Unchained

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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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 insists any perp venue on her index be regulated and guardrailed.

Host:

Steven Ehrlich - Host of Bits + Bips and Head of Research at...

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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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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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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A new R&D lab called Ethlabs has split from the Ethereum...

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, and Robert Leshner chop it up about the latest in crypto. This week, Saylor's STRC preferred shares, which have broken below their $100 target. Laura argues it's a confidence crisis, Tarun calls it "Luna fo...

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 lays out why picking this fight in a post-Chevron court could backfire on the incumbent. Is a perpetual a swap or a future, and who gets to decide?

Hosts:

...

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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Kalshi just brought crypto perps to the US, targeting a $90 trillion offshore market. Its Head of Crypto, John Wang, explains the bet, the risks, and who Kalshi is actually competing with.

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The government export-controlled Anthropic's best model. Kain, Luca, and Taylor debate whether Dario talked his way into it and what the shutdown means for every AI lab.

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A reported jailbreak of Anthropic's most powerful model, Fable, triggered US government export controls, and the Uneasy Money hosts argue Dario Amodei's response on the call with the administrati...

Zach Pandl, Head of Research at Grayscale Investments, argues that speculative retail flows, not geopolitical fundamentals, drove the recent gold and Bitcoin selloffs. His read: momentum chasing built gold from $4,000 to well above $5,000, then rotated out to chips and pre-IPO trades. The underlying deficit-and-debt case for both assets hasn't changed, and he's calling the dip a buy for longer-horizon investors.

He closes with Grayscale's H2 DeFi revenue thesis. Hyperliquid is the clearest proof of concept: a protocol with a clear use case, real revenue, and value returned to token holders. Grayscale applied a discounted cash flow model...

The federal government pulled Anthropic's Fable 5 offline with no public process — and Jessi Brooks makes the case it's a crypto chokepoint story, not just an AI one.

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The crew breaks down the SpaceX IPO's crypto-like low float dynamics and Hyperliquid's price prediction, debates accredited investor laws and failed tokenized stock allocations, dives into Fable 5's export control shutdown after Amazon flagged a jailbreak to the Treasury Secretary, and argues whether open source AI models will eat frontier pricing.

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. Robert is back after a brief hiatus recording his own podcast, The Pop, for Superstate — and the crew wast...

For the tenth anniversary of Unchained, Laura reflects on the SBF question she never asked, the Charles Hoskinson beef, and why she may be done with strict neutrality.

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The US government issued a Friday-night export control directive against Anthropic's Fable 5, citing a jailbreak that could expose advanced cyber capabilities built into the underlying Mythos model. No statutory authority was publicly disclosed. No comment period was given.

Sam Enzer, Partner and CahillNXT Co-Chair at Cahill Gordon & Reindel, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to assess the directive's legal standing. Enzer draws a parallel to Gensler-era regulation by enforcement: familiar government power applied to new technology, with no transparent framework. His central question: if export controls can reach an AI model's API, can the same...

OpenAI, Anthropic, SpaceXand the AI IPO cycle face a structural problem: a cheap, capable open source exit is already drawing enterprise users away before either company goes public.

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Claude Fable 5 refuses security work, Kain Warwick pulls $5,000 of compute from a $200 plan, and Humanity Protocol loses its bridge, token, and treasury to one infected device.

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Anthropic promised Mythos and shipped Claude Fable 5 instead. The model found a four-year-old bug in Zcash's shielded pool that survived multiple expert audits. But when Anthropic shipped the model days lat...

Mert and Illia autopsy a brutal weekend in crypto: Saylor's $3M test sale that taught him there's no sell button, the Zcash bug Claude found that could've minted unlimited counterfeit ZEC, formal verification as the bulwark against AI attackers, and whether NEAR's agentic commerce vision is real.

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 we've got two heavy hitters: NEAR Protocol co-founder Illia Polosukhin and Helius founder Mert Mumtaz.

We kick things off with the we...

