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    189 - Taking Treasury Bills Onchain with Martin Carrica

    enSeptember 25, 2023

    Podcast Summary

    • Tokenized Treasuries: Democratizing Finance and Yield GenerationTokenized treasuries, such as on-chain T-bills, could democratize finance and yield generation by providing higher yields and increased accessibility in emerging countries. Despite challenges for US citizens, the potential economic incentives could lead to the eventual replacement of stablecoins with tokenized treasuries.

      The discussion explores the potential of tokenized treasuries as a major theme in crypto, with on-chain T-bills being a promising development for democratizing finance and yield generation. According to the podcast, Tether currently makes more money than the entire crypto ecosystem outside centralized exchanges. The hosts also mention the potential benefits of tokenizing treasuries, such as higher yields for holders and increased accessibility in emerging countries. However, US citizens may face challenges in accessing these tokenized treasuries. The conversation also touches upon the eventual replacement of stablecoins with tokenized treasuries due to the economic incentives and the gravitational pull towards yield in a tokenized form on-chain. Overall, the podcast presents the potential of tokenized treasuries as a significant development in the crypto space, with potential implications for democratizing finance and yield generation.

    • Bridging Traditional Finance and Crypto with Stablecoins and Tokenized T-BillsMartin Carica discusses the importance of stablecoins as a bridge between traditional finance and crypto, and the potential for on-chain T-bills to bring more stability and transparency to the crypto market, emphasizing regulatory compliance in the stablecoin space.

      The crypto industry is continuously evolving, with new technologies and solutions emerging to improve the user experience and expand the capabilities of decentralized finance (DeFi). During this episode of Bankless, the topic of stablecoins and tokenized T-bills was discussed with Martin Carica, the founder of Mountain Protocol. Martin shared his personal experience with high inflation in Argentina and how he was introduced to crypto through a miner in a McDonald's. He then went on to discuss the growing interest in real-world assets and on-chain T-bills in the crypto world. The conversation highlighted the importance of stablecoins as a bridge between traditional finance and crypto, and how the evolution of stablecoins from on-chain dollars to on-chain T-bills could potentially bring more stability and transparency to the crypto market. Martin also emphasized the role of regulatory compliance in the stablecoin space. The episode also featured sponsor mentions for Kraken, MetaMask Portfolio, and Arbitrum, highlighting their respective offerings and benefits for crypto users. Overall, the episode underscored the importance of staying informed about the latest developments in the crypto industry and the potential for new innovations to drive growth and adoption.

    • Exploring Stablecoins: From Bitcoin to High-Yield DepositsThe speaker discussed the potential of stablecoins for real-world applications, particularly in countries with high inflation, and identified an opportunity for banks to offer high-yield stablecoin deposits. However, he noted challenges in implementing this strategy due to regulatory and infrastructure issues.

      The speaker discovered Bitcoin through a cheap opportunity and later became interested in stablecoins due to their real-world applications, particularly in countries with high inflation like Argentina. He also noted that while most assets have their own risk-free rate, Bitcoin does not. The speaker identified a potential opportunity for banks to offer high-yield stablecoin deposits, but noted that the low yields in DeFi made arbitrage possible. Despite this, banks found it difficult to implement such a strategy due to regulatory and infrastructure challenges. Overall, the speaker highlighted the potential of stablecoins and the gap between traditional finance and decentralized finance in terms of yield opportunities.

    • Bridging the gap between stablecoins and US government's risk-free rateDespite potential opportunities, regulatory and compliance challenges hinder the large-scale integration of stablecoins with the US government's risk-free rate. The speaker suggests a solution, but showing the source of funds remains the main hurdle.

      There is an opportunity to bridge the gap between the stablecoin market and the US government's risk-free rate, but current regulatory and compliance challenges make it difficult to do so at scale. The speaker proposes a solution of acquiring deposits in stablecoins, issuing bank stablecoins, and lending to the US government, but the main hurdle is showing where the money came from to comply with regulations. Argentina, a country with a history of high inflation and capital controls, serves as an example of how inflation and technology can drive crypto adoption. The speaker's background in Argentina and experience with inflation have led them to pursue a career in crypto to help advance the financial revolution. The challenge is to find a way to bring the yield from the risk-free rate into DeFi markets, which is currently not flowing through due to the stablecoin paradigm.

    • Stablecoins as Hidden Money PrintersStablecoins provide value in high inflation environments and have the potential to tokenize treasury bills, allowing users to earn yield, but regulatory hurdles remain a challenge

      While stablecoins like USDC may not excite some crypto enthusiasts due to their perceived lack of speculative potential, they hold significant value for those who have experienced high inflation environments. Stablecoins represent a killer app and use case in crypto, acting as "hidden money printers" as described by Argentinian crypto expert Gigi. However, there's an opportunity to take stablecoins a step further by tokenizing treasury bills (T-bills) and creating an ERC-20 token called USDT. This would allow users to earn the yield on T-bills, making it a perfect instrument for crypto. But, there's a challenge: regulatory hurdles. Tokenizing T-bills would classify them as securities, subjecting them to securities laws and eliminating composability and permissionlessness. For now, the path to creating a tokenized T-bill remains unclear, but the potential benefits make it a promising area for exploration in the crypto space.

