Unchained

By Laura ShinNews Business News Tech News

Unchained episodes

April 11, 2023Are DAOs Strong Enough to Survive the Regulators? - Ep. 479
How can decentralized autonomous organizations (DAOs) be more resilient? Gabriel Shapiro, general counsel at Delphi Labs, and Fatemeh Fannizadeh, lawyer and researcher at Geneva-legal.ch, survey the landscape and offer their insights on what will fuel the next wave of DAO innovation. Are new rules from U.S. states like Wyoming and Utah a boon for DAO creation? Or will the proceedings against Ooki DAO by U.S. regulators cast a pall on this emerging segment of the Web3 world?

Show highlights:
how Gabriel and Fatemeh determine whether something is actually a DAO
the pressing legal issues around DAO formation
where the liabilities lie in these types of organizations
Delphi Labs’ new “borg” concept and the problems it aims to solve
what jurisdictions are more appropriate for different DAOs
the nuances of Wyoming’s DAO LLC law
Utah’s Introduction of LLDs – limited liability DAOs – and why it is innovative
why the CFTC filed a lawsuit against Ooki DAO
whether governance token holders are liable for the DAO’s actions
how the Ooki lawsuit will impact how DAOs structure their activities in the future
what happened in the MakerDAO case and its implications
why Fatemeh and Gabriel disagree on whether the Mango DAO’s agreement to not pursue actions against Avi Eisenberg was legally binding
Thank you to our sponsors!
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Halborn
Guests:
Gabriel Shapiro, general counsel at Delphi Labs
Previous appearances on Unchained:
What Does Mango Markets Exploiter Avi Eisenberg’s Arrest in Puerto Rico Mean for DeFi?
Fatemeh Fannizadeh, lawyer and researcher at Geneva-legal.ch
Lawmakers In New Hampshire And Utah Recognize DAOs As Legal Persons
Links
MakerDAO:
CoinDesk: Crypto Investors' $28M ‘Black Thursday’ Lawsuit Against DeFi Giant Maker Dismissed by US Judge
Mango Markets:
CoinDesk: Legal Expert Says Mango Markets Exploit Case Is Wake-Up Call for DAOs
Avi Eisenberg Detained Unlike SBF As Mango Labs Is Denied Injunction But TRO to March 15
Unchained:
The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not
CFTC Charges Mango Markets Exploiter With Market Manipulation
Mango Markets Exploiter Arrested on Market Manipulation Charges
Tornado Cash
Unchained:
The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?
Ooki DAO:
Unchained: Why the Ooki DAO Case Could Hurt Participation in DAOs
CoinDesk: Interpreting the CFTC’s Lawsuit Against Ooki DAO
Wyoming law
Legal Nodes: Wyoming LLC as a DAO Legal Wrapper: What You Need to Know
Utah
The National Law Review: Utah Passes Innovative DAO Legislation

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1 hr 17 min
April 07, 2023Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’ - Ep. 478
Amidst a wide-ranging crackdown on all kinds of crypto players, Representative Tom Emmer talks about recent enforcement actions, the classification of cryptocurrencies as securities or commodities, the potential impact of US regulatory actions on the country’s global economic power, and the Federal Reserve's upcoming payment system. He touches on the importance of innovation and entrepreneurship in the crypto industry and the role of government in fostering these developments.

