Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

In this episode of Unchained, Robinhood CEO Vlad Tenev offers a rare glimpse into the company’s strategy. How did memes like Dogecoin become one of Robinhood’s biggest assets, onboarding millions of users? What drove its decision to embrace stablecoins, staking, and a dedicated crypto wallet—and what risks do these moves carry?

As Europe’s MiCA regulations set the stage for a global crypto framework, Vlad discusses how Robinhood is positioning itself for growth, the role of prediction markets, and why blockchain could dramatically lower costs for investors. He also shares personal insights from his own experiences with hyperinflation, revealing how stablecoins might safeguard wealth for millions around the world.

With crypto ETFs, regulatory shifts, and a new administration looming, here’s what he thinks is next for Robinhood—and the crypto industry.

Show highlights:

• How Robinhood has been experiencing growth in the crypto retail market
• The effect of election night and Robinhood’s event contracts on trading volumes
• What Robinhood saw happened with the launch of spot ETFs in the U.S.
• How the exchange was able to attract crypto investors
• The role of MiCA in Robinhood allowing users to stake ETH and SOL
• How the company aims to enhance the user experience with the Robinhood wallet
• Why Robinhood decided to invest in Global Dollar Network, which has stablecoin USDG
• What’s on Vlad’s crypto regulation wish list under the new administration and Congress
• Whether the criteria to list crypto assets on Robinhood will change under a crypto-friendly Trump administration
• Why Vlad is so excited about prediction markets
• Why he sees blockchain technology as a tool that will ultimately help users

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

Thank you to our sponsors!

• Polkadot
• Kelp DAO

Guest

• Vlad Tenev, CEO of Robinhood

Links

• Unchained: Why Robinhood, a TradFi Hub, Is Growing Its Crypto Business Globally
• Reuters: Robinhood's top attorney Gallagher rules out SEC chair role
• Robinhood Reports Third Quarter 2024 Results
• Robinhood to Acquire Bitstamp
• Spot Bitcoin ETF Options: Why You 'Can't Overstate' Their Importance
• The Legend Awakens: Introducing Robinhood Legend, Futures Trading, and Index Options
• Finimize: Robinhood, Kraken, And Partners Launch New Stablecoin USDG - 
• Decrypt: Robinhood Launches US Presidential Election Prediction Market—For Americans Only

Timestamps 

• 00:00 Intro
• 02:43 Robinhood’s growth in the crypto retail market
• 05:05 Election night’s surprising impact on trading volumes
• 07:11 What Robinhood observed after U.S. spot ETF launches
• 11:56 How the platform attracted millions of crypto investors
• 16:49 MiCA’s role in enabling ETH and SOL staking on Robinhood
• 19:09 Enhancing user experience with the Robinhood wallet
• 21:32 Why Robinhood is betting on stablecoins
• 25:37 Vlad’s crypto regulation wish list from the new administration
• 30:05 Will Robinhood change its crypto listing criteria?
• 32:18 Vlad’s excitement about prediction markets
• 36:12 How blockchain could lower costs and empower users
• 41:21 News Recap

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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 special end-of-year episode, they recap 2024's key moments and forecast what's ahead in 2025. The team debates Bitcoin's potential to hit $180K, the impact of AI on crypto security, and upcoming U.S. crypto legislation. They also predict the rise of viral blockchain games. Join the crew as they unpack these predictions and more, offering unique insights into what the new year might bring for crypto enthusiasts.

Show highlights

🔹 Bitcoin Hits New Highs: The crew debates Bitcoin's potential to reach $180K, with predictions of a significant rally and subsequent corrections.

🔹 AI Turns Crypto Scammer: A bold prediction that an AI system will become a crypto scammer makes waves, highlighting the intersection of artificial intelligence and blockchain security concerns.

🔹 Crypto Legislation Breakthroughs: Anticipation grows for groundbreaking crypto-specific legislation in 2025, reflecting a major shift in regulatory landscapes.

🔹 Consolidation in Crypto's Infrastructure: Predictions surface about mergers among AppChains and Layer 2 solutions due to economic pressures, signaling a major consolidation trend.

