Matt and Nic cover deals and news of the week. Repeat guest Zachary Kelman joins the show to give his view of the FinCEN files and how the crypto industry should interpret the revelations. In this episode: 

• How fees affect DeFi liquidity and the price of ETH
• Braintrust raises $18m
• Bitnomial raises an $11m Series B
• Arthur Hayes and Sam Reed step down from their roles at 100x
• Despite everything, Bitmex is still operational
• BitMEX keeps processing withdrawals
• India's legislature turns hostile to Bitcoin
• Square buys $50m worth of BTC to hold on its balance sheet
• The difference in the rationale between Microstrategy and Square for their Bitcoin positions
• John MacAfee is arrested in Spain for tax evasion
• Ripple complains that the US is an unfavorable regulatory environment
• The latest on the Ripple class action suit
• The Chamber of Digital Commerce gives congresspeople $50 worth of USA-mined Bitcoin
• The DOJ publishes a Cryptocurrency Enforcement Framework
• Zach Kelman on how Bitcoin enthusiasts should be thinking about the FinCEN files
• Silvergate crosses $100b transacted through the SEN

Content mentioned in this episode: 

• Peter Van Valkenburgh, There Is No Such Thing as a Decentralized Exchange
• Fidelity Digital Assets, The Role of Prime Brokerage in Digital Assets
• Nic on Medium, Public blockchain fee cyclicality and negative feedback loops
• Forbes, How Cathie Wood Beat Wall Street By Betting Tesla Is Worth More Than $1 Trillion