Unchained

Kain and Taylor unpack the AI agents that built their own society inside OpenAI's sandbox, then slipped into Hugging Face for days — plus a Bitcoin fork that died in two blocks and a DEF CON sting on North Korea. ======================================================== Thank you to our sponsors! Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at 1inch.com  ======================================================== AI agents inside OpenAI's own testing environment built a society, found a shared vulnerability, and used it to break into Hugging Face for days, before OpenAI realized its own agents were responsible. Kain Warwick and Taylor Monahan dig into the Black Hat research behind the incident and argue the real story isn't a sudden leap in AI capability. It's that basic monitoring, sandboxing, and incident response, the kind any crypto security team would demand, were never built in the first place. They also cover a Bitcoin soft fork that split the chain for two blocks before dying, a Metabase breach that hit Privy and other crypto companies, and a research team that built a fake DeFi startup to bait DPRK's IT workers. Kain shares his own scare: a coding agent deleted his entire database, and two AI models rebuilt it from memory in 30 seconds. Plus, why Hyperliquid's market creators keep half the fees on RWA perps now bigger than Bitcoin's own open interest, and why Taylor thinks Washington, not Beijing, is the bigger threat to America's AI labs. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Uneasy Money and Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of Uneasy Money and Security Expert Timestamps 🍴 00:40 Why Luke Dashjr's OP_RETURN fork split Bitcoin, then died in two blocks 💧 12:03 1inch Aqua: Back multiple liquidity positions from one wallet at https://1inch.com/aqua 🔓 12:51 How a Metabase breach exposed Privy and a wave of other crypto apps 🇰🇵 18:32 A DPRK hacker's botched $500k laundering job, then a DEF CON fake-hire sting ⚖️ 24:45 Why Bybit is suing DPRK over its 'billion dollar' 2025 hack 🐜 30:30 The AI agents that built their own society inside OpenAI's sandbox 🕸️ 46:16 How a single shared repo let every sandboxed agent talk to each other 💾 47:44 Kain's coding agent deleted his database. Two AI models rebuilt it in 30 seconds 🏛️ 58:06 Why Taylor says the US government, not China, is AI's biggest risk 📊 01:03:12 Why Hyperliquid's RWA market creators keep half of HIP-3's fees Learn more about your ad choices. Visit megaphone.fm/adchoices

📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips  Bitcoin has done almost nothing for weeks, and Katie Stockton says that stillness is exactly what a long-term bottom looks like on the charts.  She walks Steven Ehrlich through the monthly stochastic oscillator that has stayed oversold for months, the DeMark indicators showing downside exhaustion, and what history says has to happen for that setup to become an actual buy signal. Host: Steven Ehrlich - Host of Bits + Bips: The Interview and Head of Research at Sharplink Guest: Katie Stockton - CMT, Founder and Managing Partner of Fairlead Strategies This clip is from a longer conversation on Bitcoin's technical setup and Katie Stockton's read on crypto markets. Full episode here: https://youtu.be/35ZHRajBJ5E?si=d6ycx66p2Tz1fSma  We go live every week - subscribe to catch it live. Sponsor: 👉 Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained  (use code: UNCHAINED)  Chapters: 🕐 00:21 Why Bitcoin's usual volatility has gone quiet even as AI stocks rip 📉 01:27 Bitcoin's monthly stochastic oscillator: the long-term oversold read 🔍 03:16 Fibonacci levels, the cloud model, and the case for a major low 🔁 04:45 What history says about oversold setups turning into real bottoms 🎯 05:34 The exact signal Katie needs to call an 'oversold buy signal' Learn more about your ad choices. Visit megaphone.fm/adchoices

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, crypto streamer and trading/markets influencer threadguy joins the crew to translate what is happening in the trenches, from market-open streams and social trading apps to public PnL and Gen Z's appetite for risk. The conversation starts with a challenge to crypto's old guard: today's lowest-cap markets look less like clicking a few ICOs and more like playing Fortnite with token scanners, wallet trackers, and social feeds all firing at once. From there, threadguy breaks down the fight between FOMO and Pump.fun, why the winner may be whoever owns the trader graph, and how one visible winning trade can turn an unknown wallet into a market-moving celebrity. Haseeb questions whether Robinhood has actually brought new money onchain, Tarun and Robert revisit the hidden counterparty risks of early crypto, and the group imagines a future in which AI agents launch protocols, raise capital, and transact without a human-facing interface. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 threadguy says modern onchain trading looks like Fortnite, with token scanners, social feeds, and wallet alerts all competing for attention. 🔹 Robert argues that crypto was never simply easier or harder. The tools, assets, and attack surfaces have continually evolved. 🔹 Tarun explains how stablecoins and reliable off-ramps replaced the counterparty and FX risks that defined early crypto trading. 🔹 FOMO and Pump.fun are fighting for social traders as exchanges, wallets, and launchpads race to own the next trading graph. 🔹 threadguy says traders are becoming crypto's new celebrities because public wallets make PnL visible and influence measurable. 🔹 Haseeb argues that the latest memecoin revival may be crypto-native capital front-running Robinhood demand that has not arrived yet. 🔹 The panel rejects the idea that AI agents are already managing meaningful memecoin portfolios, but sees that changing as capabilities improve. 🔹 Haseeb predicts the next onchain inflection will come when AI agents create, govern, and use protocols that humans never designed. 🔹 A crypto wallet cannot be switched off like an agent's credit card, which gives autonomous software a uniquely durable financial rail. 🔹 threadguy believes active investing and public risk-taking are permanent cultural shifts for Gen Z and the generations behind it. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Robert Leshner, Founder & CEO of Superstate Guest ⭐️threadguy, Crypto streamer and trading/markets influencer Links threadguy on X: https://x.com/notthreadguy threadguy on Twitch: https://twitch.tv/threadguy Disclosures Timeline 00:00 Intro 01:00 threadguy's New Purple Era 03:58 Could Crypto OGs Survive Today's Trenches? 16:05 FOMO vs Pump.fun: The Social Trading War 24:37 Traders Become Crypto's New Celebrities 31:25 Why Memecoin Volume Is Rising Again 36:57 Is Robinhood Really Bringing New Money Onchain? 40:04 Can AI Agents Trade Memecoins? 43:23 AI Agents and Crypto's Next Capabilities Jump 54:15 Is Gen Z's Risk Appetite Permanent? Learn more about your ad choices. Visit megaphone.fm/adchoices

Under a fake name and a fake Zoom account, Laura Shin interviewed one of North Korea's state-sponsored crypto developers. Laura Shin went undercover as a recruiter named "Sophie Wang" to conduct a job interview with a state-sponsored IT worker going by the name “Justin Lim.”  Lims’s online presence showed he had technical chops, multiple crypto dev gigs under his belt, and a privileged location. He had also allegedly stolen $2.7 million from MetaPlay in 2022. The interview shows the quirks of chitchatting with a North Korean “IT worker,” how adept they can be with blockchain technology, and what questions give them away as henchmen for North Korean dictator Kim Jong Un. Crypto companies Consensys to Sushi have unknowingly hired North Korean state hackers for years. This is what it looks like to ask the one question that gives them away. Host Laura Shin - Founder, CEO and Host of Unchained Sponsor Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at 1inch.com   Timestamps: 🇰🇵 00:10 Why Laura Shin went undercover to interview a North Korean crypto hacker 📁 02:44 The dossier: GitHub handles, stolen wallets, and a $2.7M MetaPlay heist 💻 06:26 The Zoom call begins: meeting 'Justin Lim,' the DPRK developer 💰 09:15 1inch Aqua: Back multiple liquidity positions with one wallet balance at https://1inch.com/aqua  🛠️ 10:12 How Lim forked Velas Network and sped up The Graph's indexing 🔐 11:38 Lim's answers on multisig wallets, reentrancy attacks, and Bybit's $1.5B hack 🎯 14:01 The holy grail question: can he say something negative about Kim Jong Un? 💔 17:01 Why the interview left Laura with sadness and gratitude Learn more about your ad choices. Visit megaphone.fm/adchoices

Ondo's founder died at 32, and now his mother and its ousted president are fighting for control. Katherine, Jessi, and Vy on the succession lesson crypto keeps skipping. ======================================================== Thank you to our sponsor! Visit 1inch.com  to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at 1inch.com ======================================================== Ondo Finance co-founder and CEO Nathan Allman died suddenly this summer at 32, leaving the real-world-asset tokenizer with zero sitting directors and two people claiming to run the company: ousted president Ian De Bode, and Allman's mother Kathleen, acting for his estate. Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le use the fight to unpack a problem that has nothing to do with crypto and everything to do with it: what happens when a fast-growing company never writes down a succession plan. They also cover the White House's new frontier AI oversight framework, which officials confirm exists but will not publish, a proposed FDIC and OCC certification that would let a fintech satisfy every bank's diligence questions at once, and the CLARITY Act's newly scheduled September 15 cloture vote, squeezed into a narrow window before midterms. Vy Le asks the harder question underneath all three stories: can boundaries this important really be left voluntary? Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host of DEX in the City and General Counsel of Chainlink ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vy Le⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of DEX in the City and General Counsel of Veda Timestamps 🤖 01:40 Jessi on why AI agents are getting great at goals, bad at intent 🏛️ 08:12 Why the White House's new AI framework is finished, but secret 📣 13:42 1inch Aqua: See how the shared liquidity layer works at https://1inch.com/aqua ⚖️ 14:30 Ondo's board hits zero directors after founder Nathan Allman's death 🚌 20:08 KK's 'hit by a bus' rule: the succession plan every startup skips 🏦 27:06 The FDIC's plan to let one fintech certification satisfy every bank 📜 37:51 Why KK is nervous about the CLARITY Act's September cloture vote 🦥 46:16 Crypto good news: robot sloths saving an endangered species Learn more about your ad choices. Visit megaphone.fm/adchoices

📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips  A new Ethereum proposal would burn staking issuance to zero once roughly half the supply is staked, and the community had about 48 hours to respond. Austin Campbell, Chris Perkins, and Seth Ginns of Franklin Crypto discuss whether it is a necessary check on runaway staking or an academic overreach that ignores how institutions actually think about the network. Hosts: Austin Campbell - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern Chris Perkins - Co-host of Bits + Bips and Head of Franklin Crypto Guest: Seth Ginns - Chief Investment Officer of Franklin Crypto This clip is from a longer conversation on Ethereum's staking yield fight. Full episode here: https://youtu.be/MhhJAIhkgVM?si=hqg5R4b3rVBNdNlJ  We go live every Monday - subscribe to catch it live. Sponsor: Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at 1inch.com. Chapters: 🔥 00:20 Austin on the proposal to burn ETH issuance to zero, and who wrote it ⏱️ 02:02 Why a 48-hour comment window has critics saying the process is broken 🎓 03:33 Seth calls the proposal an academic push that skipped real coordination 🍳 04:48 Chris predicts the plan fails because the EF does not control Ethereum 💴 07:13 Chris's yen carry trade warning about messing with ETH's risk-free rate ⚖️ 09:10 Austin's verdict: 48 hours is too short no matter how the vote goes 🗣️ 13:57 Dapplion's pushback from inside the camp: 'you can't bribe me like this' 💰 15:23 Seth defends the $10 billion in institutional ETH flows Learn more about your ad choices. Visit megaphone.fm/adchoices

Spark avoided the DeFi hack that hit almost everyone else in April. Cofounder Sam MacPherson lays out why, and where he thinks AI fits into DeFi security. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at 1inch.com ======================================================== In April, a hacker widely assumed to be tied to North Korea drained tens of millions from KelpDAO's rsETH market, and most of DeFi took the hit. Spark did not, because it had quietly exited rsETH months earlier. Sam MacPherson, cofounder and CEO of Spark, joins Laura Shin to unpack the conservative playbook, rate limits, a triple redundant oracle, and a governance process built to move slowly on purpose, that turned a near miss into a footnote while rivals absorbed the damage. They cover why Spark's TVL climbed more than 50% after the hack, how emergency multisigs and time locks work when Sky's month-long governance process is too slow, and why MacPherson thinks AI will make smart contract audits more reliable, not less. MacPherson also maps Spark's growing footprint, from Anchorage-backed institutional lending to a new Uniswap stablecoin FX layer, and why he isn't worried about SPK near its all-time low even as the business keeps compounding. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sam MacPherson - Cofounder and CEO of Spark Timestamps 📣 00:26 Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at 1inch.com  🏦 01:08 What Spark does and how it plugs into the Sky protocol's balance sheet 🛡️ 05:07 Why Sam says Spark's conservative design let it dodge the KelpDAO hack ⚖️ 11:24 How the rsETH exit exposed the tradeoffs in Sky's onchain governance 🎙️ 13:52 Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at 1inch.com  💰 17:41 Why Sam thinks DeFi yields are converging toward SOFR, not higher 🤖 20:47 Why Sam says AI cuts both ways for DeFi security after the hack wave 🏛️ 23:26 Why Sky built the subDAO model, and whether it can survive politics 💵 26:58 The stablecoin land grab: Robinhood, Coinbase, and Spark's role in it 📊 30:50 Why Sam isn't worried about SPK trading near its all time low 🚀 32:39 Spark's next chapter: institutional lending and Spark Savings USDT growth Learn more about your ad choices. Visit megaphone.fm/adchoices