🔹 Viral Blockchain Games: The panel foresees blockchain-based games going viral, capturing mainstream attention and potentially becoming a cultural phenomenon.

🔹 DeFi's Continued Evolution: Discussions center around DeFi's comeback, its impact on the crypto market, and the evolving challenges it faces as it grows in popularity and complexity.

🔹 Surprising Crypto Predictions for 2025: The episode wraps up with each host sharing their most surprising predictions for the coming year, setting the stage for a dynamic and unpredictable future in crypto.

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

Timestamps - 

00:00 Intro

03:00 Biggest Winner

8:30 Biggest Loser

14:04 Biggest Surprise

20:50 Best New Mechanism

27:03 Best Meme

31:02 Best/Worst Pivot

38:57 Biggest Flop

44:08 Comeback Story of 2024

48:42 Favorite TCB Guest

51:18 Predictions for 2025

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Bitcoin’s 2024 rally has been explosive, but is the next phase just beginning? In this episode of Bits + Bips, hosts Noelle Acheson, Ram Ahluwalia, and Alex Kruger are joined by Ledn’s Mauricio di Bartolomeo to unpack the forces shaping the crypto market as the year comes to a close.

Mauricio explains how Ledn has grown amidst regulatory and economic shifts, and shares insights on why the “Trump put” is creating a new trading setup for crypto. The panel dissects the undercurrents behind Bitcoin’s surge, explores how MicroStrategy’s presence on the NASDAQ creates unique market dynamics, and debates how much higher BTC could climb. But they warn not to expect “buy” ratings on MSTR.

Plus, they dive into why Solana underperformed in recent weeks, how Bitcoin enables capital flight (and how they may be happening from China), and what 2025 could hold for crypto. Packed with data, opinions, and a few book recommendations (well, except from Alex), this episode offers sharp analysis as 2024, a pivotal year for crypto, wraps up.

Show highlights:

• Mauricio’s background and how Venezuela’s regime led him to crypto
• How Ledn works and how it’s seen substantial growth since the elections
• What’s driving this wave of growth in the price of bitcoin
• How much higher BTC will go and what the effects of the end-of-year portfolio rebalancing will be
• What the risks are for the U.S. economy
• How BTC is the easiest way to trade the Trump bump
• Whether the Chinese macro matters for crypto 
• How MicroStrategy has become a Trojan horse
• Why Alex likes XRP and ENA and why SOL has been underperforming recently
• 2024 wrap-up: what everyone was most surprised about 
• Book recommendations from everyone, except Alex, who’s only focused on shitcoins

Hosts:

• Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter 
• Alex Kruger, Founder of Asgard
• Ram Ahluwalia, CFA, CEO and Founder of Lumida

Guest:

• Mauricio di Bartolomeo, cofounder & CSO of Ledn

Links

• Unchained: 
• Bitcoin Hits New All-Time High
• MicroStrategy Joins Nasdaq-100, Expanding Bitcoin Exposure to Billions
• Trump’s Crypto Project Spent Nearly $45M Onchain in 2 Weeks
• FTX Distributions to Start in Under 2 Weeks

Timestamps:

• 00:00 Intro
• 01:38 Mauricio’s journey from Venezuela to crypto
• 07:37 How Ledn thrived post-elections and saw major growth
• 15:16 Key drivers behind Bitcoin’s explosive rally
• 20:30 How high could BTC climb – and might year-end rebalancing affect the price?
• 25:22 Risks facing the U.S. economy heading into 2025
• 32:47 BTC as the go-to trade for the Trump bump
• 36:13 The significance of Chinese macro trends for crypto
• 47:32 MicroStrategy’s role as a Trojan horse for Bitcoin adoption
• 53:20 Why Alex likes XRP and ENA, but SOL is lagging
• 1:02:35 Biggest surprises from 2024’s crypto market
• 1:06:33 Book picks from everyone—except Alex, who’s all about shitcoins

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USDe shattered expectations in 2024, emerging as the largest decentralized stablecoin in circulation and a game changer for DeFi. Ethena’s founder, Guy Young, joins the show to reveal how the protocol surpassed long-established giants, generating billions in fees and setting new benchmarks for yield generation.

