Unchained

Subscribe to the new Bits + Bips channels! 📺 YouTube  🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain🐦 X / Twitter  Last week’s macroeconomic data came with a twist: a massive job downward revision from the Bureau of Labor Statistics. But is it a recession signal, or just statistical noise? In this episode of Bits + Bips, Ben Werkman, chief investment officer at Swan Bitcoin, joins hosts Ram Ahluwalia, Noelle Acheson, and Steve Ehrlich to examine why markets shrugged off the data, and what it means for crypto. The panel also discusses: Whether markets are mispricing macro risk How Strategy’s latest capital raise may reflect rising treasury company risk The future of tokenized equity and how Coinbase could unlock private market value New regulatory signals suggesting the U.S. may allow banks to hold crypto The rise of “super apps” blending payments, trading, and custody Thank you to our sponsor! Mantle Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Steve Ehrlich, Executive Editor at Unchained Guest: Ben Werkman, Chief Investment Officer at Swan Bitcoin Links: Macro BLS Drama CNN: Trump says the Bureau of Labor Statistics orchestrated a ‘scam.’ Here’s how the jobs report really works NYT: Big Downward Jobs Revisions Could Be a Warning Sign for the Economy CNBC:  'The revisions are hard evidence': White House struggles to justify firing of BLS chief over weak jobs numbers Trump fires commissioner of labor statistics after weaker-than-expected jobs figures slam markets  PCE Reuters: US inflation warms up in June as tariffs boost some goods prices Tariffs  NYT: Trump’s Tariffs Are Making Money. That May Make Them Hard to Quit. FT: Donald Trump to raise tariffs on India over Russian oil purchases CNBC: EU will delay planned U.S. tariffs for six months to allow for trade talks Crypto earnings season Coverage of $COIN and $MSRT on Bits + Bips:  Strategy Had a Massive Quarter: Impressive Numbers, But Are They Sustainable? Coinbase Missed Earnings, But the Bull Case Is Still Intact, Analyst Says Unchained articles: Coinbase Veered From Its Neutral Stance With Base. Could That Bet Go Wrong? How Michael Saylor Plans to Ensure Strategy Keeps Its Bitcoin Forever Coinbase Expands Into Tokenized Stocks and Prediction Markets How Robinhood's New Crypto Strategy Could Help Its TradFi Ambitions Timestamps: 🎬 0:00 Intro 📉 4:25 Why Noelle thinks we’re looking at the job numbers all wrong 🍔 16:23 Whether the BLS revision is actually a nothing burger 🧊 19:33 How investors are managing to shrug off all the macro noise 🏢 32:37 What surprised Ben about corporate bitcoin adoption and how earnings are shifting the narrative 💰 37:57 Why Strategy is raising capital at sky-high premiums 📊 44:40 How Robinhood and Coinbase stack up by the numbers 📜 51:11 What new signals reveal about the U.S. rewriting financial rules 📱 57:43 How “super apps” are changing the game for crypto and TradFi 📈 1:05:18 Where the panel sees markets heading next 🏛️ 1:13:17 What it might take for governments to start holding crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 6 August 2025

Subscribe to the new Bits + Bips channels! 📺 YouTube  🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain 🐦 X / Twitter  Has the Fed entered a new era? In this episode of Unchained, macro strategist Jim Bianco of Bianco Research lays out why the current economic cycle is fundamentally different from what came before. He explains the implications of sticky inflation, why 0% interest rates and money printing may be relics of the past, and how the COVID-era economy created lasting structural shifts. Bianco also gives his candid take on how retail investors have changed markets, why the payments system is still stuck in the 1950s, and how stablecoins and tokenized assets could fix that—if regulators allow it. He breaks down the threats facing major players like Coinbase and Robinhood, and shares a bold theory on what really happened during the GameStop short squeeze. Bianco also assesses what could happen if the Fed is politicized — and whether Chair Powell is likely to be replaced. Thank you to our sponsors! Bitwise Ledn Mantle Guest: Jim Bianco, President and Macro Strategist at Bianco Research, L.L.C. Timestamps: 🎬 0:00 Intro 📉 3:36 Why Jim called the latest economic revisions “extraordinary” 🔥11:56 Whether we’ve entered a post-COVID “new normal” of sticky inflation 👔 18:14 Could Trump really fire Powell — and what would that mean for the Fed? 📉 23:36 What happens to markets if Trump pushes through aggressive rate cuts 🛍️ 29:45 How retail investors flipped the power dynamic on Wall Street 💳 26:04 Why Jim says outdated payment rails are holding back stablecoins 🧩 46:17 Jim’s bold theory on how the GameStop halt was really about saving Schwab 🚫 50:12 Why he’s skeptical of the SEC’s “Project Crypto” ⚔️ 57:17 Why Coinbase and Robinhood are bracing for a new wave of challengers ⚠️ 59:28 What could happen to crypto treasury companies in a bear market 🏛️1:01:43 What’s still broken in tokenized stocks — and how to fix it Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 5 August 2025

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, things get personal as Haseeb and Tom break their silence on the DOJ’s shocking threat to criminally charge Dragonfly over its early investment in Tornado Cash. With Roman Storm’s trial nearing its conclusion, the crew unpacks the unprecedented legal risks facing developers, investors, and privacy protocols and what it means for the future of crypto in the U.S. As Ethereum celebrates its 10th anniversary, a storm brews in court: Samourai  Wallet founders plead guilty, the DOJ backpedals on Dragonfly, and Roman Storm faces decades behind bars for writing code. Robert recounts his short-lived microcap M&A adventure (aka the Liquor Store Fiasco), and the gang reacts to a dramatic regulatory about-face from the SEC’s new crypto-friendly regime. Is financial privacy now a crime? Will U.S. law catch up with crypto code? And what happens when TradFi tries to CT a public company? This episode hits hard — and nothing is off limits. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 Dragonfly Named in Court – Haseeb and Tom break their silence after the DOJ threatens criminal charges over Dragonfly’s Tornado Cash investment. 🔹 Roman Storm on Trial – The Tornado Cash co-founder faces up to 45 years as the government tests the limits of crypto developer liability. 🔹 DOJ Walks It Back – After a media firestorm, prosecutors publicly reverse course and say Dragonfly is not a target. 🔹 Samourai  Wallet Pleads Guilty – Another privacy project folds under pressure — and possibly to bolster the Tornado Cash case. 🔹 Privacy Protocols Under Siege – The crew asks: Is building immutable software now a criminal act in the U.S.? 🔹 Tarun Breaks Down Autonomous Code – Why the government’s case against smart contracts reveals a deep misunderstanding of how DeFi works. 🔹 Robert’s Liquor Store Saga – CT’s favorite meme investor explains how he tried to take over a public company… and got mega-diluted. 🔹 SEC’s Project Crypto Leaks – Paul Atkins lays out a sweeping vision for crypto-friendly regulation and software protections. 🔹 Crypto’s Legal Future Hangs in the Balance – From subpoenas to policy pivots, this episode explores what’s next for developers, investors, and privacy itself. Hosts: ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  ⁠Disclosures⁠ Links: American Leadership in the Digital Finance Revolution, by Paul S. Atkins, SEC Chairman https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125  Timestamps 00:00 Intro 01:58 Background on Tornado Cash 03:50 Legal Challenges & Sanctions 06:36 DOJ's Actions & Dragonfly's Response 11:25 Implications for Privacy & Crypto 27:06 Samourai Case & Broader Implications 33:37 Robert's Liquor Store Saga 37:17 LQR House Challenges & Legal Issues 46:05 Lessons Learned from the LQR House 50:01 SEC's New Crypto Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 2 August 2025

Strategy posted a record $10 billion in net income. Coinbase missed estimates and stock dropped. But analysts say both tell a deeper story about how crypto companies are adapting. It’s earnings season in crypto—and the stories couldn’t be more different. Strategy (formerly MicroStrategy) just posted $10 billion in net income, boosted by Bitcoin’s price and new fair value accounting rules. But can the company keep this up? Coinbase missed Q2 estimates, sending its stock down. Yet Owen Lau of Oppenheimer says the long-term setup may be more bullish than the market thinks. In this double interview, Unchained’s Steven Ehrlich sits down with: Lance Vitanza from TD Cowen to break down Strategy’s accounting shift, capital markets evolution, and whether its growing BTC pile presents systemic risks Owen Lau from Oppenheimer to unpack Coinbase’s earnings miss, how new bank partnerships may remake it as a TradFi infrastructure provider, and why Q3 may tell a different story Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle FalconX Guests: Lance Vitanza, Lance Vitanza, Managing Director & Director of Equity Research at TD Cowen Owen Lau, Executive Director and Senior Analyst in the equity research department of Oppenheimer & Co Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 2 August 2025

Ethereum just turned 10, and Stani Kulechov, founder of Aave, one of the earliest and most influential lending protocols in DeFi, is more bullish on the OG layer 1 blockchain than ever.  In this wide-ranging interview, he reflects on Ethereum’s resilience, explains why Aave is still laser-focused on it despite the rise of competitors like Solana, and gives us a preview of Aave V4 and its institutional play, Horizon.  If you want to understand where DeFi is going, you’ll want to hear what Stani has to say.   Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Focal by FalconX Xapo Bank Guest: Stani Kulechov, founder and CEO of Aave and ETHLend Links: Recent episode of Unchained with EF’s co-ED Tomasz: As Ethereum Turns 10, Where Is the Foundation Focused Next? Unchained: Aave Labs Unveils V4 Upgrade Proposal, Introducing a Unified Liquidity Layer and 'Fuzzy' Rates DefiLlama: Aave stats Reuters: JPMorgan considers offering loans backed by clients' cryptocurrency holdings  Timestamps: 🎬 0:00 Intro 🎉 4:58 What Ethereum’s 10-year milestone means to Stani 🏗️ 9:09 How Aave became the top lending protocol on Ethereum 🧐 13:02 Why Stani has been critical of the Ethereum Foundation 🏦 17:16 How TradFi institutions could quietly run on Aave infrastructure 💸 25:08 What Stani thinks about the complaints over Ethereum revenues and fees 🌉 30:27 Why Aave hasn’t launched on Solana 💼 35:32 How Ethereum treasury companies are putting Aave to work 🔧 41:15 What Aave V4 is bringing to the protocol and why it matters 🌍 48:18 How Horizon could bridge DeFi and real-world assets 🤝 50:43 Why DeFi might thrive even as TradFi and fintech move onchain 🗳️ 57:57 Whether DAO governance is fundamentally flawed Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 1 August 2025

Subscribe to the new Bits + Bips channels! 📺 YouTube  🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain🐦 X / Twitter  Ethereum turned 10 on Wednesday, capping off a decade of trials and travails — but also triumphs. After years of being the heart of crypto’s onchain economy, Ethereum stalled last year, losing mindshare and market share to Bitcoin and Solana. During that time, some long-time supporters publicly aired frustrations with the Ethereum Foundation. Now, there’s a palpable shift in energy. In this episode, Tomasz Stanczak, the co-executive director of the Ethereum Foundation, reflects on the 10-year anniversary and talks about what’s ahead.  From internal strategy overhauls to his plans to tackle Ethereum’s UX and developer experience, Tomasz shares how the Foundation is trying to re-center Ethereum — and why he’s betting on it for the next decade.  He also lays out what he calls a “secondary roadmap,” including bold ambitions like building Ethereum into a platform for AI, machines, and even a new kind of open-source society. Thank you to our sponsors! Ledn Mantle Guest: Tomasz K. Stańczak, Co-Executive Director at the Ethereum Foundation and Founder of Nethermind Links: Unchained: Ethereum Turns 10 Years Old Tomasz’s tweet about the roadmap Timestamps: 🎬 0:00 Intro 🎉 7:46 How Tomasz is reflecting on Ethereum’s 10th birthday and its recent struggles 🧠 10:41 What Ethereum means to Tomasz and how he explains it to the normies 🏗️ 17:28 Why the Ethereum Foundation plays a different kind of role in crypto development 👔 22:59 How Tomasz ended up as co-executive director of the EF 🗣️ 27:25 What he learned from hundreds of conversations about how Ethereum could improve 🎯 29:47 Why the Foundation is now focused on three core goals 💼 36:34 How and why the EF is also embracing business development 🪙 42:40 Why Tomasz wants people minting directly on Ethereum Layer 1 📣 46:14 How the Foundation’s communication strategy has changed and why it matters 📉 52:48 Why the EF isn’t focused on ETH’s price—at least not directly 🧾 57:50 Whether the Foundation is worried about Ether’s shifting asset narrative 🔗 1:03:34 How the EF is working to fix interoperability issues within Ethereum 🏦 1:05:59 Why the Foundation sold ETH to SBET and how its treasury strategy is evolving 🏛️ 1:14:09 How Ethereum became the chain of choice for institutions Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 31 July 2025

