Unchained

Lewis Cohen, lead attorney at DLx Law LLC, shares his insights on the Lummis-Gillibrand Responsible Financial Innovation Act. He highlights the bill's innovative definition of 'ancillary assets' and its unique split oversight between the CFTC and SEC. Cohen tackles criticisms of the ancillary approach and discusses the implications for digital asset regulation, investor protection, and the potential impact on innovation. He also addresses the future of stablecoins and DAOs, underscoring the need for careful legislative balance in this rapidly evolving landscape.

Glenn Weyl, founder of the RadicalxChange Foundation and political economist at Microsoft, teams up with Pooja Ohlhaver, a strategist at Flashbots. They dive into soulbound tokens, revealing how these non-transferable NFTs could reshape decentralized identity and improve DAO governance. The conversation explores the balance between community participation and individual roles within decentralized networks. They also discuss the potential for soulbound tokens in establishing trust for under-collateralized lending while addressing security challenges in the Web3 ecosystem.

Jason Gottlieb, a seasoned crypto attorney at Morrison Cohen, unpacks the landmark insider trading case against former OpenSea employee Nathaniel Chastain. He explains why Chastain faces charges of wire fraud and money laundering instead of conventional insider trading. The conversation explores unique aspects of NFT trading, the significance of an employee’s confidentiality duty, and the legal complexities of moving funds between wallets. Gottlieb also shares insights on potential penalties and advice for crypto professionals navigating these murky legal waters.

Laura Shin, an independent crypto journalist and host, joins industry experts Haseeb Qureshi, Tom Schmidt, and Tarun Chitra for a deep dive into the new Terra's journey. They discuss Terra's ambitious revival efforts, the surprising speed of Do Kwon's return to social media, and the broader implications for Cosmos. Tarun provocatively raises the question of whether investors should be held accountable, while also highlighting his view on Osmosis' acquisition being a game-changer. The conversation touches on legal ramifications, misconceptions about crypto, and the need for accountability in the evolving landscape.

Sunny Aggarwal, co-founder of Osmosis Labs, dives into the future of crypto by discussing how Osmosis enhances user experience with innovations like superfluid staking and automated market makers. He shares insights on the importance of app chains and how Cosmos combines the strengths of Bitcoin and Ethereum. Sunny explains how they tackle issues like front running using threshold encryption and the thoughtful governance behind Osmosis. His journey from Ethereum to Cosmos also reveals fascinating parallels between blockchain evolution and human evolution.

Coy Garrison, a partner at Steptoe & Johnson and former counsel to SEC Commissioner Hester Peirce, dives into the evolving landscape of crypto regulation. He shares insights on his journey with the SEC and discusses how recent comments from Chair Gary Gensler give him hope for a more constructive regulatory approach. Coy addresses the implications of stablecoin regulation, the debate over Bitcoin spot ETFs versus futures ETFs, and critiques around the SEC's stance on decentralization and commodities, shedding light on the industry's future.

Cobie, co-founder of Lido and UpOnlyTV, teams up with Chris Burniske, a partner at Placeholder Ventures, to dissect the nuances of surviving a crypto bear market. They analyze the ramifications of the Terra collapse and discuss why Chris believes these downturns present prime buying opportunities. The duo explores the potential future of algorithmic stablecoins, the effects of macroeconomic trends, and why certain risky assets could soar. They also reflect on valuable lessons learned from past mistakes while forecasting the innovations that could spark the next bull cycle.

Tascha Che, founder of Tascha Labs and a prominent figure in the stablecoin market, dissects the Terra/Luna collapse, sharing five crucial lessons. She explains how stablecoin issuers operate and why algo stablecoins excite her. Tascha discusses the risks of undercollateralized stablecoins and the importance of actual demand for stability. Interestingly, she argues that smaller stablecoins may be more effective and advocates for cross-chain agreements to enhance crypto ecosystem resilience. Additionally, she reflects on the potential regulatory implications post-collapse.

In this discussion, Kevin Zhou, CEO of Galois Capital and a well-known skeptic of UST, shares his early warnings about the TerraUSD collapse. He explains how the depegging triggered a 'fear cascade' and criticizes the lack of transparency from the Luna Foundation Guard. Zhou delves into trading strategies during the meltdown, revealing how Galois handled the crisis. He also discusses the broader implications for both crypto and traditional finance and the role of regulations in the aftermath, highlighting the perilous nature of algorithmic stablecoins.

In this engaging discussion, Nic Carter, a partner at Castle Island Ventures, Eric Wall, a former CIO at Arcane Assets, and Erik Voorhees, founder of ShapeShift, delve into the downfall of Terra and its algorithmic stablecoin. They debate the misconceptions surrounding UST's stability and the market dynamics that led to its collapse. Opinions vary on whether algo stablecoins can succeed, with Erik sharing how his views evolved. The trio also addresses the arrogance of Terra's founder, risks of liquidity issues, and the critical lessons the crypto industry must learn.