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Unchained episodes
- Oslo Freedom Forum: How NFTs Helped Chinese Dissident Artist Badiucao Evade Censorship - Ep. 369
Badiucao, Chinese artist and activist, talks about the importance of NFTs for political activism, the role of China in his career as an artist, the significance of blockchain technologies to resist censorship, and much more. Show highlights:
- why Badiucao became an artist and how the censorship in China brought him to NFTs
- how Badiucao only learned about Tiananmen Square when he was 22 years old
- why Badiucao took up work as a preschool teacher in Australia
- how anonymity is important for Chinese activists for their family’s safety
- the intention of Badiucao’s art and what is he trying to express
- the repercussions of Badiucao’s activism
- why Badicuao eventually gave up his anonymity
- why Badiucao decided to issue art as NFTs and what possibilities he sees in NFTs
- how Badiucao enabled people to write a message of protest in the blockchain with the launch of his NFT and how this represented the first large mass protest written into the blockchain
- whether the Beijing Winter Olympics is an outrage and a disgrace for the international community and how this inspired Badiucao’s NFT collection Beijing 2022
- how Niki approached the issue of the possibility of having the art taken down
- how Badiucao used NFTs to help Ukraine due to the war
- the reasons political art has so much value, and how NFTs enable possibilities for all political artists around the world
- whether NFTs are much more than just some apes, and how learning about art is important
- how to get started as a political artist and the importance to remain truthful
- the significance of using power as an artist
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://avax.network
EPISODE LINKSBadiucao
- Twitter: https://twitter.com/badiucao
- Website: https://www.badiucao.com/
Niki
- Website: http://nikiselken.com/
Documentary about Badiucao:
https://www.imdb.com/title/tt10601676/
60 Minutes interview: https://www.cbsnews.com/news/badiucao-60-minutes-2021-12-26/
Unveiling his identity: https://www.nytimes.com/2019/06/04/world/asia/china-tiananmen-cartoonist-badiucao.html?searchResultPosition=1
The importance of NFTs
- How Activists are Using NFTs as Civil Disobedience: https://www.jumpstartmag.com/how-activists-are-using-nfts-as-civil-disobedience/
- Nadya Tolokonnikova on NFTs with social messages: https://editorial.brytehall.com/nadya-tolokonnikova-on-nfts-with-social-messages-and-shock-value/
- Unchained Coverage: This Noble Family’s Art Was Taken by Nazis, But Is Being Saved by NFTs: https://unchainedpodcast.com/this-noble-familys-art-was-taken-by-nazis-but-is-being-saved-by-nfts/
- Unchained Coverage: Punk6529 on the Significance of Bored Ape Yacht Club and CryptoPunks: https://unchainedpodcast.com/punk6529-on-the-significance-of-bored-ape-yacht-club-and-cryptopunks/
- Unchained Coverage: Why This Environmentalist Doesn’t Blame Creators for the Carbon Footprint of NFTs: https://unchainedpodcast.com/why-this-environmentalist-doesnt-blame-creators-for-the-carbon-footprint-of-nfts/
Beijing 2022 Collection
- https://www.badiucao.com/nft
- Badiucao launches NFT collection to protest against China's human rights record on eve of Beijing Winter Olympics: https://www.theartnewspaper.com/2022/02/01/badiucao-launches-human-rights-protest-nft-collection-on-eve-of-beijing-winter-olympics
NFTs for Ukraine Collection
- https://www.badiucao.com/ukraine
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40 min - The Chopping Block: Here’s What Was So Bad About Three Arrows Capital - Ep. 368
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Taylor Monahan, matriarch of Metamask, joins the show to discuss the contagion of major crypto firms, the bear market, SBF saving crypto, and much more! Show topics:
- The importance of UX and security
- How Three Arrows Capital’s practice of borrowing to leverage their bets has caused a crisis for crypto lenders that rippled out to many customers
- How the GBTC arbitrage trade was part of 3AC’s undoing, and how that trade was one many other crypto trading institutions had previously abandoned
- How crypto lenders were being degens with customers funds
- Why SBF stepped in and made sure that BlockFi and Voyager didn’t default on customers’ deposits
- Whether this whole wind-down reflects a credit cycle
