Unchained Laura Shin

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With crypto becoming more politicized than ever, US Senator from Wyoming Cynthia Lummis came on Unchained to talk about the recent regulatory action in Washington DC.
With crypto becoming more politicized than ever, U.S. Senator from Wyoming Cynthia Lummis came on Unchained to talk about the recent regulatory action in Washington, D.C.
She delves into what led to bipartisan support to repeal SAB 121, and how the strength of the vote there in both the House and Senate may have affected the about-face decision to approve spot ether ETFs. Sen. Lummis also explains why she disagrees with how Gary Gensler’s SEC is handling the industry, how to avoid the next TerraUSD, why she feels Wyoming-chartered Custodia Bank is not being treated fairly, the ban on a Chinese-owned, Wyoming-based Bitcoin mining firm, and what advice she would give to the crypto industry during this election year.
Show highlights:

Why the SAB 121 approval was bipartisan 

Whether President Biden will veto the resolution 

How it's a "mystery" to Sen. Lummis why the SEC had a change of heart about Ether ETFs

How the SEC's approach to regulating the industry "is not the American way"

Whether there is a bipartisan majority in favor of crypto in Congress

How bitcoin has come a long way in terms of adoption

Sen. Lummis' thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation

The differences between the Lummis-Gillibrand bill and FIT21

How Sen. Lummis feels about the denial of a master account for Custodia Bank

Whether there's a move against Bitcoin mining companies in the US, given the recent ban of an operation in Wyoming

What Sen. Lummis would advise for the industry to accomplish its goals


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

Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress - Ep. 651, U.S. Senator from Wyoming
Links
Ether ETFs

Unchained: 

Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security

Bits + Bips: Is US Politics Driving the ETH ETF Approval?

Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday

SAB 121

Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance 



FIT21:
Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?

Open cases:

Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security


Unchained: 

Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?

SEC Puts DeFi in Its Sights With Potential Uniswap Suit

Unchained:

SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report

The Real Reason Why the SEC Might Be Going After Ethereum


Timestamps:

(00:00) Introduction

(02:53) Why the SAB 121 approval was bipartisan 

(04:52) Whether President Biden will veto the resolution 

(08:40) How it's a "mystery" to Sen. Lummis why the SEC had a change of heart about Ether ETFs

(13:23) Why Senator Lummis believes there is a bipartisan majority in favor of crypto in Congress

(20:19) Sen. Lummis' thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation

(23:55) The differences between the Lummis-Gillibrand bill and FIT21

(28:59) How Sen. Lummis feels about the denial of a master account for Wyoming-special purpose depository institution Custodia Bank

(30:20) What she thinks about the Biden administration’s ban against a Wyoming-based, Chinese-owned Bitcoin mining company near a nuclear site

(33:44) What Sen. Lummis would advise for the industry to accomplish its goals

(35:04) Weekly Recap


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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in crypto. This episode covers the anticipated Ether ETF Approval and its market impact, Biden's evolving crypto policy, and the bipartisan repeal of SAB-121. We debate the controversy around High FDV Low Float Tokens and discuss the DOJ indictment for a $25 million MEV exploit. Tune in for insights on memecoin performance, the role of prediction markets in politics, and the increasing participation of retail investors in the crypto market.
Show highlights
🔹 Crypto Regulation: In-depth discussion on SEC Crypto Guidance, focusing on SAB-121 and its implications for the crypto and banking sectors.
🔹 Ethereum ETF News: Examination of the anticipated Ether ETF Approval, the political motivations behind it, and potential market implications.
🔹 Biden Administration Crypto Stance: Analysis of Biden's evolving crypto policy, bipartisan repeal of SAB-121, and how these shifts might affect the upcoming elections.
🔹 High FDV Low Float Tokens: Debate on the controversy surrounding high FDV low float tokens, recent market downturns, and potential market structure issues.
🔹 MEV Exploit DOJ: Overview of the DOJ indictment of two brothers for a $25 million MEV exploit, exploring the legal and ethical implications.
🔹 Memecoin Performance: Insights into current market trends, including the performance of memecoins versus VC-backed tokens, and predictions on future regulatory impacts.
🔹 Prediction Markets in Politics: Exploration of how prediction markets are influencing political stances, particularly Trump's pro-crypto stance and its effects on voter behavior.
🔹 Impact of Regulation on Crypto: Discussion on the increased participation of retail investors in the crypto market and its broader implications.

Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly 
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures
Links
Haseeb’s “Why are all these low float / high FDV coins down bad?” https://x.com/hosseeb/status/1792257063399403669 
Two Brothers Arrested for Attacking Ethereum Blockchain and Stealing $25M in Cryptocurrency:
https://www.justice.gov/opa/pr/two-brothers-arrested-attacking-ethereum-blockchain-and-stealing-25m-cryptocurrency 
Tarun’s Towards a Theory of Maximal Extractable Value I: Constant Function Market Makers: 
https://arxiv.org/pdf/2207.11835 
Timestamps 
(00:00) - Intro
(2:20) - Congressional Response to SAB-121
(12:05) - Are memecoiners activists?
(16:09) - Crypto is a new wedge issue
(19:03) - ETH ETF & Regulation softening
(22:23) - Prediction markets steering politics
(30:22) - Being anti-crypto is stupid
(35:38) - "High FDV, Low Float" tokens
(40:16) - Market structure problems
(49:14) - Market price is not sustainable
(55:38) - DOJ vs. MEV Bot Exploit
(1:01:45) - Crypto-on-crypto crime
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With ETH spot ETFs now more likely than ever, Bits + Bips hosts James Seyffart, Alex Kruger, and Joe McCann delve into the reasons behind this shift, surmising that the reversal may have come from powers above the SEC—perhaps in the Biden administration.
The three hosts surmise that ETH will likely reach all-time highs, discuss how this changes their election trading strategy and ponder where there is enough institutional demand for ether ETFs. They also look at whether the potential approval could sway the US elections. 
Plus, they share insights into stablecoins and how they strengthen the US’s political power globally, dive into the debate on low float/high FDV coins, and also take a peek at what they think could be the potential next crypto spot ETF.
Show highlights:

Why the chances of an ETH ETF suddenly reversed

What the "Coinbase premium" is and how Joe uses it for trading

Why Alex believes that ETH is heading to all-time highs

Whether there's institutional demand for spot ether ETFs

The political pressure that led to this change

Whether the ETH ETF will change the course of the US elections

The broader macroeconomics conditions and how Alex thinks to trade the US elections

How US dollar-pegged stablecoins promote USD hegemony

The debate about high FDV, low float coins, and whether there is a solution

Whether new crypto spot ETFs will be approved


Hosts:


James Seyffart, Research Analyst at Bloomberg Intelligence


Alex Kruger, Founder of Asgard


Joe McCann, Founder, CEO, and CIO of Asymmetric

Links
Ether ETF approval:

Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security


CoinDesk: Ether ETFs Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources


The Block: Fidelity files amended S-1 registration statement, removing staking rewards from prospective Ethereum ETF


Unchained Podcast: Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday


High FDV, low float coins:
Unchained: Who’s to Blame for the Underperformance of Low Float, High FDV Tokens?


Timestamps:

(00:00) Intro

(01:40) Why the chances of an ETH ETF suddenly reversed

(09:13) Why Alex believes that ETH is heading to all time highs

(11:22) Whether there's institutional demand for ether

(16:46) The political pressure that led to this change

(28:46) The broader macroeconomics conditions and how Alex thinks he’ll trade the US elections

(35:51) How US dollar-pegged stablecoins promote USD hegemony and mirror the Eurodollars market

(40:01) The debate about high FDV, low float coins, and whether there is a solution

(49:52) Whether there are going to be new crypto spot ETFs being approved


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Just when everyone thought that spot Ether ETFs were going to be denied on Thursday, news broke Monday that they are now likely to be approved, with Bloomberg analysts tripling their odds to a 75% chance of approval. 
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, and Matt Hougan, CIO at Bitwise Asset Management, say this reversal definitely has to do with politics, citing the fight of Staff Accounting Bulletin 121, a rule that was unfriendly to financial institutions wanting to engage with crypto. 
Plus, they delve into the reasons why Michael Sonnenshein stepped down as CEO of Grayscale after 10 years (hint: it has to do with GBTC), what the 13F filings revealed about who’s been buying the spot bitcoin ETFs since the beginning of the year, and what Vanguard’s incoming CEO, Salim Ramji, who was instrumental to getting BlackRock to launch its Bitcoin ETF, could mean for crypto’s future at the asset management firm.
Show highlights:

Why Eric believes the ether ETFs will be approved

Why Matt thinks the Bitcoin ETFs set off a "complete sea change in Washington around crypto"

Whether the spot Ether ETFs will be approved with or without staking

Who the authorized participants and other behind-the-scenes players in the ether ETFs will be

When the ETH ETFs could start trading and why Eric believes they won't be as successful as Bitcoin ETFs

What the 13F filings revealed about the spot Bitcoin ETFs buyers and why their identities are "stunning"

Why Michael Sonnenshein stepped down as CEO of Grayscale

Grayscale’s new mini ETF, BTC

Whether Vanguard's new CEO appointment could mean a change in attitude by the asset management firm towards crypto

What a buffered ETF is and why they could be significant

Matt's prediction for the BTC price

Their outlook on the future of ETFs and developments in the space

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


Matt Hougan, Chief Investment Officer at Bitwise Asset Management

Previous appearances on Unchained: 

How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock

Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10


Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence

Previous appearances on Unchained:

How, in 7 Weeks, Bitcoin ETFs Reached Inflows That Took Gold ETFs 3 Years

Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday

Will a Spot Bitcoin ETF Finally Get Approved?


