Podcasts about FTX

In their final episode on Unchained, Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le share the advice they give women entering crypto. Plus, Vy on the Senate meeting after FTX. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you're buying - swap it at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ======================================================== Quick favor: We're deciding what Unchained does next; new shows, stream times, what's worth paying for.⁠⁠⁠ Our listener survey⁠⁠⁠ takes five minutes, it's anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18. — Laura ======================================================== After more than a year of amplifying women's voices in crypto, DEX in the City is signing off from Unchained, and its hosts skip the week's news to share the advice they give people trying to break into the industry. Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le debate whether lawyers need to be on X, why "getting into crypto" now means learning perps, tokens, and prediction markets at once, and why Katherine believes women in male-dominated rooms have to be the adult in the room. Vy recounts breaking down in a Senate office days after FTX collapsed, a story she says she had barely told anyone, and what it taught her about separating the technology from the people who abuse it. Jessi recalls begging the FBI around 2016 to take cases involving terrorists using Bitcoin, a measure of how far the industry has traveled since institutions laughed it off. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host of DEX in the City and General Counsel of Chainlink ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vy Le⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of DEX in the City and General Counsel of Veda Timestamps

In their final episode on Unchained, Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le share the advice they give women entering crypto. Plus, Vy on the Senate meeting after FTX. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you're buying - swap it at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ======================================================== Quick favor: We're deciding what Unchained does next; new shows, stream times, what's worth paying for.⁠⁠⁠ Our listener survey⁠⁠⁠ takes five minutes, it's anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18. — Laura ======================================================== After more than a year of amplifying women's voices in crypto, DEX in the City is signing off from Unchained, and its hosts skip the week's news to share the advice they give people trying to break into the industry. Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le debate whether lawyers need to be on X, why "getting into crypto" now means learning perps, tokens, and prediction markets at once, and why Katherine believes women in male-dominated rooms have to be the adult in the room. Vy recounts breaking down in a Senate office days after FTX collapsed, a story she says she had barely told anyone, and what it taught her about separating the technology from the people who abuse it. Jessi recalls begging the FBI around 2016 to take cases involving terrorists using Bitcoin, a measure of how far the industry has traveled since institutions laughed it off. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host of DEX in the City and General Counsel of Chainlink ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vy Le⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of DEX in the City and General Counsel of Veda Timestamps

Former White House Communications Director, broadcaster and author Anthony Scaramucci joins Spooning With Mark Wogan this week.From his working class Long Island roots to surviving Goldman Sachs, eleven infamous days in Donald Trump's White House and testifying after the catastrophic collapse of Sam Bankman-Fried's FTX, Anthony opens up about his biggest career mistakes, public humiliation, and the power of resilience. Plus, find out if Mark can change Anthony's mind on eating duck.Food Served:Pizza Of The Week: Homeslice Margarita PizzaGuilty Pleasure: Cookie Dough and Chocolate Chip cookiesSpoon One- Spaghetti MeatballsSpoon Two- Duck PancakesFollow Spooning With Mark Wogan on TikTok and Instagram @spooningwithmarkwoganAnthony Scaramucci's book, All the Wrong Moves is out to buy nowSenior Podcast Producer: Johnny SeifertVisual Producer: Chris JacobsSocial Media Producer: Jasmine VirdeeThis is a News Broadcasting Production Hosted on Acast. See acast.com/privacy for more information.

Ben walks Dennis through a six-month plan that became a jungle course for about 200 unpaid resistance volunteers. Vic built the curriculum from TCCC, the Ranger Medic Handbook, and what that force actually needed — then wrote it to their education level, culture, and organization. Supplies moved through the existing network. The first four days were not student training. They were instructor train-up. Then the locals taught. Interpreters shrank. Force multiplication went up. Chiefs owned the schedule because they knew the logistics better than the foreigners.The five-day basic block — Ranger First Responder flavor, ~150 students, three languages — ran cleaner than the ten-day advanced course. Around day six, the instructors sat in a hut wondering if anyone could action the material. The FTX answered it: recovery mission, collect, treat, triage, evacuate. When words failed, Ben inserted himself into the lane. Watch me. Do as I do.Then the punchline he brought home to NATO partners in four and a half days: stop making this more complicated than the environment allows. Basics save lives. Teaching is a hard skill and a soft skill. Ego gets you ignored — or worse. Likability moves supplies. Medics still have to influence commanders so casualties do not bog down the assault.Listen, then steal the method. Not the ego.⁠prolongedfieldcare.org⁠ | ⁠@prolonged_field_care⁠ | PFC PodcastTop 5 takeaways:Build a local instructor cadre first. Four days of train-the-trainer, then hand the blocks to them. Less interpreter drag. Real force multiplication.Write the course to the force in front of you. TCCC + Ranger Medic Handbook as the spine. Education level, culture, and org constraints as the cut line. Chiefs own the schedule.Basics scale. Abstraction does not. The 5-day / 150-student / 3-language block worked because it was see-do-act. The 10-day advanced block created the “do they actually get this?” crisis.When comprehension is in doubt, stop talking and enter the lane. Insert yourself. Narrate while you do the work. Show shock. Do not lecture shock.Teaching is an act of love plus influence. Humble competence beats the alpha brief. Medics still owe commanders a clear recommendation — even if the answer is “we're doing it anyway, figure it out.”Chapters:00:00 Cold open + why this trip01:08 Six months of planning — you do not show up on a whim01:59 Vic Nigo's curriculum: TCCC, Ranger Medic Handbook, culture, org02:51 Supply network for ~200 students03:20 Plan vs jungle reality04:01 Four-day instructor train-up and handing the class off04:56 Volunteers, buy-in, and a culture that does not like quitters06:24 Motivation that costs a patch and a thumbs-up07:29 Ukraine militia hunger vs professional-military spoiling08:26 Why train-the-trainer beats you plus an interpreter09:00 What actually broke: hours, land nav, competing requirements09:54 5-day basic / ~150 / 3 languages — the block that worked10:53 10-day advanced — day 6 doubt in the hut11:41 The FTX: recover, collect, treat, triage, evacuate12:30 Teaching tactic: insert yourself, watch me, do as I do13:14 Show them shock. Do not define it.14:13 SOCM lesson: you do not know the job until you see the job34:54 The course continues — Vic takes it deeper / SOCM Light35:37 The West overcomplicates TCCC36:10 Basics save lives37:11 NATO partners in 4.5 days: trenches, physical exam, pain, cheat cards39:17 Advice for the first overseas class40:06 Know the audience — products change with the culture40:39 Ego is a teaching failure and a survival failure41:24 All teaching is an act of love42:03 Likability as a core attribute43:09 The medic as SME: influence, battlefield clearance, buy-in44:56 Be ready for the unexpected — and try to enjoy it

Matt and Nic are back for another week of news and deals. In this episode:  How is SBF like Dario? The EAs are at it again Do we need new regulation to Pace the Frontier? Can Anthropic be regulated like a bank?  Are baseball cards back? Clarity fails at the final hurdle Why did Clarity fail? Stablecoin yield is still in effect The SEC and CFTC are engaging in rulemaking Circle launches Arc, their new L1 Robinhood employees get caught insider trading on Hyperliquid Caroline Ellison is back and working for a former FTX portco Can AI models leak MNPI? A Polish oil company tried to buy sanctioned oil from Venezuela with USDT The DOE launches a $250m Quantum computing competition

Renee Jones on how billion-dollar startups escaped public scrutiny, why founders became more powerful than their boards, and what happens when private markets operate in secrecy.Renee Jones, Boston College Law School professor, former SEC official, and author of Untamed Unicorns, joins Eric Newcomer to examine how the startup financing system shifted from investor oversight to founder control. Renee explains how changes to securities laws allowed companies to raise enormous sums while remaining private, avoid meaningful disclosure, and delay going public indefinitely.They discuss what FTX, Theranos, WeWork, and Uber reveal about startup governance; why unicorn valuations can be misleading; how employees are asked to accept stock without the information needed to value it; whether venture capital's AI obsession is distorting innovation; and why Renee believes stronger disclosure and financial controls are essential. They also debate the SEC's approach to crypto, the political power of the industry, and whether meaningful private-market reform is still possible.Subscribe for weekly conversations with the founders, investors, executives, and policymakers shaping the tech industry.

