
Unchained
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.
Episodes

Crypto's Clarity Act Collapses. Two Days Later, the SEC Introduces Its Innovation Exemption
Days after Clarity failed, the SEC granted a major exemption for tokenized stocks. The Digital Chamber’s Cody Carbone explains whether agencies can replace the law.
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Uneasy Money: What Crypto's Gensler Years Say About the AI Slowdown Debate
Delphi Ventures founding partner Tommy Shaughnessy tells Kain and Taylor the AI slowdown talk is a moat against cheap Chinese models. Plus, why the Clarity Act died.
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The Chopping Block: CLARITY Dies on the Senate Floor, Hunter Biden's LAPTOP Rug, & the AI Pause Pact
The boys get together in person as CLARITY falls short with 47 votes. They break down what comes next, Hunter Biden’s LAPTOP token collapse, the Robinhood/Hyperliquid case, Balancer winding down, and the debate over an AI pause.
The CLARITY Act fails cloture with 47 votes, not a single Democrat in favor, and the crew works out what that leaves behind: rulemaking at the SEC and CFTC, an ethics f

Bits + Bips: Would AI Rules Box Out Everyone but the Frontier Labs?
📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips
In one week, OpenAI said its agents solved a Millennium Prize problem, a researcher quit Anthropic warning that both labs are "gambling with our lives," and Dario Amodei called for the industry to pace the frontier.
Jordi Visser doesn't dismiss the cyber risk, but he calls the fallout "a big midter

Guy Young on Why Ethena Launched a Neobank on Top of Its Stablecoin
Ethena's Guy Young explains why the companybuilt a neobank that pays 6% in yield, 5% cash back, and never tells users they're holding self-custodial stablecoins instead of dollars.
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Should Stock Tokens Be Limited to KYC'd Users? Or Be Tradeable by Anyone?
The SEC's next tokenization rule could force platforms to get issuer sign-off for stock tokens first. Securitize’s Brett Redfearn lays out what's actually at stake for Wall Street.
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Uneasy Money: Is OpenAI Training on Your Private Chats to Win the AI Race?
Alex Thorn and Jon join Kain and Taylor to unpack a Bitcoin hack, two new frontier models, and why nobody trusts their AI chats anymore.
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The Chopping Block: FOMO's Co-Founder Defends the Memecoin Trenches, Hunter Biden's $LAPTOP, and AMC vs Robinhood
FOMO co-founder Paul Erlanger joins Haseeb, Tom, and Tarun to answer last week's unc takes on memecoins: why a fully transparent social graph beats copy trading, how FOMO became the biggest app on Robinhood Chain, Hunter Biden's LAPTOP token, the three-way launchpad war, AMC's fight with Robinhood over tokenized stock, and the AI race to solve Navier-Stokes.
Welcome to The Chopping Block, where c

Bits + Bips: AMC's CEO Calls Robinhood's Stock Tokens 'Vile.'
📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips
AMC's CEO spent the holiday weekend calling Robinhood's tokenized AMC shares "contemptible" and "vile."
Austin Campbell, Ram Ahluwalia, and Chris Perkins break down what a "reverse ADR" actually is, why Ram thinks most of this is derivatives repackaged as innovation, and why Chris pushes back using

How GenLayer Is Building a Court System for Disputes Between AI Agents
Albert Castellana and Arthur Hayes walk through how GenLayer resolves an AI agent's dispute in minutes, for cents, without a single human judge involved.
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Why the Question Over How to Regulate Perps Has Turned Into a Fight
The CME is suing its own regulator over how perps get classified, and the ruling decides who in the US can trade them. Three lawyers make the case for futures over swaps.
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Uneasy Money: Inside the AI Agent Scandal That Cheated, Then Covered Its Tracks
OpenAI's AI agents already had the exam answers. So why did they hack Hugging Face anyway? Kain, Tay, and Austin Griffith explain.
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The Chopping Block: Robinhood Chain's Memecoin Mania and Tokenized Stocks
Laura joins Haseeb, Tom, and Tarun to unpack Robinhood Chain's surge, the strange fusion of stock tokens and memecoins, the damage speculative entertainment can do to retail, Solana's competitive position, and why regulated onchain markets will still look different across jurisdictions.
Welcome to The Chopping Block, where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra are joined

