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Silvergate Bank was once crypto’s most important banking partner, handling billions in deposits from the biggest players in the industry. Then, FTX collapsed—and everything changed.
In this episode of Unchained, Mike Lempres, former chairman of Silvergate, talks about how Silvergate grew into a banking giant for crypto, why Washington suddenly turned against them—even after they survived the FTX crisis, and whether Operation Choke Point 2.0 was real.
Plus, did short sellers and politicians work together to tank Silvergate’s stock? And what does the future look like for banks that want to serve crypto?
This is part of the inside story of one of the biggest banking collapses in crypto history.
Show highlights:
2:08 How Mike’s background in banking led him to work in crypto
4:10 Why banking has always been a challenge for crypto companies
5:14 How Silvergate Bank got involved so much with the industry and how it achieved “tremendous growth”
8:10 The “magic” of the Silvergate Exchange Network (SEN)
14:19 Why Mike believes Silvergate’s problem was not banking regulators, but D.C. politics
17:49 How everything changed after the FTX collapse
24:45 Whether SEN is a valuable asset for a bank to have
28:39 Why Mike believes that Operation Choke Point 2.0 is real
30:48 Whether short sellers worked with politicians to tank Silvergate
34:21 How Mike thinks that banks could service the crypto industry
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
RockWallet
Somnia Network
Quai Network
Mantle
Guest
Mike Lempres, Former Chairman of Silvergate Bank
Links
Unchained:
Why the new FDIC Leadership Isn’t Convinced Operation Chokepoint 2.0 Exists
Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law?
Rep. French Hill Says He’d Investigate Operation Choke Point 2.0 as Financial Services Chair
Are Regulatory Failures to Blame for Crypto Banking Issues?
Caitlin Long on Why Operation Choke Point 2.0 Has Bankers Nervous
Ahead of Debanking Hearings, Industry Is Divided on Political Strategy
Caitlin Long on Why the Fed’s Rejections of Custodia Bank Seem Politically Motivated
How Will the FTX Collapse Affect Silvergate? A Bear and a Bull Debate
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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 episode, we dissect the chaos triggered by Trump’s trade war, which sent Ethereum and alts into freefall while Bitcoin held strong. Why are alts struggling, and is this just a flight to quality—or something deeper? We also dive into the LA Vape Cabal phenomenon and its bizarre influence on memecoin culture, debate whether the SEC’s new leadership is truly a game-changer for crypto, and analyze Binance’s latest scandal. Plus, is the memecoin cycle really over, or is this just another phase in crypto’s endless casino?
Show highlights
🔹 Trump’s Trade War Wrecks Crypto – Ethereum and alts nosedive as Trump’s surprise tariffs shake markets. Is this just macro panic or a deeper shift in investor sentiment?
🔹 Biggest Liquidation Day Ever? – Crypto saw its largest mass liquidation in history, with Bybit’s CEO estimating real losses closer to $8-10 billion—more than the FTX collapse.
🔹 LA Vape Cabal & Memecoin Mania – A bizarre Twitch-fueled trading cult is shaping the memecoin meta. Is this the future of crypto speculation, or just another fleeting grift?
🔹 The Great Altcoin Capitulation – Alts are bleeding while Bitcoin holds strong. Has the market finally given up on everything that isn't BTC?
🔹 Hester Peirce’s Crypto Reset – The SEC’s new approach could rewrite the rules for token issuers. Will the industry finally get the regulatory clarity it’s been begging for?
🔹 Binance Under Fire (Again) – CZ’s former empire faces backlash over insider listings, alleged bribes, and a wave of vaporware projects that tanked after launch.
🔹 Pump.fun = The New NFT Casino? – Memecoin speculation is bigger than 2021’s NFT boom. But is it sustainable, or is the exit liquidity running dry?
🔹 The Memecoin Endgame? – Some claim the bubble has burst, but if history tells us anything, a new wave of degens will always find a way to keep the casino open.
🔹 Bitcoin’s Macro Dominance – BTC’s macro story is unstoppable, with talk of a U.S. sovereign wealth fund investing in Bitcoin. Will the market ever rotate back to alts?
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Disclosures
Links
Hester Peirce’s Blog Post – “The Journey Begins”: https://www.sec.gov/newsroom/speeches-statements/peirce-journey-begins-020425
David Sacks' Plan for Digital Assets Press Conference:
https://youtu.be/LqTsyTuLSSI
Timestamps
00:00 Intro
01:08 Market Turmoil and Trade Wars
07:10 Bitcoin's Dominance & Altcoin Struggles
10:33 Memecoins & Market Sentiment
25:05 Cultural Phenomena in Crypto
33:54 The L.A. Vape Cabal
40:45 Millennials and Memecoins
44:51 Binance & the Chinese Community
50:45 Regulatory Developments in Crypto
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Trump’s new wave of tariffs has reignited the debate: Are they good for the economy or a disaster waiting to happen? Some say tariffs will crush trade, boost inflation, and slow growth—but others argue they could weaken the dollar and send bitcoin soaring.
On this episode of Bits + Bips, Jeff Park of Bitwise, along with James Seyffart, Alex Kruger and Noelle Acheson, battle it out over the real impact of Trump’s tariffs, whether they could spark a new Plaza Accord 2.0, and why ETH took a harder hit than BTC in the latest selloff.
