Unchained
Unchained
Laura Shin
Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world. Disclosure: I'm a nocoiner.
Bits + Bips: Why Investors Are Looking at the Jobs Data All Wrong - Ep. 882
Subscribe to the new Bits + Bips channels! šŸ“ŗ YouTubeĀ  šŸŽ§ Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain🐦 X / TwitterĀ  Last week’s macroeconomic data came with a twist: a massive job downward revision from the Bureau of Labor Statistics. But is it a recession signal, or just statistical noise? In this episode of Bits + Bips, Ben Werkman, chief investment officer at Swan Bitcoin, joins hosts Ram Ahluwalia, Noelle Acheson, and Steve Ehrlich to examine why markets shrugged off the data, and what it means for crypto. The panel also discusses: Whether markets are mispricing macro risk How Strategy’s latest capital raise may reflect rising treasury company risk The future of tokenized equity and how Coinbase could unlock private market value New regulatory signals suggesting the U.S. may allow banks to hold crypto The rise of ā€œsuper appsā€ blending payments, trading, and custody Thank you to our sponsor! Mantle Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the ā€œCrypto Is Macro Nowā€ NewsletterĀ  Steve Ehrlich, Executive Editor at Unchained Guest: Ben Werkman, Chief Investment Officer at Swan Bitcoin Links: Macro BLS Drama CNN: Trump says the Bureau of Labor Statistics orchestrated a ā€˜scam.’ Here’s how the jobs report really works NYT: Big Downward Jobs Revisions Could Be a Warning Sign for the Economy CNBC:Ā  'The revisions are hard evidence': White House struggles to justify firing of BLS chief over weak jobs numbers Trump fires commissioner of labor statistics after weaker-than-expected jobs figures slam markets Ā PCE Reuters: US inflation warms up in June as tariffs boost some goods prices TariffsĀ  NYT: Trump’s Tariffs Are Making Money. That May Make Them Hard to Quit. FT: Donald Trump to raise tariffs on India over Russian oil purchases CNBC: EU will delay planned U.S. tariffs for six months to allow for trade talks Crypto earnings season Coverage of $COIN and $MSRT on Bits + Bips:Ā  Strategy Had a Massive Quarter: Impressive Numbers, But Are They Sustainable? Coinbase Missed Earnings, But the Bull Case Is Still Intact, Analyst Says Unchained articles: Coinbase Veered From Its Neutral Stance With Base. Could That Bet Go Wrong? How Michael Saylor Plans to Ensure Strategy Keeps Its Bitcoin Forever Coinbase Expands Into Tokenized Stocks and Prediction Markets How Robinhood's New Crypto Strategy Could Help Its TradFi Ambitions Timestamps: šŸŽ¬ 0:00 Intro šŸ“‰ 4:25 Why Noelle thinks we’re looking at the job numbers all wrong šŸ” 16:23 Whether the BLS revision is actually a nothing burger 🧊 19:33 How investors are managing to shrug off all the macro noise šŸ¢ 32:37 What surprised Ben about corporate bitcoin adoption and how earnings are shifting the narrative šŸ’° 37:57 Why Strategy is raising capital at sky-high premiums šŸ“Š 44:40 How Robinhood and Coinbase stack up by the numbers šŸ“œ 51:11 What new signals reveal about the U.S. rewriting financial rules šŸ“± 57:43 How ā€œsuper appsā€ are changing the game for crypto and TradFi šŸ“ˆ 1:05:18 Where the panel sees markets heading next šŸ›ļø 1:13:17 What it might take for governments to start holding crypto Learn more about your ad choices. Visit megaphone.fm/adchoices
Aug 6
1 hr 26 min
Jim Bianco on Why 0% Interest Rates and Money Printing Are Gone for Good - Ep. 881