What’s fueling crypto’s market surge?  This week on Bits + Bips, Ethereum’s rally has reignited market energy, triggering fresh questions about the return of alt season, and whether Bitcoin’s dominance will continue to fall. With special guests Katalin Tischhauser from Sygnum Bank and Wintermute’s Jake Ostrovskis, we dive deep into how corporate treasuries, tokenized assets, and shifting ETF flows are reshaping crypto’s microstructure.  Plus, we dissect the macro impact of rising tariffs, the Fed’s delicate dance with Trump, and whether tokenization could breathe new life into the US dollar. Check out the sponsors who make this show possible! Bitwise Mantle Hosts: Steve Ehrlich, Executive Editor at Unchained Ram Ahluwalia, CFA, CEO and Founder of Lumida Guests: Katalin Tischhauser, Head of Research at Sygnum Bank Jake Ostrovskis, Head of Sales Trading (OTC) at Wintermute Links Markets:  Unchained: Spot Ether ETFs Extend 16-Day Inflow Streak With $453 Million DATs: Cointelegraph: Tron Inc. seeks $1B to grow TRX holdings as stock rallies CoinDesk: Crypto Treasury Fever Spreads to Ethena as $360M SPAC Deal Targets ENA Accumulation CEA Industries Inc. Press Release: CEA Industries and 10X Capital, with the support of YZi Labs, announce $500 Million Private Placement to Establish Largest Publicly-Listed $BNB Treasury Company in the World The Block: Specialty finance company Mill City announces $450 million offering to establish corporate Sui treasury Barron's: MicroStrategy to Offer Preferred Stock With a Twist That Could Yield 10% Trump and Powell Fortune: Jerome Powell had a surprise visit from Trump. He's poised to leave interest rates unchanged anyway CNBC: Trump spars with Powell over renovation costs during Fed visit, but backs off firing threats Timestamps: 🎬0:00 Intro 🔥 6:03 Why ETH’s comeback is reigniting crypto markets 🧠 11:23 Why Ram says “animal spirits are back” 💸 15:06 When tariffs could finally start pushing prices higher 📉 18:06 Whether BTC dominance is fading—and if alt season is finally here 🏭 22:27 How tariffs are already hurting some businesses ⚖️ 27:49 Whether Strategy’s new preferred share class adds risky complexity 🏚️ 32:32 Why many new treasury-backed projects might not survive 📊 38:29 Whether these digital asset treasuries (DATs) are trading at unsustainable premiums 🔮 51:28 What the real endgame is for all these DATs ⚔️ 59:00 How the Powell-Trump tension could shake up markets 🔗 1:12:44 Why tokenization is gaining momentum across finance 📈 1:18:55 Whether stablecoins could revive global demand for the US dollar Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 29 July 2025

Pump raised $600 million in 12 minutes. Then the token crashed… and sentiment with it. In this episode, Delphi’s Yan Liberman, Jason Pagoulatos, and Simon Smockey unpack what really happened, from the lack of investor lockups to the underwhelming post-ICO communication, and what Pump must do now to win back the market. We also get into whether the “everything app” strategy still makes sense, what decentralization means after this cycle, and what tokens can learn from equity markets. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Xapo Bank Focal by FalconX Guests: Simon Smockey, Researcher at Delphi Digital Yan Liberman, Co-Founder of Delphi Digital and Managing Partner of Delphi Ventures Jason Pagoulatos, Head of Markets at Delphi Previous coverage on the ICO:  Pump.fun Just Raised $600M. What Does This Mean for DeFi, Solana & Social Media? Pump.fun’s $1 Billion ICO Has Caused Controversy. Can It Succeed? Unchained: Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes  PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Pump.fun Draws Backlash After Confirming PUMP ICO TG Podcast: Alon: Raising $1B, $PUMP Token, Airdrop, and More Timestamps: 🎬 0:00 Intro 💥 2:53 How Pump’s months-long hype set the stage, and why it may have backfired 🔓 11:07 Whether the lack of investor lockups hurt confidence in the token 😬 17:13 Why Jason found Alon’s post-ICO interview with Threadguy underwhelming 📉 22:52 Why Yan still sees strong risk-reward in PUMP despite the crash 🔥 24:29 What Pumpfun can do now to reignite interest and rebuild momentum 💸 34:19 Whether buybacks or business reinvestment is the better path forward 📱 36:37 How realistic the “everything app” vision is, and whether M&As can save it 🌍 47:16 What strategies could finally bring normies onchain 🧵 53:22 Whether the PUMP launch proves that decentralization is dead Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 25 July 2025

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by special guest Rebecca Rettig, Chief Legal Officer at Jito Labs, to unpack the biggest legislative week in crypto history. The Clarity Act, Genius Act, and Anti-CBDC Act all pass Congress, ushering in what some are calling a regulatory renaissance — or at least, the first real rules of the road. Bitcoin breaks $120K, memecoins rip, and Crypto Week sends shockwaves through Washington. But is the Clarity Act really the win the industry’s been waiting for? Rebecca breaks down the legal nuance, Tarun questions the economic reality, and Haseeb points out Ethereum’s bizarre silence during the biggest policy shift of the decade. Has crypto finally grown up — or just gotten better at playing the game? The gang dissects the laws, the loopholes, and the market’s reaction to it all. Show highlights 🔹 Clarity Act Passes the House – Landmark crypto bill advances with bipartisan support, aiming to limit SEC power and define digital asset classifications. 🔹 Stablecoins Get a Path Forward – The Genius Act passes alongside Clarity, offering long-awaited regulatory rails for U.S. stablecoin issuers. 🔹 Congress Goes Full Crypto – Three major bills pass the House in one week, marking a historic show of political support for the industry. 🔹 Rebecca Rettig Returns – Jito Labs Chief Legal Officer breaks down what the legislation really means — and what still isn’t clear. 🔹 SEC in the Hot Seat – With CFTC gaining ground, the SEC’s regulatory grip is questioned across policy circles and crypto Twitter. 🔹 Bitcoin Breaks $120K – Markets rally on regulatory momentum and renewed optimism, with BTC setting a new local high. 🔹 Altcoins Catch Fire – SOL, PENGU, and meme tokens explode as traders rotate into risk-on narratives post-legislation. 🔹 Ethereum’s Silence Raises Eyebrows – Despite being at the heart of stablecoin infrastructure, Ethereum’s core voices stay unusually quiet. 🔹 DeFi’s Legal Gray Zone Remains – Tarun argues the bills may shift political winds, but don’t resolve the underlying protocol risk or enforcement ambiguity. 🔹 Crypto Week Becomes a Real Thing – What started as a Trump slogan turns into one of the most consequential weeks in U.S. crypto history. ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Rebecca Rettig, Jurisprudential Genius at Jito Labs Disclosures Timestamps 00:00 Intro 01:06 The Genius Act 04:38 Tech Companies & Stablecoins 08:38 Predictions for the Future of Stablecoins 26:25 The Clarity Act Breakdown 32:27 Important Definitions 34:38 New Exemptions for Token Sales 41:12 Mature Blockchain Certification Process 45:27 Defi Activity Exemptions & Regulations 48:03 New Categories for Spot Crypto Registrants 55:52 Solana's Block Assembly Marketplace (BAM) Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 24 July 2025

Last week, the U.S. passed its first major piece of crypto legislation. Stablecoins now have a legal home, and that could open the floodgates for adoption, disruption, and regulation. But is this just the beginning? In this episode of Bits + Bips, Ram Ahluwalia, Noelle Acheson, Steve Ehrlich, and guest Cosmo Jiang of Pantera dive into what the stablecoin law actually means, who it helps, who it threatens, and why Wall Street and crypto startups alike are positioning fast. They also cover Ethereum’s rally, what’s fueling it, and whether the boom in digital asset treasury companies is sustainable. Plus, they unpack Trump’s latest threats against the Fed and what it means for markets, inflation, and interest rates. Sponsors: Bitwise Mantle Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Steve Ehrlich, Executive Editor at Unchained Guest: Cosmo Jiang, General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital Links Stablecoins Unchained:  GENIUS Act Passes: Who Are the Winners, Losers, and What Comes Next? House Passes Landmark Crypto Legislation: GENIUS Act and Digital Asset Bills Trump to Unblock Crypto Access in America’s $9 Trillion 401(k) Market: Report The Block: GENIUS Act is helping Ethereum ‘have its moment,’ Bernstein says WSJ: Why Banks Are on High Alert About Stablecoins Digital Asset Treasuries WSJ: Blank-Check Company Strikes Cryptocurrency Deal Unchained: SBET to Raise Additional $5B to Grow ETH Position Bloomberg: Trump Media Buys $2 Billion in Bitcoin for Crypto Treasury Plan CoinDesk: DeFi Development Nears $200M Solana Treasury DeFi Dev Corp Press release: DeFi Dev Corp. Announces Global Expansion Through Strategic Treasury Franchising Model TLGY Acquisition Corp Press release: TLGY Acquisition Corp. Announces Business Combination and Approximately $360 Million PIPE Financing to Form StablecoinX, an Ethena Stablecoin-Focused Treasury Company The Block: Nasdaq-listed Sonnet BioTherapeutics agrees to $888 million merger to become Hyperliquid Strategies, launch HYPE treasury Timestamps: 🎬 0:00 Intro 🚀 3:01 Why Noelle believes the stablecoin law is just the beginning 😒 5:25 How Ram explains his disappointment with the market’s reaction 💳 11:31 Whether Visa and Mastercard survive the stablecoin disruption 🏆 17:00 Who stands to gain the most from the new stablecoin law 🏦 20:08 How tokenization could hurt investment banking 📉 22:26 Whether regional banks are on the brink 📈 27:42 What’s fueling ETH’s latest rally 🧠 31:08 Why Cosmo credits the Ethereum Foundation’s leadership for the momentum 💥 36:14 Where markets are heading as retail FOMO ramps up 💼 37:56 How Cosmo is evaluating the surge in digital asset treasury companies 🥱 43:52 Why Ram is spotting signs of market fatigue 📊 45:15 Whether upcoming crypto IPOs can match early successes 💸 47:21 Why VC activity is still lagging despite bullish narratives 🧨 51:03 How Trump’s threat to fire Powell is shaking macro sentiment 🧃 58:08 Everyone’s unexpected or contrarian take this week Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 23 July 2025

Bitcoin is up over 25% year-to-date, but what if this is still the beginning? Udi Wertheimer joins the show to share a thesis that’s grabbing attention across crypto: that we’re entering a generational Bitcoin rotation, where old holders are out, new institutional buyers are in, and price targets like $400K may arrive faster than anyone expects. He explains why the emergence of “forced buyers” like Michael Saylor’s Strategy changes everything, why he thinks the altcoin cycle is already lost, and how the biggest mistake Crypto Twitter is making today is thinking this is the top. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank Ledn Mantle Udi Wertheimer, long‑time Bitcoin advocate and customer support intern at Taproot Wizards Udi’s article: This Bitcoin Thesis Will Retire Your Bloodline Unchained: Bitcoin Sets New All-Time High, But Eyes Even Bigger Gains Timestamps: 🎬 0:00 Intro 🐶 5:19 How Dogecoin’s 2021 run mirrors what could happen with Bitcoin today 🧠 21:31 Why Udi says most people misunderstood the rise of DATs 📈 30:38 Where bitcoin could be headed next, and how fast it might reach $400K 🏦 33:49 What makes this new wave of BTC buyers so different ⚠️ 39:52 Whether bitcoin-holding companies pose hidden risks 🪦 45:06 Why Udi believes altcoins, including ETH, may be finished this cycle ⏳ 51:50 Why Udi thinks Bitcoin’s next runup is “imminent” Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 22 July 2025

After years of hostility toward crypto, the U.S. passed its first-ever federal law regarding the industry. The GENIUS Act, stablecoin legislation backed by both parties, was signed by President Trump’s desk after a last-minute showdown in Congress. Despite being seen as a sure thing, the bill’s path turned turbulent this week, with objections from Democrats over Trump’s crypto ties, and a sudden revolt from the Freedom Caucus around anti-CBDC language. Now that it’s through, what will this law actually do? And who stands to benefit—or lose? In this episode, Dante Disparte, Circle’s chief strategy officer and one of the key players behind the legislation, joins Unchained to explain: How the bill won bipartisan support despite political tensions Why banks may think twice before issuing stablecoins And why Circle is applying for a national trust bank charter Plus, the battle over interest-bearing stablecoins, how this bill fits into the broader financial regulatory landscape, and whether U.S. consumers and the dollar come out ahead. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank FalconX Dante Disparte, Chief Strategy Officer and Head of Global Policy and Operations at Circle Unchained:  GENIUS Act Passes: Who Are the Winners, Losers, and What Comes Next? ​​House Passes Landmark Crypto Legislation: GENIUS Act and Digital Asset Bills Circle Seeks U.S. Banking License to Directly Custody Billions in USDC Reserves Fortune: JPMorgan Chase’s new fees for data could ‘cripple’ crypto and fintech startups, executives warn Reuters: Some big US banks plan to launch stablecoins, expecting crypto-friendly regulations Timestamps: 🎬0:00 Intro 🇺🇸 2:23 Why Dante says this “crypto week” went better than anyone expected 🤝 3:44 How the GENIUS Act won bipartisan support despite major political friction 📜 6:10 Why Dante believes the bill is bigger than just crypto 🏦 9:02 How Circle plans to compete with the banking giants 🪪 15:22 What Circle hopes to achieve with its national trust bank application 🔐 18:28 Why financial privacy matters so much in the U.S. system 💵 19:34 How deposit tokens differ from stablecoins 📈 22:34 What Circle might do when interest-bearing stablecoins are finally allowed 👛 27:43 How this new law could impact everyday Americans and their money Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 18 July 2025

