Unchained

Latest Episodes:

Bits + Bips: Bitcoin Keeps Smashing All-Time Highs, and MSTR Joins the Big Leagues - Ep. 752 Dec 18, 2024

Show notes

Bitcoin’s 2024 rally has been explosive, but is the next phase just beginning? In this episode of Bits + Bips, hosts Noelle Acheson, Ram Ahluwalia, and Alex Kruger are joined by Ledn’s Mauricio di Bartolomeo to unpack the forces shaping the crypto market as the year comes to a close.

Mauricio explains how Ledn has grown amidst regulatory and economic shifts, and shares insights on why the “Trump put” is creating a new trading setup for crypto. The panel dissects the undercurrents behind Bitcoin’s surge, explores how MicroStrategy’s presence on the NASDAQ creates unique market dynamics, and debates how much higher BTC could climb. But they warn not to expect “buy” ratings on MSTR.

Plus, they dive into why Solana underperformed in recent weeks, how Bitcoin enables capital flight (and how they may be happening from China), and what 2025 could hold for crypto. Packed with data, opinions, and a few book recommendations (well, except from Alex), this episode offers sharp analysis as 2024, a pivotal year for crypto, wraps up.

Show highlights:

Mauricio’s background and how Venezuela’s regime led him to crypto
How Ledn works and how it’s seen substantial growth since the elections
What’s driving this wave of growth in the price of bitcoin
How much higher BTC will go and what the effects of the end-of-year portfolio rebalancing will be
What the risks are for the U.S. economy
How BTC is the easiest way to trade the Trump bump
Whether the Chinese macro matters for crypto
How MicroStrategy has become a Trojan horse
Why Alex likes XRP and ENA and why SOL has been underperforming recently
2024 wrap-up: what everyone was most surprised about
Book recommendations from everyone, except Alex, who’s only focused on shitcoins

Hosts:

Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida

Guest:

Mauricio di Bartolomeo, cofounder & CSO of Ledn

Links

Timestamps:

00:00 Intro
01:38 Mauricio’s journey from Venezuela to crypto
07:37 How Ledn thrived post-elections and saw major growth
15:16 Key drivers behind Bitcoin’s explosive rally
20:30 How high could BTC climb – and might year-end rebalancing affect the price?
25:22 Risks facing the U.S. economy heading into 2025
32:47 BTC as the go-to trade for the Trump bump
36:13 The significance of Chinese macro trends for crypto
47:32 MicroStrategy’s role as a Trojan horse for Bitcoin adoption
53:20 Why Alex likes XRP and ENA, but SOL is lagging
1:02:35 Biggest surprises from 2024’s crypto market
1:06:33 Book picks from everyone—except Alex, who’s all about shitcoins

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After an Incredible 2024 for USDe, Ethena Plans to Supercharge Growth - Ep. 751 Dec 17, 2024

Show notes

USDe shattered expectations in 2024, emerging as the largest decentralized stablecoin in circulation and a game changer for DeFi. Ethena’s founder, Guy Young, joins the show to reveal how the protocol surpassed long-established giants, generating billions in fees and setting new benchmarks for yield generation.

Guy also breaks down the mechanics behind Ethena’s innovative strategies, including “Aavethena,” a yield-boosting approach that’s changing how users interact with synthetic dollars. Plus, he addresses the risks: what happens when leverage goes too far, and how Ethena mitigates volatility at its core.

Will Ethena bridge DeFi and TradFi, leveraging the disconnect between crypto and traditional interest rates to tap into a $100 trillion fixed-income market?

