On The Brink with Castle Island

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**On The Brink with Castle Island**

Hosts Matt Walsh and Nic Carter of Castle Island Ventures explore news and deals in the public blockchain space and talk to some of the leading experts in the industry. Learn more and stay up to date at CastleIsland.vc and follow on twitter @CastleIslandVC

Latest Episodes:

Brandon Mulvihill (Crossover Markets) on the future of market structure in the USA (EP.601) Mar 10, 2025

Show notes

Brandon Mulvihill, the co-founder and CEO of Crossover Markets joins the show. In this episode we discuss:

The shifting regulatory landscape in the USA and the impact that it is having on traditional financial institutions.
How banks and broker-dealers are responding to regulatory progress.
The battle for "Primary Market" in the United States.
The future of market structure and the bifurcation of exchanges vs. brokerages.
How Crossover is positioned in 2025.

To learn more about Crossover Markets visit their website.

Weekly Roundup 03/07/25 (Crypto Reserve, Debanking Bill, Broker Rule) (EP.600) Mar 07, 2025

Show notes

Matt and Nic are back for another week of news and deals. In this episode:

We debate the prudence of a BTC reserve
A Strategic Reserve of just BTC or altcoins?
How would a crypto reserve be "strategic"
Should the US Government just seize BTC to build the reserve?
Is there a "strategic" purpose to owning a gas token?
SEC task force for crypto is starting roundtables
SEC drops lawsuits against Kraken, Cumberland, and Yuga labs
Tim Scott's bill to eliminate reputational risk from bank regulation
CME launches SOL futures
An Argentine prosecutor is looking to seize $110m in the Libra case
Tether and Circle are fighting in Washington
SBF makes an appearance on Tucker

Weekly Roundup 02/28/25 (Bybit Hack, SEC drops lawsuits, bank-issued stablecoins) (EP.599) Feb 28, 2025

Show notes

Matt and Nic return for another week of news and deals. In this episode:

Figure Markets announced the launch of their YLDS stablecoin, which is the first yield-bearing stablecoin to be approved by and registered with the SEC
Crypto exchange Bybit was hacked on Friday for an estimated $1.48 billion worth of ETH in the largest hack in the industry's history
n the past week, the SEC dropped lawsuits and investigations related to Coinbase, Robinhood, OpenSea, Uniswap, Gemini, and MetaMask
Microstrategy purchased an additional 20,356 BTC last week
Crypto exchange OKX pled guilty and agreed to pay $504 million in penalties for anti-money laundering law violations
U.S. Treasury Secretary Scott Bessent has appointed Tyler Williams as an advisor on digital asset and blockchain policy
During an interview with Bloomberg, Bank of America CEO Brian Moynihan stated that in light of the expected upcoming stablecoin legislation, he expects that Bank of America will "get into that business," and may even launch their own stablecoin

Content mentioned in this episode:

Jameson Lopp, Jack Dorsey is not Satoshi Nakamoto
DeFi Education Fund, Examining the burdens, costs, and failures of the Bank Secrecy Act (BSA), and the potentially disastrous implications of applying the BSA to DeFi.

Weekly Roundup 02/21/25 (Milei's Libra scandal, physical gold chaos, are memecoins dead?) (EP.598) Feb 21, 2025

Show notes

Matt and Nic are back with another week of news and deals. In this episode:

Milei launches and immediately abandons the Libra memecoin
Is the memecoin sector dead?
What is the future of Solana post memecoin fallout?
Hagerty's GENIUS act gains bipartisan support
Why securities laws exist
What laws apply to memecoins?
What's going on with physical gold?