Plus, is Trump’s economic strategy really about making America great again—or just about keeping his own real estate empire afloat? Jeff makes a bold claim outlining Trump’s #1 goal—one that his personal wealth depends on.
Show highlights:
2:38 - Why Jeff believes that people’s reaction to tariffs was bizarre
7:09 - Why Jeff is convinced that tariffs are good for bitcoin
10:18 - Why Alex is so against tariffs
21:37 - How tariffs actually affect consumers
27:36 - What’s Trump’s number one priority is, according to Jeff
36:26 - Whether inflation will eventually come back to previous levels
41:05 - Why ETH got hit the hardest on Sunday night
49:56 - Whether the ETH/BTC ratio has bottomed
51:03 - How Hyperliquid’s HYPE held up so strongly
53:02 - The significance of Tether adding USDT to the Lightning Network
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Alex Kruger, Founder of Asgard
Guest:
Jeff Park, Head of Alpha Strategies at Bitwise
Previous appearance on Bits + Bips: The Real ‘Trump Trade’ & Why Trump's World Liberty Financial Was a Flop
Links
AP: Canada and Mexico agree with Trump to postpone tariffs by at least 30 days
Eric Trump on X: "In my opinion, it’s a great time to add $ETH."
Unchained:
USDT Integrates With Bitcoin and Lightning Network
ETH Crashes After Trump Imposes Tariffs
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Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
The success of any blockchain isn’t just about scalability, security, or decentralization—it’s about attracting developers. The easier it is to build, the more innovation happens. Or at least, that’s the thesis of Movement Labs co-founder Rushi Manche and Olaf Carlson-Wee, CEO of Polychain Capital.
In this episode of Unchained, Rushi explains why Move, originally developed by Meta, is a fundamentally better programming language for crypto than the Ethereum Virtual Machine (EVM). He breaks down how Move’s unique approach to security and asset management improves developer experience and why the Movement Network is bringing Move to Ethereum as a layer 2 solution.
Olaf shares his thoughts on how alternative programming environments like Move could challenge the dominance of the EVM, why Ethereum is at a critical moment, and how AI-powered financial agents could change how investments work.
Show highlights:
2:32 What problems Move solves for crypto and how it got started
8:57 How the programming language is safer than others, specifically for crypto finance
21:00 What’s the thesis behind the Movement network
23:12 Why Movement chose to become an Ethereum L2
30:08 Where ETH is headed and what it needs to succeed
32:25 Why Rushi is so bearish on EVM layer 2s
34:59 Whether Ethereum is going through an existential crisis
37:47 Why Rushi believes that modularity will save Ethereum
39:28 How Movement differs from Aptos and Sui
41:36 The importance of developer experience in crypto’s growth
44:48 How tokens can signal the significance of content in social media
52:04 Why Olaf thinks we’ll soon see an explosive growth of financialized agents
57:19 Whether AI will replace VC investors and other jobs
1:01:38 What Rushi has to say about the Trump team buying MOVE
1:04:09 The significance of the U.S. making crypto a national priority
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsor!
Mantle
Guest:
Rushi Manche, Co-founder of Movement Labs
Olaf Carlson-Wee, CEO of Polychain Capital
Previous appearances on Unchained:
OG Olaf Carlson-Wee on Why His Crypto Thesis Is Stronger Than Ever
Olaf Carlson-Wee: ‘If There Is a Money-Losing Exploit, the Money Is Gone’
Why The First Employee Of Coinbase Launched A Hedge Fund
To the Moon and Back With Polychain’s Olaf Carlson-Wee
Special Episode with CNBC’s Crypto Trader: Olaf Carlson-Wee on Why This Crypto Winter Is Different From Previous Ones
All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital
Links
Unchained:
Trump’s Crypto Project Bought MOVE Tokens as DOGE News Leaked
How Solana Beat Out Ethereum to Nab New Crypto Developers in 2024
Chris Dixon on Why We Will Finally See New App Innovation in Crypto
2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback?
With AI Agents Now Trading Crypto, What Does Their Future Look Like?
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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 episode, we dive into Ethereum’s growing identity crisis as frustration mounts over the Ethereum Foundation’s leadership, vision, and sluggish innovation. Is Ethereum losing its edge while Solana, Base, and Tron take over? We also break down the Second Foundation drama, discuss Justin Sun’s wild L2 taxation proposal, and debate whether Ethereum needs a CTO-style overhaul to stay competitive. Plus, Vitalik Buterin’s unexpected embrace of the Milady NFT movement and what Gary Gensler’s exit from the SEC means for the future of crypto regulation.
Show highlights
🔹 Ethereum Civil War? The Ethereum Foundation (EF) faces internal and external backlash as Vitalik defends its “WEF soy boy” ethos. Critics call for leadership changes, faster innovation, and a more aggressive growth strategy.
🔹 Second Foundation Fakeout: Rumors spread that Lido’s founder was launching a rival EF, briefly pumping ETH before being debunked. The buzz reignites calls for governance changes.