Subscribe to the new Bits + Bips channels! šŸ“ŗ YouTubeĀ  šŸŽ§ Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain 🐦 X / TwitterĀ  Has the Fed entered a new era? In this episode of Unchained, macro strategist Jim Bianco of Bianco Research lays out why the current economic cycle is fundamentally different from what came before. He explains the implications of sticky inflation, why 0% interest rates and money printing may be relics of the past, and how the COVID-era economy created lasting structural shifts. Bianco also gives his candid take on how retail investors have changed markets, why the payments system is still stuck in the 1950s, and how stablecoins and tokenized assets could fix that—if regulators allow it. He breaks down the threats facing major players like Coinbase and Robinhood, and shares a bold theory on what really happened during the GameStop short squeeze. Bianco also assesses what could happen if the Fed is politicized — and whether Chair Powell is likely to be replaced. Thank you to our sponsors! Bitwise Ledn Mantle Guest: Jim Bianco, President and Macro Strategist at Bianco Research, L.L.C. Timestamps: šŸŽ¬ 0:00 Intro šŸ“‰ 3:36 Why Jim called the latest economic revisions ā€œextraordinaryā€ šŸ”„11:56 Whether we’ve entered a post-COVID ā€œnew normalā€ of sticky inflation šŸ‘” 18:14 Could Trump really fire Powell — and what would that mean for the Fed? šŸ“‰ 23:36 What happens to markets if Trump pushes through aggressive rate cuts šŸ›ļø 29:45 How retail investors flipped the power dynamic on Wall Street šŸ’³ 26:04 Why Jim says outdated payment rails are holding back stablecoins 🧩 46:17 Jim’s bold theory on how the GameStop halt was really about saving Schwab 🚫 50:12 Why he’s skeptical of the SEC’s ā€œProject Cryptoā€ āš”ļø 57:17 Why Coinbase and Robinhood are bracing for a new wave of challengers āš ļø 59:28 What could happen to crypto treasury companies in a bear market šŸ›ļø1:01:43 What’s still broken in tokenized stocks — and how to fix it Learn more about your ad choices. Visit megaphone.fm/adchoices
Aug 5
1 hr 5 min
The Chopping Block: Tornado Cash on Trial, Crypto Privacy in Crisis, and Robert’s LQR House Takeover - Ep. 880
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, things get personal as Haseeb and Tom break their silence on the DOJ’s shocking threat to criminally charge Dragonfly over its early investment in Tornado Cash. With Roman Storm’s trial nearing its conclusion, the crew unpacks the unprecedented legal risks facing developers, investors, and privacy protocols and what it means for the future of crypto in the U.S. As Ethereum celebrates its 10th anniversary, a storm brews in court: SamouraiĀ  Wallet founders plead guilty, the DOJ backpedals on Dragonfly, and Roman Storm faces decades behind bars for writing code. Robert recounts his short-lived microcap M&A adventure (aka the Liquor Store Fiasco), and the gang reacts to a dramatic regulatory about-face from the SEC’s new crypto-friendly regime. Is financial privacy now a crime? Will U.S. law catch up with crypto code? And what happens when TradFi tries to CT a public company? This episode hits hard — and nothing is off limits. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights šŸ”¹ Dragonfly Named in Court – Haseeb and Tom break their silence after the DOJ threatens criminal charges over Dragonfly’s Tornado Cash investment. šŸ”¹ Roman Storm on Trial – The Tornado Cash co-founder faces up to 45 years as the government tests the limits of crypto developer liability. šŸ”¹ DOJ Walks It Back – After a media firestorm, prosecutors publicly reverse course and say Dragonfly is not a target. šŸ”¹ SamouraiĀ  Wallet Pleads Guilty – Another privacy project folds under pressure — and possibly to bolster the Tornado Cash case. šŸ”¹ Privacy Protocols Under Siege – The crew asks: Is building immutable software now a criminal act in the U.S.? šŸ”¹ Tarun