Weekly Roundup 02/14/25 (OCC and CFTC nominations, nation-state memecoins, Tigran retrospective) (EP.597) Feb 14, 2025

Show notes

Matt and Nic are back for another week of news and deals. In this episode:

Our episode with SEC Commissioner Hester Peirce
The SEC and Binance are pausing their litigation
Brian Quintenz nominated for CFTC
Jonathan Gould nominated for OCC
Central African Republic launches a memecoin
Is Vitalik crashing out?
CBOE wants to add staking to their ETH ETF
We reflect on the Tigran Gambaryan story
Rep Waters rolls out a draft stablecoin bill
Is there a run on gold vaults underway?
Tungsten is rallying

SEC Commissioner Hester Peirce on the journey ahead (EP.596) Feb 13, 2025

Show notes

SEC Commissioner Hester Peirce joins the show. In this episode we discuss:

The past several years of digital asset policy at the SEC
Different ways that regulators have the potential to stymie technical innovation through policy
SAB 121
The impact on the SEC's policies on capital formation in the digital asset industry
The role of Congress, specifically with regards to market structure
The future of token disclosures
Tokenization and how a regulatory framework could emerge in this category
Advice to founders

You can follow Commissioner Peirce on X.

Nathan McCauley (Anchorage) on the evolving banking and custody landscape (EP.595) Feb 11, 2025

Show notes

Nathan McCauley, the co-founder and CEO of Anchorage joins the show. In this episode we discuss:

The history of Anchorage and the evolution of the company from a product and regulatory perspective.
Operation Chokepoint 2.0 and the debanking of digital asset startups.
How banks are approaching the digital asset custody ecosystem and the sub-custody market.
The evolution of stablecoins, the prospects of a stablecoin bill and the Global Dollar Network stablecoin consortium.
Anchorage's Porto Wallet and Atlas products and the role they are playing with institutional customers.

To learn more about Anchorage visit www.anchorage.com

Weekly Roundup 02/07/25 (FDIC Files, House & Senate Hearings, SEC crypto priorities) (EP.594) Feb 07, 2025

Show notes

Matt and Nic are back for more news and deals. In this episode:

Matt and Nic's ski adventure
Berachain launches
Mike Lempres of Silvergate finally speaks
What we learned in the Senate debanking hearing
The FDIC releases 790 pages of new documents related to the pause letters
The FDIC is reprimanded by a judge in the Coinbase case
Senator Lummis reveals a Fed memo that may be proof of OCP2.0
The SEC releases their list of priorities for the Crypto Task Force
Hagerty releases the GENIUS Act on Stablecoins
Czech Republic waives capital gains on Bitcoins held for 3 years
Microstrategy is now just Strategy
Truth.fi is releasing a Bitcoin product
Ethereum's existential crisis

Mike Lempres on Silvergate's Collapse, Bank Regulation, and Debanking (EP.593) Feb 05, 2025

Show notes

Former Chairman of Silvergate Bank Mike Lempres joins us for a discussion of Silvergate, the crypto-focused bank that was forced into liquidation in early 2023 following a bank run. This are the first on the record comments from any Silvergate executive following the voluntary liquidation announced in March 2023. In this episode:

Mike's background at the DoJ, at Coinbase, and how he came to be chairman of the board at Silvergate
How Silvergate grew to become the premier crypto-focused bank with $14b in deposits
Why the Silvergate Exchange Network (SEN) was so useful to the crypto space
How Silvergate suffered a bank run and ultimate liquidation following the FTX collapse
How Silvergate survived a 70% bank run
Regulatory shifts in 2023
What led the decision to voluntarily liquidate
What has happened at Silvergate since the announcement of the liquidation?
The effect of Elizabeth Warren's letters and short seller behavior on the collapse
Could Silvergate have survived and thrived?
Should bank regulators be allowed to ringfence entire industries?
Silvergate's relationship with Alameda/FTX - and could they have detected the fraud?
Was Silvergate a victim of FTX
How the Signature case adds to the suspicion - were regulators sending a message?
What was the issue with SEN monitoring?
Silvergate's settlements with the Fed, the SEC, and the CA DFP
How Silvergate was rugpulled by the government with regards to Diem
The Fed's recent evolution on the topic of banks serving crypto
Mike's outlook on crypto banking and the domestic crypto industry
Why Signature and Silvergate executives are limited in what they can say publicly
The problem with "confidential supervisory information"
Why we may not get a "smoking gun memo" from the regulators on Choke Point 2.0
What changes would Mike make to bank regulation in the US?
Lingering misconceptions about Silvergate
Do Silvergate shareholders have a legal case against the government?

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