Guy also breaks down the mechanics behind Ethena’s innovative strategies, including “Aavethena,” a yield-boosting approach that’s changing how users interact with synthetic dollars. Plus, he addresses the risks: what happens when leverage goes too far, and how Ethena mitigates volatility at its core.

Will Ethena bridge DeFi and TradFi, leveraging the disconnect between crypto and traditional interest rates to tap into a $100 trillion fixed-income market?

Show highlights:

• Why Guy was surprised to see the rapid rise of USDe
• Why Guy is spending 80% of his time on bringing Ethena to TradFi
• The launch of Ethena’s UStb
• How regulation comes into play and the challenges in different jurisdictions
• Whether USDe could launch in the U.S. with a friendlier administration 
• Why Ethena hasn’t needed to utilize the reserve fund
• Why Guy believes Ethena has been able, at times, to surpass OG protocols like Ethereum and Uniswap in fees
• How USDe is being used across the board in DeFi applications 
• What the “Aavethena” strategy is and how it generates yield for users
• Whether USDe has brought considerable risks of liquidations
• How allowing Pendle’s PT tokens on Aave could supercharge growth
• How Ethena counters the centralization risks around exchanges
• Why Guy thinks that Ethena’s cross-chain strategy has been “pretty poor”
• How ENA has performed well despite airdrops not doing well in 2024
• Why Guy believes this bull cycle is different 
• Why he’s expecting USDe to reach at least $15 billion in 2025

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

Thank you to our sponsors!

• Polkadot
• Robinhood & Arbitrum

Guest:

• Guy Young, Founder of Ethena Labs
• Previous appearances on Unchained: 
• Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe?
• How Ethena’s USDe Challenges Traditional Stablecoin Models

Links

• Unchained: Ethena’s USDe Becomes Third-Largest Stablecoin
• UStB announcement
• How BlackRock, the World's Largest Asset Manager, Took Crypto Mainstream
• Blockworks Research thread on how USDe is used
• Aavethena tweet by Guy Young
• “androlloyd’s” tweet on the level of exposure USDe has
• Unchained: Circuit Breakers: Is ERC-7265 the Solution dApps Were Waiting For?
• Seraphim’s tweet on the Ethena endgame

Timestmaps:

• 00:00 Intro
• 01:52 The rapid rise of USDe and what surprised Guy about its ascent
• 05:11 Ethena’s growth plans for 2025
• 07:36 Ethena’s role in launching UStb
• 11:52 Regulatory challenges across different regions
• 16:24 Could a U.S. launch for USDe happen with a friendlier administration?
• 20:56 Why Ethena’s reserve fund hasn’t been tapped yet
• 22:22 How Ethena surpassed OG protocols, including Ethereum, Uniswap, etc., in fees
• 25:14 USDe’s growing role in DeFi applications
• 27:17 The “Aavethena” strategy and how it generates yield
• 30:38 Risks of liquidations tied to USDe
• 33:48 Supercharging growth with Pendle’s PT tokens on Aave
• 36:15 How Ethena mitigates centralization risks with exchanges
• 40:39 Guy’s thoughts on Ethena’s cross-chain strategy struggles
• 43:19 Why ENA has performed well despite airdrop fatigue
• 48:42 Why this bull cycle feels different

52:44 Guy’s target for 2025

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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, the crew explores the resurgence of ICOs through Echo sales, diving into MegaEth’s record-breaking sale and the shifting meta of token launches. They also discuss Google’s quantum computing breakthrough with the Willow chip and its potential implications for cryptographic security in crypto. Tarun doubles down on his critique of Decentralized Science (DeSci), sparking a lively debate on its viability and accountability. Finally, the team unpacks Electric Capital’s developer report, highlighting Solana’s dominance in India and the global trends shaping crypto development.