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew breaks down the return of the ICO — but with a twist. Pump.fun’s $500 million token sale sells out in 12 minutes, sparking a heated debate about forward markets, new market structure design, and whether we’ve entered a smarter, more institutionalized fundraising era—or just rebranded 2017 chaos. Hyperliquid becomes the surprise king of pre-launch liquidity, exchanges buckle under demand, and a new class of crypto treasury vehicles raises eyebrows (and capital). Meanwhile, Trump declares “Crypto Week” as Congress moves forward with the most sweeping legislation the industry’s seen in years. Is crypto finally growing up—or just getting better at dumping on retail? The gang dissects the narratives, the numbers, and the fallout. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 Pump.fun’s ICO Raises $500M in 12 Minutes – The largest token sale in recent memory, with 25,000+ KYC’d participants and CEX/DEX syndication. 🔹 Forward Markets & Hedging Games – Kraken and Bybit face issues as sophisticated traders attempt to arb between ICO allocations and perps. 🔹 New Market Design – Pump introduces a novel multi-venue, API-synced launch structure; future ICOs may follow suit. 🔹 CT Has Negative Alpha – Crypto Twitter sentiment was wildly bearish… right before the most oversubscribed sale in years. 🔹 Hyperliquid Hits $11.5B OI – Becomes the dominant venue for pump trading, eclipsing even CEXs; pre-launch volume milestone. 🔹 Treasury Vehicle Controversy – $888M raised for hype via a new structure; Tarun questions whether it’s a liquidity gateway or retail dump machine. 🔹 Trump Declares Crypto Week – Genius Act (stablecoins), Clarity Act (market structure), and Anti-CBDC Act all hit the House floor. 🔹 Polymarket Vindicated – DOJ and CFTC drop their probe into Shane Coplan’s prediction market platform. 🔹 Altcoin Momentum Returns – $PENGU +270%, $SUI +60%, $UNI +43%; narrative shifts from “revenue meta” to “meme meta.” 🔹 Solana vs. Hyperliquid – Hype replaces SOL as the go-to high-beta asset? The team debates competing ecosystems. ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate⭐️Tarun Chitra, Managing Partner at Robot Ventures⭐️Tom Schmidt, General Partner at Dragonfly  Timestamps 00:00 Intro 01:18 Pump ICO Breakdown 06:54 Pump's Unique Market Design 10:57 Future of ICOs and Market Trends 21:36 Hyperliquid's Role in Pump Launch 32:26 Crypto Week and Legislative Updates 41:23 Polymarket Investigation Dropped 47:29 Altcoin Rally and Market Sentiment Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 17 July 2025

Bitcoin broke its all-time high. Meanwhile, stablecoin legislation is about to pass. And the macro picture is a powder keg. In this episode of Bits + Bips, Steve Ehrlich, Ram Ahluwalia, and Noelle Acheson are joined by Austin Campbell to break down what’s really driving markets, and what could break them. From the GENIUS Act reshaping stablecoins to tariffs putting pressure on the Fed, to the Pump.fun ICO and memecoin mania, nothing is off limits. And with crypto ripping, is it time to ride the rally, or take some risk off the table? Thank you to our sponsor! Bitwise Steve Ehrlich, Executive Editor at Unchained Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Guest: Austin Campbell, founder and managing partner of Zero Knowledge Consulting Unchained:  Bitcoin Sets New All-Time High, But Eyes Even Bigger Gains PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Grayscale Files Confidential IPO Paperwork Timestamps: 🎬 0:00 Intro 🚀 2:22 Why bitcoin is hitting new highs and what’s really driving it 🧘‍♀️ 5:29 Why Noelle says market complacency can’t last forever 🌍 9:06 The surprising way bitcoin looks when you stop measuring it in USD ⚖️ 11:49 Whether this is the moment to de-risk your crypto exposure ⛏️ 16:50 How bitcoin mining stocks are made to be traded, not held, according to Ram 📜 18:57 Austin’s thoughts on the odds of crypto legislation passing this summer 🏆 20:48 Who the winners and losers will be if the GENIUS Act becomes law 💳 24:51 Whether payment giants like Visa are under threat from stablecoins 🚧 29:15 What kinds of firms could actually disrupt the U.S. financial system 💰 34:00 The pros and cons of deposit tokens compared to stablecoins 🌐 37:06 How stablecoin legislation could reshape global macro and finance 🧪 44:32Whether Pump.fun’s ICO was extractive or necessary 🏛️ 56:55 Why Grayscale wants to go public and what that move could unlock 🏦 1:04:15 Whether traditional banks have the talent to win the stablecoin race 🌠 1:08:15 Why Stellar might be the blockchain dark horse in this cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 16 July 2025

The weeks leading up to Pump.fun’s ICO were contentious: accusations that it was extractive, debates over decentralization, and outrage over allocations.  In the end, the company pulled off the third-largest ICO in crypto history, raising $600 million in 12 minutes. The day of, Solana barely flinched under the load, and onchain platforms like Hyperliquid and Raydium left CEXes looking outdated. In this episode of Unchained, Haseeb Qureshi of Dragonfly and Joe McCann of Asymmetric join Laura to break down: Whether this marks the return of ICOs The objections to the small ($10 million) airdrop to creators How Pump.fun’s ambitions could reshape memecoins, and maybe Solana itself And why TikTok might not need to worry just yet Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank Ledn Haseeb Qureshi, Managing Partner of Dragonfly Joe McCann, Founder, CEO & CIO of Asymmetric Previous coverage on the ICO: Pump.fun’s $1 Billion ICO Has Caused Controversy. Can It Succeed? Unchained: Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes  PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Pump.fun Draws Backlash After Confirming PUMP ICO SolanaFloor’s tweet on LetsBonk’s stats The Block: Pump.fun makes first acquisition, purchases Solana-based copy-trading wallet tracker Kolscan Dune Analytics Twitter thread on the PUMP ICO stats Timestamps: 🎬 0:00 Intro 🚀 3:43 Why Joe says Pump.fun is one of the best crypto businesses he’s seen 📈 6:04 Whether this heralds the return of ICO mania 😤 7:11 Why the raise triggered backlash from parts of the crypto community 💸 8:32 Whether PUMP’s valuation can really be justified ⚙️ 12:10 How the exchange-first design created issues—and why others may copy it 📊 16:15 Whether PUMP’s distribution model helped or hurt its credibility ⏳ 21:43 Why the decision to have no token lockups sparked debate 👾 24:40 What kind of traders actually bought into the ICO ⚡ 32:56 Whether Solana’s performance makes it the new home for ICOs 🏦 37:50 Why Coinbase sat this one out 🔮 44:07 Where PUMP’s price might be headed in the medium term 📉 48:37 How Pump.fun lost some momentum—and what that says about the space 🧠 55:14 How Pump.fun plans to spend its $600 million war chest 📵 57:21 Whether Pump.fun can really take on Facebook 🔥 1:01:46 Why Joe still believes memecoins are just getting started Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 15 July 2025

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the gang is joined by Paul Grewal, Chief Legal Officer at Coinbase, for a wide-ranging conversation on crypto’s next big frontier: tokenized stocks. From Robinhood’s controversial attempt to tokenize SpaceX and OpenAI shares to the legal and structural hurdles around pre-IPO derivatives, the crew dives deep into what it really takes to bring Wall Street on-chain. They also unpack the regulatory momentum behind the Genius and Clarity Acts, the return of ICO mania with Pump.fun’s $1B token raise, and the absurdly viral drama of Suitgate on Polymarket. Is this a new era of regulated innovation—or are we just recreating old problems on new rails? Tune in for sharp takes, legal insight, and a few laughs along the way. Show highlights 🔹 Tokenized Stocks Take Center Stage – Robinhood, SoFi, and Republic dive into pre-IPO trading; is this a financial revolution or regulatory chaos? 🔹 Coinbase’s Legal Strategy – Paul Grewal reflects on Coinbase’s battles with the SEC and what it took to survive crypto’s darkest legal hour 🔹 Pre-IPO Derivatives vs. Real Ownership – The crew debates whether retail is getting access or getting played 🔹 Robinhood vs. OpenAI – The tokenized equity stunt that triggered a corporate backlash and raised eyebrows across the industry 🔹 24/7 Markets, Finally? – Why crypto-native trading hours could break traditional finance 🔹 Pump.fun’s $1B ICO – The return of ICO mania? The team dissects crypto’s most profitable meme machine 🔹 Are Tokenized Stocks Useful Yet? – Tarun challenges the hype: where’s the real utility? 🔹 The Clarity & Genius Acts – Crypto legislation heats up in Washington—can the industry lock in meaningful reform? 🔹 Suitgate Explained – Zelensky’s outfit spawns a scandal on Polymarket: was it a suit or not? 🔹 Market Manipulation, Oracles & Meme Justice – Prediction markets meet internet chaos in the wildest crypto dispute of the week ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate⭐️Tarun Chitra, Managing Partner at Robot Ventures⭐️Tom Schmidt, General Partner at Dragonfly  Special Guest ⭐️Paul Grewal, Chief Legal Officer at Coinbase Timestamps 00:00 Intro feat. Paul Grewal 01:23 How Coinbase Beat the SEC 04:49 Robinhood, OpenAI & the Pre-IPO Stock Craze 19:38 Crypto Regulation in 2025: Clarity & Genius Act 24:39 Why the Clarity Act Could Define Crypto’s Next Decade 27:10 Pump.fun’s ICO: Memecoin Mania or Market Maturity? 32:25 Suitgate on Polymarket: A Wild Crypto Scandal 39:19 The Future of Prediction Markets Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 11 July 2025

In the first half of this dual episode, Phantom co-founder Brandon Millman joins Unchained to break down why his Solana-first wallet is launching perpetual swaps, and why it chose to integrate with Hyperliquid over any Solana-native option. Then, Bit Digital’s Sam Tabar explains why the public company ditched its profitable Bitcoin mining business, went all-in on ETH, and what happened when he told Michael Saylor. FalconX Sam Tabar, Chief Executive Officer of Bit Digital, Inc Brandon Millman, CEO and co-founder of Phantom Phantom Unchained: Phantom Wallet Launches Direct Perpetual Trading With Hyperliquid Phantom blog post: Introducing Phantom Perps Dragonfly’s Austin Marrazza tweet Bit Digital The Block: Bit Digital swaps entire treasury into Ethereum, says it's now a top public ETH holder after a $173 million splurge Treasury companies Unchained:  These 4 Crypto Treasury Companies Are Primed for a Price Crash BitMine Crashes 39% After It Files to Raise $2 Billion for More ETH Timestamps: Phantom 🎬 0:00 Intro ⚡ 1:36 Why Phantom is launching perps—and why now was the moment to do it 💥 6:08 How they landed on 40x leverage 💸 7:48 How Phantom plans to make money from its new trading product 🚫 8:50 Why U.S. users are left out (for now) 🔗 10:36 Why Hyperliquid won out over Solana-native DEXes ⚔️ 12:55 Whether wallets and dapps are headed for a showdown 🪪 17:22 Why Brandon believes wallets will be the new gateway to crypto 📱 18:45 How social features could redefine the wallet experience 🌅 22:45 What Brandon hopes Phantom becomes over the next five years Timestamps: Bit Digital 💥 26:35 Why Bit Digital ditched Bitcoin for Ethereum—and how Gary Gensler played a role 💰 28:31 How they walked away from a profitable BTC mining business 🪙 32:58 Why Sam says there’s no better home for stablecoins than Ethereum 🗣️ 34:09 What came out of Sam’s surprising conversation with Michael Saylor about crypto treasuries 🤔 37:10 Whether ETH’s value accrual model needs a fundamental rethink 📈 42:21 How Bit Digital plans to ramp up its ETH accumulation 🧠 44:40 What their new AI venture is really aiming to do Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 11 July 2025

In this episode of Bits + Bips, we examine how rising global trade tensions could impact macro conditions, the Fed’s next move, and market stability. We also explore how investors should position themselves with inflation cooling and an uncertain policy path at the Fed. We then look at what’s happening on the crypto side: volume shifting to tokenized public equities, the growing number of corporate stablecoin plans, and whether the promise of tokenization is matched by meaningful traction. Joining hosts Joe McCann, Ram Ahluwalia, and Steve Ehrlich is Rob Hadick of Dragonfly, who shares his perspective on product-market fit in crypto, shifting market structure, and where real adoption may emerge. Sponsor: Bitwise Joe McCann, Founder, CEO, and CIO of Asymmetric Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive Editor at Unchained Rob Hadick, General Partner at Dragonfly LINKS: WSJ: Trump Faces Crucial Week for Reaching Trade Deals EU Still Hopes for Initial U.S. Trade Deal Before Deadline Reuters: Japan, South Korea face 25% tariffs as Trump ramps up trade war in letters to 14 nations CNN: Trump announces new tariffs of up to 40% on a growing number of countries University of Washington: OBBB Signed Into Law Unchained:  OpenAI Says Robinhood’s Stock Tokens Are Not Equity Tron Is Now More Expensive Than Ethereum. Will That Hurt Justin Sun’s New Company? AI Crypto Tokens Swoon as Nvidia Reaches a New All-Time High CoinDesk: CoreWeave to Acquire Core Scientific in $9B All-Stock Deal The Block: Bit Digital swaps entire treasury into Ethereum, says it's now a top public ETH holder after a $173 million splurge Timestamps: 🎬 0:00 Intro 🎭 2:05 Why Ram sees the tariff drama as more theater than substance 🎌 7:09 Whether Trump is leveraging tariffs ahead of Japan’s elections 📉 8:17 How low inflation is pressuring Jerome Powell and the Fed’s next move ⚠️ 12:06 Why Rob says the market feels “fragile” right now 🪙 14:52 Whether bitcoin has truly matured into a macro asset 🛡️ 22:16 How to hedge in an uncertain landscape, and what to make of Elon’s political pivot 💵 30:05 Whether Elon Musk is preparing to launch a stablecoin on X 📊 32:26 Why digital asset treasury companies are so volatile, and how these deals really work 🧱 39:44 How the tokenization race is unfolding, and whether innovation is keeping up 🧠 47:47 How to think about investing in the tokenized assets and stablecoin narrative 🕳️ 1:01:47 Whether tokenized equities have any real killer use ⛏️ 1:03:54 What the CoreWeave-Core Scientific deal signals for bitcoin mining 📈 1:13:08 Whether we’re still in a bull market, and if now’s the time to take advantage of dip opportunities Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 9 July 2025