Show highlights:

Why Guy was surprised to see the rapid rise of USDe
Why Guy is spending 80% of his time on bringing Ethena to TradFi
The launch of Ethena’s UStb
How regulation comes into play and the challenges in different jurisdictions
Whether USDe could launch in the U.S. with a friendlier administration
Why Ethena hasn’t needed to utilize the reserve fund
Why Guy believes Ethena has been able, at times, to surpass OG protocols like Ethereum and Uniswap in fees
How USDe is being used across the board in DeFi applications
What the “Aavethena” strategy is and how it generates yield for users
Whether USDe has brought considerable risks of liquidations
How allowing Pendle’s PT tokens on Aave could supercharge growth
How Ethena counters the centralization risks around exchanges
Why Guy thinks that Ethena’s cross-chain strategy has been “pretty poor”
How ENA has performed well despite airdrops not doing well in 2024
Why Guy believes this bull cycle is different
Why he’s expecting USDe to reach at least $15 billion 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:

Guy Young, Founder of Ethena Labs
Previous appearances on Unchained:
Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe?
How Ethena’s USDe Challenges Traditional Stablecoin Models

Links

Unchained: Ethena’s USDe Becomes Third-Largest Stablecoin
UStB announcement
How BlackRock, the World's Largest Asset Manager, Took Crypto Mainstream
Blockworks Research thread on how USDe is used
Aavethena tweet by Guy Young
“androlloyd’s” tweet on the level of exposure USDe has
Unchained: Circuit Breakers: Is ERC-7265 the Solution dApps Were Waiting For?
Seraphim’s tweet on the Ethena endgame

Timestmaps:

00:00 Intro
01:52 The rapid rise of USDe and what surprised Guy about its ascent
05:11 Ethena’s growth plans for 2025
07:36 Ethena’s role in launching UStb
11:52 Regulatory challenges across different regions
16:24 Could a U.S. launch for USDe happen with a friendlier administration?
20:56 Why Ethena’s reserve fund hasn’t been tapped yet
22:22 How Ethena surpassed OG protocols, including Ethereum, Uniswap, etc., in fees
25:14 USDe’s growing role in DeFi applications
27:17 The “Aavethena” strategy and how it generates yield
30:38 Risks of liquidations tied to USDe
33:48 Supercharging growth with Pendle’s PT tokens on Aave
36:15 How Ethena mitigates centralization risks with exchanges
40:39 Guy’s thoughts on Ethena’s cross-chain strategy struggles
43:19 Why ENA has performed well despite airdrop fatigue
48:42 Why this bull cycle feels different

52:44 Guy’s target for 2025

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The Chopping Block: Google’s Willow Chip, ICO Resurgence, and Crypto Dev Trends - Ep. 750 Dec 15, 2024

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. This week, the crew explores the resurgence of ICOs through Echo sales, diving into MegaEth’s record-breaking sale and the shifting meta of token launches. They also discuss Google’s quantum computing breakthrough with the Willow chip and its potential implications for cryptographic security in crypto. Tarun doubles down on his critique of Decentralized Science (DeSci), sparking a lively debate on its viability and accountability. Finally, the team unpacks Electric Capital’s developer report, highlighting Solana’s dominance in India and the global trends shaping crypto development.

Show highlights

🔹 ICOs and Echo Sales Resurgence:The crew debates the return of ICOs, now rebranded as Echo sales, and their impact on token launches. Is the shift from airdrops to pre-sales a sustainable new meta for crypto?

🔹 MegaEth’s Record-Breaking Sale on Echo: A detailed analysis of MegaEth's $4.2M Echo sale that sold out in seconds. With a $200M FDV, the sale sparked discussions about community involvement and valuation dynamics.

🔹 Airdrops vs. Echo Sales: The panel dissects the shift in sentiment around airdrops, questioning their fairness and efficiency compared to community presales. Are Echo sales the new paradigm for engaging retail investors?

🔹 Quantum Computing and Crypto’s Future: Google’s breakthrough with the Willow chip sparks a discussion on quantum computing’s implications for cryptocurrencies. Is public key cryptography under threat, or do we have time to adapt?

🔹 The Satoshi Dilemma: Speculations about Satoshi Nakamoto’s coins and what would happen if they were ever moved. Could quantum computing make those coins vulnerable?

🔹 Decentralized Science (DeSci) Debate: Tarun doubles down on his criticism of DeSci projects, arguing they lack accountability and meaningful use cases. The team explores whether DeSci can evolve into something impactful.