    • USDC's unique model earns yield from treasuries as a middlemanThe USDC stablecoin model earns yield from US treasuries through exchanges like Coinbase, creating a middleman function between the treasury market and retail investors. Other jurisdictions explore tokenized securities for permissionless trading, but US regulations may not encourage such arbitrage opportunities.

      USDC, a stablecoin backed by US dollars, functions as a wrapper on securities like Treasury bills, with the dollars not actually being dollars but rather treasuries. This model, where exchanges like Coinbase earn yield from these treasuries, is unique to the US and creates a middleman function between the treasury and the retail market. Other jurisdictions, such as Switzerland, are exploring alternative models where securities are tokenized and traded permissionlessly, similar to ETFs. However, it remains unclear if the US government would allow or encourage such regulatory arbitrage opportunities, given that treasuries are a product of the US government and the potential implications for US monetary policy.

    • Benefits of US Treasury integration with stablecoinsThe integration of US Treasury with stablecoins can lower interest rates for the US and expand its financial system globally, but comes with added risks.

      The integration of stablecoins, like AAVE, with the US Treasury market can benefit both parties. By exporting the power and brand of the US dollar through stablecoins, emerging markets can act as forced buyers in global auctions, leading to lower interest rates. This not only benefits the US but also allows for the expansion of the US financial system globally, making it more accessible to a larger population. However, it's important to note that not all stablecoins participate in DeFi protocols, and there are added risks involved, such as technical risks and counterparty risk. Despite these challenges, the potential benefits of on-chain treasuries, where yield is directly embedded, outweigh the current implicit benefits. The ultimate goal is to create a seamless and efficient system where end-users can access the yield of treasury markets directly, without the added complexities and risks of participating in DeFi protocols.

    • Weighing the pros and cons of DeFi and TradFi investmentsWhen investing in DeFi or TradFi, consider higher yields vs risks, direct yield connections, counterparty risk, and regulatory issues. The on-chain T-bill race may lead to more transparency and potentially higher yields, but centralization remains a concern.

      When considering investments in decentralized finance (DeFi) products like tokenized treasuries or traditional finance (TradFi) instruments like USDC, it's essential to weigh the pros and cons of each. DeFi products, such as MakerDAO's DSR, can offer higher yields above the risk-free rate but come with uncertainties and risks like governance changes and smart contract risks. TradFi instruments, like USDC, may not offer direct yield connections to treasuries and come with counterparty risk and potential regulatory issues. The ideal investment would be a direct and shortest pipeline between DeFi and treasuries with zero counterparty smart contract risk on the DeFi side and no unknown black boxes on the TradFi side. The current trend is the on-chain T-bill race, where multiple companies are competing to be the most liquid T-bill provider in the DeFi space. This evolution of stablecoins could lead to more transparency, less risk, and potentially higher yields for investors. However, it's important to remember that any tokenized treasury instrument would be centralized, and the reserves are ultimately physical assets that can be seized. Centralization can occur elsewhere in the chain, making it crucial to consider all risks and trade-offs before making an investment decision.

    • On-chain T bills offer yield and reduce counterparty risk in stablecoin marketThe stablecoin market's evolution includes on-chain T bills, providing yield, reducing counterparty risk, and offering a trillion-dollar opportunity as a compelling alternative to traditional dollars with 5% interest and risk reduction.

      The stablecoin market is undergoing a significant evolution with the introduction of on-chain T bills, which offer yield and reduce counterparty risk by utilizing the same layers as traditional stablecoins, such as the Fed, DTCC, custodians, brokers, banks, and issuers. This development is similar to the ongoing conversation in DeFi regarding the replacement of vanilla ether with staked ether for collateral. The potential value of this market is massive, with the opportunity to reach a trillion dollars in the next few years, as stablecoins offer a compelling alternative to holding traditional dollars, earning 5% interest instead of 0%, and reducing jurisdictional and structural risks. The market demand for tokenized US Treasuries is high, as there is currently no equivalent product available in TradFi. However, it's essential to consider the potential alignment of interests in this space and ensure that the development and implementation of these on-chain T bills prioritize the needs and protection of users.

    • Impact of Mass Shift from Banks to Alternative InvestmentsMass movement of funds from banks to alternatives like crypto or money market funds could decrease bank liquidity, leading to higher borrowing costs for consumers.

      The US banking system could be significantly impacted if individuals were to move their funds en masse from traditional banks to alternative investments like cryptocurrencies or money market funds. This could result in a decrease in liquidity for banks, making it more difficult for them to issue mortgages and small business loans at affordable rates. The banks are currently paying very low interest rates to depositors, and if they can't acquire more 0% deposits, they may have to finance at higher rates, leading to increased borrowing costs for consumers. The US government is concerned about the potential economic consequences of this shift, as it could lead to a decrease in lending and an increase in borrowing costs. The banks have influence in DC and may be able to prevent or limit this trend. It's a complex issue with potential far-reaching implications for the financial system.

    • Mantle and Uniswap Advance in Web 3 with Lower Gas Fees and StabilityMantle's Layer 2 integration with Optimism reduces gas fees by 80%. Uniswap's new mobile wallet offers low fees and easy access to DeFi. Celo's Layer 2 solution aims to bring decentralized sequencing, off-chain data availability, and 1 block finality to Ethereum.

