Unchained Laura Shin
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- News
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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.
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Consensys’s Lawsuit Against The SEC: Will It End Gensler's ‘Unlawful Power Grab’?
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
On Thursday, Consensys sued the U.S. Securities and Exchange Commission (SEC) in a Texas federal court, seeking to prevent an impending SEC action against its MetaMask wallet and to clarify that ether is not a security.
The complaint calls out the agency for what Consensys describes as “regulatory overreach,” challenges its notion that ETH is a security, and says the SEC has violated the Constitutional requirement of fair notice under the due process clause. It notes that for years, the SEC and its sister agency, the Commodity Futures Trading Commission, took the position that ETH is not a security.
The lawsuit also challenges the SEC’s recent focus on Ethereum's switch to proof of stake in 2022 as a basis for increased scrutiny, a stance Consensys CEO Joseph Lubin deemed "preposterous."
Laura Brookover, Senior Counsel & Head of Litigation and Investigations at ConsenSys, joined Unchained to unpack the lawsuit and what it means for the future of Ethereum and overall crypto in the US.
Show highlights:
Why Consensys sued the SEC and why Brookover feels like the SEC has gone too far
How they are looking for a Judge to declare that the ETH is not a security
Whether the switch to proof of stake turned ETH into a security
Why the SEC issued Consensys a Wells Notice, with one potential allegation being that it is operating an unregistered securities broker through its MetaMask wallet
How the major questions doctrine applies to what the SEC is doing in the industry, according to Brookover
Why Hinman’s speech is still relevant today, even after 6 years
Whether the moves by the SEC are related to a motivation to deny ether spot ETFs
How the several cases against the SEC show that the industry “has had enough”
Whether Texas is a jurisdiction favorable to crypto, given that many lawsuits are being filed there
The implications of a Consensys victory for the industry and what the next steps in the case are
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Guest
Laura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys
Links
The lawsuit:
Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security
ConsenSys’s complaint
Bill Hughes’ thread on why Consensys sued the SEC
Consensys is suing the SEC to defend the Ethereum ecosystem
Hinman speech
CryptoLaw: The Hinman Speech Documents
Major questions doctrine
Unchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
Reuters: SEC argues Coinbase crypto case not barred by ‘major questions’ doctrine
Other SEC cases:
Coinbase
Unchained:
Why the SEC’s Case Against Coinbase Is So Significant for Crypto
Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It
Uniswap
Unchained:
Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
SEC Puts DeFi in Its Sights With Potential Uniswap Suit
Uniswap Blog Post on the Wells notice
Marvin Ammori Thread on Wells notice
Ethereum Foundation
Unchained:
SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report
The Real Reason Why the SEC Might Be Going After Ethereum
Debt Box
Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit
Beba
DeFi Education Fund and Beba sue SEC over airdrop policies
Lejilex
Lawsuit document
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The Chopping Block: Uniswap's SEC Scrutiny, Token2049 Flood Catastrophe, and Bitcoin's Halving Impact
Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dissect the crypto world’s topics of the day. In this episode, we delve into the SEC's recent scrutiny of Uniswap, exploring the potential legal and regulatory impacts on the DeFi landscape. We also discuss the unprecedented flooding in Dubai and its effects on the recent crypto conference, highlighting the resilience of the crypto community in the face of natural disasters. Shifting our focus to Bitcoin, we analyze the implications of the latest halvening event and what it means for Bitcoin’s inflation rate and market dynamics. Through these discussions, we unpack the intricate relationships between regulatory actions, environmental challenges, and technological advancements in cryptocurrency. Join us as we navigate through these complex topics, offering deep insights and expert analysis on the events that are shaping the future of blockchain and digital currencies. Tune in to understand how these pivotal moments are influencing the strategic direction and ethical considerations within the crypto space.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
Show Highlights
🔹The devastating floods in Dubai and their impact on the Token 2049 conference
🔹 Analysis of Bitcoin's halvening event, exploring whether it's a bullish signal or just market noise.
🔹 Examine the evolution and market impact of new Bitcoin protocols like ordinals and runes, assessing their effectiveness and reception within the community.