Renee Jones on how billion-dollar startups escaped public scrutiny, why founders became more powerful than their boards, and what happens when private markets operate in secrecy.Renee Jones, Boston College Law School professor, former SEC official, and author of Untamed Unicorns, joins Eric Newcomer to examine how the startup financing system shifted from investor oversight to founder control. Renee explains how changes to securities laws allowed companies to raise enormous sums while remaining private, avoid meaningful disclosure, and delay going public indefinitely.They discuss what FTX, Theranos, WeWork, and Uber reveal about startup governance; why unicorn valuations can be misleading; how employees are asked to accept stock without the information needed to value it; whether venture capital's AI obsession is distorting innovation; and why Renee believes stronger disclosure and financial controls are essential. They also debate the SEC's approach to crypto, the political power of the industry, and whether meaningful private-market reform is still possible.Subscribe for weekly conversations with the founders, investors, executives, and policymakers shaping the tech industry.

Zac Prince is the Managing Director at Galaxy Digital and the co-founder and former CEO of BlockFi. In this conversation, we break down what really happened at BlockFi's collapse, the fraud behind FTX and Alameda that he witnessed firsthand, and the lessons he's applying to risk management today. We also discuss Galaxy One's banking, crypto, and yield products, and what the future of investing and AI-powered finance looks like.=======================The views expressed by the speakers are their own and do not necessarily reflect the views of Galaxy or its affiliates. Yield is variable and may change with 30 days' notice. Galaxy Premium Yield is available only to U.S. accredited investors, is not a bank deposit, and is not FDIC insured. The note is unsecured and may result in loss of principal. Guaranteed by Galaxy Digital Holdings LP, a subsidiary of Galaxy Digital Inc. Staking involves risks, including validator downtime, slash, loss of rewards, and Galaxy cannot guarantee validator performance.=======================Arch Public is an agentic trading platform that automates investment strategies across Stocks, Commodities, ETFs and Crypto. Whether you're rotating into AI & Gold, allocating to the S&P 500, or accumulating Bitcoin, Arch Public executes your plan 24/7 without ever taking custody of your assets or funds. Sign up today at https://www.archpublic.com, and start your FREE automated trading strategy! =======================TOKEN2049 returns to Singapore on October 7–8 at Marina Bay Sands. The world's largest crypto event. 25,000 attendees, 300 speakers, 1,000 side events and the whole industry in one place for two days, into the F1 weekend. Get 10% off your ticket with code POMP10 at https://token2049.com/singapore=======================Uphold is the easiest way to buy and sell crypto unlike any other platform allowing you to trade in just one step between any supported asset. Check them out at https://www.uphold.com/pomp/ This video includes a paid sponsorship with Uphold. I'm compensated by Uphold for promoting its products and services and may receive commissions from referrals. Terms apply. Not available in all jurisdictions. Digital assets are risky and may result in the total loss of your capital.=======================Simple Mining makes Bitcoin mining simple and accessible for everyone. We offer a premium white glove hosting service, helping you maximize the profitability of Bitcoin mining. For more information on Simple Mining or to get started mining Bitcoin, visit https://www.simplemining.io/pomp=======================0:00 - Intro1:05 - What really happened at BlockFi?8:09 - Celsius, Voyager collapse & the run on BlockFi10:01 - The FTX acquisition, Sam Bankman-Fried & discovering the fraud13:32 - Lessons applied to risk management at Galaxy16:08 - Silvergate, SVB & the "war on crypto"18:49 - Regulatory politics & the future of crypto policy22:10 - Rebuilding: what Zac learned post crypto war26:36 - What is Galaxy One? 41:43 - AI agents & the future of banking

First Principles: self custody is a skill you practice, not a device you buy. Tyler Campbell, product manager at Unchained and one of the most experienced multisig onboarders in bitcoin, joins Cam Stromme to rebuild custody as a habit rather than a purchase. The through line is the one they both keep coming back to: find your single points of failure, and then go use your keys before the day you have to.---

Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, was convicted of fraud after prosecutors argued that billions of dollars in customer deposits were improperly funneled to his trading firm, Alameda Research. He was sentenced to 25 years in prison and hit with an $11 billion forfeiture judgment. Now, Michael speaks with SBF's Supreme Court attorney Jeffrey Fisher about why he believes the jury never heard the full story, whether Bankman-Fried received a fair trial, and the case for giving him another one. Original air date 10 September 2026. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Voor het eerst sinds Cryptocast 429, op 12 mei, zaten Bert Slagter en Peter Slagter samen in de studio. Toen stond bitcoin ook rond de 80.000 dollar, en toen was hun basisscenario dat die stijging een opleving binnen een bearmarkt was. Dat bleek te kloppen: de koers zakte terug naar ongeveer 60.000 dollar en vond op 1 juli een bodem op 57.700 dollar. Nu staat de koers weer rond de 82.000 dollar, en dit keer noemt Bert Slagter het plausibel dat de bearmarkt achter ons ligt. Drie dingen zijn anders dan in mei. De dalende trend sinds de top van 126.000 dollar op 6 oktober wordt nu stevig aangevallen: de koers staat boven het tweehonderddagengemiddelde en het laatste weekslot lag vier dollar onder het vijftigweeksgemiddelde. In mei zaten die gemiddelden nog ruim boven de koers. Het gedrag van beleggers is ook anders. Toen werd elke stijging gebruikt om te verkopen, nu breiden langetermijnbeleggers hun positie weer uit en werd elke dip snel gekocht. En de bearmarkt heeft nu de tijd gehad die hij nodig heeft, want een bodem is een proces: de bodem van februari zou acht maanden te vroeg zijn geweest in een cyclus van ongeveer 47 maanden. Waarom deze bearmarkt zo mild bleef, verklaart Peter Slagter uit de veranderde marktstructuur. In 2022 zat er hefboom en rot in de markt, met LUNA, Celsius en FTX, en volgde de ene gedwongen verkoop op de andere. Nu is er een ander type koper: ETF's, financieel adviseurs en vermogensbeheerders, die in een rustiger ritme instappen. Waar 2022 een liquidatiebodem opleverde, kreeg deze bearmarkt een absorptiebodem. Het sterkste bewijs daarvoor is wat er niet gebeurde: rond de 58.000 dollar bleef die ene stap naar beneden uit, terwijl het sentiment beroerd was en langetermijnhouders hun zwaarste verliezen sinds 2022 namen. Van top tot bodem verloor bitcoin 54 procent, tegen 77 procent in 2022 en 83 procent in 2018. Verder gaat het over de silent IPO, waarbij vroege bezitters hun bitcoin overdroegen aan ETF's en adviseurs, over bitcoin dat digitaal goud is geworden en daarmee ook saaier, en over de eerste krokusjes voor een nieuwe bullmarkt: de debasement trade, tokenisatie, AI als gebruiker van crypto met machines die met stablecoins betalen, en de Clarity Act. Co-hosts zijn Bert Slagter en Peter Slagter. Over de podcast Cryptocurrency are here to stay. In deze wekelijkse podcast gidst Daniël Mol je door het belangrijkste cryptonieuws, langs hypes en trends, voor- en tegenstanders en winst en verlies. In het A-deel bespreken we het laatste nieuws en in het B-deel gaan we in gesprek met een gast. Van cypherpunkpioneers tot grootbanken die aan de haal gaan met stablecoins, van Bitcoin tot Ethereum tot CBDC's. Alles passeert de revue.Reageren? Stuur dan een mail naar cryptocast@bnr.nl Gasten Bert Slagter is analist bij kennisplatform Bitcoin Alpha. Peter Slagter is analist bij kennisplatform Bitcoin Alpha. Host Daniël Mol is presentator en redacteur van de Cryptocast. Hij is sinds 2017 met Bitcoin bezig en kwam in 2021 bij het team van de Cryptocast. Redactie Daniël Mol Donner Bakker See omnystudio.com/listener for privacy information.