      Mantle Network and Uniswap are making significant strides in reducing gas fees and providing stability in the Web 3 space. Mantle's integration with Layer 2 solutions like Optimism reduces gas fees by 80% and provides a more stable foundation for their ecosystem. Uniswap's new mobile wallet allows users to easily trade tokens, store NFTs, and access DeFi applications directly, all while offering low fees. Additionally, Celo's proposed Layer 2 solution aims to bring huge advantages like decentralized sequencing, off-chain data availability, and 1 block finality, making Ethereum more accessible and secure for real-world use cases. These developments are cutting out intermediaries and commercial banking layers, making the connection between traditional finance and DeFi more direct and efficient. For those interested in building on Mantle or exploring DeFi, check out Mantle and Uniswap's respective websites and follow them on Twitter.

    • New Product: USDM, a Tokenized US Treasury Bill for Global MarketsUSDM is a new stable coin representing a tokenized US Treasury bill, available to non-US consumers as a narrow bank using RegS exemption. Understand its purpose for global markets, but beware of regulatory challenges and potential risks.

      The speakers discussed a new product called USDM, a tokenized US Treasury bill, which operates as a narrow bank and uses an exception called RegS to avoid registering with the SEC. This product is not available to US consumers due to lack of substantial market interest and regulatory restrictions. The speakers emphasized the importance of understanding the purpose of stable coins and tokenized treasuries for those outside the US, where traditional financial services may not be easily accessible. They also acknowledged the regulatory challenges and the need to comply with nation-state regulations, such as blacklisting certain addresses. The product, USDM, is just one example of a stable coin in a growing market, with competitors like Tether and Circle also offering similar products. While the speakers expressed excitement about the innovation, they cautioned against using these products if identified as US consumers, as the experience would be subpar compared to traditional markets.

    • Monitoring and blocking addresses for potential regulatory violationsRegulatory bodies like Circle and USCC monitor and block addresses associated with potential violations of terms and conditions for USDC and USDT, targeting unregistered entities and offshore users due to substantial US market interest.

      While USDC and USDT have similar functions and OFAC restrictions, the additional step taken by regulatory bodies like Circle and the USCC is to monitor and block addresses associated with potential violations of terms and conditions. This is due to the substantial US market interest in these stablecoins, with a significant portion of ownership being offshore. For unregistered entities, regulatory bodies may find it easier to go after cases of evading regulations. However, for regulated entities, the challenge lies in avoiding US consumers and demonstrating no substantial US market interest. Overall, the demand for stablecoins, particularly offshore, is high due to the availability and yield offered by traditional banking systems. This new tokenized treasury product is primarily aimed at those outside of the US and functions similarly to USDC, but with yield attached, and is available anywhere DeFi applications are accessible.

    • New Utility Token USDM Provides Yield-Bearing Stablecoins in a Permissionless WayUSDM, a new Ethereum-based ERC-20 token, offers yield-bearing stablecoins in a permissionless way, setting it apart from traditional stablecoins. Investors should look for regulatory compliance, transparency, and proof of reserves when evaluating stablecoin projects.

      USDM, a new utility token, aims to provide yield-bearing stablecoins in a permissionless way, making it more versatile than traditional stablecoins. After its launch, the team plans to expand its use cases, allowing it to be used as collateral and accessing various liquidity pools. USDM is built on the Ethereum network as an ERC-20 token that rebases daily, providing token holders with potential yield through various mechanisms. The industry of stablecoins is expected to grow significantly in the coming years, with the demand for yield-bearing dollars potentially surpassing traditional bank deposits. To differentiate between legitimate and potentially fraudulent stablecoin projects, investors should look for regulatory compliance, transparency, and proof of reserves. Regulated projects, like USDM, have undergone rigorous licensing processes, providing investors with added security. Additionally, projects that are designed to operate as narrow banks and have assets recognized in their country of registration are more trustworthy. As regulatory bodies continue to assess various stablecoin projects, investors can expect more transparency and clarity in the space.

    • Circle faces challenges in adopting MakerDAO's Steakhouse Financial proposalCircle would need to give up US market, stop trading on Coinbase, and become a foreign issuer to adopt MakerDAO's proposal, leading to significant revenue loss and regulatory hurdles.

      Circle, as a US-based company, faces significant regulatory hurdles and financial implications if they were to adopt a model similar to MakerDAO's Steakhouse Financial proposal. This proposal would require Circle to give up their US market, stop trading on Coinbase, and become a foreign issuer, leading to a massive pivot and a significant reduction in revenue. Additionally, the revenue generated by stablecoins like USDC and Tether through gas fees is equivalent to the revenue Circle currently makes, and this revenue should ideally be passed on to users rather than kept as profit. As these decentralized finance (DeFi) projects scale up, they may face increased regulatory scrutiny and potential pushback from institutions like the IMF, which could limit their growth.

    • Regulatory challenges for tokenized treasuries and DeFiAs tokenized treasuries and DeFi gain popularity, regulators may increase scrutiny, but players must stay compliant while continuing to innovate. US government support and potential foreign models may influence future regulations.

