Unchained

Win a free one-year subscription to Bits + Bips Premium by completing our survey!  [http://unchainedcrypto.com/survey] The state of Texas just passed a law that creates a $10 million strategic Bitcoin reserve. Laura talks to Lee Bratcher, president of the Texas Blockchain Council, who helped drive this new law. He explains how bipartisan support made it possible, why this might be the start of a broader trend, and what’s next for public Bitcoin ownership in the U.S. We get into: * The logic behind the $10 million number * Why custody and compliance are key * Whether California or Illinois could ever do something similar * And how other states are reacting Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! * FalconX [https://www.falconx.io/focal] * Ledn [https://www.ledn.io?utm_source=unchained&utm_medium=podcast&utm_campaign=unchained_2025&utm_content=unchained] Guest: Lee Bratcher [https://x.com/lee_bratcher?], President and Founder of the Texas Blockchain Council * Links: * Texas Blockchain Council [https://texasblockchaincouncil.org] * Bloomberg: Texas Gov. Abbott Signs Bill to Create State Bitcoin Reserve [https://news.bgov.com/bloomberg-government-news/texas-gov-abbott-signs-bill-to-create-state-bitcoin-reserve] * Unchained: Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support [https://www.youtube.com/watch?v=yeUAjp4wj2A] Timestamps: 🎬0:00 Intro 🏛️ 2:12 How the idea for a $10M strategic Bitcoin reserve became law in Texas 💰 5:42 Why lawmakers settled on $10 million—and what that number really means 🔐 8:59 How Texas plans to custody its bitcoin, and why it matters 📉 10:59 Why the bill includes language about using derivatives for BTC 🏦 12:12 What exchange the state might use to actually buy the bitcoin 🗳️ 14:59 Who owns crypto in Texas—and whether politics play a role 🤝 18:05 Why Bitcoin isn’t such a partisan issue in the Lone Star State 🧡 22:20 How Lee Bratcher got orange-pilled into Bitcoin 📜 24:38 Why Lee thinks the Lummis-Gillibrand bill could pass, and the future of bitcoin bonds 🌎 27:45 Which state might be next to adopt a Bitcoin reserve law Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

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. This week, we’re joined by Vlad, the leverage legend behind Lighter, a zk-powered DEX taking aim at Hyperliquid in the rising CLOB wars. We unpack the new Token Transparency Framework from Blockworks and whether self-regulation can fix crypto’s disclosure problem. Should VC wallets be public? Are market-making deals legally risky? And why do most projects still say nothing? Plus: Vlad explains how Lighter uses zero-knowledge proofs to enforce fairness and fight toxic flow—without harming retail. And Circle’s stock goes full meme mode, TikTok retail piles in, and Robert reveals he’s short. Is crypto finally growing up—or just evolving its chaos? Show highlights 🔹 Token Transparency Framework Debated – Blockworks’ 40-point voluntary disclosure system sparks industry-wide discussion on what teams and investors should reveal 🔹 Disclosures vs. Reality – Most projects don’t lie—they just don’t publish. The real problem isn’t fraud, it’s silence 🔹 VC Wallets Stay Dark – Debate over whether investor wallet addresses and cost bases should be disclosed; consensus: team vesting should be public, investor holdings still a gray area 🔹 Exchange Listings & Disclosures – Exchanges are considering using the transparency framework to prioritize listings, creating pressure for teams to comply 🔹 CLOB Wars Continue – Lighter joins the battle against Hyperliquid with zk-proven verifiability and zero-fee trading for retail 🔹 Lighter’s Architecture Edge – Built as a ZK L2 on Ethereum, Lighter pitches composability + security vs. Hyperliquid’s standalone