinDesk: What Is MEV, aka Maximal Extractable Value?
Jito:
- Unchained: Jito, Solana-Based Liquid Staking Protocol, Airdrops Governance Token
- Solana Validator 101: Transaction Processing
- Jito Block Engine Expands Access to All Solana MEV Traders
Solana’s recent activity and bull run:
- Unchained:
- Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans
- Solana Takes the Lead in Daily Stablecoin Transfer Volume
- Solana Surges to $84, Flips Ethereum in Weekly DEX Volume
- Paxos Bringing Stablecoin Issuance on Solana, Diversifying Beyond Ethereum
Solana’s model:
- Solana
- Proof of History: How Solana brings time to crypto
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1 hr 8 min - Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves - Ep. 587Take the Unchained 2023 survey!
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
As 2023 nears its end, the crypto community is abuzz with speculation: will the relentless crypto winter give way in 2024? Crypto OG Arthur Hayes is confident that crypto is on an upswing. According to Hayes, these market cycles are historically recurrent, indicating a potential bull run in the near future.
In this episode, Hayes offers his insights on a range of compelling topics, from what he believes will be a resurgence of central bank money printing between 2024 and 2027 to the effect spot Bitcoin ETFs will have on crypto markets.
He also shares his views on the post-FTX blockchain landscape, the dynamics of Ethereum and memecoins, and why he thinks Tether won’t last.
Show highlights:
- Why Arthur believes that central banks across the globe might resort to printing money again between 2024 and 2027
- Why he's anticipating a bull run in the crypto market within the next year
- Whether the financial system established post-World War II is on the verge of a breakdown
- What Arthur recommends investors should do in the event of a spot Bitcoin ETF launch
- Why he is confident that the launch of a Bitcoin ETF won't immediately lead to a massive surge in prices
- How, according to Arthur, the collapse of FTX actually validated the resilience of the blockchain ecosystem
- Whether the DCG crisis is likely to have a far-reaching impact on the crypto industry
- Why Arthur maintains a bullish stance on ETH and the Ethereum ecosystem, despite labeling it a “shitcoin”
- Whether he sees the use of the Bitcoin blockchain for trading memecoins (BRC-20s) as problematic
- Why Arthur thinks Tether's dominance will be challenged with the entry of major U.S. banks into the stablecoin market
- Why he firmly believes that AI systems will favor Bitcoin over traditional forms of money
- Why, in Arthur's view, China may not aim to become the issuer of the global reserve currency
- The investment strategy of Arthur’s family office, Maelstrom
Thank you to our sponsors!- Arbitrum Foundation
- Uniswap
- Popcorn Network
GuestArthur Hayes, CIO of Maelstrom.- Previous appearances on Unchained:
- Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
- Arthur Hayes of Bitmex on Why Countries Will Turn to Digital
- The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks
- How Crypto and Blockchain Technology Could Change Financial Services
LinksMacroeconomics
- CoinDesk: The Relationship Between Bitcoin and Interest Rates Is Breaking Down: Arthur Hayes
Bad Gurl by Arthur HayesThe Periphery by Arthur Hayes- Arthur Hayes’ tweet: “the U.S. banking crisis is back”
Bitcoin ETFs and markets
- Forbes’ Billy Bambrough on Arthur Hayes’ hot ETF take - “If ETFs managed by TradFi asset managers are too successful, they will completely destroy Bitcoin.”
- Blockworks: Institutional custody of bitcoin could kill it, cautions Hayes
- Arthur’s tweet on cash or in-kind Bitcoin ETFs
- Unchained: Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
- Arthur’s meme on BlackRock
SBF and FTX
White Boy by Arthur HayesWhite Man by Arthur Hayes- New York Magazine: The Original King of Crypto Is Back Arthur Hayes rubbed success in the Feds’ face and got busted. Now he’s returning to a shell-shocked industry.
CZ and Binance
Panda Power by Arthur Hayes- Unchained:
- How Binance Will Open All Its Activity to the U.S. Government
- Binance to Pay $4.3B Penalty to Resolve U.S. DOJ Criminal Investigation; Changpeng Zhao Resigns, Pleads Guilty to Money Laundering Charges
For more detail and links visit Unchained!