      The regulatory landscape for tokenized treasuries and decentralized finance (DeFi) is evolving, and the pace of growth and innovation in this space may lead to increased scrutiny from regulators. The speakers in the discussion expressed excitement about the potential of these products but acknowledged the potential regulatory challenges. Tether, a major player in this space, has already amassed significant treasury holdings, and the US government seems to support the buying of US treasuries. However, as these entities grow and become more prominent, they may face increased regulatory scrutiny. The speakers also noted that the US may look to other countries that have already passed laws allowing for the use of these products as a model. Ultimately, the regulatory environment will likely evolve over time, and the challenge for players in this space will be to stay compliant while continuing to innovate. The discussion also touched on the irony that while the speakers were excited about these products, they themselves were unable to officially purchase them due to US regulations. This issue may lead to increased pressure on lawmakers to update regulations to allow for wider access to these products.

    • CBDCs: The Future of Finance?Central bank digital currencies (CBDCs) could disrupt traditional banking with attractive yields and potential negative interest rates, but implementing them could be challenging due to industry impact and legislation. The demand for stablecoins may spark the next wave of crypto growth.

      The world of finance and technology is on the brink of a significant shift, with central bank digital currencies (CBDCs) potentially disrupting the traditional banking system and the role of crypto assets like Bitcoin and Ethereum. The US, as a major economic power, may be forced to adapt or risk falling behind. CBDCs could offer yield-bearing instruments and even negative interest rates, making them attractive alternatives to traditional banking. However, implementing a CBDC system could be challenging due to the potential impact on the banking industry and the need for legislation. The current equilibrium seems to favor the status quo, but the increasing demand for stablecoins could spark the next wave of growth in crypto. In essence, the future of finance lies at the intersection of technology and monetary policy, and the coming years are sure to bring exciting developments.

    • Rising interest rates leading to increased adoption of stablecoins and DeFiThe economic climate with rising interest rates could bring new buyers into crypto through stablecoins and DeFi, making traditional savings less attractive, and some countries may issue their own stablecoins as an alternative to struggling central banks, potentially signaling the end of the fiat era, but remember investing in crypto carries risk.

      The current economic climate with rising interest rates could lead to increased adoption of stablecoins and decentralized finance (DeFi) solutions, bringing new buyers into the crypto space. This is due in part to the fact that we're seeing the first significant increase in non-zero interest rates since crypto's inception, making traditional fiat savings accounts less attractive. Additionally, some countries may begin issuing their own stablecoins as an alternative to struggling central banks. Martin believes this could be a sign of the long-term decline of the fiat era. While this is an exciting development for the crypto community, it's important to remember that investing in crypto carries risk, and none of the information provided should be considered financial advice.

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    Bankless
    enJuly 04, 2024

    Chevron Deference: 40-Year Decision Reversed & Explained | Justin Slaughter

    Chevron Deference: 40-Year Decision Reversed & Explained | Justin Slaughter

    Is the Chevron Deference case good for crypto? Is it good for the U.S.? Or is this a giant tradeoff that will lead to bad outcomes? 


    Crypto enthusiasts, pro-tech individuals, and those on the right say this will stop regulators from making random rules.


    Non-crypto sources, mainstream media, and those on the left say it will lead to chaos, unchecked corporations, and poor governance.


    So, what’s the truth? That’s what we’re here to find out. Our guest today is Justin Slaughter, current policy director at Paradigm and previous senior adviser of the SEC and chief policy adviser of the CFTC. 


    ------
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    ------
    TIMESTAMPS


    0:00 Intro
    3:51 Slaughter
    4:14 Ex-SEC & Ex-CFTC
    6:52 Is D.C. Out to Get Us?
    7:50 (Loper Bright) Chevron Deference
    22:56 Arbitrary & Capricious 
    26:00 Impact of Shift in Power 
    32:04 Summary So Far
    37:57 Different Framing Argument 
    41:12 Congress Not Doing Their Job? 
    47:46 Good For The Left?
    51:06 Crypto Implications 
    55:04 Enforcement Action
    56:53 The New Power Fight 
    58:18 Closing & Disclaimers 
     
    ------
    RESOURCES


    Justin Slaughter
    https://x.com/JBSDC  


    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures ⁠ 

    Bankless
    enJuly 03, 2024

    ETH ETF: Bullish or Bearish? | Alex Thorn & Matt Hougan

    ETH ETF: Bullish or Bearish? | Alex Thorn & Matt Hougan

    Is the Ethereum ETF Bullish for ETH?

    Matt Hougan and Alex Thorn put together their own analysis of inflows for the ETH ETF. Remarkably, their numbers came in somewhere close to the same place.

    We discussed how much demand there will be for the ETH ETF, whether or not it will overperform or underperform expectations and the overall state of the Crypto Market today.

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    ------
    TIMESTAMPS

    0:00 Intro
    2:18 When ETH ETF?
    7:16 Data Gathering Process
    13:59 The BTC ETF Datapoint
    24:17 Estimating ETH ETF Inflows
    42:19 Price Impact
    52:36 The ETH ETF Bear Case
    1:03:14 Solana ETF?
    1:05:44 The State of the Market
    1:13:53 Closing & Disclaimers

    ------
    RESOURCES

    Matt Hougan
    https://x.com/matt_hougan  

    Alex Thorn
    https://x.com/intangiblecoins  

    Bitwise
    https://bitwiseinvestments.com/  

    Galaxy Digital
    https://www.galaxy.com/  

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures⁠  

    Bankless
    enJuly 01, 2024

    ROLLUP: Solana ETF? | $Blast L2 Launch | Solana's Blink & ZK Compression | ETH ETF Next Week?

    ROLLUP: Solana ETF? | $Blast L2 Launch | Solana's Blink & ZK Compression | ETH ETF Next Week?

    We’re on the edge of our seats with the potential Ethereum ETF launch just days away. Are ETH ETF products finally going to be tradeable next week?

    Solana is also in the spotlight, hinting at its own ETF while rolling out impressive innovations like ZK Compression and Blinks.

    The Blast token has also finally dropped! Are you eligible? We unpack everything you need to know. 

    Plus, Ethereum’s new execution client might unlock a hidden beast. And we cover everything happening price with prices. Are we in a crypto bull or bear? Tune in to find out. 

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    ------
    TIMESTAMPS & RESOURCES

    0:00 Intro

    3:19 Markets 

    3:53 Mt.Gox is ready to distribute the bitcoin
    https://x.com/WatcherGuru/status/1805168222645244311 
    https://x.com/Ian_Unsworth/status/1805251746354131379 

    9:07 Germany is about to start selling the seized bitcoin
    https://x.com/ArkhamIntel/status/1805542881454633282 

    9:30 Meanwhile, the U.S. government sent $240M of BTC to Coinbase 
    https://x.com/DegenerateNews/status/1806012142094614695 
    https://x.com/RyanSAdams/status/1806347784129290364 

    11:09 ETH Tailwinds
    https://x.com/Matt_Hougan/status/1804137327964438729 
    https://x.com/econoar/status/1805123906602144125 

    15:31 L2 Update
    https://l2beat.com/scaling/summary 
    https://rollup.wtf/ 

    17:33 Bitcoin flows
    https://www.theblock.co/data/crypto-markets/bitcoin-etf/spot-bitcoin-etf-onchain-flows 
    https://www.theblock.co/data/crypto-markets/bitcoin-etf/spot-bitcoin-etf-on-chain-total-net-flows 

    18:21 All spot ETH ETF S-1 amendments are now in! 
    https://x.com/NateGeraci/status/1804264951315403233 
    https://x.com/matthew_sigel/status/1805624888821989576 
    https://x.com/Matt_Hougan/status/1805941968838533534  

    21:20 Cooked Airdrops
    https://x.com/k1z4_/status/1804498112154620370  
    https://imgur.com/a/q7riQXD 

    27:41 Is Solana getting an ETF? 
    https://x.com/matthew_sigel/status/1806313241431138434 
    https://x.com/JSeyff/status/1806322096924217412 
    https://x.com/JSeyff/status/1806324109045031034 
    https://x.com/EricBalchunas/status/1806319656694628659 
    https://x.com/JSeyff/status/1806330548887093414 
    https://x.com/jchervinsky/status/1806331553594675563 
    https://www.coingecko.com/en/coins/solana 

    32:10 Solana’s Blinks + ZK Compression
    https://x.com/solana/status/1805587979723063440 
    https://x.com/phantom/status/1805588661213220968 
    https://x.com/dabit3/status/1805955810800947472 
    https://x.com/0xCygaar/status/1804536674338357368 
    https://x.com/ufukaltinok/status/1804362153903681823 

    39:20 Blast launched their airdrop
    https://x.com/Blast_L2/status/1805630569830924310 
    https://www.coingecko.com/en/coins/blast 
    https://x.com/blur_io/status/1805631184028024909 
    https://x.com/OlimpioCrypto/status/1805634498358366697 

    45:44 Ethereum execution client Reth was launched! 
    https://x.com/gakonst/status/1805920383390154845 

    48:52 MiCA is about to enforce strict rules for stablecoins  
    https://www.theblock.co/post/301989/eu-crypto-mica-stablecoin-disruption 
    https://x.com/SethHertlein/status/1799102535459877201 

    52:15 Gary Continues Taking Ls 
    https://x.com/MinarikLaw/status/1805715857030439306  
    https://x.com/EleanorTerrett/status/1806334142432293142 
    https://x.com/milesjennings/status/1806354239092080665 
    https://x.com/WatcherGuru/status/1806303516694122663 
    https://www.coindesk.com/policy/2024/06/27/coinbase-accuses-us-sec-fdic-of-improperly-blocking-document-requests/ 

    56:39 Winklevoss twins donated $2M in BTC to Trump’s campaign 
    https://x.com/tyler/status/1803872859938549920 

    59:10 Raises and BVC Investments  
    https://x.com/hotpot_dao/status/1806357081231909168 
    https://x.com/KAndrewHuang/status/1805632313759514783 

    1:01:47 Voting on Bankless Nation podcast suggestions starts today! 
    https://www.jokerace.io/contest/base/0x0bac0ec9b6aeafa6c2212f67a67950940eda63a7 

    1:03:34 July schedule…
    https://lu.ma/k0amrrnz 
    https://x.com/TrustlessState/status/1805381346510225776 

    1:04:58 Meme of the Week
    https://x.com/BitwiseInvest/status/1806326930477654147  

    1:05:43 Closing & Disclosures

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures 

    Bankless
    enJune 28, 2024

    PleasrDAO Releases Secret Wu-Tang Album | Leighton Cusack & Matt Metkov

    PleasrDAO Releases Secret Wu-Tang Album | Leighton Cusack & Matt Metkov

    David is joined by Leighton Cusack and Matt Metkov, two members of PleasrDAO, the organization that owns and is releasing the Wu-Tang Album. 