Bits + Bips: Is Kalshi Headed to the Supreme Court Next?
📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips
A Ninth Circuit panel ruled 3-0 that Nevada can enforce its gambling laws against Kalshi's sports contracts, directly conflicting with an April ruling that put Kalshi under CFTC oversight instead.
Andy Ross, Head of Institutional at Kalshi, joins the panel to make the case that prediction mar

How Cory Klippsten Would Decide How to Secure Bitcoin Post-Coldcard
Bitcoin rallied 23% after Bessent's debt-buyback comments and settled near $80K. Swan's Cory Klippsten weighs in on what ETF inflows and onchain exchange moves really mean.
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How Tokenized Stocks Could Undercut Interactive Brokers' 77% Profit Margin
Coinbase just launched fully backed tokenized stocks on Base.
Dromos Labs’ Alex Cutler says they’ll chip away at Interactive Brokers "77% profit margin."
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The Chopping Block: Crypto's Rebound, Reg Crypto, and AI Router Wars
The crew sizes up Bitcoin's rebound, the fight to bring Hyperliquid onshore, the SEC's new token fundraising framework, and why Stripe's OpenRouter deal could make AI inference markets look a lot like DeFi.
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.
Tom and Tarun check in from Bhutan af

Treasury Puts DeFi On Notice as Roman Storm Trial Drags On
Roman Storm's retrial slides to April 2027. Peter Van Valkenburgh argues prosecuting Tornado Cash's developers cost real ground in zero knowledge cryptography.
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Bits + Bips: How Bessent’s Treasury Buyback Is Fueling Bitcoin’s Rally
📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips
Bitcoin is pushing toward $80,000 after Scott Bessent's Treasury long-end buybacks flipped spot ETF flows positive and rattled the bond market.
Austin Campbell, Ram Ahluwalia, and Chris Perkins are joined by Bitwise's Gordon Grant to unpack why rising Treasury volatility, and bizarre stress s

One Type of Post-Quantum Cryptography Is Most Popular. Why Is Crypto Trying Out Three?
Some crypto products work with multiple chains on different post-quantum paths. NEAR’s Illia Polosukhin and Ledger's Charles Guillemet discuss how they manage that challenge.
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Uneasy Money: Why Erik Voorhees Calls AI's Hidden Filter 'Deceptive'
Venice founder Erik Voorhees says crypto's real job was never speculation. It's becoming the rails AI agents actually need. Plus, why he sold equity, not tokens.
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Arthur Hayes on Why AI Agents Will Want to Transact in Units of Compute
Arthur Hayes unveils Flop, a new protocol for AI compute, and makes the case for why Bitcoin is entering a fresh liquidity-driven leg up.
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EIP-8363: Should ETH Be Sound Money or a Productive Asset?
Ethereum wants to slash staking yields toward zero. Gitcoin's Kevin Owocki, DV Labs' Oisín Kyne, and Ethereum-France's Jérôme de Tychey debate whether that breaks DeFi.
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DEX in the City: The CFTC's Kalshi Rescue and the Limits of Emergency Power
The CFTC has used emergency powers just six times ever. Twice this month, both for Kalshi. Jessi, Jacob, and Jane ask whether that protects innovation or sets a dangerous precedent.
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Bits + Bips: Is Crypto Privateering Even Legal?
📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips
Austin Campbell runs through the strongest legal objections to Trump’s privateering memo, from claims it violates international law on piracy to warnings that private hackers could be treated as non-uniformed combatants.
The segment ends with a pointed question: if privateering is where criti

Uneasy Money: An Agent Deleted Kain's Database. Two AI Models Rebuilt It in 30 Seconds.
Kain and Taylor unpack the AI agents that built their own society inside OpenAI's sandbox, then slipped into Hugging Face for days — plus a Bitcoin fork that died in two blocks and a DEF CON sting on North Korea.
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Bits + Bips: Bitcoin Has Been Oversold for Months. Is a Buy Signal Next?
📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips
Bitcoin has done almost nothing for weeks, and Katie Stockton says that stillness is exactly what a long-term bottom looks like on the charts.
She walks Steven Ehrlich through the monthly stochastic oscillator that has stayed oversold for months, the DeMark indicators showing downside e