stack 🔹 Fighting Toxic Flow – Instead of cancel-order tricks, Lighter adds subtle latency and fee mechanics to penalize HFT bots without harming retail 🔹 Dark Pools for DeFi? – Vlad teases ZK-based private order flow as a future feature, merging institutional behavior with onchain guarantees 🔹 DEX Future = Specialization – Vlad predicts no single winner: future DEXs will specialize in niches—memecoins, structured products, prediction markets 🔹 Circle Becomes a Meme Stock – Robert discloses his short position as retail pumps Circle to an $80B FDV off TikTok hype and the Genius Act tailwinds ⭐️Haseeb Qureshi [https://twitter.com/hosseeb], Managing Partner at Dragonfly ⭐️Robert Leshner [https://twitter.com/Rleshner], CEO & Co-founder of Superstate⭐️Tom Schmidt [https://twitter.com/tomhschmidt], General Partner at Dragonfly  Guest ⭐️ Vladimir Novakovski [https://x.com/vnovakovski], CEO & Founder of Lighter Token Transparency by Blockworks: https://blockworks.co/token-transparency [https://blockworks.co/token-transparency]  Timestamps 00:00 Intro 01:49 Token Transparency Report by Blockworks 04:17 Token Disclosures 08:52 Challenges and Future of Token Transparency 23:22 Circle Mania Continues 25:06 Circle Valuation and Market Reactions 30:15 CLOB Wars 36:52 Technical Architecture and Verifiability 47:04 Market Structure and Future of DeFi Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

As tensions flare between Iran and Israel, investors are watching oil, gold, and, of course, crypto. In this episode of Bits + Bips, the panel digs into the market response to war risk, the chances the Fed will actually cut rates, and how Circle’s IPO is being treated more like a meme stock than a fintech play. Plus: * Why Scaramucci says we’re all living in a surveillance state  * Whether stablecoins are being kneecapped by U.S. regulation  * When altcoin ETFs are coming * And what BlackRock’s Larry Fink secretly told Scaramucci about Bitcoin in 2021 👀 Sponsor: * Bitwise [https://bitwiseinvestments.com/ciomemo] * James Seyffart [https://twitter.com/JSeyff], Research Analyst at Bloomberg Intelligence * Alex Kruger [http://x.com/krugermacro], Founder of Asgard * Noelle Acheson [https://x.com/NoelleInMadrid], Author of the “Crypto Is Macro Now” Newsletter  * Anthony Scaramucci [https://x.com/scaramucci], Founder of SkyBridge US-Iran-Israel war * Unchained: Bitcoin Dips Below $100K as U.S.–Iran Tensions Trigger $627M in Liquidations [https://unchainedcrypto.com/bitcoin-dips-below-100k-as-u-s-iran-tensions-trigger-627m-in-liquidations/] * Polymarket: Will Iran close the Strait of Hormuz before July? [https://polymarket.com/event/will-iran-close-the-strait-of-hormuz-before-july?tid=1750687865034] * WSJ: What Israel’s Soaring Markets Are Saying About the Iran War [https://www.wsj.com/world/middle-east/israeli-stock-market-iran-conflict-92315796?st=2tptU4] Macro * WSJ: Fed’s Bowman Says She Could Support a July Interest-Rate Cut [https://www.wsj.com/livecoverage/stock-market-today-trump-tariffs-trade-war-06-23-2025/card/fed-s-bowman-says-she-could-support-a-july-interest-rate-cut-gdCMqnH9zJKeKlnYEj3C] * CNBC: Fed Governor Waller says central bank could cut rates as early as July [https://www.cnbc.com/2025/06/20/fed-governor-waller-says-central-bank-could-cut-rates-as-early-as-july.html] * FT: Jay Powell to push back on calls for Federal Reserve rate cuts as soon as July [https://www.ft.com/content/9659042d-35c3-4540-8140-0c0f86cbe5c1] Stablecoins * WSJ: Stablecoin World Opens Up to Main Street Banks [https://www.wsj.com/finance/currencies/stablecoin-crypto-fiserv-smaller-banks-aa9049ea?mod=finance_lead_pos1] * The Block: Circle's post-IPO stock surge pushes market cap near Coinbase and USDC [https://www.theblock.co/amp/post/359275/circles-post-ipo-stock-surge-pushes-market-cap-near-coinbase-and-usdc] ETFs * James upped [https://x.com/jseyff/status/1936117896347803748?s=46] the odds on a bunch of altcoin spot ETFs Timestamps: * 🎬 0:00 Intro * 🌍 2:51 Are there lessons in how the markets shrugged off the Iran-Israel conflict? * 🔥 9:37 What flashpoints in the Middle East could ignite next * 🛢️ 14:40 Will oil supplies remain safe? * 💸 22:13 Are cracks finally forming in the Fed’s resistance to rate cuts? * 📉 28:08 Why Anthony believes that Fed Chair Powell is playing politics with rates * 🇺🇸 33:55 Whether TACO Trump or tough Trump will show up on tariff day * 🎯 36:26 What Anthony says that people get wrong about Trump’s economic strategy * 🏦 43:52 Why Circle’s IPO feels more meme than fintech and what Larry Fink once secretly told Anthony about bitcoin 👀 * 🚫 50:27 One thing that Anthony HATES about the GENIUS Act * 📊 56:17 Why James is upping his odds on a wave of altcoin ETFs, but doesn’t expect many to be successful products Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Take the Unchained 2025 survey! unchainedcrypto.com/survey [https://www.youtube.com/redirect?event=comments&redir_token=QUFFLUhqbmd4RnVFRmtMOTRCckM0MWhBWm1mWFZYQTFTQXxBQ3Jtc0ttUU1VM2VfMnJ5VzVOMUdNUWY1MzBBTE01RlhWcGVqaEdOMmJSb3AwRmVLdlczY3RVRzdFV2h2c1BzY3c0SHFVREM2U0hWTTBlNElmTEFzTVQxaXpjT1pNZDI4cGI2WVJGVmFLbjZkdFhrbGZ1dTlONA&q=http%3A%2F%2Funchainedcrypto.com%2Fsurvey] ------- Cross-border payments. Mobile money. Stablecoins. Crypto. Elizabeth Rossiello has lived through every cycle, not from a trading desk, but the front lines of African markets. Now, the founder of AZA Finance is selling her company to global fintech giant dLocal, a signal that the line between crypto and traditional finance is blurring fast. In this episode, she talks about: * How stablecoins are powering 24/7 commerce in emerging markets * Why new entrants keep failing to gain traction * And how liquidity, not tech, will determine who wins this new game All that, plus the inside story of AZA’s journey from a Nairobi-based Bitcoin exchange to one of the most important fintech players in Africa. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com * Bitwise [https://bitwiseinvestments.com/ciomemo] * Human Rights Foundation [https://hrf.org/] * Xapo Bank [http://xapobank.com/unchained] Elizabeth Rossiello [https://x.com/e_rossiello], CEO and Founder of AZA Finance Previous appearance on Unchained: BitPesa's Elizabeth Rossiello on Necker Island [https://unchainedcrypto.com/bitpesas-elizabeth-rossiello-on-necker-island/] Links dLocal announces intention to acquire AZA Finance to strengthen [https://azafinance.com/dlocal-announces-intention-acquire-aza-finance-presence-africa-capabilities/] AZA Finance: dLocal announces intention to acquire AZA Finance to strengthen presence in Africa and expand capabilities [https://azafinance.com/dlocal-announces-intention-acquire-aza-finance-presence-africa-capabilities/] * Bloomberg: Uruguay’s DLocal to Buy AZA Finance in Africa Push [https://www.bloomberg.com/news/articles/2025-06-03/dlocal-said-to-near-150-million-deal-for-aza-in-africa-push?sref=m9L277rN] * American Banker: What experienced payment execs can pass to a new generation [https://www.americanbanker.com/payments/news/the-most-influential-women-in-payments-disc[%E2%80%A6]n=editorial-content&utm_medium=organic&utm_source=twitter] * The Startup Leap: Building A Remittance App for Africa’s $1tr Market | Elizabeth Rossiello | Aza Finance [https://youtu.be/riGIeRcootU?si=Se6Nvwj38Evjv2-R] * Jack Zhang of Airwallex tweet [https://x.com/awxjack/status/1931239633414709534?s=46] saying he doesn’t see “a single use case” for crypto Timestamps: * 🎬0:00 Intro * 🌍 3:30 What Africa’s early payments scene looked