    The Wu-Tang Clan created a unique album, “Once Upon a Time in Shaolin,” to combat music’s devaluation in the digital age. It was bought by Martin Shkreli in 2015, who later lost it due to a fraud conviction. In 2021, PleasrDAO, a crypto collective, purchased the album to restore its value and make it accessible to the public, promoting fairer digital ownership in the Web3 era.

    Hear how you can own the most exclusive music album and help support the movement. 

    ------
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    ------
    TIMESTAMPS

    0:00 Intro
    9:09 What’s Special About This Album?
    11:13 One-Off Event Or New Path For Artists?
    14:24 Music Scenario: 2014 vs. Now?
    17:41 Music Renting VS Collecting/Ownership 
    22:25 How To Own The Album?
    26:47 Rights & Collaboration 
    28:07 Rethinking Music Distribution 
    31:02 Magnitude Of Album Release
    32:47 Why Crypto People Should Care?
    34:56 David On The Album Songs
    38:05 Where To Own The Album?
    40:16 Sales & Record-Breaking Week
    43:48 Closing & Disclosures

    ------
    RESOURCES

    Mint Here
    https://thealbum.com  

    Leighton
    https://x.com/lay2000lbs 

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures ⁠ 

    Bankless
    enJune 27, 2024

    Is Crypto Still in a Bull Run? | RSA+DH

    Is Crypto Still in a Bull Run? | RSA+DH

    Is the crypto bull market over? The crypto sentiment has suddenly flipped bearish. The skeptics are saying that the ETH ETF will amount to nothing. Gox will dump on you. There are no new crypto use cases. There’s too much token supply. The bearish list goes on.

    So what gives? Is this just summertime slowness or is the bull market over?

    ------
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    ------
    TIMESTAMPS & RESOURCES

    0:00 Intro

    1:15 Current Market Sentiment
    https://x.com/splitcapital/status/1805346083981201775 
    https://x.com/biancoresearch/status/1805341535967527200 
    https://x.com/SplitCapital/status/1805349168229367936 
    https://x.com/cryptobran_/status/1805331025905729983 
    https://x.com/mrjasonchoi/status/1804107651854594071 
    https://x.com/tmnxeq/status/1804913082571071679

    12:49 ETH ETF is Bearish
    https://x.com/Rewkang/status/1804735595111211104

    16:26 Gox will Dump on You 
    https://x.com/WatcherGuru/status/1805168222645244311 
    https://x.com/RyanSAdams/status/1804138577204289900

    19:20 No New Crypto Use Cases
    https://x.com/0xCygaar/status/1801667353207521364 
    https://x.com/divine_economy/status/1802510497633198565 
    https://x.com/milesdeutscher/status/1800190273517211699

    26:09 Any Bulls Left? 
    https://x.com/econoar/status/1805447135141544280 
    https://x.com/milesdeutscher/status/1805249025643581761 
    https://x.com/fejau_inc/status/1805242741494005780     
    https://x.com/intangiblecoins/status/1805244957252284916 
    https://x.com/intangiblecoins/status/1805244973261914582 
    https://x.com/pythianism/status/1805608579422208061 
    https://x.com/pythianism/status/1804987849059787113 
    https://x.com/iamDCinvestor/status/1804998114090389795 
    https://x.com/cburniske/status/1805308535611502763 
    https://imgur.com/DXcyjMS

    43:27  Closing & Disclosures

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures 

    Bankless
    enJune 26, 2024

    The Case for Authoritarianism | Vitalik Buterin & Noah Smith

    The Case for Authoritarianism | Vitalik Buterin & Noah Smith

    What if the information anarchy of the internet spells the downfall of liberalism?

    Economist Noah Smith and Ethereum Founder Vitalik Buterin join us for a fascinating discussion on why Authoritarianism might be the answer to the current information warfare. Yes, you heard that right.

    We start the episode by defining liberalism, how it has brought excessive polarization and why totalitarianism might be the only solution left. We then steelman the case against this same argument and how blockchains and crypto could play a role in all this.

    ------
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    ⁠https://bankless.cc/Arbitrum 

    ------
    TIMESTAMPS

    0:00 Intro
    8:53 Defining Liberalism
    21:50 Information Warfare
    42:17 Summarizing the Argument
    55:09 Could the Thesis be Wrong?
    1:11:12 Information Leviathans
    1:34:13 The Role of Blockchains
    1:38:22 Closing & Disclaimers

    ------
    RESOURCES

    Vitalik Buterin
    https://x.com/VitalikButerin  

    Noah Smith
    https://x.com/Noahpinion  

    Noahpinion Blog
    https://www.noahpinion.blog/  

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures ⁠ 

    Bankless
    enJune 25, 2024

    Why We Should Fight for Freedom of Speech | Greg Lukianoff

    Why We Should Fight for Freedom of Speech | Greg Lukianoff

    Why should we fight for Freedom of Speech?

