On The Brink with Castle Island

Devin Walsh, executive director of the Uniswap Foundation joins the show. In this episode: Proposing and setting up the Uniswap Foundation The Foundation's priorities and role in growing the Uniswap ecosystem Uniswap v4 hooks as a new primitive for developers to unlock efficient innovation Supporting developers and researchers on Uniswap via grants Fostering education and participation in governance

Matt and Nic return for another week of news and deals. In this episode: What happened to mimblewimble Where Nic's bounty program stands What's the deal with Binance's proof of reserve? The SEC takes down Safemoon Hester Pierce criticizes the SEC's approach to LBRY Did the SEC violate the administrative procedures act by issuing SAB121? The SEC comes from Paypal How will MSTR fare post Bitcoin ETF? Did Do Kwon commit fraud or did he really believe in UST? We would like to buy the FTX tungsten cube Sponsor notes: Coin Metrics STATE OF THE NETWORK — Unpacking the Forces Behind the Market Rally In Coin Metrics State of the Network Issue 231, we focus on both spot and derivatives markets to explore forces driving the recent market rally

Brandon Mulvihill the co-founder and CEO of Crossover Markets joins the show. In this episode we discuss: Brandon's career in the FX industry and the path to founding Crossover Markets ECNs and how this market structure came to evolve in the FX market The opportunity to bring ECNs to the digital asset market The CrossX platform and how this product is impacting the digital asset trading landscape Crossover's partnership with Hidden Road in launching Route 28 The evolution of the digital asset market structure and how non-custodial trading is evolving The regulatory landscape and the jurisdictional decisions that went into establishing Crossover Markets To learn more about Crossover Markets visit their website and follow the company on X.

Hong Fang, President of OKX, joins the show to to announce their twelfth consecutive monthly Proof of Reserve attestation and to discuss how their PoR implementation has changed over time. Covered in this episode: OKX's brand refresh Why OKX chose to launch their monthly PoR attestations a year ago The importance of PoR today and who is asking for it Which PoRs they looked at for inspiration How OKX evolved the procedure from inception to now The move from merkle liabilities to ZK PoL The PoR security model and how many users need to check for it to be valid Handling issues like margin, leverage, and negative balances in their attestation The relationship between Proof of Reserve and conventional audits Future directions in PoR and ways to improve Technical PoR versus audit-enhanced PoR and the role of an auditor Attacks on PoR and mitigations Common criticisms of PoR Why numerous exchanges need to do PoR for it to work overall Content mentioned: Nic Carter on Medium, The Status of Proof of Reserve as of Year End 2022 OKX Proof of Reserve Dashboard

Seth Priebatsch, the founder and CEO of Groma joins the show. In this episode we discuss: Seth's entrepreneurial journey, including the founding story of LevelUp. His ambitions with the founding of Groma, a company building a real-estate backed cryptocurrency. The tokenization of real-world assets, including the steps that Groma is taking to launch a REIT security that will be represented on-chain. The choice to focus on multi-family-residential property as the initial backing of the Groma REIT. The regulatory landscape for digital asset securities in the United States. The prospects of other categories of real-world-assets and their eventual representation on-chain. To learn more about Groma, visit their website or follow Groma on X. Links mentioned: Groma on Republic. For a preview of the Groma whitepaper email [email protected]

Matt and Nic return for a big week of news and deals. In this episode: Has there been a vibe shift? Sen Tillis and Hickenlooper introduce the PROOF Act Is there a lack of crypto-native auditors? Liz Warren's plan to interfere with crypto audits What's going on with the WSJ, Warren's letter, and Hamas' crypto donations? The WSJ is refusing to update their claims ETF momentum is picking up What explains the move in Bitcoin this week? SBF is going to testify Content mentioned: Sen. Tillis' office, The PROOF Act introduced Jeff John Roberts in Fortune, The Wall Street Journal and Liz Warren double down on the Hamas crypto canard Nic's WSJ/Hamas bounty campaign Elliptic, Setting the record straight on crypto crowdfunding by Hamas Elizabeth Warren letter to the White House Sponsor notes: Coin Metrics STATE OF THE NETWORK — Navigating the Liquidity Landscape: Insights into Digital Asset Markets In Coin Metrics State of the Network Issue 230, we examine trends in liquidity and volume across centralized and decentralized exchanges

Mike Higgins of Hidden Road joins the show. In this episode we discuss: Mike's career and the path to joining Hidden Road Overview of Hidden Road and the prime brokerage category The market structure for digital asset trading and settlement The launch of Route28 and the value proposition for institutional customers The regulatory landscape and the path that Hidden Road has pursued for licensing across the world Institutional adoption in 2024 Further reading: Learn more about Hidden Road Learn more about Route28

Amanda Tuminelli of The DeFi Education Fund joins the podcast. In this episode we discuss: Amanda's background and path to joining The DeFi Education Fund The IRS "broker" rulemaking process and its potential impact on DeFi The SEC's "Exchange" rulemaking process DEF's amicus briefs on SEC vs. Coinbase Patent trolls in the DeFi ecosystem Links to content discussed on this episode: protectdefi.org IPR Petition (Patent Case) "Exchange" Rulemaking Comment Letter DEF's Amicus Brief in SEC v. Coinbase To learn more about The DeFi Education Fund visit: defieducationfund.org/