Show highlights

🔹 ICOs and Echo Sales Resurgence:The crew debates the return of ICOs, now rebranded as Echo sales, and their impact on token launches. Is the shift from airdrops to pre-sales a sustainable new meta for crypto?

🔹 MegaEth’s Record-Breaking Sale on Echo: A detailed analysis of MegaEth's $4.2M Echo sale that sold out in seconds. With a $200M FDV, the sale sparked discussions about community involvement and valuation dynamics.

🔹 Airdrops vs. Echo Sales: The panel dissects the shift in sentiment around airdrops, questioning their fairness and efficiency compared to community presales. Are Echo sales the new paradigm for engaging retail investors?

🔹 Quantum Computing and Crypto’s Future: Google’s breakthrough with the Willow chip sparks a discussion on quantum computing’s implications for cryptocurrencies. Is public key cryptography under threat, or do we have time to adapt?

🔹 The Satoshi Dilemma: Speculations about Satoshi Nakamoto’s coins and what would happen if they were ever moved. Could quantum computing make those coins vulnerable?

🔹 Decentralized Science (DeSci) Debate: Tarun doubles down on his criticism of DeSci projects, arguing they lack accountability and meaningful use cases. The team explores whether DeSci can evolve into something impactful.

🔹 Electric Capital’s Developer Report: Reactions to Electric Capital’s 2024 developer report, highlighting Asia overtaking North America in crypto developer activity, Solana’s dominance in India, and the growing trend of multi-chain developers.

🔹 Developer Efficiency in Crypto: Despite the plateauing number of developers, crypto projects demonstrate incredible efficiency. Fewer hacks, more battle-hardened code, and a shift toward higher-quality deployment signal a maturing space.

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

Timestamps 

• 00:00 Intro
• 01:52 The Return of ICOs
• 07:29 Airdrops vs. Community Sales
• 19:27 Quantum Computing and Crypto
• 28:18 Bitcoin Addresses & Quantum Computing
• 32:24 DeSci Debate
• 42:56 Electric Capital Developer Report
• 51:35 Developer Efficiency in Crypto

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The 2024 Developer Report from Electric Capital reveals many shifting dynamics. For starters, for the first time in eight years, Ethereum was not the top chain for new developers—Solana was. Meanwhile, Asia has emerged as the leading hub for crypto development, taking the top spot from North America, which dropped to third.

In this episode, General Partner Maria Shen explores how Ethereum's Layer 2 solutions are bolstering its position despite fierce competition, why the Bitcoin developer ecosystem remains steadfast, and how emerging projects like EigenLayer are capturing builders’ attention. 

She also delves into the top crypto technologies that are fascinating devs, and how their usage and development activity differ across the globe. 

Show highlights:

• Maria’s top takeaways from the report
• Whether the developer migration from the U.S. will stop under a friendlier regulatory environment
• How Ethereum has maintained its dominance despite its high fees and the rise of Solana 
• What the steadiness of the Bitcoin developer ecosystem shows
• Which other smaller ecosystems are growing the most 
• How ZK contract usage has been increasing over time
• Why, despite what one could think, NFT minting activity is higher than ever
• How stablecoin usage differs from token to token and also across countries

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

Thank you to our sponsors!

• Polkadot

Guest

• Maria Shen, General Partner at Electric Capital
• Previous appearance on Unchained: Why Crypto Developer Activity Continues to Grow Despite the Bear Market 

Links

• Unchained: A Big 2024 Crypto Trend: Solana Attracts More New Developers Than Ethereum

Timestamps: 

• 00:00 Intro
• 02:02 Key findings from Electric Capital’s Developer Report
• 08:28 Could a friendlier U.S. regulatory environment reverse the developer migration?
• 12:54 How Ethereum could stay dominant amid rising competition from Solana
• 17:48 Insights from the Bitcoin developer ecosystem
• 21:33 Emerging smaller ecosystems gaining traction
• 23:41 The steady growth in ZK contract usage
• 27:39 Why NFT minting activity is at an all-time high
• 32:31 How stablecoin usage varies across tokens, chains and countries
• 36:22 News Recap

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In this episode of Bits + Bips, hosts James Seyffart, Ram Ahluwalia, and Noelle Acheson are joined by Jamie Coutts to analyze Ethereum’s breakout and its improving fundamentals, how China’s “moderately loose” policy stance is changing the global liquidity landscape, and the pro-market implications of Paul Atkins leading the SEC. 