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1 hr 4 min - 2023 Crypto Year in Review: Is a Bull Market Around the Corner?- Ep. 586
Take the Unchained 2023 survey!
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
In 2023, the crypto industry began with post-FTX fallout such as Operation Chokepoint 2.0, the failures of banks serving the crypto industry and the SEC's Wells Notice against Coinbase.
Meanwhile, Bitcoin Ordinals brought innovation to the Bitcoin network, while Ethereum's Shanghai upgrade introduced new functionalities.
The criminal trial of Sam Bankman-Fried was the dramatic climax of the year, as lawmakers’ concerns about crypto being used for terrorist financing brought crypto into the mainstream conversation. The year ended with Binance's substantial settlement with the U.S. government and spot Bitcoin ETFs in the horizon, ushering in what looks like the beginnings of another bull market.
Thank you to our sponsors!- Arbitrum Foundation
- Uniswap
- Popcorn Network
LinksDCG
Unchained: Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?
Reuters: Crypto lending unit of Genesis files for U.S. bankruptcy
CELSIUS
Unchained:
- 7 Revelations From Celsius’ Examiner Report
- Why the Celsius Examiner Report Shows 'a Complete Disaster in Almost Every Way'
Operation Chokepoint 2.0
WSJ: Regulator Orders Crypto Firm Paxos to Stop Issuing Binance Stablecoin
The Verge: Kraken pays a $30 million fine and shuts down crypto staking in the US
Unchained:
- Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’
- Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown
Bitcoin Ordinals
Unchained:
- Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About?
- Bitcoin’s Daily Transaction Fees Surpass Ethereum’s for First Time Since 2020
Signature, Silvergate, SVB, USDC depeg
Investopedia: What Happened to Silicon Valley Bank?
CNBC: Stablecoin USDC breaks dollar peg after firm reveals it has $3.3 billion in SVB exposure
Unchained:
- The Chopping Block: Was Crypto Just Debanked?
- Why Caitlin Long and Meltem Demirors Are Worried About Crypto’s Future in the US - Cryptocurrency
- SEC Issues Coinbase a Wells Notice
- Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’
Reuters: Signature Bank failure due to 'poor management,' US FDIC report says
The Verge: Silvergate has collapsed
Ethereum’s Shanghai upgrade
Unchained:
- Shapella in the Rearview: After Major Upgrade, What’s Next for Ethereum?
- Staked Ethereum Withdrawals Enabled As Shanghai Upgrade Goes Live
CoinDesk: What’s Next After the Ethereum Shanghai Upgrade Known as Shapella
PROMETHEUM
Unchained:
- Prometheum and Paradigm in Debate: Can the Status Quo Work for Crypto
- These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler
- Crypto Community Unearths Questionable History of SEC-Aligned Prometheum - Cryptocurrency Regulation
SEC vs. Binance and Coinbase
Unchained:
- SEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities
- SEC Sues Coinbase for Breaking Securities Laws
- SEC Sues Binance, Coinbase: ‘This Is Not the End of Crypto in the United States’
RIPPLE
Unchained:
- New Order in SEC vs. Ripple Over XRP Is a Win for Crypto: What Happens Now?
- The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility
CoinDesk: Ripple, Crypto Industry Score Partial Win in SEC Court Fight Over XRP
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50 min - Crypto Points Systems Are a 100x Opportunity, But Founders, Be Wary - Ep. 585Take the Unchained 2023 survey!
Over the past year, the crypto industry has seen the rise of a new trend: the adoption of points systems.
Li Jin, cofounder of Variant Fund, says that while points systems have long been a staple in the Web2 domain, their integration into the crypto ecosystem could have pitfalls.
She covers how these points are currently being leveraged within crypto applications in the hopes of driving user engagement and retention, why they’re taking off now, and why they’re off-chain. She also points out that, if implemented poorly, they could engender disloyalty instead of leading to sustainable communities, and urges founders to be thoughtful about the design of these systems, especially about how points translate to economic value.