🔹 Explore the dynamics of the Asian market's influence on Bitcoin's secondary layers, discussing the integration of substantial Bitcoin deposits and yield strategies.
🔹 Dive into the SEC's Wells Notice to Uniswap and its broader implications for decentralized finance (DeFi).
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Robert Leshner, Founder of Compound
⭐️Tarun Chitra, Founder and CEO of Gauntlet
Disclosures
Links
Fighting for DeFi by Uniswap: https://blog.uniswap.org/fighting-for-defi
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The US vs. Crypto: Jake Chervinsky on Crypto's Legal and Regulatory Status
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Jake Chervinsky, chief legal officer of Variant, discusses the current state of crypto regulation, touching on several ongoing legal and regulatory issues in the crypto space, including Uniswap’s Wells notice, the Coinbase case, the Tornado Cash case, the Ethereum Foundation investigation and more. Chervinsky argues that the government's approach to these cases is often misguided, particularly in instances where they hold software developers liable for how third parties use their software. He also discusses the potential implications of the government's case against Tornado Cash, suggesting that it could have far-reaching consequences for all open-source software developers.
Chervinsky also delves into the SEC's ongoing investigations into the Ethereum Foundation, as well as the recent IRS draft form that lists unhosted wallets as a type of broker. He expressed concern about the potential impact of these investigations on the crypto industry, but remained optimistic about the future of DeFi in the US.
Show highlights:
How the Tornado Cash case could set a critical precedent for open-source software
How the government’s Tornado indictment reveals a fear of unsurveilled financial systems, according to Jake
What the implications of the Tornado Cash case could be for the broader DeFi space
What lessons can be learned from the $62 million hack of Munchables on Blast
How to address the challenge of malicious actors like North Korea using a permissionless system
Whether Coinbase's staking services are considered a securities offering
Whether Judge Failla’s ruling on Coinbase acting as a broker could be overturned
Why Jake thinks the SEC will face significant challenges in its potential case against Uniswap Labs
How the Debt Box case order impacts the SEC’s reputation, according to Jake
How the industry is pushing back against the SEC’s regulation by enforcement with its own lawsuits for Lejilex and Beba
The future of DeFi in the U.S. and its potential for success, according to Jake
Why Jake believes the SEC will deny Ether ETFs and why he disagrees with the latest stablecoin regulation bill by Lummis and Gillibrand
How the U.S. Presidential election could impact the future of the crypto industry
Thank you to our sponsors!
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Guest:
Jake Chervinsky, Chief Legal Officer at Variant
Previous appearances on Unchained:
Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility
All Things Crypto Regulation With Jake Chervinsky
Everything You Need to Know About the Looming Battle Over Privacy in Crypto
Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky
Links
Tornado Cash
Jake’s amicus brief with Amanda Tuminelli
Unchained: Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash
Munchables exploit
Unchained: Blast-Based NFT Game Munchables Recovers $62.5 Million Lost in Exploit
SEC cases:
Coinbase
Unchained:
Why the SEC’s Case Against Coinbase Is So Significant for Crypto
Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It
Uniswap
Unchained:
Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
SEC Puts DeFi in Its Sights With Potential Uniswap Suit
Uniswap Blog Post on the Wells notice
Marvin Ammori Thread on Wells notice
Ethereum Foundation
Unchained:
SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report
The Real Reason Why the SEC Might Be Going After Ethereum
Debt Box
Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit
Beba
DeFi Education Fund and Beba sue SEC over airdrop policies
Leji -
After the Bitcoin Halving, Will the Runes Protocol Live Up to the Hype?
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Not only will April 20 (or 19, depending on which part of the world you are) mark the fourth Bitcoin halving, but also the launch of a new primitive on Bitcoin called Runes Protocol.
Charlie Spears, co-founder of Blockspace Media, joined Unchained to talk about all things Runes, which is a messaging protocol that allows for the creation of fungible tokens on Bitcoin. It is designed to fix some of the issues with the BRC-20 token standard, such as inefficiency and proliferation of unspent transaction outputs. Charlie believes that the launch of Runes will increase demand for Bitcoin's blockspace and potentially lead to higher transaction fees. He also discusses the potential for Runes to interact with Bitcoin covenants and layer two solutions.