- How DeFi protocols were built to avoid these kinds of centralized finance problems
- How the systemic issues caused by CeFi institutions like Celsius, BlockFi and Voyager are reminiscent of the Great Financial Crisis
- What are the similarities between this crypto meltdown, the Mt. Gox debacle, and the 1907 and 2008 financial crises
- What are the consequences of losing retail money vs. institutional money
- How surviving a credit cycle crisis creates the best risk managers
- The lessons to be learned from all these crises
- How MakerDAO is trying to figure out what to do with its money
- What happened with Solend and why the DAO resorted to a centralized action
- Why DeFi needs more clauses about how to handle edge cases
- The difference between doing dumb things and wrong things
- Why Tarun is impressed with Solana’s DAO tooling
- Why Taylor is thankful for the bear market
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
- https://twitter.com/tomhschmidt
- Tarun Chitra, managing partner at Robot Ventures
https://twitter.com/tarunchitra- Robert Leshner, founder of Compound
https://twitter.com/rleshnerGuest: Taylor Monahan
- Twitter: https://twitter.com/tayvano_
- Taylor’s thread on resources to learn about all things crypto: https://twitter.com/tayvano_/status/1509380091184246784?s=20&t=kNk8fJ7pJAWfEEVZQHwpvg
Episode Links
- Crypto Contagion
- 3AC: https://blockworks.co/three-arrows-capital-brink-default-owes-voyager-657m/
- Voyager
- Celsius + Goldman buyout? https://www.protocol.com/bulletins/goldman-celsius-bankruptcy
- BlockFi bailout: https://www.coindesk.com/business/2022/06/21/blockfi-receives-250m-credit-facility-from-ftx/
- Unchained newsletter on BlockFi’s bailout: https://unchainedpodcast.com/vitalik-says-this-deserves-mockery/
- CoinFlex: https://www.bloomberg.com/news/articles/2022-06-27/crypto-exchange-coinflex-to-issue-tokens-after-withdrawal-freeze?sref=Q2SpVkJl
- Babel: https://www.coindesk.com/business/2022/06/20/babel-finance-reaches-debt-agreement-with-counterparties-after-withdrawal-freeze/
- Unchained Coverage: Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto: https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/
- Solend DAO situation:
- Unchained Coverage: Solend and Bancor Drama: Did These DAOs Violate the Ethos of Crypto? – Ep. 366: https://unchainedpodcast.com/solend-and-bancor-drama-did-these-daos-violate-the-ethos-of-crypto-ep-366/
- https://www.coindesk.com/tech/2022/06/19/solana-defi-platform-votes-to-control-whale-account-in-bid-to-avoid-liquidation-chaos/
- Covered on Unchained Newsletter: https://unchainedpodcast.com/does-this-dao-deserve-emergency-power%e2%81%89%ef%b8%8f/
- MakerDAO governance proposal: https://www.theblock.co/post/154515/maker-governance-is-voting-to-invest-500-million-in-us-treasury-bills
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1 hr 2 min - Does Venture Capital Investment Violate the Ethos of Crypto? Sequoia Says No - Ep. 367
Shaun Maguire and Michelle Bailhe, partners at Sequoia, discuss their long term view and thesis about crypto, what do they look for to invest in a crypto project, the takeaways from the blowup of Terra, the insolvency of crypto companies, and much more. Show highlights:
- what is Sequoia’s long term view and thesis about the crypto industry
- how different our lives will look in 20 years from now due to blockchain technology
- how Sequoia had to adapt to invest in this new asset class and what are the similarities and differences with investing in traditional startups
- when a product or service on the internet should be offered in a decentralized or centralized way
- how Sequoia decides whether to invest in the entity behind a project or in the tokens
- whether having venture capitalists involved at all goes against the ethos of decentralization
- why Shaun believes that Ethereum proved that decentralization can be achieved even when you start being centralized
- whether people underestimate the value that VCs can add to a project
- why Shaun believes that Solana is moving towards decentralization
- Sequoia’s thesis about privacy in crypto and the potential of zero-knowledge proofs
- how Michelle sees the macroeconomic environment impacting crypto and whether this cycle is different from the previous ones
- the importance of product market fit in crypto projects
- what crypto projects should be focusing on and the business model they should be pursuing