🔹 Electric Capital’s Developer Report: Reactions to Electric Capital’s 2024 developer report, highlighting Asia overtaking North America in crypto developer activity, Solana’s dominance in India, and the growing trend of multi-chain developers.

🔹 Developer Efficiency in Crypto: Despite the plateauing number of developers, crypto projects demonstrate incredible efficiency. Fewer hacks, more battle-hardened code, and a shift toward higher-quality deployment signal a maturing space.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures

Timestamps

00:00 Intro
01:52 The Return of ICOs
07:29 Airdrops vs. Community Sales
19:27 Quantum Computing and Crypto
28:18 Bitcoin Addresses & Quantum Computing
32:24 DeSci Debate
42:56 Electric Capital Developer Report
51:35 Developer Efficiency in Crypto

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How Solana Beat Out Ethereum to Nab New Crypto Developers in 2024 - Ep. 749 Dec 13, 2024

Show notes

The 2024 Developer Report from Electric Capital reveals many shifting dynamics. For starters, for the first time in eight years, Ethereum was not the top chain for new developers—Solana was. Meanwhile, Asia has emerged as the leading hub for crypto development, taking the top spot from North America, which dropped to third.

In this episode, General Partner Maria Shen explores how Ethereum's Layer 2 solutions are bolstering its position despite fierce competition, why the Bitcoin developer ecosystem remains steadfast, and how emerging projects like EigenLayer are capturing builders’ attention.

She also delves into the top crypto technologies that are fascinating devs, and how their usage and development activity differ across the globe.

Show highlights:

Maria’s top takeaways from the report
Whether the developer migration from the U.S. will stop under a friendlier regulatory environment
How Ethereum has maintained its dominance despite its high fees and the rise of Solana
What the steadiness of the Bitcoin developer ecosystem shows
Which other smaller ecosystems are growing the most
How ZK contract usage has been increasing over time
Why, despite what one could think, NFT minting activity is higher than ever
How stablecoin usage differs from token to token and also across countries

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

Timestamps:

00:00 Intro
02:02 Key findings from Electric Capital’s Developer Report
08:28 Could a friendlier U.S. regulatory environment reverse the developer migration?
12:54 How Ethereum could stay dominant amid rising competition from Solana
17:48 Insights from the Bitcoin developer ecosystem
21:33 Emerging smaller ecosystems gaining traction
23:41 The steady growth in ZK contract usage
27:39 Why NFT minting activity is at an all-time high
32:31 How stablecoin usage varies across tokens, chains and countries
36:22 News Recap

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Bits + Bips: Bitcoin in Geopolitics, ETH’s Momentum, SOL ETFs & China’s Crypto Pivots? - Ep. 748 Dec 11, 2024

Show notes

In this episode of Bits + Bips, hosts James Seyffart, Ram Ahluwalia, and Noelle Acheson are joined by Jamie Coutts to analyze Ethereum’s breakout and its improving fundamentals, how China’s “moderately loose” policy stance is changing the global liquidity landscape, and the pro-market implications of Paul Atkins leading the SEC.

They also explore Jerome Powell’s and Putin’s takes on Bitcoin, the controversial CBOE withdrawal of the Solana ETF filing, and the role of Bitcoin in geopolitics.

Show highlights:

How the employment data showed some mixed reactions in regard to next steps for the Fed
Whether China will start a new era of augmented liquidity
Why the U.S. dollar getting stronger is bad for crypto prices
How bitcoin is not a competitor to the U.S. dollar
The significance of David Sacks as Crypto & AI Czar
Why everyone believes that Atkins in the SEC is very positive for markets
Whether China will pivot and adopt friendlier crypto regulation
Putin’s remarks on the role of bitcoin
Why CBOE withdrew its SOL ETF filing
Jamie’s analysis on how liquidity affects prices and where we’ll see a top
Why Ram thinks that MSTR has peaked
Why Jamie believes that ETH will continue its momentum and perform better than the broader market
Why Microsoft and Amazon might adopt bitcoin on their balance sheet
Whether the breakthrough in quantum computing will disrupt Bitcoin
How Solana’s daily fees have grown to a significant percentage of the L1 landscape