Show highlights:
why Rep. Emmer thinks there's an operation to cut crypto off from the banking system
how, as he puts it, Sen. Elizabeth Warren has been 'dancing on the grave' of the recent banking failures
how the interest in crypto in Congress has changed over time, especially after the Infrastructure bill in 2021
whether the CFTC lawsuit against Binance represents an "appropriate" use of enforcement actions
why Rep. Emmer says that bureaucrats are trying to polarize blockchain technology
how the US’s attitudes toward crypto could affect the country’s global power
why he is against FedNow, the new Federal Reserve's payment system
Thank you to our sponsors!
Crypto.com
Railgun DAO
Guest
Congressman and House Majority Whip Tom Emmer
Previous appearances on Unchained: Rep. Tom Emmer, One of the Most Active Crypto Congress Members, on Taxes and DeFi
Links
Operation Choke Point 2.0:
Coverage of Unchained Podcast on the topic: Is the Government Trying to Kill Off Crypto in the US?
Operation Choke Point 2.0 Is Underway, And Crypto Is In Its Crosshairs
Enforcement actions
Unchained:
CFTC Sues Binance and CZ Over US Regulatory Violations
SEC Issues Coinbase a Wells Notice
Coverage of Unchained Podcast on the recent regulatory crackdown:
Why the CFTC Case Against Binance Will Have Very Important Consequences for Crypto
Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’

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41 min
April 06, 2023The Chopping Block: Is Ether the Only ‘Organic Yield’ in Crypto? - Ep. 477
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. In this episode, they are joined by Laura Shin, author, journalist, and host of Unchained, to discuss the drama around the Arbitrum governance’s proposal, the MEV attack on Ethereum, the Shanghai upgrade… and much more!
Show highlights:
what the intentions behind Arbitrum Foundation's ratification poll were
why Tarun says that it was suggested by a crypto lawyer
what will happen to Ethereum staking after the Shanghai upgrade
how ETH provides 'organic yield,' according to Tarun
whether staking makes ETH a security
how a validator on Ethereum got slashed after a $25 million MEV attack
the drawbacks of how Proof of Stake requires a locked stake, while Proof of Work allows joining and leaving freely
whether Tarun should cut his hair (yes, this was actually discussed)
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Tom Schmidt, general partner at Dragonfly
Guest
Laura Shin, author, and host of UnchainedDisclosuresLinks
Arbitrum DAO
Unchained: Arbitrum Backtracks on AIP-1 After Community Backlash
MEV attack
Unchained: Rogue Ethereum Validator Slashed After $25 Million MEV Bot Attack
Euler hack
Unchained: Euler Hacker Returns All $200 Million Stolen in Exploit
Shanghai:
Unchained: A Guide to Ethereum’s Shanghai Upgrade
Single Secret Leader Election
Gauntlet’s View on the Shanghai Upgrade

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57 min
April 04, 2023Is the Government Trying to Kill Off Crypto in the US? - Ep. 476
Brian Quintenz, head of policy for a16z crypto, and Nic Carter, general partner at Castle Island Ventures, talk about Operation Choke Point 2.0, the relationship between the government and the crypto industry, the status of different tokens as securities or commodities, and potential future developments in the space
Show highlights:
what the original Operation Choke Point was like
the "evidence" that shows that Operation Choke Point 2.0 against crypto is real, according to Nic
how hard it is for crypto companies to get banked in the U.S.
whether crypto had anything to do with the current banking crisis
whether agencies such as the CFTC and the SEC are performing coordinated action against the industry
how the collapse of FTX changed the approach of banking regulators toward crypto
whether the U.S. needs to change its regulatory approach to maintain its status as a global leader
whether crypto is a threat to the U.S. dollar and the financial system
how Tether has benefited from the recent regulatory events
why Brian says that the SEC has already demonstrated that BTC and – also ETH -- are not securities
Thank you to our sponsors!
Crypto.com
Halborn
Guests:
Brian Quintenz, head of policy for a16z crypto
Nic Carter, general partner at Castle Island Ventures
Did The Government Start A Global Financial Crisis In An Attempt To Destroy Crypto?
Operation Choke Point 2.0 Is Underway, And Crypto Is In Its Crosshairs
Previous coverage of Unchained on the banking situation:
Jim Bianco on Why the Banking System Has Always Been Broken
The Fed Is In Checkmate: What Will Powell Do?
The Fall of SVB: What Happened and How It Affects Crypto
Previous coverage of Unchained on the recent regulatory crackdown:
Why the CFTC Case Against Binance Will Have Very Important Consequences for Crypto
Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’
Links
NYMAG: Barney Frank Talks More About the Surprise Shuttering of Signature Bank
Unchained:
Was Signature Bank Actually Insolvent?
Regulators Close Signature Bank Following SVB Collapse
CFTC Sues Binance and CZ Over US Regulatory Violations
CoinDesk Editorial: It Sure Looks Like the U.S. Is Trying to Kill Crypto
The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks | NEC | The White House

