Unchained

Latest Episodes:

The Chopping Block: Crypto Clarity Act Drama + Stablecoin Yield Wars + Developer Liability Fights Jan 22, 2026

Show notes

This week the boys break down the Crypto Clarity Act's dramatic Senate markup with Coin Center's Peter Van Valkenburgh, covering developer liability concerns, tokenized securities language controversy, the banking industry's war against stablecoin yield.

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. Tarun's out this episode, but we're joined by Peter Van Valkenburgh, Principal of Policy at Coin Center and one of the sharpest legal minds in crypto.

This week, we're diving deep into the Crypto Clarity Act drama that has DC in chaos mode. What started as crypto's best shot at comprehensive regulation just hit a major roadblock when Coinbase pulled their support hours before the Senate markup. We'll break down the developer liability questions around "control" definitions, the tokenized securities language that has Brian Armstrong fired up, and the stablecoin yield restrictions that have banks and crypto companies at each other's throats.

Peter gives us the inside scoop on what's really in this 200-page bill, why Polymarket odds crashed from 80% to 40%, and whether this legislative train wreck can still get back on track. Let's get into it.

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 Coinbase pulls support for Crypto Clarity Act hours before Senate markup, citing "defacto ban" on tokenized equities

🔹 Peter Van Valkenburgh explains developer liability concerns and how "control" definitions could impact DeFi protocols

🔹 Debate over whether the bill actually kills tokenized securities innovation or just restates existing law

🔹 Banking industry fights to restrict stablecoin yield payments, fearing deposit flight and profit compression

🔹 Tom breaks down multiple loopholes in yield restrictions that could easily be exploited through rewards programs

🔹 Robert argues banks are protecting oligopoly profits while stifling consumer choice and competition

🔹 Peter warns that fighting over yield could jeopardize crucial developer protections like the Blockchain Regulatory Certainty Act

🔹 Polymarket odds for bill passage crash from 80% to 40% as political tensions escalate

🔹 Discussion of sanctions obligations for DeFi frontend operators and application layer providers

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tom Schmidt, General Partner at Dragonfly

Guest

⭐️Peter Van Valkenburgh, Executive Director of Coin Center

Disclosures

Links

Senate Banking Nears Vote on Digital Asset Market Structure by Peter Van Valkenburgh & Jason Somensatto & Lizandro (Laz) Pieper

https://www.coincenter.org/senate-banking-nears-vote-on-digital-asset-market-structure/

Timestamps

00:00 Intro

01:36 Clarity Act Panic

04:46 Peter's Expert Take: Why This Bill Matters

10:16 Developer Liability

19:36 Sanctions Compliance

27:03 Tokenized Equities Fight

35:42 Great Yield War: Banks vs. Stablecoins

45:11 Will Clarity Survive?

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DEX in the City: When NYSE Goes Onchain, What Happens to Financial Intermediaries? Jan 22, 2026

Show notes

Thanks to Mantle for supporting the pod—and launching the Global Hackathon 2025 with $150k in prizes, VC mentorship, and access to 7M+ Bybit users.

Your next big idea could go live here

The New York Stock Exchange just announced that it has developed a platform for the trading of tokenized equities with plans to unlock 24/7 trading for users.

In this DEX in the City episode hosts Katherine Kirkpatrick Bos and Vy Le are joined by Superstate General Counsel Alex Zozos to unpack the implications of NYSE's move and how tokenization could reshape markets.

Are traditional financial grants facing an Existential crisis? And will tokenization make most regulatory regimes redundant?

Plus, Zozos explains why all tokenized equities are not the same.

Hosts:

Katherine Kirkpatrick Bos

TuongVy Le

Guests:

Alex Zozos, General Counsel at Superstate

Links:

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How Nansen’s New Trading Agent Makes It Easier to Follow the Smart Money Onchain Jan 21, 2026

Show notes

Thank you to our sponsor, Walrus!

Crypto intelligence platform Nansen has rolled out an AI trading agent, aiming to let users complete the full trading lifecycle—from discovery to execution—within a single platform. But the move also heralds a new horizon for trading and investment, one potentially filled with interesting possibilities.

In this episode of Unchained Nansen CEO Alex Svanevik unpacks what the AI agent does, the end game, the opportunities and the hurdles.

Can Nansen AI do for trading what Anthropic's Claude is doing for coding? And will humans soon be able to work without being glued to a screen?

Listen to find out!

Guests:

Alex Svanevik, Co-founder and CEO at Nansen

Links:

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Why Bitcoin Isn't Acting as Digital Gold & International Stocks Are Winning - Bits + Bips Jan 21, 2026

Show notes

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Is Bitcoin losing its “digital gold” narrative just as geopolitics heat up? The Bits + Bips crew debates what markets still aren’t pricing in.

In this episode of Bits + Bips, hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins are joined by David Duong, Global Head of Research at Coinbase, to unpack a volatile mix of crypto regulation, geopolitics, and shifting market structure.

The group digs into why the latest market structure bill is starting to crack, why investors may be underpricing regulatory clarity, and what it means that Bitcoin is failing to behave like digital gold just as global risk rises.

They also explore whether the U.S. and Europe are still true allies, why Wall Street’s move toward 24/7 onchain markets matters more than most realize, and how internet capital markets could reshape who gets access to capital in the next decade.