They also explore Jerome Powell’s and Putin’s takes on Bitcoin, the controversial CBOE withdrawal of the Solana ETF filing, and the role of Bitcoin in geopolitics.

Show highlights:

• How the employment data showed some mixed reactions in regard to next steps for the Fed
• Whether China will start a new era of augmented liquidity 
• Why the U.S. dollar getting stronger is bad for crypto prices
• How bitcoin is not a competitor to the U.S. dollar
• The significance of David Sacks as Crypto & AI Czar
• Why everyone believes that Atkins in the SEC is very positive for markets
• Whether China will pivot and adopt friendlier crypto regulation 
• Putin’s remarks on the role of bitcoin
• Why CBOE withdrew its SOL ETF filing
• Jamie’s analysis on how liquidity affects prices and where we’ll see a top 
• Why Ram thinks that MSTR has peaked
• Why Jamie believes that ETH will continue its momentum and perform better than the broader market
• Why Microsoft and Amazon might adopt bitcoin on their balance sheet
• Whether the breakthrough in quantum computing will disrupt Bitcoin
• How Solana’s daily fees have grown to a significant percentage of the L1 landscape

Hosts:

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Ram Ahluwalia, CFA, CEO and Founder of Lumida
• Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter 

Guest:

• Jamie Coutts, Chief Crypto Analyst at Real Vision

Links

China Rally:

• China Politburo policy shift spurs surge in stocks, bonds | Reuters
• China Eases Overall Monetary Policy Stance for First Time in 14 Years

Fed and Powell:

• Decrypt: Fed Chair Jerome Powell Likens Bitcoin to Gold, Says It’s Not Dollar Rival

Timestamps:

• 00:00 Intro
• 01:42 Mixed signals from employment data and the Fed’s next steps
• 07:33 China’s “moderately loose” policy and its liquidity impact
• 13:32 Why a stronger U.S. dollar spells trouble for crypto
• 23:49 Bitcoin’s role alongside the U.S. dollar, not against it
• 27:49 David Sacks as Crypto & AI Czar: What it means for the industry
• 29:40 Why Paul Atkins at the SEC is a win for markets
• 34:00 Whether China could adopt a pro-crypto stance
• 37:53 Putin’s surprising take on Bitcoin’s geopolitical role
• 41:39 What’s behind the SOL ETF filings
• 43:25 Jamie’s take on crypto’s potential upside
• 46:49 Why Ram believes MSTR may have peaked
• 49:59 Jamie’s bullish outlook on ETH outperforming the market
• 56:26 Could Microsoft and Amazon add Bitcoin to their balance sheets?
• 59:05 The quantum computing breakthrough
• 1:01:05 Solana’s fees climb significantly—what does it mean?

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With Paul Atkins as the incoming SEC Chair, David Sacks as the AI & Crypto Czar, and potential CFTC leadership changes, the Trump administration is signaling a major shift for crypto, AI, and financial regulation. 

Guests Mike Selig and Jake Chervinsky break down what this means for token launches, enforcement actions, inter-agency collaboration, and the fate of Operation Chokepoint 2.0. Could this mark the end of the U.S.’s regulatory hostility toward innovation?