The Chopping Block: threadguy on Crypto's Social Trading War, Trader Celebrities & AI Agents
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, crypto streamer and trading/markets influencer threadguy joins the crew to translate what is happening in the trenches, from market-open streams and social trading apps to public PnL and Gen Z's appetite for risk.
The conversation sta

I Went Undercover to Interview a North Korean Crypto Hacker
Under a fake name and a fake Zoom account, Laura Shin interviewed one of North Korea's state-sponsored crypto developers.
Laura Shin went undercover as a recruiter named "Sophie Wang" to conduct a job interview with a state-sponsored IT worker going by the name “Justin Lim.”
Lims’s online presence showed he had technical chops, multiple crypto dev gigs under his belt, and a privileged lo

DEX in the City: A Founder's Death Sparked a Fight for Ondo's Boardroom
Ondo's founder died at 32, and now his mother and its ousted president are fighting for control. Katherine, Jessi, and Vy on the succession lesson crypto keeps skipping.
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Bits + Bips: Should Ethereum Really Burn Its Staking Yield to Zero?
📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips
A new Ethereum proposal would burn staking issuance to zero once roughly half the supply is staked, and the community had about 48 hours to respond.
Austin Campbell, Chris Perkins, and Seth Ginns of Franklin Crypto discuss whether it is a necessary check on runaway staking or an academic over

Sam MacPherson on Why Spark Benefited So Much From the KelpDAO Hack
Spark avoided the DeFi hack that hit almost everyone else in April. Cofounder Sam MacPherson lays out why, and where he thinks AI fits into DeFi security.
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Could Some Vaults Trigger Securities Law? Yes, but It's Case by Case
Onchain vaults now hold $67B. Veda's CEO maps out how they work, and why the SEC just hinted some could be securities.
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Inside the Coldcard Hack That Drained Over $100 Million in Bitcoin: Uneasy Money
A hardware wallet's 5-year-old randomness bug just let hackers drain over $100 million in Bitcoin. How many more waves are coming? Plus, Ethereum's fight over cutting ETH issuance.
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The Chopping Block: ColdCard's $100M RNG Hack, AI-Powered Security & Ethereum's Staking Yield Taper
This week we dissect ColdCard's ~$100M RNG exploit that Claude Code cracked in 8 minutes, debate whether AI just killed open-source security and Bitcoin maximalism, tear apart Ethereum's EIP-8361 staking-yield taper, and unpack Leopold Aschenbrenner's 67% Situational Awareness blowup and CLARITY Act's ethics fight.
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt,

DEX in the City: How Claude's Red-Teaming Agents Escaped a Test Without Realizing It
Anthropic's AI agents escaped a hacking test and still think they're inside it. Katherine, Jessi, and Vy Le on who's liable when a model breaks free, plus the $100M Coldcard hack and Kalshi's court losing streak.
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Bits + Bips: Is Any Cold Wallet Safe? Inside the Coldcard Hack's Wave Three
📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips
A firmware bug quietly introduced into Coldcard hardware wallets in 2021 has let attackers drain an estimated 1,600 to 2,000 bitcoin, over $100 million, from cold storage addresses that sat untouched for years.
Galaxy Digital's Alex Thorn has been tracing the exploit in real time, and in this

Should Tokenized Stock Only Come From Issuers? Yes, Says Carlos Domingo
Wall Street's transfer agents want issuers, not outside platforms, to control tokenized stock. Securitize's CEO says the alternative invites insider trading.
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Bits + Bips: Meta Fell 10%. Microsoft Didn't Blink.
📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips
Meta and Microsoft reported earnings on the same night, and investors sent their stocks in opposite directions.
Chris Galipeau of the Franklin Templeton Institute walks Steven Ehrlich through why Meta got punished for raising its CapEx guidance while Microsoft's Azure growth held steady, then

Zcash, Ethereum, Aztec, Canton and More: Which Chain Will Win the Privacy Race?
Privacy is having a moment in crypto. As competition heats up, the pitfalls of the technology around the quantum threat, regulatory risk and more make the trajectory hard to predict.
A counterfeit bug sat undetected in Zcash's Orchard privacy pool for four years, capable of minting an unlimited supply of untraceable coins, illustrating the risks of one of the hottest crazes in crypto.
Joe And