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1 hr 14 min
March 31, 2023Why the CFTC Case Against Binance Will Have Very Important Consequences for Crypto - Ep. 475
In this episode, Austin Campbell, a professor at Columbia Business School, discusses the recent allegations made by the CFTC against Binance, and whether or not criminal charges will be brought against company officers such as CEO Changpeng Zhao, or CZ, or former Chief Compliance Officer Samuel Lim. He also sheds light on how this case could shape which agency will have regulatory authority over crypto assets.

Show highlights:
what the CFTC's allegations against Binance are
whether Binance and its employees will face criminal charges
what the two most likely scenarios for Binance are, according to Austin
how regulators got so many details and so much information from CZ's phone
whether CZ is personally liable and whether the US could extradite him
how the CFTC used the complaint to state that BTC, LTC, ETH, and some stablecoins are commodities
Why Austin believes Coinbase would be the "single biggest winner" if Binance US is shut down
how this case is going to help determine which agency has jurisdiction to regulate crypto assets
Thank you to our sponsors!
Crypto.com
Railgun DAO
Guest
Austin Campbell, professor at Columbia Business School and Managing Partner at Zero Knowledge Consulting
Previous coverage on Unchained: Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown
Links
CFTC vs. Binance
Unchained: CFTC Sues Binance and CZ Over US Regulatory Violations
Bloomberg’s Matt Levine: The CFTC Comes for Binance
Previous coverage on Unchained: The Chopping Block: Is This the Beginning of the End for Binance?

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45 min
March 30, 2023The Chopping Block: Is This the Beginning of the End for Binance? - Ep. 474
Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. In this episode, they discuss Binance's recent regulatory issues, the potential impact on the crypto markets, the CFTC's stance on tokens, and also touch on Do Kwon's arrest and Hong Kong's approach to crypto regulation.

Show highlights:
whether the chief compliance officer of Binance was aware of how the exchange was evading compliance
how the CFTC contradicted the SEC about some tokens being securities
whether Binance was trading against its customers
what the future of Binance looks like after the CFTC lawsuit
how the Do Kwon arrest coincided with Vitalik running an experiment in Montenegro
how the SEC's Wells Notice against Coinbase will affect the exchange
whether all the regulatory actions are coordinated
what would happen to the crypto markets if Binance goes down
how Hong Kong’s approach to crypto regulation contrasts with that of the US
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tarun Chitra, managing partner at Robot Ventures
Tom Schmidt, general partner at Dragonfly
DisclosuresLinks
CFTC vs. Binance
Unchained: CFTC Sues Binance and CZ Over US Regulatory Violations
Coinbase Wells Notice
Previous coverage of Unchained: Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’
Coinbase:
We asked the SEC for reasonable crypto rules for Americans. We got legal threats instead.
The Crypto Securities Market is Waiting to be Unlocked. But First We Need Workable Rules.
Unchained:
SEC Issues Coinbase a Wells Notice
U.S. Supreme Court Hears First Crypto Case: Coinbase Arbitration Dispute
Bloomberg: Coinbase (COIN) Gets SEC Wells Notice Over Crypto Offerings
Do Kwon
Unchained:
Do Kwon Arrested in Montenegro, Faces Criminal Charges From US Prosecutors
Do Kwon Plans to Appeal 30-Day Detention Extension After Arrest
DL News: US requests extradition of Do Kwon from Montenegro

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1 hr 6 min
March 28, 2023Why Zero-Knowledge Proofs Are Critical to Ethereum’s Future - Ep. 473
In this episode, Stanford cryptography professor Dan Boneh and a16z General Partner Ali Yahya elevate our knowledge of zero-knowledge proofs and their applications in the blockchain world. Listen as they dive into the intricacies of succinct proof systems, the difference between SNARKs and STARKs, the magic of recursive SNARKs, and why zero-knowledge systems are essential to the evolution of Ethereum.