What if understanding regulation could help us spot when politicians are promising the impossible? Regulation sounds simple in theory. Something poses a risk, so we create rules and a regulator to control it. In practice, things get complicated very quickly. It's something we all benefit from, but equally can experience as redtape that prevents us from doing what we think we ought to be able to. On this episode, I'm exploring the inner workings of regulation; so whether you are a regulator, a compliance officer, work in a regulated industry or just a member of the public, this'll help you understand what is and isn't possible and why regulation can often seem ineffective or overbearing.Episode summaryMy guests on this episode are Lyndon Nelson and Gavin Stewart, two highly experienced former financial regulators and authors of Building Better Regulators: The Art of the Impossible.Regulators are expected to protect consumers, maintain stability, encourage competition, support innovation and increasingly promote economic growth. The problem is that those objectives don't always point in the same direction. As Lyndon and Gavin explain, making trade-offs is part of regulation; pretending those trade-offs don't exist is where things become problematic.In our conversation, we explore the tension between rules and principles, why firms don't always respond to regulation in the way regulators expect, and how enforcement involves choices about which cases not to pursue. We also look at regulatory perimeters, the hidden costs of collecting data, and why having more information doesn't necessarily lead to better regulation.We also discuss AI and crypto, behavioural science, consumer protection, international regulation, the temptation to fight the last war, and why regulators need imagination as well as analysis. Ultimately, this is a conversation about regulation as a human system — shaped by incentives, politics, judgement, uncertainty and the behaviour of both regulators and the regulated.Guest biosLyndon Nelson spent 33 years at the Bank of England, much of it working in regulation, and ultimately became Deputy CEO of the Prudential Regulation Authority (PRA). Since leaving the Bank, he has worked with organisations including London Business School and the International Monetary Fund.Gavin Stewart began his career as a banking supervisor at the Bank of England before moving to the Financial Services Authority (FSA), where he held a variety of senior roles. He later became Chief Risk Officer at the Financial Conduct Authority (FCA) and subsequently worked in the private sector.Together, they are the authors of Building Better Regulators: The Art of the Impossible, a book designed to help regulators — and those who interact with them — better understand the practical realities of regulation.LinksBuilding Better Regulators: The Art of the Impossible — book websiteThe Enforcement Game — try the exercise discussed in the episodeLyndon Nelson on LinkedInGavin Stewart on LinkedInAI-Generated Timestamped Summary00:00 Why regulation matters — and the trade-offs politicians often prefer not to acknowledge03:00 Meet Lyndon Nelson and Gavin Stewart05:00 Why they wrote the book — and why regulation is so badly understood07:00 The impossible mandates politicians give regulators10:00 Primary objectives, secondary objectives and the problem of “have regards”14:00 Why understanding regulatory failure doesn't mean letting regulators off the hook18:00 Regulation as a fundamentally human and behavioural endeavour21:00 How firms respond to, interpret and game regulation22:00 Rules vs principles — the impossible search for certainty and flexibility28:00 Enforcement: what happens when regulators have more cases than resources31:00 Choosing whom to enforce against — severity, coverage and the “splash test”34:00 Who are rules really written for — the compliant, the gamers or the criminals?38:00 The regulatory perimeter — and why technology makes boundaries increasingly difficult44:00 BCCI, Barings, Wirecard and FTX: the challenge of regulating across borders48:00 Why more regulatory data doesn't necessarily produce better regulation59:00 The “Maginot Line” problem: regulating to prevent the last crisis rather than the next one 01:01:00 Failure of imagination, stress testing and learning to think the unthinkable 01:04:00 Accountability regimes, senior managers and regulation as an ongoing experiment01:09:00 The industry that interprets regulation — and the strange business of regulatory “Kremlinology” 01:13:00 Who should work for regulators — career regulators, industry secondees and the value of both01:17:00 Should regulators be better at following the standards they impose on others?01:19:00 What “risk-based regulation” actually means — and why regulators struggle to admit they have a risk appetite 01:22:00 Why better public debate about regulation matters — and final thoughts on the book.

Stablecoins on Solana just hit $15B, and Eco Co-Founder & CEO Ryne Saxe says that number is going to look laughably small in five years. On this episode of The Index Podcast, Ryne breaks down why Solana pulled ahead in the stablecoin race, why Visa and Mastercard are quietly rebuilding their entire plumbing around digital dollars, and how Eco is building the routing layer that ties every chain and every stablecoin together.If you've ever had USDC, USDT, USDG, and a few more scattered across five wallets and had no idea how to move them, this one's for you.In this episode:⚡ Why Solana is winning the stablecoin race: chain performance, a laser-focused ecosystem strategy, and the RWA/tokenization wave building on top of it

More To The Story: Ben McKenzie might seem like an unlikely choice to launch an investigation into the complicated world of cryptocurrency. But the television actor known for shows like The O.C. and Gotham did exactly that. His documentary film, Everyone Is Lying to You for Money, is a deep dive into the people and companies at the heart of crypto. The film focuses on McKenzie's journey to discover why people continue to invest in digital currency even while knowing the risks of this highly under-regulated market. On this week's More To The Story, McKenzie shares his concerns for what he calls the cult-like behavior of those investing in digital currency, talks about his interview with disgraced FTX founder Sam Bankman-Fried just months before his arrest, and discusses the poignant conversations he had with everyday people who trusted the power of digital currency and lost everything—yet are still crypto believers.Producer: Josh Sanburn | Editor: Kara McGuirk-Allison | Theme music: Fernando Arruda and Jim Briggs | Copy editor: Nikki Frick | Digital producer: Artis Curiskis | Intern: Joni Binder | Deputy executive producer: Taki Telonidis | Executive producer: Brett Myers | Executive editor: James West | Host: Al LetsonRead:Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud (Abrams Press)Watch:Everyone Is Lying to You for Money (The Forge)Listen:The Secret Story of FTX's Rise and Ruin Part 1 (Reveal)Listen: So You Don't Understand Crypto. Buckle Up. (More To The Story) Donate today at Revealnews.org/more Subscribe to our weekly newsletter at Revealnews.org/weekly Follow us on Instagram and Bluesky Learn about your ad choices: dovetail.prx.org/ad-choices

Claynosaurz launched in November 2022 as 10,222 three-dimensional clay dinosaurs on Solana — two weeks after FTX collapsed. Four years later it's a franchise with millions of views, a mobile game in co-development, and animated episodes now streaming on Amazon Prime Video and Apple TV. Nic Cary sits down with Nic Cabana, Co-Founder and Chief Creative Officer of Claynosaurz, and Andrew Pelekas, Co-CEO of HEEBOO, to unpack how a team of Hollywood animation veterans — with credits on Game of Thrones, Paddington, Fantastic Beasts, Jurassic World, Minions and Spider-Verse — stopped building IP for the big studios and built their own instead.

In this episode of Milk Road Crypto, Lucas joins John Gillen to break down the recent Bitcoin and crypto rally, whether the bear market is finally ending, and why his outlook on Ethereum has changed dramatically. Lucas explains why Ethereum today reminds him of Solana after the FTX collapse: sentiment is washed out, investors have capitulated, but the fundamentals underneath the network are improving. With Wall Street accelerating its move onchain, tokenized assets growing, and Ethereum refocusing its roadmap around L1 scaling, privacy, and long-term resilience, could ETH be significantly under-owned?~~~~~⁠

