Unchained

Alex Thorn, Head of Firmwide Research at Galaxy Digital, joins the discussion to unpack XRP’s latest rally, labeled the 'most hated rally in crypto.' He offers insights on the new Treasury Secretary's potential impact on inflation and fiscal policy. They also dive into the contentious landscape shaped by Operation Chokepoint 2.0. Conversations shift to Thanksgiving gatherings, where digital assets became hot topics, and a light is shed on Ethereum's emerging patterns and MicroStrategy's role in traditional finance.

Paul Grewal, Chief Legal Officer at Coinbase, and Leah Bressack, VP of Legal at Coinbase, dive deep into the landmark lawsuit against Tornado Cash. They discuss how the federal appeals court struck down U.S. Treasury sanctions, arguing that immutable code isn't property and shouldn't be restricted. The conversation covers the potential future of privacy tools in crypto, the court's reasoning, and what this legal precedent means for developers and open-source software. Their insights shed light on the evolving landscape of cryptocurrency regulation.

The rise of AI memecoins is explored, specifically Freysa, which combines gamified AI with blockchain mechanics. The crew delves into Hyperliquid's significant airdrop and its no-VC model, signaling a shift in token launches. They critically assess decentralized science, questioning funding dynamics and leadership quality. The discussion also covers the balance of security and functionality in AI within the crypto realm, as well as the speculative nature of investments in decentralized finance.

Kartik Patel, developer of Anoncast, shares insights on this innovative anonymous social media platform rapidly gaining traction after Ethereum's Vitalik Buterin joined. He discusses the unique zero-knowledge technology that ensures user anonymity and the challenges of fostering open expression without identity tracing. Kartik reveals his favorite posts, the platform's quick evolution, and the AI's role in shaping the new social media landscape. He also reflects on the excitement around Buterin's involvement and how Anoncast manages moderation while maintaining user privacy.

Justin Drake, a researcher at the Ethereum Foundation, and Martin Köppelmann, co-founder of Gnosis, dive into the evolution and challenges facing Ethereum. They debate the merits of native versus based rollups and discuss Ethereum's potential shift to maintenance mode. Justin shares his optimism for scaling pre-confirmations, while Martin critiques Ethereum's focus on developers. The conversation also tackles fragmentation issues and the implications for Ethereum's status in a landscape increasingly dominated by rivals like Solana.

Eric Balchunas, a Senior ETF analyst at Bloomberg specializing in crypto assets, dives deep into the launch of Bitcoin ETF options. He discusses the $1.9 billion trading debut and its potential to transform market liquidity. Eric highlights how these options could affect Bitcoin's volatility and the interest from institutional investors. He offers cautious advice amidst Bitcoin's recent surge and speculates on the likelihood of spot ether ETF options. Additionally, he reflects on regulatory treatment and the future of SOL ETFs.

This week’s guest, Vance Spencer, co-founder of Framework Ventures, dives into the controversial Beam Chain proposal for Ethereum 3.0, promising quantum resistance and faster transactions. The team dissects the FBI's raid on Polymarket's CEO, raising questions on political biases affecting prediction markets. They also explore the implications of Trump’s pro-crypto agenda, including cabinet picks and a potential Bitcoin reserve, highlighting a pivotal moment for crypto regulation in the U.S. Tune in for insights on the evolving landscape!

David Grider, a Partner at Finality Capital and crypto investing expert, joins the discussion to dissect the evolving crypto landscape. He highlights the significance of a potential meeting between Trump and Brian Armstrong and its implications for crypto policy. Grider also discusses Ethereum's sluggish performance, seeing potential for a comeback, and expresses optimism about restaking initiatives. Additionally, he examines how anticipated interest rate cuts could influence the market and speculates on which crypto categories might emerge as winners.

Martin Köppelmann, co-founder and CEO of Gnosis, dives into the urgent need for native rollups to fix Ethereum's scalability woes. He critiques current layer 2 solutions, arguing they fall short on security and composability. His bold proposal includes 128 Ethereum-native rollups utilizing zero-knowledge proofs for enhanced privacy and speed. The conversation also tackles potential threats to existing L2s and whether the community is ready to embrace this transformative approach, all while ensuring that these innovations align with Ethereum's core principles.

Robbie Mitchnick, Head of Digital Assets for BlackRock, shares insights on the firm's groundbreaking entry into the crypto market. He discusses the surprising inflows from Bitcoin ETFs and how they’ve shifted institutional perceptions. Mitchnick delves into why he sees Bitcoin as more than just a risk-on asset and offers a unique investment thesis on Ethereum. He also addresses concerns about regulation and the balance between BlackRock's centralization and the decentralized crypto ethos, providing a compelling view of the future.