Links
Ether ETFs

Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security


CoinDesk: Ether ETFs Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources


The Block: Fidelity files amended S-1 registration statement, removing staking rewards from prospective Ethereum ETF




SAB 121

Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance 

Unchained: Senate Votes to Kill SAB 121 Custody Bill: How Crypto Became So Political


13F Filings
Unchained: Large Institutions Betting Big on Bitcoin ETFs Revealed in SEC Filings

Leadership changes

CoinDesk: Grayscale CEO Michael Sonnenshein Steps Down, to Be Replaced by TradFi Veteran


WSJ: Meet Salim Ramji, Who Is Going to Oversee the Retirement Assets of Tens of Millions of Americans




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In this episode, Evan Zinaman, founder and principal at Trailbreak, delves into the first-of-its-kind case of the Bueno brothers, who face Department of Justice charges for exploiting Maximal Extractable Value (MEV) in a cryptocurrency scheme. Accused of manipulating transaction ordering to create an arbitrage opportunity, the brothers are charged with conspiracy to commit wire fraud as well as wire fraud itself. 
Zinaman explores the broader implications of MEV exploitation, addresses critics who say that the MEV exploiters just got a taste of their own medicine, and the need for block building participants to consider their legal and compliance responsibilities.
Show highlights:

What the charges against the Bueno brothers are about

How block building works on Ethereum and how the relay was manipulated by the Bueno brothers

The different types of MEV and which ones are acceptable 

Why these charges could be seen as a "vanilla fraud," according to Evan

Whether the benefits of MEV outweigh the cons of it

The lack of terms of service in the MEV space

How the regulators' attention to the space has changed over time

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle?
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Guest


Evan Zinaman, Founder & Principal at Trailbreak


Where the Rubber Meets the Road: A MEV-Aware, Functionalist Review of OFAC Risk "on the Base Layer"

Links

Previous coverage on Unchained of MEV:

Why MEV Will Always Be Controversial

The Chopping Block: Why the Once-Taboo MEV Is Now a Core Part of Ethereum

The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not

The Chopping Block: ‘Code Is Law’ Is ‘Obviously Not How Anything Works Ever’

The Case:
Unchained: DOJ Alleges Two Brothers Stole $25 Million From MEV Bots Last Year

Research:

Blockchain Transaction Ordering as Market Manipulation by Mikolaj et al
Learn more: 

What Are Sandwich Attacks in Crypto? A Beginner's Guide

What Is MEV in Crypto?


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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and special guest Laura Shin explore the latest trends in the crypto world. In this episode, we touch on how Donald Trump's pro-crypto statements influence voter behavior in the upcoming U.S. elections. We ask ourselves, is voting based solely on crypto policy a legitimate strategy? What are the implications of the Biden administration's stance on crypto regulations for future electoral outcomes? Following the political discussion, we unpack the recent GameStop and AMC pump and dissect the viability of their business models. We bring to light the broader implications for memestocks and whether the increased capital really saves these companies. Tune in for a detailed exploration of these critical questions affecting the interplay of politics, finance, and cryptocurrency.
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
🔹 Crypto's Role in U.S. Politics: Trump's pro-crypto stance at a recent gala and its potential implications for voter behavior are examined.
🔹 Single Issue Voting on Crypto: The legitimacy of voting based solely on crypto policy is debated, with insights into how this could impact the political landscape.
🔹 Opinions on Financial Regulations: The various aspects of financial regulation, including the Biden's administration's stance on crypto, and predictions on how this might influence future electoral outcomes.
🔹 Roaring Kitty’s resurgence and its impact on GameStop's stock prices are discussed, analyzing the ongoing influence of meme stocks in the market.
🔹 Retail's Impact on Financial Markets and the broader implications of retail investment behaviors.

Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly 
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Laura Shin, journalist, author of ‘The Cryptopians,’ founder and CEO of Unchained

Disclosures
Links
Blockworks article: https://blockworks.co/news/only-a-fool-would-vote-on-crypto-alone 
Trump’s 2019 Tweet: https://x.com/realDonaldTrump/status/1149472282584072192 
SAB121: https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409250 
Roaring Kitty Tweet: https://x.com/TheRoaringKitty/status/1789807772542067105 

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