According to the bankruptcy court's ruling in this podcast, which was docketed by the bankruptcy court on the record of the FTX bankruptcy case, an FTX customer/claimant brought a motion seeking reconsideration of the disallowance of his claim. His claim had been disallowed by the bankruptcy court because of complications with his submission of documents to satisfy Know Your Customer (KYC) requirements. These requirements typically require submission of documentation in order for claims to be allowed, in other words eligible for payout. Sometimes customers/claimants need to also submit signed Internal Revenue Service (IRS) tax forms.This can be burdensome for U.S. based customers/claimants, and especially burdensome for customers/claimants of foreign companies that file for bankruptcy in the United States that did not go through a KYC process or fill out tax forms when they opened accounts.People tend to think that, if their deposits and investments fail then they will be paid out in the ordinary course based on the information on file on apps through which they manage their accounts. Unfortunately this is not usually the case now typically. I am not sure but I think we would be pretty screwed if a bank or other institution holding deposit accounts failed - and I have applied to work for the FDIC because the government anticipates bank failure the FDIC will handle and I think I can help based on my bankruptcy experience.But perhaps in the future, in bankruptcy cases and in bank failure cases outside of bankruptcy, there will be technological and other improvements such that depositors and other claimants need not go through a process at all to prove up their claims and be paid out.For now, in bankruptcy cases, customers/claimants often find themselves either not submitting the KYC paperwork or trying to sell their claims to parties that are better able to cope with U.S. bankruptcy claims allowance/disallowance processes, including passing KYC requirements.From the FTX ruling it's not clear what the alleged defect was with the KYC documentation submitted by the customer/claimant, but the ruling explains that the customer/claimant was concerned to receive a request for more information than he had submitted, through the mechanism for submitting the documentation. The claimant expressed to the court that he thought the request for information was possibly part of a PHISHing attempt (a cybersecurity data breach that can result in identity theft).I am not clear what beyond a drivers license or other form of identification is needed to satisfy KYC in the FTX cases and whether the FTX customers/claimants had been KYC'd when opening accounts or thereafter.And I think I heard the court explain in the ruling, but I am not sure, that 47,000 - forty seven thousand - customer claims have been disallowed on the same basis as the claim at issue before the court in the ruling. In other words the claims will not be paid out.Can this possibly be correct? And how many FTX claims in total have been disallowed?This is not a perfect analogy but practically speaking - Imagine a scenario where, instead of plaintiffs bringing class actions for fraud perpetrated on them leading up to a bankruptcy filing such as FTX's, the defendant companies that committed the fraud against the customers, whose CEO is jailed for fraud, are protected from prosecution/litigation for fraud and are bringing class actions defensively to avoid paying out customers on claims that would not exist but for the fraud and collapse of FTX.For some context on claims allowance/disallowance processes in other bankruptcy cases, before FTX filed for bankruptcy relief in 2022... Twenty years ago or so, it became a practice in large bankruptcy cases that were not cases that followed frauds/fiascos like FTX, for the bankrupt companies' lawyers, to bring so called omnibus claims objections. The omnibus claims objection procedure is part of the claims allowance process, for large bankruptcy cases and enables bankrupt companies to more efficiently challenge claims on a common basis when there is a legitimate basis for a challenge affecting many claims.Generally speaking, even outside of bankruptcies following frauds, the claims allowance process reverses the bankruptcy rules that creditor claims (including customer claims) are presumptively valid and allowable. So the process is backwards substantively.And bankrupt companies can challenge claims on the basis of vague objections such as books and records objections, in other words challenging that the claim as filed by the customer/creditor is valid, on the basis the claim doesn't match the bankrupt companies' records. This can also be done with investor claims, which are a type of customer/creditor claim asserted in U.S. bankruptcy cases.Typically, If the creditor does nothing in response to an omnibus claims objection concerning the creditor claim (and that of many other customers) then the claim will be disallowed, by default. The bankruptcy court will treat the objection to the claim as unopposed and enter an order disallowing/expunging/excluding the claims from payment in the bankruptcy. The claims may be listed on a schedule with many other claims in the same situation - claims that will not be paid out.This is the default scenario, where a creditor who has timely notice of a claims objection, might reasonably assume creditors with larger claims will come forward. But the creditor doesn't consider those larger claimants may be dealing with the bankrupt company via arriving at one off deals reflected in stipulations and orders presented to the court, concerning the extent to which claims will be allowed and paid out.If the creditor does not default - and timely or untimely responds to the omnibus claims objection - which will typically necessitate hiring counsel, then the hearings on the customer claim are likely to be adjourned because the bankrupt company controls the agenda for hearings presented to the court. In other words, the claimant is not going to win and have a claim eligible for payout, even if the claimant responds to the claim objection.If the bankrupt company doesn't want to confront an issue that can be raised by other customers, which is a recurring scenario in bankruptcy cases, then the bankrupt company can adjourn hearings on a claim for months.In the Lehman Brothers bankruptcy case in the United States, filed in 2018, I represented foreign nationals who entrusted Lehman Brothers investment vehicles with funds before Lehman Brothers collapsed, then these individuals had to deal with the claims allowance process for customers/creditors/investors trying to collect on Lehman Brothers guarantees in the U.S.Few if any people would have invested in the Lehman Brothers feeder funds soliciting money overseas, without the Lehman Brothers guarantee probably, but when it came time to pay out on the Lehman Brothers guarantees - Lehman Brothers did not pay out in its chapter 11 bankruptcy proceedings, filed in New York. Lehman Brothers brought waves of omnibus claims objections challenging claims, hundreds of them.The bankruptcy judge presiding over the Lehman Brothers case at the time, who was the judge who had dealt with the nightmare of the case since the case filing in 2008, ruled that objections of one claimant would apply to all claimants, in effect giving us class action type status, recognizing the common issues (being defrauded into investing into a Lehman Brothers feeder fund with specious documentation causing it to be unclear what level of priority the claims should receive in an unthinkable bankruptcy scenario where Lehman Brothers, which had guaranteed payout to investors itself bankrupted then challenged the payout obligations).After the bankruptcy judge presiding over the Lehman Brothers case helped the parties procedurally and substantively with instructions for how the trial/hearing on the claims would proceed, the lawyers for the bankrupt company caused an adjournment of the hearing on our claims "sine die" - which means an adjournment of the trial on the claims without date/indefinitely.The bankrupt companies kept the claims off the bankruptcy court's agenda while the judge who wanted a trial on the merits was the bankruptcy judge presiding over the Lehman Brothers bankruptcy.After the judge retired from the bench and another judge took over the case, Lehman Brothers found a way to avoid trial on the claims again and make sure they wouldn't be paid. I remember the substitute judge, who has since retired, telling the Lehman Brothers' lawyers, who she saw in court repeatedly over the course of the year, how great it was to work with them and she wished happy holidays as it was year end. I have the transcript somewhere and look at it every few years, missing appearing before the judge who initially presided over the Lehman Brothers case then retired into private practice where he does great dispute resolution work including mediation.The omnibus claims objection process for disallowing claims was extraordinary in the Lehman Brothers case which was in New York, but the case was abnormally large with a lot of foreign investment and resulting bankruptcy claims.Over time, the disallowance process via omnibus claims objections has become normal in some cases in Delaware like FTX and, in that context, perpetuates bankrupt companies' representations their bankruptcy plans are paying creditors decently high percentages on their claims, when really the percentages would be low if the claims in the claims pool were allowed and paid out.I do not know the circumstances of the claimant in FTX whose rights were impacted by the FTX ruling in this episode of the podcast, or how much crypto or money he lost, or how much he stands to gain if his claim is allowed, or whether he transferred his claim or continues to hold. I commend him on coming forward to a court of justice to defend his rights. He can proceed further and appeal if he thinks it worthwhile or do what the other claimants do and deal with the loss, unfair as it seems to be following the fraudulent collapse of FTX and good faith customer attempts to comply with the claims process including KYC requirements.An interesting question is can the many other FTX claimants whose claims have been disallowed due to alleged failure to satisfy KYC requirements appeal join in an appeal or will they too hear that their objections are untimely and will not be paid out?Thoughts on how FTX claimants can be helped are welcome on the YouTube channel accompanying this audio stream, when I post the FTX hearing there later today.www.youtube.com/@the-comi

El portafolio de inversiones de FTX y Alameda fue uno de los más agresivos del ciclo cripto 2020-2022: Anthropic, Cursor, Solana, Robinhood y SpaceX. Se vendió por $18,000 millones en la bancarrota. Hoy valdría más de $78,000 millones. -------------------- (00:00) — Intro (01:25) — Bienvenida (02:22) — El portafolio de FTX y la tesis del episodio (06:25) — FTX y Alameda: la máquina de venture con dinero de clientes (07:44) — El colapso de FTX, el bank run y la experiencia personal de Javier (11:53) — Quiénes compraron barato: el caso de ProfG (Scott Galloway) (13:51) — Anthropic y Cursor: las joyas del portafolio (18:18) — Robinhood, Solana, SpaceX y el resto de las posiciones (23:43) — Lección: separar la convicción de la estructura (24:37) — Custodia, tamaño de posición y cierre del episodio (27:33) — Disclaimer -------------------- LA INFORMACIÓN DE ESTE PODCAST NO ES UNA RECOMENDACIÓN DE INVERSIÓN Nada de lo contenido en este podcast constituye asesoría fiscal, contable, regulatoria, legal, de seguros o de inversiones, ni representa una oferta, solicitud o recomendación para comprar, vender o realizar cualquier operación con valores, esquemas de inversión colectiva, instrumentos financieros o servicios.

This is not a normal week...Because Crypto Curious has just hit 1 million downloads — and you can't have a celebration like that without getting the gang back together.So joining us this week is the one and only Craig Jackson, our original partner in crypto, who was here for more than half of the almost five years we've been making this show.

The Wild Rise and Fall of Leopold AschenbrennerLISTEN AD-FREE!!

Last week, 24-year-old Leopold Aschenbrenner — former FTX staffer, ex-OpenAI researcher, and author of the viral 165-page essay "Situational Awareness" — managed to lose roughly two-thirds of his $45 billion hedge fund in a matter of weeks. The margin calls arrived during his wedding weekend.In this video I break down how a trader with no professional experience raised billions from Silicon Valley, why his AI "hedge" wasn't a hedge at all, and how leverage plus a concentrated bet on artificial intelligence stocks turned a great-looking expected return into a catastrophic outcome. Along the way we look at the cultural gap between Silicon Valley and Wall Street, why Ken Griffin's Citadel ended up buying the collapsing portfolio in an overnight fire sale, and the maths of volatility drag — the reason a high expected return can still drag an investor's typical outcome straight into the ground.It's a story about leverage, risk management, expected versus median returns, and what happens when you go "full Kelly." Featuring reporting from the Wall Street Journal, The New York Times, Bloomberg, and the Financial Times, plus Victor Haghani's lessons from The Missing Billionaires.

