Unchained

Latest Episodes:

The Chopping Block: Crypto as a Public Good, Tornado Cash Ruling, and SEC’s New Direction - Ep. 772 Jan 25, 2025

Show notes

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, and Tom Schmidt chop it up about the latest in crypto. This week, we're joined by special guest Peter Van Valkenburgh, Executive Director of Coin Center, to tackle one of the most pivotal moments in crypto policy. In this episode, we dive into the groundbreaking Fifth Circuit ruling on Tornado Cash, unpack its implications for blockchain privacy, and discuss the challenges noncustodial developers like Roman Storm are facing. We also break down Trump’s crypto executive order, the SEC’s new direction under Hester Peirce, and speculate on what a U.S. strategic Bitcoin reserve might mean for the future.

Show highlights

🔹 Crypto as a Public Good: Why open, permissionless technologies need protection—and how Coin Center defends them.

🔹 Tornado Cash Ruling: The Fifth Circuit overturns OFAC sanctions—what this means for blockchain privacy and freedoms.

🔹 Roman Storm Case: DOJ’s controversial crackdown on noncustodial developers and its implications for innovation.

🔹 Trump’s Crypto EO: Breaking down the ban on CBDCs and the push for U.S. leadership in digital assets.

🔹 SEC’s New Direction: Hester Peirce’s crypto task force and the future of enforcement and regulation.

🔹 CFTC vs. SEC: Will Congress resolve the jurisdiction battle over crypto markets?

🔹 Senate Banking’s Subcommittee: How Senator Lummis could lead a new era of crypto-friendly policy.

🔹 Strategic Bitcoin Reserve: Speculating on what a U.S. Bitcoin reserve might look like.

🔹 2025 Regulatory Outlook: How shifting policies could redefine crypto’s future.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

Guest:

⭐️Peter Van Valkenburgh, Executive Director of Coin Center

Disclosures

Timestamps -

00:00 Intro

01:34 Coin Center & Crypto as a Public Good

05:04 Crypto Policy Shifts & Trump's Executive Order

16:11 Senate Banking Digital Assets Subcommittee

20:20 SEC Crypto Task Force

32:10 Hester Peirce's Safe Harbor Proposal

35:43 Strategic Bitcoin Reserve: Expectations and Realities

41:12 Tornado Cash & OFAC Sanctions

45:28 Legal Implications for Noncustodial Developers

57:51 Future of Crypto Regulation & Coin Center's Role

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Why Ethereum’s New Marketing Arm Is Convinced Wall Street Will Adopt ETH - Ep. 771 Jan 24, 2025

Show notes

Ethereum has had a tough year, losing ground to Solana in price performance, developer activity and as the home to the latest crypto trends. Yet, Vivek Raman, founder and CEO of Etherealize, is doubling down on Ethereum’s future.

In this episode, Vivek explains how Etherealize, a “marketing arm for the ETH ecosystem,” was in the works long before the current criticisms of the Ethereum Foundation’s marketing, and how it got funding from Ethereum creator Vitalik Buterin and the foundation. He discusses why he believes layer 2 solutions make Ethereum a better fit for Wall Street than Solana.

Plus, Vivek shares his thoughts on Ethereum’s value accrual, the state of its ecosystem, and how Etherealize plans to bridge the gap between Wall Street and Web3.

Show highlights:

2:50 Why Vivek thinks that it’s an opportune time to launch Etherealize
7:32 How the project has been in the works for longer than people might think
13:28 How Etherealize secured funding from Vitalik Buterin and the Ethereum Foundation
15:11 Why Vivek says they got “lucky” with the timing of the announcement
19:03 How Vivek plans to drive the narrative of ETH as an asset
22:17 Why he believes corporations will launch their own L2s on Ethereum
29:13 How he pitches Ethereum to TradFi
31:42 Why Vivek believes Ethereum is better suited for Wall Street than Solana
34:08 What he has to say about L2s being centralized
38:24 News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

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Guest

Vivek Raman, founder and CEO of Etherealize

Links

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The Chopping Block: Trump’s Crypto Shake-Up, Solana’s Big Moment, that Changes Everything - Ep. 770 Jan 22, 2025

Show notes

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, we dive into one of the wildest weeks in crypto history, unpacking the unprecedented launch of Trump’s memecoin and its explosive $70 billion valuation. We discuss how it broke every record imaginable, the fallout from Melania’s token, and the chaos it unleashed across the Solana network. From the ethics of a sitting president launching a coin to the implications for retail investors and the future of memecoins, we’re covering it all. Plus, we debate whether this marks a new chapter for crypto adoption or a troubling precedent for political grift. Stay tuned for this jam-packed emergency episode!