The race to bring users onchain is heating up, but the competitors couldn’t be more different. Coinbase, a crypto-native giant with deep infrastructure and institutional partnerships, is going head-to-head with Robinhood, a retail-focused fintech now making aggressive moves into tokenized assets and blockchain rails. Their visions overlap (tokenized stocks, perpetuals, custom chains) but the strategies, philosophies, and user bases differ sharply. In this episode, Laura speaks with Diogenes Casares (Klyra Protocol) and Ryan Yi (ex-Coinbase Ventures, CoinFund) to unpack: How these two companies will compete What levers they have to increase their profits How Base became a liquidity black hole for Ethereum Why Coinbase may have already won the “flows” game And how stablecoins, social, and tokenization could decide the winner Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Ledn Diogenes Casares, founder of Klyra Protocol and advisor at Patagon Management Ryan Yi, ex Coinbase, Coinbase Ventures, and CoinFund Unchained: Hyperliquid Reignited Interest in Crypto Perps. Can Coinbase and Robinhood Capitalize? Robinhood Is Building Its Own Layer 2 Blockchain Why the Arbitrum Stack Won in the Race to Support Robinhood Chain Why Perps Will 'Eat the World' + Tokenized Stocks - Bits + Bips Timestamps: 🎬 0:00 Intro 🏦 4:17 What really separates Coinbase and Robinhood’s strategies 🛠️ 6:43 How Robinhood’s new chain should try to compete with Base 🔥 14:49 Why the competition between Robinhood and Coinbase is heating up fast in the U.S. 🤔 16:44 Whether Robinhood can catch up to Base’s head start and network effects 🧱 23:48 Why both companies chose to build on Ethereum—and what that signals 📉 36:04 How launching perps in the U.S. could reshape the landscape for both companies 🎮 44:43 How social features and gamification could give one app an edge 🎯 51:31 Why Robinhood is already working with prediction markets and Coinbase isn’t 💰 55:40 How their product differences impact profits and positioning 🤝 1:05:11 Why Ryan believes Coinbase should’ve acquired Circle 🔌 1:10:48 Why Stripe might be eyeing a crypto integration 📊 1:13:57 How Base benefits with small-cap tokens 🚀 1:18:46 Why Ryan says we’re at a real inflection point for crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 8 July 2025

Today, we’ve got two very different stories in one episode. First, Steven Goldfeder, co-founder of Offchain Labs, joins Unchained to explain why Robinhood is rebuilding its product on the Arbitrum tech stack, what it says about crypto’s evolution, and how this could finally bridge Web2 and Web3. Then, Calvin Hamilton breaks down the bizarre $59 million bet on whether President Zelensky wore a suit — and why vague rules, a fateful tweet, and one protocol’s vote could damage Polymarket’s reputation. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Focal by FalconX Ledn Steven Goldfeder, co-founder and CEO of Offchain Labs Calvin Hamilton, Polymarket bettor on the ‘yes’ of the Zelensky dispute. Unchained: Robinhood Is Building Its Own Layer 2 Blockchain Robinhood’s presentation at ETHcc: To Catch A Token Rob Hadick’s tweet on tokenized stocks  Timestamps: 🎬 0:00 Intro 🚀 1:44 Why Robinhood chose Arbitrum and how much control they really have 🧑‍💻 6:38 How Arbitrum Stylus could power better UX for Robinhood and beyond 🌊 10:26 Why liquidity fragmentation is still a major unsolved problem 🧲 11:41 What makes MEV capture so attractive to big players like Robinhood 🏆 13:48 Why tokenized stocks might be the “big prize” on Arbitrum 🌐 16:12 What it means to be part of the Arbitrum ecosystem 📊 18:02 How tokenized equities could change investing and what the risks are 🏛️ 21:11 Why the Arbitrum DAO stands to gain from this partnership 🔧 22:17 How Steven thinks fragmentation can be fixed more easily than most believe 🌉 25:52 Where the crypto-TradFi convergence is headed next 💬 29:40 Why Steven defends Ethereum and calls out the critics of L2s Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 4 July 2025

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we’re joined by Jon Charbonneau and Ryan Watkins to unpack the bombshell news of Robinhood Chain—an Arbitrum-based network debuting tokenized U.S. stocks, 3× crypto perps, and that head-scratching $500 K liquidity cap. From riffing on whether proof-of-stake yields are just “money in a box,” to debating Solana’s first U.S. staked ETF, to sizing up the looming perp wars between Robinhood and Coinbase, the crew maps a common thread: corporate chains and regulatory work-arounds are colliding with crypto’s decentralization ideals, forcing builders, traders, and even ETF hawks to rethink where real security, fairness, and opportunity will live next. Show highlights 🔹 Robinhood Chain Revealed – Why the trading-app giant paid up to launch an Arbitrum-based “Robinhood Chain,” starting with 24/5 perpetuals and tokenized U.S. stocks, plus a rumored $500 K–liquidity cap that has Crypto Twitter howling. 🔹 Tokenized-Stock Gold Rush – From Tesla and SpaceX pre-IPO shares to on-chain S&P stalwarts: does 24/7 trading finally make equity tokens stick, or is it just another CFD in disguise? 🔹 Perps Arms Race – Coinbase’s 5-year “quasi-perp” futures vs. Robinhood’s 3×-leverage launch vs. Hyperliquid’s 20× turbo deck—who wins the battle for retail flow? 🔹 Solana ETF First-Mover – RexShares files a staked-SOL C-Corp ETF, beating BlackRock to the punch and testing Wall Street’s appetite after ETH’s lukewarm debut. 🔹 Proof-of-Stake Reality Check – The crew dismantles the “economic security” myth, asks whether validator cartels make inflation rewards pointless, and floats proof-of-governance as the next model. 🔹 Hyperliquid vs. The World – Why a single Tokyo data center is eating CLOB volume, what zk-rollup challengers are planning, and how latency games redefine “decentralized exchange.” 🔹 $2 B Prediction-Market Beef – Paradigm-backed Kalshi clashes with PolyMarket after a viral “little rats” tweet; inside the influencer war and the CFTC license flex. 🔹 Conference FOMO No More – New-York-privileged hosts roast ETH CC in Cannes and declare the age of fly-to-France crypto tourism officially over. 🔹 Reg-Tech vs. Fin-Tech – From transfer agents to T+1 settlement: why outdated TradFi plumbing, not blockchains, still blocks global access to U.S. securities. 🔹 Super-App Skepticism – The panel pokes holes in “super-app” buzzwords and explains why sequencing—product-first, chain-later—matters more than catchy slogans. ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly  Guests ⭐️ Ryan Watkins, Co-Founder of Syncracy Capital ⭐️ Jon Charbonneau, Co-founder & General Partner at DBA Timestamps 0:00 Intro 02:59 Robinhood Chain 15:05 Debate on Tokenized Stocks 27:18 Perpetuals (Perps) in the Crypto Market 37:15 Robinhood's New Crypto Traders 39:26 The Solana ETF Approval 41:17 Understanding Staking and ETFs 43:36 The Future of Proof of Stake 46:20 Governance in Ethereum and Other Chains 56:26 Corporate Chains and Validator Selection 01:04:31 Polymarket vs. Kalshi Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 3 July 2025

Crypto is bleeding into traditional finance faster than anyone expected. In this episode of Bits + Bips, the hosts dig into Robinhood’s move into tokenized stocks and perps, what’s actually holding back tokenized equities, and why perps might “eat the world.”  Plus, they talk crypto ETFs, altcoin summer, and whether staking in ETFs is the next big unlock. Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Guest: Thomas Uhm, Chief Commercial Officer at the Jito Foundation Timestamps 🎬 0:00 Intro 👔 2:25 Tom’s path from Jane Street to crypto  💸 5:50 Why Jito’s yield model works + the importance of market makers 📊 12:47 Whether tokenized U.S. stocks actually solve anything for investors 🌍 31:47 Why Tom says “perps are going to eat the world” 🏦 39:25 How perps could sneak their way into traditional finance 📉 41:43 Whether perps are a better instrument than futures 🧠 50:51 Why James thinks we’re heading into an altcoin ETF summer 📥 56:01 How liquid staking is critical in the context of ETFs with staking 📈 1:05:06 Why the S&P 500 keeps hitting all-time highs ⚠️ 1:07:43 Ram lays out the risks of 1% interest rates Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 2 July 2025

Fill out our short Unchained survey and earn a chance to win a FREE one-year subscription to Bits + Bips Premium 😏 ------------------------------------------------- Lido just rolled out one of the most ambitious governance overhauls in DeFi: a dual governance system designed to give power back to stakers—and make it harder for malicious proposals to pass. But what does it actually do? And could it make Lido the safest place to stake ETH? Hasu, a strategic advisor at Lido, and Lido co-founder Vasiliy Shapovalov join Unchained to break it all down. How the dual governance model works Whether this dilutes LDO token value What this means for DeFi, and if others will follow Whether this might get institutions off the sidelines Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitwise Guests: Hasu, Strategic advisor to Lido and Strategy lead at Flashbots. Vasiliy Shapovalov, Co-founder of Lido Unchained: Lido DAO Enables Dual Governance, stETH Holders Can Trigger ‘Rage-Quit’ Mode Learn more about the topics discussed: How Liquid Staking Works What Are Externally Owned Accounts (EOAs) in Ethereum? What Is Multi-Party Computation (MPC) and How Does It Work on Blockchains? What Is Distributed Validator Technology? Timestamps: 🎬 0:00 Intro 🧩 2:07 What problem Lido’s new governance model is actually solving ⚙️ 7:33 How dual governance works—and why it’s such a big shift 🚀 15:32 Why Hasu says this changes everything for Lido 🧠 22:20 What the team had to weigh when designing the system 🛡️ 30:26 How Lido built in resistance to attacks 📉 32:02 Whether this system weakens the value of the LDO token 🗳️ 38:58 How they’re thinking about fixing DeFi’s voter apathy problem 🏦 45:29 Whether institutions will see this as a positive sign and embrace stETH 🌐 48:01 How this compares to Sky’s “emergency shutdown”—and whether DeFi will follow suit Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 1 July 2025

Win a free one-year subscription to Bits + Bips Premium by completing our survey!  The state of Texas just passed a law that creates a $10 million strategic Bitcoin reserve. Laura talks to Lee Bratcher, president of the Texas Blockchain Council, who helped drive this new law. He explains how bipartisan support made it possible, why this might be the start of a broader trend, and what’s next for public Bitcoin ownership in the U.S. We get into: The logic behind the $10 million number Why custody and compliance are key Whether California or Illinois could ever do something similar And how other states are reacting Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! FalconX Ledn Guest: Lee Bratcher, President and Founder of the Texas Blockchain Council Links: Texas Blockchain Council Bloomberg: Texas Gov. Abbott Signs Bill to Create State Bitcoin Reserve Unchained: Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support Timestamps: 🎬0:00 Intro 🏛️ 2:12 How the idea for a $10M strategic Bitcoin reserve became law in Texas 💰 5:42 Why lawmakers settled on $10 million—and what that number really means 🔐 8:59 How Texas plans to custody its bitcoin, and why it matters 📉 10:59 Why the bill includes language about using derivatives for BTC 🏦 12:12 What exchange the state might use to actually buy the bitcoin 🗳️ 14:59 Who owns crypto in Texas—and whether politics play a role 🤝 18:05 Why Bitcoin isn’t such a partisan issue in the Lone Star State 🧡 22:20 How Lee Bratcher got orange-pilled into Bitcoin 📜 24:38 Why Lee thinks the Lummis-Gillibrand bill could pass, and the future of bitcoin bonds 🌎 27:45 Which state might be next to adopt a Bitcoin reserve law Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 27 June 2025

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we’re joined by Vlad, the leverage legend behind Lighter, a zk-powered DEX taking aim at Hyperliquid in the rising CLOB wars. We unpack the new Token Transparency Framework from Blockworks and whether self-regulation can fix crypto’s disclosure problem. Should VC wallets be public? Are market-making deals legally risky? And why do most projects still say nothing? Plus: Vlad explains how Lighter uses zero-knowledge proofs to enforce fairness and fight toxic flow—without harming retail. And Circle’s stock goes full meme mode, TikTok retail piles in, and Robert reveals he’s short. Is crypto finally growing up—or just evolving its chaos? Show highlights 🔹 Token Transparency Framework Debated – Blockworks’ 40-point voluntary disclosure system sparks industry-wide discussion on what teams and investors should reveal 🔹 Disclosures vs. Reality – Most projects don’t lie—they just don’t publish. The real problem isn’t fraud, it’s silence 🔹 VC Wallets Stay Dark – Debate over whether investor wallet addresses and cost bases should be disclosed; consensus: team vesting should be public, investor holdings still a gray area 🔹 Exchange Listings & Disclosures – Exchanges are considering using the transparency framework to prioritize listings, creating pressure for teams to comply 🔹 CLOB Wars Continue – Lighter joins the battle against Hyperliquid with zk-proven verifiability and zero-fee trading for retail 🔹 Lighter’s Architecture Edge – Built as a ZK L2 on Ethereum, Lighter pitches composability + security vs. Hyperliquid’s standalone stack 🔹 Fighting Toxic Flow – Instead of cancel-order tricks, Lighter adds subtle latency and fee mechanics to penalize HFT bots without harming retail 🔹 Dark Pools for DeFi? – Vlad teases ZK-based private order flow as a future feature, merging institutional behavior with onchain guarantees 🔹 DEX Future = Specialization – Vlad predicts no single winner: future DEXs will specialize in niches—memecoins, structured products, prediction markets 🔹 Circle Becomes a Meme Stock – Robert discloses his short position as retail pumps Circle to an $80B FDV off TikTok hype and the Genius Act tailwinds ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Vladimir Novakovski, CEO & Founder of Lighter Token Transparency by Blockworks: https://blockworks.co/token-transparency  Timestamps 00:00 Intro 01:49 Token Transparency Report by Blockworks 04:17 Token Disclosures 08:52 Challenges and Future of Token Transparency 23:22 Circle Mania Continues 25:06 Circle Valuation and Market Reactions 30:15 CLOB Wars 36:52 Technical Architecture and Verifiability 47:04 Market Structure and Future of DeFi Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 26 June 2025

