On The Brink with Castle Island

Matthew Le Merle and Mitch Mechigian of Blockchain Coinvestors join the show. In this episode we discuss the Blockchain Coinvestors 2024 Predictions. To learn more about Blockchain Coinvestors: Website Webinar

Matt and Nic return for another week of news and deals. In this episode: Matrixport's bearish ETF take The DoJ drops campaign finance charges against SBF Goldman and JPM are authorized participants for the ETF Where will the fees settle out for the major Bitcoin ETFs Nic's vanity license plate story Do we still believe in tungsten Sponsor notes: Coin Metrics State of the Network's 2024 Outlook In Coin Metrics State of the Network Issue 240, we offer our perspective on some of the biggest trends to watch in 2024 in the digital assets industry.

In this episode, we host Nitya Subramanian, founder and CEO of Capsule, which is building cross-application embedded wallet infrastructure. We discuss: Outstanding challenges with web3 onboarding How applications are integrating parts of the wallet experience How Capsule helps developers give their end users the key privileges Why interoperability is crypto's key superpower How Capsule simplifies the transaction signing process How Capsule's infrastructure is complimentary to smart contract wallets Learn more about Capsule here. Follow Nitya here.

Matt and Nic return for the last week of 2023. In this episode: South Shore bar pie Our 2024 resolutions Was Barry Silbert the main character Bitcoin miners had a good year ARK is selling their GBTC holdings The Cointucky Derby Will an ETH ETF be a fast follow? Will ETF sponsors sue the SEC over cash create for ETFs? Nic and Matt's 2024 predictions for stablecoins, Bitcoin, Ethereum, DeFi, NFTs, and adoption Solana versus Ethereum debate ETH L2 gas usage and EIP4844 Is the BSA unconstitutional? Is 2024 the year the 3AC boys are finally apprehended? Sponsor notes Coin Metrics' Best of State of the Network in 2023 In Coin Metrics State of the Network Issue 239, we reflect on a year full of riveting data and crucial events through the lens of the research team's favorite issues from 2023

In this episode, we sit down with Jill Gunter, co-founder of Espresso, to discuss: Espresso's original mission and the challenges of building a privacy solution Shifting direction to focus on building infrastructure to help L2 rollups decentralize The role of a sequencer in a rollup and how Espresso intends to decentralize it Trading off centralized sequencer revenue for decentralization and permissionlessness Visit Espresso for more.

Ryan Selkis, the co-founder and CEO of Messari joins the show. In this episode we discuss: The regulatory landscape and how the industry should be prioritizing policy initiatives. Grayscale, GBTC and the evolution of exchange traded products. The institutional market and the impact of a Bitcoin ETF. The many failures of the SEC with regards to crypto policy in the USA. Messari's roadmap in 2024 To learn more visit messari.io and download the Crypto Theses 2024 report. Follow Ryan on X.

Matt and Nic return for another week of news and deals. In this episode: Matt's tree crisis The Jamie Dimon Elizabeth Warren nexus Is there a really a revolving door between crypto and the government? Warren's latest volley of letters Promethian gets authorization to start trading We recap the inscriptions frenzy A new Super PAC is raised The BVI issues a seizure of the 3AC assets Zooko steps away from Zcash Content mentioned in this episode: Messari's Crypto Theses for 2024 Bitwise 2024 predictions Blockchain Coinvestors 2024 predictions Sponsor notes State of the Network's 2023 Year in Review In Coin Metrics State of the Network Issue 238, we revisit major stories that shaped the digital asset industry in 2023 with a data-driven lens

Dan Tapiero, the founder and Managing Partner of 10T Holdings and 1RoundTable Partners joins this show. In this episode we discuss: The state of the crypto/blockchain markets since the FTX collapse. The impact of the Bitcoin ETF on fund flows in the industry. The market for growth and secondary investing. The LP landscape and how allocators are thinking about the sector. 1RT's strategy and the categories that Dan is finding compelling. To learn more about 1RT visit their website and follow Dan on X.

Andreas Tsamados, the founder of Fileverse joins the show. In this episode we discuss: Andreas' academic background and path that led him to starting Fileverse An overview of Fileverse and the ambitions of the project. Why a decentralized file sharing platform is necessary and better than a centralized option for certain customer types. SAFE multi-signs The state of decentralized file storage. Token models and how these could evolve over time. The Fileverse roadmap in the coming year. To learn more about Fileverse visit fileverse.io

In this episode, we host Nick Neuman, CEO of Casa to discuss their recent stablecoin launch and: Casa's value proposition How customers use Casa The decision to expand beyond Bitcoin to Ethereum The rationale behind supporting stablecoins Building custody tools for security versus convenience Nick's views on experimentation on Bitcoin Further reading: Protect your stablecoins: Hold USDC and USDT with Casa