Show highlights

🔹 Trump’s Memecoin Craze: Breaking down the historic launch of $Trump, its unprecedented $70B valuation, and how it shattered every record in crypto history.

🔹 Melania’s Memecoin Fallout: What went wrong with the $Melania token launch? Exploring its disastrous impact on the market and $Trump coin’s rapid crash.

🔹 DeFi’s Ultimate Stress Test: How Solana infrastructure held up against unprecedented volumes, Moonshot’s rise to the top, and why this reshaped the memecoin landscape.

🔹 Retail FOMO vs. Institutional Doubts: Examining retail’s overwhelming rush to $Trump coin and why some insiders remain skeptical of its long-term implications.

🔹 Crypto Meets Politics: The ethics and implications of a sitting president launching a memecoin—and how it could distort the future of crypto regulation and perception.

🔹 The Memecoin Economy Evolves: Could Trump and Melania coins signify the end—or a new era—of memecoins? A debate on the future of speculative tokens.

🔹 Solana’s Big Moment: Why Trump coin positioned Solana as the go-to chain for memecoins, and how it outperformed competitors during this chaos.

🔹 On-Chain Innovation or Grift? Is this a turning point for crypto adoption, or just the latest example of right-wing opportunism? The crew debates the broader implications.

🔹 Adversarial Predictions: What happens when other world leaders witness Trump’s success? The panel speculates on who could be next in the memecoin race.

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

Timestamps -

00:00 Intro

02:23 The Crypto Ball

07:11 Trump's Memecoin: $TRUMP

13:21 Market Reactions & Infrastructure Challenges

26:25 Melania Token: $MELANIA

38:52 Solana's User Surge, Start of Ethereum Civil War?

45:12 Speculation: Crypto's Killer Use Case

49:59 Partisan Divide in Crypto

54:22 Trump's Crypto Strategy

01:07:32 Crypto's Social and Political Implications

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Bits + Bips: Debate: Is Trump’s Memecoin a Gift or a Grift? - Ep. 769 Jan 22, 2025

Show notes

This week, Trump’s memecoin launch had everyone talking—and scrambling for Phantom wallets. But was it a strategic masterstroke or just another speculative frenzy?

On this episode of Bits + Bips, the hosts unpack the wild moments of the Crypto Ball, where $TRUMP made its surprise debut. They discuss how Bitcoin maxis were forced to embrace Solana wallets, why Multicoin Capital emerged as the biggest winner, and whether the memecoin launch signals a local market top.

Plus, they debate whether Trump’s crypto-friendly stance could shape policy in 2025, why Litecoin might beat Solana to a spot ETF, and what Trump’s inauguration speech reveals about his crypto game plan.

Show highlights:

0:58 What Ram can tell us about his experience at the Crypto Ball
3:39 How Ram was so surprised when the $TRUMP coin dropped in the middle of the event
7:51 What will happen with the 80% of $TRUMP that Trump holds
8:51 Why Ram believes Multicoin Capital was the biggest winner of $TRUMP dropping
10:14 Whether the coin was “gift or grift”
17:07 How the $Melania coin was the Trumps shooting themselves in the foot
19:37 How the launch of the coin is a “major win” for Solana
22:49 Whether ETH can have a comeback as the “TradFi chain”
35:28 How the market would react to the lack of a strategic bitcoin reserve mention
43:28 What executive orders Trump could deliver for the crypto industry
48:47 Alex’s experience with the pump and dump of a fake Barron Trump memecoin
53:41 What was notable from Trump’s inauguration speech
56:28 Whether rate cuts in December were a mistake and whether more are coming
1:05:51 Why James believes that Litecoin has more chances than Solana for a spot ETF
1:08:41 Whether the launch of $TRUMP will mark a local top for the markets

Hosts:

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

Links

Saylor’s parody account’s tweet recounted by Alex
Meme recounted by Noelle
Vitalik on changing the EF leadership
Josh Stark’s tweet on how the EF “uses Ethereum”
Paper on DeFi that Alex talked about: Christopher J Waller: Centralized and decentralized finance - substitutes or complements?
Polymarket: Will Trump create Bitcoin reserve in first 100 days?
Unchained:
Trump Appoints Crypto-Friendly Mark Uyeda as Acting SEC Chair
Trump-Backed World Liberty Financial Goes on Token Buying Spree
Trump Picks Pham as Acting CFTC Chair

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Why Lyn Alden Isn't a Fan of Trump’s Memecoins, but Neutral on a Strategic Bitcoin Reserve - Ep. 768 Jan 21, 2025

Show notes

The crypto world was shaken this weekend when Donald Trump and Melania Trump launched their own memecoins, ahead of Trump’s inauguration as president.