- the main takeaways of the Terra collapse and how it was a major setback for algo stablecoins
- how crypto founders should always do the right thing even though there is no clear regulation
- whether SBF is the Berkshire Hathaway of crypto today
- the lessons to be learned from the potential insolvency of some crypto lenders and investment firms
- how demand for blockspace will keep increasing and whether a single blockchain could supply all that space
- the future of the metaverse and how it can be defined
- Michelle’s mental model for crypto and the phases for achieving worldwide adoption
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance/
Ava Labs: https://www.avax.network/
EPISODE LINKS
Shaun Maguire:
- Twitter: https://www.twitter.com/shaunmmaguire
- Sequoia Profile: https://www.sequoiacap.com/people/shaun-maguire/
Michelle:
- Twitter: https://twitter.com/michellebailhe
- Sequoia Profile: https://www.sequoiacap.com/people/michelle-bailhe/
- Michelle’s investment thesis: https://www.sequoiacap.com/article/ask-not-wen-moon-ask-why-moon/
Bear Market:
- Michelle’s Twitter thread: https://twitter.com/michellebailhe/status/1526373378516365312?s=20&t=c7vdmdg2mnQ34rsAGIm0lg
- Insolvency of crypto lenders:
- Voyager: https://www.coindesk.com/business/2022/06/22/voyager-digital-requests-loan-repayment-from-3ac-considers-issuing-default-notice/
- BlockFi: https://decrypt.co/103422/blockfi-secures-250-million-line-of-credit-from-ftx
- Celsius: https://www.theblock.co/linked/151522/crypto-lending-firm-celsius-pauses-withdrawals-and-transfers-citing-market-conditions
- Celsius possible bankruptcy: https://www.theblock.co/linked/154100/crypto-lender-celsius-hires-more-advisors-ahead-of-possible-bankruptcy-wsj
- Previous Unchained Coverage:
- Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto: https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/
- Cobie and Chris Burniske on How to Navigate a Crypto Bear Market: https://unchainedpodcast.com/cobie-and-chris-burniske-on-how-to-navigate-a-crypto-bear-market-ep-354/
** For more episode links and details visit the Unchained website **
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1 hr 12 min - Solend and Bancor Drama: Did These DAOs Violate the Ethos of Crypto? - Ep. 366
Derek Hsue, cofounder at Reverie, discusses the recent controversial decisions by Solend DAO and Bancor, the importance of establishing processes for black swan events, and whether decentralized governance truly exists. Show highlights:
- what situation prompted Solend to feel it was in jeopardy
- what Solend DAO’s response was to that situation
- why Derek views it as “the nuclear option”
- why the proposal sparked an outcry from the crypto community
- whether this issue could have been prevented or managed differently if the protocol was built on a blockchain other than Solana
- why, a day later, the DAO reversed its first decision to take over the whale’s account
- whether Derek thinks the DAO made the right decision to not take over the whale’s account
- what is Impermanent Loss Protection, a feature offered by Bancor
- why Bancor decided to pause Impermanent Loss Protection
- whether Celsius and 3AC had anything to do with Bancor’s problem
- how Bancor’s decision was made unilaterally
- how DAOs should deal with black swan events
Thank you to our sponsors!Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
EPISODE LINKSDerek
- Twitter: https://twitter.com/derek_hsue
Reverie
- Website: https://www.reverie.ooo/
- Twitter: https://twitter.com/hi_reverie
Solend DAO Situation
- Covered on Monday’s Unchained Newsletter: https://unchainedpodcast.com/does-this-dao-deserve-emergency-power%e2%81%89%ef%b8%8f/
- Proposal to invalidate the first one: https://decrypt.co/103330/solana-lending-dao-overturns-vote-to-take-over-at-risk-whale-wallet
- The whale moved $25 million from Solend: https://www.theblock.co/post/153207/solana-whale-shuffles-25-million-to-reduce-risk-to-defi-protocol-solend
Bancor Pausing Impermanent Loss Protection
- Bancor’s post: https://blog.bancor.network/market-conditions-update-june-19-2022-e5b857b39336
- Anthony Sassano’s reaction: https://twitter.com/sassal0x/status/1539082583832526848?s=20&t=OzTV6M5bCH4fxJIJUtLA4Q
DAO Governance issues:
- Lido DAO proposes to reduce the existing scope of governance of its token holders: https://research.lido.fi/t/ldo-steth-dual-governance/2382