🔹 L2 Taxation Debate: Justin Sun proposes a 5B ETH tariff on rollups to fund buybacks, sparking debates on Ethereum’s fragmented ecosystem and lack of value accrual.
🔹 Vitalik Goes Milady: Ethereum’s co-founder embraces the Milady NFT subculture, changes his profile pic, and adopts the meme’s signature sign-off, fueling speculation about crypto’s shifting cultural landscape.
🔹 Ethereum’s Identity Crisis: With Solana, Base, and Tron dominating user adoption, is Ethereum too slow and academic to compete? Calls for an Ethereum “CTO” or more centralized execution grow louder.
🔹 Gensler’s Next Move: Gary Gensler exits the SEC and returns to MIT to teach AI & finance. Crypto celebrates his departure, while an AI-generated rap video mocks his legacy.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Disclosures
Links
Hayden Adam’s Tweet:
https://x.com/haydenzadams/status/1884134669265891433
Justin Sun’s EF Plan Tweet:
https://x.com/justinsuntron/status/1881999625990836229
Scaling Ethereum L1 and L2s in 2025 and Beyond by Vitalik Buterin:
https://vitalik.eth.limo/general/2025/01/23/l1l2future.html
Zen and the Art of Shifting Mindsets in Technology: Aya Miyaguchi interview in Wired Magazine:
https://wired.jp/article/the-next-innovators-4-aya-miyaguchi-en/
Timestamps
00:00 Intro
01:47 Ethereum Foundation's Civil War
05:53 The Bronze Age Mentality
07:32 Community Criticism and Governance
10:03 Vitalik's New Persona: Embracing Milady
14:33 Future of Ethereum and L2s
37:39 L1 vs L2: Do People Really Care?
42:12 Ethereum's Strategy and Colonialism Analogy
46:10 The Role of the Ethereum Foundation
58:34 Gary Gensler's Move to MIT and His Legacy
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The kidnapping of Ledger co-founder David Balland in France sent shockwaves through the crypto community, raising urgent questions about security for high-profile crypto holders. How do you protect yourself when criminals are willing to go beyond digital attacks and resort to violence?
In this episode of Unchained, Jameson Lopp, co-founder and Chief Security Officer of Casa, speaks about the growing trend of “wrench attacks”—physical assaults aimed at forcing crypto holders to transfer their assets. Lopp explains how these attacks are evolving, what makes someone a target, and which geographies are seeing the most attacks.
Plus, he shares what behaviors put you most at risk, how criminals are getting more organized, and why relying on exchanges for security is not as safe as you think.
If you hold significant crypto wealth, this is an episode you can’t afford to miss.
Show highlights:
2:02 How a Ledger co-founder was kidnapped and how the situation was resolved
6:46 Who tends to be targeted and which geographies see the most physical attacks
14:15 The riskiest behaviors that are likely to lead to wrench attacks
16:01 How attackers decide who to target
20:37 How the attacks have been accelerating lately
22:16 How the Ledger team ensured the kidnappers couldn’t access the ransom money
23:44 Jameson’s top tips on how crypto holders can stay safe
29:30 News Recap
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Mantle
Polkadot
Quai Network
Guest
Jameson Lopp, co-founder and Chief Security Officer of Casa
Links
Previous coverage of Unchained on crypto security:
Here’s How to Protect Your Crypto and Seed Phrases From Natural Disasters
Reuters: Kidnapped co-founder of French crypto firm Ledger had his hand mutilated
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From AI shaking up Big Tech to bitcoin’s role in the macro landscape, Jim Bianco delivers insights on the DeepSeek-triggered market selloff, memecoins, and the challenges facing traditional systems. In this episode, the macro strategist shares why DeepSeek’s AI model is reshaping competition, how crypto reserves might evolve, and what happens to MicroStrategy if bitcoin’s price takes a hit. Plus, hear his take on why stablecoins are a threat to banks, and why memecoins could be more than speculation.
Show highlights:
What of crypto attracted Jim so much
0:49 What of crypto attracted Jim so much
6:15 Why the DeepSeek new model was so disruptive
12:47 Whether the biggest loser is OpenAI, not all the Mag 7
16:14 Whether we’ll see a major macro response from U.S. companies and government
26:06 What will happen next with the price of bitcoin
28:54 What would happen to MSTR if bitcoin goes 30% lower
34:11 How Trump was able to move so fast since the inauguration
39:30 Why the Fed should not do QE, according to Jim
49:02 How memecoins could be designed to be much more than speculative assets
53:03 Why James hopes the SEC doesn’t approve all the memecoin ETF applications
58:06 Whether banks will start onboarding crypto companies
1:05:52 Why stablecoins poise an existential threat to the current banking system
1:11:19 Whether it’s a bad idea for the U.S. to acquire other cryptos that are not bitcoin
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:
Jim Bianco, President and Macro Strategist at Bianco Research
Links
CNN Business: Trump announces a $500 billion AI infrastructure investment in the US
Unchained: Tuttle Capital Files for 10 Leveraged Crypto ETFs
CoinDesk: Nasdaq Files for In-Kind Redemptions for BlackRock Spot Bitcoin ETF
Reuters: US, Colombia reach deal on deportations; tariff, sanctions put on hold
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Chris Dixon, founder and managing partner of a16z crypto, joins Unchained to share why he believes crypto innovation is about to explode. From Ethereum’s potential to new crypto legislation, Chris delves into why the industry is poised for a major break out.