Show highlights:
- What points are in crypto and their role in rewarding user behavior
- Examples of popular projects that have successfully implemented points systems
- Why points mechanisms are gaining traction in crypto, offering benefits of tokens without the downsides
- Whether points, which are currently off-chain, will eventually move on-chain, and the implications for users and founders
- How points can incentivize inorganic behavior, drawing from Li Jin's experience in the Web2 sector
- The potential pitfalls of points systems and how they can sometimes create more disloyalty than loyalty
- Identifying which crypto projects are best suited for using points, and the importance of product-market fit
- Why keeping the economic value of points ambiguous can enhance user engagement and loyalty
- Whether points are being used by projects to navigate around regulatory challenges
- Future developments in points systems, including the potential of bringing points on-chain for a universal loyalty system
Thank you to our sponsors!- Arbitrum Foundation
- Uniswap
- Popcorn Network
- Phemex
GuestLi Jin, cofounder and General Partner at Variant Fund- Previous appearances on Unchained:
- Will Every Piece of Media Enter the Internet as an NFT? Variant Fund Says Yes
- The Chopping Block: Two on Two Debate: NFT Royalty Throwdown!
LinksPoints
- Li’s Newsletter: Lessons on Points Programs for Crypto Apps
- Li’s comments on the topic:
Tweet 1 on points entering “the crypto app zeitgeist”Tweet 2 on points discounting the cost of the productTweet 3 on points and product-market-fitTweet 4 on how points can “distort activity”- CoinDesk:
Crypto Points: Off-Chain Derivatives That Everyone is Talking About- Web3 Loyalty Programs Are a Trojan Horse for Good Crypto Policy
- DL News: Why DeFi protocols love to offer ‘points’ before airdrops
Projects using points
- Rainbow wallet
- Friend.tech
- Blast
- Blackbirds
- Marginfi
- Parcl
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44 min - Why Swan CEO Cory Klippsten Is Still Convinced That Bitcoin Is Headed to $1 Million - Ep. 584Take the Unchained 2023 survey!
Swan founder and CEO Cory Klippsten is all-in on Bitcoin. Not only does he believe that Bitcoin is poised to reach $1 million by 2030, he also thinks most alt-coins add little to no value and will eventually all go to zero. Accordingly, his company is a massive bet on the future of Bitcoin, from educating people about the world’s first crypto and convincing them to eventually self-custody, to making private equity investments in the Bitcoin ecosystem, to eventually planning to launch the first US Bitcoin-only trust company to create a safer environment for investors.
Here he talks to Unchained about his crypto journey, the likely impact of spot Bitcoin ETFs on crypto adoption and prices, his extreme skepticism about Bitcoin Ordinals, when he first knew Sam Bankman-Fried was a fraud and why he thinks that crypto VCs have done a “massive disservice” to the world.
Show highlights:- What Swan Bitcoin is, its origin story and the future trajectory envisioned by Cory
- Cory's journey into crypto, his journalism background and the shift to a Bitcoin-centric focus
- How Cory is navigating discussions with hedge funds, family offices, and insurance companies in anticipation of a Bitcoin spot ETF
- Swan’s Bitcoin-only investment strategies
- How lending and borrowing with Bitcoin is evolving
- Cory's private equity investments within the Bitcoin ecosystem
- The rationale behind Swan launching the first US Bitcoin-only trust company
- Swan's stance on financial privacy, especially after warning customers that banks might close their accounts if they used mixers
- Cory's reasoning for advising against "trading" the Bitcoin spot ETF launch
- Predictions on when BTC might reach new all-time highs
- Cory's perspective on Bitcoin Ordinals and their impact on the Bitcoin mempool
- The concerns about decreasing block rewards and the future security of Bitcoin
- Why Cory was convinced of FTX's fraudulent nature after reviewing the balance sheet that led to SBF's downfall
- Why he thinks that VCs have done a "massive disservice” to the world
Thank you to our sponsors!- Uniswap
- Popcorn Network
- Arbitrum Foundation
Guest:Cory Klippsten, CEO of Swan BitcoinLinks:Swan Bitcoin:
- Fortune: Swan deployed more than $200 million in 2023 building out institutional offerings such as Bitcoin-backed lending
- Protos: Some Swan Bitcoin customers lose banking access
- CoinDesk: BitGo, Swan to Form Bitcoin-Only Trust Company
- WSJ: Crypto Custodian Prime Trust Files for Bankruptcy Protection
- Decrypt: Swan, Coinbits Disclose Prime Trust Ties as Fallout Continues
- Cointelegraph: Swan Bitcoin to terminate customer accounts that use crypto-mixing services
Bitcoin ETFs:
- Previous coverage on spot Bitcoin ETFs:
- How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
- Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
- Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
- The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
- Unchained:
- Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
- Bitcoin ETFs Explained: What Are They & How Do They Work?