- Jack Niewold 's thread: https://twitter.com/JackNiewold/status/1539307339928457217?s=20&t=OzTV6M5bCH4fxJIJUtLA4Q
- Unchained Coverage: How Soulbound Tokens Could Reduce Speculation and Improve DAO Voting – Ep.360: https://unchainedpodcast.com/how-soul-bound-tokens-could-reduce-speculation-and-improve-dao-voting-ep-360/
Main tweet
On this Friday’s Unchained, Derek Hsue explains:
* why the first Solend DAO vote was the “nuclear option”
* whether Solana’s history of downtime spurred the proposal
* Bancor’s decision to stop Impermanent Loss Protection
* what this all means for DAO governance
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37 min - CFTC Commissioner Caroline Pham on Why US Crypto Regulators Get a B- Ep. 365
Caroline Pham, commissioner at the Commodities Futures Trading Commission, discusses how we should build a regulatory framework for crypto assets, whether the SEC and CFTC should work together, what were the consequences of the Terra collapse, and much more. Show highlights:
- how Cmr. Pham got started in crypto and became a CFTC commissioner
- the importance of the regulatory strategy around crypto
- what crypto’s role is in the financial system
- how bitcoin is a sort of money outside of the traditional financial system
- how friendly regulators should be with the industries they regulate
- why she believes transparency is one of the greatest ideals of American democracy
- how Cmr. Pham believes in self-determination and the power of free markets
- why Cmr. Pham published an op-ed with SEC Commissioner Hester Peirce
- how the Terra collapse incentivized regulators to look deeper into the space
- whether the US approach towards regulation can improve
- the role of the regulatory agencies in making the US the financial leader of the world
- what Cmr. Pham thinks about the new Gillibrand and Lummis bill
- whether SEC Chair Gary Gensler is right about the majority of cryptos being securities
- what are the low-hanging fruit opportunities for regulators when it comes to crypto
- how Cmr. Pham believes we should have a global regulatory framework for crypto
- why she believes algorithmic stablecoins are derivatives
- why things like Terra could act as a “shadow banking 3.0”
- whether there is a way to regulate without having intermediaries
- what Cmr. Pham thinks about FTX proposal to bypass futures commission merchants
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance/
EPISODE LINKS
Caroline Pham
- Twitter: https://twitter.com/CarolineDPham
- CFTC Profile: https://www.cftc.gov/About/Commissioners/CarolineDPham/index.htm
Stablecoin regulation
- Financial Times article: https://www.ft.com/content/981c380f-bb1c-45bd-8d0d-a95b15d96a00
- CNBC on crypto regulation: https://www.cnbc.com/2022/06/03/cryptocurrency-industry-focus-regulation-stablecoins-market-crash.html
- Unchained Coverage: Why Crypto Twitter’s Disrespect Toward Regulators Is a ‘Really Bad Business Decision’: https://unchainedpodcast.com/why-crypto-twitters-disrespect-toward-regulators-is-a-really-bad-business-decision/
- Unchained Coverage: Can a DeFi Smart Contract Be Regulated? Two CFTC Commissioners Discuss: https://unchainedpodcast.com/can-a-defi-smart-contract-be-regulated-two-cftc-commissioners-discuss/
FTX proposal to serve as the trading engine for derivatives:
- https://www.forbes.com/sites/jasonbrett/2022/04/27/the-ftx-us-proposal-that-shook-congress-and-the-crypto-derivatives-world/?sh=3dac29ef4e19
- Unchained Coverage: FTX Wants to Compete with CME – Here’s Why It’s a Big Deal: https://unchainedpodcast.com/ftx-wants-to-compete-with-cme-heres-why-its-a-big-deal/
Hester Peirce
- Caroline’s op-ed with SEC Commissioner Hester Peirce: https://thehill.com/blogs/congress-blog/3503277-making-progress-on-decentralized-regulation-its-time-to-talk-about-crypto-together/
- Hester Peirce's token safe harbor proposal: https://decrypt.co/66453/secs-hester-peirce-floats-revised-crypto-safe-harbor-rules
- Unchained Coverage: Hester Peirce’s Former Counsel on Terra 2.0, XRP and a Bitcoin Spot ETF: https://unchainedpodcast.com/hester-peirces-former-counsel-on-terra-2-0-xrp-and-a-bitcoin-spot-etf/
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57 min - Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto - Ep. 364
Mika Honkasalo, independent crypto researcher, discusses what is happening with Celsius and Three Arrows Capital, the importance of having proper risk management, and the contagion effects on the industry.