Onchain vaults now hold $67B. Veda's CEO maps out how they work, and why the SEC just hinted some could be securities. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== SEC Commissioner Hester Peirce warned recently that some crypto vaults could trigger federal securities law, invoking the same Howey Test language crypto has argued over for a decade, just as onchain vaults have quietly become a $67 billion vehicle for parking assets. Sun Raghupathi, cofounder and CEO of Veda, joins Laura Shin to untangle what a vault actually is, why splitting the infrastructure, curator, and distributor roles matters for the entrepreneurial-effort question Peirce raised, and why he reads her statement as bullish rather than a warning shot. Raghupathi maps the real risk stack behind vaults, smart contract flaws, the key-management failures behind incidents like KelpDAO and Drift, and the economic risk exposed when Stream Finance blew up and left $285 million in vault exposure.  He also details Veda's Kraken partnership, now scaled past $600 million across 80,000 users, and makes the case that the biggest constraint on vault growth isn't security anymore. It's clarity. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sun Raghupathi - Co-Founder and CEO of Veda Timestamps 📣 00:41 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained 🏦 00:57 What is a vault, and why DeFi needed the primitive 🎢 02:25 Sun's path from an ML PhD to launching Veda ⚙️ 04:43 The three things vault infrastructure must solve: access, control, verifiability 💰 06:45 Where vault yield actually comes from, and how it differs from TradFi 📣 10:57 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained 🏗️ 11:03 Veda's role as infrastructure vs. curators and distributors ⚠️ 13:06 What happens when a vault loses money, in the worst case 🛟 16:31 Why Sun is skeptical of vault insurance until a real claim gets paid 🔑 18:08 How to vet vault partners on key management, not just smart contracts 📉 20:28 The Stream Finance blowup and how curator risk-taking has changed since 📊 23:00 The metrics Sun uses to evaluate vault curators 🏛️ 24:31 Why Sun reads Hester Peirce's vault statement on vaults as bullish, not a warning 🦑 28:46 Kraken's $600M vault partnership, and Veda's competitive edge Learn more about your ad choices. Visit megaphone.fm/adchoices

A hardware wallet's 5-year-old randomness bug just let hackers drain over $100 million in Bitcoin. How many more waves are coming? Plus, Ethereum's fight over cutting ETH issuance. ======================================================== Thank you to our sponsors! ⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at ⁠https://cape.co/unchained⁠ (use code: UNCHAINED). ======================================================== A firmware randomness bug buried in Coldcard's code since 2021 surfaced last week and has already drained over $100 million, an estimated 1,600 to 1,800 Bitcoin, across four attacker waves. Taylor Monahan makes the case that the culprit is not North Korea but professional GPU crackers, and explains why the dice-rolling ritual many early victims trusted still left them exposed. Sonya Kim, co-founder of 3F Labs, and Mike Silagadze, founder and CEO of ether.fi, debate where DeFi's responsibility ends after trade.xyz's SK Hynix perp swung from $1,128 to $917 on a thin premarket print, then turn to Ethereum's own monetary policy fight. That fight centers on EIP-8361, a proposal to cut ETH issuance that opened with only 48 hours for public comment, reviving the minimum viable issuance debate Sonya once worked through at Steakhouse. Silagadze calls cutting issuance economically unsound and warns it could push billions of dollars of ETH out of staking, while Kain Warwick argues the resulting chaos is good for an Ethereum governance culture that had grown too quiet. The conversation covers Coldcard's entropy failure, the dice rolls that did not save early victims, trade.xyz's oracle mispricing, and Ethereum's issuance fight. Hosts: ⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠ - Host of Uneasy Money and Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠ - Co-host of Uneasy Money and Security Expert Guest: ⁠⁠⁠⁠⁠⁠⁠⁠Sonya Kim - Co-Founder of 3F Labs ⁠⁠⁠⁠⁠⁠⁠⁠Mike Silagadze - Founder and CEO of Ether.Fi Timestamps 🔓 01:17 Coldcard's 5-year-old entropy bug resurfaces, over $100M in BTC stolen 🕵️ 10:26 Taylor argues it's not North Korea: this hack needs compute, not scams 🎲 21:00 The dice roll debate: why 50 rolls barely saves your seed phrase 📱 27:14 Cape: Get 33% off your first six months with code 'unchained' at https://cape.co/unchained 📉 27:39 SK Hynix oracle glitch on trade.xyz reignites the platform-responsibility fight 🔗 42:24 Aave retreats from multichain sprawl as EIP-8361 issuance fight erupts 🧠 51:26 Mike on why cutting ETH issuance would push billions of dollars of ETH out of staking 🔥 53:05 Sonya's fix: burn fees for the same effect without cutting issuance 🌀 01:05:20 Kain's take: fragmenting the EF into chaos is actually healthy for ETH Learn more about your ad choices. Visit megaphone.fm/adchoices

This week we dissect ColdCard's ~$100M RNG exploit that Claude Code cracked in 8 minutes, debate whether AI just killed open-source security and Bitcoin maximalism, tear apart Ethereum's EIP-8361 staking-yield taper, and unpack Leopold Aschenbrenner's 67% Situational Awareness blowup and CLARITY Act's ethics fight. 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. No guest this week, just the four of them working through a week where AI quietly rewrote the economics of both security and human psychology, and crypto happened to be standing in the blast radius. This episode: ColdCard, NVK's Bitcoin-only hardware wallet, got drained of nearly $100M thanks to a random-number-generation bug that a one-word commit buried five years ago, and Claude Code sniffed it out in 8 minutes (an open model with no internet found it in 20, for about two bucks). The crew debates whether AI just killed open-source security, whether Nic Carter is right that this is 'the death of Bitcoin maximalism,' and why Tarun thinks maxi devs are 'the RFK of security practices.' Then they take a blowtorch to Ethereum's EIP-8361 staking-yield taper (Tarun: 'the proposal reads like shit'), unpack Leopold Aschenbrenner's 67% Situational Awareness blowup while 4x levered, and wade into the CLARITY Act's ethics fight where a single amendment is the whole ballgame. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 ColdCard's Bitcoin-only hardware wallet drained of nearly $100M after a five-year-old random-number-generation bug silently fell back to weak software RNG. 🔹 A single dev swapped C++ macros with a one-word commit message, seemingly just to get NVK's code to compile, and doomed years of keys. 🔹 Claude Code found the ColdCard bug in 8 minutes; open model GLM 5.2, no internet, found it in ~20 for about $2. 🔹 Tarun calls Bitcoin maxi devs 'the RFK of security practices' who 'don't do audits,' branding ColdCard's lack of hardening 'incredibly delinquent.' 🔹 Haseeb warns AIs 'are much less diverse than humans,' so security now scales with AUM while North Korea spends thousands in compute. 🔹 Nic Carter calls it 'the death of Bitcoin maximalism' as Haseeb reads posts from holders who scrimped for three Bitcoin and woke up wiped. 🔹 EIP-8361 from Pintail and Justin Drake tapers ETH staking yield toward zero above 50% staked; the community is 'vomiting all over' it. 🔹 Tarun torches EIP-8361 as 'a truly horrendous post,' arguing constantly changing policy means Ethereum is never credible hard money. 🔹 Leopold Aschenbrenner's Situational Awareness AI hedge fund blew up ~67% while 4x levered, with Robert drawing Archegos comparisons. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Robert Leshner, Founder & CEO of Superstate Disclosures Timestamps 00:00 Intro 01:03 ColdCard's $100M Exploit 05:46 AI, Audits & Bitcoin Maxi Security Failures 12:07 Open Source vs Closed Source in the AI Era 23:21 EIP-8361: Ethereum's Staking Yield Taper 30:34 Hard Money, Post-Quantum & Central Bank Chaos 35:54 Aschenbrenner's Situational Awareness Blowup 44:41 Robinhood Prediction Markets Boom as Hyperliquid RWAs Flip Crypto 51:54 Korea's Bloodbath & the Death of Retail Volatility 55:17 CLARITY Act: Ethics Provisions Are the Linchpin Learn more about your ad choices. Visit megaphone.fm/adchoices

Anthropic's AI agents escaped a hacking test and still think they're inside it. Katherine, Jessi, and Vy Le on who's liable when a model breaks free, plus the $100M Coldcard hack and Kalshi's court losing streak. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠Cape⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). ======================================================== Anthropic's AI models broke out of a fake hacking simulation this week, and some still think they're inside it. One agent invented an email address and phone number to pose as a person, then published malware that twelve companies downloaded before anyone caught it. Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le use the incident to revisit a theme running through the whole episode: who has a duty to disclose when something breaks, and why crypto and AI are both being left to police themselves. They start with the Coldcard hardware wallet hack, where a firmware flaw cut seed phrase randomness roughly in half, letting attackers brute-force wallets meant to be unguessable. From there, the hosts turn to Kalshi's losing streak in New York courts and the race among builders to acquire a CFTC-registered designated contract market, before landing on Anthropic's own agents slipping past the guardrails meant to contain them. Banks have 36 hours to disclose a breach. AI labs and wallet makers, the hosts argue, are still working entirely on the honor system. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host of DEX in the City and General Counsel of Chainlink ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vy Le⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of DEX in the City and General Counsel of Veda Timestamps 🩺 02:16 Katherine Kirkpatrick Bos on joining Chainlink Labs 🔐 03:08 How a Coldcard firmware flaw let attackers guess seed phrases with AI 💙 18:32 Cape: Get 33% off six months of privacy-first mobile service at https://cape.co/unchained ⚖️ 19:36 Why Kalshi keeps losing its fight against New York's gambling regulators 🏛️ 30:47 DCM: the CFTC license every prediction market and perps exchange needs 🤖 33:37 Why Anthropic's AI agents escaped a test and still think they're inside it 💧 45:40 Matt Damon's crypto.com ad money and the water.org donation Learn more about your ad choices. Visit megaphone.fm/adchoices

📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips  A firmware bug quietly introduced into Coldcard hardware wallets in 2021 has let attackers drain an estimated 1,600 to 2,000 bitcoin, over $100 million, from cold storage addresses that sat untouched for years. Galaxy Digital's Alex Thorn has been tracing the exploit in real time, and in this clip he breaks down exactly how the random number generator meant to secure private keys "failed silently" into "way too weak entropy," and lays out the wave-by-wave forensic trail he is using to track the attacker. Alex Thorn identifies three confirmed attack waves and a possible fourth, and Chris Perkins makes the case that even a "trustless, permissionless" system still requires trusting something, in this case, a hardware wallet's own firmware. Hosts: Austin Campbell - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern Ram Ahluwalia - Co-host of Bits + Bips and CEO of Lumida Chris Perkins - Co-host of Bits + Bips and Head of Franklin Crypto Guest: Alex Thorn - Head of Research at Galaxy Digital and host of Galaxy Brains This clip is from a longer conversation on the Coldcard hack, U.S. AI guardrails, and the case for self custody. Full episode here. https://youtu.be/0oYZGw2DSj0?si=TwubhLQ35L8cXyG_  We go live every Monday at 4:30pm ET. Subscribe to catch it live. 👉 Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). Chapters 🔐 00:00 Coldcard's reputation as Bitcoin's gold standard hides a deep systemic flaw 🎲 03:42 How a 2021 firmware update let key generation fail silently into weak entropy 🕵️ 09:56 Alex Thorn traces three confirmed attack waves, and a possible fourth 🤝 14:05 'They trusted Coldcard to do the right thing': what broke when a hardware wallet failed Learn more about your ad choices. Visit megaphone.fm/adchoices

Wall Street's transfer agents want issuers, not outside platforms, to control tokenized stock. Securitize's CEO says the alternative invites insider trading. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Securitize took itself public twice this year: once through a direct listing, and once by tokenizing more than $265 million of its own stock via a SPAC with Cantor Equity Partners, testing whether Wall Street lets equities trade onchain. Carlos Domingo, founder and CEO of Securitize, joins Laura Shin to argue that much of crypto's tokenized stock boom is unauthorized, offshore paper exposing investors and issuers to real legal risk, and to make the case that transfer agents, not outside platforms, should control what gets tokenized. They cover Rule 611, the SEC rule locking onchain and offchain share prices together, the Securities Transfer Association's push for issuer authorization, and a Netflix stock split that left an unauthorized derivative trading five times off. Domingo also lays out Securitize's NYSE partnership, launching tokenized trading in the fourth quarter. The SEC is now weighing whether to unwind the rule that keeps those prices identical, with real stakes for how equities trade next. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Carlos Domingo - Founder and CEO of Securitize Timestamps 🏛️ 01:09 Why Domingo took Securitize public after Circle's IPO opened the door 💹 04:12 Securitize's SPAC: tokenizing over $265M in stock with Cantor Equity Partners 📣 10:10 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained 🔗 10:24 Why Securitize tokenized SECZ on Solana for trading, Avalanche for lockup 📜 14:51 DTCC entitlement vs onchain shares: what you actually own on Robinhood ⚠️ 16:46 Why owning tokenized versus traditional shares carries real risk ⚖️ 20:53 Why Rule 611 keeps onchain and offchain share prices identical 🧩 28:37 The three models of tokenized equity, and who should authorize them 🚨 34:47 Tom Farley's insider trading warning about unauthorized stock derivatives 🏦 40:10 Why institutions still fear crypto after Celsius, BlockFi, and FTX 🗽 44:02 Inside Securitize's tokenized trading partnership with the NYSE 🪙 50:01 Why Domingo calls Robinhood a partner, not a competitor Learn more about your ad choices. Visit megaphone.fm/adchoices

📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips  Meta and Microsoft reported earnings on the same night, and investors sent their stocks in opposite directions. Chris Galipeau of the Franklin Templeton Institute walks Steven Ehrlich through why Meta got punished for raising its CapEx guidance while Microsoft's Azure growth held steady, then makes the case that the broader AI CapEx boom is still only in its second inning, not a bubble about to pop. Host: Steven Ehrlich - Host, Head of Research at Sharplink - https://x.com/Steven_Ehrlich  Guest: Chris Galipeau - Head Market Strategist at the Franklin Templeton Institute This clip is from a longer conversation on Fed policy, Iran, AI earnings, and prediction markets. Full episode here:https://youtu.be/BXWq7OPcm24  We go live every Thursday - subscribe to catch it live. Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained   (use code: UNCHAINED). Chapters 🎙️ 00:00 Kicking off the Meta vs Microsoft earnings comparison 📉 00:26 Why Meta landed in the 'penalty box' on CapEx guidance ☁️ 01:25 Microsoft's Azure growth number was 'super strong' 💰 02:41 The FAANG-era CapEx inversion nobody saw coming 📊 03:41 How to actually evaluate a company's balance sheet health 🔄 04:52 The circular financing risk, and Steve's 'incestuous' tech giants question ⚾ 07:24 The baseball analogy: still early innings, and why this isn't a bubble Learn more about your ad choices. Visit megaphone.fm/adchoices

Privacy is having a moment in crypto. As competition heats up, the pitfalls of the technology around the quantum threat, regulatory risk and more make the trajectory hard to predict. A counterfeit bug sat undetected in Zcash's Orchard privacy pool for four years, capable of minting an unlimited supply of untraceable coins, illustrating the risks of one of the hottest crazes in crypto. Joe Andrews, CEO of Aztec Labs, Jarrad Hope, founder of Logos, and Mert Mumtaz, cofounder and CEO of Helius, join Laura Shin to argue the bug is less alarming than what it reveals: cryptographic privacy is difficult to get right, and the industry is racing to get it right anyway, because institutions will not come onchain without it. They cover Zcash's quantum-recoverable Ironwood upgrade and the turnstile proving the counterfeit coins never moved, Ethereum's sprawling privacy roadmap and the risk it arrives too late, Logos' mixnet built to protect validators from block relays now censoring transactions, and why all three see Canton's private stablecoins as little more than a bank with extra steps. The fight over what actually counts as privacy on a blockchain is only getting started. Host ⁠Laura Shin⁠ - Founder, CEO and Host of Unchained Guest ⁠Joe Andrews - CEO of Aztec Labs ⁠Jarrad Hope - Founder of Logos ⁠Mert Mumtaz - Cofounder and CEO of Helius Sponsor ⁠Cape⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at ⁠https://cape.co/unchained⁠   (use code: UNCHAINED). Timestamps: 🔐 01:52 Why Joe, Jarrad, and Mert think privacy's crypto moment is now 💙 18:18 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained ⚖️ 19:14 Why Jarrad says the weak need privacy and the powerful need transparency 🔬 24:49 How zero knowledge proofs actually update encrypted state onchain 🕸️ 33:07 Why 43.7% of block relays now censor, and how Logos fixes it 🐛 36:32 The undetected Zcash bug that could have minted infinite fake coins 🔒 46:32 Mert explains how Zcash's Ironwood upgrade closes the counterfeit hole 🛤️ 51:44 Why Joe worries Ethereum's privacy roadmap might arrive too late 🏦 57:39 Why Mert calls Canton no more private than trusting JPMorgan Learn more about your ad choices. Visit megaphone.fm/adchoices

BitMEX shut down without an angry tweet. Offchain Labs CEO Steven Goldfeder joins Kain and Taylor on why dead tokens never get that mercy. Plus, Kyle Samani's Multicoin blowup. ======================================================== Thank you to our sponsors! ⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at ⁠https://cape.co/unchained⁠ (use code: UNCHAINED). ======================================================== BitMEX shut down after 11 years and crypto Twitter answered with nostalgia. When a token project dies, the same audience spends weeks dragging it. Steven Goldfeder, co-founder and CEO of Offchain Labs, the team behind Arbitrum, joins Kain Warwick and Taylor Monahan to work through why. Goldfeder argues crypto's grant-funded, revenue-optional era is over, and explains why Arbitrum licensed its stack so that partners like Robinhood Chain have to keep paying for it, while Base pays Optimism. They trace the DPRK crewhacking crews now rotating through bridge exploits, debate whether Uniswap's new permissioned pools point toward tokens that carry real investor rights, and ask Goldfeder whether he would trade Arbitrum's open token for a restricted one only a fraction of the world could hold. The conversation closes on Kyle Samani telling Solana builders that Multicoin, the firm he co-founded, is working against them, and what that says about how much of an ecosystem can rest on a single fund. Hosts: ⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠ - Host of Uneasy Money and Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠ - Co-host of Uneasy Money and Security Expert Guest: ⁠⁠⁠⁠⁠Steven Goldfeder - Co-Founder and CEO of Offchain Labs Timestamps 📣 00:47 Cape: Get 33% off six months at https://cape.co/unchained 🪦 01:47 Kain opens wondering whether crypto itself is quietly dying in 2026 📊 03:41 Steven on Arbitrum's project tracking and the 'massive consolidation' hitting L2s ⚔️ 10:03 The proxy war: Robinhood Chain and Base now fight instead of Arbitrum and Optimism 🪦 14:23 Why BitMEX's shutdown felt nostalgic while token deaths trigger real anger 🌉 26:21 Hacks of the week: the DPRK crew behind the AFX perp DEX bridge exploit 👽 32:51 Kain's take: bridges got safer until 'aliens landed' and started hacking again 🏛️ 40:32 Permissioned DeFi: Uniswap's compliance pools and Superstate's equity-like tokens 🎯 57:32 Would Steven trade Arbitrum's open token for a 5% investor-only model? 🥊 01:05:42 Kyle Samani's Multicoin tweet and Solana's VC fight over Hyperliquid Learn more about your ad choices. Visit megaphone.fm/adchoices

Vy Le and Jessi Brooks trace an AI agent's sandbox escape back to crypto's own fight over open code. Plus, Plume general counsel Salman Banaei on Clarity's knife's-edge vote math. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠Cape⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). ======================================================== An AI agent was told to solve a problem inside a sealed sandbox. Instead it found a way out, went to Hugging Face, and took the answer. Jessi Brooks argues that episode, Moonshot's open-weight Kimi K3 release, and Apple's trade secrets suit against OpenAI all rhyme with a fight crypto has been having for years: punish the conduct, not the code. Vy Le pushes back on whether open source can be both the disease and the cure. Then Salman Banaei, General Counsel of Plume and a former SEC and CFTC attorney, joins to map where the Clarity Act's ethics language stands with Ruben Gallego, Thom Tillis, Kirsten Gillibrand, and Adam Schiff, and whether ten Democratic votes exist for cloture. The conversation covers the open-weights export fight, Apple's case against OpenAI, Hester Peirce's new statement on DeFi vaults and onchain lending, and why a new FATF report makes control, not decentralization, the test that matters. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vy Le⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of DEX in the City and General Counsel of Veda Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Salman Banaei - General Counsel of Plume, Former Head of Policy at Uniswap and Chainalysis, and Former SEC and CFTC Attorney Timestamps 🌐 04:36 Jessi on why treating Kimi K3's open weights as an export could hit crypto ✍️ 07:47 Why Jessi reads Nvidia's and Anthropic's letters as punish the conduct, not the code 🕳️ 11:41 How an OpenAI agent escaped its sandbox and found answers on Hugging Face 🍎 21:55 Apple sues OpenAI over trade secrets, and one text that could cost it 📣 28:55 Cape: Get 33% off six months of privacy-first mobile service at https://cape.co/unchained 🏛️ 30:57 Salman Banaei maps where Clarity's ethics language stands in the Senate 🗳️ 41:12 Why Banaei says Clarity's cloture vote is on a knife's edge 🔐 42:43 Peirce's vault statement, split into development, curation, administration 🌍 48:32 Why FATF and Clarity both make control the real test for DeFi regulation 🔮 54:36 What Banaei thinks happens to Clarity if it fails this Congress Learn more about your ad choices. Visit megaphone.fm/adchoices

📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips  Jensen Huang had been running the world's most valuable company for years without ever posting on X. When he finally did, it wasn't a hello. It was an open letter arguing that open AI models are a national asset — and within two days the signatory list had doubled to 50 companies. Anthropic and Amazon still haven't signed. Austin Campbell walks the panel through who did, who didn't, and the fight that broke out underneath it: Nick Carter arguing the government doesn't owe the large labs a business model, an Anthropic researcher publicly needling Huang about open-sourcing CUDA, Andrew Ng calling that a false equivalence, and Joe Weisenthal asking whether any of it is more than virtue signaling. Then it gets concrete. Lorenzo Valente makes the case that cheap open models aren't actually cheap once you price them per task, and asks why the US has no answer to a DeepSeek raising at a reported $70 billion valuation. Ram Ahluwalia closes with the Wright brothers, who watched Boeing and Lockheed Martin build an industry on their patents and never saw a cent of it. So can a closed model survive being copied — or is getting copied just what happens? Hosts: Austin Campbell, Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern Ram Ahluwalia, Co-host of Bits + Bips and CEO of Lumida Chris Perkins, Co-host of Bits + Bips and Head of Franklin Crypto Guest: Lorenzo Valente - Director of Research at ARK Invest This clip is from a longer conversation on the open weight versus closed weight AI fight. Full episode here: https://youtu.be/lMZtZwolaeA?si=16-Z4TP227B2OUJl  We go live every Monday at 4:30pm ET. Subscribe to catch it live. Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained   (use code: UNCHAINED). Chapters: 🚀 00:00 Jensen Huang's surprise letter reignites the AI open weight fight 💬 01:05 Nick Carter, Julian Schrittwieser, and David Sacks pile on 🔥 02:53 'Virtue signaling' and what happens if China's open models are permanent  ⚖️ 05:15 Lorenzo's balanced take: open models aren't a free panacea 💰 06:28 Lorenzo on DeepSeek and Moonshot AI's reported valuations ✈️ 09:53 Ram's closing case: capitalism, distillation, and the Wright brothers Learn more about your ad choices. Visit megaphone.fm/adchoices