“By operating in secrecy, they're able to avoid or evade accountability — and, in many instances, engage in anticompetitive behavior or even fraud.” — Renée M. Jones on unicorns Twelve years ago there were 39 unicorns — private companies worth a billion dollars or more. Today there are over 1,400, collectively valued above $7 trillion, with the twin beasts of Anthropic and OpenAI at the front of the herd, driving the entire American economy. A good thing, surely? Not according to Renée M. Jones, the SEC's chief regulator of corporate finance from 2021 to 2023 and author of Untamed Unicorns: Why Startup Finance Is Broken and How to Fix It. The former SEC big game warden worries that this stampede of wild unicorns might be driving the entire American economy off a cliff. Her problem isn't that these private companies exist. It's that we know almost nothing about them. That's because of changes in the law since the Nineties that have lifted the hundred-investor cap on private funds, thereby enabling them to mushroom from under $1 trillion to $17 trillion. Add secondary markets where insiders quietly cash out, and the IPO becomes optional. And so we know almost nothing about companies like Anthropic and OpenAI with private valuations in the hundreds of billions of dollars. The result is what Jones calls the founder-friendly model of Facebook, Uber or Airbnb. With super-voting shares at ten votes apiece, founders effectively choose their own bosses, thereby stripping investors of the power to discipline anyone. Think Travis Kalanick and Mark Zuckerberg. Think Theranos, WeWork and FTX. Unicorns are named, of course, for their impossibility. Not so long ago, nobody could imagine a private company worth more than a billion dollars. However, with $7 trillion now on the table, Jones is concerned about the health of the American startup economy. On the brink of the OpenAI and Anthropic IPOs, I fear Renée Jones might be right about the dangers of a real crash triggered by the stampede of these mythical creatures. Jurassic Park is now playing in Silicon Valley. Pass the popcorn. Five Takeaways •       The $7 Trillion Secret. The unicorn was named for its rarity: 39 existed twelve years ago. Today there are more than 1,400, worth over $7 trillion — roughly 1,100 in America, nearly 300 in China — and the biggest of them shape the economy while disclosing essentially nothing. That is Jones' target: not the billion-dollar valuations but the secrecy. A billion-dollar private company faces neither the disclosure rules nor the governance requirements of a public company its size, which means accountability arrives only by accident — a scandal, a frustrated investor, a whistleblower calling a reporter. Everything else stays dark.•       How the IPO Died. Startups once went public within five to seven years, for two reasons: growth capital lived in public markets, and the 500-shareholder rule forced large private companies to register — it's reportedly why Google and Facebook held their IPOs at all. Both reasons were legislated away. NSMIA (1996) uncapped private funds, whose assets exploded from under $1 trillion to $17 trillion; the JOBS Act (2012) moved the trigger to 2,000 shareholders with employee shares exempt; and secondary markets — Forge Global, Nasdaq Private Market, EquityZen — let insiders cash out without a prospectus. The IPO became a liquidity event rather than a necessity. Only AI's bottomless capital hunger, Jones notes, is pushing OpenAI and Anthropic toward the public markets at all.•       Founders Choosing Their Bosses. The founder-friendly model gives startup founders super-voting shares — ten votes to one — letting them control the board that supposedly controls them. Venture capitalists lost their traditional power to discipline or dismiss a misbehaving founder: Uber's investors, lacking the votes to oust Travis Kalanick, had to stage a coup via press leak. And the VCs are conflicted anyway — exposing fraud destroys the exit they're invested in. Jones' answer to the Google-and-Facebook counterargument is historical: dual-class structures were invented at those companies precisely to coax their founders into IPOs, and they now arrive by the second or third funding round — so the governance rot starts earlier and, as Zuckerberg demonstrates, persists indefinitely after the public offering.•       The Fraud Files — and the Social Bill. FTX. Theranos, which hid parts of its lab from inspecting regulators. WeWork, whose IPO filing finally told the truth about the spending and self-dealing — whereupon the public refused to buy, the company limped through a SPAC into bankruptcy, and employees who had borrowed money to exercise options and pay taxes were left holding worthless paper. (The VC money lost, Jones notes, is substantially public pension money anyway.) Beyond the frauds lies the social bill of the below-cost blitzscale: taxi drivers destroyed and then prices raised; passengers assaulted under lax background checks; Airbnb's uncollected occupancy taxes, underinvested security, and name-based discrimination. A culture of outrunning the law, Jones argues, gets baked in — and firms powerful enough simply change the law, as Uber and Lyft did to driver-classification rules in California and Massachusetts.•       Not Teddy — Franklin. Asked whether the coming reckoning demands a new Teddy Roosevelt — Casey Michel's prescription on this show days earlier — Jones reaches a generation later: Franklin's New Deal securities acts of 1933 and 1934, which made disclosure the price of other people's money and worked for ninety years. Since the 1980s the architecture has been chipped into optionality, and the SEC is now dismantling Sarbanes-Oxley and Dodd-Frank protections while deregulating public markets too. Her remedies: disclosure to employees paid in options they cannot value, and disclosure in the largest private offerings — because investors of any sophistication cannot make responsible decisions while investing blind. Andrew's closing verdict: I hope she's wrong. I suspect she's right. About the Guest Renée M. Jones is Professor of Law and Dr. Thomas F. Carney Distinguished Scholar at Boston College Law School, where she has taught corporate and securities law for nearly a quarter century. From 2021 to 2023 she served as Director of the Division of Corporation Finance at the U.S. Securities and Exchange Commission — the nation's chief regulator of capital formation. A graduate of Princeton University and Harvard Law School, she is the author of Untamed Unicorns: Why Startup Finance Is Broken and How to Fix It (Harvard University Press, August 4, 2026). References: •       Untamed Unicorns: Why Startup Finance Is Broken and How to Fix It by Renée M. Jones (Harvard University Press, August 4, 2026). Jennifer Taub: “This essential book, replete with details and drama.”•       The National Securities Markets Improvement Act (1996) and the JOBS A...

Amazon went public three years after it was founded. SpaceX stayed private for 24 years. What changed and why does it matter? The standard story is that companies avoid an IPO because public markets carry too many government rules and too many lawyers looking to sue. Renee Jones, law professor, former SEC official, and author of the new book Untamed Unicorns: Why Startup Finance Is Broken and How to Fix It, makes the opposite case. Jones argues what changed was the deregulation of private markets, driven by decades of industry lobbying. Due to decisions in Washington, companies became able to raise billions privately and there was no reason to go public . You could get the capital and keep total control, without ever having to disclose anything to regulators. If you've never bought a share of a startup, you might assume none of this touches you. But most of the money flowing into these private markets comes from pension funds and retirement accounts, meaning ordinary savers are already invested in companies whose books they'll never see. Connect with us:

Guy Swan on learning the wrong lessons. The takeaway circulating is "go with the biggest company," which forgets Mt. Gox and FTX and everything else proving size is not safety. His analogy: when a libertarian politician betrays you, libertarianism didn't break, you got scammed. He wants a rule that works forward. His sharpest point: "I don't want a rule that only works in hindsight." Anyone can now point at the source-available license. The useful question is what indicator predicts the next failure before it happens. His own heuristic broke in both directions. He had trained himself not to dismiss builders for being abrasive, and now concludes that for security specifically, a maintainer who attacks people reporting problems is telling you something. Yan Pritzker paired it with the engineering version: without a culture of safety, people stop surfacing mistakes. James O'Beirne's tripwires. He seeded wallets on-chain carrying graduated entropy over broken Coldcard seeds, five dice rolls, ten, fifteen, one and two-word passphrases, as bait. The bare seed was swept within an hour and nothing else has moved, mapping attacker capability live. The red team's numbers. Rob Hamilton and Calle have scanned over 300 repos and spent roughly $40,000 on tokens in two days, finding critical vulnerabilities at about one per person per hour. OpenSats is now funding most of that budget. Every company needs an agentic security pipeline. Yan's argument: agents are non-deterministic, so one scan proves nothing. The real work is harnesses that find, test, distill and reproduce on a loop. Swan has been building this for six to twelve months. The asymmetry is the whole problem. Attackers need one vulnerability, defenders need all of them, and the economics favor the attacker. Some have been paying up to 90% of stolen funds in fees to get transactions mined quickly. A fake Coldcard desktop app is circulating. No such application has ever existed. Trezor reported a phishing spike since disclosure, and a counterfeit Wasabi wallet reached an app store. Nobody legitimate asks for recovery words, and unsolicited migration instructions are always hostile. Yan's read on whether this repeats. He calls the bug exotic: entropy wasn't weak, it was switched off entirely. Scans across the popular hardware wallets show correct and consistent entropy use, so he thinks this specific failure is unlikely to recur elsewhere. Government overreach, the other half of the show. Suz on Liechtenstein's beneficial ownership register, roughly 31,000 entities, built in 2021 for EU anti-money-laundering compliance and now breached and offline. Yan on the Bank Secrecy Act's 1970 threshold, never inflation-adjusted, capturing dramatically more data for near-zero measured effect.