Breaks Down Autonomous Code – Why the government’s case against smart contracts reveals a deep misunderstanding of how DeFi works. šŸ”¹ Robert’s Liquor Store Saga – CT’s favorite meme investor explains how he tried to take over a public company… and got mega-diluted. šŸ”¹ SEC’s Project Crypto Leaks – Paul Atkins lays out a sweeping vision for crypto-friendly regulation and software protections. šŸ”¹ Crypto’s Legal Future Hangs in the Balance – From subpoenas to policy pivots, this episode explores what’s next for developers, investors, and privacy itself. Hosts: ā­ļøHaseeb Qureshi, Managing Partner at Dragonfly ā­ļøRobert Leshner, CEO & Co-founder of Superstate ā­ļøTarun Chitra, Managing Partner at Robot Ventures ā­ļøTom Schmidt, General Partner at DragonflyĀ  ⁠Disclosures⁠ Links: American Leadership in the Digital Finance Revolution, by Paul S. Atkins, SEC Chairman https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125Ā  Timestamps 00:00 Intro 01:58 Background on Tornado Cash 03:50 Legal Challenges & Sanctions 06:36 DOJ's Actions & Dragonfly's Response 11:25 Implications for Privacy & Crypto 27:06 Samourai Case & Broader Implications 33:37 Robert's Liquor Store Saga 37:17 LQR House Challenges & Legal Issues 46:05 Lessons Learned from the LQR House 50:01 SEC's New Crypto Policy Learn more about your ad choices. Visit megaphone.fm/adchoices
Aug 2
56 min
In Q2 Earnings, MSTR Surges, and Coinbase Stumbles. But What's Next? - Ep. 879
Strategy posted a record $10 billion in net income. Coinbase missed estimates and stock dropped. But analysts say both tell a deeper story about how crypto companies are adapting. It’s earnings season in crypto—and the stories couldn’t be more different. Strategy (formerly MicroStrategy) just posted $10 billion in net income, boosted by Bitcoin’s price and new fair value accounting rules. But can the company keep this up? Coinbase missed Q2 estimates, sending its stock down. Yet Owen Lau of Oppenheimer says the long-term setup may be more bullish than the market thinks. In this double interview, Unchained’s Steven Ehrlich sits down with: Lance Vitanza from TD Cowen to break down Strategy’s accounting shift, capital markets evolution, and whether its growing BTC pile presents systemic risks Owen Lau from Oppenheimer to unpack Coinbase’s earnings miss, how new bank partnerships may remake it as a TradFi infrastructure provider, and why Q3 may tell a different story Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle FalconX Guests: Lance Vitanza, Lance Vitanza, Managing Director & Director of Equity Research at TD Cowen Owen Lau, Executive Director and Senior Analyst in the equity research department of Oppenheimer & Co Learn more about your ad choices. Visit megaphone.fm/adchoices
Aug 2
51 min
10 Years In, Here's Why Aave's Founder Isn’t Done Betting on Ethereum - Ep. 878
Ethereum just turned 10, and Stani Kulechov, founder of Aave, one of the earliest and most influential lending protocols in DeFi, is more bullish on the OG layer 1 blockchain than ever.Ā  In this wide-ranging interview, he reflects on Ethereum’s resilience, explains why Aave is still laser-focused on it despite the rise of competitors like Solana, and gives us a preview of Aave V4 and its institutional play, Horizon.