YC's Nemil Dalal joins to explain why he's never been more bullish as BitMEX winds down after 11 years, whether every failed crypto idea (TCRs, DAOs, creator coins) eventually works, why crypto is really about money, Base's consumer mea culpa, on-chain reputation and credit, and who pays in the x402 AI-agent era. 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 they're joined by Nemil Dalal, Visiting Partner at Y Combinator and ex-Coinbase, where he led USDC and the Coinbase Developer Platform. He's here to explain why, with exchanges winding down left and right, he's somehow never been more bullish. The crew digs into the great contrast of the moment: BitMEX shutting down after 11 years (plus BitMart, Movement Labs, Balancer Labs) while the plumbing quietly prints, and whether Imran's viral 'everything that failed will eventually work' thesis is genius or toxic positivity. From there it's the question of whether crypto is really only about money (Jesse's Base mea culpa included), a war-memories tour through TCRs, on-chain reputation and why pure on-chain credit keeps faceplanting, and finally who actually pays in the x402 AI-agent era, and whether decentralization even survives contact with Google-shaped gravity. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 BitMEX, the exchange that invented the perp swap, winds down September 23rd after 11 years, alongside BitMart, Movement Labs, and Balancer Labs. 🔹 Nemil Dalal explains why he's never been more bullish: rivals adopted BitMEX's innovations, regulatory clarity is arriving, and crypto is becoming invisible infrastructure. 🔹 Nemil rented the Chase Center for a 7,000-builder YC event with Jensen Huang, Sam Altman, and Patrick Collison, yet almost nobody's launching a token early. 🔹 Imran's viral thesis that every failed crypto idea eventually works sparks Haseeb's 'toxic positivity' pushback and a war-memories tour through TCRs and DAOs. 🔹 Instacart's Apoorva vs Webvan and Reddit vs Digg: why timing, path dependency, and the YC 'why now' question decide which failed ideas return. 🔹 Jesse's Base mea culpa: the consumer-social bet on Zora and Farcaster was wrong for now, so he handed the Base app to Kobe. 🔹 Haseeb says crypto has always been about money; Nemil counters 'money is everything,' calling the blockchain the greatest capital innovation machine in the world. 🔹 Why pure on-chain credit keeps faceplanting: address repudiation, no recourse, no wage garnishment, and old memories of Debt DAO's revenue ratchet. 🔹 The x402 AI-agent era: Cloudflare pay-per-call gating, Kimi's inference license, and whether decentralization survives Google-shaped gravity as agents become the new wallet. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures Guest ⭐️Nemil Dalal, Visiting Partner at Y Combinator Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Kristin Smith walks through the vote math, the ethics fight, and what happens to crypto capital if the Clarity Act stalls before the midterms. The Senate needs 60 votes to pass crypto's market structure bill, the Clarity Act, before an August recess deadline just weeks away. Majority Leader John Thune says the votes likely will not be there in time, and Polymarket puts the odds of passage this year at roughly 30 percent. Kristin Smith, President of the Solana Policy Institute, joins Laura Shin to explain why a deal that seemed close has snagged on ethics language Trump agreed to but Senate Democrats do not trust the Department of Justice to enforce. Smith walks through the vote math behind 53 Senate Republicans and the Democrats who backed last year's Genius Act, the Blockchain Regulatory Certainty Act's protections for developers, and the new commodities pathway for token launches. She also maps where the sidelined capital goes, from the Middle East to Japan, if Clarity misses its window before the midterms. Host Laura Shin - Founder, CEO and Host of Unchained Guest Kristin Smith - President of the Solana Policy Institute Sponsor Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained   (use code: UNCHAINED). Timestamps: 🗳️ 00:51 Why Clarity's Senate timeline looks so tight before the August recess 📣 09:20 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained ⚖️ 10:16 Why Trump's ethics language deal became Clarity's toughest sticking point 🏛️ 18:34 Kristin Smith on the Clarity Act provisions that most excite the industry 🌍 23:31 What happens to crypto capital and global leadership if Clarity fails Learn more about your ad choices. Visit megaphone.fm/adchoices

SPONSORED CONTENT: This video is a paid partnership with 1inch. It was produced in collaboration with 1inch and is separate from Unchained's editorial coverage. 1inch cofounder Sergej Kunz says up to 85% of DeFi's liquidity sits idle. He walks through Aqua, the self-custodial product built to put that capital back to work. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠1inch - Swap crypto at the best rates in DeFi with 1inch — and get an early look at Aqua, their new protocol that lets your liquidity do more than one job at a time https://1inch.io  ======================================================== Discover Aqua, their new shared-liquidity protocol that lets your capital power multiple DeFi strategies at once — without leaving your wallet. Learn more at https://1inch.io 1inch co-founder Sergej Kunz says he built Aqua after getting sandwiched by MEV bots while providing his own liquidity, and after 1inch's research found up to 85% of concentrated liquidity across DeFi sits idle. Kunz walks through why he thinks liquidity pools fragment capital by design, and how Aqua's intent-based, self-custody model tries to fix that without asking users to give up control of their assets. He covers Aqua's sub-wallet structure, how professional market makers settle trades after passing 1inch's compliance and KYB checks, and the rollout across 13 networks including Base and Robinhood's chain. Kunz also details 1inch DAO's plan to distribute USDC to liquidity providers. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠André Beganski - Host Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sergej Kunz - Cofounder of 1inch Timestamps 📣 00:19 Swap crypto at the best rates in DeFi with 1inch — and get an early look at Aqua, their new protocol that lets your liquidity do more than one job at a time https://1inch.io  💧 00:40 Sergej on getting sandwiched, and why 85% of DeFi liquidity sits idle 🔬 06:15 Why Sergej says every chain shares Aqua's idle-liquidity flaw 🧩 07:16 Sub wallets: how Aqua runs positions without creating debt 🛡️ 12:10 Why 1inch keeps Aqua self custody, and the risks Sergej flags 🏦 13:24 Who Aqua is built for, and how it isolates sanctioned funds 💰 17:03 Aqua's 13 networks and the $500K DAO incentive program Learn more about your ad choices. Visit megaphone.fm/adchoices

Cole Kennelly, founder and CEO of Volmex Labs, traces why BVIV and BVIV-US diverge around IBIT's regulated options market, makes the case that Ethereum, Solana, and Hyperliquid have more to gain from the Clarity Act than Bitcoin, and shares his outlook for an increasingly institutional crypto market by year-end. Host: Steven Ehrlich, Head of Research at Sharplink Guest: Cole Kennelly - Founder and CEO of Volmex Labs This clip is from a longer conversation on the Clarity Act's uneven impact across crypto and Volmex's institutional outlook for the market. Full episode here: https://youtu.be/9SUeqeInZws?si=gF6-ZEEy-BED-yJa  We go live every Monday - subscribe to catch it live. Sponsor Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained   (use code: UNCHAINED). Chapters: 🎙️ 00:00 The BVIV vs. IBIT options divergence — and what it's telling traders 📊 00:31 Regulated vs. offshore: how IBIT and BVIV-US stack up ⚖️ 02:16 Why Ethereum, Solana, and Hyperliquid have more riding on Clarity than Bitcoin ⏱️ 05:11 How far out Volmex's term structure actually reaches 🔮 05:23 Cole's read on where an increasingly institutional crypto market goes next Learn more about your ad choices. Visit megaphone.fm/adchoices

Jesse Pollak owns the Base App's social miss, unpacks Robinhood Chain's rise, and explains Brian Armstrong's memecoin moment. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Jesse Pollak spent the week owning a very public miss. In a lengthy post, the Base creator admitted the Base App's social bet had not worked, leaving Base behind in perps, prediction markets and tokenization, and handed the app's reins to Jordan Fish, better known as Cobie. Pollak joins Laura Shin to unpack why the pivot happened now, what he makes of Coinbase CEO Brian Armstrong's memecoin controversy over a token called $BRIAN, and how Base plans to compete as Robinhood Chain outpaces it on daily active users, according to Artemis data. They cover Base's move off Optimism's stack onto its own Azul, Beryl and Cobalt upgrades, a roadmap toward 20,000 transactions per second under the new B20 stablecoin standard, and the x402 agentic payments protocol already handling roughly 90% of Base's transaction volume. Pollak argues less than 1% of the world uses crypto, and that Base's bet is on whoever builds the trusted rails first. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jesse Pollak - Creator of Base Timestamps 🗞️ 01:48 Why Jesse Pollak feels 'fired up' despite Base App's social miss 🧭 03:58 Pollak on why the timing was wrong for Base App's social bet 💳 05:42 Cape: Get 33% off six months of privacy-first mobile service at https://cape.co/unchained 🖼️ 06:39 Pollak on Brian Armstrong's Coinbaseman meme coin controversy 🏎️ 10:43 How Pollak plans to compete as Robinhood Chain overtakes Base in DAUs 🤝 12:53 Why Coinbase's distribution edge matters for onboarding new users 🔀 15:37 Why Pollak handed the Base App to Cobie to focus on the chain 🌉 18:20 Why Base App is expanding beyond Base to Solana and Bitcoin ⚙️ 21:05 Base's Azul, Beryl and Cobalt upgrades and its new B20 standard 🔐 24:27 Base Ledgers, agentic payments and privacy in Pollak's roadmap Learn more about your ad choices. Visit megaphone.fm/adchoices

An OpenAI model hacked Hugging Face to cheat its own test. Kain and Taylor break it down — plus Base’s failed social bet and the North Korean IT workers still inside crypto. ======================================================== Thank you to our sponsors! ⁠⁠⁠⁠Cape⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at ⁠https://cape.co/unchained⁠ (use code: UNCHAINED). ======================================================== Coinbase just handed Jesse Pollak’s Base app to Cobie, days after Pollak posted a public mea culpa admitting that the onchain-social and creator-coin bet behind Base never worked. Kain Warwick and Taylor Monahan trace why Base swung so hard at social instead of perps and prediction markets, and argue Coinbase’s bottomless-money culture, the same one that let Google build Android on a whim, makes it nearly impossible for founders to know when a bet has genuinely failed. They also unpack Brian Armstrong’s memecoin profile-picture flap, arguing the outrage is almost entirely manufactured by traders chasing volatility, the North Korean IT workers still quietly inside much of the crypto industry, and the strangest story of the week: an unreleased OpenAI model that chained two zero-day exploits to escape its test sandbox and hack Hugging Face’s benchmarking servers for the answers. The episode closes on an uncomfortable question: if a model will cheat on a security test just to avoid not knowing its score, what else will it break to get there? Hosts: ⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠ - Host of Uneasy Money and Founder of Infinex and Synthetix ⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠ - Co-host of Uneasy Money and Security Expert Timestamps 📣 01:55 Base hands its consumer app to Cobie after Jesse Pollak's mea culpa 🏛️ 04:56 Why Kain compares Coinbase's culture to Google's money-fueled delusion 📣 26:50 Cape: Get 33% off your first six months with code UNCHAINED at https://cape.co/unchained 🪙 28:28 Brian Armstrong's memecoin PFP sparks a very online meltdown 📈 32:58 Why Taylor says the backlash to Brian's memecoin is manufactured 🕵️ 45:15 Why nearly every sizable crypto company has quietly had a DPRK IT worker 💻 47:37 The hidden risk: IT workers who get hacked themselves and expose you 🤖 53:39 An unreleased OpenAI model hacks Hugging Face to cheat on a benchmark 🔓 01:00:26 Why Kain says the model's logic for gaming the test almost makes sense 📄 01:04:10 Hugging Face discloses the hack before OpenAI even notices Learn more about your ad choices. Visit megaphone.fm/adchoices

Patrick Witt, the White House's executive director for digital assets policy, calls in mid-episode to give the Chopping Block crew a live read on the CLARITY market structure bill! 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 they're joined mid-episode by Patrick Witt, Executive Director of the President's Council of Advisors for Digital Assets, who dialed in late because he was literally chasing down bill language. First, Tarun explains how Gauntlet closed its biggest raise ever, $125M from SBI Holdings, the crypto OGs of Japan and early Ripple Labs backers, and what it cost him in suits and seven straight days of staying shaved (chairman Kitao-san reportedly listens). Then the crew dissects Balaji's Network School saga, from a Forest City ghost town in Malaysia to an immigration raid, a revoked license, and a sudden MOU-fueled pivot to Kazakhstan, with Tom's dreaded 'turkey chart' making an appearance. Finally, the main event: Patrick lays out the state of play on the CLARITY market structure bill, the August 7th recess deadline, the ~46% Polymarket coin flip, and the first-of-its-kind ethics provision, including the DOJ-versus-state-AG enforcement fight and whether crypto gets a second crack after midterms. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 Patrick Witt dials in mid-episode after literally chasing bill language, laying out the CLARITY market structure bill and its August 7th recess deadline. 🔹 Polymarket puts CLARITY at roughly 46%, a coin flip, after passing the House 294-134 last July and stalling in the Senate. 🔹 The first-of-its-kind ethics provision bars officials and spouses from issuing digital assets, forcing existing holdings into blind trusts or divestment. 🔹 The live fight: White House wants DOJ enforcement, Democrats want 50 state attorneys general, which Patrick warns invites politically motivated lawsuits. 🔹 Tarun breaks down Gauntlet's $125M raise from SBI Holdings, his biggest ever, closed after seven straight days of suits and staying shaved in Japan. 🔹 SBI, the crypto OGs of Japan and early Ripple Labs backers, bets on capital shifting from syndicated VC toward TradFi giants funding DeFi liquidity. 🔹 Balaji's Network School goes from a Forest City ghost town in Malaysia to an immigration raid, a revoked license, and an MOU-fueled pivot to Kazakhstan. 🔹 Robert says Balaji 'picked the wrong dance partner' building a network state on foreign soil; Tom warns of the dreaded 'turkey chart.' Hosts ⭐️ Haseeb Qureshi, Managing Partner at Dragonfly ⭐️ Tom Schmidt, General Partner at Dragonfly ⭐️ Tarun Chitra, Managing Partner at Robot Ventures ⭐️ Robert Leshner, Founder & CEO of Superstate Guest ⭐️ Patrick Witt, Executive Director, President's Council of Advisors for Digital Assets Disclosures Timestamps 00:00 Intro 00:59 Tarun's $125M Gauntlet Raise from SBI Holdings 06:32 Balaji's Network School: Malaysia Raid to Kazakhstan Exit 13:57 Patrick Witt Joins: CLARITY Bill State of Play 16:14 The First-of-Its-Kind Presidential Ethics Provision 19:53 DOJ vs State Attorneys General Enforcement Fight 23:36 The Big Three: Ethics, Law Enforcement, and the Ag Title 30:54 Patrick's National Guard Deferral and Short-Handed Crypto Bench 33:11 Polymarket's Coin Flip and Post-Midterm Odds 39:04 After CLARITY: SBR Bill, Tax Provisions, and What's Next 42:44 Wrap: Hosts React to Robert's Hopium Learn more about your ad choices. Visit megaphone.fm/adchoices