He also discusses why the Biden administration’s “lawfare campaign” led to the memecoin craze, how AI and crypto together could transform technology, and why bad tech policy stifled the industry for years.
Plus, he shares his take on the executive order signed by President Donald Trump and its significance for the industry.
Show highlights:
2:51 Why Chris feels like the Biden administration was trying to destroy crypto
7:16 Chris’s take on the Trump announcements and executive orders
14:18 What Chris would like to see in upcoming crypto legislation
21:37 How he compares the intertwining of AI and crypto with mobile, cloud and social
26:24 Whether an investing AI agent like ai16z could ever compete with A16z
32:05 How technologies usually evolve exponentially and how the AI x crypto craze will evolve
39:21 Why Chris doesn’t think the debate about whether Ethereum L2s are ‘parasitic’ is important
47:24 Chris’s opinion on whether Vitalik should be doing more marketing for ETH
51:29 Why Chris thinks native rollups on Ethereum could be valuable and promising
55:43 What he believes is important to pitch blockchain to Wall Street
59:39 Chris’s vision for a future multichain world
1:04:20 How the Biden administration’s “lawfare campaign” enabled the memecoin craze in 2024
1:08:08 Why Chris says that Coinbase has been very innovative
1:14:11 Whether ICOs are a recipe for fraud and scams
1:17:39 What apps and innovations Chris is excited about
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
Somnia Network
Guest:
Chris Dixon, Founder and Managing Partner of a16z crypto
Previous appearances on Unchained:
A16z Crypto’s Chris Dixon on How Blockchains Can Save the Internet
Chris Dixon on How Trust Is the Best Lego
Links
Unchained:
President Trump Declares Crypto a National Priority in Executive Order
2024 Was Solana's Best Year Yet. Can It Sustain the Momentum in 2025?
Chris’ tweet on the executive order
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, and Tom Schmidt chop it up about the latest in crypto. This week, we're joined by special guest Peter Van Valkenburgh, Executive Director of Coin Center, to tackle one of the most pivotal moments in crypto policy. In this episode, we dive into the groundbreaking Fifth Circuit ruling on Tornado Cash, unpack its implications for blockchain privacy, and discuss the challenges noncustodial developers like Roman Storm are facing. We also break down Trump’s crypto executive order, the SEC’s new direction under Hester Peirce, and speculate on what a U.S. strategic Bitcoin reserve might mean for the future.
Show highlights
🔹 Crypto as a Public Good: Why open, permissionless technologies need protection—and how Coin Center defends them.
🔹 Tornado Cash Ruling: The Fifth Circuit overturns OFAC sanctions—what this means for blockchain privacy and freedoms.
🔹 Roman Storm Case: DOJ’s controversial crackdown on noncustodial developers and its implications for innovation.
🔹 Trump’s Crypto EO: Breaking down the ban on CBDCs and the push for U.S. leadership in digital assets.
🔹 SEC’s New Direction: Hester Peirce’s crypto task force and the future of enforcement and regulation.
🔹 CFTC vs. SEC: Will Congress resolve the jurisdiction battle over crypto markets?
🔹 Senate Banking’s Subcommittee: How Senator Lummis could lead a new era of crypto-friendly policy.
🔹 Strategic Bitcoin Reserve: Speculating on what a U.S. Bitcoin reserve might look like.
🔹 2025 Regulatory Outlook: How shifting policies could redefine crypto’s future.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
Guest:
⭐️Peter Van Valkenburgh, Executive Director of Coin Center
Disclosures
Timestamps -
00:00 Intro
01:34 Coin Center & Crypto as a Public Good
05:04 Crypto Policy Shifts & Trump's Executive Order
16:11 Senate Banking Digital Assets Subcommittee
20:20 SEC Crypto Task Force
32:10 Hester Peirce's Safe Harbor Proposal
35:43 Strategic Bitcoin Reserve: Expectations and Realities
41:12 Tornado Cash & OFAC Sanctions
45:28 Legal Implications for Noncustodial Developers
57:51 Future of Crypto Regulation & Coin Center's Role
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Ethereum has had a tough year, losing ground to Solana in price performance, developer activity and as the home to the latest crypto trends. Yet, Vivek Raman, founder and CEO of Etherealize, is doubling down on Ethereum’s future.
In this episode, Vivek explains how Etherealize, a “marketing arm for the ETH ecosystem,” was in the works long before the current criticisms of the Ethereum Foundation’s marketing, and how it got funding from Ethereum creator Vitalik Buterin and the foundation. He discusses why he believes layer 2 solutions make Ethereum a better fit for Wall Street than Solana.
Plus, Vivek shares his thoughts on Ethereum’s value accrual, the state of its ecosystem, and how Etherealize plans to bridge the gap between Wall Street and Web3.