Should Crypto Tokens Come With Investor Rights? - Uneasy Money
BitMEX shut down without an angry tweet. Offchain Labs CEO Steven Goldfeder joins Kain and Taylor on why dead tokens never get that mercy. Plus, Kyle Samani's Multicoin blowup.
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Has Control Replaced Decentralization as DeFi's Legal Test? - DEX in the City
Vy Le and Jessi Brooks trace an AI agent's sandbox escape back to crypto's own fight over open code. Plus, Plume general counsel Salman Banaei on Clarity's knife's-edge vote math.
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Bits + Bips: Does Capitalism Doom Every Closed AI Model to Get Copied?
📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips
Jensen Huang had been running the world's most valuable company for years without ever posting on X. When he finally did, it wasn't a hello. It was an open letter arguing that open AI models are a national asset — and within two days the signatory list had doubled to 50 companies.
Anthropic a

The Chopping Block: Wind Downs, YC's Nemil Dalal, & Will Every Failed Crypto Idea Eventually Work?
YC's Nemil Dalal joins to explain why he's never been more bullish as BitMEX winds down after 11 years, whether every failed crypto idea (TCRs, DAOs, creator coins) eventually works, why crypto is really about money, Base's consumer mea culpa, on-chain reputation and credit, and who pays in the x402 AI-agent era.
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, T

Kristin Smith on Why the Clarity Act Comes Down to a Memecoin
Kristin Smith walks through the vote math, the ethics fight, and what happens to crypto capital if the Clarity Act stalls before the midterms.
The Senate needs 60 votes to pass crypto's market structure bill, the Clarity Act, before an August recess deadline just weeks away. Majority Leader John Thune says the votes likely will not be there in time, and Polymarket puts the odds of passage this

Paid Partnership: How Can DeFi Fix Its Liquidity Problem? 1inch's Aqua Offers a Solution
SPONSORED CONTENT: This video is a paid partnership with 1inch. It was produced in collaboration with 1inch and is separate from Unchained's editorial coverage.
1inch cofounder Sergej Kunz says up to 85% of DeFi's liquidity sits idle. He walks through Aqua, the self-custodial product built to put that capital back to work.
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Bits + Bips: Why Bitcoin Has the Least to Gain From the Clarity Act
Cole Kennelly, founder and CEO of Volmex Labs, traces why BVIV and BVIV-US diverge around IBIT's regulated options market, makes the case that Ethereum, Solana, and Hyperliquid have more to gain from the Clarity Act than Bitcoin, and shares his outlook for an increasingly institutional crypto market by year-end.
Host:
Steven Ehrlich, Head of Research at Sharplink
Guest:
Cole Kennell

How Jesse Pollak Is Mapping Out Base's Next Chapter After the App Pivot
Jesse Pollak owns the Base App's social miss, unpacks Robinhood Chain's rise, and explains Brian Armstrong's memecoin moment.
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Cobie Taking Over Base App? He's 'the Respectable Trencher': Uneasy Money
An OpenAI model hacked Hugging Face to cheat its own test. Kain and Taylor break it down — plus Base’s failed social bet and the North Korean IT workers still inside crypto.
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The Chopping Block: The CLARITY Act Endgame with Patrick Witt + Gauntlet's $125M SBI Raise + Balaji's Malaysia Exodus
Patrick Witt, the White House's executive director for digital assets policy, calls in mid-episode to give the Chopping Block crew a live read on the CLARITY market structure bill!
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 they're joined mid-episode by Patrick Witt, Executive

DEX in the City: How Kalshi’s Rough Week Became a Federal Fight for Prediction Markets
The CFTC pulled a power last used in the Carter era to rescue Kalshi. Katherine, Jessi, and Vy Le on what it means — plus Japan’s crypto tax cut and DTCC’s tokenization leap.
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Bits + Bips: Why You Can't Opt Out of the AI Guardrails Race
📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips/
Austin Campbell's claim that Claude Fable 5 cracked the decades-old Jacobian conjecture opens onto a bigger question: why AI's real-world impact on health care is still lagging.
The conversation turns to battlefield drones in Ukraine, the national security stakes of AI guardrails, and why Ch