Matt and Nic return for another week of news and deals. In this episode: The Cointelegraph SNAFU The NYAG sues Gemini, Genesis, and DCG The FTX trial isn't going well for Sam The latest with FTX clawbacks Elon files an amicus brief in a case against SEC Sen Warren's latest anti-crypto letter Chainalysis debunks the WSJ's false narrative about crypto financing for Hamas Larry Fink supports Bitcoin now We profile the Silk Road hacker Content mentioned in this episode: Nic interview with Bermuda Premier David Burt Chainalysis, Correcting the Record: Inaccurate Methodologies for Estimating Cryptocurrency's Role in Terrorism Financing CNBC, The secret life of Jimmy Zhong, who stole – and lost – more than $3 billion Sponsor notes: Coin Metrics STATE OF THE NETWORK — Exploring Supply Transparency In this joint report by Coin Metrics & Bitcoin Suisse, we explore token supply and ownership dynamics in digital asset markets

Nic travels to Bermuda to sit down with the Premier, Hon. E. David Burt to discuss digital asset policy and the emerging crypto ecosystem on the island. In this episode: The origins of the Digital Asset Regulation in Bermuda Catalysts that have led crypto firms to take Bermuda seriously as a domicile Premier Burt's evangelization of Bermuda regulation on the crypto circuit Why Bermuda is a good place for a crypto firm to do business The "bermuda triangle" (government, industry, and regulator) How Bermuda straddles the risk of digital assets with the potential for innovation How the Premier aims to incorporate local residents into the tech industry here What the Premier is happy about regarding Bermuda's regulatory strategy for digital assets Which sectors within the crypto space the Premier is focusing on at the moment How Bermuda is situated relative to other financial regulators Premier Burt's view on regulatory passporting Thanks to Penrose Partners.

Matt and Nic are back for another week of news and deals. In this episode: Holland versus the Netherlands The end of Pax Americana Ditching the 'stablecoin' term Why synthetic USD is not the next Luna Caroline Ellison testifies SBF wanted to be president How Teneo worked with Singapore to apprehend Su Zhu Will criminal charges ever be leveled against the 3AC principals? Lightning is getting more efficient Content mentioned in the episode: Nic and Martin join the Empire podcast Do we need a TARP 2.0? Sponsor notes: Coin Metrics STATE OF THE NETWORK — Q3 2023 Wrap-Up In Coin Metrics State of the Network Issue 228, we set out to analyze USDC's supply loss and its impact on Circle

Guy Young, the founder and CEO of Ethena, joins the show to talk crypto-backed stablecoins. How Ethena began with an Arthur Hayes blog post The origins of synthetic stablecoins on Bitmex The difference between Hayes' Nakadollar and the Ethena design Why synthetic stablecoins have failed in the past and how Ethena addresses this How staked ETH as the underlying collateral opens up a new design space How Ethena mitigates their exposure to exchanges with off-exchange custody Guy's backstory and entrance into crypto Why the circumstances are favorable for the success of a synthetic stable today Why the short leg of the Ethena position has to rely on CeFi for now Where the yield from ETH positive funding ultimately comes from Limits to scale on Ethena on the short leg of the trade and ETH staking Guy's explanation for where the yield from being long ETH comes from Correlation dynamics between the ETH yield and the funding rate Why it's important that crypto yields are somewhat negatively correlated with tradfi yields What protects the system when funding flips negative? How the system can react to constraints in ETH funding and ETH staking The possibility of adding Bitcoin as a collateral type Why Ethena distinguished the stablecoin and the yield-bearing component Rebasing versus accruing yield tokens How they think about different stETH derivatives Ethena versus stETH-backed overcollat stablecoins Why the supply of stablecoins is shrinking Will major stablecoin issuers become interest bearing? Ethena's regulatory strategy The BUSD security analysis from the SEC and how interest bearing affects that Why end users deserve yield in exchange for taking on the counterparty risk of holding a stable Why Guy is excited by Paypal USD Guy's prediction for stablecoin interest-bearing market cap Further reading: Arthur Hayes, Dust on Crust

Matt and Nic are back for another week of news and deals. In this episode: OTB gets some critical feedback The boys cover Walter Isaacson's Elon Musk biography Is Elon going to turn around the Twitter acquisition? Bourgeous capitalism We review Lewis' Going Infinite SBF was tungsten pilled Su Zhu is jailed for contempt of court in Singapore Is FTX solvent again thanks to Anthropic? Does ETH futs ETFs mean that ETH isn't a security? Bharat Ramamurti, one of the architects of OCP 2.0, leaves the White House The Economist covers the Bitcoin lab leak hypothesis Coinbase gets a license in Singapore Content mentioned in this episode: The Economist, Did bitcoin leak from an American spy lab? Sponsor notes: Coin Metrics STATE OF THE NETWORK — Q3 2023 Wrap-Up In Coin Metrics State of the Network Issue 227, we take a data-driven look at the most important events that impacted the digital assets industry from Q3 2023