In Silicon Valley, a "unicorn" is a private startup with a net worth of $1 billion. As the term suggests, these were once incredibly rare creatures. Most startups would go public within 4-7 years, long before they had a $1 billion valuation. But two key pieces of legislation made the rare into the rampaging, starting in 1996. In her new book, Untamed Unicorns: Why Startup Finance is Broken and How to Fix It, Renée M. Jones warns that by staying private and shielded from oversight and disclosure, these startups could be endangering the stability of our financial system. Jones, who served as the director of the Securities and Exchange Commission's Division of Corporation Finance under President Joe Biden, shows how these tactics were used (and misused) by startups like FTX, WeWork, Uber and Theranos. "One of the big concerns is that startups are taking advantage of the secrecy to engage in, we could call it 'antisocial' or 'unsocial' behavior, but there are not really any mechanisms for the public to really see what's going on," Jones tells Modern Law Library host Lee Rawles. "If Theranos's investors and directors understood that they were going to have to go public and prove that the product worked, they would've been more demanding on Elizabeth Holmes most likely, and they wouldn't have been able to get away with all of those lies." A big concern Jones has is with the recent push by private equity companies to allow regular retail investors and 401K plan managers to invest in these opaque and risky private startup companies. "That includes private equity, it includes infrastructure. It could even include crypto. Again, these are illiquid assets," says Jones. "There's no ready market for those shares. And they're high risk assets and there's not a lot of information to even know, 'What am I actually invested in?' " "If the Department of Labor's plans are adopted, you're going to have to really work hard to avoid having any private equity in your 401k plans," Jones warns. "There's a risk that these overvalued assets are going to be transferred from professional investors who can act to protect their interest to sort of your average, unsophisticated 401k saver." In this episode, Jones shares her advice for reforming the oversight of these companies, warning signs that financial novices should be on the look for, and introduces a new creature to the financial bestiary: the centicorn.

Wall Street's transfer agents want issuers, not outside platforms, to control tokenized stock. Securitize's CEO says the alternative invites insider trading. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Securitize took itself public twice this year: once through a direct listing, and once by tokenizing more than $265 million of its own stock via a SPAC with Cantor Equity Partners, testing whether Wall Street lets equities trade onchain. Carlos Domingo, founder and CEO of Securitize, joins Laura Shin to argue that much of crypto's tokenized stock boom is unauthorized, offshore paper exposing investors and issuers to real legal risk, and to make the case that transfer agents, not outside platforms, should control what gets tokenized. They cover Rule 611, the SEC rule locking onchain and offchain share prices together, the Securities Transfer Association's push for issuer authorization, and a Netflix stock split that left an unauthorized derivative trading five times off. Domingo also lays out Securitize's NYSE partnership, launching tokenized trading in the fourth quarter. The SEC is now weighing whether to unwind the rule that keeps those prices identical, with real stakes for how equities trade next. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Carlos Domingo - Founder and CEO of Securitize Timestamps

In this week's episode of the Coin Stories News Block powered exclusively by Ledn, we cover these major headlines related to Bitcoin, macroeconomics, and global finance: The COLDCARD hack explained — the first time a major self-custody device has been compromised at scale, and what you need to know Why this hack is different from Mt. Gox, Bitfinex, and FTX and why it matters more for everyday Bitcoiners Strategy confirms it will no longer put 100% of capital raises into Bitcoin — here's what that actually means Three Fed members voted to raise rates, the most divided the FOMC has been in a decade over rate hikes A personal note on transparency, accountability, and my emergency episode on the COLDCARD hack (released on Friday, July 31) Coinkite advisory: https://blog.coinkite.com/coldcard-mk3-seed-generation-warning/  ---- Ledn has a perfect track record protecting over $11 billion in client value through every market cycle since 2018. And Tether Gold is now live on Ledn, giving you two of the most verifiably scarce, non-sovereign assets ever created, held side by side. Hard assets. Real flexibility. One platform. Get .25% off your first bitcoin-backed loan: https://www.Ledn.io/natalie ---- Order Natalie's new book "Bitcoin is For Everyone," a simple introduction to Bitcoin and what's broken in our current financial system: https://amzn.to/3WzFzfU  ---- Upcoming Events: The best time to plan for Bitcoin 2027 is right now. Early bird tickets are live — grab the lowest pricing available and use code HODL for 10% off: https://tickets.b.tc/event/bitcoin-2027?promoCodeTask=apply&promoCodeInput=HODL  ---- This podcast is for educational purposes only and should not be construed as official investment advice. Always do your own research.

What does it take to build trust in an industry that has lived through repeated cycles of hype, collapse, and reinvention?In this conversation, I sit down with Kyle Sonlin, Co-Founder & President of Global Settlement Network, to discuss the founder's journey behind the technology.Rather than focusing on products, we explore:• Building through multiple market cycles• Leadership under pressure• Stewardship versus ownership• Lessons learned from the FTX era• What institutions need before they'll trust new technology• Why confidence—not hype—is the foundation of lasting systemsThis is a conversation about resilience, leadership, and the people building the future of capital markets.#CryptoHipster #Leadership #Entrepreneurship #Blockchain #Tokenization #CapitalMarkets #Stewardship #DigitalEconomy

Marc Andreessen, Chris Dixon, and Robert Hackett discuss one of the most consequential policy debates facing the crypto industry: the push for comprehensive U.S. market structure legislation and what regulatory clarity could mean for innovation, financial markets, and America's technological leadership. They explore the CLARITY Act, stablecoins, securities law, consumer protection, and why both builders and financial institutions are calling for clear rules of the road. Along the way, they discuss the lessons of the early internet, FTX, open financial networks, and why they believe thoughtful regulation can strengthen innovation rather than slow it down.   Resources: Follow Marc Andreessen on X: https://x.com/pmarca Follow Chris Dixon on X: https://x.com/cdixon Follow Robert Hackett on X: https://x.com/rhackett Follow a16z Crypto on X: https://x.com/a16zcrypto Why Bitcoin matters: https://a16z.com/why-bitcoin-matters/ What builders need to know about the CLARITY Act: https://a16zcrypto.com/posts/article/clarity-act-what-why-matters Stay Updated:Find a16z on YouTube: YouTubeFind a16z on XFind a16z on LinkedInListen to the a16z Show on SpotifyListen to the a16z Show on Apple PodcastsFollow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