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:

Jamie Coutts, Chief Crypto Analyst at Real Vision

Links

China Rally:

Fed and Powell:

Decrypt: Fed Chair Jerome Powell Likens Bitcoin to Gold, Says It’s Not Dollar Rival

Timestamps:

00:00 Intro
01:42 Mixed signals from employment data and the Fed’s next steps
07:33 China’s “moderately loose” policy and its liquidity impact
13:32 Why a stronger U.S. dollar spells trouble for crypto
23:49 Bitcoin’s role alongside the U.S. dollar, not against it
27:49 David Sacks as Crypto & AI Czar: What it means for the industry
29:40 Why Paul Atkins at the SEC is a win for markets
34:00 Whether China could adopt a pro-crypto stance
37:53 Putin’s surprising take on Bitcoin’s geopolitical role
41:39 What’s behind the SOL ETF filings
43:25 Jamie’s take on crypto’s potential upside
46:49 Why Ram believes MSTR may have peaked
49:59 Jamie’s bullish outlook on ETH outperforming the market
56:26 Could Microsoft and Amazon add Bitcoin to their balance sheets?
59:05 The quantum computing breakthrough
1:01:05 Solana’s fees climb significantly—what does it mean?

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Under the First Crypto President, What Will Regulation of the Industry Look Like? - Ep. 747 Dec 10, 2024

Show notes

With Paul Atkins as the incoming SEC Chair, David Sacks as the AI & Crypto Czar, and potential CFTC leadership changes, the Trump administration is signaling a major shift for crypto, AI, and financial regulation.

Guests Mike Selig and Jake Chervinsky break down what this means for token launches, enforcement actions, inter-agency collaboration, and the fate of Operation Chokepoint 2.0. Could this mark the end of the U.S.’s regulatory hostility toward innovation?

Show highlights:

02:18-What changes to expect under an Atkins-led SEC
08:58-Who could lead the SEC in the period between Gensler resigning and Atkins assuming
11:54-Whether the Democrats will nominate SEC Commissioner Crenshaw again
15:50-Elizabeth Warren's influence on the non-Republican SEC commissioner picks
23:39-Whether Atkins’ leadership at the SEC might shift crypto regulation away from aggressive enforcement
28:26-Whether Gensler’s recent promotion of people in enforcement roles will further his SEC’s regulation-by-enforcement strategy
38:52-Whether the SEC and Coinbase will reach a settlement
41:47-Why Mike and Jake think it’s not likely that the SEC will pursue litigation in the Ripple case
46:03-How the SEC might clarify securities laws around token sales, airdrops, and exemptions
55:14-Whether Atkins’ leadership could fast-track Hester Peirce’s Safe Harbor
59:53-How the CFTC's potential lead on crypto regulation might redefine how it splits duties with the SEC
1:03:03-Whether it even makes sense to have two financial regulatory agencies
1:11:00-Who might lead the CFTC
1:13:59-Why Jake and Mike believe combining AI and crypto under one ‘czar’ makes sense
1:20:31-How the appointment of Scott Bessent for Treasury secretary will affect the crypto industry
1:25:47-How the likely end to Operation Chokepoint 2.0 will create a “sea change”

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:

Mike Selig, Partner at Willkie Farr & Gallagher
Previous appearance on Unchained: Is Gary Gensler on a Mission to Put Crypto Down for Good?
Jake Chervinsky, Chief Legal Officer at Variant
Previous appearances on Unchained:
The US vs. Crypto: Jake Chervinsky on Crypto's Legal and Regulatory Status
Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility
All Things Crypto Regulation With Jake Chervinsky
Everything You Need to Know About the Looming Battle Over Privacy in Crypto
Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky

Links

Trump’s Office Picks:
Unchained:
Why Trump’s SEC Chair Pick, Paul Atkins, Is So Positive for Crypto
David Sacks as A.I. & Crypto Czar? Why the Industry Was Surprised
Trump Taps Paul Atkins for Next SEC Chair, Making Good on His Crypto Promises
Democratic SEC Commissioner Is Stepping Down, but That Doesn’t Mean Trump Will Get 2 Outright Picks
Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary
A Degen Administration? Why the Crypto Czar May Be Allowed to Own Tokens
Tracking Trump’s Cabinet and Staff Nominations
Congressional Results
John Reed Stark’s tweet:“current SEC Chair Gary Gensler is quietly working behind the scenes to lead the SEC from the grave”

Operation Chokepoint 2.0

Forbes: How ‘Debanking’ Tech And Crypto Companies Could Kill Businesses
Marc Andreessen and the CFPB: Debunking the Debanking Debunkers by Nic Carter
Unchained: Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law?
Unchained: Killed By Politics, Ex-Diem Boss Says of Meta’s Stablecoin

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The Chopping Block: XRP’s DeFi Comeback, Trump’s Crypto Picks, and Bitcoin at $100K - Ep. 746 Dec 08, 2024

Show notes

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner get together and give the industry insider's perspective on crypto. This week, Laura Shin joins the crew to tackle a whirlwind of major market trends and policy shifts.They dive into Bitcoin’s historic leap to $100K, the unexpected "dino coin renaissance" with legacy tokens like XRP and ADA soaring, and the NFT market’s surprising revival. Ripple’s DeFi ecosystem and its place in the broader crypto landscape spark a spirited debate on "chain biases" and decentralization. On the policy front, the team unpacks Trump’s pro-crypto administration, featuring bold regulatory appointments that could redefine the industry. Plus, a look at the dynamics of memecoins, token launch strategies, and the future of ICOs versus airdrops.

Show highlights

🔹 Bitcoin Hits $100K: The crew celebrates Bitcoin crossing into six-figure territory, discussing market reactions and the volatility surrounding this milestone.

🔹 Dino Coin Renaissance: Legacy tokens like XRP, ADA, and HBAR are skyrocketing, signaling retail’s return and sparking debate about the sustainability of these "boomer coin" rallies.

🔹 Memecoin Mania: Memecoins as "crypto gaming 2.0" are dissected, with insights on their role in market dynamics and their surprising impact on Layer 1 ecosystems.

🔹 Ripple's DeFi Evolution: Robert shares his deep dive into Ripple’s AMM features and emerging DeFi capabilities, addressing "chain biases" and decentralization concerns.

🔹 Trump’s Crypto Revolution: The panel analyzes the implications of Trump’s pro-crypto administration, featuring key appointments like SEC Chair Paul Atkins and Crypto Czar David Sacks.

🔹 NFT Revival: A surprising rebound in NFT markets sees CryptoPunks, Bored Apes, and Pudgy Penguins soaring, with speculation on what's driving the renewed interest.

🔹 Regulatory Shifts Ahead: Predictions on how new SEC leadership might redefine crypto policy and the industry's hopes for a safer, more transparent regulatory environment.

🔹 ICOs vs. Airdrops: Exploring token launch strategies, the conversation evaluates the potential for a new wave of innovative fundraising models.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Laura Shin, journalist, author of ‘The Cryptopians,’ founder and CEO of Unchained

Disclosures

Timestamps

00:00 Intro
01:06 100K Bitcoin & Dino Coin Renaissance
04:11 Unit Bias and Retail Investors
12:05 XRP, Ripple & DeFi
24:53 Trump's Pro-Crypto Administration Picks
37:53 Does Laura Own Crypto?
41:18 Regulatory Surprises and Nominations
45:05 NFT Market Revival
51:41 Memecoins and Market Dynamics
56:48 Future of ICOs and Airdrops

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Why Trump’s SEC Chair Pick, Paul Atkins, Is So Positive for Crypto - Ep. 745 Dec 06, 2024

Show notes

With the nomination of the pro-crypto Paul Atkins to be the next SEC chair, the crypto industry is potentially facing a 180 from the agency. As co-chair of The Digital Chamber’s Token Alliance initiative and a board member of Securitize, Atkins is not only pro-crypto, but also against the type of “regulation by enforcement” strategy of current Chair Gary Gensler.