For three years, a counterfeiting bug sat live inside Zcash's shielded pool, and no one noticed. Then Taylor Hornby pointed a custom Claude Opus 4.8 agent at the code, and it surfaced the flaw in Orchard that had gone undetected since 2022.

Austin Campbell, Ram Ahluwalia, and Chris Perkins debate what that means for privacy protocols, the rotation away from dead-protocol alts, and why Bitcoin's simplicity may be its strongest security argument yet.

The conversation closes on quantum risk and whether the Lindy effect holds up under the new threat environment.

Hosts:<...

About 80% of STRC holders are retail investors. Glenn Cameron walks through the prospectus, how Saylor's public claims differ from the reality, and why Strategy has no good options.

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Steve Sosnick on the ratchet effect in equities, the AI bandwidth parallel, Kevin Warsh’s impossible first week, and why crypto is the unsexy trade right now.

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Equities are near all-time highs, the Fed’s preferred inflation gauge just hit a multi-year peak, Iran ceasefire talks are producing a familiar ra...

Circle froze $12M in a DeFi pool on a Friday court order, trapping users who had nothing to do with the dispute. . Polymarket couldn't resolve a Strategy market. And MegaETH's apps are defecting. Nothing is simple.

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Strategy sold 32 Bitcoin before the May 31 deadline. It just didn't disclose it until June 1 — and that one-day gap is why a...

Mike Dudas holds zero ETH and sees Hyperliquid as crypto's Tether moment. He also has a clear framework for what makes a token worth buying.

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Strategy sold 32 Bitcoin, worth just $2.5 million, and the market didn't miss it. For Mike Dudas, Managing Partner at 6th Man Ventures, the sale broke the "never sell" promise that sustained the company's premium. He doesn't see how the...

Jeff Dorman on why Strategy's four stakeholder classes are all losing, and why Saylor should have sold $2B of Bitcoin at once instead of $2.5M.

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Strategy’s late-May Bitcoin sale has turned a long-running investor concern into a sharper question: how sustainable is the company’s capital structure if its Bitcoin accumulation strategy now comes with large cash obligations?

Jeff Dorman, chief investment officer at Arca, joins Laura Shin to discuss why...

Joe Lubin makes the bull case for Ethereum amid a sea of bearishness. The panel dissects Saylor selling Bitcoin for the first time in four years, the meaning behind 9 senior EF departures, Justin Drake's Q-Day call (50% by 2032), Manuel Araoz declaring all of DeFi unsafe, the ThorChain hack fallout, the Zama/Overnight Finance USDC freeze saga, and the CFTC greenlighting the first US perpetual futures product.

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 Joe Lubin is...

The CFTC reclassified perps as futures. Katherine and Jessi parse what the ruling actually permits and what it means for Hyperliquid. Plus: if your AI agent gets scammed, who pays?

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The CFTC approved a perpetual Bitcoin futures contract for KalshiEX, and crypto Twitter immediately got it wrong. Katherine Kirkpatrick Bos untangles what actually changed, why the switch from swap to futures classification matters for retail access, and...

Strategy sold BTC. Can its preferred dividend stack survive without Bitcoin growing at least 11.5% year? Plus, they cover Jamie Dimon calling Brian Armstrong “full of shit.”

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Strategy sold Bitcoin for the first time since 2022 — 32 BTC to cover preferred stock dividends. Ram, Austin, and Chris discuss whether that small sale signals a deeper structural tension between equity holders, preferred holders, and Bitcoin itself.

They also covered the news that Anthro...

Steve Sosnick on the ratchet effect in equities, the AI bandwidth parallel, Kevin Warsh’s impossible first week, and why crypto is the unsexy trade right now.

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Equities are near all-time highs, the Fed’s preferred inflation gauge just hit a multi-year peak, Iran ceasefire talks are pro...

A co-founder of OpenZeppelin said he’s urging friends to exit blue chip DeFi. Isaac Patka and Mike Silagadze explain what he got right, what he got wrong, and what needs to change.

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A co-founder of OpenZeppelin set off a firestorm on Crypto Twitter this week by declaring that he now considers all of DeFi unsafe, citing superhuman AI coding agents and the asymmetry between attackers and defenders. 