As tensions flare between Iran and Israel, investors are watching oil, gold, and, of course, crypto. In this episode of Bits + Bips, the panel digs into the market response to war risk, the chances the Fed will actually cut rates, and how Circle’s IPO is being treated more like a meme stock than a fintech play. Plus: Why Scaramucci says we’re all living in a surveillance state  Whether stablecoins are being kneecapped by U.S. regulation  When altcoin ETFs are coming And what BlackRock’s Larry Fink secretly told Scaramucci about Bitcoin in 2021 👀 Sponsor: Bitwise James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Anthony Scaramucci, Founder of SkyBridge US-Iran-Israel war Unchained: Bitcoin Dips Below $100K as U.S.–Iran Tensions Trigger $627M in Liquidations Polymarket: Will Iran close the Strait of Hormuz before July? WSJ: What Israel’s Soaring Markets Are Saying About the Iran War Macro WSJ: Fed’s Bowman Says She Could Support a July Interest-Rate Cut CNBC: Fed Governor Waller says central bank could cut rates as early as July FT: Jay Powell to push back on calls for Federal Reserve rate cuts as soon as July Stablecoins WSJ: Stablecoin World Opens Up to Main Street Banks The Block: Circle's post-IPO stock surge pushes market cap near Coinbase and USDC ETFs James upped the odds on a bunch of altcoin spot ETFs Timestamps: 🎬 0:00 Intro 🌍 2:51 Are there lessons in how the markets shrugged off the Iran-Israel conflict? 🔥 9:37 What flashpoints in the Middle East could ignite next 🛢️ 14:40 Will oil supplies remain safe? 💸 22:13 Are cracks finally forming in the Fed’s resistance to rate cuts? 📉 28:08 Why Anthony believes that Fed Chair Powell is playing politics with rates 🇺🇸 33:55 Whether TACO Trump or tough Trump will show up on tariff day 🎯 36:26 What Anthony says that people get wrong about Trump’s economic strategy 🏦 43:52 Why Circle’s IPO feels more meme than fintech and what Larry Fink once secretly told Anthony about bitcoin 👀 🚫 50:27 One thing that Anthony HATES about the GENIUS Act 📊 56:17 Why James is upping his odds on a wave of altcoin ETFs, but doesn’t expect many to be successful products Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 25 June 2025

Cross-border payments. Mobile money. Stablecoins. Crypto. Elizabeth Rossiello has lived through every cycle, not from a trading desk, but the front lines of African markets. Now, the founder of AZA Finance is selling her company to global fintech giant dLocal, a signal that the line between crypto and traditional finance is blurring fast. In this episode, she talks about: How stablecoins are powering 24/7 commerce in emerging markets Why new entrants keep failing to gain traction And how liquidity, not tech, will determine who wins this new game All that, plus the inside story of AZA’s journey from a Nairobi-based Bitcoin exchange to one of the most important fintech players in Africa. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Human Rights Foundation Xapo Bank Elizabeth Rossiello, CEO and Founder of AZA Finance Previous appearance on Unchained: BitPesa's Elizabeth Rossiello on Necker Island dLocal announces intention to acquire AZA Finance to strengthen AZA Finance: dLocal announces intention to acquire AZA Finance to strengthen presence in Africa and expand capabilities Bloomberg: Uruguay’s DLocal to Buy AZA Finance in Africa Push American Banker: What experienced payment execs can pass to a new generation The Startup Leap: Building A Remittance App for Africa’s $1tr Market | Elizabeth Rossiello | Aza Finance Jack Zhang of Airwallex tweet saying he doesn’t see “a single use case” for crypto Timestamps: 🎬0:00 Intro 🌍 3:30 What Africa’s early payments scene looked like and how Elizabeth launched the first Bitcoin exchange there 📲 10:54 How the continent’s payment rails evolved 🔥 16:15 How Western Union dropped its pricing after her company launched 💸 20:42 Why stablecoins became a game-changer for cross-border payments 📊 25:24 What the real volume drivers are 🌐 28:53 How crypto adoption in Africa shifted post-COVID 🤝 37:00 Why AZA decided to acquire two companies ⚠️ 38:46 How the FTX partnership hurt AZA 💼 41:37 How the dLocal deal came together behind the scenes 🔄 45:08 Why crypto and fintech are on a fast path to convergence 🏁 50:58 Which players Elizabeth thinks will win in the new payments race 📵 53:47 Why “mobile money” is still tough competition for crypto 💥 56:48 How USDT has an edge in emerging markets 🇨🇳 58:50 How China’s deep ties to Africa have shaped the game 🚀 1:01:37 What it’s been like to build AZA as a young woman founder in crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 24 June 2025

On Tuesday, JPMorgan announced that its blockchain unit is launching JPMD, a USD deposit token for institutional clients, on Base. That’s right: the world’s biggest bank by assets and the 12th largest company by market cap is putting real dollars onchain. JPMD isn’t quite a stablecoin, but it’s close. It represents actual dollar deposits at JPMorgan and will be used by institutional clients for blockchain-based transactions. The bank plans to run a pilot over the coming months and eventually expand it to other user groups and currencies, pending regulatory approval. To understand what this means for the broader crypto ecosystem (and why JPMorgan chose Base), we brought on Jesse Pollak, head of Base and Coinbase Wallet. In this episode, Jesse explains: Why JPMorgan (and Shopify) chose Base What deposit tokens are, and how they differ from stablecoins Why infrastructure is finally “ready” for institutions How Base scaled from 2.5 million to 35 million gas/sec What’s next for Coinbase users who’ll have one-tap access to onchain assets And Jesse’s response to the critics who said that Coinbase doesn’t give enough credit to Ethereum Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Ledn FalconX Jesse Pollak, Head of Base and Coinbase Wallet Unchained:  JPMorgan to Pilot ‘JPMD’ Token on Base Coinbase and Amex Team Up on Bitcoin Card as Exchange Reveals Broad Expansion Plans Comments on Bloomberg by Naveen Mallela, global co-head of the bank's blockchain division Kinexys by JPMorgan Timestamps: 🎬 0:00 Intro 🏦 1:49 What JPMD actually is 🔧 4:26 Why Jesse believes infrastructure is finally ready for institutional adoption 📊 7:03 Whether Base can handle global scale 💵 9:24 How JPMorgan plans to use deposit tokens in real-world blockchain transactions ⚖️ 11:22 Whether deposit tokens are a better model than stablecoins 🛠️ 16:59 Why JPMorgan chose to launch on Base instead of other chains 📉 19:00 How recent events served as a wake-up call for fintech and commerce 📲 22:22 Why Jesse is hyped about seamless access to onchain assets inside Coinbase 📈 25:47 How Coinbase plans to manage the chaos of token pumps and dumps 🌐 27:54 Jesse’s take on the criticism that Coinbase doesn’t show Ethereum enough love Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 20 June 2025

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we’re joined by Hyperliquid founder Jeff Yan, the quiet powerhouse behind DeFi’s fastest-growing exchange. With 75% of onchain perp volume, no VC money, and a $1B airdrop, Hyperliquid is rewriting what crypto protocols can be. We dive into Jeff’s minimalist strategy, the cancel wars with toxic flow, and the JellyJelly controversy that sparked a feud with CZ. Plus: HIP-3 and the future of permissionless perps, SPAC-style hype vehicles taking over Wall Street, and why stablecoin regulation just triggered a 40% rally in Circle stock. Is crypto evolving—or just getting financialized to death? Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 Jeff’s $1B Airdrop Playbook – How Hyperliquid bootstrapped dominance with no VC, no marketing, and the most beloved founder in crypto 🔹 75% of Onchain Perps? – Hyperliquid now controls 3/4 of all perp volume across chains—Jeff explains how they did it 🔹 Cancel Wars & Toxic Flow – The inside logic behind prioritizing cancels over taker orders—and why HFTs are mad about it 🔹 CZ vs. Jeff – JellyJelly drama, transparency debates, and a subtle protocol war with Binance 🔹 HIP-3 and the Future of Markets – Perps on anything? Jeff breaks down why HIP-3 is the biggest unlock yet for Hyperliquid 🔹 “We Don’t Track KPIs” – Jeff’s radical philosophy on metrics, token price, and building products without back-propping for growth 🔹 Real Users vs. Predators – Who Jeff thinks actually matters onchain—and why some flow shouldn’t be welcome 🔹 Crypto SPAC Mania Begins – Tron, Tether, and Trump-adjacent vehicles bring public market chaos to token land 🔹 Genius Act Passes, Stocks Explode – Coinbase +20%, Circle +40%—but crypto tokens barely move: Why is Wall Street frothier than DeFi? 🔹 Are Perps the New Casino? – The crew debates why people love zero-DTE options, and if perps can replicate the lottery thrill ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Jeff Yan, CEO and co-founder of Hyperliquid Timestamps 00:00 Intro 02:51 Hyperliquid's Market Dominance 05:14 The Philosophy Behind Hyperliquid's Success 07:44 Challenges with Decentralized Exchanges 09:34 Metrics and Success in Hyperliquid 12:59 Addressing Market Dynamics and User Types 22:50 Competitive Pressures and System Resilience 25:28 Exploring Hyperliquid's Future and HIP 3 36:08 Complexity in Zero-Day Options 38:40 Perpetual Contracts vs. Options 41:24 The Role of User Interfaces in Trading 45:08 Crypto SPACs and Market Trends 57:21 The Genius Act and Market Reactions HostsDisclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 20 June 2025

In this week’s episode of Bits + Bips, the panel digs into why Tron’s rumored IPO is more than a headline, what Wall Street’s quiet shift into stablecoins signals, and how exchanges are racing to control token flow, even as regulation hangs in the balance. They also explore: What the Israel–Iran conflict means for global markets, oil prices, and crypto positioning Whether banks can adopt stablecoins without threatening their own deposits If regulatory clarity will come fast enough to shape the next crypto phase How to tell if ETH’s revival has staying power Sponsors: Bitwise Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive Editor at Unchained Guests: Christopher Perkins, President of CoinFund Vishal Gupta, Cofounder and CEO of True Markets. Links Tron and Justin Sun FT: Crypto group Tron to go public after US pauses probe into billionaire founder Unchained: Eric Trump Claims No Public Involvement in Tron’s Nasdaq Entity The Guardian: Crypto entrepreneur eats banana art he bought for $6.2m Israel - Iran WSJ:  Israel Takes Control of Iran’s Skies—a Feat That Still Eludes Russia in Ukraine How Israel’s Mossad Smuggled Drone Parts to Attack Iran From Within Stablecoins and TradFi Unchained:  JPMorgan Files ‘JPMD’ Trademark, Hints at Bigger Crypto Offering Coinbase and Amex Team Up on Bitcoin Card as Exchange Reveals Broad Expansion Plans Bloomberg: Bessent Says $2 Trillion Reasonable for Dollar Stablecoin Market. WSJ: Walmart and Amazon are considering launching U.S. dollar-pegged stablecoins  Reuters: French Societe Generale became the first major bank to launch a dollar-pegged stablecoin The Information: Financial markets giant DTCC is exploring a stablecoin, according to The Information Regulation Unchained: White House Rejects Ban on Conflicts of Interest in Crypto’s CLARITY Act Timestamps: 🎬 0:00 Intro 📰 4:18 Why Tron’s potential IPO creates a dilemma for investors, and how Justin Sun’s Trump ties play into it 🛡️ 15:58 Should exchanges like Coinbase let investors trade whatever they want? 🏦 20:47 The reason why crypto treasury companies even exist 📊 25:59 What is driving the fierce competition among exchanges 💵 34:18 Can JPMorgan, Bank of America, and other TradFi giants succeed with stablecoins? 🤔 37:58 Will stablecoins cannibalize banks’ own deposit bases? 🌍 45:51 How the Iran–Israel conflict could shake macro markets and crypto sentiment 🚀 55:37 Why Ram and Chris are calling for an ETH breakout 📜 57:47 What are the risks if crypto regulation fails? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 18 June 2025

Hyperliquid is one of the most talked-about platforms in crypto right now. It’s an onchain perpetuals exchange that sidestepped VCs, built a deeply loyal user base, and launched with transparency most rivals avoid. But it’s also staring down some massive challenges—from incoming competitors like Coinbase and Robinhood, to the technical hurdles of decentralizing its core exchange engine. Arthur Hayes, CIO of Maelstrom and one of crypto’s most iconic traders, and Hanson Birringer of Flowdesk discuss: What actually drove Hyperliquid’s success How a user-first approach is outpacing venture-backed models Whether the James Wynn saga was legit Why the HIP-3 proposal could be the “holy grail” for DEXes And whether Hyperliquid can survive its next big test: the entrance of giants Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Xapo Bank Bitwise Guests: Arthur Hayes, CIO of Maelstrom Hanson Birringer, Head of US Sales at Flowdesk Links Stats: CoinGlass: Total BTC Futures Open Interest Hyperliquid Stats James Wynn Unchained: Hyperliquid Trader Makes $87M in 70 Days, Loses It In Five James Wynn’s address  Transparency Hyperliquid’s founder’s post on X saying that he felt like transparency results in better execution for whales compared to on private venues. Hyperliquid vs Binance: Unchained: Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism Arthur Hayes’ tweet on whether $HYPE perp volumes will flip Binance’s this cycle. CZ’s tweet on dark pool DEXs Cointelegraph: Binance co-founder CZ proposes dark pool DEXs to tackle manipulation Tokenomics: DL News: Hyperliquid’s token buyback machine just hit $1b — is it sustainable? HIP-3: Hyperliquid Docs: HIP-3: Builder-Deployed Perpetuals Timestamps: 🎬 0:00 Intro 🔥 3:25 Why Arthur says the future of perps is onchain—and what that changes 🚀 6:58 How Hyperliquid managed to climb the ranks without VCs 🧱 9:45 Whether being its own L1 gives Hyperliquid an edge 🔍 12:44 How Hanson adapts market making in a fully transparent environment 🕵️‍♂️ 16:40 Why Arthur doesn’t buy the James Wynn story 💸 20:56 Whether the types of traders on Hyperliquid are different than on other venues ⚔️ 22:14 How Hyperliquid could defend itself when Coinbase and Robinhood enter the arena 🔐 26:18 What Arthur and Hanson think about Jeff Yan’s post saying transparency benefits users 🐙 32:59 Did Binance and OKX try to sabotage Hyperliquid during the $JELLY event? 📊 38:24 Arthur answers his own question of whether Hyperliquid takes on Binance’s trading volume 🌘 42:20 Whether dark pool DEXes can fix transparency without killing decentralization 🔧 47:15 Why Hanson thinks the security FUD around Hyperliquid is overblown 🌏 50:20 Whether Asia’s crypto communities care less about decentralization 🧠 52:34 How Hyperliquid’s ecosystem play with HyperEVM could reshape its future 🏆 55:52 Why Arthur calls HIP-3 the “holy grail” for DEXes 🪙 1:00:01 Whether the HYPE buyback program is a good idea 📈 1:02:49 What Hyperliquid must get right as Coinbase and Robinhood show up Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 17 June 2025