    That’s the question that Free Speech Lawyer and Writer Greg Lukianoff helps us answer today.

    Using first principles, Greg goes deep into the importance of Freedom of Speech, “Free Speech Culture”, what happens to Free Speech when new technologies like the printing press and the internet are introduced, and how all this intersects with blockchains and crypto.

    ------
    🎬 DEBRIEF | Ryan & David Unpacking the Episode:
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    ------
    TIMESTAMPS

    0:00 Intro
    6:19 Defining Free Speech
    15:59 Free Speech Origins
    19:43 The Printing Press
    37:11 The Constitution
    39:50 Free Speech Culture
    47:48 What Protects Free Speech
    55:57 Generational Differences
    1:09:17 Censorship Societies
    1:16:29 The Internet
    1:21:04 AI & Free Speech
    1:23:04 Web2 Censorship
    1:27:17 Freedom to Transact
    1:36:38 Privacy
    1:38:30 How to Get Involved
    1:40:49 Closing & Disclaimers

    ------
    RESOURCES

    Greg Lukianoff
    https://x.com/glukianoff 

    The Eternally Radical Idea Newsletter
    https://greglukianoff.substack.com/  

    FIRE
    https://www.thefire.org/  

    Support FIRE Today!
    https://www.thefire.org/donate  

    The Canceling of the American Mind
    https://www.amazon.com/Canceling-American-Mind-Undermines-Threatens-ebook/dp/B0BTZT9PLM/ref=tmm_kin_swatch_0?_encoding=UTF8&sr=8-1  

    Free Speech: A History from Socrates to Social Media 
    https://www.amazon.com/Free-Speech-History-Socrates-Social/dp/1541600495/ref=sr_1_1?sr=8-1  

    Revolution in the Age of Social Media
    https://www.amazon.com/Revolution-Age-Social-Media-Insurrection-ebook/dp/B00GVZJWAM  

    Free Speech, The People's Darling Privilege
    https://www.amazon.com/Free-Speech-Peoples-Darling-Privilege/dp/0822325292  

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures⁠  

    Bankless
    enJune 24, 2024

    Related Episodes

    50 - Crypto-Dollars, Regulation, and DeFi | Jeremy Allaire

    50 - Crypto-Dollars, Regulation, and DeFi | Jeremy Allaire

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    50 - Crypto-Dollars, Regulation, and DeFi

    Guest: Jeremy Allaire

    Jeremy Allaire is a serial entrepreneur and the Co-founder and CEO of Circle, the firm behind USDC. He advocates for the U.S. crypto industry in Washington, paving the way for current and future regulation of cryptoassets.

    USDC and other stablecoins saw a massive influx throughout 2020 into Ethereum and DeFi as demand skyrocketed, providing a glimpse of possible long-term impacts on the future of money. Jeremy argues for a full-reserve money system based on Austrian Economics, moving away from the money creation inherent to today's fractional-reserve systems.

    Jeremy details the synergy between fiat stablecoins and non-sovereign, store-of-value, commodity assets. He envisions a future of synthetic digital currencies balanced by a basket of non-sovereign assets.
    This is a vital time for instituting effective regulatory measures for cryptoassets and protocols, and as a front-line advocate, Jeremy stresses the importance of the crypto industry itself taking the initiative to front-run regulatory issues via creative innovation.

    Jeremy self-describes as "cautiously optimistic" about establishing meaningful dialogue with regulators like Gary Gensler, Janet Yellen, and FinCen, focusing on specific issues like criminal abuse, self-sovereign identity, and consumer protection.

    Jeremy concludes with broad market predictions and analysis of DeFi as a massively underrated space, with the long-term goal of DeFi interacting broadly with real-world identities.

    This was an extremely interesting conversation that shed some much-needed light on stablecoins in a regulatory context, and Jeremy remains a key component throughout this development.

    ------
    Resources:
    Jeremy Allaire on Twitter
    https://twitter.com/jerallaire
    Circle
    https://www.circle.com/
    USDC
    https://www.circle.com/en/usdc
    Centre Consortium
    https://www.centre.io/

    ------
    Don't stop at the video!
    Subscribe to the Bankless newsletter program
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    -----
    Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

    Disclosure. From time-to-time we may add links in this channel to products we use. We may receive commission if you make a purchase through one of these links. We'll always disclose when this is the case.

    ROLLUP: 5th Week of December

    ROLLUP: 5th Week of December

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    🤖YEARN - YIELD-SEEKING MONEY ROBOT THAT FARMS DEFI FOR YOU 
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    ------

    ROLLUP: 5th Week of December

    MARKET

    BTC Price
    - Almost 29k!

    ETH Price
    - Just hit 750!
    - 50% away from ATH price

    Blow off tops coming??
    We are very far away from the 20 week MA!

