Unchained Laura Shin

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After some big wins for the crypto industry (and big losses for the U.S. Securities and Exchange Commission), Jason Gottlieb, partner at Morrison Cohen, delves into how the upcoming US elections could reshape the SEC’s crypto agenda, the political pressures influencing SEC decisions, and the potential impact that a new SEC chair could have.
Gottlieb provides insights into ongoing court battles involving major crypto firms like Coinbase and explores the broader political implications of the Democrats' recent outreach to the crypto industry.
Show highlights:

How the sea change in Congress, the White House, and the Biden campaign affects the SEC’s stance on crypto

Whether the SEC's agenda on crypto has changed, following the sudden reversal on ETH ETFs

Whether the SEC is being pressured politically about crypto and how that could affect its actions between now and the election

How the ongoing legal crypto cases are affected by the SEC’s change of tune

What the implications of a possible new SEC chair would be

How the SEC’s credibility was damaged by the Debt Box case

Why Jason thinks Democrats are in an “uncomfortable position” but also believes there’s a lot of common ground with the Republicans with regard to crypto


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


Jason Gottlieb, partner at Morrison Cohen

Previous appearances on Unchained: 

The Department of Justice Goes After Its First NFT Insider Trading Case

‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer

Links

Previous coverage on Unchained of the recent shift in the US political landscape:

Why Many Democrats, Including the White House, Have Come Around on Crypto

Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress

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

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

Political turn and ongoing cases:

The Block: Biden campaign ramps up crypto industry outreach in surprising tone 'shift'


Unchained: 

Ethereum ETFs Likely Protect Ether From the SEC. But What About Staked ETH?

Why the SEC May Not Be Done in Its Legal Battles Over Ethereum 

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?

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


TIMESTAMPS:

00:00 Introduction

02:55 The outlook for the SEC’s efforts after the seeming sea change from the Democrats

06:09 Whether the SEC's agenda has changed, after the sudden reversal on ETH ETFs

09:58 Whether the SEC is being pressured politically and whether that will influence its actions between now and the presidential election

15:30 How the ongoing legal crypto cases are affected by the SEC’s change of tune

19:51 What the implications of a new SEC chair would be on court cases winding slowly through the courts

23:52 How the SEC’s credibility was damaged by the Debt Box case

27:59 Why Jason thinks Democrats are in an “uncomfortable position” but also believes there’s a lot of common ground with the Republicans with regard to crypto

34:14 Weekly recap


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Sheila Warren, CEO of the Crypto Council for Innovation, joins Unchained to explore the dramatic shift by Democrats in the last few weeks on crypto. She explains why she believes the overturning of SAB 121 and the House vote for the FIT21 bill were both instrumental to the White House's changing view on crypto and may have played a role in the SEC’s surprising approval of spot ETH ETFs. 
Having worked for years on passing crypto legislation and as a lifelong Democrat, Sheila describes what kinds of arguments were persuasive to Democratic members of Congress, addresses some criticisms of the FIT21 bill, and gives her perspective on the debate about single-issue voters.
Show highlights:

The overall attitude toward crypto in Washington going into the House vote on SAB 121 on May 8

The bipartisan votes in the House and Senate to overturn SAB 121

Why, by the time of the Senate vote on FIT21, the White House had had a change of heart about crypto

Why, after the Senate vote to repeal SAB 121, the SEC approved the spot ETH ETFs

Why Sheila is so proud of the passage in the House of the FIT21 bill

How Sheila and CCI approached their discussions with Democrats and what arguments they found effective

Whether the industry has survived the negative image of SBF and FTX

The sea change in the White House between the SAB 121 vote and the FIT21 vote

A high-level description of the FIT21 bill 

What kind of authority the bill would give the CFTC over crypto 

What the implications of the bill are for launching tokens

FIT21’s approach to regulating DeFi and how the FIT21 bill is "kicking the can" on this topic

The overall political and legislation landscape and the next likely steps for crypto

Whether the ETF approval changes anything about the SEC’s investigation into Ethereum

What Sheila thinks about the 'crypto single-issue voter’ debate 


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

Sheila Warren, CEO of the Crypto Council for Innovation

Previous appearance on Unchained: Did FTX Ruin Crypto’s Image on Capitol Hill? Two DC Insiders Discuss


Links

Previous coverage on Unchained of the recent shift in the US political landscape:

Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress

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

CCI: FIT21 Coalition Support Letter



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



Sheila’s op-ed on Fortune: The clock is ticking for Democrats on crypto


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

Ethereum Foundation investigation

Fortune Crypto: SEC probing crypto companies in Ethereum investigation as hopes for ETF dim


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Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Amazon Music, or on your favorite podcast platform.
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
Thank you to our sponsors!

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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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