How Lyn Alden Will Take on Bitcoin DATs and Private Equity With Orange Juice
Lyn Alden raised $40M to launch Orange Juice, a holding company that buys cash-flowing businesses and layers Bitcoin on top, not another pure-play treasury bet.
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Bits + Bips: How a Surprise Clarity Act Vote Could Move Crypto Prices
If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts.
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Why Cap Cuts Its Stabledrop Rewards From $11M to $4M: Uneasy Money
Cap's founders on shrinking their Stabledrop from $11M to $4M — plus a $23M hack traced toward North Korea, a BarnBridge governance exploit, and Kain's case to force weak L2s to become their own L1s.
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Why Robinhood Chain Saw Memecoins Take Off Before Real World Assets
Two weeks after launch, 85% of Robinhood Chain's trading is memecoins and just 1% is RWAs. Johann Kerbrat says that doesn’t change the strategy.
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Crypto Has Seen Drama Over ENS, BonkDAO and VVV. What Does DeFi's Future Look Like?
Nick Almond and Proph3t on ENS's treasury fight, the BonkDAO heist, and why Proph3t would not touch Venice's VVV token.
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DEX in the City: Why the Supreme Court's FTC Ruling Could Rewire Crypto Regulation
The Supreme Court just made it easier to fire SEC and CFTC commissioners. Katherine, Jessi, and Vy on why that could reset who controls crypto policy. Plus, the UK's new rulebook.
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Bits + Bips: Sam Lyman Puts 70% Odds on Clarity Passing Before Recess
Austin Campbell draws a parallel between the AI data center backlash and the decades-long collapse of US nuclear power, then Sam Lyman of the Bitcoin Policy Institute puts real odds on whether the Clarity Act passes the Senate before August recess.
Hosts:
Austin Campbell, Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern
Ram Ahluwalia, Co-host of

Bits + Bips: Why CLOs Are Suddenly DeFi's Hottest Yield Play
Niklas Kunkel maps where the RWA market is heading next, from Centrifuge and Apollo's CLOs to Galaxy's first tokenized credit product, then turns to a cautionary tale: some SpaceX pre-IPO token buyers never actually owned the shares they thought they had.
Host:
Steven Ehrlich - Host of Bits + Bips and Head of Research at Sharplink
Guest:
Niklas Kunkel - Founder and CEO of Chronicle

How Lighter Powers Robinhood Perps With USDG as the Quote Asset
Robinhood Chain perps now run on Lighter. Vlad Novakovski maps the revenue split, the USDG collateral risk, and the race for a US perps license.
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Austin Griffith on the $1 AI Audit and the Case for Founders Over DAOs: Uneasy Money
Austin Griffith joins Kain Warwick and Taylor Monahan to unpack BonkDAO's $20M governance heist, and Kain's case for giving founders more control.
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The Chopping Block: Tokens vs Equity, Lighter's Robinhood Perps Deal, and Trump's $2.4B Crypto Windfall
Vladimir Novakovski of Lighter joins the Chopping Block crew to untangle one of crypto's oldest debates: what happens when tokens and equity coexist. The gang digs into the Venice/VVV controversy, breaks down Lighter's new Perps integration with Robinhood Chain and the fragmentation questions it raises, dissects the wild BonkDAO governance exploit, and reacts to the eye-popping $2.4 billion in cry

Bits + Bips: Why Strategy Dumped Its Biggest Bitcoin Tranche Yet
For years, Michael Saylor's Strategy was the market's most dependable Bitcoin buyer. Recently, it has done the opposite.
Strategy just sold 3,588 Bitcoin for roughly $216 million, its largest single tranche yet, deepening the question of whether Michael Saylor has become a structural seller instead of a buyer.
Ram Ahluwalia, Austin Campbell, and Chris Perkins break down the STRC dividend mechani

Strategy Sold More Bitcoin. Is This a Betrayal of the Bitcoin Ethos?
Strategy sold $260M of Bitcoin at a loss to fund dividends. Parker White of Apyx makes the case that it is smarter than it sounds.
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Ari Redbord Sits Down With the Hosts of DEX in the City
Ari Redbord sits down with Katherine, Jessi, and Vy to talk about SEC clarity, the onshore perps boom, and DeFi's opsec problem — plus why the U.S. should hack North Korea back.
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How Ethereum Institutional Intends to Grow Ethereum's Market Share
Joseph Chalom lays out why Ethereum Institutional exists, how it differs from Etherealize, and why he thinks Michael Saylor is in a pickle.
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How One ENS Vote Reignited the DAO Governance Debate: Uneasy Money
Nick Johnson's ENS vote sparked days of backlash. He and co-founder Alex Van de Sande join Uneasy Money to explain what actually happened.
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Bits + Bips: Why Bitcoin's Lack of Yield Keeps Straining Its Treasury Companies
David Lawant, Head of Research at Anchorage Digital, breaks down why Bitcoin's lack of native yield puts constant pressure on treasury companies, and makes the case that Michael Saylor's playbook is evolving rather than breaking.
Host:
Steven Ehrlich, Host of Bits + Bips: The Interview and Head of Research at Sharplink
Guest:
David Lawant, Head of Research at Anchorage Digital