Show highlights:
2:50 Why Vivek thinks that it’s an opportune time to launch Etherealize
7:32 How the project has been in the works for longer than people might think
13:28 How Etherealize secured funding from Vitalik Buterin and the Ethereum Foundation
15:11 Why Vivek says they got “lucky” with the timing of the announcement
19:03 How Vivek plans to drive the narrative of ETH as an asset
22:17 Why he believes corporations will launch their own L2s on Ethereum
29:13 How he pitches Ethereum to TradFi
31:42 Why Vivek believes Ethereum is better suited for Wall Street than Solana
34:08 What he has to say about L2s being centralized
38:24 News Recap
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Quai Network
Polkadot
Guest
Vivek Raman, founder and CEO of Etherealize
Links
Etheralize’s announcement
Unchained:
Lido Founder Says No ‘Second Foundation’ Exists Yet
2024 Was Solana's Best Year Yet. Can It Sustain the Momentum in 2025?
2025 Will Be a Year of Crypto Competition. Can ETH Make a Comeback?
Ethereum Foundation to Fund New DeFi MultiSig Wallet With 50,000 ETH
The Block: Vitalik Buterin details 'large changes' to Ethereum Foundation leadership amid calls for new leadership
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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 episode, we dive into one of the wildest weeks in crypto history, unpacking the unprecedented launch of Trump’s memecoin and its explosive $70 billion valuation. We discuss how it broke every record imaginable, the fallout from Melania’s token, and the chaos it unleashed across the Solana network. From the ethics of a sitting president launching a coin to the implications for retail investors and the future of memecoins, we’re covering it all. Plus, we debate whether this marks a new chapter for crypto adoption or a troubling precedent for political grift. Stay tuned for this jam-packed emergency episode!
Show highlights
🔹 Trump’s Memecoin Craze: Breaking down the historic launch of $Trump, its unprecedented $70B valuation, and how it shattered every record in crypto history.
🔹 Melania’s Memecoin Fallout: What went wrong with the $Melania token launch? Exploring its disastrous impact on the market and $Trump coin’s rapid crash.
🔹 DeFi’s Ultimate Stress Test: How Solana infrastructure held up against unprecedented volumes, Moonshot’s rise to the top, and why this reshaped the memecoin landscape.
🔹 Retail FOMO vs. Institutional Doubts: Examining retail’s overwhelming rush to $Trump coin and why some insiders remain skeptical of its long-term implications.
🔹 Crypto Meets Politics: The ethics and implications of a sitting president launching a memecoin—and how it could distort the future of crypto regulation and perception.
🔹 The Memecoin Economy Evolves: Could Trump and Melania coins signify the end—or a new era—of memecoins? A debate on the future of speculative tokens.
🔹 Solana’s Big Moment: Why Trump coin positioned Solana as the go-to chain for memecoins, and how it outperformed competitors during this chaos.
🔹 On-Chain Innovation or Grift? Is this a turning point for crypto adoption, or just the latest example of right-wing opportunism? The crew debates the broader implications.
🔹 Adversarial Predictions: What happens when other world leaders witness Trump’s success? The panel speculates on who could be next in the memecoin race.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Disclosures
Timestamps -
00:00 Intro
02:23 The Crypto Ball
07:11 Trump's Memecoin: $TRUMP
13:21 Market Reactions & Infrastructure Challenges
26:25 Melania Token: $MELANIA
38:52 Solana's User Surge, Start of Ethereum Civil War?
45:12 Speculation: Crypto's Killer Use Case
49:59 Partisan Divide in Crypto
54:22 Trump's Crypto Strategy
01:07:32 Crypto's Social and Political Implications
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This week, Trump’s memecoin launch had everyone talking—and scrambling for Phantom wallets. But was it a strategic masterstroke or just another speculative frenzy?
On this episode of Bits + Bips, the hosts unpack the wild moments of the Crypto Ball, where $TRUMP made its surprise debut. They discuss how Bitcoin maxis were forced to embrace Solana wallets, why Multicoin Capital emerged as the biggest winner, and whether the memecoin launch signals a local market top.
Plus, they debate whether Trump’s crypto-friendly stance could shape policy in 2025, why Litecoin might beat Solana to a spot ETF, and what Trump’s inauguration speech reveals about his crypto game plan.
Show highlights:
0:58 What Ram can tell us about his experience at the Crypto Ball
3:39 How Ram was so surprised when the $TRUMP coin dropped in the middle of the event
7:51 What will happen with the 80% of $TRUMP that Trump holds
8:51 Why Ram believes Multicoin Capital was the biggest winner of $TRUMP dropping
10:14 Whether the coin was “gift or grift”
17:07 How the $Melania coin was the Trumps shooting themselves in the foot
19:37 How the launch of the coin is a “major win” for Solana
22:49 Whether ETH can have a comeback as the “TradFi chain”
35:28 How the market would react to the lack of a strategic bitcoin reserve mention
43:28 What executive orders Trump could deliver for the crypto industry
48:47 Alex’s experience with the pump and dump of a fake Barron Trump memecoin
53:41 What was notable from Trump’s inauguration speech
56:28 Whether rate cuts in December were a mistake and whether more are coming
1:05:51 Why James believes that Litecoin has more chances than Solana for a spot ETF
1:08:41 Whether the launch of $TRUMP will mark a local top for the markets
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Links
Saylor’s parody account’s tweet recounted by Alex
Meme recounted by Noelle
Vitalik on changing the EF leadership
Josh Stark’s tweet on how the EF “uses Ethereum”
Paper on DeFi that Alex talked about: Christopher J Waller: Centralized and decentralized finance - substitutes or complements?