Stablecoins are having a moment. From Stripe’s acquisition of crypto wallet startup Privy, to Shopify integrating USDC, to Plasma raising $500 million for its stablecoin-optimized sidechain, stablecoins are having a moment. And at the center of it all is Circle, which had one of the most successful IPOs in decades. But what’s really happening under the surface? And who’s best positioned as stablecoins go mainstream? Vicky Fu, co-founder at Yala and former engineering director at Circle, joins Unchained to explain: How she saw Circle as deeply undervalued before the IPO buzz What Stripe’s crypto moves signal for the broader market Why retail payments could become stablecoins’ breakout use case How network effects give Circle a serious edge, even as banks circle the space Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Ledn FalconX Human Rights Foundation Guest Vicky Fu, co-founder at Yala  Links Unchained: GENIUS Stablecoin Bill Advances in U.S. Senate Bloomberg: Bessent Says $2 Trillion Reasonable for Dollar Stablecoin The Block: Payment giant Stripe to buy crypto wallet firm PrivyMarket Payment giant Stripe to buy crypto wallet firm Privy CoinDesk: Crypto startup Plasma’s XPL Token Sale Hits $500M as Investors Chase Stablecoin Plays The Block: Plasma doubles its deposit cap, clarifies it is eyeing $50M public sale at $500M FDV Reuters: Societe Generale becomes first major bank to launch dollar-pegged stablecoin The Information: Financial Markets Giant DTCC Explores a Stablecoin  Timestamps: 🎬 0:00 Intro 🔍 2:40 Why Vicky believed Circle was deeply mispriced BEFORE the IPO hype 🏗️ 11:336 How Circle’s quiet infrastructure play is more powerful than it looks 🛒 17:40 Why the Shopify–USDC integration could be a turning point 💼 19:14 What Stripe’s acquisition of Privy signals 🔥 23:42 What the Plasma ICO reveals about surging interest in the sector 🏦 29:50 Whether crypto-native issuers can really compete with banks entering the stablecoin race 📰 34:10 Weekly News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 13 June 2025

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we’re joined by a special guest: Laura Shin, host of Unchained! The crew unpacks Circle’s explosive IPO, Tether’s threat to exit the U.S., and the meme-stock logic powering the rise of “crypto treasury companies.” From Coinbase’s grip on USDC to Wall Street’s sudden enthusiasm for stablecoins, we explore how public markets are reshaping crypto’s power centers. Is Circle overvalued—or the last compliant winner left? And are ICOs really back? We debate whether crypto’s just maturing—or if it’s being hijacked by the suits. Show highlights 🔹 Circle’s IPO Shocks Wall Street – One of the biggest two-day pops in IPO history: Did bankers misprice, or did crypto just break TradFi? 🔹 Stablecoin Season or Meme Stock Mania? – Circle hits 160x earnings, 15x revenue—Tarun calls it “CoreWeave for finance” 🔹 Tether Threatens U.S. Exit – New regulation looms: Will Circle rule America while Tether dominates abroad? 🔹 The Coinbase Cut – Why Coinbase might be the real winner behind USDC—and the hidden economics of stablecoin margins 🔹 Banking Consortium Incoming? – JPMorgan and Wells reportedly plotting their own stablecoin play. Is Circle racing against the banks? 🔹 The Rise of Treasury Tokens – From MicroStrategy to Solana clones: Are “crypto holding companies” the new ETF? 🔹 Copycats or Cult Leaders? – Why everyone wants to be Saylor—and why most won’t survive 🔹 Are These Companies Just Meme Stocks? – Laura and Tarun debate whether tradable crypto firms have real value—or just vibes 🔹 The Return of the ICO – Plasma raises $500M on Sonar, sparking a new wave of pre-token speculation 🔹 Is This Financial Innovation or Regulatory Theater? – Haseeb asks: Are we maturing—or just dressing TradFi in crypto clothes? ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Laura Shin, Journalist, Author of ‘The Cryptopians,’ Founder and CEO of Unchained Timestamps 00:00 Intro 01:25 Circle's IPO: A Historic Event 03:16 Market Reactions & Implications 06:49 Stablecoin Legislation & Tether's Response 08:56 Circle's Market Position & Future 23:12 Crypto Treasury Companies: The New Trend 32:09 Understanding Convertible Arbitrage in Crypto 37:02 Potential Risks and Market Dynamics 41:36 The Influence of Michael Saylor 43:57 The Need for Charismatic Leaders in Crypto 50:07 The Rise of ICOs and Market Trends 55:04 Concluding Thoughts on ICOs HostsDisclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 12 June 2025

This week on Bits + Bips, the panel tackles the biggest themes driving crypto: Circle’s triumphant IPO, ETH’s institutional tailwinds, and the fast-shrinking Bitcoin supply on exchanges. Plus, what Gemini’s IPO ambitions tell us about the state of exchanges, and whether Ram’s call for a BTC breakout is about to hit. Also on the docket: Is Circle really worth its sky-high valuation? Why exchange fees are stuck in the 1970s ETH: the quiet trade that might be heating up Oh, and yes, they talk about the Trump–Elon feud too 😅 Sponsors: Bitwise James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive Editor at Unchained Guest: Sal Ternullo, Managing Partner at A100x Ventures The Conversation: The blow-up between Elon Musk and Donald Trump has been entertaining, but how did things go so bad, so fast? Unchained: Stablecoin Giant Circle Raises $1.1 Billion in Its IPO Early Circle Backer Slams IPO in Expletive-Filled Letter  BlackRock’s IBIT Becomes Fastest-Ever ETF to Top $70B  Blockworks: Gemini files confidential S-1 with SEC in road to IPO The Block:  Trump’s Truth Social files S-1 with SEC for Bitcoin ETF 15-day streak brings Ethereum ETFs to record high cumulative inflow value Metaplanet unveils $5.4B equity raise plan to accelerate bitcoin accumulation Cointelegraph: Bitcoin supply shock? Percentage of BTC on exchanges nears 2018 levels CoinDesk:  MSTR Boosts Stack Again Strategy to Raise Nearly $1B With STRD Preferred Stock Offering to Accumulate BTC Bloomberg: Metaplanet’s shares surged 22% after unveiling a record-setting $5.4 billion stock rights program aimed at growing its bitcoin holdings. Timestamps: 👋 0:00 Intro 🧠 1:28 Why the market is ignoring the Trump-Elon “break up”  📈 16:47 Is there a reason for Circle’s eye-watering valuation? (And what it means for  crypto VC) 🏦 30:25 Why Circle may struggle to compete with traditional banks 🚀 38:34 Why exchanges should rush to go public 🌐 46:40 Why Ram thinks that the market is immune from more bad news 🔥 57:16 The secret signs of a coming bitcoin supply shock 🧾 1:03:58 What’s behind the bitcoin and ether ETFs’ recent momentum and if it will last Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 11 June 2025

In part 2 of Jeff Park’s interview with Unchained, he describes ways that both everyday investors and the U.S. government can use various crypto assets to come out on top as old models and strategies become outdated.  He reveals the three personal stories that led him to develop his radical portfolio theory, puts himself in the shoes of Treasury Secretary Scott Bessent, and explains why Japan is the linchpin in the transition to this new world order. In this episode, we explore: Why Jeff believes the future belongs to wholecoiners The social mission behind owning bitcoin How the U.S. could leverage stablecoins to maintain global dominance Why the new American dream might not involve a house at all And why, in Jeff’s words, we may already be “living in a Bitcoin-only world.” Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Xapo Bank Bitwise Guest: Jeff Park, Head of Alpha Strategies at Bitwise Part 1 of Jeff on Unchained: Jeff Park Says the 60/40 Portfolio May Be Dead. Here’s His Radical Fix  Timestamps: 👋 0:00 Intro 📌 3:14 The 3 life events that shaped Jeff’s radical portfolio vision 🌍 7:58 Why crypto’s value is clearer outside privileged financial systems 🚀 15:18 Why Jeff is so bullish on STRK and what it represents 🌐 20:56 What it means to be “living in a Bitcoin-only world” 💥 27:42 Why the U.S. is vulnerable and what’s the new American Dream 🤝 32:36 What Jeff would do if he were in Treasury Secretary Scott Bessent’s position  🇯🇵 39:16 Why Jeff sees Japan as a critical piece of the global financial order 💵 48:36 Why stablecoins could be the U.S.’s most powerful financial weapon 🤔 54:50 Why Jeff is skeptical about a U.S. bitcoin reserve 🏛️ 59:14 Whether Bitcoin treasury companies are here to stay Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 10 June 2025

On Tuesday, a pseudonymous X account claimed that Pump.fun, Solana’s breakout memecoin launchpad, would raise $1 billion via an ICO at a $4 billion valuation. The potential deal? Multiple CEX listings, a 10% community airdrop, and maybe even a launch by the end of the month. The community reaction? Not great. In this episode, Syncracy Capital’s Ryan Watkins joins to break down the backlash, whether the raise makes sense, and what this kind of fundraising says about the current state of crypto. He discusses: Whether Pump needs $1 billion and what they’d even do with it Why some people are furious, even as Pump prints revenue If this is bullish or bearish for Solana Why an airdrop was not pursued Whether the $4 billion valuation makes sense Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Ledn FalconX Human Rights Foundation Ryan Watkins, Co-founder of Syncracy Capital Unchained: Pump.fun Mulls $1B Token Sale Nextfckingthing’s tweet breaking the news  Ansem’s tweet on “pump fun raising $1B at $4B after Trumpcoin launch is like the second plane hitting the towers” Ansem’s poll Ryan’s tweet on “Pump anger”  Solojay tweet on Pump’s top 25 wallets Mosi’s tweet on why “Pump's ICO seems like an asymmetric bet (skewed to the downside)” Timestamps: 👋 0:00 Intro 🤔 4:03 Why skepticism around Pump.fun’s $1B raise is valid 💰 7:06 What Pump would even do with $1 billion 📈 21:17 Whether a $4B valuation actually holds up 🔥 24:08 Will this ICO hurt SOL? 🎁 27:05 Why Pump chose not to do a big airdrop 📱 28:56 Whether Pump.fun can hold its ground as SocialFi competition heats up Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 6 June 2025

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew tackles a triple-header of crypto’s growing pains: the bizarre saga of James Wynn—a memecoin gambler whose billion-dollar positions on Hyperliquid ended in public ruin; the Ethereum Foundation’s surprise rebrand into “Protocol” and its sudden embrace of hierarchy; and a bold manifesto from Miles Jennings calling for the end of crypto foundations as we know them. Is radical transparency a feature or a trap? Is Ethereum finally prioritizing execution over vibes? And are foundations just offshore theater—or necessary guardians of decentralization? The gang debates all this and more in a conversation that asks: who’s really in control of crypto—and should they be? Show highlights 🔹 James Wynn: From $1B to $16 – The infamous Hyperliquid trader wipes out, then begs for donations… and opens new positions days later 🔹 Liquidation Theater – Was Wynn’s downfall market manipulation, a psyop, or just crypto doing what it always does? 🔹 Hyperliquid Transparency Debate – CZ, Jump, and Hyperliquid clash over whether radical openness helps or harms 🔹 Stop-Hunting Season – Tarun explains why onchain liquidation is more deterministic—but not necessarily more malicious 🔹 Ethereum Foundation Rebrands – Meet “Protocol”: a new structure, a new strategy, and maybe… a new hierarchy 🔹 The End of Purge & Surge – Is Ethereum finally abandoning the meme roadmap and focusing on shipping? 🔹 Tim Beiko’s New Role – A surprising centralization of coordination—and why the ETH community seems to like it 🔹 DUCS vs. DUNA – The crew proposes a new Ethereum acronym—and debates Miles Jennings’ push to end the foundation model 🔹 Are Foundations Just Offshore Theater? – Haseeb argues it’s time to kill the Cayman entity and rethink DAO legal structures 🔹 The Legal Marketing Wars – Tarun and Tom debate whether crypto’s governance evolution is genuine—or just “intellectual shilling” ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate⭐️Tarun Chitra, Managing Partner at Robot Ventures⭐️Tom Schmidt, General Partner at Dragonfly  The end of the foundation era in crypto by Miles Jenningshttps://a16zcrypto.com/posts/article/end-foundation-era-crypto/ Announcing Protocol by Barnabé Monnot, Tim Beiko, Alex Stokes https://blog.ethereum.org/2025/06/02/announcing-protocol Timestamps 00:00 Intro 02:12 The Saga of James Wynn 06:20 Market Manipulation vs. Transparency 17:37 57, Tarun’s Favorite Number 20:12 EF's “Protocol” 33:45 DUCS! Decentralization, UX, Censorship Resistance, and Scaling 36:55 The End of the Foundation Era 45:04 The Role of Legal Structures in Crypto 52:49 Final Thoughts and Wrap-Up Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 5 June 2025