Hosts:

Ram Ahluwalia, CFA, CEO and Founder of Lumida

Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting

Christopher Perkins, Managing Partner and President of CoinFund

Guests:

David Duong, Global Head of Research at Coinbase

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Bits + Bips: Why Grayscale Sees ATHs Before Q3, With ETH Outperforming Jan 19, 2026

Show notes

Thank you to our sponsor, Walrus!

Walrus is where the world’s data becomes reliable, valuable, and governable.

Geopolitical tensions are rising. Crypto legislation is stalled. And pressure on the Federal Reserve is intensifying.
So why are Bitcoin and the broader crypto market holding strong?

In this episode of Bits + Bips: The Interview, Steve Ehrlich sits down with Zach Pandl, Director of Research at Grayscale Investments, to unpack what’s been driving markets since 2026 began, from Washington’s regulatory battles to global instability and the Fed’s fight to maintain independence.

They break down where U.S. crypto policy stands, why Wall Street isn’t waiting for Congress, and how macro forces like inflation, debt, and geopolitics are shaping crypto’s next move.

Hosts:

Steven Ehrlich

Guests:

Zach Pandl, Head of Research at Grayscale

Links:

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Q-Day Is Imminent. Can Bitcoin Survive the Quantum Threat? Jan 18, 2026

Show notes

Thank you to our sponsors!

Walrus

Post-quantum era focused blockchain builder Project Eleven has just raised $20 million from the industry's heavy hitters as concerns over Bitcoin's quantum readiness grow.

In this Unchained podcast episode, Project Eleven CEO Alex Pruden delves into the urgency of the quantum threat to Bitcoin while highlighting which other blockchains are most at risk. He also shares what Project Eleven is focused on to help crypto prepare and the potential outcomes.

Listen to learn why Pruden believes implementing post-quantum cryptography would be the most significant upgrade blockchains have ever undergone and why a Bitcoin chain split is likely.

Guests:

Alex Pruden, CEO and Co-Founder of Project Eleven

Links:

Solana Deploys Post-Quantum Signatures on Testnet

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Uneasy Money: In a World of AI, Are Dino Privacy Coins a Good Bet? Jan 18, 2026

Show notes

Thank you to our sponsor, MultiChain Advisors!

Privacy is back on the radar as Monero gets compared to silver. Meanwhile, Vitalik wants Ethereum to ossify, former New York City Mayor Eric Adams’ NYC token rugs and X's algorithm has crypto Twitter up in arms.

In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monahan unpack: Monero's sudden surge, Vitalik's “walkaway test,” why blatant scams like Adams’ NYC token continue to succeed and whether X has been suppressing crypto content.

Don’t miss Kain’s story on how he lost nearly $250K in a wild vibe coding experiment.

Plus, Is Vitalik's “walkaway test” too “aspirational?” And could X cashtags usher in the next altseason?

Hosts:

Luca Netz

Kain Warwick

Taylor Monahan

Links:

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Polygon's Big Pivot: Why the Network Is Pivoting to Payments and What It Means for POL Jan 17, 2026

Show notes

Thank you to our sponsor, Figure!

Ethereum scaling network Polygon is charting a new course. Polygon on Jan. 13 announced that it was becoming a “regulated U.S. payments platform” following the acquisition of Web3 services companies Coinme and Sequence.

In this Unchained episode, Polygon Labs CEO Marc Boiron reveals the motivations behind the pivot and what it means for the network and its native token POL. He says that despite the pivot, Polygon is not becoming an application chain.

Can Polygon thrive in the stablecoin dominated space? And will POL benefit?

Guests:

Marc Boiron, Chief Executive Officer at Polygon Labs

Links:

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Why Bitcoin Has Fallen Behind Gold & What Could Come Next Jan 17, 2026

Show notes

Thank you to our sponsor, Figure!

As tensions between the Trump administration and the Federal Reserve rise, gold and silver have surged to record highs. Bitcoin, meanwhile, has struggled to keep pace, raising uncomfortable questions about its “digital gold” narrative.

In this back-to-back Unchained episode, Vinny Lingham, cofounder of Xash, and Eric Fine, portfolio manager at VanEck, offer two distinct but complementary perspectives on what’s happening beneath the surface of global markets.

Vinny explains why gold’s liquidity, trust, and central-bank adoption still dwarf Bitcoin’s, and why that gap led him to design a gold-backed, reward-bearing stablecoin, USDX.

Eric walks through VanEck’s provocative analysis showing gold could reach $39,000 or even $184,000 if the dollar were to lose its reserve-currency dominance and gold had to back the money supply. He also dives into why some developed markets may be more fragile than investors assume.

Guests:

Vinny Lingham, Co-founder, and President of Xash

Eric Fine, Portfolio Manager, Active Emerging Markets Debt at VanEck

Links:

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Bits + Bips: How AI and Energy Prices Will Force the Fed’s Hand Jan 15, 2026

Show notes

Thank you to our sponsor, Uniswap!

If trust in central banks erodes, what replaces it? This week’s Bits + Bips connects AI, energy, inflation, and Bitcoin.

In this episode of Bits + Bips, hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins are joined by Daniel Ives, one of Wall Street’s most closely followed technology analysts, to break down how AI is colliding with macroeconomics.

They debate whether AI will ultimately be inflationary or deflationary, why energy may become the binding constraint on technological growth, and how rising productivity could force the Federal Reserve into uncomfortable trade-offs.

The conversation also covers pressure on central bank independence, the fragility of trust in fiat systems, and why Bitcoin increasingly enters the conversation when that trust erodes.

Hosts: