Unchained

Taylor Monahan, a pioneer in crypto UX and security, shares insights on the fallout from Three Arrows Capital’s risky strategies. She discusses the chaotic lending landscape where firms used customer funds unsafely and reflects on the parallels between current crypto turmoil, the 2008 crisis, and previous collapses like Mt. Gox. Monahan emphasizes the crucial need for user-centric design in crypto and how DeFi may offer solutions to the systemic issues plaguing traditional finance, advocating for resilience and responsible governance in the shifting market.

Shaun Maguire and Michelle Bailhe, partners at Sequoia Capital, bring a wealth of experience in crypto investments. They delve into their long-term vision for the crypto industry, discussing how decentralized technology could reshape our lives in the coming decades. The conversation covers the critical distinction between investing in tokens versus the entities behind projects, the balance of venture capital's role in decentralization, and the lessons learned from previous market failures like Terra. They also emphasize the significance of product-market fit and the implications of macroeconomic trends on the crypto landscape.

Derek Hsue, co-founder at Reverie and a decentralized finance expert, dives into the recent controversies surrounding Solend and Bancor. He discusses Solend's drastic governance decision amid a liquidity crisis and the backlash it faced for straying from decentralization principles. Hsue calls it the 'nuclear option' and debates whether the protocol's handling could have been different. The conversation also covers Bancor's challenges with Impermanent Loss Protection and its unilateral decision-making, highlighting the complexities faced by DAOs in times of crisis.

Caroline Pham, a Commissioner at the CFTC focusing on crypto asset regulation, shares her journey into the world of cryptocurrency and effective regulatory strategies. She emphasizes the importance of balancing innovation with oversight, especially after the Terra collapse. Pham advocates for transparency in regulation and the need for collaboration between the SEC and CFTC. She discusses the role of crypto in the financial system, the importance of self-determination, and her views on regulation as a path to maintaining the US's financial leadership.

Mika Honkasalo, an independent crypto researcher, dives deep into the troubling situations of Celsius and Three Arrows Capital. He explains the critical significance of Celsius pausing withdrawals and the implications of staked ETH on its financial stability. Mika analyzes how the Terra collapse sparked a contagion in the industry and warns investors about potential risks linked to centralized crypto lenders. He also discusses the challenges of risk management and who could be impacted if 3AC faces insolvency, urging scrutiny in these turbulent times.

Olta Andoni, Deputy General Counsel at Ava Labs, and Ari Redbord, Head of Legal and Government Affairs at TRM Labs, dive into the fallout from the Terra stablecoin’s collapse. They discuss the urgent need for regulatory action and how the incident might reshape the landscape for stablecoins, particularly the differences between algorithmic and dollar-backed assets. Key topics include potential criminal charges against Terraform executives, the importance of international regulatory consistency, and the implications of new U.S. legislative efforts on the future of stablecoin innovation.

Kyle Samani, cofounder of Multicoin Capital, shares his insights on the crypto landscape. He discusses why Solana's downtime doesn't faze him and critiques the narratives around it. Kyle highlights the unique market fit of party-themed crypto products and articulates the pitfalls of soulbound NFTs. He predicts major failures among layer 1 and 2 projects in the next few years and emphasizes the need for trade-offs between stability and innovation. The conversation also touches on crypto regulation and the importance of political engagement in shaping industry laws.

Lewis Cohen, lead attorney at DLx Law LLC, shares his insights on the Lummis-Gillibrand Responsible Financial Innovation Act. He highlights the bill's innovative definition of 'ancillary assets' and its unique split oversight between the CFTC and SEC. Cohen tackles criticisms of the ancillary approach and discusses the implications for digital asset regulation, investor protection, and the potential impact on innovation. He also addresses the future of stablecoins and DAOs, underscoring the need for careful legislative balance in this rapidly evolving landscape.

Glenn Weyl, founder of the RadicalxChange Foundation and political economist at Microsoft, teams up with Pooja Ohlhaver, a strategist at Flashbots. They dive into soulbound tokens, revealing how these non-transferable NFTs could reshape decentralized identity and improve DAO governance. The conversation explores the balance between community participation and individual roles within decentralized networks. They also discuss the potential for soulbound tokens in establishing trust for under-collateralized lending while addressing security challenges in the Web3 ecosystem.

Jason Gottlieb, a seasoned crypto attorney at Morrison Cohen, unpacks the landmark insider trading case against former OpenSea employee Nathaniel Chastain. He explains why Chastain faces charges of wire fraud and money laundering instead of conventional insider trading. The conversation explores unique aspects of NFT trading, the significance of an employee’s confidentiality duty, and the legal complexities of moving funds between wallets. Gottlieb also shares insights on potential penalties and advice for crypto professionals navigating these murky legal waters.