Show highlights:
- why is it so significant that Celsius paused withdrawals
- what is stETH and why is it important to understand the Celsius situation
- how the Luna/UST debacle started a contagion effect in the crypto space
- why Celsius’s investors won’t bail the company out
- what will happen to Celsius’s retail customers
- what Three Arrows Capital (3AC) is and whether they have a solvency problem
- how 3AC was levered long and whether they had poor risk management
- who will be hurt if 3AC goes under
- what would be the effect of 3AC and Celsius collapsing
- which types of funds that Mika will be eyeing to see if they also end up in a similar situation to 3AC and Celsius
- why Mika would counsel anyone who keeps their money with centralized crypto lenders to scrutinize their practices
Thank you to our sponsors!Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://avax.network
EPISODE LINKSMika Honkasalo
- Twitter: https://twitter.com/mhonkasalo
- Substack: https://mhonkasalo.substack.com/
- Mika’s writings on The Block: https://www.theblockcrypto.com/author/mika-honkasalo
Mika’s blog post on the stETH-ETH peg: https://mhonkasalo.substack.com/p/stetheth-peg-not-a-peg-presents-a?s=r
Celsius announcement that they would be withholding assets: https://twitter.com/CelsiusNetwork/status/1536169010877739009?s=20&t=hL-ZsBSKZOLF-whTwNmjgw
Nexo’s offer to buy Celsius assets:
https://twitter.com/Nexo/status/1536256598993211393?s=20&t=vKmJCZGNToaOqZU-TEjcDg
Celsisus’s investors unlikely to bail out company:
https://www.wsj.com/articles/celsius-networks-investors-unlikely-to-provide-more-funds-to-bail-out-crypto-lender-11655395113
Celsius hires restructuring lawyers:
https://www.wsj.com/articles/crypto-lender-celsius-hires-restructuring-lawyers-after-account-freeze-11655250575?tpl=br
Why staked ETH is part of Celsius’s and 3AC’s woes:
https://www.coindesk.com/markets/2022/06/14/staked-ether-becomes-focus-of-crypto-stress-from-celsius-to-three-arrows/
Conor Ryder on the stETH liquidity problem
https://twitter.com/ConorRyder/status/1537130483007508480?s=20&t=pZGZf17ed_DyOS18CHExmQ
The DeFi Edge on the 3AC situation: https://twitter.com/thedefiedge/status/1537465349976694786?s=20&t=Q29mo3EKSASasTenHVEm4Q
Who else has exposure to 3AC:
https://fortune.com/2022/06/16/crypto-crash-hedge-fund-three-arrows-capital-insolvency-rumors-novogratz/
3AC withholding $1M in assets from 8 Blocks Capital:
https://twitter.com/Danny8BC/status/1537224378554806272?s=20&t=Q29mo3EKSASasTenHVEm4Q
Meltem Demirors explains the problem from the balance sheet perspective:
https://twitter.com/Melt_Dem/status/1537155214897201153?s=20&t=Q29mo3EKSASasTenHVEm4Q
Adam Levitin on Celsius bankruptcy
https://twitter.com/AdamLevitin/status/1536932912674836481?s=20&t=Q29mo3EKSASasTenHVEm4Q
degentrading on Why Celsius and 3AC going under should cause you to worry
https://twitter.com/hodlKRYPTONITE/status/1536902115540742144?s=20&t=Q29mo3EKSASasTenHVEm4Q
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39 min - The Legal and Regulatory Fallout From Terra's Collapse: Who Will Pay? - Ep. 363
Olta Andoni, deputy general counsel at Ava Labs, and Ari Redbord, head of legal and government affairs at TRM Labs, discuss the Terra stablecoin meltdown, implications for impending international regulations, and the history of stablecoin regulation internationally. Topics covered include:
- What the most important legal issues are for the Terra meltdown
- How the Terra implosion will trigger more regulation of the space
- How regulators seemed to think stablecoins should be regulated even before Terra
- How their approach differs between dollar-backed stablecoins vs. algorithmic vs. crypto collateral-backed coins
- How European regulators want stablecoin issuers to be treated like banks
- What the Lummis-Gillibrand bill would mean for US stablecoin regulation
- Whether Terra’s demise will mean that regulators won’t tolerate experimentation with algorithmic stablecoins
- Why regulators will be skittish about stablecoins in response to Terra’s meltdown
- Why Olta and Ari were impressed by the NY Department of Financial Services guidance on stablecoins