- BlackRock Updates Bitcoin ETF Filing to Make Access Easier for Wall Street Banks
FTX
- CoinDesk: Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet
Ordinals:
- Cory’s tweet on Ordinals
- Unchained:
- Bitcoin Ordinals-Related Token ORDI Passes $1 Billion in Market Value
- Bitcoin Mempool Reaches Record Levels of Congestion
- Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What’s the Hype About?
- Bitcoin’s BRC-20 Mania: Is It Sustainable?
- Why All 10,000 OnChainMonkey NFTs Will Move From Ethereum to Bitcoin
- Learn more:
- What Are BRC-20 Tokens?
- What Are ORC-20 Tokens?
- How to Create a Bitcoin Ordinal
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1 hr 24 min - The Chopping Block: Crypto’s Best and Worst in 2023 - Ep. 583
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, after an incredibly eventful year for crypto, The Chopping Block crew makes its picks for the best and worst of 2023, including its biggest winners and losers, biggest surprises, best memes, best or worst pivots, biggest flops, best comeback stories, favorite podcast guests and predictions for 2024. Hear why some in the gang consider Solana to be the year’s biggest winner, Circle the biggest loser, MicroStrategy the best and worst pivot, Coinbase the best comeback and a renewed boom in crypto lending one of the top predictions for 2024.
HostsHaseeb Qureshi, managing partner at DragonflyRobert Leshner, founder of CompoundTom Schmidt, general partner at DragonflyTarun Chitra, managing partner at Robot VenturesDisclosuresLinksSurprises:
- The Chopping Block: Was Crypto Just Debanked?
- What Is Depegging in Crypto and Why Does It Occur?
Flops:
- The Chopping Block: Why the Azuki Elementals Drop Was a Big Flop
- The Chopping Block: Michael Lewis Swindled, SBF’s Effective Altruism Ruse, Ethereum Protocol Enshrinement
- The Block: Worldcoin unveils integrations with Minecraft, Reddit, Telegram and Shopify
- CoinDesk: Future of Solana's Hyped Saga Phone Is 'Under Internal Discussion' as Sales Figures Fail to Wow
- ApeCoin DAO Governance
Winners:
- Unchained:
- SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security
- Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans
- Bitcoin’s Daily Transaction Fees Surpass Ethereum’s for First Time Since 2020
- What Are BRC-20 Tokens? A Brief Introduction
- The Chopping Block: Wizards vs. Laser Eyes for the Future of Bitcoin
Memes:
- Dexerto: What is TikTok’s viral NPC fetish? New streaming kink explained
- David Beckham’s memes
Favorite guests:
- The Chopping Block: Top White Hat Hacker Samczsun Discusses the State of Crypto Security
- The Chopping Block: How This DeFi Hack Negotiator Gets Hackers to Return Stolen Money
- The Chopping Block: Why Vivek Ramaswamy Wants Less Crypto Regulation
- The Chopping Block: Coinbase’s Paul Grewal on Why the SEC Is Going After Crypto So Aggressively
Others
- Unchained:
- Ledger Library Compromised, Causing Confusion and Panic in Crypto Community
- Vitalik Buterin Supports Integrating Zero-Knowledge Ethereum Virtual Machines Into Main Ethereum Chain
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1 hr 21 min - Why the SEC May Want Cash Creation of Spot Bitcoin ETFs - Ep. 582Take the Unchained 2023 survey!
Unchained is doing its annual survey. Let us know what we’re doing well, how we can improve, what you’d like to see more of, and generally, how we can serve you better. The survey also helps us find sponsors whose products and services would appeal to you. Plus, participating gives you an opportunity to win Unchained merch! Five randomly selected respondents will receive one free Unchained t-shirt or mug — your choice. Click here to participate. Thanks so much!