Ā  If you want to understand where DeFi is going, you’ll want to hear what Stani has to say. Ā  Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Focal by FalconX Xapo Bank Guest: Stani Kulechov, founder and CEO of Aave and ETHLend Links: Recent episode of Unchained with EF’s co-ED Tomasz: As Ethereum Turns 10, Where Is the Foundation Focused Next? Unchained: Aave Labs Unveils V4 Upgrade Proposal, Introducing a Unified Liquidity Layer and 'Fuzzy' Rates DefiLlama: Aave stats Reuters: JPMorgan considers offering loans backed by clients' cryptocurrency holdingsĀ  Timestamps: šŸŽ¬ 0:00 Intro šŸŽ‰ 4:58 What Ethereum’s 10-year milestone means to Stani šŸ—ļø 9:09 How Aave became the top lending protocol on Ethereum 🧐 13:02 Why Stani has been critical of the Ethereum Foundation šŸ¦ 17:16 How TradFi institutions could quietly run on Aave infrastructure šŸ’ø 25:08 What Stani thinks about the complaints over Ethereum revenues and fees šŸŒ‰ 30:27 Why Aave hasn’t launched on Solana šŸ’¼ 35:32 How Ethereum treasury companies are putting Aave to work šŸ”§ 41:15 What Aave V4 is bringing to the protocol and why it matters šŸŒ 48:18 How Horizon could bridge DeFi and real-world assets šŸ¤ 50:43 Why DeFi might thrive even as TradFi and fintech move onchain šŸ—³ļø 57:57 Whether DAO governance is fundamentally flawed Learn more about your ad choices. Visit megaphone.fm/adchoices
Aug 1
1 hr 15 min
As Ethereum Turns 10, Where Is the Foundation Focused Next? - Ep. 877
Subscribe to the new Bits + Bips channels! šŸ“ŗ YouTubeĀ  šŸŽ§ Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain🐦 X / TwitterĀ  Ethereum turned 10 on Wednesday, capping off a decade of trials and travails — but also triumphs. After years of being the heart of crypto’s onchain economy, Ethereum stalled last year, losing mindshare and market share to Bitcoin and Solana. During that time, some long-time supporters publicly aired frustrations with the Ethereum Foundation. Now, there’s a palpable shift in energy. In this episode, Tomasz Stanczak, the co-executive director of the Ethereum Foundation, reflects on the 10-year anniversary and talks about what’s ahead.Ā  From internal strategy overhauls to his plans to tackle Ethereum’s UX and developer experience, Tomasz shares how the Foundation is trying to re-center Ethereum — and why he’s betting on it for the next decade.Ā  He also lays out what he calls a ā€œsecondary roadmap,ā€ including bold ambitions like building Ethereum into a platform for AI, machines, and even a new kind of open-source society. Thank you to our sponsors! Ledn Mantle Guest: Tomasz K. Stańczak, Co-Executive Director at the Ethereum Foundation and Founder of Nethermind Links: Unchained: Ethereum Turns 10 Years Old Tomasz’s tweet about the roadmap Timestamps: šŸŽ¬ 0:00 Intro šŸŽ‰ 7:46 How Tomasz is reflecting on Ethereum’s 10th birthday and its recent struggles 🧠 10:41 What Ethereum means to Tomasz and how he explains it to the normies šŸ—ļø 17:28 Why the Ethereum Foundation plays a different kind of role in crypto development šŸ‘” 22:59 How Tomasz ended up as co-executive director of the EF šŸ—£ļø 27:25 What he learned from hundreds of conversations about how Ethereum could improve šŸŽÆ 29:47 Why the Foundation is now focused on three core goals šŸ’¼ 36:34 How and why the EF is also embracing business development šŸŖ™ 42:40 Why Tomasz wants people minting directly on Ethereum Layer 1 šŸ“£ 46:14 How the Foundation’s communication strategy has changed and why it matters šŸ“‰ 52:48 Why the EF isn’t focused on ETH’s price—at least not directly 🧾 57:50 Whether the Foundation is worried about Ether’s shifting asset narrative šŸ”— 1:03:34 How the EF is working to fix interoperability issues within Ethereum šŸ¦ 1:05:59 Why the Foundation sold ETH to SBET and how its treasury strategy is evolving šŸ›ļø 1:14:09 How Ethereum became the chain of choice for institutions Learn more about your ad choices. Visit megaphone.fm/adchoices
Jul 31
1 hr 19 min
Bits + Bips: ETH Makes a Comeback While Crypto’s Animal Spirits Revive - Ep. 876