Show highlights:

• 02:18-What changes to expect under an Atkins-led SEC
• 08:58-Who could lead the SEC in the period between Gensler resigning and Atkins assuming
• 11:54-Whether the Democrats will nominate SEC Commissioner Crenshaw again
• 15:50-Elizabeth Warren's influence on the non-Republican SEC commissioner picks
• 23:39-Whether Atkins’ leadership at the SEC might shift crypto regulation away from aggressive enforcement
• 28:26-Whether Gensler’s recent promotion of people in enforcement roles will further his SEC’s regulation-by-enforcement strategy
• 38:52-Whether the SEC and Coinbase will reach a settlement
• 41:47-Why Mike and Jake think it’s not likely that the SEC will pursue litigation in the Ripple case
• 46:03-How the SEC might clarify securities laws around token sales, airdrops, and exemptions
• 55:14-Whether Atkins’ leadership could fast-track Hester Peirce’s Safe Harbor
• 59:53-How the CFTC's potential lead on crypto regulation might redefine how it splits duties with the SEC
• 1:03:03-Whether it even makes sense to have two financial regulatory agencies
• 1:11:00-Who might lead the CFTC 
• 1:13:59-Why Jake and Mike believe combining AI and crypto under one ‘czar’ makes sense
• 1:20:31-How the appointment of Scott Bessent for Treasury secretary will affect the crypto industry
• 1:25:47-How the likely end to Operation Chokepoint 2.0 will create a “sea change”

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

Thank you to our sponsors!

• Polkadot
• Robinhood & Arbitrum
• Kelp DAO

Guests:

• Mike Selig, Partner at Willkie Farr & Gallagher 
• Previous appearance on Unchained: Is Gary Gensler on a Mission to Put Crypto Down for Good?
• Jake Chervinsky, Chief Legal Officer at Variant
• Previous appearances on Unchained:
• The US vs. Crypto: Jake Chervinsky on Crypto's Legal and Regulatory Status
• 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

• Trump’s Office Picks: 
• Unchained: 
• Why Trump’s SEC Chair Pick, Paul Atkins, Is So Positive for Crypto
• David Sacks as A.I. & Crypto Czar? Why the Industry Was Surprised
• Trump Taps Paul Atkins for Next SEC Chair, Making Good on His Crypto Promises
• Democratic SEC Commissioner Is Stepping Down, but That Doesn’t Mean Trump Will Get 2 Outright Picks 
• Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary
• A Degen Administration? Why the Crypto Czar May Be Allowed to Own Tokens
• Tracking Trump’s Cabinet and Staff Nominations 
• Congressional Results
• John Reed Stark’s tweet:“current SEC Chair Gary Gensler is quietly working behind the scenes to lead the SEC from the grave”

Operation Chokepoint 2.0

• Forbes: How ‘Debanking’ Tech And Crypto Companies Could Kill Businesses
• Marc Andreessen and the CFPB: Debunking the Debanking Debunkers by Nic Carter
• Unchained: Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law? 
• Unchained: Killed By Politics, Ex-Diem Boss Says of Meta’s Stablecoin

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner get together and give the industry insider's perspective on crypto. This week, Laura Shin joins the crew to tackle a whirlwind of major market trends and policy shifts.They dive into Bitcoin’s historic leap to $100K, the unexpected "dino coin renaissance" with legacy tokens like XRP and ADA soaring, and the NFT market’s surprising revival. Ripple’s DeFi ecosystem and its place in the broader crypto landscape spark a spirited debate on "chain biases" and decentralization. On the policy front, the team unpacks Trump’s pro-crypto administration, featuring bold regulatory appointments that could redefine the industry. Plus, a look at the dynamics of memecoins, token launch strategies, and the future of ICOs versus airdrops.

Show highlights

🔹 Bitcoin Hits $100K: The crew celebrates Bitcoin crossing into six-figure territory, discussing market reactions and the volatility surrounding this milestone.

🔹 Dino Coin Renaissance: Legacy tokens like XRP, ADA, and HBAR are skyrocketing, signaling retail’s return and sparking debate about the sustainability of these "boomer coin" rallies.

🔹 Memecoin Mania: Memecoins as "crypto gaming 2.0" are dissected, with insights on their role in market dynamics and their surprising impact on Layer 1 ecosystems.

🔹 Ripple's DeFi Evolution: Robert shares his deep dive into Ripple’s AMM features and emerging DeFi capabilities, addressing "chain biases" and decentralization concerns.