Show highlights:
What Runes is and why Charlie believes that it is the hottest thing since Ordinals
The differences between Runes and BRC-20 fungible tokens
Runes’ unique features, with Charlie pointing out that this is “what the degens really want”
Whether the Runes Protocol will create a “burst of demand” and have a positive impact on miners
Whether the launch of Runes will be successful in the long-term and how Bitcoin’s blockspace could become more attractive
Whether Bitcoin L2s will help clear Bitcoin’s mempool, and why Charlie believes that they won’t reduce fee pressure on the base layer
The coolest things that Runes Protocol will enable, according to Charlie
How Taproot Assets and RGB differ from Runes and why they have not taken off
Why Casey, the founder of Runes, will claim the first inscription with Uncommon Goods
Thank you to our sponsors!
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Guest
Charlie Spears, cofounder of Blockspace Media
Links
Recent coverage on Unchained of the Bitcoin halving: Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different
Runes
Unchained: What Are Runes? A Guide to the New Fungible Token Protocol on Bitcoin
Bitcoin Runes Explainer by Charlie Spears
BRC-20s and Ordinals:
Unchained:
What Are BRC-20 Tokens? A Brief Introduction
Bitcoin’s BRC-20 Mania: Is It Sustainable?
How to Create a Bitcoin Ordinal
Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About?
Halving
Unchained:
Bitcoin Halving: What Is It & How Is It Determined?
Here’s Why No One Agrees Exactly When The Bitcoin Halving Will Happen
Bitcoin Miners Diversify Their Revenue Streams as Halving Nears
Bitcoin L2s
Unchained:
Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again
Citrea: An Ethereum-Like Experience Built on Bitcoin?
How Botanix Aims to Enable Smart Contracts on Bitcoin
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Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
The Bitcoin halving is just around the corner, expected to be on April 19 or April 20.
Arthur Hayes, CIO of Maelstrom, and Will Clemente, co-founder of Reflexivity Research discuss the rise in Bitcoin prices ahead of the halving, the impact of the approval of spot Bitcoin ETFs in the US, and the potential effects of the halving on the price trajectory post-halving. They also discuss the potential impact of a new class of investors on Bitcoin's price, volatility, and decentralization.
Learn more: Bitcoin Halving: What Is It & How Is It Determined?
Moreover, they dive into the impact of the macroeconomics, geopolitical, and demographic conditions for the crypto asset industry, the potential for L2s on Bitcoin, and their price predictions for bitcoin by year-end.
Show highlights:
How the approval of spot Bitcoin ETFs altered the price trajectory of BTC before the halving
Whether the introduction of spot Bitcoin ETFs impacts Bitcoin's decentralization and price volatility
Whether this cycle could be the "last cycle" or the "supercycle"
Why Arthur predicts a 90% drawdown in the future and how they determine when the markets are nearing the top of the cycle
The effect of high inflation, the election, and the termination of the bank term funding program on Bitcoin
How artificial intelligence is expected to trigger a productivity boom, according to Will
Why Will considers Coinbase to be mispriced
Whether Bitcoin L2s have a future and if security budgets are a concern
Their views on Bitcoin Ordinals and the Runes Protocol launch
Why Will views DOGE as a purer commodity than ETH
Arthur's rebuttal to claims that Ethena could follow in Terra/Luna’s footsteps
Arthur's and Will’s Bitcoin price projections for the end of the year and the cycle
Thank you to our sponsors!
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Guest:
Arthur Hayes, CIO of Maelstrom.
Previous appearances on Unchained:
Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves
Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
Arthur Hayes of Bitmex on Why Countries Will Turn to Digital
The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks
How Crypto and Blockchain Technology Could Change Financial Services
Will Clemente, Co-founder of Reflexivity Research
Previous appearance on Unchained: Strong Hands Aren't Selling Bitcoin. So Who Is?
Links
This cycle
Naval’s tweet: “The narrative for this cycle is ‘this is the last cycle.’”
