The Chopping Block: Robinhood’s Tokenized-Stock Gambit, Solana’s ETF Splash & the Proof-of-Stake Reality Check - Ep. 862

Ethereum’s rally has captivated the market, but is it really about the GENIUS Act and stablecoins, or just raw flows?  In this episode of Bits + Bips, Alex Kruger, Ram Ahluwalia, Steven Ehrlich, and special guest Sid Powell of Maple Finance, dive deep into what’s driving ETH, the macro forces shaping crypto’s next leg up, and whether traders are completely wrong about the Fed’s next moves. From the potential flood of TradFi capital onto the blockchain, to the battle for stablecoin dominance, to whether Solana is about to get a major boost, the conversation dissects the signals in today’s market. Hosts: Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Steven Ehrlich, Executive Editor at Unchained Guest: Sid Powell, CEO & Co-Founder of Maple Finance Links: Unchained: Custodia Patent for Bank Stablecoin Challenges Big Banks Entering the Field CBS News: CPI rose in July by 2.7% on an annual basis. Here's what that means. CNBC:  Circle shares rise as second-quarter revenue jumps 53% on strong stablecoin growth Fed board contenders Miran, Bullard say Trump's tariffs are not causing inflation CoinDesk.  ETH Transaction Volume C Much as $20limbs on Price Rally, Cheaper DeFi Costs Tom Lee's BitMine Immersion Aims to Raise asB for More ETH Buys Cointelegraph: SharpLink Gaming shares dip after $400M deal to boost Ether holdings Bloomberg: Godfather of the Mar-a-Lago Accord Goes to the Fed Timestamps: 🎬 0:00 Intro 🚀 2:52 Why ETH has been rallying so aggressively 💪 10:14 Why Alex says the ETH rally will continue 📉 12:53 How BitMine and SBET ended up with such wildly different mNAVs 🧾 14:07 How treasury companies are planning to deploy their crypto onchain 🏛️ 18:45 What TradFi institutions are looking for in Maple and other onchain finance apps 📊 28:07 What Alex is watching to signal the next breakout in crypto prices ⛏️ 32:57 Who really makes money during this new gold rush? 🔥 42:15 Why SOL could be on the verge of a big announcement 🧠 44:58 What Ethereum’s core purpose is in this new market cycle 🌍 47:34 How macro indicators are sending mixed signals 🤖 54:31 What the NVDA and AMD revenue shares with the U.S. government mean for the future of capitalism could mean for the broader market 🏆 58:13 Who stands to win big in crypto if the Fed cuts rates 💵 1:03:26 What Circle’s earnings reveal about its business model right now 🛡️ 1:04:33 Whether Custodia Bank’s patent could block big banks from launching stablecoins 📉 1:11:35 Why markets might be totally mispricing the Fed’s next moves Learn more about your ad choices. Visit megaphone.fm/adchoices

13 Elo 1h 15min

Subscribe to the new Bits + Bips channels! 📺 YouTube  🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain🐦 X / Twitter  In this episode of Unchained, Guy Young, founder of Ethena Labs, and Rob Hadick, general partner at Dragonfly, unpack the emerging wave of Digital Asset Treasuries (DATs) and why altcoins may be the next to follow Bitcoin and Ethereum onto public markets. They explain why StablecoinX, a new infrastructure company within the Ethena ecosystem, is merging with a SPAC to go public on Nasdaq under the ticker “USDE,” anchoring its treasury with Ethena’s ENA token.  With $360 million in backing from investors like Dragonfly, Ribbit, Galaxy, and Polychain, the deal is testing whether public equity markets are ready for altcoin-native treasuries. Guy and Rob also discuss why some crypto wrapper stocks are trading at massive premiums, how capital gets misallocated in crypto, and whether ETH staking rewards represent real yield or just inflation.  They debate whether this trend is creating lasting infrastructure or just new packaging for old narratives. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle Re Guests: Guy Young, founder of Ethena Labs Rob Hadick, General Partner at Dragonfly Timestamps: 🎬 0:00 Intro 🧠 3:29 Why Ethena worked with a team launching an ENA  corporate treasury company 💰 10:38 Ways to structure public crypto treasury vehicles 🕵️‍♂️ 16:53 Whether treasury vehicles are just a flashy wrapper for vaporware 📉 22:28 Why Guy says there’s way more VC capital than good ideas in crypto right now 📈 31:20 How some DATs are trading at eye-popping premiums 🤔 37:15 Why Dragonfly backed TLGY but skipped other Bitcoin, ETH, or SOL plays 🏗️ 40:24 How the structure of these public vehicles shapes their value 🔄 47:39 What makes convertible debt different from SPACs or PIPEs 🧾 49:20 How investors should think about these new crypto treasury companies 📊 55:43 How Wall Street is being pitched on Ethena and USDE 💥 59:16 Whether this trend is legit or just another bubble waiting to pop Learn more about your ad choices. Visit megaphone.fm/adchoices