Financial analyst Lyn Alden joins Laura to explain why she’s not a fan of memecoins, neutral on a U.S. strategic bitcoin reserve, and doubtful the U.S. can disrupt itself even as Bitcoin, crypto and blockchain technology hold the possibilities of upending the geopolitical world order.

Discussing everything from rising tariffs to reshoring strategies, Lyn offers a sharp analysis of the U.S. fiscal and monetary outlook and explains why she believes fiscal policy now overshadows monetary policy. Plus, hear her take on the TikTok ban debate, her skepticism that Bitcoin’s future security could be at risk as the block subsidy decreases, and her Bitcoin projection for 2025.

Show highlights:

02:13 Why Lyn is not supportive of the launch of Trump’s and Melania’s memecoins
10:01 Whether Trump should airdrop his memecoin to U.S. citizens
11:47 Why a U.S. strategic bitcoin reserve sparks debate over its potential to devalue the dollar, reshape trade deficits, and challenge the global reserve currency system
25:09 How bitcoin’s rise as a neutral reserve asset could shape a multi-polar world
27:23 Why she thinks addressing U.S. fiscal issues may require the reshoring of industry and rethinking the dollar system
31:22Why Lyn thinks rising tariffs could disrupt global trade, but might also make the government less able to rely on taxation in a world of portable capital and growing privacy tools
35:16 Whether DOGE will be bearish for bitcoin
39:39 Why Lyn feels that Scott Bessent’s “3-3-3 Plan” faces challenges
42:29 Why fiscal policy now overshadows monetary policy, according to Lyn
48:21 What the TikTok ban debate reveals to Lyn about government control and the push for decentralized social media
52:31 Lyn’s take on MSTR’s plan to increase the number of shares
54:56 Lyn’s view on OP_CAT and bitcoin soft forks
57:20 Why Lyn doesn’t think that declining subsidies pose a problem for bitcoin’s security
1:05:59 Why Lyn doesn’t see value in other sectors of crypto, such as DeFi, aside from Bitcoin and stablecoins
1:09:15 Lyn’s projection for the price of bitcoin in 2025

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest:

Lyn Alden, founder of Lyn Alden Investment Strategy
Previous appearances on Unchained:
Does Maximalism Help or Hurt Bitcoin? Lyn Alden and Udi Wertheimer Debate
How Will Inflation Impact Crypto?
Is Ethereum a Good Investment?
Why Bitcoin Now: Meltem Demirors and Lyn Alden on the Perfect Conditions for Bitcoin

Links

Trump’s announcement of a memecoin
Unchained: TRUMP Memecoin Soars Then Sinks as MELANIA Launches
Balaji’s tweet on the proposal of airdropping $TRUMP
Unchained: A Bitcoin Strategic Reserve for the U.S.? Senator Cynthia Lummis Reveals Her Bill
Bloomberg: MicroStrategy May Soon Rival Amazon, Alphabet in Common Shares -
Unchained: What Is the OP_CAT Bitcoin Improvement Proposal? - Unchained
Unchained: Bitcoin Layer 2s Aim to Attract Ethereum-Like Dapps. Will They Succeed? - Ep.638

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Why Sony Launched Soneium, an Ethereum L2, and Blacklisted Some Memecoins - Ep. 767 Jan 17, 2025

Show notes

This week, Sony launched the mainnet for Soneium, its Ethereum Layer 2 blockchain built on the OP Stack from Optimism. Soneium is designed to support creators, developers, and fans through tools like Sony’s NFT-based Fan Marketing Platform and Soneium Spark.

However, Soneium’s launch has sparked controversy. Its decision to blacklist some memecoins—over intellectual property concerns—has raised questions about the balance between decentralization and protecting creators’ rights. Even Ethereum co-founder Vitalik Buterin weighed in, highlighting the tradeoffs businesses face in Web3.