Polymarket: Will Trump create Bitcoin reserve in first 100 days?
Unchained:
Trump Appoints Crypto-Friendly Mark Uyeda as Acting SEC Chair
Trump-Backed World Liberty Financial Goes on Token Buying Spree
Trump Picks Pham as Acting CFTC Chair
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The crypto world was shaken this weekend when Donald Trump and Melania Trump launched their own memecoins, ahead of Trump’s inauguration as president.
Financial analyst Lyn Alden joins Laura to explain why she’s not a fan of memecoins, neutral on a U.S. strategic bitcoin reserve, and doubtful the U.S. can disrupt itself even as Bitcoin, crypto and blockchain technology hold the possibilities of upending the geopolitical world order.
Discussing everything from rising tariffs to reshoring strategies, Lyn offers a sharp analysis of the U.S. fiscal and monetary outlook and explains why she believes fiscal policy now overshadows monetary policy. Plus, hear her take on the TikTok ban debate, her skepticism that Bitcoin’s future security could be at risk as the block subsidy decreases, and her Bitcoin projection for 2025.
Show highlights:
02:13 Why Lyn is not supportive of the launch of Trump’s and Melania’s memecoins
10:01 Whether Trump should airdrop his memecoin to U.S. citizens
11:47 Why a U.S. strategic bitcoin reserve sparks debate over its potential to devalue the dollar, reshape trade deficits, and challenge the global reserve currency system
25:09 How bitcoin’s rise as a neutral reserve asset could shape a multi-polar world
27:23 Why she thinks addressing U.S. fiscal issues may require the reshoring of industry and rethinking the dollar system
31:22Why Lyn thinks rising tariffs could disrupt global trade, but might also make the government less able to rely on taxation in a world of portable capital and growing privacy tools
35:16 Whether DOGE will be bearish for bitcoin
39:39 Why Lyn feels that Scott Bessent’s “3-3-3 Plan” faces challenges
42:29 Why fiscal policy now overshadows monetary policy, according to Lyn
48:21 What the TikTok ban debate reveals to Lyn about government control and the push for decentralized social media
52:31 Lyn’s take on MSTR’s plan to increase the number of shares
54:56 Lyn’s view on OP_CAT and bitcoin soft forks
57:20 Why Lyn doesn’t think that declining subsidies pose a problem for bitcoin’s security
1:05:59 Why Lyn doesn’t see value in other sectors of crypto, such as DeFi, aside from Bitcoin and stablecoins
1:09:15 Lyn’s projection for the price of bitcoin 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!
Somnia Network
Polkadot
Guest:
Lyn Alden, founder of Lyn Alden Investment Strategy
Previous appearances on Unchained:
Does Maximalism Help or Hurt Bitcoin? Lyn Alden and Udi Wertheimer Debate
How Will Inflation Impact Crypto?
Is Ethereum a Good Investment?
Why Bitcoin Now: Meltem Demirors and Lyn Alden on the Perfect Conditions for Bitcoin
Links
Trump’s announcement of a memecoin
Unchained: TRUMP Memecoin Soars Then Sinks as MELANIA Launches
Balaji’s tweet on the proposal of airdropping $TRUMP
Unchained: A Bitcoin Strategic Reserve for the U.S.? Senator Cynthia Lummis Reveals Her Bill
Bloomberg: MicroStrategy May Soon Rival Amazon, Alphabet in Common Shares -
Unchained: What Is the OP_CAT Bitcoin Improvement Proposal? - Unchained
Unchained: Bitcoin Layer 2s Aim to Attract Ethereum-Like Dapps. Will They Succeed? - Ep.638
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This week, Sony launched the mainnet for Soneium, its Ethereum Layer 2 blockchain built on the OP Stack from Optimism. Soneium is designed to support creators, developers, and fans through tools like Sony’s NFT-based Fan Marketing Platform and Soneium Spark.
However, Soneium’s launch has sparked controversy. Its decision to blacklist some memecoins—over intellectual property concerns—has raised questions about the balance between decentralization and protecting creators’ rights. Even Ethereum co-founder Vitalik Buterin weighed in, highlighting the tradeoffs businesses face in Web3.
Sota Watanabe, CEO at Startale, took a quick interview to clear up the misunderstanding about IP infringement. He also explains the vision for the platform and what’s next for Soneium in entertainment and finance.
Plus, at the end of the episode, Laura speaks to Ari Gore, head of communications at Zengo Wallet, about protecting your private keys and your cryptocurrencies from natural disasters.