12 Elo 1h 4min

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. With special guests: Avichal Garg, Managing Partner at Electric Capital, and Tomasz K. Stańczak, Co-Executive Director at the Ethereum Foundation. This week we get into one of the most pivotal moments in Ethereum’s history — from the Tornado Cash verdict and its chilling implications for developers, to Wall Street’s growing embrace of ETH through the launch of ETHZilla. The crew unpacks how this trial could redefine developer liability, why Ethereum’s narrative is shifting toward institutional adoption, and what the next decade could look like for the world’s most versatile blockchain. Whether you’re here for the legal drama, the market moves, or the inside scoop from Ethereum’s top builders and investors, this episode delivers the sharp analysis, big-picture context, and unfiltered hot takes you’ve come to expect from The Chopping Block. Show highlights 🔹 Tornado Cash Verdict Breakdown – Haseeb explains the mixed outcome: a conviction on one count, hung jury on the most serious charges, and what it means for Roman Storm’s future. 🔹 Developer Liability in the Spotlight – Why the case sends a chilling signal to open-source and privacy protocol builders across the U.S. 🔹 Inside the Appeal Strategy – How contradictions between DOJ arguments and FinCEN guidance could shape Roman’s path forward. 🔹 Avichal’s Optimistic Take – Why he believes the American legal and political system will ultimately land on the right side of crypto innovation. 🔹 Historical Parallels – Comparing today’s battles over smart contracts and AI to the legal fights over corporations and cryptography in centuries past. 🔹 ETHZilla Unveiled – Avichal introduces Electric Capital’s new Ethereum treasury vehicle, how it’s designed to work, and its potential impact on DeFi. 🔹 Wall Street Meets Ethereum – The crew explores how institutional capital could become a massive “supply sink” for ETH. 🔹 Potential Shakeouts Ahead – Why some public ETH vehicles may face activist investor pressure, M&A, or liquidation if they stay subscale. 🔹 Ethereum Foundation’s Vibe Shift – Tomasz shares how the EF is engaging more openly with the community, leaning into finance, and guiding ecosystem coordination. 🔹 Ethereum’s Resurgence – From legal fights to market dominance, why ETH feels unstoppable heading into its next decade. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly  Guests ⭐️ Avichal Garg, Managing Partner at Electric Capital ⭐️ Tomasz K. Stańczak, Co-Executive Director at the Ethereum Foundation ⁠Disclosures⁠ Links Beyond Stablecoins: The Case for Ethereum by Maria Shen and Sanjay Shah (Electric Capital) https://electriccapital.substack.com/p/beyond-stablecoins-the-case-for-ethereum  Timestamps 00:00 Intro 01:36 Tornado Cash Trial Verdict 06:16 Legal and Industry Reactions 09:25 Future of Crypto Legislation 21:13 Smart Contracts & AI Legislation 27:58 Introduction to ETHZilla 31:47 Community-Oriented Ethereum Initiatives 32:38 Wall Street Money in DeFi 35:08 Activist Investors & Market Dynamics 39:25 TradFi vs. DeFi 44:12 Ethereum Foundation's Cultural Shift 54:13 The Role of Ethereum Foundation Learn more about your ad choices. Visit megaphone.fm/adchoices

8 Elo 1h 3min

Solana Mobile’s Emmett Hollyer joins to talk about the Seeker phone, and former prosecutor Sam Enzer breaks down the partial Roman Storm conviction. This week’s episode features two big stories. 📱 First, Solana Mobile has begun shipping the Seeker, its second-generation crypto smartphone. Emmett Hollyer, GM of Solana Mobile, joins to explain: What’s new in the Seeker and how it compares to the Saga Why he says it’s the most secure phone for crypto How Seed Vault, Seeker ID, and the SKR token could reshape crypto identity, incentives, and adoption ⚖️ Then, we unpack the Roman Storm verdict. The Tornado Cash co-founder was found guilty on just one of three charges. Former prosecutor Sam Enzer explains: Why the outcome is seen as a partial win for crypto Why Storm has strong grounds to fight the verdict What this means for developers building privacy tools and open-source software And whether the remaining conviction might be overturned Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Walrus Xapo Bank Focal by FalconX Guests: Emmett Hollyer, General Manager of Solana Mobile Sam Enzer, partner at Cahill Gordon & Reindel Links: Solana Begins Shipping Seeker Phone Tornado Cash Co-founder Roman Storm Found Guilty on One Count Learn more about your ad choices. Visit megaphone.fm/adchoices