Sota Watanabe, CEO at Startale, took a quick interview to clear up the misunderstanding about IP infringement. He also explains the vision for the platform and what’s next for Soneium in entertainment and finance.

Plus, at the end of the episode, Laura speaks to Ari Gore, head of communications at Zengo Wallet, about protecting your private keys and your cryptocurrencies from natural disasters.

Show highlights:

01:52 Why Sony decided to launch a layer 2 on Ethereum
05:39 How Soneium will work with creators to support them
11:29 Sota’s response to the backlash about blacklisting memecoins
18:46 How Soneium’s technical implementation protects IP rights
23:56Why Soneium attracts people from certain demographics
27:05 What the L2 blockchain will focus on next
27:05 Tips to protect your crypto safe from natural disasters
34:47 News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guests

Sota Watanabe, CEO at Startale
Ari Gore, head of communications at Zengo Wallet

Links

Soneium Mainnet: Invoking Emotion And Empowering Creativity
Tweet by PopPunkOnChain
Tweet by 0xKawz
Tweet by Vitalik
Tweet by donnoh_eth
Soneium's Philosophy for Responsible Innovation

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The Chopping Block w/ Guy Young: Lessons from USD0, Ethena's Bold Vision, and DeFi’s Future - Ep. 766 Jan 16, 2025

Show notes

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, we’re joined by Guy Young, CEO and founder of Ethena Labs, to break down the hard truths behind DeFi’s most recent chaos. We dive into the USD0++ depeg and its ripple effects across the ecosystem, exploring what went wrong and the critical lessons for the future of stable assets. Plus, we discuss Ethena’s meteoric rise, Guy’s vision for synthetic dollars, and how innovative yield strategies are reshaping DeFi. Stay tuned as we debate, analyze, and uncover the hidden forces shaping crypto today.

Show highlights

🔹 USD0++ Depeg Drama: A deep dive into what caused the USD0++ depeg, the mechanics behind the chaos, and the broader implications for DeFi.

🔹 Lessons on Risk Transparency: Why sudden rule changes eroded trust and how protocols can improve communication to avoid similar fallout.

🔹 Ethena’s Rise and Vision: Guy Young shares the story of Ethena’s explosive growth, its innovative synthetic dollar model, and its role in DeFi’s evolution.

🔹 The Yield Dilemma: Exploring how Ethena’s yield model works, its appeal, and the risks it carries for users and the ecosystem.

🔹 DeFi’s Distribution Problem: Why centralized exchanges remain the key to scaling synthetic assets and stablecoins like Ethena’s USD.

🔹 Transparency vs. Overconfidence: Drawing lessons from Luna’s downfall and how Ethena’s approach to clear communication sets a new standard.

🔹 Athena’s 2025 Roadmap: From DeFi integrations to TradFi adoption, what’s next for Ethena as it scales synthetic dollars globally.

🔹 Reflections on Building in DeFi: Guy Young opens up about the challenges, surprises, and rewards of leading one of DeFi’s fastest-growing projects.

🔹 2025 Predictions: The crew debates who might become this year’s “main character” in crypto and what that could mean for the market.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tom Schmidt, General Partner at Dragonfly

Guest

⭐️Guy Young, CEO & Founder of Ethena Labs

Disclosures

Timestamps

00:00 Intro

01:30 Changes to Usual Money’s Protocol

06:05 Reactions & Analysis

09:12 Lessons from USD0

18:35 Transparency vs. Miscommunication

22:42 Ethena: A DeFi Success Story

32:12 Demand for Stablecoins & Yield

36:40 Custody & Market Structure Post-FTX

43:58 Handling Negative Yields and Market Corrections

48:22 Ethena's Roadmap and Future Plans

55:53 Reflections on Building Ethena

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Bits + Bips: AI Jobs Wipeout, Bitcoin as a Risk-Off Asset and Few Rate Cuts - Ep. 765 Jan 15, 2025

Show notes

This week, Bloomberg’s James Seyffart, Lumida’s Ram Ahluwalia, and guest Tom Dunleavy explore whether the “Fed pivot” is officially dead, how AI will impact the job market, and what Tether’s move to El Salvador means for U.S. stablecoin policy.