Show highlights:
01:52 Why Sony decided to launch a layer 2 on Ethereum
05:39 How Soneium will work with creators to support them
11:29 Sota’s response to the backlash about blacklisting memecoins
18:46 How Soneium’s technical implementation protects IP rights
23:56Why Soneium attracts people from certain demographics
27:05 What the L2 blockchain will focus on next
27:05 Tips to protect your crypto safe from natural disasters
34:47 News Recap
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Stellar Build Better
Quai Network
Polkadot
Guests
Sota Watanabe, CEO at Startale
Ari Gore, head of communications at Zengo Wallet
Links
Soneium Mainnet: Invoking Emotion And Empowering Creativity
Tweet by PopPunkOnChain
Tweet by 0xKawz
Tweet by Vitalik
Tweet by donnoh_eth
Soneium's Philosophy for Responsible Innovation
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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 episode, we’re joined by Guy Young, CEO and founder of Ethena Labs, to break down the hard truths behind DeFi’s most recent chaos. We dive into the USD0++ depeg and its ripple effects across the ecosystem, exploring what went wrong and the critical lessons for the future of stable assets. Plus, we discuss Ethena’s meteoric rise, Guy’s vision for synthetic dollars, and how innovative yield strategies are reshaping DeFi. Stay tuned as we debate, analyze, and uncover the hidden forces shaping crypto today.
Show highlights
🔹 USD0++ Depeg Drama: A deep dive into what caused the USD0++ depeg, the mechanics behind the chaos, and the broader implications for DeFi.
🔹 Lessons on Risk Transparency: Why sudden rule changes eroded trust and how protocols can improve communication to avoid similar fallout.
🔹 Ethena’s Rise and Vision: Guy Young shares the story of Ethena’s explosive growth, its innovative synthetic dollar model, and its role in DeFi’s evolution.
🔹 The Yield Dilemma: Exploring how Ethena’s yield model works, its appeal, and the risks it carries for users and the ecosystem.
🔹 DeFi’s Distribution Problem: Why centralized exchanges remain the key to scaling synthetic assets and stablecoins like Ethena’s USD.
🔹 Transparency vs. Overconfidence: Drawing lessons from Luna’s downfall and how Ethena’s approach to clear communication sets a new standard.
🔹 Athena’s 2025 Roadmap: From DeFi integrations to TradFi adoption, what’s next for Ethena as it scales synthetic dollars globally.
🔹 Reflections on Building in DeFi: Guy Young opens up about the challenges, surprises, and rewards of leading one of DeFi’s fastest-growing projects.
🔹 2025 Predictions: The crew debates who might become this year’s “main character” in crypto and what that could mean for the market.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tom Schmidt, General Partner at Dragonfly
Guest
⭐️Guy Young, CEO & Founder of Ethena Labs
Disclosures
Timestamps
00:00 Intro
01:30 Changes to Usual Money’s Protocol
06:05 Reactions & Analysis
09:12 Lessons from USD0
18:35 Transparency vs. Miscommunication
22:42 Ethena: A DeFi Success Story
32:12 Demand for Stablecoins & Yield
36:40 Custody & Market Structure Post-FTX
43:58 Handling Negative Yields and Market Corrections
48:22 Ethena's Roadmap and Future Plans
55:53 Reflections on Building Ethena
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This week, Bloomberg’s James Seyffart, Lumida’s Ram Ahluwalia, and guest Tom Dunleavy explore whether the “Fed pivot” is officially dead, how AI will impact the job market, and what Tether’s move to El Salvador means for U.S. stablecoin policy.
They also debate whether bitcoin could ever be a risk-off asset, how sovereign nations might already be accumulating BTC, and what the Coinbase legal win against the SEC signals for the future.
Plus, why volatility is still king in crypto and what lies ahead for the global markets.
Show highlights:
02:12 Whether the “Fed pivot” is officially dead and whether rate cuts are coming
08:37 What the impact of AI will be on the jobs market
13:27 Why the markets have been chopping so much and whether it’s the bottom
18:00 What Trump could achieve for the crypto industry in his first 100 days
23:02 Whether the US sold the Silk Road bitcoin
25:27 Why bitcoin will not be a risk-off asset in the near term according to Tom and Ram
31:08 Whether sovereign nations have already started buying bitcoin
36:49 Why Tether moving to El Salvador is a loss to the U.S., according to Ram
40:26 How the L.A. fires will have an impact on the political landscape in the U.S.
52:06 How Coinbase just achieved a “huge win” against the SEC
Sponsors:
Stellar Build Better
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Guest:
Tom Dunleavy, Partner at Master Ventures
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In October, the crypto industry saw a jaw-dropping acquisition: Bridge, a stablecoin-focused company, was bought by Web2 payments giant Stripe for $1.1 billion.
Now, three months later, Bridge co-founder Zach Abrams opens up about the wild journey that led to this moment, from navigating collapses like Terra’s UST and USDC’s depegging, to securing compliance and fraud prevention as core priorities.
Zach also delves into his vision for the future of stablecoins, whether the U.S. dollar will continue to dominate, and why global financial infrastructure needs an upgrade.
Plus, he recounts how timing and resilience helped Bridge stand out amidst massive industry challenges.