The Bitcoin Conference in Vegas is getting more political. Crypto treasury companies are exploding across the globe. And macro markets are flashing mixed signals, with geopolitics entering the chat. In this episode of Bits + Bips, the panel dives into: Key takeaways from Bitcoin 2025 The possible bubble forming around Bitcoin treasuries How the SEC is fighting back against staking in ETFs Whether Ethereum is finally catching up How Ukraine just redefined trade risks Why ETFs have seen so much inflows since the market bottom How AI will impact growth and the job market And … why James hates Las Vegas 😀 Thank you to our sponsor! Bitwise James Seyffart, Research Analyst at Bloomberg Intelligence Joe McCann, Founder, CEO, and CIO of Asymmetric Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  WSJ: Bitcoin Goes All In on MAGA, Shedding Its Antigovernment Slant Unchained:  Pakistan Sets up Strategic Bitcoin Reserve Crypto Treasury Companies Are All the Rage. Could They Cause an Industry Collapse? Decrypt: Another Bitcoin Buyer? Nasdaq-Listed Reitar Logtech Plans $1.5 Billion BTC Purchase The Defiant: Trump Media Closes Roughly $2.4 Billion Financing to Establish Corporate Bitcoin Treasury Bloomberg: SEC Flags Concerns on Crypto ETFs Offering Staking Rewards The Guardian: Ukraine launches major drone attack on Russian bombers, security official says   Timestamps: 0:00 👋 Intro 2:02 🎰 - Why James hates Vegas, but was impressed with Bitcoin 2025 4:48 🐘 - Has bitcoin moved too far right politically? 10:02 📈📉 - If bitcoin treasuries are all the rage, why isn’t the price moving? 13:26 🌍 - One big reason why the treasury bubble differs from SPACs 18:26 📉 - Are these companies destined to implode? 22:55 🤔 - One big (but hidden) opportunity to profit from this market 34:23 🏦 - How some ETF issuers tried (and failed) to pull one over on the SEC 43:19 🤐 - Why James sees one quiet, but bullish, trend in ETF flows 47:48 🌎 - Why Noelle thinks that numbers don’t matter - it's all about geopolitics 58:10 🐂 - Ram sees a secretly bullish setup. Here’s how he says to play it 1:07:33 💻 - How AI is going to eat the world, and turn markets upside down Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 4 June 2025

Jeff Park thinks the most popular investing strategy of the last decades — the 60/40 portfolio — is dead. Jeff has spent his early career inside the traditional system. But now, after two years in finance, he’s calling for a full rethink of the modern portfolio: from what counts as “safe” to how inflation actually works to why Bitcoin may be the real anchor asset in a world that’s spinning off its axis. In this episode, the first in a two-part series, he and Laura dig into: Why the 60/40 portfolio is quietly failing What the rise of “resistance” assets says about trust in institutions Why STRK and BTC are the distillation of Jeff’s radical portfolio How traditional finance may be more correlated to crypto than you think Why “time is liquid energy” and bitcoin is so valuable Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank Bitwise Jeff Park, Head of Alpha Strategies at Bitwise The Radical Portfolio Theory by Jeff Park Unchained: DeFi Leverage on Apollo’s $1.3 Billion Credit Fund Timestamps: 👋 0:00 Intro 🧠 2:19 How entering the workforce in 2008 pushed Jeff to question everything, even the dollar 🏛️ 14:31 Jeff’s role as head of alpha strategies at Bitwise 📉 17:27 Why the classic 60/40 portfolio may be dead 🌍 34:10 How crypto fits into the new financial world ⚡ 40:58 Why “time is liquid energy” and bitcoin captures it best 📊 41:52 The core of Jeff’s radical portfolio theory 🛡️ 54:44 What goes into the “resistance” asset bucket 🎯 59:00 Why prediction markets could diversify your income 💎 1:09:52 Why Jeff is betting big on Strategy’s STRK and BTC 👑 1:14:31 The rise of crypto treasury companies and whether they pose systemic risk Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 3 June 2025

Public crypto treasury companies are in the news right now. Just this week, Sharplink Gaming announced a $425 million raise to create an Ethereum treasury vehicle, backed by Consensys. Meanwhile, Trump Media said it will buy $2.5 billion worth of bitcoin. And in a headline grab, GameStop revealed a $500 million Bitcoin purchase. There’s even a newly launched XRP treasury company backed by Saudi royal capital. But why are these vehicles suddenly the structure of choice for accessing crypto exposure? What kinds of assets are best suited for them? And are they safe or a ticking time bomb? Pantera Capital’s Cosmo Jiang joins Unchained to unpack: The structures and strategies behind these companies Why Solana is appearing more than Ethereum (and what that says) How XRP’s brand power could matter more than its adoption The risks these vehicles pose to investors and to markets Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitkey: Use code UNCHAINED for 20% off Focal by FalconX Guest Cosmo Jiang, General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital Links Previous coverage of Unchained on bitcoin treasury companies: Why Twenty One Capital Is More About Volatility Than Bitcoin Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed? Unchained:  Trump Media Confirms $2.5B Capital Raise to Buy Bitcoin Consensys Leads $425M Raise for SharpLink Gaming’s ETH Treasury Plans The Block: GameStop buys 4,710 bitcoin for corporate treasury: filing CoinDesk: VivoPower Raises $121M to Launch XRP Treasury Strategy With Saudi Royal Backing Bloomberg:  Cantor’s $2 Billion Bitcoin-Backed Lending Arm Makes First Deals The Stock Market Loves Bitcoin Timestamps: 👋 0:00 Intro 📈 1:57 Why crypto treasury companies are suddenly everywhere 🏗️ 5:03 How these vehicles are structured to raise and deploy capital 🎲 8:36 Which strategies carry more risk for investors 🔍 9:57 Pure-play crypto vs. operational businesses: what works better 💰 12:40 Why these companies often trade at a premium to their crypto 🔥 16:56 Why there’s more buzz around SOL than ETH in these structures 📣 19:44 How XRP treasury plays are unique … but tied to marketing, not tech 🙋‍♂️ 21:31 Why some investors prefer these stocks over holding actual tokens ⚠️ 24:12 Could these companies pose systemic risks to crypto markets? 📊 27:58 The key metrics to watch when valuing crypto treasury companies Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 30 May 2025

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the gang reunites to confront a troubling pattern: we’re making the same mistakes all over again. From the $223 million Sui hack and validator-led censorship to Coinbase’s insider data breach and the Trump token dinner spectacle, this week feels like a remix of the industry’s most painful lessons. The crew reflects on how decentralization is being quietly redefined, why newer chains ignore crypto’s origin story, and what it means when memecoins are the new access pass to political influence. Also: James Wynn’s billion-dollar trades, fading cypherpunk values, and a creeping sense that the crypto future looks a lot like its past. Show highlights 🔹 Sui’s Ethereum Classic Moment – Why freezing a hacker’s funds reopened an old decentralization wound 🔹 The Same Mistake Again – Tarun and Robert reflect on the crypto industry’s short memory and long consequences 🔹 Coinbase’s KYC Breach – How bribed support agents exposed a broken identity system 🔹 The Trump Token Dinner – Steak, disappointment, and the illusion of access in crypto’s weirdest political stunt 🔹 The Death of Cypherpunk Values – Haseeb asks: are decentralization and censorship-resistance just legacy slogans now? 🔹 Validator Power Creep – The panel debates whether emerging L1s are becoming de facto states 🔹 James Wynn’s Trading Circus – A $1.25B long, 40x leverage, and the thin line between marketing and madness 🔹 Hyperliquid Stress Test – Robert wonders: is Wynn just a trader, or a protocol’s canary in the coal mine? 🔹 The KYC Iceberg – Why crypto keeps leaking private data—and why nobody’s fixing it 🔹 Chopping Boomers Mode – When no one gets your Ethereum Classic jokes, maybe the revolution’s over Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  Timestamps 00:00 Intro  01:15 Cetus x Sui Hack 07:56 Ethereum Classic & Crypto History 21:37 Trump Token Dinner Controversy 29:56 Coinbase Ransom Hack 33:49 KYC Data Vulnerabilities 43:02 James Wynn's High-Stakes Trading Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 29 May 2025

A debate has been heating up on crypto Twitter about Real Economic Value (REV) — a metric meant to measure the value blockchains accrue from user activity. REV includes transaction fees and MEV tips, but excludes issuance — the inflationary rewards paid to validators. Some say it’s the clearest window into genuine usage. Others argue it’s a flawed and misleading proxy. So we brought the argument to Unchained. Tom Dunleavy, Head of Venture at Varys Capital, says fees are headed to zero, and blockchains shouldn’t be valued like companies. Meanwhile, Austin Federa, Co-founder of DoubleZero, believes REV offers a real lens on activity, maturity, and demand. The conversation covers: Whether REV is a meaningful metric (and how to game it) Whether L2 tokens are fundamentally broken What happens to security when fees (and MEV) go to zero If high REV signals product-market fit or just economic noise How to value blockchains, if not with REV Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitwise Guests: Tom Dunleavy, Head of Venture at Varys Capital Austin Federa, Co-founder of DoubleZero Timestamps: 👋 0:00 Intro 📊 2:50 What REV actually measures and why it’s sparking so much debate 💸 4:33 Why fees that don’t go to the protocol are included in this metric 🪙 14:43 Whether L2 tokens are fundamentally worthless 🧮 15:53 How to factor Ethereum L2s into the REV equation 📉 18:15 Why Tom thinks all fees are going to zero and what that means for value accrual 📈 34:06 Austin defends REV and explains why it reflects real user demand ⚠️ 37:07 MEV debate: is it a feature or a flaw? 🔀 42:59 Why Solana might not follow Ethereum’s REV path 🛡️ 44:18 Who secures the network when MEV goes to zero 🤔 53:46 Whether high REV means success 🚫 59:46 Why Austin calls out Jesse Pollak’s “no sandwiching” claim on Base 🌄 1:02:30 Whether Solana’s Alpenglow proposal could reshape MEV 🔄 1:03:43 How REV might rise even as MEV declines 👑 1:07:11 Why Bitcoin lives in its own reality when it comes to metrics 🎮 1:09:57 How protocols can game the REV metric 📐 1:15:19 What other metrics matter when valuing blockchains Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 27 May 2025

Yield-bearing stablecoins have had decent growth, now topping $6 billion in supply and paying out nearly $600 million to users, according to data from Stablewatch. But just as these products go mainstream, the U.S. Senate is moving forward with a stablecoin bill that could ban them outright in America. In this episode, NYU professor and Zero Knowledge Consulting founder Austin Campbell joins Laura to break down: Why yield-bearing stablecoins are under fire in Washington Why Dems are pushing for the ban and who stands to benefit How this bill could give foreign issuers an edge over U.S. ones Whether yield-bearing stablecoins are securities under U.S. law And what the future holds for projects like Ethena, Sky, and others Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitkey: Use code UNCHAINED for 20% off Focal by FalconX Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Unchained:  How the Senate Stablecoin Bill Enriches Corporations at the Expense of Consumers Stablecoin Bill Passes Key Hurdle: Dems Join GOP to Deliver a Crypto Win Tether in the Clear? Yes, Under This New Republican-Led Senate Stablecoin Bill Stablecoin Bill Stalls in Senate as GOP Cries Foul Over Dem Resistance Timestamps: 0:00 Introduction 💣 1:29 Why the new stablecoin bill takes direct aim at yield-bearing stablecoins 🗳️ 3:36 How Democrats are driving the push for a ban and what their motivations might be 🏦 6:28 Why calling stablecoins “banks” leads to major policy confusion 🌍 13:49 How the bill could hand an advantage to offshore stablecoin issuers 🎒 19:31 Whether Tether is warning about risk or just protecting its own interests ⚖️ 21:09 Are yield-bearing stablecoins actually securities under U.S. law? 💰 23:40 What real benefits yield-bearing stablecoins offer to users 🚫 29:54 Why Austin opposes the proposed 10% interest cap 📚 32:04 Why Ethena would likely be regulated under market structure rules instead 📰 35:04 Weekly News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 23 May 2025

U.S. credit got downgraded. Fed policy expectations are flipping. And Coinbase hit the S&P 500 (while also being extorted). But what does all of this mean for crypto? On this week’s Bits + Bips, James Seyffart, Alex Kruger, Ram Ahluwalia, and Noelle Acheson break down: Why the Moody’s downgrade doesn’t mean much for markets Whether Fed rate cuts are now further off than expected Why Alex says Coinbase is a “horrible product” despite S&P inclusion How stablecoins tie into U.S. geopolitical strategy Whether Circle should sell to Coinbase And what the altcoin ETF delay really tells us Plus: unemployment, yield curve control, the “Consensus vibes,” and Ram’s wild anecdote about workers gaming unemployment benefits. Bitwise James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Macro Reuters: Moody's downgrade intensifies investor worry about US fiscal path USNews: Trump Tells Walmart to 'Eat the Tariffs' Instead of Raising Prices Coinbase Unchained: How the Attack on Coinbase Shows the Dangers of Centralized Exchanges Fortune: Circle pursues IPO—but talks with Coinbase and Ripple could mean a sale, sources say CNBC: Coinbase joining S&P 500, replacing Discover Financial Stablecoin bill Unchained: Stablecoin Bill Passes Key Hurdle: Dems Join GOP to Deliver a Crypto Win Timestamps: 👋 0:00 Intro 💳 2:18 A big reason why the U.S. credit downgrade matters for investors 📉 7:49 Contrarian take: why souring U.S. debt could also hurt crypto 🛡️ 15:30 Do tariffs work against the U.S. military and national security?  🔁 20:14 Why the crew flipped on Fed rate cut expectations 📊 28:35 Is the U.S. about to introduce yield curve control? 🧾 35:04 Are the Mag7 stocks the new safe havens in a recession? 📈 38:54 What if the “Goldilocks” scenario is priced in, and it's wrong? 💼 44:26 Why hedge funds are secretly in a vulnerable position 🫱 49:15 What the “vibes” at Consensus 2025 revealed 💵🇨🇳 50:44 A secret threat that the stablecoin bill poses to China? 📈 57:43 What Coinbase’s S&P 500 inclusion means and why Robinhood is its biggest threat 🌀 1:07:17 Should Coinbase acquire Circle? Here’s what the panel thinks ⏳ 1:13:38 Why altcoin ETF approvals are delayed and wen staking in ETFs? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 21 May 2025