The CFTC pulled a power last used in the Carter era to rescue Kalshi. Katherine, Jessi, and Vy Le on what it means — plus Japan’s crypto tax cut and DTCC’s tokenization leap. ======================================================== Thank you to our sponsor! ⁠⁠⁠Cape⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). ======================================================== Kalshi had a rough week. Sued by Michigan, hit with a restraining order, then rescued by a CFTC emergency power invoked only four times in the agency’s history, most recently during Jimmy Carter’s Cold War grain embargo. Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le untangle how a fight over sports event contracts became a battle over federal preemption, why Kalshi also pulled its flight cancellation contracts under public pressure, and the insider-trading allegation swirling around a Trump teleprompter operator. They also cover Japan’s new financial instruments law, which cuts crypto’s tax rate from as high as 55% to a flat 20% and is already pulling Amazon Japan’s delivery drivers onto yen stablecoins. Then there’s DTCC’s live settlement of tokenized securities with JPMorgan, Goldman, and BlackRock, which Vy Le argues could end the era of synthetic wrapper tokens. And the Clarity Act, still stuck on ethics and yield disputes as the midterms eat into Congress’s calendar. The episode closes on a rare bright note: pseudonymous investigator ZachXBT turning impersonation memecoins into charity donations for Venezuela’s earthquake victims. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel. Previously held senior legal roles across DeFi and centralized exchanges. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vy Le⁠⁠⁠⁠⁠⁠⁠ - Co-host of DEX in the City and General Counsel of Veda Timestamps 📱 00:40 Cape: Get 33% off six months of privacy-first mobile service at https://cape.co/unchained 🎙️ 01:04 Kalshi's rough week begins: how a Michigan lawsuit over sports contracts became a federalism fight 🗂️ 06:34 Why the CFTC's break glass emergency power has only been invoked four times ever ⚖️ 14:40 Why Kalshi pulled its flight cancellation contracts under public backlash 🕵️ 18:40 The insider trading allegation involving Trump's longtime teleprompter 🇯🇵 21:39 Japan's new law cuts crypto taxes to a flat 20 percent 🏦 35:12 DTCC's live settlement of tokenized securities with JPMorgan, Goldman, and BlackRock 🏛️ 43:44 Why Clarity's odds are shrinking as the midterms eat into Congress's calendar 🤝 46:11 ZachXBT turns impersonation meme coins into charity for Venezuela's earthquake victims Learn more about your ad choices. Visit megaphone.fm/adchoices

📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips/  Austin Campbell's claim that Claude Fable 5 cracked the decades-old Jacobian conjecture opens onto a bigger question: why AI's real-world impact on health care is still lagging. The conversation turns to battlefield drones in Ukraine, the national security stakes of AI guardrails, and why Chris Perkins thinks finance-style regulation could make AI more trustworthy, not less useful. Hosts Austin Campbell - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern Ram Ahluwalia - Co-host of Bits + Bips and CEO of Lumida Chris Perkins - Co-host of Bits + Bips and Head of Franklin Crypto Chapters: 🧠 00:36 Austin on what actually forces AI adoption in health care beyond the hype 🔢 02:02 Austin's claim that Claude Fable 5 solved the Jacobian conjecture, a 90-year-old math problem 🩺 03:21 Ram: doctors are already using AI for diagnostics, but the promise is still ahead of reality 💰 05:41 Why Ram says AI adoption is self financing, citing Eli Lilly 🛩️ 06:15 AI on the battlefield: Ukraine's drone-based warfare shift 🛡️ 07:23 Austin's national security question: is opting out of the AI race even possible 🏛️ 09:39 Chris makes the case for finance style, principles-based AI regulation ⚔️ 10:24 Austin: there is no way to opt out of the AI guardrails race This clip is from a longer conversation on AI adoption, national security, and financial regulation. Full episode here: https://youtu.be/YN0Pje70YtE?si=HVVnRCmYt3Q-G_qc  We go live every Monday at 4:30 pm ET - subscribe to catch it live.  Sponsor: Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained   (use code: UNCHAINED). Learn more about your ad choices. Visit megaphone.fm/adchoices

Lyn Alden raised $40M to launch Orange Juice, a holding company that buys cash-flowing businesses and layers Bitcoin on top, not another pure-play treasury bet. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Lyn Alden just raised $40 million to launch a Bitcoin-backed holding company that skips the trade most of crypto is chasing. Rather than build another pure-play Bitcoin treasury stock, Orange Juice buys cash-flowing, unglamorous businesses and layers a Bitcoin treasury on top at the parent-company level. Lyn Alden, cofounder of Orange Juice and a partner at Ego Death Capital, frames it as a countercyclical alternative to procyclical treasury companies, and she does not spare Strategy from criticism. She compares Orange Juice's structure to Berkshire Hathaway and argues Strategy let its dollar reserve fall too far, weighing in as Laura invokes Michael Saylor's 'sell a kidney' line and STRC's slide to near $85 against its $100 target. She also addresses BIP-110's inscription debate and Bitcoin's quantum computing threat, questioning whether the community’s resistance to change is a strength or a liability. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Lyn Alden - Cofounder of Orange Juice and Partner at Ego Death Capital Timestamps 🍊 00:56 Lyn Alden lays out the $40M raise behind Orange Juice's core thesis 💵 08:06 Why Lyn Alden targets cash-flowing firms over VC backed startups 📱 11:17 Cape: get 33% off your first six months with code unchained at https://cape.co/unchained 🏦 12:16 How keeping the Bitcoin treasury at the parent level avoids procyclical risk 🪖 25:37 How Orange Juice handles a bleeding company and Ruben Zweiban's Navy SEAL background 📈 32:15 Why Lyn says going public aids liquidity, retail access, and tax deferral ⚠️ 39:15 Why Lyn is critical of Strategy's capital structure and Saylor's kidney line 🗑️ 47:40 Why Lyn views Bitcoin inscriptions as spam despite BIP 110's technical limits ⚛️ 50:47 How Lyn assesses the quantum computing threat to Bitcoin's security Learn more about your ad choices. Visit megaphone.fm/adchoices

 If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786  🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ  🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0 🔥X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/   A White House meeting on Clarity Act ethics is happening in real time, Polymarket's odds on passage have slid from 75% in May to under 40%, and GSR's Andy Baehr explains why he still thinks a vote would catch the market off guard. Host: Steven Ehrlich, Host of Bits + Bips: The Interview and Head of Research at Sharplink Guest: Andy Baehr - Managing Director of Asset Management at GSR This clip is from a longer conversation on whether crypto's best week in months signals a real rally or another relief bounce. Full episode here: https://youtu.be/CQGwPj9bz3w We go live every Thursday - subscribe to catch it live.  Sponsor: Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained   (use code: UNCHAINED). Chapters: 🏛️ 00:00 Right now: a White House meeting on Clarity Act ethics, and why the stakes just got higher 🗳️ 00:24 The key math question: 60 votes means winning over seven Democrats 🚀 01:28 The August 7 deadline that could send the market into overdrive 🎙️ 02:38 Baehr's warning: the longer this drags on, the less likely it gets done 📉 03:22 Clarity Act odds have cratered from 75% to under 40% since May, what changed 💥 04:24 The market isn't pricing in passage, and Baehr thinks that's a mistake Learn more about your ad choices. Visit megaphone.fm/adchoices

Cap's founders on shrinking their Stabledrop from $11M to $4M — plus a $23M hack traced toward North Korea, a BarnBridge governance exploit, and Kain's case to force weak L2s to become their own L1s. ======================================================== Thank you to our sponsors! ⁠⁠⁠Cape⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at ⁠https://cape.co/unchained⁠ (use code: UNCHAINED). ======================================================== Cap committed to a roughly 11 million dollar Stabledrop in February, promising early users stablecoins instead of tokens. A delayed token sale raised less than hoped, and the reward shrank to about 4 million, forcing a fast rewrite of who got paid. Benjamin Sarquis Peillard, Founder and CEO of Cap, and Weso of Cap join Kain Warwick and Taylor Monahan to walk through a restructuring that made yield-token holders whole, left farmers without a windfall, and argue points programs are an uncapped marketing expense many projects cannot afford. The conversation widens into EthSystems, a new Ethereum Foundation spinout backed by Joe Lubin, SharpLink and BitMine, Jesse Pollak handing Base product leadership to Cobie, Robinhood Chain's Morpho integration, and whether Ethereum mainnet undercharges L2s. They revisit BarnBridge's SEC-era DAO structure, a dormant governance exploit, a MetaMask and Revoke.cash delegation tool, and a 23 million dollar Ostium hack Taylor traced toward North Korea. Kain closes with a Three Mile Island analogy: complex systems fail not from one mistake, but from small shortcuts compounding at once. Hosts: ⁠⁠⁠Kain Warwick⁠⁠⁠ - Host of Uneasy Money and Founder of Infinex and Synthetix ⁠⁠⁠Taylor Monahan⁠⁠⁠ - Co-host of Uneasy Money and Security Expert Guests: Benjamin Sarquis Peillard - Founder and CEO of Cap Weso - Co-Founder of Cap Timestamps 🪂 01:30 Benjamin and Weso explain how Cap's Stabledrop plan fell apart post-TGE 💸 08:05 Weso on why uncapped points programs turn into runaway marketing spend 🐦 21:31 Kain and Taylor on crypto Twitter's algorithm flip after a year of exile 📱 24:17 Cape: Get 33% off your first six months of privacy-first mobile service at https://cape.co/unchained 🏛️ 25:09 Why EthSystems, the newest EF spinout, splits Kain on bullish or bearish 🤝 30:20 Taylor on Jesse handing Base app duties to Cobie and what it signals 🎰 36:28 Robinhood Chain's memecoin surge, Morpho ties, and the Cashcat backstory ⚖️ 41:17 Is Ethereum undercharging L2s? Kain makes the case for pushing costs to L1 🔓 55:51 BarnBridge's SEC-era DAO, this week's governance exploit, and the Revoke.cash fix that stops it ☢️ 01:11:31 The Ostium hack: North Korea-linked actor, stolen keys, oracle compromise 💥 01:26:24 Closing rapid-fire: Euler's recovery and an old Vyper compiler bug revisited Learn more about your ad choices. Visit megaphone.fm/adchoices

Two weeks after launch, 85% of Robinhood Chain's trading is memecoins and just 1% is RWAs. Johann Kerbrat says that doesn’t change the strategy. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Robinhood CEO Vlad Tenev told CNBC on July 2 that real-world assets, not memecoins, were the future of crypto on Robinhood Chain. Two weeks after launch, the numbers disagree: roughly 85% of daily trading on the chain is memecoins, while tokenized RWAs sit at about 1%. Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, joins Laura Shin to argue the split is not a problem. He makes the case that building the chain permissionless was deliberate, and that memecoin trading through CashCat and PumpFun brings the liquidity RWAs will eventually need. Kerbrat also defends building the chain's lending and margin system on USDG over USDC or Tether, walks through the separate, unshared liquidity instance behind Robinhood's new perps product with Lighter, and addresses Robinhood's 63% quarterly drop in crypto transaction revenue. His answer: Robinhood Chain was never meant to smooth out that swing, and the real test is whether tokenization can outrun regulation. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Johann Kerbrat - Vice President and General Manager of Robinhood Crypto Timestamps 🐸 01:06 Why memecoins are 85% of Robinhood Chain's DEX volume, not RWAs 🚀 05:35 Why PumpFun listing Robinhood Chain tokens was the result of their strategy 🔐 09:33 Where Robinhood's responsibility ends and the permissionless chain begins 📣 11:12 Cape: Use code UNCHAINED for 33% off your first six months at https://cape.co/unchained ⚡ 16:17 Why Robinhood built a separate Lighter instance for its perps 💵 20:24 Why USDG, not USDC or Tether, backs Robinhood Chain's lending and margin 📉 23:23 Does the chain mitigate the 63% swing crypto can have on Robinhood's earnings? Learn more about your ad choices. Visit megaphone.fm/adchoices