Why Authorities Can't Freeze Crypto Fast Enough: DEX in the City
Regulators try to freeze illicit stablecoins, but the money's usually gone before the freeze lands. The hosts on why crypto sanctions keep failing.
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The Chopping Block: Visa, Mastercard & 140 Firms Take On Circle, Saylor’s Digital Credit Reset & the DAO Reckoning
The crew is joined by Selini Capital’s Jordi Alexander to break down Open USD, the no-fee stablecoin from a 140-firm consortium spanning Visa, Mastercard, BlackRock, Google and Coinbase, all aimed at the Circle and Tether duopoly. Plus Saylor’s new Digital Credit framework for MicroStrategy, the Ansem-fueled memecoin comeback, and ENS reigniting the “DAOs are fake” debate.
Welcome to The Chopping

Bits + Bips: How a Fake Podcast Invite Nearly Hacked Laura Shin
Laura Shin has reported on crypto scams since the early days and wrote one of the first stories on sim swaps. That did not stop a spear-phishing attempt from getting her to download software and run a terminal command before she caught it.
Austin Campbell, Ram Ahluwalia, and Chris Perkins turn her near miss into a practical defense playbook, then debate whether self-custody still makes sense for

How the New Ethlabs Plans to Make Ethereum More Intentional in Designing ETH
Is it Ethereum or bust? Ansgar Dietrichs makes the case that only Ethereum can anchor the financial system, and admits ETH still lacks a clear value story.
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Bits + Bips: A Perp Venue Asked Her to Trade Her Own Benchmark. She Said No
Carmen Li thought it was a joke when a perpetual futures marketplace asked her to become the market maker for her own index. It wasn't.
In this segment from Bits + Bips: The Interview, she walks Steven Ehrlich through the requests that alarmed her, a daughter analogy for why trading your own benchmark destroys neutrality, the manipulation risks she sees in crypto's index practices, and why she in

Why CME Sued the CFTC Over the Kalshi Bitcoin Perp Approval
A regulated exchange suing its own regulator almost never happens. The hosts trace why CME did it, and why the CFTC may have better odds than crypto Twitter thinks.
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How the Strategy Empire Breaks, and Whether Saylor Can Stop It
Vinny Lingham warned 18 months ago that Michael Saylor would harm Bitcoin more than FTX. Now he maps how the Strategy empire breaks and the one move that could slow the bleed.
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Ex-Ethereum Foundation Researchers Launched Their Own Lab: Uneasy Money
An anti-MEV activist spent weeks building 66 fake contracts to trap the sandwich bot jaredfromsubway.eth. Then jared's operators did the one thing nobody expected.
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The Chopping Block: Is Strategy the Luna for Suits?, ETH Labs Shakeup & CME vs Perps
The crew debates whether Saylor's STRC preferred shares are "Luna for suits," unpacks the ETH Labs spin-out and Ethereum Foundation layoffs, breaks down the CME's lawsuit against the CFTC to kill domestic perps, and weighs whether Meta's leaked prediction market Arena is a real threat to Polymarket.
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra,

Bits + Bips: Are Perpetuals Swaps or Futures? The CME Picks a Fight
Three years ago, Chris Perkins sat across from Terry Duffy in Congress and made the case for perpetuals. Duffy pushed back — hard. Now Duffy's CME is suing the very regulator that finally allowed them.
The CME argues Bitcoin perpetual futures are really swaps and should carry far more collateral. Chris traces the Dodd-Frank history that created the swap-versus-future divide, and Austin Campbell l

How Digital Credit Assets like STRC and SATA Differ from Bitcoin or DAT Stocks
Was Michael Saylor wrong to sell Bitcoin? Matt Cole breaks from his fellow critics on Strategy, S&P's junk rating on MSTR, and whether the model is breaking.
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