Matt Hougan, the Chief Investment Officer of Bitwise Asset Management joins the show. In this episode we discuss: The SEC's approval of Ethereum Futures ETFs Bitwise's launch of AETH, The Bitwise Ethereum Strategy ETF and BTOP, the Bitwise Bitcoin and Ether Equal Weight Strategy ETF. The current state of play as it relates to Bitcoin spot ETF filings. The SEC's approach and posture given the Grayscale court case. The current lay of the land in the institutional market as it relates to digital asset products. To learn more about Bitwise visit bitwiseinvestments.com

David Phelps is the co-founder and CEO of jokerace and a prolific writer. He joins the podcast to discuss: Why tokens are not optimal for effective governance Alternative ways to incentivize users and distribute decision making power How we solve for retaining users versus just attracting them Composability and evolving from user generated content to user generated apps

Matt and Nic return for deals and news. In this episode: Is AI going to cause unemployment for IB associates? Blockchain based sneakers Tungsten business cards What's happening with OTB merch? Nic's Vespa catastrophe Gensler's HSFC hearing How Gensler is the Tonya Harding of crypto Made up airlines What's going on with Huobi? FTX trial starts next week Content mentioned in this episode: Merch: onthebrink.shop Eric Hess, Bridging Policy and Practice: A Pragmatic Approach to Decentralized Finance, Risk, and Regulation Nic's Token 2049 talk

Matt and Nic return for news and deals. In this episode: We recap the conferences Nic's Columbia lecture snafu The Bitcoin security budget debate One theory for what might provide Bitcoin with long term security FTX sues Joseph Bankman and Barbara Fried Tether has resumed their lending operations Did SBF's parents make him do it? HK is creating stablecoin legislation USA vs Singapore Content mentioned: David Morris tweetstorm on SBF parents Evanston Capital, Investor Participation Trends in Blockchain VC Anatoly Yakovenko, Solana co-founder: 'To keep the next great American founder in America, Congress must regulate crypto. But first lawmakers should learn how it works' Sponsor notes: Coin Metrics STATE OF THE NETWORK — A Glimpse into Coinbase through Coin Metrics' Data In Coin Metrics State of the Network Issue 225, we highlight pivotal data underscoring Coinbase's current market position

Henri Stern, CEO and co-founder of Privy, joins us to discuss: The contradictory functions that wallets serve Offering in-app non-custodial embedded wallets Balancing the trade offs of security versus convenient recovery How customers are customizing their embedded wallet experience The decision to build third party wallet connectors and embedded wallets

Matt and Nic are back for another week of news and deals. In this episode. We review Singapore and Token 2049 Singapore food reviews Is crypto pivoting to Asia? Singapore bans the 3ac boys from the Securities industry for 9 years The offshoring of dollar stablecoins Stablecoins are becoming interest bearing Fortress is hacked and acquired by Ripple SEC versus Stoner Cats Sentiment is turning against John Ray III We review Arthur Hayes' party in Singapore How involved was Joe Bankman in FTX? Genesis is ceasing trading operations 19 hour flights Content mentioned in this episode: Nic's Token 2049 Keynote (slides) Bloomberg, How Sam Bankman-Fried's Elite Parents Enabled His Crypto Empire

Peter Johnson, co-head of Venture at Brevan Howard Digital, returns to the show to talk about his latest theses on stablecoins. In this episode: The origins of Peter's interest in stables We review Peter's prior stablecoin predictions USDC versus USDT market share trends Peter's main takeaways from the Relentless Rise paper Stablecoin usage on BSC and TRON Peter's views on PYUSD The emergence of interest-bearing stablecoins How synthetic USD stablecoins might work Stablecoin comparisons to the Eurodollar market We make some predictions Further reading: BH Digital, The Relentless Rise of Stablecoins

Martin Carrica, cofounder of Mountain Protocol, joins us to discuss their launch of their USDM, permissionless interest-bearing stablecoin. In this episode: Martin's story and origins of his desire to create a stablecoin Obtaining a registered digital assets company in Bermuda Martin's review of regulatory options worldwide and how they ended up in Bermuda How Bermuda has distinguished itself from other financial hubs in the Atlantic How reinsurance is like stablecoins What it takes to get licensed as a digital asset business in Bermuda How Mountain Protocol's USDM stablecoin works How rebasing stablecoins work – and how they integrate in DeFi How USDM differs from on-chain T bills and other interest bearing stable products How USDM was able to achieve a permissionless structure How Mountain avoids US clients Why the market for stablecoins is mostly ex-US Stablecoins as a backend for emerging market fintechs Different exchange rates in Argentina How Argentine firms use Argentine ADR stocks to manage their corporate cash How street moneychangers on the street in Argentina work Milei and the prospects for dollarization in Argentina The importance of a stablecoin being issued out of a bankruptcy remote structure Disclaimer: USDM and other Mountain Protocol products and services are not available for U.S. persons as well as other restrictied jurisctions. For more information and disclosures on Mountain Protocol, please refer to the Terms and Conditions.