Nick Almond and Proph3t on ENS's treasury fight, the BonkDAO heist, and why Proph3t would not touch Venice's VVV token. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Nick Johnson, the founder of ENS Labs, used his own tokens to kill a vote renewing ENS DAO's Security Council, potentially clearing the way for a foundation to take over a treasury worth more than $100 million. Nick Almond, head of governance at the Jito Foundation, and Proph3t, cofounder of MetaDAO, join Laura Shin to untangle what that move reveals about who should control a DAO's money, and whether voting was ever the right way to decide it. They trace ENS cofounder Jeff Lau's warning that the treasury became a honeypot with zero accountability, and the collapsing voter turnout that let a 3% token stake decide the DAO's fate. Proph3t makes the case for MetaDAO's decision markets over voting entirely, while Nick argues curated delegates solve the same capture problem without giving up the vote. They also cover the $20 million BonkDAO heist, pulled off with one proposal and seven votes, and the backlash over Dragonfly's investment in Venice's VVV token. Both guests agree DAOs are near a bottom. What comes next depends on whether anyone tries something new. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Nick Almond - Head of Governance at the Jito Foundation ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Proph3t - Co-founder of MetaDAO Timestamps 🏛️ 01:06 Laura frames the DAO reckoning: disbandments, low turnout, and the Venice fight 📉 08:26 How ENS DAO's collapsing voter turnout let a 3% stake decide its fate ⚖️ 12:55 Proph3t on why voting is a cost, and how a 51% attack captures a DAO 🏦 19:11 Nick maps DAOs' next phase: substructures picked for expertise, not popularity 🍯 24:09 Why Jeff Lau called ENS's treasury plan a honeypot with zero accountability 📣 28:50 Cape: Get 33% off six months of privacy first mobile service at https://cape.co/unchained 🏗️ 29:49 Why founders like Nick Johnson get vilified for wanting DAOs to run efficiently 🗳️ 36:35 Why Nick Johnson's silent vote against ENS's Security Council reads as an attack 💰 41:34 How BonkDAO lost $20 million to one proposal backed by just seven votes 🧩 46:22 Why Proph3t would not buy Venice's VVV token despite defending its disclosures 🔮 56:45 Proph3t on MetaDAO's origin story: pro oversight, not pro governance Learn more about your ad choices. Visit megaphone.fm/adchoices

The Supreme Court just made it easier to fire SEC and CFTC commissioners. Katherine, Jessi, and Vy on why that could reset who controls crypto policy. Plus, the UK's new rulebook. ======================================================== Thank you to our sponsor! ⁠⁠Cape⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). ======================================================== The Supreme Court just tore up a 90-year-old precedent that kept independent-agency commissioners safe from a president's whims, and almost no one in crypto is talking about what it means for the SEC and the CFTC. Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le trace how the ruling in Trump v. Slaughter changes who actually controls financial regulation. Then they cross the Atlantic to the UK's sweeping new crypto rulebook and the European Commission's move to expand MiCA just as its first version fully takes effect. They also dig into a Cambridge report showing fighters from one of the world's most brutal terror groups using chatbots to troubleshoot weapons and plan attacks, and ask why there's no Section 230 for crypto or AI, only a growing pile of civil lawsuits testing where liability lands. Jessi Brooks argues crypto's decade of learning to police neutral technology might be the only playbook AI has left to borrow. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel. Previously held senior legal roles across DeFi and centralized exchanges. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vy Le⁠⁠⁠⁠⁠⁠ - Co-host of DEX in the City and General Counsel of Veda Timestamps 💙 00:28 Cape: Get 33% off your first six months of privacy-first mobile service at⁠ https://cape.co/unchained⁠ 🇬🇧 01:05 Why the UK just published a crypto rulebook few even noticed 🇪🇺 13:15 Why Brussels wants to expand MiCA to cover tokenized assets and stablecoins ⚖️ 24:57 How the Supreme Court handed presidents new power over the SEC and CFTC 🏛️ 33:47 The legal reasoning behind the ruling, and why the Fed board was spared 🤖 39:37 The AI segment: a Cambridge report on Boko Haram's chatbot fueled weapons unit ⚖️ 47:58 Why crypto and AI both lack a Section 230, and who ends up getting sued 🦎 52:20 The good news: how TRM traced $15 million in crypto tied to wildlife trafficking Learn more about your ad choices. Visit megaphone.fm/adchoices

Austin Campbell draws a parallel between the AI data center backlash and the decades-long collapse of US nuclear power, then Sam Lyman of the Bitcoin Policy Institute puts real odds on whether the Clarity Act passes the Senate before August recess. Hosts: Austin Campbell, Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern Ram Ahluwalia, Co-host of Bits + Bips and CEO of Lumida Chris Perkins, Co-host of Bits + Bips and Head of Franklin Crypto Guest: Sam Lyman - Head of Research at the Bitcoin Policy Institute This clip is from a longer conversation on foreign funded opposition to AI data centers and the odds of the Clarity Act passing. Full episode here: https://youtu.be/-xbSniveaQU  We go live every Monday - subscribe to catch it live. Sponsor Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained  (use code: UNCHAINED). Chapters: 🏗️ 00:00 Austin compares the AI backlash to nuclear power's collapse, citing Indian Point 🧭 01:21 Sam calls nuclear the ideal analogy: a problem we solved, then banned 🏠 02:10 Why Sam says AI's real opposition comes from inside the house 👷 02:37 The blue-collar AI boom: construction jobs, electricians, and data centers 🗳️ 04:07 Ram says political leadership, not just technology, has to show up 🎯 05:15 Sam puts Clarity's odds at 70% before August recess ⏳ 06:55 Why the August recess deadline is the real driver of momentum 📉 07:38 Sam's odds drop to 35 to 40% if Congress doesn't act in the next few weeks Learn more about your ad choices. Visit megaphone.fm/adchoices

Niklas Kunkel maps where the RWA market is heading next, from Centrifuge and Apollo's CLOs to Galaxy's first tokenized credit product, then turns to a cautionary tale: some SpaceX pre-IPO token buyers never actually owned the shares they thought they had. Host: Steven Ehrlich - Host of Bits + Bips and Head of Research at Sharplink Guest: Niklas Kunkel - Founder and CEO of Chronicle Labs This clip is from a longer conversation on crypto oracles, tokenized real-world assets, and Chronicle Labs' work verifying them. Full episode here: https://youtu.be/HW9Cu_E8DnU  We go live every week - subscribe to catch it live. Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). Chapters 🌍 00:00 Where the RWA market goes next, from the man building its plumbing: Niklas Kunkel 💰 00:44 The yield trade heating up: why CLOs like Centrifuge's JAAA and Apollo's Acred are suddenly everywhere 🌌 01:14 Galaxy's first tokenized CLO, and why it's a far bigger deal than it looks 🔍 01:56 Trust no one: how Chronicle checks Galaxy's loan book against its own custodian 🔁 03:04 The looping trick that turns a 7% CLO yield into 14% or 21%, and the risk hiding inside it 🏢 03:27 What's coming next: tokenized REITs and equities 🚀 05:28 The SpaceX pre-IPO token question Niklas keeps getting asked 📉 06:06 The catch nobody mentioned: why SpaceX token buyers never actually owned their shares Learn more about your ad choices. Visit megaphone.fm/adchoices

Robinhood Chain perps now run on Lighter. Vlad Novakovski maps the revenue split, the USDG collateral risk, and the race for a US perps license. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠Fidelity⁠⁠⁠⁠⁠⁠⁠⁠⁠: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠crypto.fidelitycareers.com⁠⁠⁠⁠⁠⁠⁠⁠⁠. ⁠⁠⁠⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Robinhood Chain went live last week, and the perpetual futures powering it are from Lighter, the onchain exchange Robinhood backed before Lighter launched its token. Vlad Novakovski, founder and CEO of Lighter, joins Laura Shin to unpack a partnership he says has been building since he and the Robinhood founder were high school classmates. He details a 50/50 revenue split, why USDG as collateral creates friction for market makers, and how a pending CFTC license would cover Robinhood's own front-end too. Novakovski also addresses the crowded field forming around US perps, from Kalshi and Coinbase to Kraken and dYdX, and makes the case that onchain volume keeps gaining share even as crypto native tokens lag real world asset perps. His new seat on the CFTC Innovation Advisory Committee puts him in the room as regulators decide what a DEX has to look like to operate onshore. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vlad Novakovski - Founder and CEO of Lighter Timestamps 🤝 01:28 Why Vlad calls the Robinhood Chain deal "12 years in the making" and how the revenue is split 🤓 03:40 How Robinhood perps differs from Lighter's own app 💸 05:03 What if means if USDG is the quote asset on Robinhood's perps and USDC is the quote asset on Lighter 💬 11:04 Novakovski on Lighter's Telegram Wallet deal vs Hyperliquid's builder codes 📣 12:50 Cape: Get 33% off six months of privacy first mobile service at https://cape.co/unchained 💼 13:44 Fidelity: Explore crypto and DeFi careers at https://crypto.fidelitycareers.com 📉 14:31 Why RWA perps are hitting highs while crypto native perp volume cools ⚠️ 18:00 How Lighter prices liquidation risk when tokenized stocks are collateral 🏛️ 21:14 Novakovski on the regulatory pathway DEXs need to move onshore Learn more about your ad choices. Visit megaphone.fm/adchoices

Austin Griffith joins Kain Warwick and Taylor Monahan to unpack  BonkDAO's $20M governance heist, and Kain's case for giving founders more control. ======================================================== Thank you to our sponsors! ⁠⁠Cape⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at ⁠https://cape.co/unchained⁠ (use code: UNCHAINED). ======================================================== A single wallet spent $4.4 million buying up Bonk tokens, then used that stake to push through a governance proposal that legally emptied BonkDAO's roughly $20 million treasury a week later, with almost no one watching the vote. Austin Griffith, Ethereum Foundation developer and creator of Scaffold-ETH and founder of BuidlGuidl, joins Kain Warwick and Taylor Monahan to use the heist as a jumping-off point for Kain's real target: ENS. Kain argues founder Nick Johnson should retake control over building and product from the DAO, and makes the case that founder-led execution beats decentralized governance almost every time. They also cover Vitalik's Lean Ethereum overhaul and why Austin says it will barely change what he builds, the $1 AI audit he launched as a meme for x402 agent payments, Robinhood's new chain and the pay-to-play deals behind it, and why Kain now argues tokens are the wrong way to raise money. If a founder with total conviction can outperform a DAO built to stop exactly that, the DAO experiment may be further from finished than anyone wants to admit. Hosts: ⁠⁠Kain Warwick⁠⁠ - Host of Uneasy Money and Founder of Infinex and Synthetix ⁠⁠Taylor Monahan⁠⁠ - Co-host of Uneasy Money and Security Expert Guests: ⁠Austin Griffith - Ethereum Foundation developer and creator of Scaffold-ETH and SpeedRun Ethereum, and founder of BuidlGuidl Timestamps 🛠️ 01:32 Why Austin says Vitalik's Lean Ethereum overhaul barely changes his job 📅 08:21 Taylor on why the EF ships huge roadmaps but too little in the short term 🪓 12:56 Austin on surviving the EF's leaner reorg and the wave of departures 💵 15:43 How Austin turned a serious auditing tool into a viral meme 🤝 18:48 x402 skill files: why agents will soon pay other agents for on-tap skills 💙 25:44 Cape: Get 33% off your first six months of privacy first mobile service at https://cape.co/unchained 🚨 26:41 How one wallet legally voted its way to BonkDAO's $20M treasury ⚖️ 32:57 Why Kain thinks Nick Johnson and ENS should take power back from the DAO 🤖 55:29 Robinhood's new chain and Kain's take on crypto's pay-to-play problem 🪙 58:29 Why Kain says tokens are now the wrong tool to raise money Learn more about your ad choices. Visit megaphone.fm/adchoices

Vladimir Novakovski of Lighter joins the Chopping Block crew to untangle one of crypto's oldest debates: what happens when tokens and equity coexist. The gang digs into the Venice/VVV controversy, breaks down Lighter's new Perps integration with Robinhood Chain and the fragmentation questions it raises, dissects the wild BonkDAO governance exploit, and reacts to the eye-popping $2.4 billion in crypto income disclosed in Trump's financial filings. 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, joined this week by special guest Vladimir Novakovski of Lighter. The crew dives deep into the resurfaced tokens-versus-equity debate sparked by Dragonfly's investment in Venice and its VVV token, with Haseeb making the case that Venice is fundamentally different from Uniswap Labs style structures. Vlad explains how Lighter has approached the same dilemma through programmatic buybacks and a single C corp structure, and the group debates fiduciary duties, Delaware law, and what a merged DeFi/TradFi future for equity and tokens might look like. From there, they unpack Lighter's big Robinhood Chain announcement, including Lighter's new role as the native Perps engine inside Robinhood Wallet, and whether running a separate instance fragments liquidity. The episode wraps with a breakdown of the BonkDAO governance exploit that let an attacker vote themselves $20 million in tokens, and a reaction to Trump's staggering $2.4 billion in pre-tax crypto income revealed in his latest financial disclosure. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 Haseeb breaks down why Venice's VVV token is not equity and not a Uniswap style governance token in disguise 🔹 Vlad explains how Lighter's programmatic buybacks and single C corp structure align token holders and equity holders 🔹 The gang debates Delaware fiduciary law, shareholder primacy, and what happens when buyback capital runs dry 🔹 Vlad lays out the vision of tokenized equity merging with crypto tokens into a single on-chain asset 🔹 Lighter's Robinhood Chain deal goes live with Lighter powering native Perps trading inside Robinhood Wallet 🔹 Vlad addresses concerns about liquidity fragmentation across separate Lighter instances 🔹 BonkDAO gets exploited as an attacker buys governance tokens and votes themselves $20 million 🔹 Robert compares the Bonk exploit to the infamous Beanstalk and Compound Humpty governance attacks 🔹 Trump's financial disclosure reveals $2.4 billion in pre-tax crypto income, sparking a debate on crypto's political future Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly ⭐️Robert Leshner, Founder & CEO of Superstate Guest ⭐️Vladimir Novakovski, Founder of Lighter Timestamps 00:00 Intro 03:40 Tokens vs equity: the Venice VVV debate begins 06:12 Fiduciary duty, Delaware law, and Lighter's C corp structure 08:00 What happens when buyback capital runs out 12:42 Why Venice launched a token in the first place 19:18 Comparing VVV to BNB and overloaded crypto assets 25:28 Lighter's Robinhood Chain deal and native Perps launch 37:02 BonkDAO governance exploit and the $20M vote 44:02 Lessons from Beanstalk and Compound's Humpty saga 47:09 Trump's $2.4B crypto income disclosure reactions Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