8 Elo 1h 29min

Subscribe to the new Bits + Bips channels! 📺 YouTube  🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain🐦 X / Twitter  Last week’s macroeconomic data came with a twist: a massive job downward revision from the Bureau of Labor Statistics. But is it a recession signal, or just statistical noise? In this episode of Bits + Bips, Ben Werkman, chief investment officer at Swan Bitcoin, joins hosts Ram Ahluwalia, Noelle Acheson, and Steve Ehrlich to examine why markets shrugged off the data, and what it means for crypto. The panel also discusses: Whether markets are mispricing macro risk How Strategy’s latest capital raise may reflect rising treasury company risk The future of tokenized equity and how Coinbase could unlock private market value New regulatory signals suggesting the U.S. may allow banks to hold crypto The rise of “super apps” blending payments, trading, and custody Thank you to our sponsor! Mantle Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Steve Ehrlich, Executive Editor at Unchained Guest: Ben Werkman, Chief Investment Officer at Swan Bitcoin Links: Macro BLS Drama CNN: Trump says the Bureau of Labor Statistics orchestrated a ‘scam.’ Here’s how the jobs report really works NYT: Big Downward Jobs Revisions Could Be a Warning Sign for the Economy CNBC:  'The revisions are hard evidence': White House struggles to justify firing of BLS chief over weak jobs numbers Trump fires commissioner of labor statistics after weaker-than-expected jobs figures slam markets  PCE Reuters: US inflation warms up in June as tariffs boost some goods prices Tariffs  NYT: Trump’s Tariffs Are Making Money. That May Make Them Hard to Quit. FT: Donald Trump to raise tariffs on India over Russian oil purchases CNBC: EU will delay planned U.S. tariffs for six months to allow for trade talks Crypto earnings season Coverage of $COIN and $MSRT on Bits + Bips:  Strategy Had a Massive Quarter: Impressive Numbers, But Are They Sustainable? Coinbase Missed Earnings, But the Bull Case Is Still Intact, Analyst Says Unchained articles: Coinbase Veered From Its Neutral Stance With Base. Could That Bet Go Wrong? How Michael Saylor Plans to Ensure Strategy Keeps Its Bitcoin Forever Coinbase Expands Into Tokenized Stocks and Prediction Markets How Robinhood's New Crypto Strategy Could Help Its TradFi Ambitions Timestamps: 🎬 0:00 Intro 📉 4:25 Why Noelle thinks we’re looking at the job numbers all wrong 🍔 16:23 Whether the BLS revision is actually a nothing burger 🧊 19:33 How investors are managing to shrug off all the macro noise 🏢 32:37 What surprised Ben about corporate bitcoin adoption and how earnings are shifting the narrative 💰 37:57 Why Strategy is raising capital at sky-high premiums 📊 44:40 How Robinhood and Coinbase stack up by the numbers 📜 51:11 What new signals reveal about the U.S. rewriting financial rules 📱 57:43 How “super apps” are changing the game for crypto and TradFi 📈 1:05:18 Where the panel sees markets heading next 🏛️ 1:13:17 What it might take for governments to start holding crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

6 Elo 1h 27min

Subscribe to the new Bits + Bips channels! 📺 YouTube  🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain 🐦 X / Twitter  Has the Fed entered a new era? In this episode of Unchained, macro strategist Jim Bianco of Bianco Research lays out why the current economic cycle is fundamentally different from what came before. He explains the implications of sticky inflation, why 0% interest rates and money printing may be relics of the past, and how the COVID-era economy created lasting structural shifts. Bianco also gives his candid take on how retail investors have changed markets, why the payments system is still stuck in the 1950s, and how stablecoins and tokenized assets could fix that—if regulators allow it. He breaks down the threats facing major players like Coinbase and Robinhood, and shares a bold theory on what really happened during the GameStop short squeeze. Bianco also assesses what could happen if the Fed is politicized — and whether Chair Powell is likely to be replaced. Thank you to our sponsors! Bitwise Ledn Mantle Guest: Jim Bianco, President and Macro Strategist at Bianco Research, L.L.C. Timestamps: 🎬 0:00 Intro 📉 3:36 Why Jim called the latest economic revisions “extraordinary” 🔥11:56 Whether we’ve entered a post-COVID “new normal” of sticky inflation 👔 18:14 Could Trump really fire Powell — and what would that mean for the Fed? 📉 23:36 What happens to markets if Trump pushes through aggressive rate cuts 🛍️ 29:45 How retail investors flipped the power dynamic on Wall Street 💳 26:04 Why Jim says outdated payment rails are holding back stablecoins 🧩 46:17 Jim’s bold theory on how the GameStop halt was really about saving Schwab 🚫 50:12 Why he’s skeptical of the SEC’s “Project Crypto” ⚔️ 57:17 Why Coinbase and Robinhood are bracing for a new wave of challengers ⚠️ 59:28 What could happen to crypto treasury companies in a bear market 🏛️1:01:43 What’s still broken in tokenized stocks — and how to fix it Learn more about your ad choices. Visit megaphone.fm/adchoices