Legacy social media platforms lock you in, control your audience, and exploit your data. Farcaster aims to fix those problems. But how can it attract developers and users in an already saturated media environment?  Developer Ecosystem Lead Linda Xie joined the show to explain: How Farcaster addresses social media’s structural flaws How Farcaster’s mini-app ecosystem is helping to grow the user base The most popular apps taking off on the platform How the whole crypto community could benefit from gathering on Farcaster Why she believes crypto communities belong on open, portable networks And why her family’s history helped her grasp the significance of Bitcoin in 2011 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Linda Xie, Developer Ecosystem Lead at Farcaster Previous coverage of Unchained on Farcaster and social media: Farcaster Wants to Win Over Crypto. Here’s How It’s Different From ‘Crypto Twitter’ Ethereum Accounts to Post on Social Media More After Criticism How Decentralized Social Network Farcaster Hopes to Eventually Get to One Billion Users What is Warpcast Wallet? Farcaster’s Snapchain Farcaster’s mini-apps Understanding Farcaster: A Sufficiently Decentralized Social Graph Protocol Timestamps: 🤝 0:00 Introduction 🤯 3:55 How an unusual situation in her family got Linda crypto-pilled ⚖️ 7:57 How building legitimacy at Coinbase was crucial for the industry 🪜 10:20 Xie’s journey from VC to founder 🌐 13:04 How crypto’s adoption has evolved around the world 🔍 16:44 Why Linda decided to build and focus on Farcaster 🔧 23:31 How Farcaster addresses social media’s structural flaws 👀 31:14 How mini-apps build Farcaster’s user base 💲 37:32 Why Warpcast Wallet is a “game changer,” according to Linda ❓ 40:19 How Snapchain is used for storing data 👷 44:29 What types of developers the Farcaster ecosystem attracts 💡 45:20 How Linda aims to make Farcaster easy to understand ✨ 49:50 Linda’s favorite Farcaster mini-apps 😀 55:10 Attracting the whole crypto community to Farcaster Thank you to our sponsors!Guest:Links Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 20 May 2025

Coinbase revealed on Thursday that cybercriminals bribed overseas customer support contractors to steal sensitive customer data as part of a $20 million extortion scheme. While no funds or private keys were compromised, customer names, addresses, and ID documents were exposed for nearly 1% of the company’s 8+ million “monthly transacting users,” according to a blog post. The story raises tough questions for the entire industry. Is KYC making users more vulnerable? Can human error ever be fully eliminated? And is crypto’s real security problem… people? Security experts Jameson Lopp, James Wester and Alexander Leishman delve into: What went wrong at Coinbase Why human vulnerabilities are still crypto’s biggest risk Whether KYC makes the problem worse What companies should do next to protect their users Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Focal by FalconX Bitkey: Use code UNCHAINED for 20% off Mantle Guests Jameson Lopp, Co-founder and CTO at CASA James Wester, Research Director at Javelin Alexander Leishman, CEO and CTO at River Links Coinbase’s blog post: Protecting Our Customers - Standing Up to Extortionists Coinbase’s SEC filing Commentary:  Vance Spencer’s tweet Armani Ferrante’s tweet Timestamps: 🎙️ 0:00 Introduction and ads 🔓 2:30 How hackers tricked Coinbase’s offshore support and why humans remain security’s weakest link 🗂️ 6:49 What customer data was leaked and how hackers use it 🎯 13:14 How attackers prey on targets at weak moments 🌍 20:47 Should Coinbase move customer support back to the U.S.? 🛑 26:35 Why KYC protocols might be making users more vulnerable, not safer 🛡️ 28:48 The best defenses companies can implement to protect users 📰33:49 Weekly News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 16 May 2025

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra break down the biggest stories in crypto. This week, we’re joined by one of the most iconic anons on Crypto Twitter: Mosi, aka @vanacharma. Known for calling out sketchy tokenomics and vaporware valuations, Mosi joins the crew for a ruthless teardown of market maker games, OTC dumps, and the “hallucination yield” driving this cycle’s worst bets. From the $60M Movement Labs fiasco to OTC pump schemes and the collapse of community trust, the gang goes deep on why crypto’s market structure is broken—and what it’ll take to fix it. If you’ve ever wondered how the sausage gets made in crypto token launches, this one’s for you. Show highlights 🔹 $60M Movement Meltdown – How a token deal gone wrong became crypto’s latest fiasco and dragged down one of the cycle’s most hyped L1s. 🔹 Anon vs. Everyone – Iconic CT anon @vanacharma breaks down the float games, OTC dumps, and tokenomics illusions plaguing the industry. 🔹 Market Makers or Middlemen? – When is liquidity real, and when is it just backdoor exits? We unpack how MM incentives are getting abused. 🔹 Hallucination Yield & Vapor Valuations – Why funds chase tokens with the fakest traction — and what happens when reality hits. 🔹 Are VCs to Blame? – The crew debates whether investors are complicit in these token games or just bad at picking founders. 🔹 Pump, Dump, Repeat – How OTC discounts, fake float, and circular trading fuel a Ponzi-like system hiding in plain sight. 🔹 Why Retail Gets Burned – Most people never stood a chance. We walk through how asymmetric info and hidden unlocks wreck public buyers. 🔹 Can This Be Fixed? – Haseeb and Mosi clash on the path forward: enforceable disclosures, exchange oversight, or do-nothing chaos? 🔹 Self-Regulation Is the Only Way Out – Before the SEC nukes everything, the industry must grow up. Here’s where that starts. ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Mosi, Just a Kid from Africa Timestamps  00:00 Intro 01:22 Mosi’s Crypto Philosophy 03:13 Market Structure Issues in Crypto 08:07 OTC Deals & Market Manipulation 15:36 Fixing the Market Structure 23:56 Self-Correcting Market Dynamics 29:19 VC Incentives and Market Impact 36:08 Retail vs. Institutional Investors 52:26 Superstate's Vision for Onchain Equities HostsDisclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 15 May 2025

After the U.S. and China announced a 90-day pause on tariffs, signaling a massive de-escalation of the trade wars, markets rallied.  In this week’s Bits + Bips, the panel covers the biggest macro and crypto forces in motion right now: Will US-China tariff reset reshape the global economy, or just kick the can down the road? America’s ballooning deficit and why politicians are spending like it’s wartime. Why some think ETH has a unique lane to outperform. How policymakers ignore the power of the crypto community at their own risk. Plus: Saylor copycats, Solana’s risk-reward balance, and whether stagflation or recession is still in the cards. Sponsors: Bitwise Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive editor at Unchained Guests: Peter Tchir, Head of Macro Strategy at Academy Securities Zach Pandl, Head of research at Grayscale POLITICO: Trump: The EU is ‘nastier than China’ David Bailey and Bitcoin-Native Holding Company Nakamoto Announce Merger with KindlyMD® to Establish Bitcoin Treasury Unchained: Michael Saylor Copycats Rush to Win the Solana Rat Race. Can Lightning Strike Twice? Reuters: Brokerages Scale Back Recession Odds After U.S.-China Trade Truce White House: Joint Statement on U.S.-China Economic and Trade Meeting in Geneva McKinsey: Chinese Consumption Amid the New Reality CBS: U.S. Could Face Default by August if Congress Doesn't Address Debt Ceiling, Bessent Says Stablecoin bill drama Unchained: Why the Senate Stablecoin Bill Stalled & What It Means for Crypto Tether in the Clear? Yes, Under This New Republican-Led Senate Stablecoin Bill  Stablecoin Bill Stalls in Senate as GOP Cries Foul Over Dem Resistance A House Hearing on Crypto? More Like a Big, Partisan Fight Timestamps: 👋 0:00 Intro 🇨🇳🇺🇲 3:27 The significance of the U.S.-China tariff pause 🌎 8:55 Is this a global economic reset or just kicking the can down the road? 🧑‍💼 20:23 Has Bessent beaten Navarro in the Trump trade tug of war? 💔 23:11 Whether the U.S.-China relationship is heading for a permanent split 🏦 30:22 Is the U.S. heading for a debt default in August? 🎭 38:37 Why more are copying Strategy’s bitcoin playbook 🚀 44:53 ETH’s explosive short squeeze caught traders off guard. Can it continue? 🏛️ 52:47 How stablecoin policy suddenly became major political battleground ⚠️ 1:00:20 Are there still stagflation and recession risks? Hosts:Links Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 14 May 2025

The Movement Labs scandal exposed more than just one bad deal –  it pulled back the curtain on a widespread problem in crypto: how some market makers, founders, and VCs play games to make money — whether the project succeeds or not. In this episode, Laura speaks with José Macedo of Delphi Labs, Omar Shakeeb of SecondLane, and Taran Sabharwal of STIX to explain: How market makers are supposed to work, and how they operate in crypto Why insider selling is more common than you think How projects like Movement, Mantra, and others exploit launch day hype Whether VCs often enable this behavior with side deals that retail never hears about And what the industry needs to do to fix this broken system Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise José Macedo, founder at Delphi Labs Omar Shakeeb, cofounder of SecondLane Taran Sabharwal, founder and CEO of STIX. Movement Labs: Unchained: How MOVE’s Contracts Put a Pump and Dump Into a Legal Agreement CoinDesk: Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen Market making: The Chopping Block: Can Crypto Clean Itself Up? Market Structure, Trust, and Regulation  Mantra Founder Is Burning 150 Million Tokens. Would He Try to Get Them Returned? ZachXBT Ties REEF Founders to OM Token Crash Timestamps: 👋 0:00 Intro 🤝 1:51 What Omar’s and Taran’s companies do 🎭 3:40 How market making works and how crypto twists the model ⚠️ 9:35 Why crypto’s market maker incentives are broken by design 🛠️ 16:25 What it would take to fix shady market maker behavior 🚩 26:20 How some founders exploit launch day hype to dump on retail 🧠 38:11 Did Mantra’s JP pull off a “genius” move or manipulate the market? 🔍 42:22 Whether crypto traders do any research before apeing in 💸 52:48 How founders are incentivized to dump their own tokens 🏦 59:09 Why VCs may be fueling this problem with insider deals 📉 1:02:37 What crypto needs to learn from traditional finance ✅ 1:06:13 The biggest fixes the industry must prioritize to stop these scams Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 13 May 2025

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and special guest Evgeny Gaevoy of Wintermute break down the biggest stories in crypto. This week: the $38M Move token dump exposes the shady side of market making, with shocking incentives that blurred the line between liquidity support and pure exit liquidity. We dig into what really happened, why major VCs looked the other way, and how the entire token launch playbook might be broken. Evgeny joins to give the market maker’s perspective — and to answer the question: how many more of these sh*t shows are still lurking beneath the surface? Show highlights 🔹 $38M Token Dump Exposed – How Movement Labs’ shady deal with Web3Port revealed the dark side of crypto market making. 🔹 Market Makers or Exit Liquidity? – Inside the incentive structure that let a market maker dump tokens and split profits with the foundation. 🔹 VCs Looked the Other Way – Why top investors backed Movement Labs despite red flags — and what it says about crypto due diligence. 🔹 Rushi Gets Fired – The Movement Labs CEO is out after weeks of denial. But was the rest of the team complicit too? 🔹 Wintermute’s Evgeny Speaks Out – The biggest market maker in crypto weighs in on shady deals, dump mechanics, and transparency failures. 🔹 Airdrops, Float Games, and Retail Rugging – We dissect how token launches get manipulated behind the scenes — and who really pays. 🔹 The Case for Disclosure – Why Haseeb argues crypto needs mandatory public disclosures for market making agreements — before regulators step in. 🔹 Self-Regulation or SEC Crackdown? – Can the industry grow up on its own… or are we begging for another wave of securities enforcement? 🔹 Crypto’s Trust Crisis – Without transparency, the entire token model risks collapse. This episode lays out how to fix it. ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Evgeny Gaevoy, Founder and CEO at Wintermute Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen by Sam Kessler  🔗https://www.coindesk.com/tech/2025/04/30/inside-movement-s-token-dump-scandal-secret-contracts-shadow-advisors-and-hidden-middlemen  Timestamps 00:00 Intro 01:19 Movement Labs Scandal: Inside the Market Maker Mess 06:26 How Crypto Market Making Really Works 10:54 Rigged from the Start? 17:25 Who Knew What? Movement Labs and the Industry Fallout 25:57 Why Crypto Needs a Market Maker Disclosure 34:45 Transparency vs. Manipulation 38:02 Do Market Makers Control Token Prices? 51:51 The Crypto Market Structure Bill: What’s at Stake 59:18 Can We Fix Crypto Before It Breaks? HostsDisclosuresLinks Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 10 May 2025