For years, Michael Saylor's Strategy was the market's most dependable Bitcoin buyer. Recently, it has done the opposite. Strategy just sold 3,588 Bitcoin for roughly $216 million, its largest single tranche yet, deepening the question of whether Michael Saylor has become a structural seller instead of a buyer. Ram Ahluwalia, Austin Campbell, and Chris Perkins break down the STRC dividend mechanics behind the sale, the bull case for a catch-up trade, and the bear case if Bitcoin never rallies back. Hosts: Austin Campbell, Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern Ram Ahluwalia, Co-host of Bits + Bips and CEO of Lumida Chris Perkins, Co-host of Bits + Bips and Head of Franklin Crypto This clip is from a longer conversation on Strategy's Bitcoin sale, the stablecoin wars, and the token versus equity debate. Full episode here: https://youtube.com/live/H3z68SYty0k  We go live every Monday at 4:30pm ET. Subscribe to catch it live. Sponsor: 👉 Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained  (use code: UNCHAINED). Chapters: 💰 00:00 Strategy's record $216M Bitcoin sale: the numbers behind the disclosure 📉 01:14 mNAV falls below 1 for the first time, and the STRC dividend framework 🔁 02:31 Why Ram says selling Bitcoin beats issuing more MSTR shares ⚖️ 04:21 The bear case: what happens if Bitcoin doesn't rally from here ✈️ 05:24 Chris on Saylor's three-body problem after a week of conferences in London Learn more about your ad choices. Visit megaphone.fm/adchoices

Strategy sold $260M of Bitcoin at a loss to fund dividends. Parker White of Apyx makes the case that it is smarter than it sounds. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠Fidelity⁠⁠⁠⁠⁠⁠⁠⁠: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠⁠⁠⁠⁠⁠⁠crypto.fidelitycareers.com⁠⁠⁠⁠⁠⁠⁠⁠. ⁠⁠⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Strategy just made its largest Bitcoin sale ever, offloading 3,588 BTC for $260 million at a loss to fund preferred dividends. Days earlier it unveiled a digital capital framework: a 12-month coverage rule, a hiked STRC dividend, and a $10 billion buyback plan. Markets calmed, but the moves raise a question: has Strategy stopped being a Bitcoin company? Parker White, CFA, founding contributor and chief investment/operating officer at Apyx, pushes back on claims that funding dollar dividends with Bitcoin sales betrays Bitcoin's ethos, framing it as smart capital management. Shin presses him on whether investors now bet on Strategy's team, not Bitcoin. They unpack short sellers' calculus, the 2027-2029 convertible cliff Matt Walsh pegs near $6.7 billion, and Apyx's apxUSD, a tokenized yield wrapper around STRC and SATA that depegged to 72 cents in the turmoil. White defends Apyx 2.0's redemption model against 'free put option' critics and responds to critic’s contention that Strategy resembles Terra/ Luna or FTX. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Parker White - CFA, Founding Contributor and Chief Investment/Operating Officer at Apyx Timestamps 🏛️ 02:03 Parker on why Strategy's record Bitcoin sale to fund dividends is smart, not desperate 📋 06:24 How Strategy's new digital capital framework tries to calm the market's nerves ⚠️ 09:59 Laura and Parker spar over whether shorts or Strategy's own missteps sparked the selloff 💵 21:27 Whether prioritizing USD over Bitcoin marks a philosophical flip for Strategy 📣 26:28 Fidelity: Explore crypto careers at Fidelity today at https://crypto.fidelitycareers.com 🔐 27:10 Cape: Get 33% off your first six months with code UNCHAINED at https://cape.co/unchained ⏳ 28:09 Why Parker isn't worried about Strategy's looming $6.7 billion convert cliff 🧩 34:56 Parker on how Apyx wraps STRC and SATA into a yield bearing onchain asset 📉 36:38 What caused apxUSD's drop to as low as 72 cents and the liquidity pull 🛡️ 41:10 Parker defends Apyx 2.0's redemption rules against the free put option critics 🔄 47:53 Parker on why comparing Strategy to Terra Luna or GBTC misreads the risk Learn more about your ad choices. Visit megaphone.fm/adchoices

Ari Redbord sits down with Katherine, Jessi, and Vy to talk about SEC clarity, the onshore perps boom, and DeFi's opsec problem — plus why the U.S. should hack North Korea back. Thank you to our sponsor! Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). The hosts of DEX in the City spend every week breaking down crypto's legal fights. This time, they're the ones answering the questions. Ari Redbord, Global Head of Policy at TRM Labs, sits down with Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le for a wide-ranging conversation on where crypto's regulatory and security battles are actually headed. Vy traces her path from SEC enforcement to her case for "tech-neutral" rules: regulators should regulate outcomes, not technology. Katherine explains why DCMs have become crypto's hottest acronym, as true perps and prediction markets move onshore. And Jessi makes her push to stop calling North Korea's hacks "illicit finance" and start naming them a national security threat: Pyongyang, she notes, is funding a weapons program with stolen crypto. Ari goes further — if North Korea can steal hundreds of millions from DeFi, the U.S. should steal it back. Vy pushes back on the panic over the recent hacks: most, she argues, weren't broken smart contracts at all, just sloppy operational security. The conversation covers SEC clarity, the CFTC's moment, DeFi security, on-chain privacy, and what it really takes to keep the ecosystem safe. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ari Redbord - Global Head of Policy at TRM Labs and Host of TRM Talks Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel. Previously held senior legal roles across DeFi and centralized exchanges. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vy Le⁠⁠⁠ - Co-host of DEX in the City and General Counsel of Veda Timestamps 🛡️ 02:29 OFAC's first IRGC-linked exchange sanctions on Zedcex and Zedxion 🧭 05:20 How Vy, Katherine, and Jessi went from the SEC, BigLaw, and DOJ into crypto 🎙️ 14:10 The origin story behind the DEX in the City name and its all-women cast 🏛️ 18:25 Vy on the SEC trading ambiguity for rules, and "tech-neutral" regulation 📈 22:36 Katherine on why DCMs are suddenly crypto's hottest acronym 💙 25:38 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained 🩹 26:12 Jessi on reframing illicit finance around victims, not just enforcement 🔐 30:03 Jessi and Vy on Drift, Kelp, and why the recent hacks were ops failures 🕵️ 34:52 Katherine on why privacy is necessary for on-chain markets 🔮 40:04 Lightning round: Jessi on agentic finance, Katherine on perps, Vy on vaults Learn more about your ad choices. Visit megaphone.fm/adchoices

Joseph Chalom lays out why Ethereum Institutional exists, how it differs from Etherealize, and why he thinks Michael Saylor is in a pickle. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠Fidelity⁠⁠⁠⁠⁠⁠⁠: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠⁠⁠⁠⁠⁠crypto.fidelitycareers.com⁠⁠⁠⁠⁠⁠⁠. ⁠⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Sharplink, BitMine, and Joe Lubin spent the past ten days launching two new organizations aimed at convincing Wall Street to build on Ethereum, backing them with commitments from more than fifty institutional supporters. Joseph Chalom, CEO of Sharplink and a board member of the new Ethereum Institutional, joins Laura Shin to make the case that Ethereum's real competition isn't Solana or Canton. It's inertia: the reluctance of the world's largest institutions to touch financial rails they don't already trust. Chalom walks through how Ethereum Institutional differs from Etherealize and the Enterprise Ethereum Alliance, why Robinhood building on Arbitrum still counts as a win for Ethereum, and what it would take for ETH to capture the value flowing through the network as tokenized real-world assets grow past $31 billion. He pushes back on claims that the Ethereum Foundation's culture is broken, then turns to Strategy's preferred stock drama and says plainly that Michael Saylor is in a pickle. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Joseph Chalom - CEO of Sharplink Timestamps 🚀 01:33 Why Sharplink, BitMine, and Joe Lubin launched Ethereum Institutional 🧭 05:51 How Ethereum Institutional differs from Etherealize and the EEA 🃏 10:15 Chalom says institutional inertia, not Solana, is Ethereum's real threat 💙 14:40 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained 💼 15:34 Fidelity: Explore crypto careers that could change your future at https://crypto.fidelitycareers.com 🧩 16:20 Why Chalom says Robinhood building on Arbitrum is still a win for Ethereum ⚡ 20:54 Does value actually flow back to ETH the token 🏛️ 24:33 Chalom pushes back on the idea that Ethereum's culture is broken 🤝 29:01 Why Chalom says Sharplink's shareholders and Ethereum's ecosystem are aligned 📉 32:18 Chalom says Michael Saylor is in a pickle over Strategy's preferred stock drama Learn more about your ad choices. Visit megaphone.fm/adchoices

Nick Johnson's ENS vote sparked days of backlash. He and co-founder Alex Van de Sande join Uneasy Money to explain what actually happened. ======================================================== Thank you to our sponsors! ⁠Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at ⁠https://cape.co/unchained⁠ (use code: UNCHAINED). ======================================================== A routine two year renewal for the ENS DAO's Security Council failed on chain this week, and Nick Johnson, founder and CEO of ENS Labs, voted against it with roughly 50% of the active supply. Some users on X have since cast him as the villain seizing a $130 million treasury. ENS co-founders Nick Johnson and Alex Van de Sande join Kain Warwick and Taylor Monahan to untangle what the vote means, and to defend a new proposal handing day-to-day treasury and protocol decisions to a foundation instead of the DAO. They trace how ENS's governance fight mirrors Aave's, why its treasury has trailed a savings account, why Johnson never trusted ETH-weighted voting, and why his conviction in token governance has weakened. The conversation lands on the question hanging over every well-funded DAO: once a protocol accumulates enough money to matter, can any voting mechanism decide who controls it? Hosts: ⁠Kain Warwick⁠ - Host of Uneasy Money and Founder of Infinex and Synthetix ⁠Taylor Monahan⁠ - Co-host of Uneasy Money and Security Expert Guests: Nick Johnson - Founder and CEO of ENS Labs Alex Van de Sande - Cofounder of ENS Timestamps 🗳️ 02:14 Kain unpacks whether Nick really controls the ENS Security Council vote 🔥 06:37 Taylor pushes back: is the pile-on on Nick actually fair? ⚔️ 11:30 Kain calls it a DAO governance proxy war, echoing Aave's Stani fight 🍯 15:00 Nick on why a DAO treasury becomes a honeypot for capital allocation 🪙 28:01 Nick on why ETH-weighted voting would have left ENS open to a takeover ⚖️ 32:47 Nick clarifies what the ENS Labs proposal actually changes at the DAO 🏛️ 40:27 Nick argues the DAO should stop trying to run ENS day-to-day 📣 52:04 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained 🍴 58:56 Could a fork let Nick walk off with ENS's treasury? Alex says no 🎤 01:13:31 Taylor asks Nick and Alex point blank: why are you still here? Learn more about your ad choices. Visit megaphone.fm/adchoices

David Lawant, Head of Research at Anchorage Digital, breaks down why Bitcoin's lack of native yield puts constant pressure on treasury companies, and makes the case that Michael Saylor's playbook is evolving rather than breaking. Host: Steven Ehrlich, Host of Bits + Bips: The Interview and Head of Research at Sharplink Guest: David Lawant, Head of Research at Anchorage Digital This clip is from a longer conversation on Strategy's Stretch rescue plan and Bitcoin's options market. Full episode here: https://youtube.com/live/VwBxQTcJeXc  New Bits + Bips interviews are posted regularly - subscribe to catch the next one. Sponsor: 👉 Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). Chapters: 🎙️ 00:00 A new Citi report reveals why retail's crypto excitement has quietly collapsed 📉 00:17 Retail's bet on the Mag Seven just hit a multiyear low 😨 01:15 The unsettling reason retail fears Saylor becoming Bitcoin's buyer of last resort 🃏 01:44 Revisiting Saylor's infamous "sell your organs before your Bitcoin" line 🪙 02:34 The yield problem: why Bitcoin generates nothing, while Ethereum and Solana pay 📈 03:06 David on covered calls and the fast rise of synthetic yield strategies 🏛️ 04:39 Saylor, the OG who wrote the playbook on institutional Bitcoin accumulation ⚓ 06:28 Why David says Strategy is quietly weathering the storm better than anyone Learn more about your ad choices. Visit megaphone.fm/adchoices