like and how Elizabeth launched the first Bitcoin exchange there * 📲 10:54 How the continent’s payment rails evolved * 🔥 16:15 How Western Union dropped its pricing after her company launched * 💸 20:42 Why stablecoins became a game-changer for cross-border payments * 📊 25:24 What the real volume drivers are * 🌐 28:53 How crypto adoption in Africa shifted post-COVID * 🤝 37:00 Why AZA decided to acquire two companies * ⚠️ 38:46 How the FTX partnership hurt AZA * 💼 41:37 How the dLocal deal came together behind the scenes * 🔄 45:08 Why crypto and fintech are on a fast path to convergence * 🏁 50:58 Which players Elizabeth thinks will win in the new payments race * 📵 53:47 Why “mobile money” is still tough competition for crypto * 💥 56:48 How USDT has an edge in emerging markets * 🇨🇳 58:50 How China’s deep ties to Africa have shaped the game * 🚀 1:01:37 What it’s been like to build AZA as a young woman founder in crypto Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

On Tuesday, JPMorgan announced that its blockchain unit is launching JPMD, a USD deposit token for institutional clients, on Base. That’s right: the world’s biggest bank by assets and the 12th largest company by market cap is putting real dollars onchain. JPMD isn’t quite a stablecoin, but it’s close. It represents actual dollar deposits at JPMorgan and will be used by institutional clients for blockchain-based transactions. The bank plans to run a pilot over the coming months and eventually expand it to other user groups and currencies, pending regulatory approval. To understand what this means for the broader crypto ecosystem (and why JPMorgan chose Base), we brought on Jesse Pollak, head of Base and Coinbase Wallet. In this episode, Jesse explains: * Why JPMorgan (and Shopify) chose Base * What deposit tokens are, and how they differ from stablecoins * Why infrastructure is finally “ready” for institutions * How Base scaled from 2.5 million to 35 million gas/sec * What’s next for Coinbase users who’ll have one-tap access to onchain assets * And Jesse’s response to the critics who said that Coinbase doesn’t give enough credit to Ethereum Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com * Ledn [https://www.ledn.io?utm_source=unchained&utm_medium=podcast&utm_campaign=unchained_2025&utm_content=unchained] * FalconX [https://www.falconx.io/focal] * Jesse Pollak [https://x.com/jessepollak], Head of Base and Coinbase Wallet * Unchained:  * JPMorgan to Pilot ‘JPMD’ Token on Base [https://unchainedcrypto.com/jpmorgan-to-pilot-jpmd-token-on-base/] * Coinbase and Amex Team Up on Bitcoin Card as Exchange Reveals Broad Expansion Plans [https://unchainedcrypto.com/coinbase-and-amex-team-up-on-bitcoin-card-as-exchange-reveals-broad-expansion-plans/] * Comments [https://www.bloomberg.com/news/articles/2025-06-17/jpmorgan-to-pilot-deposit-token-jpmd-on-coinbase-linked-public-blockchain] on Bloomberg by Naveen Mallela, global co-head of the bank's blockchain division Kinexys by JPMorgan Timestamps: 🎬 0:00 Intro 🏦 1:49 What JPMD actually is 🔧 4:26 Why Jesse believes infrastructure is finally ready for institutional adoption 📊 7:03 Whether Base can handle global scale 💵 9:24 How JPMorgan plans to use deposit tokens in real-world blockchain transactions ⚖️ 11:22 Whether deposit tokens are a better model than stablecoins 🛠️ 16:59 Why JPMorgan chose to launch on Base instead of other chains 📉 19:00 How recent events served as a wake-up call for fintech and commerce 📲 22:22 Why Jesse is hyped about seamless access to onchain assets inside Coinbase 📈 25:47 How Coinbase plans to manage the chaos of token pumps and dumps 🌐 27:54 Jesse’s take on the criticism that Coinbase doesn’t show Ethereum enough love Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]