Matt and Nic are back with another week of news and deals. In this episode: Ryan Salame pleads guilty Our thoughts on the latest turn of the Bitcoin security budget debate What are the prospects for fees to develop on Bitcoin long term? Is blockcspace a race to the bottom? Visa adds merchant settlement tools for USDC on Solana The significance of Visa's move toward merchant settlement with stablecoins CBOE files for spot Ether ETFs We reflect on El Salvador's Bitcoin law The FASB moves to fair value accounting for Bitcoin Greenpeace files a comment letter on the GlobalX Bitcoin trust Are the ESG tides turning for Bitcoin mining? Has El Salvador's Bitcoin project been a failure? Sponsor notes: Coin Metrics STATE OF THE NETWORK — Evaluating the Market Quality of DeFi collateral In Coin Metrics State of the Network Issue 223, we explore predominant collateral types in DeFi lending protocols and evaluate their liquidity & volatility characteristics to determine their desirability as collateral

We sit down with Lee Bratcher, President and Founder of the Texas Blockchain Council. Lee is one of the primary architects of Texas' Proof of Reserve bill, now in effect. In this episode: The origin of the TBC Why Lee is moving their Summit to Ft Worth Notable legislative successes by the TBC in Texas The importance of getting the UCC to recognize digital assets The importance of Bitcoin mining The origins of HB1666 Why PoR legislation benefited from the industry spontaneously adopting the standard How the TX PoR bill emerged as a compromise How Lee expects this to become model legislation in other states Comparing PoR to established financial statement audits The importance of frequency in Proof of Reserve The lack of accounting firms that are willing to supervise PoR How would PoR dealt with issues at Gox, Quadriga, FTX, or Prime Trust? How are companies operating in Texas reacting to the bill? Future legistlative directions The role of stablecoins in upholding the role of the dollar The lost authority of the states in chartering banks Further reading on PoR: Nic in Forbes, The crypto industry is embracing self regulation. It's time Washington gets on board Texas HB1666 TBC, Texas 'Proof of Reserves' Bill

Matt and Nic are back for another week of news and deals. In this episode: Tether is actually the most interventionist stablecoin when it comes to freezing Should we be bullish on PYUSD? Why stablecoin data shows meaningful utility for public blockchains Is the idea of a 'crypto generalist' dead? The meaning of the SEC's loss in court to Grayscale Why the SEC was 'arbitrary and capricious' The SEC's blunder over their approval of Futs ETFs The SEC's possible options Our guesses for how the SEC reacts to their loss The SEC delays other pending spot ETFs The SEC wins against Impact Theory Why the case against Impact Theory could implicate a lot of other NFT projects Uniswap wins a class action case What does the SEC's case against Binance being under seal mean? Content mentioned: BH Digital, The Relentless Rise of Stablecoins WSJ, The SEC Strikes Out Again on Crypto With Grayscale Sponsor notes: Coin Metrics STATE OF THE NETWORK — Coin Convergence: Piecing Together Common Ownership Patterns Across Major Stablecoins In Coin Metrics State of the Network Issue 222, we highlight trends in user behavior & common ownership across major stablecoins on Ethereum

Matt and Nic are back for more news and deals. In this episode: The Bitcoin halving is coming up We review the Republican Presidential debate We review the state of New Jersey Coinbase takes a stake in Circle Hidden tensions between Coinbase and Circle BH Digital releases a stablecoin report USDC is challenged due to their inability to pay interest The DoJ charges the founders of Tornado Cash with AML and sanctions violations Did the Tornado Cash token hurt the founders' case? The problem with chat apps creating their own tokens FTX is working with Galaxy to liquidate some crypto SBF isn't happy with his prison meals Prime Trust was up to some shenanigans Content mentioned: BH Digital, The Relentless Rise of Stablecoins Sponsor notes: Coin Metrics STATE OF THE NETWORK — From East to West: the Global Pulse of Stablecoin Transactions In Coin Metrics State of the Network Issue 221, we provide a data-driven overview of halvings and their implications in anticipation for Bitcoin's upcoming 4th halving

Darshan Vaidya, the founder of Credora joins the show. In this episode we discuss: The crypto credit markets, what went wrong in the last cycle and how the market functions today Thoughts on Real-World-Assets on chain Comparisons of risk management approaches in tradfi versus crypto markets How Credora is working with firms to protect customers from idiosyncratic risk The capital raising environment To learn more about Credora visit www.credora.io

Matt and Nic return for another week of news and deals. In this episode: Geographic distribution for USDC v USDT Blockchains have become dollarized What's the deal with Helium's phone plan? SBF heads to jail We inaugurate a new member of the bad boys Dubai regulators fines OPNX What's up with Argentina's Libertarian presidential candidate? We need a new theme song for the SEC The Prometheum saga rumbles on What's going on with Better Markets? Coinbase can now offer Bitcoin and ETH futures FTX and Genesis reach a settlement Content mentioned in this episode: Brooke Masters in the FT, When Tackling Crypto, the SEC Should Be Wary of Overreach Kristin Smith in Coindesk, The FIT Act Is the Most Comprehensive Crypto Regulation Ever Voted on by Congress Sponsor notes: Coin Metrics STATE OF THE NETWORK — From East to West: the Global Pulse of Stablecoin Transactions In Coin Metrics State of the Network Issue 220, we leverage seasonality analysis to reveal geographical trends in Stablecoin usage and volumes