Show highlights:
how Ali became a general partner at a16z Crypto and why Dan started working on “the science of blockchains”
what a succinct proof system is
analogies for understanding zero-knowledge proofs
the difference between SNARKs and STARKs and whether centralization can be fully avoided
how zero-knowledge technology became so crucial for blockchains
the reasons to push computations off-chain and the applications of this technology
why zkEVMs are essential to help Ethereum scale
why privacy is important not only in financial transactions but also in other areas like social networks and gaming
the challenges that arise from trusted setups and whether it would be possible to create false proofs
how to mitigate the trusted setup problem with different proof systems
what is being built to make zero-knowledge proofs cheaper to create
whether a privacy-focused technology can be pursued while staying compliant with regulations
how zero-knowledge proofs can improve the security of blockchain bridges
Thank you to our sponsors!
Crypto.com
Halborn
Guests:
Ali Yahya, general partner at a16z crypto
Dan Boneh, professor of computer science and electrical engineering, Stanford University; and senior research advisor, a16z crypto
Using ZK Proofs to Fight Disinformation
Links
Unchained: zkEVM: The Computing Overhaul to Help Scale Ethereum
Previous coverage of Unchained on zero-knowledge:
Can You Trace Monero? 'It's Hard - But Not Impossible,' Says Nick Bax
a16z crypto:
Privacy-Protecting Regulatory Solutions Using Zero-Knowledge Proofs: Full Paper
zkDocs: Zero-knowledge Information Sharing
How the Coming Privacy Layer Will Fix the Broken Web
CoinDesk: Polygon Rolls Out Zero-Knowledge, Privacy-Enhanced Identification Product

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1 hr 10 min
March 24, 2023Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’ - Ep. 472
Paul Grewal, Coinbase’s chief legal officer, shares his concerns about the SEC’s recent warning that it would pursue legal action against the crypto exchange. With the U.S. markets regulator failing to provide clear rules on digital assets, Grewal discusses the implications for Coinbase and for the future of crypto in the United States.

Show highlights:
why Grewal was not surprised by the Wells notice
how Coinbase asked the SEC multiple times for clear rules and got no response, according to Grewal
how the SEC is withholding information about which rules Coinbase allegedly broke, according to Grewal
Coinbase’s efforts to disclose everything about its operations
whether Grewal thinks there was a change in the regulators’ approach after the collapse of FTX
why Grewal thinks this is not the right way to go to keep crypto in the United States
the jurisdictional fight between the CFTC and the SEC
whether Coinbase will proceed with litigation
why Grewal thinks the Wells notice is a “shot at crypto as a whole”
why Coinbase believes that its products are “fully compliant”
what opportunities the U.S. Congress has to legislate blockchain technology
Thank you to our sponsors!
Crypto.com
Railgun DAO
Guest
Paul Grewal, chief legal officer at Coinbase
Previous appearances on Unchained: Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown
Links
Coinbase:
We asked the SEC for reasonable crypto rules for Americans. We got legal threats instead.
The Crypto Securities Market is Waiting to be Unlocked. But First We Need Workable Rules.
Unchained:
SEC Issues Coinbase a Wells Notice
U.S. Supreme Court Hears First Crypto Case: Coinbase Arbitration Dispute
Bloomberg: Coinbase (COIN) Gets SEC Wells Notice Over Crypto Offerings