I...

Illia Polosukhin, founder of NEAR and co-author of 'Attention Is All You Need,' on why confidentiality will let crypto become daily commerce — plus, some Near lore.

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Before co-founding NEAR Protocol, Illia Polosukhin was on the eight-person Google Brain team that wrote the transform...

Vitalik finally said ETH the asset matters. Zak Cole’s reaction: ‘Should have said that five years ago.’ What broken cryptoeconomics mean for Ethereum’s future.

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The Ethereum Foundation has lost a wave of senior people in the span of a few months. A new co-executive director nobody has ever met is cutting budgets and releasing documents with a certain aesthetic.

Vitalik published a post saying ETH the asset is the mos...

Ethereum's midlife crisis hits the podcast as ex-Bankless and ConsenSys insiders unpack ETH's talent exodus, identity spiral, "Microsoft" future, EF shake-ups, and the Solana contender play-all with spicy takes on airdrops, real dev stats, and blockchain adoption drama.

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, it's an Ethereum apostasy spectacular: we're joined by David Hoffman and Max Resnick, who hit the confessional booth to explain why they've left the church of Ethereum. 

We kick off wit...

Banks are about to lose two of their biggest advantages: custody and payments. A new White House EO opening Fed master accounts to fintechs could be the catalyst.

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A White House executive order is pushing the Fed to open its master account system to fintechs and crypto firms, and the implications are bigger than most people realize.

Ka...

Citadel and SIFMA lobbied to slow tokenized equity rules. Arjun Sethi calls it 'corporate plumbing.' Chris Perkins calls it a bond future moment.

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Kraken has spent $2.75 billion on acquisitions in the past year, and co-CEO Arjun Sethi says the point is not a bigger exchange. The goal is...

Pre-IPO trading is hot ahead of three big IPOs. Perp volume on Hyperliquid went from $3M to $44M in three months, and SpaceX perps is just the beginning, says Dio Casares of Patagon.

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Pre-IPO perp volume on Hyperliquid grew from $3 million to $44 million in roughly three months.

Anthropic and OpenAI voided secondary shares, sending shockwaves through the pre-IPO marketes. Robinhood launched trust-style tokenized offerings into a gray...

Top Ethereum Foundation staff are leaving. Why? Also, Trade.xyz launched a synthetic pre-IPO SpaceX perp on Hyperliquid that further shows RWAs moving onchain.

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A synthetic SpaceX perpetual futures contract launched on Hyperliquid ahead of any IPO, jumping 44% before settling back...

Kevin Warsh wants a smaller Fed balance sheet and fewer dot plots. Noelle Acheson says the bond market won't let him have either. Here's what she expects instead.

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Bond yields are climbing globally while stock markets push higher on AI optimism — and Noelle Acheson, author of the Crypto Is Macro Now newsletter, argues the divergence is not a contradiction but a warning. In her read, inflation was building bef...

KK, Jessi, and Vy Le call out the silence from CoinDesk and industry organizations after the Consensus after-party was held at  E11even. Plus: Clarity’s odds.

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The CLARITY Act cleared the Senate Banking Committee 15-9, but Katherine, Jessi, and Vy Le are not popping champagne. 

KK puts passage odds at 35-40%. Vy Le came down from 90% after only two...

Rebecca from Jito Labs joins Haseeb, Tom, and Tarun for a regulation deep-dive covering the CLARITY Act's stablecoin yield compromise and presidential ethics sticking points, CME and ICE's lobbying war against Hyperliquid's RWA perps, the prediction market legal battle heading to the Supreme Court, and whether the SEC's tokenized securities innovation exemption will actually matter.

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, joining us is Rebecca Rettig, Chief Legal Officer at Jito Labs, who's he...

USDC became Hyperliquid's stablecoin infrastructure, and the 30-year broke 5% for the first time since 2008. Austin, Ram, Chris, and Gordon Liao of Circle work through who wins.

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Coinbase and Circle have moved into Hyperliquid, installing USDC as its aligned quote asset and...