5 Elo 1h 6min

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, things get personal as Haseeb and Tom break their silence on the DOJ’s shocking threat to criminally charge Dragonfly over its early investment in Tornado Cash. With Roman Storm’s trial nearing its conclusion, the crew unpacks the unprecedented legal risks facing developers, investors, and privacy protocols and what it means for the future of crypto in the U.S. As Ethereum celebrates its 10th anniversary, a storm brews in court: Samourai  Wallet founders plead guilty, the DOJ backpedals on Dragonfly, and Roman Storm faces decades behind bars for writing code. Robert recounts his short-lived microcap M&A adventure (aka the Liquor Store Fiasco), and the gang reacts to a dramatic regulatory about-face from the SEC’s new crypto-friendly regime. Is financial privacy now a crime? Will U.S. law catch up with crypto code? And what happens when TradFi tries to CT a public company? This episode hits hard — and nothing is off limits. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 Dragonfly Named in Court – Haseeb and Tom break their silence after the DOJ threatens criminal charges over Dragonfly’s Tornado Cash investment. 🔹 Roman Storm on Trial – The Tornado Cash co-founder faces up to 45 years as the government tests the limits of crypto developer liability. 🔹 DOJ Walks It Back – After a media firestorm, prosecutors publicly reverse course and say Dragonfly is not a target. 🔹 Samourai  Wallet Pleads Guilty – Another privacy project folds under pressure — and possibly to bolster the Tornado Cash case. 🔹 Privacy Protocols Under Siege – The crew asks: Is building immutable software now a criminal act in the U.S.? 🔹 Tarun Breaks Down Autonomous Code – Why the government’s case against smart contracts reveals a deep misunderstanding of how DeFi works. 🔹 Robert’s Liquor Store Saga – CT’s favorite meme investor explains how he tried to take over a public company… and got mega-diluted. 🔹 SEC’s Project Crypto Leaks – Paul Atkins lays out a sweeping vision for crypto-friendly regulation and software protections. 🔹 Crypto’s Legal Future Hangs in the Balance – From subpoenas to policy pivots, this episode explores what’s next for developers, investors, and privacy itself. Hosts: ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  ⁠Disclosures⁠ Links: American Leadership in the Digital Finance Revolution, by Paul S. Atkins, SEC Chairman https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125  Timestamps 00:00 Intro 01:58 Background on Tornado Cash 03:50 Legal Challenges & Sanctions 06:36 DOJ's Actions & Dragonfly's Response 11:25 Implications for Privacy & Crypto 27:06 Samourai Case & Broader Implications 33:37 Robert's Liquor Store Saga 37:17 LQR House Challenges & Legal Issues 46:05 Lessons Learned from the LQR House 50:01 SEC's New Crypto Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

2 Elo 56min

Strategy posted a record $10 billion in net income. Coinbase missed estimates and stock dropped. But analysts say both tell a deeper story about how crypto companies are adapting. It’s earnings season in crypto—and the stories couldn’t be more different. Strategy (formerly MicroStrategy) just posted $10 billion in net income, boosted by Bitcoin’s price and new fair value accounting rules. But can the company keep this up? Coinbase missed Q2 estimates, sending its stock down. Yet Owen Lau of Oppenheimer says the long-term setup may be more bullish than the market thinks. In this double interview, Unchained’s Steven Ehrlich sits down with: Lance Vitanza from TD Cowen to break down Strategy’s accounting shift, capital markets evolution, and whether its growing BTC pile presents systemic risks Owen Lau from Oppenheimer to unpack Coinbase’s earnings miss, how new bank partnerships may remake it as a TradFi infrastructure provider, and why Q3 may tell a different story Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle FalconX Guests: Lance Vitanza, Lance Vitanza, Managing Director & Director of Equity Research at TD Cowen Owen Lau, Executive Director and Senior Analyst in the equity research department of Oppenheimer & Co Learn more about your ad choices. Visit megaphone.fm/adchoices

2 Elo 52min