Matt and Nic are back with more news and deals. In this episode: Matt's op-ed in Coindesk SAB121 is still bad SEC scope creep We investigate PayPal's stablecoin Why would PayPal want to issue a stablecoin? What does PYUSD mean for Operation Choke Point for 2.0? Why PYUSD is being launched on Ethereum Crypto as a flashpoint for state versus federal banking oversight The Fed's new crypto oversight program Banks still can't issue stablecoins in the US Ryan Salame reemerges What will become of Ryan Salame's restaurant empire? SBF will indeed be prosecuted on campaign finance violations SBF's trial will not be televised LK-99 did NOT replicate Content mentioned in this episode: Matt in Coindesk, Congress, Not the SEC, Should Set U.S. Digital Asset Policy Zach Wong, A comprehensive explanation of SAB 121 and how it prevents safe crypto custody Sponsor notes: Coin Metrics STATE OF THE NETWORK: DeFi's Double Edged Sword - Unpacking the Features & Risks of DeFi Lending In our new special insights report, we utilize a balance sheet like methodology to contextualize the health of DeFi lending protocols through the lens of two recent exploits on Aave and Curve Finance

Matt and Nic are back for more deals and news. In this episode: Nic's early Do Kwon experience Reflecting back on Terra/Luna The SEC charges Richard Heart and HEX Is the SEC's case against Richard Heart flimsy? Does the SEC deserve praise for coming after HEX? Kyle Davies thinks he's immune from prosecution because he gave up his US citizenship Who's behind the BALD rugpull? Implications of the Curve hack We look at Tether's asset portfolio Kenya suspends Worldcoin operations in the country Is there an account firm choke point? Ethereum future ETFs are filed Judge Rakoff dissents from the Torres doctrine Content mentioned: CIV white paper on Cryptodollars Sponsor notes: STATE OF THE NETWORK: Decoding the Digital Dollar — Unraveling the Risks of Stablecoins In our new special insights report, CM lays out the key fragilities of stablecoins and how on-chain and market data can help monitor these risks for the future of digital dollars to materialize

Matt and Nic are back with another week of news and deals. In this episode: Nic's issues editing the show Why Washington is attacking PoR Why Big 4 audit firms aren't working on PoR The Financial Innovation and Technology in the 21st Century bill (FIT) passes out of committee in the House Six Democrats defect and support the bill The Stablecoin bill reaches an impasse because the White House Why stablecoins being limited to the banks is a paradox The SEC settles with Quantstamp SBF gets a gag order because he released Caroline Ellison's diaries SBF did actually pay for his legal defense with stolen FTX customer money The UK gets embroiled in a banking scandal due to Nigel Farage We digest the room temperature ambient pressure superconductor news Nic's pickleball injury Content mentioned: Nic in Fortune, The crypto industry is embracing self regulation. It's time Washington gets on board Kathleen Breitman in Fortune, Ben McKenzie needs a hug: The 'OC' star's crypto book is an ill-informed flop Sponsor notes: Coin Metrics STATE OF THE NETWORK - From Orange Groves to Orange Gold In this special edition of State of the Network, we are excited to share a new report that translates the legal language of securities framework for digital assets into objective, measurable criteria from "on-chain" data

In this episode, we hosted Richard Meissner, CTO of Safe, to illuminate the state of adoption of smart contract wallets following the roll out of ERC-4337 (an effort to standardize account abstraction on Ethereum). Our conversation covers: The limitations of smart contract wallets in a multi-chain universe Account recovery and hybrid custody using traditional institutions Combining account abstraction with intents and AI Worldcoin's use of Safes and adoption of smart contract accounts Find additional content by Safe on account abstraction here.

Matt and Nic are back with more deals and news. In this episode: Was XRP discovered or created? The saga of Otter 841 Matt's wildlife trouble More SAB121 chaos Rep Ritchie Torres sends Gensler a tough letter What is the Torres Doctrine? Terraform labs has a new CEO Our theories for why Nasdaq pulled the plug on their crypto custody business The IRS is auditing the crypto rich in PR We bring back our triple threat segment Content mentioned Matt's thread on SAB121 Bloomberg's profile on Customers Bank We enjoyed the Fidelity Digital Assets Q2 Signals Report. BitMEX Research had a thoughtful article about Gary Gensler's CFTC days Kathleen Breitman in Fortune, Ben McKenzie needs a Hug Sponsor notes: Coin Metrics' State of the Network: Currents Shift After SEC v. Ripple Summary Judgment In this issue of State of the Network, we provide a data-driven overview of digital asset markets after a milestone ruling in SEC v. Ripple case