- What the establishment of SEC jurisdiction over Terraform Labs based on the Mirror investigation from last fall means for any enforcement action by the SEC over Terra
- Whether Do Kwon and/or Terraform could face criminal charges in multiple jurisdictions
- Why international regulatory consistency is important in the crypto space
- Whether civil and class-action lawsuits against Terraform could be expected
- How Terra 2.0 could open TFL up to further action from regulators and law enforcement
- Why more education is needed to overcome anxiety about DeFi regulations
- How hack nondisclosures could be subject to government investigation
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance/
Episode Links
Olta
- Avalanche
- https://www.avax.network/
- Ava Labs
- https://www.avalabs.org/
- LinkedIn
- https://www.linkedin.com/in/oltaandoni/
- Twitter
- https://twitter.com/AndoniOlta
Ari
- TRM Labs Website:
- https://www.trmlabs.com/
- TRM Labs Twitter
- https://twitter.com/trmlabs?s=20&t=m24Ir0OerqPgEejlhL-bdQ
- TRM Talks
- https://www.trmlabs.com/category/trm-talks
- LinkedIn
- https://www.linkedin.com/in/ari-redbord-4054381b4/
- Twitter
- https://twitter.com/ARedbord?s=20&t=m24Ir0OerqPgEejlhL-bdQ
Lummis-Gillibrand Bill
- Bill Introduction:
https://www.gillibrand.senate.gov/news/press/release/-lummis-gillibrand-introduce-landmark-legislation-to-create-regulatory-framework-for-digital-assets
- Legal Memo from DLx Law: https://dlxlaw.com/wp-content/uploads/2022/06/DLX_FSV-summary_RFIA_060722.pdf
- Lummis-Gillibrand Section by Section Overview (summary by bill authors): https://www.gillibrand.senate.gov/imo/media/doc/Lummis-Gillibrand%20Section-by-Section%20%5bFinal%5d.pdf
- Responsible Financial Innovation Act (full text): https://www.gillibrand.senate.gov/imo/media/doc/Lummis-Gillibrand%20Responsible%20Financial%20Innovation%20Act%20%5bFinal%5d.pdf
- Blog post intro (by Senator Kirsten Gillibrand): https://gillibrandny.medium.com/the-responsible-financial-innovation-act-218a764abd6c
FINMA
- FINMA:
https://www.finma.ch/en/
- FINMA on Stablecoins:
https://www.finma.ch/en/news/2019/09/20190911-mm-stable-coins/
- FINMA Publishes Stablecoin Guidance:
https://www.sif.admin.ch/sif/en/home/finanzmarktpolitik/digitalisation-financial-sector/stablecoins.html
NY DFS
- Guidance on Stablecoin Issuance:
https://www.dfs.ny.gov/industry_guidance/industry_letters/il20220608_issuance_stablecoins
- Press Release:
https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202206081
- CNBC Coverage:
https://www.cnbc.com/2022/06/08/new-yorks-financial-watchdog-issues-stablecoin-guidance-calls-for-reserve-requirements.html
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1 hr 4 min - The Chopping Block: Why Solana’s Frequent Downtime Doesn't Bother Kyle Samani- Ep. 362
Welcome to The Chopping Block – in person at Consensus in Austin! Crypto insiders Haseeb Qureshi, Robert Leshner, and Tarun Chitra are joined by guest Kyle Samani of Multicoin Capital to chop it up about the latest news in the digital asset industry. Show topics:
- why Kyle believes people are too negative about the macro environment
- how the only crypto product with product-market fit is parties
- what soulbound NFTs are, and what their pitfalls might be
- why Kyle and Robert have a beef between them
- why Kyle has a lot of run-ins with other people in crypto
- how Kyle thinks about Solana’s 12 instances of downtime over the last six months
- how this has caused problems for SOL held in cold storage
- how Kyle and Robert think projects need to make tradeoffs between stability and adaptability
- why Kyle thinks every layer 1 and 2 will have a major failure over the next several years
- how Kyle thinks EVM chains are value-destructive
- how Tarun thinks zk L2s might be better aligned with the Ethereum ethos
- how Optimism’s market-making partner Wintermute was hacked for $20 million in OP
- why the hacker returned most of the money
- how programming language centralization makes sense
- how the Lummis-Gillibrand bill is a good opening salvo with respect to crypto regulation