The long-awaited approval of a spot bitcoin ETF looks to be mere weeks away, and Bloomberg ETF analyst James Seyffart joins Unchained to discuss the final issues and considerations, especially the battle over whether the new funds will feature in-kind vs. cash creation and redemptions, which appears to be one of the last main sticking points in negotiations between the SEC and fund companies. He also discusses the specific impact of an ETF approval on Grayscale, which runs the $26.6 billion Grayscale Bitcoin Trust, and why he thinks the SEC has thrown in the towel on trying to classify Ethereum as a security.
Show highlights:
- Why James views the multitude of potential issuers meeting with the SEC as a positive sign for the future of ETFs
- When James anticipates the ETFs will actually be listed on exchanges, which differs from their approval dates
- The crucial differences between in-kind versus cash creation and redemptions in ETFs and their impact on market dynamics
- How the choice of in-kind or cash creation and redemptions influences the overall cost structure of these financial products
- Whether the current actions of ETF issuers suggest a "bending the knee" approach to the SEC's preference for cash creations and redemptions
- How the selected ETF model will specifically impact Grayscale and the future of its GBTC offering
- The potential strategies behind BlackRock's private trust, especially in terms of integrating its Bitcoin holdings into its prospective ETF
- Why James holds a more cautious outlook for the approval of an Ethereum spot ETF compared to his confidence in Bitcoin ETFs
Thank you to our sponsors!- Arbitrum Foundation
- Popcorn Network
- Uniswap
GuestJames Seyffart, Research analyst at Bloomberg Intelligence- Previous appearances on Unchained:
- Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
- Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Links- Previous coverage on spot Bitcoin ETFs:
- How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
- Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
- Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
- The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
- Unchained:
- Bitcoin ETFs Explained: What Are They & How Do They Work?
- BlackRock Updates Bitcoin ETF Filing to Make Access Easier for Wall Street Banks
- Understanding the ETF creation and redemption mechanism
- Nate Geraci’s tweet on in-kind/cash
- James comments “the people want in-kind”
- James: “I think everyone is gonna have to bend the knee to cash creates and redeems.”
Eric Balchunas suggests the SEC is only letting cash-create ETFs launch initiallyLearn more about your ad choices. Visit megaphone.fm/adchoices
45 min - How Binance Will Open All Its Activity to the U.S. Government - Ep. 581
Unchained is running its annual survey to better serve you.
Please answer our annual survey here.
The record $4.3 billion settlement reached between Binance and the U.S. government over charges of money laundering and sanctions violations calls for the world's largest crypto exchange to maintain an independent compliance monitor for the next five years. Michael Dawson, a partner at WilmerHale, and Dorothy DeWitt, founder and CEO of Tolt Strategies, a former director at the CFTC and former general counsel at Coinbase, dissect the intricacies of this arrangement, delving into the roles and responsibilities of the compliance monitor, the potential impact on Binance's operations and the broader implications for the crypto industry.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights:- what exactly is a compliance monitor, and why it's essential in the Binance settlement
- which regulatory agencies the monitors report to and their significance
- why the DOJ insisted on including a compliance monitor in its settlement with Binance
- how Binance’s compliance monitor is expected to create a “ripple effect across the industry,” according to Michael
- why Binance, despite being a non-U.S. entity, is subject to a U.S.-appointed monitor
- Dorothy's perspective on why more monitorships might be appointed in the crypto industry going forward
- how much the monitorship will cost Binance and the factors influencing their choice of monitor
- whether the government will be able to discover other crimes with all this new information, which will be used by other agencies such as the IRS and the FBI
- who might be appointed as the compliance monitor for Binance and why Michael favors Patrick McHenry
- what constitutes the SAR lookback and AML program consultancy
- what could happen when the government gets to look at all past transactions
- what happens if the monitor discovers any wrongdoing within Binance
- whether the monitorship is likely to impact Binance's business operations