Matt and Nic are back with a huge week in the markets. In this episode: Ripple gets a key win in their summary judgment versus the SEC Implications for XRP holders Implications for exchanges and other tokens Prometheum's denials about their ties to the CCP don't hold water How Prometheum is a Potemkin platform Alex Machinsky has been arrested Arkham's tokensale and doxing snafu The Lummis Gillebrand bill gets a facelift and incorporates PoR The prospects for the Lummis Gillebrand bill Updates on the piping plovers Why Threads isn't going to make it Sponsor notes: Coin Metrics' State of the Network: Spot On - From Trusts to Spot ETFs In this issue of State of the Network, we dive deeper into Grayscale's trusts and discuss the evolution of the digital assets investment landscape with the anticipated arrival of spot ETF's

Amir Haleem, the founder of Nova Labs (formerly named Helium, Inc) joins the show. In this episode we discuss: The origin of Helium and the Helium network Amir's views on L1 blockchains and the path that the company took in evaluating building its own chain versus building on an existing L1. Decentralized Physical Infrastructure (DEPIN) and Decentralized Wireless (DEWI) as emerging categories demonstrating real-world applicability of public blockchains. The various tokens in the Helium ecosystem and how they interact. MVNOs and how Helium Mobile is positioned. The regulatory landscape in the United States and how Helium has navigated these waters. To learn more about Helium visit: helium.com/

Matt and Nic are back for more deals and news. In this episode: Matt's plover rivalry Matt's struggles against animals Taylor Swift actually did sign that partnership with FTX Are Eras tour tickets securities? Lightning in emerging markets Could we build the SR-71 today? How Ripple was 90% right about XRP being the bridge currency for remittances ETF applications hiccup More SAB121 issues Matt's cigar snafu Why ETF seeding will be a source of buy pressure Sponsor notes: Coin Metrics' State of the Network: Q2 2023 Wrap-Up In this issue of State of the Network, we provide a data-driven overview of the events that shaped digital asset ecosystem in Q2, 2023

Jose Lemus, CEO and cofounder at IBEX Mercado, joins the show to talk Lightning and its growing usage in emerging markets. In this episode: The origins of IBEX How IBEX clients are using LN in emerging markets How Lightning as a settlement layer for cross-border interbank payments Lightning as a bridge currency Why stablecoins make sense on Lightning Why EM firms have an affinity for Lightning IBEX's partnership with Grupo Salinas and how they are introducing Lightning to Mexican households Lightning as an emerging remittance tool Why Mexico is a good fight for Lightning adoption Is Jose satisfied with Lightning's maturity as a protocol How Bitcoin's market cap is the ultimate bandwidth for Lightning Why Lightning reimagines the established batched payments model Jose's answer to the biggest critique of Lightning at present Further reading: Learn more about IBEX IBEX's partnership with Salinas Group

Matt and Nic return for another week of news and deals. In this episode: The problem with SEC SAB 121 Pickleball is driving up American healthcare costs Microstrategy buys some more Bitcoin Fidelity refiles their Wise Origin Bitcoin ETF Why the Prime Trust insolvency is so bad Will there be Prime Trust clawbacks? The SEC is slacking with their document retention policies How stablecoins are mirroring the development of eurodollars How Prometheum's listing strategy might pose a risk to certain cryptoassets The UK law commission determines that digital assets are a new kind of "thing" Content mentioned in this episode: SEC Staff Bulletin 121 Odd Lots, Josh Younger on the Surprising Origins of Eurodollars and Petrodollars Laura Shin Podcast, Paradigm debates Prometheum The UK Law Commission: Final Report on Digital Assets Sponsor notes: Coin Metrics' State of the Network: Bitcoin & the Rest In this issue of State of the Network, we assess Bitcoin's resurgence and gauge market sentiment amidst a rapidly evolving digital asset landscape marked by regulatory ambiguity and external macro events.

Matt and Nic are back for another week of news and deals. In this episode: Bitcoin hits 30k Wyoming's stable token developments The story behind FTX's mammoth $500m outflow to K5 global Why was SBF spending hundreds of millions cozying up to talent agents? Do Kwon will spend 4 months in jail in Montenegro The Bitgo Prime Trust acquisition falls apart Deutche Bank applies for a crypto license in Germany EDX officially launches Blackrock files for their ETF and others follow Our theory for why Blackrock is filing now Is the SEC back-channeling to Blackrock? Was surveillance sharing really a blocker for other ETF applications? Does the notion of spot market surveillance even make sense for a global commodity? What's the deal with the Bitcoin bathhouse in Brooklyn? Sponsor notes: Coin Metrics STATE OF THE NETWORK - The Signal & the Nonce, Re-imagined In this issue of State of the Network, we showcase a novel analysis that sheds light on Bitcoins energy consumption, efficiency and e-waste

Wyoming state senator and Minority Floor Leader in the Wyoming Senate, Chris Rothfuss joins the show. We cover Wyoming's crypto efforts to date to create a stable and secure digital asset ecosystem. In this episode: Senator's Rothfuss' pre-politics career and how he came to grapple with the crypto space Why Wyoming has an opportunity in digital asset policy The origins of Wyoming's blockchain select committee How the NY Bitlicense inspired Wyoming's efforts Why crypto policy isn't politically polarized in Wyoming Wyoming's foundational move to recognize digital assets under the uniform commercial code The origin of the SPDI charter Is there a future for the SPDI given that the Fed is denying master accounts? How Wyoming's SPDI emerged as a consequence of Chokepoint 1.0 Is the Fed blocking state charters unconstitutional? Wyoming's Stable Token Act and the prospects for that product How the WY Stable Token could be a huge windfall for Wyoming – and where the revenues would be directed How Wyoming is thinking about the permissionless qualities of the stable token Further reading: More about Chris Rothfuss More on the Blockchain Select Committee The Wyoming Stable Token Act