What’s fueling crypto’s market surge?Ā  This week on Bits + Bips, Ethereum’s rally has reignited market energy, triggering fresh questions about the return of alt season, and whether Bitcoin’s dominance will continue to fall. With special guests Katalin Tischhauser from Sygnum Bank and Wintermute’s Jake Ostrovskis, we dive deep into how corporate treasuries, tokenized assets, and shifting ETF flows are reshaping crypto’s microstructure.Ā  Plus, we dissect the macro impact of rising tariffs, the Fed’s delicate dance with Trump, and whether tokenization could breathe new life into the US dollar. Check out the sponsors who make this show possible! Bitwise Mantle Hosts: Steve Ehrlich, Executive Editor at Unchained Ram Ahluwalia, CFA, CEO and Founder of Lumida Guests: Katalin Tischhauser, Head of Research at Sygnum Bank Jake Ostrovskis, Head of Sales Trading (OTC) at Wintermute Links Markets:Ā  Unchained: Spot Ether ETFs Extend 16-Day Inflow Streak With $453 Million DATs: Cointelegraph: Tron Inc. seeks $1B to grow TRX holdings as stock rallies CoinDesk: Crypto Treasury Fever Spreads to Ethena as $360M SPAC Deal Targets ENA Accumulation CEA Industries Inc. Press Release: CEA Industries and 10X Capital, with the support of YZi Labs, announce $500 Million Private Placement to Establish Largest Publicly-Listed $BNB Treasury Company in the World The Block: Specialty finance company Mill City announces $450 million offering to establish corporate Sui treasury Barron's: MicroStrategy to Offer Preferred Stock With a Twist That Could Yield 10% Trump and Powell Fortune: Jerome Powell had a surprise visit from Trump. He's poised to leave interest rates unchanged anyway CNBC: Trump spars with Powell over renovation costs during Fed visit, but backs off firing threats Timestamps: šŸŽ¬0:00 Intro šŸ”„ 6:03 Why ETH’s comeback is reigniting crypto markets 🧠 11:23 Why Ram says ā€œanimal spirits are backā€ šŸ’ø 15:06 When tariffs could finally start pushing prices higher šŸ“‰ 18:06 Whether BTC dominance is fading—and if alt season is finally here šŸ­ 22:27 How tariffs are already hurting some businesses āš–ļø 27:49 Whether Strategy’s new preferred share class adds risky complexity šŸšļø 32:32 Why many new treasury-backed projects might not survive šŸ“Š 38:29 Whether these digital asset treasuries (DATs) are trading at unsustainable premiums šŸ”® 51:28 What the real endgame is for all these DATs āš”ļø 59:00 How the Powell-Trump tension could shake up markets šŸ”— 1:12:44 Why tokenization is gaining momentum across finance šŸ“ˆ 1:18:55 Whether stablecoins could revive global demand for the US dollar Learn more about your ad choices. Visit megaphone.fm/adchoices
Jul 29
1 hr 23 min
The Price of PUMP Is at Its Lowest Since the ICO. Will It Recover? - Ep. 875
Pump raised $600 million in 12 minutes. Then the token crashed… and sentiment with it. In this episode, Delphi’s Yan Liberman, Jason Pagoulatos, and Simon Smockey unpack what really happened, from the lack of investor lockups to the underwhelming post-ICO communication, and what Pump must do now to win back the market. We also get into whether the ā€œeverything appā€ strategy still makes sense, what decentralization means after this cycle, and what tokens can learn from equity markets. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Xapo Bank Focal by FalconX Guests: Simon Smockey, Researcher at Delphi Digital Yan Liberman, Co-Founder of Delphi Digital and Managing Partner of Delphi Ventures Jason Pagoulatos, Head of Markets at Delphi Previous coverage on the ICO:Ā  Pump.fun Just Raised $600M. What Does This Mean for DeFi, Solana & Social Media? Pump.fun’s $1 Billion ICO Has Caused Controversy. Can It Succeed? Unchained: Pump.fun Becomes Third Largest ICO, Raises $600M in 12 MinutesĀ  PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Pump.fun Draws Backlash After Confirming PUMP ICO TG Podcast: Alon: Raising $1B, $PUMP Token, Airdrop, and More Timestamps: šŸŽ¬ 0:00 Intro šŸ’„ 2:53 How Pump’s months-long hype set the stage, and why it may have backfired šŸ”“ 11:07 Whether the lack of investor lockups hurt confidence in the token 😬 17:13 Why Jason found Alon’s post-ICO interview with Threadguy underwhelming šŸ“‰ 22:52 Why Yan still sees strong risk-reward in PUMP despite the crash šŸ”„ 24:29 What Pumpfun can do now to reignite interest and rebuild momentum šŸ’ø 34:19 Whether buybacks or business reinvestment is the better path forward šŸ“± 36:37 How realistic the ā€œeverything appā€ vision is, and whether M&As can save it šŸŒ 47:16 What strategies could finally bring normies onchain 🧵 53:22 Whether the PUMP launch proves that decentralization is dead Learn more about your ad choices. Visit megaphone.fm/adchoices
Jul 25
1 hr 11 min
The Chopping Block: The Clarity Act, Stablecoins, and a $120K Bitcoin Boom - Ep. 874
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by special guest Rebecca Rettig, Chief Legal Officer at Jito Labs, to unpack the biggest legislative week in crypto history. The Clarity Act, Genius Act, and Anti-CBDC Act all pass Congress, ushering in what some are calling a regulatory renaissance — or at least, the first real rules of the road. Bitcoin breaks $120K, memecoins rip, and Crypto Week sends shockwaves through Washington. But is the Clarity Act really the win the industry’s been waiting for? Rebecca breaks down the legal nuance, Tarun questions the economic reality, and Haseeb points out Ethereum’s bizarre silence during the biggest policy shift of the decade. Has crypto finally grown up — or just gotten better at playing the game? The gang dissects the laws, the loopholes, and the market’s reaction to it all. Show highlights šŸ”¹ Clarity Act Passes the House – Landmark crypto bill advances with bipartisan support, aiming to limit SEC power and define digital asset classifications. šŸ”¹ Stablecoins Get a Path Forward – The Genius Act passes alongside Clarity, offering long-awaited regulatory rails for U.S. stablecoin issuers. šŸ”¹ Congress Goes Full Crypto – Three major bills pass the House in one week, marking a historic show of political support for the industry. šŸ”¹ Rebecca Rettig Returns – Jito Labs Chief Legal Officer breaks down what the legislation really means — and what still isn’t clear. šŸ”¹ SEC in the Hot Seat – With CFTC gaining ground, the SEC’s regulatory grip is questioned across policy circles and crypto Twitter. šŸ”¹ Bitcoin Breaks $120K – Markets rally on regulatory momentum and renewed optimism, with BTC setting a new local high. šŸ”¹ Altcoins Catch Fire – SOL, PENGU, and meme tokens explode as traders rotate into risk-on narratives post-legislation. šŸ”¹ Ethereum’s Silence Raises Eyebrows – Despite being at the heart of stablecoin infrastructure, Ethereum’s core voices stay unusually quiet. šŸ”¹ DeFi’s Legal Gray Zone Remains – Tarun argues the bills may shift political winds, but don’t resolve the underlying protocol risk or enforcement ambiguity. šŸ”¹ Crypto Week Becomes a Real Thing – What started as a Trump slogan turns into one of the most consequential weeks in U.S. crypto history. ā­ļøHaseeb Qureshi, Managing Partner at Dragonfly ā­ļøRobert Leshner, CEO & Co-founder of Superstate ā­ļøTarun Chitra, Managing Partner at Robot Ventures ā­ļøTom Schmidt, General Partner at DragonflyĀ  Guest ā­ļø Rebecca Rettig, Jurisprudential Genius at Jito Labs Disclosures Timestamps 00:00 Intro 01:06 The Genius Act 04:38 Tech Companies & Stablecoins 08:38 Predictions for the Future of Stablecoins 26:25 The Clarity Act Breakdown 32:27 Important Definitions 34:38 New Exemptions for Token Sales 41:12 Mature Blockchain Certification Process 45:27 Defi Activity Exemptions & Regulations 48:03 New Categories for Spot Crypto Registrants 55:52 Solana's Block Assembly Marketplace (BAM) Learn more about your ad choices. Visit megaphone.fm/adchoices