    TVL in DeFi
    - Up from 14B to 14.4B

    DPI 
    - Up from $108 to $117

    2.2M ETH in ETH 2, $1.65B

    Futures value Coinbase at $50B
    https://ftx.com/trade/CBSE/USD

    ____

    RELEASES

    1INCH token released
    https://1inch-exchange.medium.com/1inch-token-is-released-e69ad69cf3ee

    Haseeb’s take on Stablecoins

    https://medium.com/dragonfly-research/fighting-to-be-stable-the-evolution-of-stablecoins-aca81fb432f9

    DeFi events of the year graphic

    https://www.theblockcrypto.com/linked/89271/here-are-some-of-the-biggest-defi-events-in-2020

    Opyn V2
    https://medium.com/opyn/opyn-v2-is-live-11347240b46e

    YAM rebasing DISABLED

    https://twitter.com/YamFinance/status/1343966274095902720

    YAM released Degenerative Finance on UMA

    https://medium.com/yam-finance/degenerative-finance-ugas-explained-458bedbc2f17

    - YAM acting as a good DAO!

    Primitive is Live on Mainnet
    https://primitivefinance.medium.com/primitive-is-live-on-mainnet-2261c5b098c5

    ____

    NEWS

    New SEC Chairman appointed: Elad Roisman https://u.today/breaking-new-pro-crypto-sec-chairman-appointed
    “Known as one of the most crypto-friendly SEC commissioners. A vocal supporter!

    The fact that Roisman is at the helm of the SEC also significantly boosts the chances of a Bitcoin-tied exchange-traded fund (ETF) being approved in the coming years. 

    Mnuchin wants onchain KYC for all ETH wallets that have stablecoins in them
    https://twitter.com/jchervinsky/status/1341864829171228676?s=20 

    Comment window period open on the FinCEN proposal to extend KYC to non-custodial wallets
    https://twitter.com/jchervinsky/status/1341847200209530883?s=20

    Etoro IPO rumors
    https://cointelegraph.com/news/crypto-friendly-trading-firm-etoro-rumored-to-be-prepping-for-2021-ipo

    Coinbase Delists XRP
    https://twitter.com/coinbase/status/1343685626001039360?s=20

    Also Binance US
    https://twitter.com/binanceus/status/1344372892205608961?s=21

    Also Bittrex
    https://twitter.com/BittrexExchange/status/1344056304617177089

    Also trading desks
    https://www.theblockcrypto.com/linked/89083/jump-trading-galaxy-xrp-market-making

    ____

    Cover Protocol Exploit

    https://coverprotocol.medium.com/12-28-post-mortem-34c5f9f718d4

    https://twitter.com/CoverProtocol/status/1343581331448586245

    https://etherscan.io/tx/0xc2fd5094c1e108f83222a86bd46b35fc0da35616385d681964b22003643f982e
    ____

    TAKES

    Uniswap means you can't be delisted (sorry XRP)
    https://twitter.com/RyanSAdams/status/1343740028766347265?s=20

    DC
    https://twitter.com/iamDCinvestor/status/1344138701757153281?s=20

    Can’t delist on Uniswap
    https://twitter.com/RyanSAdams/status/1343740028766347265?s=20

    Ethereum is the TAM
    https://twitter.com/panekkkk/status/1343269535919562753?s=20

    Ethereum doesn’t marginalize
    https://twitter.com/evabeylin/status/1341793825962958848?s=20

    Degens are funding Open Source
    https://www.coindesk.com/defi-degens-funding-next-wave-open-source

    Ethereum is the last bastion for Yield
    https://twitter.com/TrustlessState/status/1344378165414617088?s=20
    ------
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    Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

    Disclosure. From time-to-time we may add links in this channel to products we use. We may receive commission if you make a purchase through one of these links. We'll always disclose when this is the case

    9 - Going Bankless with Maker | Mariano Conti

    9 - Going Bankless with Maker | Mariano Conti

    Episode: #9
    April 27, 2020

    Ryan & David talk with Mariano Conti about Dai, Maker, & his epic bankless journey. Learn how Maker can help you go bankless through this conversation with Mariano.

    We talk:

    • Mariano's life in midst of Argentina's capital controls
    • Why Mariano moved from Bitcoin to DAI and Ether
    • The components of Maker including:
      • DAI (stability)
      • Vault/CDP (credit)
      • Dai Savings Rate (interest)
      • Governance (MKR token)
    • Centralization risks of Maker
    • Is Maker the last say on decentralized stablecoins?
    • What's it going to take to see 1m people into DAI?
    This is our first of three episodes in the "King Money Protocols Series" where we talk through the three most important DeFi protocols. Stay tuned for the next two episodes!
     
    Before the episode begins we also talk about:
    • The Lendfme hack & what it implies
    • Insanity of negative oil prices! 

    -----

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    The Future of the NFT Marketplace, Meta-Space and More, Featuring Boburjon Muydinov of Dvision Network

    The Future of the NFT Marketplace, Meta-Space and More, Featuring Boburjon Muydinov of Dvision Network

    On the latest episode of The Bit, Chris Sinkey sits down with Boburjon Muydinov, the Head of Business Development at Dvision Network, for a stimulating discussion on how the platform allows you to create, trade, and play in the blockchain-based NFT Metaverse. The pair go in-depth on the NFT Market, Meta-Space, Meta-City, and the architecture behind the ecosystem.