Matt and Nic are back for another week of news and deals. In this episode: Coin Metrics derives new estimates of Bitcoin's electricity consumption Nic reviews his Lasik experience Matt takes Prometheum to task Is Prometheum a patsy for the SEC? Why is vaporware being elevated by the SEC and major exchanges being stymied? We digest the Hinman emails and what they mean for ETH and XRP What do the Hinman emails mean for the SEC's The SEC attempts to make DeFi protocols register as exchanges Blackrock is about to file a renewed application for a Bitcoin ETF Reps Davidson and Emmer's SEC Stabilization Act Hong Kong is pressuring banks to service crypto firms Coindesk gets their hands on the NYAG's Tether reports Abra is in trouble Sponsor notes: Coin Metrics STATE OF THE NETWORK - The Signal & the Nonce, Re-imagined In this issue of State of the Network, we showcase a novel analysis that sheds light on Bitcoins energy consumption, efficiency and e-waste

Matt and Nic return for another week of deals and news. In this episode: Token disclosure practices Matt tries pickleball Sequoia is breaking up into parts Will Chinese and American capital markets be severed? What's in the proposed House market structure bill? Coinbase sues Coinbase and Binance How does the SEC think BUSD is a security? The SEC approves Prometheum as a crypto broker dealer Prometheum's CCP ties Did Gensler solicit Binance to advice them before he ran the SEC? What's going on with Prime Trust? Content mentioned: Tommy Tuberville in the WSJ, Crypto communism has a new meaning Sponsor notes: Coin Metrics STATE OF THE NETWORK - Token Unlocks & Free Float Supply Shocks in Digital Asset Markets In this issue of Coin Metrics' State of the Network, we analyze the impact of token unlocks and free float supply shocks through the lens of various unlock events to explore the behavior of participants under different market conditions

In this episode, we sat down with Lili Infante, Founder and CEO of CAT Labs. Lili shared: Her experience spearheading the formation of the crypto taskforce at the DOJ How the crypto-enabled crime landscape has evolved and become more sophisticated Investigating cases where crypto is used and the unique challenges in establishing a chain of custody Products CAT Labs is building to more effectively recover digital assets and protect against situations where assets are compromised in the first place Learn more about Cat Labs in Fortune and on their website.

Matt and Nic are back for another week of news and deals. In this episode: The debt ceiling debate is resolved What happened to Paxos' / Paypal's stablecoin? Offshore dollar stablecoins are growing while onshore stablecoins are shrinking Stablecoin policy in the US is backfiring USD stables issued out of Hong Kong Tether reaches a new all time high The bad boys are back SBF's defense will reportedly claim he got bad advice from Fenwick Farenheit wins the bid for the Celcius assets Why Celcius' mining operation was a big red flag What does CZ mean by 4? Sponsor notes: Coin Metrics STATE OF THE NETWORK - Zooming Out: A datonomy update In this issue of Coin Metrics' State of the Network, we leverage datonomy—a classification system for digital assets to zoom out and gauge the ecosystem and its underlying trends from a broader lens. Despite a slew of challenges over years, we explore how the market has shown resilience through an analysis of market returns, volatility and volumes across sectors.

Matt and Nic return for another week of news and deals. In this episode: Validators sign up to stake ETH post merge Will there be MEV on Bitcoin? What's the deal with Worldcoin? Is the wash sale tax loophole stalling the debt ceiling negotiations? Have ordinals changed Bitcoin culture? The Fed releases new data on crypto adoption in the U.S. Paradigm adds AI to their mandate Whip Tom Emmer and Rep Darren Soto introduce the Securities Clarity Act The NYT reports that prosecutors have a mountain of evidence against SBF Greenidge is vindicated regarding activist claims Ripple vs the SEC Content mentioned: The Federal Reserve, Economic Well-Being of U.S. Households in 2022 Coindesk, The Bitcoin Mining Debate Is Ignoring the People Most Affected Sponsor notes: Coin Metrics STATE OF THE NETWORK - A Claim in the Ether: Tracking the Soaring Demand for Ethereum Staking In this week's issue of State of the Network, we examine essential data and metrics highlighting the current state of the Ethereum staking ecosystem. The transition to Proof of Stake and the successful launch of the Shapella upgrade have bolstered confidence in the Ethereum ecosystem, but a variety of regulatory and technical risk factors still pose challenges.