Show highlights:
01:49The problems of the payments system and how stablecoins could solve them
13:35 What Bridge is, how it works and what types of consumers it serves
19:33 What significant inconveniences Bridge found throughout its journey
25:56 How Zach’s background in Coinbase influenced the launch of Bridge
30:20 Whether there will be multiple stablecoins or just a couple of winners
33:49 How Bridge worked with their customers to improve its product
39:35 The story of how Bridge was acquired by Stripe for $1.1 billion
46:37 Whether its dependence on banks is a problem for Bridge
53:02 How Bridge deals with fraud and compliance
59:50 What Zach thinks about the competition in the stablecoin landscape
1:04:37 Why Zach believes that the fiat infrastructure landscape is still Bridge’s main competitor
1:10:08 Whether the U.S. dollar will remain the overwhelmingly predominant currency in stablecoins
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Stellar Build Better
Polkadot
Guest:
Zach Abrams, Co-founder of Bridge
Links
Recent coverage of Unchained on stablecoins:
How This Stablecoin Business in Africa Is Taking on SWIFT and Big Banks
Why Robinhood CEO Vlad Tenev Is Betting Big on Crypto, Stablecoins, and Prediction Markets
CNBC: Stripe's $1.1 billion deal for crypto firm Bridge marks much-needed win for VCs
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It’s been a tough week for the markets, with bitcoin gyrating from $102,400 to $92,000.
Travis Kling, CIO of Ikigai Asset Management, shares his thoughts on the selloff, whether this market dip is a cause for alarm, and how macro factors like the Fed’s rate policy and ETF dynamics are shaping the landscape.
Plus, he dives into the explosive growth of AI agents and why crypto investors should start paying attention to this new frontier. Could AI agents revolutionize crypto, or are we witnessing another bubble?
Show highlights:
01:49 Why Travis believes this market selloff was “abnormal”
04:31 Whether he thinks the DOJ will sell Silk Road’s $6 billion worth of BTC from Silk Road
07:36 Why Travis is supportive of a US bitcoin strategic reserve
17:15 Why inflation and policy shifts might keep Fed rates steady
22:30 What explains the significant outflows from bitcoin spot ETFs on Wednesday
24:37 Whether Travis thinks the AI agent rise is a bubble
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Stellar Build Better
Polkadot
Guest
Travis Kling, Chief Investment Officer of Ikigai Asset Management
Previous appearances on Unchained:
With Rate Cuts and Upcoming Elections, What’s the Best Play in Crypto?
With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold
Links
Previous coverage of Unchained on AI agents:
2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback?
With AI Agents Now Trading Crypto, What Does Their Future Look Like?
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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 episode, the crew dives deep into the FDIC’s alleged vendetta against crypto, whistleblower revelations, and the evolving dynamics of token distribution on platforms like Echo. Plus, we analyze the rise of crowdsales, explore the intersection of policy and crypto innovation, and reflect on our 2024 podcast stats with some friendly competition.
Show highlights
🔹 FDIC Scandal Unveiled: The panel discusses the whistleblower claims against the FDIC, allegations of a vendetta against the crypto industry, and the fallout from newly unredacted FOIA documents.
🔹 Echo Crowdsale Platform: A deep dive into Echo’s rise as a preferred crowdsale platform, its competition with CoinList, and its innovative token distribution model.
🔹 Regulators Under Scrutiny: Insights into systemic issues within regulatory agencies like the FDIC and parallels drawn with other organizations like the FTC.
🔹 VC Sentiment and Crowdsales: The crew explores the tension between venture capitalists and crowdsale platforms, examining fairness, community building, and strategic distribution.
🔹 KOL Rounds vs. Community Fairness: A comparison of KOL rounds and Echo’s syndicate model in balancing fairness and hype in token distribution.
🔹 Token Distribution Dynamics: Analysis of how platforms like Echo incentivize participation and create new avenues for community engagement.
🔹 2024 Podcast Stats Recap: Fun insights into which hosts spoke the most, used the most filler words, and referenced Ethereum, Solana, or Bitcoin the most in 2024.
🔹 Predictions in Review: Early check-ins on 2025 predictions and how trends like DeSci and crowdsales are already shaping the year.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Disclosures
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Bitcoin crossed the $100,000 mark, only to slump back down on Tuesday, sparking debates about what’s next for the crypto markets. In this episode, James Seyffart and Alex Kruger are joined by Charles Edwards of quant fund Capriole Investments to break down the macro trends shaping Bitcoin’s trajectory. From Trump’s inauguration to the Fed’s looming decisions on quantitative tightening, they analyze the key factors influencing risk assets. Plus, they unpack the premium on MicroStrategy’s BTC holdings, the future of AI agents in crypto and whether AI agent swarms might someday hire humans, and their bold predictions —supercycle? SOL ETFs?—for 2025.
Show highlights:
01:54 Why bitcoin broke the $100K level again
07:28 How the markets will react to the inauguration of Donald Trump as President
19:09 What factors will affect the Fed’s next decision on rates
26:38 What the premium of MSTR to its BTC holdings should be
34:37 Why they all hate the current version of AI agents
43:19 Why Charles likes Ethena and ENA
45:49 Alex’s and Charles’ thoughts on what to expect in 2025: supercycle incoming?
50:01 Alex’s analysis on the market corrections and what they teach us
57:34 Whether James believes the spot Solana ETF will be approved this year
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Guest:
Charles Edwards, founder of Capriole Investments
Links
Capriole Investments | Update #58
MicroStrategy just bought another $100m in Bitcoin on path to $2bn spree – DL News
With AI Agents Now Trading Crypto, What Does Their Future Look Like?
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