🔹 Trump’s Crypto Revolution: The panel analyzes the implications of Trump’s pro-crypto administration, featuring key appointments like SEC Chair Paul Atkins and Crypto Czar David Sacks.

🔹 NFT Revival: A surprising rebound in NFT markets sees CryptoPunks, Bored Apes, and Pudgy Penguins soaring, with speculation on what's driving the renewed interest.

🔹 Regulatory Shifts Ahead: Predictions on how new SEC leadership might redefine crypto policy and the industry's hopes for a safer, more transparent regulatory environment.

🔹 ICOs vs. Airdrops: Exploring token launch strategies, the conversation evaluates the potential for a new wave of innovative fundraising models.

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

Timestamps 

• 00:00 Intro
• 01:06 100K Bitcoin & Dino Coin Renaissance
• 04:11 Unit Bias and Retail Investors
• 12:05 XRP, Ripple & DeFi
• 24:53 Trump's Pro-Crypto Administration Picks
• 37:53 Does Laura Own Crypto?
• 41:18 Regulatory Surprises and Nominations
• 45:05 NFT Market Revival
• 51:41 Memecoins and Market Dynamics
• 56:48 Future of ICOs and Airdrops

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With the nomination of the pro-crypto Paul Atkins to be the next SEC chair, the crypto industry is potentially facing a 180 from the agency. As co-chair of The Digital Chamber’s Token Alliance initiative and a board member of Securitize, Atkins is not only pro-crypto, but also against the type of “regulation by enforcement” strategy of current Chair Gary Gensler. 

In this episode, Cody Carbone, president at The Digital Chamber, explains why Atkins is likely to start reassessment of the agency’s lawsuits against crypto firms, why Trump might break with protocol to fill one of the commissioner seats that would typically be filled by a Democrat, and who he thinks might make for a good “crypto czar.” 

Show highlights:

• Why Cody that Atkins leading the SEC would be a massive transformational shift 
• What can be expected from Atkins given his prior experience
• What crypto cases might be dropped under his leadership
• Whether Atkins could provide rulemaking before Congress passes legislation
• Cody’s hard criticism of Gary Gensler’s modus operandi
• Why Cody thinks Trump could surprise people when it comes to replacing Democratic Cmr. Jaime Lizárraga
• How long it could take for Congress to confirm Atkins
• Why Cody believes that Atkins will support Hester Peirce’s Safe Harbor proposal
• Whether the CFTC will be the primary regulator of the crypto industry in a Trump administration
• Whether the U.S. will have a crypto czar and who it could be
• What crypto legislation Cody thinks is likely to be passed in 2025

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

Thank you to our sponsors!

• Polkadot
• iYield

Guest

• Cody Carbone, President at The Digital Chamber

Links

• Trump’s Office Picks: 
• Unchained: 
• Trump Taps Paul Atkins for Next SEC Chair, Making Good on His Crypto Promises
• Democratic SEC Commissioner Is Stepping Down, but That Doesn’t Mean Trump Will Get 2 Outright Picks 
• Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary
• Trump’s Plans for a ‘Crypto Czar’ and a Crypto Advisory Council: Here’s What We Know 
• A Degen Administration? Why the Crypto Czar May Be Allowed to Own Tokens
• Tracking Trump’s Cabinet and Staff Nominations 
• Congressional Results
• John Reed Stark’s tweet:“current SEC Chair Gary Gensler is quietly working behind the scenes to lead the SEC from the grave”
• Buckley LLP Infobytes Blog: SEC commissioner proposes cryptocurrency safe harbor
• Fox Business: Perianne Boring among contenders to lead agency involved with crypto in Trump admin

Timestamps:

• 00:00 Intro
• 02:19 Why Cody believes Atkins would be a transformational SEC chair
• 03:13 Insights from Atkins’ past experience and what it means for crypto
• 07:19 SEC/crypto cases likely to be dropped under Atkins’ leadership
• 14:31 Potential for SEC rulemaking before Congress passes legislation
• 18:19 Cody’s critique of Gary Gensler’s regulatory approach
• 21:13 Why Trump might break with protocol to replace Democratic commissioner Jaime Lizárraga
• 23:27 Expected timeline for Congress to confirm Atkins
• 26:52 Support for Cmr. Hester Peirce’s Safe Harbor proposal
• 28:18 An expanded role for the CFTC in crypto regulation?
• 31:37 Speculation on the potential for a U.S. crypto czar
• 35:03 Key crypto legislation to watch for in 2025
• 38:24 Crypto News Recap

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In this episode of Bits + Bips, hosts James Seyffart, Noelle Acheson, and Ram Ahluwalia are joined by Alex Thorn, head of research at Galaxy Digital, to discuss the surprising mainstream buzz around XRP’s latest rally, dubbed the “most hated rally in crypto.” 

They also analyze the new Treasury Secretary’s ambitious economic plan and what it could mean for inflation, fiscal discipline, and market stability. Meanwhile, Ethereum struggles to reclaim its narrative as the go-to blockchain, even as its ETH/BTC ratio shows signs of life.

And in a moment that captures the personal side of crypto’s rise, the team reflects on Thanksgiving table conversations, where bitcoin and digital assets became unexpected stars. 

Show highlights:

• Why the newly appointed Treasury Secretary might be the right person for the job
• Whether the December rates cut is unnecessary
• How Marc Andreessen brought Operation Chokepoint 2.0 to the spotlight
• How Facebook’s project Libra would have benefited the US Dollar hegemony
• Whether the U.S. Congress will pass stablecoin legislation in 2025
• Why Ram believes Ryan Selkis would be a good Crypto Czar
• How people have been asking more about bitcoin during Thanksgiving
• Whether the XRP rally is a negative indicator
• What James thinks about the filings for news ETFs, such as WisdomTree’s XRP
• Why Alex thinks that ETH could continue its recent rally
• The impact of MicroStrategy being added to the Nasdaq-100, aka the QQQ ETF

Hosts:

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Ram Ahluwalia, CFA, CEO and Founder of Lumida
• Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter 

Guest:

• Alex Thorn, Head of Firmwide Research at Galaxy Digital

Links

Politics

• Unchained: 
• Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary
• The Trump-Connected Brad Bondi Is A New SEC Chair Contender and Pro-Crypto
• Investing: How Scott Bessent Plans to Reshape the US Economy with His 3-3-3 Rule

Macro

• Investing: US manufacturing improves in November as orders rebound, input price gains slow

Operation Chokepoint 2.0

• Forbes: How ‘Debanking’ Tech And Crypto Companies Could Kill Businesses
• Marc Andreessen and the CFPB: Debunking the Debanking Debunkers by Nic Carter
• Unchained: Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law? 
• Unchained: Killed By Politics, Ex-Diem Boss Says of Meta’s Stablecoin

XRP

• Unchained: 
• XRP Becomes the Top Traded Token on Binance and Coinbase, Hits Almost 7-Year High
• XRP Rallies 70% in a Week to Top Solana, Tether Market Cap
• The Block: WisdomTree files with SEC for spot XRP ETF

Ethereum

• Unchained: Ether Gains 19% Against Bitcoin in a Week After Months of Underperformance

 Timestamps:

• 00:00 Intro
• 02:15 Why the new Treasury Secretary could reshape the economy
• 06:28 Is a December rate cut unnecessary?
• 15:18 How Marc Andreessen spotlighted Operation Chokepoint 2.0
• 19:54 The missed opportunity of Facebook’s Libra for USD dominance
• 26:48 Will stablecoin legislation finally pass in 2025?
• 31:28 Why Ram thinks Ryan Selkis should be the “Crypto Czar”
• 34:45 Bitcoin conversations taking over Thanksgiving dinner
• 39:48 Is the XRP rally a red flag for the market?
• 48:15 James’s take on new ETF filings like WisdomTree’s XRP
• 55:48 Why Alex believes ETH could extend its recent gains
• 1:01:37 What MicroStrategy’s NASDAQ addition means for crypto

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