Unchained:
Here’s Why No One Agrees Exactly When The Bitcoin Halving Will Happen
Bitcoin Miners Diversify Their Revenue Streams as Halving Nears
Heatwave by Arthur Hayes
Dissecting Bitcoin's “4 Year Cycle,” guest post by Will Clemente on The Pomp Letter
Bitcoin ETFs:
Unchained:
The Best Spot Bitcoin ETFs for Different Types of Investors
Who Is Buying Into Spot Bitcoin ETFs? We'll Soon Start to Get an Idea
Bitcoin ETFs Explained: What Are They & How Do They Work?
Macroeconomic conditions
CNBC: Consumer prices rose 3.5% from a year ago in March, more than expected
FT: Investors lose hope of rapid US interest rate cuts this year
Block size wars
Bloomberg: The Block War Is Still a Sore Subject for ‘Bitcoin Jesus’
Bitcoin L2s
Unchained: Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again
Runes
Decrypt: Bitcoin Runes Launch at the Halving: Here's Everything You Need to Know
Ethena
Hayes’ tweet on Ethena
Unchained:
ENA Surges 20% to New All-Time High as Ethena Rolls Out Reward Boosts
Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe?
What Is Ethena's USDe Synethic Dollar?
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Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
On Wednesday, the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to Uniswap Labs, the team behind the prominent decentralized exchange (DEX) Uniswap, signaling a forthcoming enforcement action.
Amanda Tuminelli, Chief Legal Officer at the DeFi Education Fund, joined Unchained to unpack what the case could mean for Uniswap and the overall decentralized finance (DeFi) industry.
Amanda also talks about the DeFi Education Fund's recent lawsuit against the SEC over its airdrop policies and the industry’s need for a proactive counteroffensive approach in dealing with the SEC.
Show highlights:
Why Amanda thinks that the SEC is going to take a “kitchen sink approach” to their charges
How the SEC could make a case that some of the tokens traded via Uniswap are securities
What the next steps are in the case, with a lawsuit possibly coming soon
Whether there’s an inconsistency between the SEC’s position and Judge Failla’s rejection of the motion to dismiss the Coinbase lawsuit
How the different components of Uniswap make it hard to prove that Uniswap Labs is responsible for everything that happens on the protocol
Why the DeFi Education Fund recently filed a lawsuit against the SEC
Why Amanda believes in a “proactive counteroffensive strategy” with the SEC
How Amanda would like legislation to be implemented in the U.S.
Why the Tornado Cash developers are not liable for the actions of third parties such as North Korean hackers, according to Amanda
Why Amanda thinks Uniswap will ultimately win against the SEC
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Guest
Amanda Tuminelli, Chief Legal Officer at DeFi Education Fund
Previous appearance on Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash
You’ve got a friend in me: How amicus briefs are helping the crypto industry win over the courts, Amanda’s op-ed for Fortune
Links
Wells Notice
Unchained: SEC Puts DeFi in Its Sights With Potential Uniswap Suit
Unchained: UNI Drops 16% as SEC Targets Uniswap Labs
Uniswap Blog Post on the Wells notice
Marvin Ammori Thread on Wells notice
Other cases:
Fortune: Don't blame Uniswap for crypto scams, judge rules—and she's right
The Block: Three crypto advocacy groups file amicus briefs in Tornado Cash developer Roman Storm's case
The DeFiant: SEC Faces Lawsuit Seeking To Exempt Airdrops From Securities Classification
Unchained: Court Rejects Coinbase's Bid to Dismiss SEC Charges Against It
Social media commentary:
Paul Grewal’s tweet on the potential inconsistencies with the Coinbase case.
Gabriel Shapiro’s tweet on how Uniswap AMM smart contracts are not run by the Uniswap company
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Customer Reviews
Been listen for 4 years. Highly recommend
I’m a long time listener. My favourite addition to the show was the chopping block. I literally look forward to this every week. The podcast is great overall.
Good mix
Good mix of high level topics and lower level technical stuff, like trail mix with extra M&M’s
Worst by far
Basically the podcast equivalent of clickbait. Inflammatory questions looking for controversy lacking critical thinking and pressing buttons to irritate interviewees.