Matt and Nic return for another week of news and deals. In this episode: Coinbase's positioning ahead of the ETF Cantor CEO Howard Lutnick acknowledges their Tether role Where do we stand on cash creation versus in-kind creation for the Bitcoin ETF? Coinbase launches an RWA hub in Abu Dhabi Kucoin settles with the state of New York Do Kwon is staying in Montenegro a bit longer Coinlist settles an OFAC violation FASB adopts (again?) fair value accounting for Bitcoin SBF's lawyer said he was the "worst witness he's ever seen" The status of Warren's anti-ML crypto bill How potent will the crypto lobby be in 2024? Content mentioned in this episode: Charles Rettig, IRS Digital Assets Plan Would Be a Setback for Taxpayer Services Sponsor notes: Coin Metrics State of the Network's Q4 2023 Mining Data Special In Coin Metrics State of the Network Issue 237, we spotlight crucial developments and data across the mining ecosystem

Itai Turbahn, the co-founder and CEO of Dynamic joins the show. In this episode we discuss: The mission of Dynamic and the how the company is enabling seamless web3 log in experiences. Breakout applications in the web3 category. An overview of Passkeys and the impact that this technology will have on both web2 and web3 log in experiences. Account abstraction and the innovation that is likely to emerge using this technology. Dynamic's new embedded wallet offering. Itai announces Dynamic's Series A round of financing from a16z, Founders Fund, Castle Island Ventures and others. To learn more about Dynamic visit dynamic.xyz

Brian Foster, Global Head of Wholesale at Coinbase, joins the show. In this episode we discuss: Brian's career and the path that led him to joining Coinbase. An overview of the Coinbase business model and how the company is segmented. The evolution of the Coinbase Institutional business. The Wholesale business at Coinbase and how the company is positioned with brokers, banks and ETF issuers. Views on the Bitcoin ETF proposals and how Coinbase is positioned in this market segment. The BlackRock partnership and how Coinbase and BlackRock are collaborating. Views on the evolution of the competitive landscape for Coinbase. BASE, RWAs and stablecoins. Learn more at coinbase.com

In this episode, we sit down with Rowan Stone who leads Business Development at Base – the layer-2 network on Ethereum launched by Coinbase earlier this year. Rowan expands on: The decision to build Base using Optimism's OP stack and the "Superchain" vision The vectors of centralization in L2 networks and the path to decentralization Early use cases on Base across DeFi, loyalty and the creator economy The role of business development in growing an L2 network

Matt and Nic return for deals and news of the week. In this episode: Chainalysis Geography of Crypto adoption Jamie Dimon comes out against crypto – again Our vote for Time Person of the year The AICPA announces their stablecoin attestation framework Do Kwon is being extradited to the US Nubank is getting into crypto Rep McHenry is retiring Content mentioned in this episode: Chainalysis Global Crypto Adoption Index It's all a Game by Colleen Sullivan Sponsor notes: Coin Metrics STATE OF THE NETWORK—State of Stablecoins:Signs of Returning Liquidity In Coin Metrics State of the Network Issue 236, we look into stablecoin supply, usage, adoption and key trends in market evolution

Kim Grauer, director of research at Chainalysis, joins the show to talk about their 2023 Geography of Crypto Adoption report. In this episode: The difficulty of ascertaining reliable illicit finance data for crypto Why Chainalysis started publishing the Geography of Crypto report Why emerging markets dominate in terms of crypto adoption How Chainalysis devised their methodology What the variables in their index mean Potential sources of error or noise in the data How Chainalysis overlays internet traffic data with blockchain data to determine usage on a country by country basis Top countries on the index and changes from prior years Evidence for cryptodollarization What variables correlate with crypto adoption globally Countries with positive year/year growth in crypto adoption Content mentioned in this episode: Chainalysis, The 2023 Global Crypto Adoption Index

Ruud Smets and Marc de Kloe of Theta Capital join the show. In this episode we discuss: Theta's initial foray into the world of blockchain focused venture funds and hedge funds. The process of educating institutional limited partners on this emerging technology. How the Theta team segments the investable opportunities in the blockchain industry. Views on fund capacity and securing allocations in promising managers. Views on co-investment opportunities and how Theta has approached these opportunities. Promising trends for 2024. The Legends4Legends conference and plans with the event going forward. To learn more about Theta Capital visit thetacapital.com

Nic and Matt return for news and deals. In this episode: CZ must stay in the US until sentencing The SEC is looking into Binance US In kind versus cash creations for ETFs The Major Questions Doctrine FDIC scandal keeps rumbling Is there a world where GBTC doesn't get converted? Elizabeth Warren versus Subway Content mentioned in this episode: Austin Campbell tweet on Treasury letter Coin Center blog on Treasury letter Fortune, Gary Gensler has remade the SEC into a crypto nemesis and climate warrior. Now a backlash is brewing Sponsor notes: Coin Metrics STATE OF THE NETWORK—Dollar-Cost Averaging Portfolio In Coin Metrics State of the Network Issue 235, we delve into the dollar-cost averaging strategy in the digital asset market, emphasizing the need for informed investment choices