- advice from Dorothy and Michael for Binance's new CEO on navigating these challenges
- why predicting the future of Changpeng Zhao, Binance's ex-CEO, is complex, according to Dorothy
Thank you to our sponsors!- LayerZero
- Popcorn Network
- Arbitrum Foundation
Guests:Michael Dawson, partner, Financial Institutions Group at WilmerHaleDorothy DeWitt, founder and CEO of Tolt Strategies and former Director of the Division of Market Oversight at the CFTCLinksSettlement
- DOJ Settlement Text
- FINCEN Settlement Text
- CFTC Settlement Text
- OFAC Settlement Text
- WSJ: Binance Penalties Include a Number of Crypto Industry Firsts: The Treasury Department’s FinCEN is imposing its first-ever monitorship on the cryptocurrency exchange
- CoinDesk: Binance's Future and Other Questions Post-Settlement
- Unchained: Binance to Pay $4.3B Penalty to Resolve U.S. DOJ Criminal Investigation; Changpeng Zhao Resigns, Pleads Guilty to Money Laundering Charges
- Law360: Binance's Compliance Chief Is Optimistic About Monitorship
The CFTC’s guidance on monitorships
- CFTC Releases Enforcement Advisory on Penalties, Monitors and Admissions
Other monitors at crypto companies
- Coinbase (independent monitor): Press Release- January 3, 2023: Superintendent Adrienne A. Harris Announces $100 Million Settlement with Coinbase, Inc. after DFS Investigation Finds Significant Failings in the Company’s Compliance Program | Department of Financial Services
- Robinhood Crypto (independent compliance consultant): Press Release- August 2, 2022: DFS Superintendent Harris Announces $30 Million Penalty on Robinhood Crypto for Significant Anti-Money Laundering, Cybersecurity & Consumer Protection Violations | Department of Financial Services (ny.gov)
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1 hr 12 min - Market Forecaster Raoul Pal Says There’s a Good Chance Bitcoin Will Hit $100K-$200K in 2024 - Ep. 580
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The likely impending approval of spot bitcoin ETFs has already sparked a major rally in the price of bitcoin and other cryptocurrencies, but will the bull run continue once the funds are up and running? On this episode of Unchained, the founder and CEO of Global Macro Investor, Raoul Pal, describes why a spot bitcoin ETF is such a significant development, likening it to a free trade agreement with the traditional financial world. He also discusses what effect a spot Ether ETF is likely to have on Ether prices, the relative merits of Ether vs. Solana, the usefulness of BRC-20 tokens and why 2024 is likely to be a very good year for crypto and the economy as a whole.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights:
- How Pal sees crypto as creating a new parallel financial system that a spot Bitcoin ETF will soon offer entrée to
- what he believes will be the key catalysts for the upcoming bull market in crypto
- why Raoul is predicting a "very strong 2024" for the crypto market, including his outlook for the price of Bitcoin
- how he thinks investors and institutions will respond to the potential launch of an ETH spot ETF
- why Raoul is bullish on both Ethereum and Solana
- what developments in the Solana ecosystem are making Raoul particularly optimistic
- which network Raoul expects to emerge as the winner in the blockchain space
- why he views BRC-20s and Ordinals inscriptions as positive developments for Bitcoin
Thank you to our sponsors!- Arbitrum Foundation
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GuestRaoul Pal, cofounder and CEO of Real VisionLinksBitcoin ETF and markets:
- Unchained:
- Bitcoin Surges Past $40,000 for First Time Since April 2022
- Signs Increasingly Point to January Approval of Spot Bitcoin ETF Applications
- 77% of Financial Advisors Are Waiting for a Spot Bitcoin ETF to Offer Their Clients
- How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
- Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
- Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
- The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
- Learn more: Bitcoin ETFs Explained: What Are They & How Do They Work?
Ordinals and BRC-20s
- Unchained:
- Bitcoin Ordinals-Related Token ORDI Passes $1 Billion in Market Value
- Bitcoin Mempool Reaches Record Levels of Congestion
- Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About?
- Bitcoin’s BRC-20 Mania: Is It Sustainable?
- Why All 10,000 OnChainMonkey NFTs Will Move From Ethereum to Bitcoin
- Learn more:
- What Are BRC-20 Tokens?
- What Are ORC-20 Tokens?
- How to Create a Bitcoin Ordinal
Solana vs. ETH
- Unchained: Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans
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42 min
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