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40 min
March 22, 2023The Chopping Block: Why AI Will Change the Course of History in Crypto - Ep. 471
Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, NEAR co-founder and former Google AI researcher Illia Polosukhin joins the show to discuss the intersection of crypto and machine learning.
Show highlights:
whether Signature was shut down because of its crypto arm
whether banking crypto is riskier than banking other industries
how Balaji’s $1 million BTC bet is just highly effective marketing
whether the Fed is doing quantitative easing again
how the artificial intelligence industry has changed over the years
why Illia says that “open source always wins”
the intersection of blockchain technology and AI
whether a broken Tesla could become the world’s greatest investor
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Tom Schmidt, general partner at Dragonfly
Guest
Illia Polosukhin, co-founder of NearDisclosuresLinks
Signature and Banking
Unchained:
$4 Billion in Crypto Deposits Not Included in Flagstar Signature Deal
Was Signature Bank Actually Insolvent?
Regulators Close Signature Bank Following SVB Collapse
Jim Bianco on Why the Banking System Has Always Been Broken
Nic Carter: Operation Choke Point 2.0 Is Underway, And Crypto Is In Its Crosshairs
Arthur Hayes: Kaiseki
Balaji’s bet
Coin Edition: Balaji Bets $1M on Bitcoin Price, Says US Hyperinflation Is Underway
Artificial Intelligence:
Richard Sutton: The Bitter Lesson
Facebook: Introducing LLaMA: A foundational, 65-billion-parameter large language model
Stanford: Alpaca: A Strong, Replicable Instruction-Following Model

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1 hr 21 min
March 21, 2023Why Caitlin Long and Meltem Demirors Are Worried About Crypto’s Future in the US - Ep. 470
Caitlin Long, founder and CEO of Custodia Bank, and Meltem Demirors, chief strategy officer of CoinShares, share their concerns about crypto in the U.S. following a wild week in the banking sector. With Signature Bank’s takeover looking like a targeted takedown and crypto-friendly upstarts like Custodia being shadowbanned by the Fed, the two longtime experts look ahead at the fights to come. Is USDC next to land in regulators’ crosshairs?
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:
how crypto is viewed as a “big, scary, and strange” industry
how Signature and Silvergate became so important for the crypto industry with SEN and Signet
why Caitlin says it’s “crystal clear” that we are now in Operation Choke Point 2.0, with U.S. regulators pushing to debank the crypto industry
why Caitlin says the Fed’s vote against Custodia’s application was preordained
whether Sen. Elizabeth Warren had an impact on the current crisis
how everything comes down to game theory
whether VCs are responsible for causing the bank run
whether the rollback in 2018 of certain provisions of the Dodd-Frank Act played a role in the recent collapse
Caitlin’s hot takes on what happened with Signature Bank
the unique characteristics of Custodia’s business model as a bank
how stablecoins challenge the current financial system
why it’s so important for crypto to improve its public perception
Thank you to our sponsors!
Crypto.com
Halborn
Guests:
Meltem Demirors, Chief Strategy Officer at CoinShares
Caitlin Long, founder and CEO of Custodia Bank
Links
Previous coverage of Unchained:
Jim Bianco on Why the Banking System Has Always Been Broken
The Fed Is In Checkmate: What Will Powell Do?
The Fall of SVB: What Happened and How It Affects Crypto
NYT: Congress Approves First Big Dodd-Frank Rollback
NYMAG: Barney Frank Talks More About the Surprise Shuttering of Signature Bank
WSJ Editorial Board: Signature Bank’s Crypto Execution
Unchained:
FDIC Denies Asking Signature Buyers to Give Up Crypto: Report
Was Signature Bank Actually Insolvent?
Circle to Bring On New Banking Partner for USDC Minting, Redemption
Circle Clears Backlog of USDC Minting and Redemption Requests
Regulators Close Signature Bank Following SVB Collapse
Silvergate to Wind Down Operations in ‘Voluntary Liquidation’

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1 hr 17 min

About Unchained

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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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Unchained episodes

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