In this episode, Cody Carbone, president at The Digital Chamber, explains why Atkins is likely to start reassessment of the agency’s lawsuits against crypto firms, why Trump might break with protocol to fill one of the commissioner seats that would typically be filled by a Democrat, and who he thinks might make for a good “crypto czar.”

Show highlights:

Why Cody that Atkins leading the SEC would be a massive transformational shift
What can be expected from Atkins given his prior experience
What crypto cases might be dropped under his leadership
Whether Atkins could provide rulemaking before Congress passes legislation
Cody’s hard criticism of Gary Gensler’s modus operandi
Why Cody thinks Trump could surprise people when it comes to replacing Democratic Cmr. Jaime Lizárraga
How long it could take for Congress to confirm Atkins
Why Cody believes that Atkins will support Hester Peirce’s Safe Harbor proposal
Whether the CFTC will be the primary regulator of the crypto industry in a Trump administration
Whether the U.S. will have a crypto czar and who it could be
What crypto legislation Cody thinks is likely to be passed 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

Cody Carbone, President at The Digital Chamber

Links

Trump’s Office Picks:
Unchained:
Trump Taps Paul Atkins for Next SEC Chair, Making Good on His Crypto Promises
Democratic SEC Commissioner Is Stepping Down, but That Doesn’t Mean Trump Will Get 2 Outright Picks
Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary
Trump’s Plans for a ‘Crypto Czar’ and a Crypto Advisory Council: Here’s What We Know
A Degen Administration? Why the Crypto Czar May Be Allowed to Own Tokens
Tracking Trump’s Cabinet and Staff Nominations
Congressional Results
John Reed Stark’s tweet:“current SEC Chair Gary Gensler is quietly working behind the scenes to lead the SEC from the grave”
Buckley LLP Infobytes Blog: SEC commissioner proposes cryptocurrency safe harbor
Fox Business: Perianne Boring among contenders to lead agency involved with crypto in Trump admin

Timestamps:

00:00 Intro
02:19 Why Cody believes Atkins would be a transformational SEC chair
03:13 Insights from Atkins’ past experience and what it means for crypto
07:19 SEC/crypto cases likely to be dropped under Atkins’ leadership
14:31 Potential for SEC rulemaking before Congress passes legislation
18:19 Cody’s critique of Gary Gensler’s regulatory approach
21:13 Why Trump might break with protocol to replace Democratic commissioner Jaime Lizárraga
23:27 Expected timeline for Congress to confirm Atkins
26:52 Support for Cmr. Hester Peirce’s Safe Harbor proposal
28:18 An expanded role for the CFTC in crypto regulation?
31:37 Speculation on the potential for a U.S. crypto czar
35:03 Key crypto legislation to watch for in 2025
38:24 Crypto News Recap

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Bits + Bips: Why XRP Might Have Been The ‘Most Hated’ Rally Ever - Ep. 744 Dec 04, 2024

Show notes

In this episode of Bits + Bips, hosts James Seyffart, Noelle Acheson, and Ram Ahluwalia are joined by Alex Thorn, head of research at Galaxy Digital, to discuss the surprising mainstream buzz around XRP’s latest rally, dubbed the “most hated rally in crypto.”

They also analyze the new Treasury Secretary’s ambitious economic plan and what it could mean for inflation, fiscal discipline, and market stability. Meanwhile, Ethereum struggles to reclaim its narrative as the go-to blockchain, even as its ETH/BTC ratio shows signs of life.

And in a moment that captures the personal side of crypto’s rise, the team reflects on Thanksgiving table conversations, where bitcoin and digital assets became unexpected stars.