They also debate whether bitcoin could ever be a risk-off asset, how sovereign nations might already be accumulating BTC, and what the Coinbase legal win against the SEC signals for the future.

Plus, why volatility is still king in crypto and what lies ahead for the global markets.

Show highlights:

02:12 Whether the “Fed pivot” is officially dead and whether rate cuts are coming
08:37 What the impact of AI will be on the jobs market
13:27 Why the markets have been chopping so much and whether it’s the bottom
18:00 What Trump could achieve for the crypto industry in his first 100 days
23:02 Whether the US sold the Silk Road bitcoin
25:27 Why bitcoin will not be a risk-off asset in the near term according to Tom and Ram
31:08 Whether sovereign nations have already started buying bitcoin
36:49 Why Tether moving to El Salvador is a loss to the U.S., according to Ram
40:26 How the L.A. fires will have an impact on the political landscape in the U.S.
52:06 How Coinbase just achieved a “huge win” against the SEC

Sponsors:

Stellar Build Better

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Ram Ahluwalia, CFA, CEO and Founder of Lumida

Guest:

Tom Dunleavy, Partner at Master Ventures

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How New Stablecoin Startup Bridge Got Acquired by Stripe for $1.1 Billion - Ep. 764 Jan 14, 2025

Show notes

In October, the crypto industry saw a jaw-dropping acquisition: Bridge, a stablecoin-focused company, was bought by Web2 payments giant Stripe for $1.1 billion.

Now, three months later, Bridge co-founder Zach Abrams opens up about the wild journey that led to this moment, from navigating collapses like Terra’s UST and USDC’s depegging, to securing compliance and fraud prevention as core priorities.

Zach also delves into his vision for the future of stablecoins, whether the U.S. dollar will continue to dominate, and why global financial infrastructure needs an upgrade.

Plus, he recounts how timing and resilience helped Bridge stand out amidst massive industry challenges.

Show highlights:

01:49The problems of the payments system and how stablecoins could solve them
13:35 What Bridge is, how it works and what types of consumers it serves
19:33 What significant inconveniences Bridge found throughout its journey
25:56 How Zach’s background in Coinbase influenced the launch of Bridge
30:20 Whether there will be multiple stablecoins or just a couple of winners
33:49 How Bridge worked with their customers to improve its product
39:35 The story of how Bridge was acquired by Stripe for $1.1 billion
46:37 Whether its dependence on banks is a problem for Bridge
53:02 How Bridge deals with fraud and compliance
59:50 What Zach thinks about the competition in the stablecoin landscape
1:04:37 Why Zach believes that the fiat infrastructure landscape is still Bridge’s main competitor
1:10:08 Whether the U.S. dollar will remain the overwhelmingly predominant currency in stablecoins

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest:

Zach Abrams, Co-founder of Bridge

Links

Recent coverage of Unchained on stablecoins:
How This Stablecoin Business in Africa Is Taking on SWIFT and Big Banks
Why Robinhood CEO Vlad Tenev Is Betting Big on Crypto, Stablecoins, and Prediction Markets
CNBC: Stripe's $1.1 billion deal for crypto firm Bridge marks much-needed win for VCs

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Why Travis Kling Thinks Not Looking at AI Agents Would Be 'a Big Mistake' - Ep. 763 Jan 10, 2025

Show notes

It’s been a tough week for the markets, with bitcoin gyrating from $102,400 to $92,000.

Travis Kling, CIO of Ikigai Asset Management, shares his thoughts on the selloff, whether this market dip is a cause for alarm, and how macro factors like the Fed’s rate policy and ETF dynamics are shaping the landscape.

Plus, he dives into the explosive growth of AI agents and why crypto investors should start paying attention to this new frontier. Could AI agents revolutionize crypto, or are we witnessing another bubble?

Show highlights:

01:49 Why Travis believes this market selloff was “abnormal”
04:31 Whether he thinks the DOJ will sell Silk Road’s $6 billion worth of BTC from Silk Road
07:36 Why Travis is supportive of a US bitcoin strategic reserve
17:15 Why inflation and policy shifts might keep Fed rates steady
22:30 What explains the significant outflows from bitcoin spot ETFs on Wednesday
24:37 Whether Travis thinks the AI agent rise is a bubble

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Travis Kling, Chief Investment Officer of Ikigai Asset Management
Previous appearances on Unchained:
With Rate Cuts and Upcoming Elections, What’s the Best Play in Crypto?
With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold

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