Vivek Ramaswamy is a Republican candidate for President in 2024. In this episode we sit down to dig into his crypto policy proposals: Vivek's keynote in Ft Worth Vivek's crypto platform and how that derives from his convictions Vivek's view on Bitcoin mining Is Choke Point 2.0 real? Is banking a utility? 'Choke Point 6.0' and how it goes beyond just crypto and banking Does the suppression of speech have a technological solution? Can public blockchains actually be supportive of the US Dollar? Further resources: Vivek2024.com Vivek's Speech in Ft. Worth: "Three Freedoms of Crypto Policy"

Matt and Nic return for a Thanksgiving episode. In this edition: Fidelity files for an ETH spot ETF The SEC sues Kraken Javier Milei wins – and prospects for dollarization Stablecoins versus dollar liabilities in emerging markets Prediction markets do well in the Argentine election We digest the OpenAI scandal and reflect on corporate governance Do we need a new McCarthyism directed at effective altruists? CZ settles with the DoJ and the CFTC over BSA and OFAC violations Binance appears to be solvent thanks to their Proof of Reserve Where the Binance settlement leaves the industry Tether supply hits $88b Bhutan is mining bitcoin Sponsor notes: Coin Metrics STATE OF THE NETWORK— Checking On-Chain Indicators for Green Shoots in the Digital Assets Market In Coin Metrics State of the Network Issue 234 we present a selection of indicators that offer us insights against the backdrop of a recent surge in valuations within the digital assets ecosystem.

We sit down with Mike Cahill, CEO of Douro labs, to talk Pyth's retroactive airdrop and launch. In this episode: A brief history of Pyth What was the problem with legacy oracles before Pyth How is Pyth is technically differentiated from other oracles The importance of introducing confidence intervals into prices How does Pyth achieves cross chain data delivery Disintermediation in the oracle market Major proof points that convinced Mike that Pyth could work Pyth's traction on various chains Which blockchains Pyth does particularly well on Mike addresses the 'collusion FUD'? Why Pyth oracles are not like LIBOR How the Pyth retrospective airdrop works What's happening with Pyth governance on a go forward basis? Further reading: Pyth, How the Retrospective Airdrop works On The Brink ep. 364, Solving The Oracle Problem

Matt and Nic are back with another week of news and deals. In this episode: Tail risks with the Bitcoin ETF Are SBF's parents off the hook? The FDIC is embroiled in scandal Should Marty Gruenberg step down? Tokenized bank deposits versus stablecoins What's wrong with the third party doctrine SAB121 under pressure Content mentioned in this episode: Fidelity Digital Assets, Understanding Proof of Work The WSJ, Strip Clubs, Lewd Photos and a Boozy Hotel: The Toxic Atmosphere at Bank Regulator FDIC Whip Emmer Letter to Treasury regarding Hamas crypto financing Sponsor notes: Coin Metrics STATE OF THE NETWORK—November Rally Reaches New Corners of the Digital Asset Market In Coin Metrics State of the Network Issue 233, we delve into the primary beneficiaries of the recent market rally and explore diverse avenues channelling this momentum

The boys join forces with Alex Thorn of Galaxy Brains for a special live episode at the Pubkey bar in NYC. In this episode: Galaxy's Beimnet Abebe joins for market color Bloomberg's James Seyffart opinions on Bitcoin ETF prospects The WSJ/Hamas affair Audience Q&A With special thanks to the Galaxy team for organizing and Thomas Pacchia for hosting

Anthony DeMartino, the co-founder and CEO of Trident Digital joins the show. In this episode we discuss: Anthony's background in the banking industry and his path to founding Trident Digital. Digital asset lending markets and how Trident is innovating in this category. Trident's US Treasury product and how he is going to market. The state of the U.S. banking system and the status of the FDIC insurance fund. The potential impact of Commercial Real Estate on the banking sector. Chokepoint 2.0 and the regulatory landscape in the USA. To learn more about Trident Digital visit their website.

Matt and Nic return for another episode of news and deals. In this episode: WSJ bounty updates Will Euro stablecoins take off? SBI and Standard Chartered start a crypto infrastructure fund SEC opens talks with Grayscale over the GBTC conversion Kraken is exploring the creation of an L2 SEC staff can't own crypto FTX 2.0 prospects CME OI flippens Binance Nouriel Roubini is launching a token Sponsor notes: Coin Metrics STATE OF THE NETWORK — Ethereum Staking through the Lens of Lido In Coin Metrics State of the Network Issue 232, we dive into Lido—the largest player within the staking economy—and understand the state of its liquid staking token (stETH), governance token (LDO) and underlying node-operator composition.

Adam Guren, the founder and Chief Investment Officer of Hunting Hill joins the show. In this episode we discuss: Adam's career journey and the path that led him to found Hunting Hill in his late 20s. How he discovered cryptocurrency and the initial digital asset products that he traded. The initial market structure for trading closed end digital asset products and the challenges that it presented. Views on the prospects of a Bitcoin ETF and the impact that it will have on the market when approved. The prospects of a spot ETH ETF. An overview of Hunting Hill today, including a deep dive on Hunting Hill Digital. The opportunities for distressed investors in today's market. Hunting Hill's efforts with Versifi and Base Layer Ventures. To learn more about Hunting Hill visit their website.

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