Show highlights:

Why the newly appointed Treasury Secretary might be the right person for the job
Whether the December rates cut is unnecessary
How Marc Andreessen brought Operation Chokepoint 2.0 to the spotlight
How Facebook’s project Libra would have benefited the US Dollar hegemony
Whether the U.S. Congress will pass stablecoin legislation in 2025
Why Ram believes Ryan Selkis would be a good Crypto Czar
How people have been asking more about bitcoin during Thanksgiving
Whether the XRP rally is a negative indicator
What James thinks about the filings for news ETFs, such as WisdomTree’s XRP
Why Alex thinks that ETH could continue its recent rally
The impact of MicroStrategy being added to the Nasdaq-100, aka the QQQ ETF

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:

Alex Thorn, Head of Firmwide Research at Galaxy Digital

Links

Politics

Macro

Investing: US manufacturing improves in November as orders rebound, input price gains slow

Operation Chokepoint 2.0

Forbes: How ‘Debanking’ Tech And Crypto Companies Could Kill Businesses
Marc Andreessen and the CFPB: Debunking the Debanking Debunkers by Nic Carter
Unchained: Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law?
Unchained: Killed By Politics, Ex-Diem Boss Says of Meta’s Stablecoin

XRP

Ethereum

Unchained: Ether Gains 19% Against Bitcoin in a Week After Months of Underperformance

Timestamps:

00:00 Intro
02:15 Why the new Treasury Secretary could reshape the economy
06:28 Is a December rate cut unnecessary?
15:18 How Marc Andreessen spotlighted Operation Chokepoint 2.0
19:54 The missed opportunity of Facebook’s Libra for USD dominance
26:48 Will stablecoin legislation finally pass in 2025?
31:28 Why Ram thinks Ryan Selkis should be the “Crypto Czar”
34:45 Bitcoin conversations taking over Thanksgiving dinner
39:48 Is the XRP rally a red flag for the market?
48:15 James’s take on new ETF filings like WisdomTree’s XRP
55:48 Why Alex believes ETH could extend its recent gains
1:01:37 What MicroStrategy’s NASDAQ addition means for crypto

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How the Tornado Cash Lawsuit Was Won and Why It Matters - Ep. 743 Dec 03, 2024

Show notes

Last week, the crypto world celebrated a major legal victory when a federal appeals court struck down OFAC’s sanctions on Tornado Cash’s immutable smart contracts in a Coinbase-funded lawsuit. While this decision is a significant win for crypto, its implications go far beyond the industry—it challenges the very limits of U.S. sanctions authority on open-source code.

In this episode, Coinbase’s Chief Legal Officer Paul Grewal and VP of Legal Leah Bressack discuss the case, the reasoning behind the court’s decision, and its broader implications, especially given that other cases are still in court. They address whether they think the government will appeal, how this ruling impacts other privacy tools and the other lawsuits, and why the case is a critical precedent for the intersection of code, law, and innovation.

Plus, what does this mean for Tornado Cash developer Roman Storm?

Show highlights:

Why the decision was so significant, according to Paul
What reasons the judge used in the ruling
The basics of Tornado Cash and why OFAC sanctioned it in 2022
Why Coinbase decided to get involved in the case
Why a District Court had previously agreed with OFAC
Whether the government will appeal and what the implications of the case are outside of crypto
When users could start using the protocol
Whether users will be safe to use relayers, which add privacy
Why Paul believes that the 11th Circuit, where the Coin Center Tornado Cash lawsuit was filed, will not ignore this ruling from the 5th Circuit
Whether the judges were encouraging Congress to update IEEPA to make it possible for OFAC to sanction smart contracts
Whether there’s a risk that under new legislation OFAC could sanction smart contracts
How the case of Tornado Cash developer Roman Storm could be impacted by this decision
Paul’s and Leah’s take on Balaji’s proposal to build privacy-preserving zero knowledge smart contracts on ZEthereum
Whether the judges’ opinion will have an impact on existing privacy projects
What types of sanctions and regulations the government can impose to prevent money laundering

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:

Paul Grewal, Coinbase’s chief legal officer
Previous appearances on Unchained:
Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’ - Unchained
Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown
Leah Bressack, VP of legal at Coinbase

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