Nic and Matt return for another week of news and deals. In this episode: Nic and Matt reminisce on the Bitcoin Miami conference Ripple wins a key victory over the SEC in the Hinman test Texas passes a proof of reserve bill The SEC alleges that Filecoin is a security What's the deal with Worldcoin? How biometrics and blockchain can help with AI Regulating AI Tether is buying Bitcoin John Ray is trying to claw back more funds Is Michael Lewis an innocent bystander in the FTX situation? Sponsor notes: Coin Metrics STATE OF THE NETWORK - Market Liquidity Review The current market environment for digital assets is characterized by complexity, owing to the presence of regulatory uncertainty, an onslaught of exogenous macro events, and continued shifts in the preferred exchange venues among traders. In this edition of State of the Network, the Coin Metrics team zooms in on essential trading volume & market data trends to contextualize the current crypto market environment.

Chris Ellis, Head of Strategic Initiatives at FactSet and Tim Rice, founder of Coin Metrics join the show. In this episode we discuss: The partnership between FactSet and Coin Metrics how the companies are jointly going to market. How FactSet thinks about partnerships and how digital assets has evolved as an area of focus at the company. The features and functionality that FactSet users are asking for as it relates to crypto/digital asset data. The future of asset tokenization and the regulatory landscape in the United States. On-chain data and how Coin Metrics sees this category evolving. To learn more about the FactSet/Coin Metrics partnership visit: https://investor.factset.com/news-releases/news-release-details/factset-and-coin-metrics-collaborate-deliver-digital-assets-data To learn more about Coin Metrics visit www.coinmetrics.io

Matt and Nic return for another week of news and deals. In this episode: BRC20 PEPE versus ERC20 PEPE Is PEPE an alt right coin? What's driving up fees on Bitcoin? The relationship between HEX, XEN, and VPMX Bitcoin's circular firing squad The upside of high fees in Bitcoin Why the White House's DAME mining tax is counterproductive What is the $18b tax loophole the Biden admin thinks crypto investors are taking advantage of? What's the deal with blue checks? The difficulty of bootstrapping new social networks Bittrex is filing for bankruptcy in the US The Democratic messaging on the crypto hearing The US chamber of Congress files an amicus brief in the Coinbase v SEC case Texas passes a bill to support flare gas mining The Wyoming Stable Token gets closer to becoming a reality The US Chamber of Commerce amicus brief in the Coinbase v SEC case Can the US government afford these interest rates? Matt and Nic solve the debt crisis Content mentioned in this episode: Reuters, Cryptoverse: Digital coins lure inflation-weary Argentines and Turks Nic Carter in Coindesk, The White House's Bitcoin Mining Tax Undermines Itself Two Ocean Trust, Revisiting the Case for Bitcoin Nick Neumann at Casa, Hands Off our Self-Custody Sponsor notes: Coin Metrics State of the Network - Bidding on Bytes: A Bitcoin & Ethereum Fee Market Update In this week's report, the Coin Metrics team examines the underlying causes of the recent surge in transaction fees on Bitcoin and Ethereum and explore the implications of this development for the future.

Steven Walbroehl, the co-founder and CTO of Halborn joins the show. In this episode we discuss: Steven's crypto origin story and how he began tinkering with public blockchains. How Halborn's work differs across traditional financial services customers versus decentralized organization customers. Basic recommendations for companies entering the public blockchain ecosystem. Halborn's recent discovery of a zero-day exploit impacting 280 public blockchains. Views on market manipulation and game theory exploits. Halborn's Seraph digital notary product and how it is keeping DeFi protocols safe. To learn more about Halborn visit www.halborn.com

Matt and Nic are back with another week of news and deals. In this episode: Updates on South Shore Bar Pie The CIV boys consider new sponsors Regional banks keep failing Is the turmoil in the bank sector deflationary or inflationary? How does the Fed end the banking crisis? McHenry's stablecoin bill Biden proposes a 30% tax on Bitcoin miners Why Biden's DAME tax is counterproductive RFK Jr's pro-crypto takes Nic throws his hat in the ring for RFK Jr Gensler running for Senate in Maryland/ Where in the world are the FTX executives FTX attempts to claw back funds from Genesis FTX debtors stumble on Mysten Labs Is summary judgment in the Ripple SEC case almost due? Nate Chastain is found guilty of insider trading Poloniex settles with OFAC OpenX is reprimanded by Dubai for not registering Coinbase launches in Bermuda Bhutan has been mining Bitcoin since 2020 NYMAG spills the beans about Protego CIV is throwing a pickleball event at BTC Miami Content mentioned in this episode: Jen Wieczner in NYMAG, Is the Federal Government Trying to Kill Off Crypto? Sponsor notes: Coin Metrics State of the Network - MakerDAO's Dai Dilemma: As one of the longest-standing DeFi protocols, Maker has held strong as the maintainer of the decentralized stablecoin Dai. Still, the protocol faces headwinds, and MakerDAO stakeholders must make major decisions about governance and risk management.

Simon Forster and Duncan Trenholme of TP ICAP join the show. In this episode we discuss: - TP ICAP's journey in the crypto / blockchain space. - The market structure for institutional cryptoasset trading. - The future of tokenization and the types of assets that are likely to be represented on chain. - The regulatory landscape and how this will shape the pace of building in the industry. To learn more about TP ICAP and their strategy visit: www.tpicap.com/digitalassets