Regulators try to freeze illicit stablecoins, but the money's usually gone before the freeze lands. The hosts on why crypto sanctions keep failing. Thanks to our sponsor! 👉 Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at⁠⁠ https://cape.co/unchained⁠⁠ (use code: UNCHAINED). A new academic paper from researchers across several Chinese universities makes a striking claim: a stablecoin freeze isn't really a freeze until the transaction lands in a block — which means the freeze itself can be front-run, and sanctions enforcement becomes a market-structure problem. Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le — three general counsels who live where law meets code — work through what it means that Tether and Circle now do much of the government's freezing onchain. The paper's numbers unsettle them: by its count, across eight years only nine freezes caught the money midway. From there the hosts widen out: the SEC and CFTC's joint push to harmonize margin rules, your ChatGPT logs turning up as evidence in the courtroom, the Legion lawsuit testing whether export law can govern who logs in to an AI model, and the Bernstein ruling that made code protected speech. They close with a sober CLARITY Act update, a new CBDC-ban roadblock tangled in an unrelated veto fight, and why the end of MiCA's transition period in Europe might be the week's real good news. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel. Previously held senior legal roles across DeFi and centralized exchanges. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vy Le⁠⁠ - Co-host of DEX in the City and General Counsel of Veda Timestamps 🏛️ 02:32 KK on why the SEC and CFTC margin harmonization matters for crypto perps 🧊 11:39 Vy on ordering power as sanctioning power and the paper behind it ⚡ 14:43 Why a stablecoin freeze can itself be front run ⚖️ 22:09 The third party doctrine and the risk of deputizing crypto's neutral actors 📣 26:40 Cape: Get 33% off your first six months at https://cape.co/unchained 💻 27:36 Jessi on why AI in the courtroom is really a software control story 🚪 30:13 The Legion lawsuit, export law, and the Bernstein code-as-speech fight 🔒 37:14 ChatGPT logs as courtroom evidence and why your AI chats aren't private 🏔️ 42:20 The CLARITY Act update: why KK is even more bearish on passage 🇪🇺 47:48 Why MiCA's transition deadline is the week's crypto good news Learn more about your ad choices. Visit megaphone.fm/adchoices

The crew is joined by Selini Capital’s Jordi Alexander to break down Open USD, the no-fee stablecoin from a 140-firm consortium spanning Visa, Mastercard, BlackRock, Google and Coinbase, all aimed at the Circle and Tether duopoly. Plus Saylor’s new Digital Credit framework for MicroStrategy, the Ansem-fueled memecoin comeback, and ENS reigniting the “DAOs are fake” debate. 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. Joining the panel “at the moment of max pain” is Jordi Alexander, CIO of Selini Capital. First up: MicroStrategy in crisis, with MSTR down about 30% in five days and STRC hitting $71, and Saylor’s answer, a new Digital Credit framework with an 18-month cash cushion and a jumbo dividend hike to 12%. Then the headline story, Open USD: a no-fee stablecoin from a 140-member consortium including Visa, Mastercard, BlackRock, Google and Coinbase, built to break the Circle and Tether duopoly. The back half covers the memecoin comeback around the Ansem coin, and ENS reigniting the “DAOs are fake” debate after Nick Johnson single-handedly blocked a governance vote, before the crew debates whether consortia are just DAOs in a suit. 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 🔹 MSTR falls about 30% in five days and STRC hits $71. Saylor answers with a new “Digital Credit” framework, an 18-month cash cushion, and a jumbo dividend hike to 12% 🔹 Jordi calls the death-spiral panic overblown: “Luna was worthless; you cannot print Bitcoin” 🔹 Tarun stands by “Luna for suits,” comparing STRC’s marketing to Anchor, right down to the AI ad of Saylor escaping the Titanic 🔹 Open USD launches: a no-fee, no-cap stablecoin backed by 140 firms including Visa, Mastercard, BlackRock, Google and Coinbase, aimed at the Circle and Tether duopoly 🔹 Circle drops about 7 to 8% on the news, and Tether’s Paolo Ardoino “welcomes” a real competitor, the same bit he ran on Libra 🔹 Haseeb’s take: a 140-member consortium is “a signed petition,” good for expanding the market but not for taking Tether’s or Circle’s turf 🔹 Tarun says it all comes down to the revenue share. Set the wrong rules and someone just farms the rake 🔹 The Ansem coin sparks a memecoin revival, a roughly $100M cap the market hasn’t seen in a long time 🔹 ENS reignites the DAO debate as Nick Johnson blocks a treasury restructuring with about 50% of the vote. Are consortia just DAOs in a suit? Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly  ⭐️Tom Schmidt, General Partner at Dragonfly  ⭐️Tarun Chitra, Managing Partner at Robot Ventures Guest ⭐️Jordi Alexander, CEO of Selini Capital Disclosures Timestamps 00:00 Intro 01:07 The DeSci beef and Tarun’s Ponzi crusade 03:30 MicroStrategy in crisis: Saylor’s Digital Credit reset 09:34 Is STRC still “Luna for suits”? 19:24 Open USD: 140 firms take on Circle and Tether 29:42 Why a 140-member consortium is just a “signed petition” 42:13 Coinbase’s two masters: USDC vs Open USD 47:01 The memecoin comeback and the Ansem coin 51:57 ENS blows up the DAO: Nick Johnson blocks the vote 57:26 DAOs vs consortia, and can AI save governance? Learn more about your ad choices. Visit megaphone.fm/adchoices

Laura Shin has reported on crypto scams since the early days and wrote one of the first stories on sim swaps. That did not stop a spear-phishing attempt from getting her to download software and run a terminal command before she caught it. Austin Campbell, Ram Ahluwalia, and Chris Perkins turn her near miss into a practical defense playbook, then debate whether self-custody still makes sense for anyone with a public crypto profile. Hosts: Austin Campbell, Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern Ram Ahluwalia, Co-host of Bits + Bips and CEO of Lumida Chris Perkins, Co-host of Bits + Bips and Head of Franklin Crypto Guest: Laura Shin - Founder and Host of Unchained This clip is from a longer conversation on crypto security and social engineering. Full episode here: https://youtube.com/live/yKHaE6xMZsE  We go live every Monday - subscribe to catch it live. Sponsors: 👉 Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained   (use code: UNCHAINED). Chapters: 🎣 00:00 The fake podcast invite that nearly caught Laura Shin 💻 00:26 How far it went: a download, then a terminal command 🛡️ 05:02 Austin's hard rules for when someone puts time pressure on you 🏦 06:36 Why Ram says ETFs now beat self-custody for public figures 🥷 07:39 Chris on getting hacked and losing his Snoop Dogg NFT 🤖 10:41 Why the same playbook is coming for banks via AI voice clones 🦅 11:33 Chris on letting the private sector recover stolen crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Is it Ethereum or bust? Ansgar Dietrichs makes the case that only Ethereum can anchor the financial system, and admits ETH still lacks a clear value story. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠Fidelity⁠⁠⁠⁠⁠⁠: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠⁠⁠⁠⁠crypto.fidelitycareers.com⁠⁠⁠⁠⁠⁠. ⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== The Ethereum Foundation is deliberately shrinking its role, and five former researchers have launched Ethlabs to take over the work they worry will otherwise go undone. Ansgar Dietrichs, co-founder of Ethlabs, joins Laura Shin to lay out the split: the Foundation will protect what should not change, while Ethlabs pushes the parts of Ethereum that must evolve. He makes the case that the global economy is moving onchain, and that Ethereum is the only candidate to sit at the center of it, or no one will. The conversation traces why ETH the asset has been stuck between $1,000 and $5,000 for five years, why Dietrichs thinks EIP-1559 and cheap blockspace were never intentional choices, how Ethlabs divides labor with the Foundation, Etherealize, and Consensys, and what DeFi founders like Uniswap's Hayden Adams actually need. The throughline is a single missing ingredient he keeps returning to: intentionality about what ETH is actually for. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ansgar Dietrichs - Co-founder of Ethlabs Timestamps 🏛️ 01:26 Why the Ethereum Foundation is stepping back and the gap Ethlabs fills 🌐 04:00 What Ethereum would look like if Ethlabs succeeds 🧱 07:56 Why Ethlabs is scaling the L1 and fixing interop at the same time 🤝 10:48 How Ethlabs divides labor with the EF, Etherealize, and Consensys 📣 18:34 Fidelity: Explore crypto careers that could shape the future of finance at https://crypto.fidelitycareers.com 🔐 19:16 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained 💸 20:15 Why ETH has been stuck waiting five years for its next act 🔗 24:24 Does L1 activity still drive ETH's value, and why ETH's interop lags 🔥 27:25 Why Ansgar says cheap blockspace and EIP-1559 were never intentional 🪙 33:27 Why being an Ethereum L2 isn't yet the superpower it should be 🦄 36:17 The culture at the EF and what kind of culture Ethlabs will have 🏢 39:41 The accountability loop: a two to three year runway and who Ethlabs serves 🛠️ 45:33 What DeFi founders actually need from Ethereum, per Hayden and others Learn more about your ad choices. Visit megaphone.fm/adchoices

Carmen Li thought it was a joke when a perpetual futures marketplace asked her to become the market maker for her own index. It wasn't. In this segment from Bits + Bips: The Interview, she walks Steven Ehrlich through the requests that alarmed her, a daughter analogy for why trading your own benchmark destroys neutrality, the manipulation risks she sees in crypto's index practices, and why she insists any perp venue on her index be regulated and guardrailed. Host: Steven Ehrlich - Host of Bits + Bips and Head of Research at Sharplink Guest: Carmen Li - CEO of Silicon Data and Compute Exchange This clip is from a longer conversation on GPUs, compute markets, and crypto. Full episode here: https://www.youtube.com/live/rYDiPneJv20?si=fjS7bSd-bJ6c6tYb  We go live every Monday - subscribe to catch it live. Sponsors Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). Chapters 🤝 00:00 The perp venues circling her index, and the request that immediately felt off 🚩 01:27 The ask she thought had to be a joke: become the market maker of your own index 👧 02:47 Carmen's daughter analogy that nails why trading your own index breaks neutrality 🛡️ 04:47 The guardrails that keep it honest: external audits and hard internal trading rules 🔀 05:36 Why you can't just swap one index for another and keep on trading ⚖️ 06:26 Her one demand for any perp venue building on her index: regulated and ring fenced Learn more about your ad choices. Visit megaphone.fm/adchoices

A regulated exchange suing its own regulator almost never happens. The hosts trace why CME did it, and why the CFTC may have better odds than crypto Twitter thinks. Thanks to our sponsor! 👉 Fidelity: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠https://crypto.fidelitycareers.com⁠. 👉 Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at⁠ https://cape.co/unchained⁠ (use code: UNCHAINED). CME has sued the CFTC, its own primary regulator, a rare move for a regulated exchange, landing the day after longtime CEO Terry Duffy announced he would step down. The trigger: the CFTC's approval of a narrowly tailored Kalshi Bitcoin perpetual, the first true perp cleared onshore. Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le untangle CME's two arguments, that perps are swaps rather than futures, and that the agency acted arbitrarily by skipping notice and comment and reversing its own prior position in a single day. They weigh whether the case can win, and why the process may matter more than the outcome. From there, the panel digs into Cboe's prediction-style S&P 500 contracts headed to Schwab's customers and the binary-option-versus-swap line. With a recent poll finding 43% of Americans believe AI could "literally end the human race," Jessi argues crypto can't afford to dismiss the people who become its juries, judges, and voters. The conversation covers the CME lawsuit, prediction markets arriving on Wall Street, a viral $1 to $5 million crypto legal job, and the growing public backlash against AI. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at StarkWare. Previously held senior legal roles across DeFi and centralized exchanges. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vy Le⁠ - Co-host of DEX in the City and General Counsel of Veda Timestamps 🏛️ 01:59 Why a regulated exchange suing its own regulator almost never happens ⚖️ 04:38 CME's two arguments, and why "future delivery" could reach the Supreme Court 🧠 12:51 Why process and durability may matter more than the outcome 🚪 19:54 How the Kalshi order opened the floodgates for self-certified perps 📊 23:48 Cboe's S&P 500 prediction contracts head to Schwab, and the binary-option-versus-swap line 🛡️ 33:27 Cape: Stop SIM swaps and get 33% off your first six months with code unchained at https://cape.co/unchained 💙 34:22 Fidelity: Explore crypto careers that could change your future at https://crypto.fidelitycareers.com 💼 35:05 The Pump.fun chief legal officer job and its $1 to $5 million salary 🤖 37:02 Why the AI vibe check has turned bleak and why crypto should care 🐶 47:10 This week's good news: the Marlins hunt for the hot dog meme Learn more about your ad choices. Visit megaphone.fm/adchoices