Jul 24
1 hr 7 min
Bits + Bips: Stablecoins Just Went Legit, but That’s Only the First Step - Ep. 873
Last week, the U.S. passed its first major piece of crypto legislation. Stablecoins now have a legal home, and that could open the floodgates for adoption, disruption, and regulation. But is this just the beginning? In this episode of Bits + Bips, Ram Ahluwalia, Noelle Acheson, Steve Ehrlich, and guest Cosmo Jiang of Pantera dive into what the stablecoin law actually means, who it helps, who it threatens, and why Wall Street and crypto startups alike are positioning fast. They also cover Ethereum’s rally, what’s fueling it, and whether the boom in digital asset treasury companies is sustainable. Plus, they unpack Trump’s latest threats against the Fed and what it means for markets, inflation, and interest rates. Sponsors: Bitwise Mantle Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the ā€œCrypto Is Macro Nowā€ NewsletterĀ  Steve Ehrlich, Executive Editor at Unchained Guest: Cosmo Jiang, General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital Links Stablecoins Unchained:Ā  GENIUS Act Passes: Who Are the Winners, Losers, and What Comes Next? House Passes Landmark Crypto Legislation: GENIUS Act and Digital Asset Bills Trump to Unblock Crypto Access in America’s $9 Trillion 401(k) Market: Report The Block: GENIUS Act is helping Ethereum ā€˜have its moment,’ Bernstein says WSJ: Why Banks Are on High Alert About Stablecoins Digital Asset Treasuries WSJ: Blank-Check Company Strikes Cryptocurrency Deal Unchained: SBET to Raise Additional $5B to Grow ETH Position Bloomberg: Trump Media Buys $2 Billion in Bitcoin for Crypto Treasury Plan CoinDesk: DeFi Development Nears $200M Solana Treasury DeFi Dev Corp Press release: DeFi Dev Corp. Announces Global Expansion Through Strategic Treasury Franchising Model TLGY Acquisition Corp Press release: TLGY Acquisition Corp. Announces Business Combination and Approximately $360 Million PIPE Financing to Form StablecoinX, an Ethena Stablecoin-Focused Treasury Company The Block: Nasdaq-listed Sonnet BioTherapeutics agrees to $888 million merger to become Hyperliquid Strategies, launch HYPE treasury Timestamps: šŸŽ¬ 0:00 Intro šŸš€ 3:01 Why Noelle believes the stablecoin law is just the beginning šŸ˜’ 5:25 How Ram explains his disappointment with the market’s reaction šŸ’³ 11:31 Whether Visa and Mastercard survive the stablecoin disruption šŸ† 17:00 Who stands to gain the most from the new stablecoin law šŸ¦ 20:08 How tokenization could hurt investment banking šŸ“‰ 22:26 Whether regional banks are on the brink šŸ“ˆ 27:42 What’s fueling ETH’s latest rally 🧠 31:08 Why Cosmo credits the Ethereum Foundation’s leadership for the momentum šŸ’„ 36:14 Where markets are heading as retail FOMO ramps up šŸ’¼ 37:56 How Cosmo is evaluating the surge in digital asset treasury companies 🄱 43:52 Why Ram is spotting signs of market fatigue šŸ“Š 45:15 Whether upcoming crypto IPOs can match early successes šŸ’ø 47:21 Why VC activity is still lagging despite bullish narratives 🧨 51:03 How Trump’s threat to fire Powell is shaking macro sentiment 🧃 58:08 Everyone’s unexpected or contrarian take this week Learn more about your ad choices. Visit megaphone.fm/adchoices
Jul 23
1 hr 2 min
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