- why they believe that being paid for staking is not the same as being paid a dividend
- how disclosure requirements could be onerous for small new projects
- how they think the crypto industry is moving up the learning curve for lobbying
- why they believe the Lummis/Gillibrand bill will be changed to target stablecoins and DeFi more
EPISODE LINK
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
- https://twitter.com/hosseeb
- Robert Leshner, founder of Compound
https://twitter.com/rleshner- Tarun Chitra, managing partner at Robot Ventures
- https://twitter.com/tarunchitra
Guest
- Kyle Samani, cofounder and managing partner of Multicoin Capital
- https://twitter.com/KyleSamani?s=20&t=DN1G0CNY7JR11OoXOAFD2g
Show Topics
- Wintermute Compromise
- Optimism Foundation statement:
https://plaid-cement-e44.notion.site/A-Message-to-the-Community-from-the-Optimism-Foundation-f49b913bb0974d8a854a8bdd409a9dd6
- Wintermute statement:
https://gov.optimism.io/t/message-to-optimism-community-from-wintermute/2595
- https://www.coindesk.com/tech/2022/06/09/15m-of-optimism-tokens-stolen-by-an-attacker-after-wintermute-sent-wrong-wallet-address/#:~:text=Optimism%20is%20a%20permissionless%20network%20and%20behaved%20as%20intended.&text=Wintermute%2C%20for%20its%20part%2C%20says,make%20the%20protocol%20whole%20eventually.%E2%80%9D
- Osmosis Hack
- https://www.theblockcrypto.com/post/150752/osmosis-dex-on-cosmos-exploited-for-5-million-as-validators-halt-the-network
- https://twitter.com/stake_fire/status/1534598315441913856?s=20&t=VvGyUlOjGSlhXXUwZvKszw
- Litecoin Delisting
- https://decrypt.co/102350/crypto-exchanges-delist-litecoin-privacy-feature-concerns
- Solana outage re: durable transactions (12 serious outages this year, about 2 a month)
- https://www.theblockcrypto.com/linked/149698/solana-blockchain-suffers-new-network-outage
- https://solana.com/news/06-01-22-solana-mainnet-beta-outage-report-2
- Unchained episode with Andre Cronje about Solana’s downtime: https://unchainedpodcast.com/the-chopping-block-did-andre-cronje-pull-an-epic-crypto-rug-pull/
- Cynthia Lummis & Kirsten Gillibrand presents landmark crypto bill
- Coindesk Coverage:
https://www.coindesk.com/policy/2022/06/07/key-us-senators-introduce-bill-outlining-sweeping-plan-for-future-crypto-rules/
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1 hr 6 min - The Lummis/Gillibrand Crypto Bill: Is the 'Ancillary Token' Approach the Best Way? - Ep. 361
Lewis Cohen, lead attorney at DLx Law LLC, joins to discuss the recently proposed Lummis-Gillibrand bill, the Responsible Financial Innovation Act, which he helped shape. In this episode, we cover:
- how Lewis was impressed by Gillibrand’s and Lummis’s offices’ hard work and bipartisanship
- how the bill creates a new definition for an “ancillary asset” with split oversight responsibilities between the CFTC and the SEC
- how the bill proposes a test of managerial centralization as a determinant of disclosure requirements for digital assets
- his response to criticism that the ancillary token approach is more complicated than need be and gives too much power to the SEC
- why the bill didn't adopt an approach more similar to something like SEC Commissioner Hester Peirce’s token safe harbor proposal
- how Lewis would respond to SEC Chair Gary Gensler’s contention that the vast majority of digital assets are securities
- how Cohen is concerned about legislation or regulation impinging on basic freedoms to transact by over-applying securities regulation
- what kind of SEC disclosures will be required for “ancillary assets” and the requirements for projects to be able to cease mandatory disclosure
- how the bill defines stablecoins
- whether the requirement for stablecoins to maintain reserves means the end of algorithmic stablecoins or whether they will just be called something else
- how the bill handles DAOs and how legislation in this area must be delicate
- why Lewis believes the proposal is a “bright spot” for thoughtful US legislation and bipartisanship
- why he doesn’t see the bill being adopted in the current Congress
Thank you to our sponsors!
- Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
- Ava Labs: https://avax.network
EPISODE LINKS
Lewis Cohen
- DLx Law LLC: https://dlxlaw.com/
- Twitter: https://twitter.com/NYcryptolawyer
- LinkedIn: https://www.linkedin.com/in/lewis-cohen-a3211410/
Lummis-Gillibrand Proposal (Responsible Financial Innovation Act)
- Legal Memo from DLXLaw : https://dlxlaw.com/wp-content/uploads/2022/06/DLX_FSV-summary_RFIA_060722.pdf
- Lummis-Gillibrand Section by Section Overview (summary by bill authors): https://www.gillibrand.senate.gov/imo/media/doc/Lummis-Gillibrand%20Section-by-Section%20%5bFinal%5d.pdf
- Responsible Financial Innovation Act (full text): https://www.gillibrand.senate.gov/imo/media/doc/Lummis-Gillibrand%20Responsible%20Financial%20Innovation%20Act%20%5bFinal%5d.pdf
- Blog post intro (by Senator Kirsten Gillibrand) : https://gillibrandny.medium.com/the-responsible-financial-innovation-act-218a764abd6c
Commentary:
- CoinDesk recap: https://www.coindesk.com/policy/2022/06/07/key-us-senators-introduce-bill-outlining-sweeping-plan-for-future-crypto-rules/
- Fortune on what the bill means for algo stablecoins: https://fortune.com/2022/06/08/algorithmic-stablecoins-terra-luna-crypto-regulation-senate-bill-lummis-gillibrand/
- JW Verret's critique: https://twitter.com/JWVerret/status/1534165678831325191?s=20&t=nIWYdZKJzXsr-SVK7F_W9w
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40 min - How Soulbound Tokens Could Reduce Speculation and Improve DAO Voting - Ep. 360
Glen Weyl, RadicalxChange Foundation founder and political economist & social technologist at Microsoft Special Projects, and Puja Ohlhaver, strategist at Flashbots, discuss “soulbound tokens” and their implications for collaboration and social organization in a variety of spaces. Topics covered include:
- how Glen got involved in crypto, wrote a book, and came to co-write a paper with Vitalik Buterin
- how Puja studied economics and got in touch with Glen in pursuit of a middle ground between left and right politics
- what soulbound NFTs are and how they work
- how Vitalik’s paper articulated how the concept of the soulbound token could advance decentralized collaboration in web3
- how decentralized reputation can enable larger networks of coordination
- how identity can be understood through the lens of community participation
- how the name ‘soulbound token’ came about
- how these tokens could provide a technology for those who value scarcity but disdain speculation
- how identity-dedicated tokens could work on a technical level (including recovery)
- what is DeSoc and why is it important?
- how non-transferable tokens can improve DAO organization, including resolving issues with quadratic funding
- how identity-locked tokens can be protected from bots and AI abuse
- how these tokens could support community privacy and responsible information disclosure
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance/
Related Reading
- Decentralized Society: Finding Web3’s Soul (Weyl, Ohlhaver, and Buterin; 2022)
-
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4105763- Georg Simmel, German neo-Kantian who laid groundwork for antipositivism
https://en.wikipedia.org/wiki/Georg_Simmel- How Blockchains Can Help Create Little Democracies Everywhere
https://unchainedpodcast.com/how-blockchains-can-help-create-little-democracies-everywhere/Soulbound Tokens
- Vitalik on Soulbound tokens
-
- https://vitalik.ca/general/2022/01/26/soulbound.html
- TL;DR written by Glen
-
- https://www.coindesk.com/layer2/2022/05/11/after-defi-desoc-finding-web-3s-soul/
- Other write-ups
-
- https://nftnow.com/guides/soulbound-tokens-sbts-meet-the-tokens-that-may-change-your-life/
- https://www.radicalxchange.org/concepts/soulbound-tokens/
- https://fortune.com/2022/05/26/what-are-soulbound-tokens-web3-buterin/
- https://thedefiant.io/vitalik-soulbound-tokens/
Projects Mentioned
- Ceramic
-
https://ceramic.network/Verifiable Credentials Data Model (w3)https://www.w3.org/TR/vc-data-model/#abstract- Optimism
https://optimism.io/- Gitcoin
https://gitcoin.co/Glen Weyl
- Personal Website
-
https://glenweyl.com/Twitter (@glenweyl)https://twitter.com/glenweyl/Puja Ohlhaver
https://www.linkedin.com/in/puja-ohlhaver-b44b878- Twitter
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58 min
About Unchained
From the publisher's feed
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…
Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world.