a16z Cofounder and General Partner Marc Andreessen and a16z crypto Founder and Managing Partner Chris Dixon on why the CLARITY ACT matters. Congress is debating once-in-a-generation market structure legislation that could determine where financial and internet infrastructure gets built. Chris and Marc join host Robert Hackett to discuss why regulatory clarity matters, what the current policy environment has cost the United States, and what is at stake for developers, entrepreneurs, consumers, and the country's technological leadership. Marc also looks back at his influential 2014 essay “Why Bitcoin Matters,” when supporting crypto was still a deeply contrarian position, and reflects on how the technology and the political debate around it have evolved since. The discussion explores the lessons of earlier technology revolutions, the importance of giving builders clear rules, and why crypto policy is ultimately about much more than a single industry. It is about who gets to shape the future of money, markets, and the internet. Highlights 00:00 Intro 05:31 From crypto subculture to financial infrastructure 08:37 Why crypto needs rules now 12:20 The regulatory war on crypto 15:41 How CLARITY could prevent another FTX 22:42 Why criminals using crypto may be easier to catch 26:20 Privacy, blockchains, and the invention of HTTPS 30:41 Government ethics and crypto 34:52 The banking lobby's stablecoin fight 37:05 Why every major bank is building on blockchains 41:04 Developer liability as a killshot 45:23 How CLARITY provides oversight 49:30 What happens if CLARITY fails? 50:50 Regulation vs. innovation 54:12 Why America should lead 55:36 What CLARITY could unlock Links Marc Andreessen: https://twitter.com/pmarca Chris Dixon: https://twitter.com/cdixon Robert Hackett: https://twitter.com/rhackett Why Bitcoin matters: https://a16z.com/why-bitcoin-matters/ What builders need to know about the CLARITY Act: https://a16zcrypto.com/posts/article/clarity-act-what-why-matters Subscribe: https://www.youtube.com/@a16zcrypto Site: https://a16zcrypto.com/ X: https://twitter.com/a16zcrypto Newsletter: https://a16zcrypto.substack.com/ As always, none of the following should be taken as investment, business, legal, or tax advice. Please see https://a16z.com/disclosures for more important information, including a link to a list of our investments. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of the Crypto Rundown, Brendan and Tevo analyze the recent crypto market trends, Bitcoin performance, regulatory developments like the Clarity Act, and the impact of traditional finance on crypto. They also discuss tokenization, Robinhood Chain, and the recent failures in the crypto industry.Check out Omaha Steaks and use my code BEEF for a great deal: https://www.omahasteaks.comCheck out Quince: https://quince.com/CRYPTO101Check out Shopify: https://shopify.com/crypto101Check out ShipStation and use my code crypto for a great deal: https://www.shipstation.comCheck out NPR: https://npr.orgGet my #1 altcoin pick for this month.Get immediate access to my entire crypto portfolio for just $1.00 today! Get your FREE copy of "Crypto Revolution" and start making big profits from buying, selling,Get immediate access to my entire crypto portfolio.. just $1.00 today! Go here to get access: https://www.crypto101insider.com/cryptnation-directm6pypcy1?utm_source=Internal&utm_medium=YouTube&utm_content=Podcast&utm_term=20250916Get your FREE copy of "Crypto Revolution: Your Guide To The Future of Money". In this book, I reveal how to make (and keep) a fortune during this crypto bull run! http://www.cryptorevolution.com/free?utm_source=Internal&utm_medium=YouTube&utm_content=Podcast&utm_term=20250916Chapters00:00 Intro and Market Overview01:32 Crypto Market Trends and Bitcoin Performance03:23 Bitcoin vs Traditional Assets: Monthly Performance08:10 Technical Analysis: Bitcoin Support and Resistance11:04 Market Sentiment and Relative Strength Indicators14:29 Industry Support and Regulatory Developments19:25 The Clarity Act: Support and Opposition23:14 Institutional Support and Tokenization Growth28:50 Crypto Industry Failures and Lessons31:47 Historical Bottoms and Buying Opportunities34:54 FTX and Industry Resilience36:43 Leverage and Industry BlowupsSubscribe to YouTube for Exclusive Content:https://www.youtube.com/@crypto101podcast?sub_confirmation=1Follow us on social media for leading-edge crypto updates and trade alerts:https://twitter.com/Crypto101Podhttps://instagram.com/crypto_101*This is NOT financial, tax, or legal advice*Boardwalk Flock LLC. All Rights Reserved  ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬Fog by DIZARO https://soundcloud.com/dizarofrCreative Commons — Attribution-NoDerivs 3.0 Unported — CC BY-ND 3.0 Free Download / Stream: http://bit.ly/Fog-DIZAROMusic promoted by Audio Library https://youtu.be/lAfbjt_rmE8▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬Our Sponsors:* Check out Omaha Steaks and use my code BEEF for a great deal: https://www.omahasteaks.com* Check out Quince and use my code quince.com/CRYPTO101 for a great deal: https://www.quince.com* Check out ShipStation and use my code crypto for a great deal: https://www.shipstation.comAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

S umělou inteligencí začali experimentovat už na studentských kolejích, když si chtěli přivydělat a vymýšleli algoritmus, který by porážel profesionální hráče pokeru. Nakonec s ním vyrazili do Kanady, kde svůj nápad pilovali na tamní univerzitě, až ho koupila přední výzkumná laboratoř DeepMind patřící Googlu. Tehdy Martin Schmid a spol. naplno pronikli do velkého světa AI a nakonec se pustili i do vlastního byznysu. Jejich startup EquiLibre je sice nenápadný, ale úspěšně točí na burzách miliardy dolarů denně a velmi rychle roste. Nejzajímavější přitom je, že sami tvůrci nevědí, jak přesně jimi vyvinutá AI funguje.V rozhovoru se dále dozvíte:

Prediction markets, Lloyds of London as a model for prediction markets, Robin Hanson, Extropianism, DARPA, surveillance, Total Information Awareness, bionomic libertarianism, eugenics, cybernetics, Rationalist and prediction markets, Commodity Futures Trading Commission (CFTC), Michael S. Selig, cryptocurrencies, crypto's links to prediction markets, the CFTC as regulator of both prediction markets and crypto, retail trade/investors vs, institutional investors, derivates, Kalshi, Polymarket, federal vs. state as regulators of prediction markets, the role of prediction markets in surveillance, is Kalshi another FTX?, the role of Polymarket in the Maduro abduction, could prediction markets trigger a major recession?, do prediction markets herald the rise of "Assassination Politics"?, are prediction markets a threat to national security?, cyber libertarianism, do prediction markets have social utility?Music by: Keith Allen Dennishttps://keithallendennis.bandcamp.com/ Hosted on Acast. See acast.com/privacy for more information.

Anatoly Yakovenko is the co-founder of Solana, the fastest scaled blockchain in the world.We start by talking about how non-US residents were trading SpaceX on Solana pre-IPO, and which parlayed into the last 130 years of US financial markets.We then get into how Solana is removing eight layers of middlemen that make-up the legacy financial system, whether you actually need to use blockchain to do this, the 4am inspiration to start Solana, how Solana was 10,000x faster than Bitcoin, why a16z passed on investing then paid a 1,000x higher price, how launching Solana at the bottom of the market right as COVID hit led to their success, why AI won't take your job, growing up sharing one toilet with four families in the USSR, and playing competitive underwater hockey.Thanks to this episodes sponsors!Numeral: Sales tax on autopilot https://www.numeral.comFlex: Premium banking, 60-day credit, 0% APR https://home.flex.one/referral/bananacapitalAmplitude: AI analytics https://www.amplitude.comMerge: Every model, one API https://www.merge.dev/turnerMonaco: The revenue engine for startups https://www.monaco.com/Timestamps:(0:00) Trading SpaceX on Solana(3:02) Why Wall Street runs on 100 year old tech(10:51) US dominance created demand for tokenized stocks(13:58) Complexity reduces risk of the financial system(15:51) Do you need to use blockchain?(18:34) Privacy tradeoffs of public ledgers(23:45) Making a 10,000x faster blockchain(30:05) A new data structure based on time(32:54) Trading was Solana's first use case(37:41) Advice from his wife that led to Solana(40:05) Why a16z passed (then paid up 1,000x)(43:50) Rejection and COVID led to Solana's fast adoption(48:30) Best time to launch is the bottom of a market(52:56) Why Bitcoin and Ethereum were so slow(57:38) Rebuilding Solana with Alpenglow(1:01:23) 35% of all stablecoin volume runs on Solana(1:04:26) Motors replaced 200 billion jobs, AI will replace 100 billion(1:08:17) It's selfish to protest data centers(1:10:11) Growing up in the USSR: one toilet, four families(1:12:27) Culture shock moving to the US(1:13:23) Government spending is fake GDP(1:15:49) Playing competitive underwater hockey(1:18:01) Armani at Backpack(1:19:23) How Solana survived the FTX collapse(1:22:47) There won't be massive AI job lossReferencedSolana: https://solana.com/Jobs at Solana: https://jobs.solana.com/companies/solana-foundation-2Slow Ventures: https://slow.co/Foundation Capital: https://foundationcapital.com/Multicoin: https://multicoin.capital/Follow AnatolyTwitter: https://x.com/toly?lang=enLinkedIn: https://www.linkedin.com/in/anatoly-yakovenkoFollow TurnerTwitter: https://twitter.com/TurnerNovakLinkedIn: https://www.linkedin.com/in/turnernovakSubscribe to my newsletter to get every episode + the transcript in your inbox every week: https://www.thespl.it/

When the cryptocurrency exchange FTX imploded, customers around the world lost access to their money. Founder Sam Bankman-Fried was convicted of fraud and sent to prison. But the story didn't stop there. For the past three and a half years, FTX has been in bankruptcy, a legal process that determines who will be paid back and how much they'll receive. From the start, some customers and FTX insiders have criticized the bankruptcy. Legal experts and a bipartisan group of senators objected to the law firm tapped to run it, raising concerns about potential conflicts of interest. But the bankruptcy court and an independent examiner signed off on the firm's appointment as lead counsel.  Customers are now receiving compensation for their losses, but many say they're being shortchanged. Instead of being paid in cryptocurrency, they're receiving cash, with their claims pegged to the value of crypto when the market was at an all-time low. “Under this plan, my contractual rights and my ownership rights have been trampled; my property rights have been disregarded,” says Lidia Favario, an Italian artist who argued in court that customers should be repaid in crypto, not cash.This week on Reveal, in the second part of our series on FTX, we examine the decisions that shaped what's become one of the most expensive bankruptcies in US history. Read the FTX bankruptcy estate's on-the-record statement to Reveal. This is an update of a show that originally aired in October 2025. Support Reveal's journalism at Revealnews.org/donatenow Subscribe to our weekly newsletter to get the scoop on new episodes at Revealnews.org/weekly Connect with us onBluesky, Facebook and Instagram Learn about your ad choices: dovetail.prx.org/ad-choices

CoinDesk's The Policy Protocol host Rebecca Rettig is joined by guest co-host Ryan VanGrack, Coinbase's newly appointed Vice Chairman, to unpack the week's biggest crypto policy developments. They begin with the escalating legal standoff between Kalshi, the state of Michigan and the CFTC, before turning to the U.S.-U.K.'s new joint recommendations on stablecoins and tokenized assets. On the one-year anniversary of the GENIUS Act, Rebecca sits down with the bill's architect, Sen. Bill Hagerty (R-Tenn.), who reflects on the legislative battle to pass the landmark stablecoin law and explains why the CLARITY Act now faces an even more challenging political path. The episode closes with Hero of the Week Harry Jung, Patrick Whitt's deputy who is stepping into a leading White House role on crypto policy while Whitt takes military leave, and Zero of the Week Sam Bankman-Fried, after the Senate unanimously passed a resolution opposing any pardon or commutation for the former FTX founder. - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Find out more at⁠⁠⁠⁠⁠⁠ realfi.co⁠⁠⁠⁠⁠⁠. - Ledn provides a secure and transparent way to access liquidity while maintaining your bitcoin holdings. Perfect 8 year track record of keeping clients assets safe. Don't sell your bitcoin. Get a bitcoin-backed loan. Check out your rate by using their loan calculator at⁠⁠⁠⁠⁠⁠ ledn.io⁠⁠⁠⁠⁠⁠ - JPEG Trading is a global proprietary trading firm specializing in cryptocurrency and decentralized finance markets. From market structure and liquidity provision to quantitative trading strategies, JPEG Trading operates across the full spectrum of blockchain-based assets. Follow @jpegtrading on X to stay ahead of the latest developments in digital asset markets:⁠⁠⁠⁠⁠⁠ https://x.com/jpegtrading⁠⁠⁠⁠⁠⁠ - Timecodes: 00:00 Welcome to The Policy Protocol 01:14 Coinbase's New Vice Chairman Ryan VanGrack Co-Hosts 03:06 Kalshi, Michigan Courts, and the CFTC Standoff 07:51 US-UK Joint Statement on Stablecoins 11:22 Conversation with Senator Bill Hagerty 11:54 GENIUS at One Year: Countries Copying U.S. Language Word for Word 12:41 Warren's Midnight Amendments and the Real Fight Behind the Bill 17:51 What are CLARITY's Remaining Hurdles? 19:05 Will Democrats Allow a Win? Hagerty on CLARITY's Path Forward 21:11 World Cup Picks With Senator Hagerty 24:37 Hero of the Week: Harry Jung 25:35 Zero of the Week: Sam Bankman-Fried

The Senate votes unanimously against any SBF pardon. All 100 U.S. senators agreed that FTX founder Sam Bankman-Fried should never receive a pardon or commutation. President Trump has already pardoned Binance founder CZ and Silk Road creator Ross Ulbricht, but the Senate is drawing a clear line at SBF. CoinDesk's Jennifer Sanasie hosts "CoinDesk Daily." - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Find out more at⁠⁠⁠⁠⁠ realfi.co⁠⁠⁠⁠⁠. - Ledn provides a secure and transparent way to access liquidity while maintaining your bitcoin holdings. Perfect 8 year track record of keeping clients assets safe. Don't sell your bitcoin. Get a bitcoin-backed loan. Check out your rate by using their loan calculator at⁠⁠⁠⁠⁠ ledn.io⁠⁠⁠⁠⁠ JPEG Trading is a global proprietary trading firm specializing in cryptocurrency and decentralized finance markets. From market structure and liquidity provision to quantitative trading strategies, JPEG Trading operates across the full spectrum of blockchain-based assets. Follow @jpegtrading on X to stay ahead of the latest developments in digital asset markets:⁠⁠⁠⁠⁠ https://x.com/jpegtrading⁠⁠⁠⁠⁠ - This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.

Sam Bankman-Fried was once called the “crypto king.” But in November 2022, his company, FTX, imploded within a matter of days. All around the world, customers of the cryptocurrency exchange were suddenly cut off from their money. “I tried to withdraw an amount, you know, and it would spin and say, your, your withdrawal is pending,” says Tareq Morad, an investor from Canada. “I remember myself doing that around 7, 8 o'clock at night, checking back, going to look: Okay, did it go through? Did it go through? No. No. No.”Meanwhile, inside the company, employees were panicking. “All that we were told was there's been a run on the bank and, somehow, money is missing and we don't know who to trust,” remembers Caroline Papadopoulos, part of FTX's accounting leadership at the time. This week on Reveal, through prison interviews with Bankman-Fried, his parents, FTX insiders, and customers, we take you through the frantic week of FTX's collapse and the controversial and less well-known bankruptcy that followed. At a cost of nearly $1 billion, it has become one of the most expensive in history. Read the FTX bankruptcy estate's on-the-record statement to Reveal. This is an update of a show that originally aired in September 2025.  Support Reveal's journalism at Revealnews.org/donatenow Subscribe to our weekly newsletter to get the scoop on new episodes at Revealnews.org/weekly Connect with us onBluesky, Facebook and Instagram Learn about your ad choices: dovetail.prx.org/ad-choices

How do you trade without ever losing money? This week, Perpetuals Group CEO Patrick Gruhn, LL.M., MBA joins us to discuss UpsideOnly, a platform where users make market predictions while the company takes the trading risk. We also discuss how lessons from FTX helped shape a different approach to retail trading and prediction markets https://www.perpetuals.com … Continue reading Ep 289- Perpetuals CEO Patrick Gruhn

-This will surely make Sip happy---Iowa State has zero returning starters on offense OR defense back from last year's team---but newcoach Jimmy Rogers said he's confident in who they've brought in and that they'll be competitive…maybe they'll go back to the cellarof the conference like Sip thinks they belong!-Also, Kansas announces a jersey patch sponsorship with Ripple (XRP)…a cryptocurrency company…have we not learned anythingabout working with these companies (looking at you, Miami Heat and FTX)???Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Strategy sold $260M of Bitcoin at a loss to fund dividends. Parker White of Apyx makes the case that it is smarter than it sounds. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠Fidelity⁠⁠⁠⁠⁠⁠⁠⁠: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠⁠⁠⁠⁠⁠⁠crypto.fidelitycareers.com⁠⁠⁠⁠⁠⁠⁠⁠. ⁠⁠⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Strategy just made its largest Bitcoin sale ever, offloading 3,588 BTC for $260 million at a loss to fund preferred dividends. Days earlier it unveiled a digital capital framework: a 12-month coverage rule, a hiked STRC dividend, and a $10 billion buyback plan. Markets calmed, but the moves raise a question: has Strategy stopped being a Bitcoin company? Parker White, CFA, founding contributor and chief investment/operating officer at Apyx, pushes back on claims that funding dollar dividends with Bitcoin sales betrays Bitcoin's ethos, framing it as smart capital management. Shin presses him on whether investors now bet on Strategy's team, not Bitcoin. They unpack short sellers' calculus, the 2027-2029 convertible cliff Matt Walsh pegs near $6.7 billion, and Apyx's apxUSD, a tokenized yield wrapper around STRC and SATA that depegged to 72 cents in the turmoil. White defends Apyx 2.0's redemption model against 'free put option' critics and responds to critic's contention that Strategy resembles Terra/ Luna or FTX. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Parker White - CFA, Founding Contributor and Chief Investment/Operating Officer at Apyx Timestamps

Their research helped the SEC approve the Bitcoin ETFs. Their dashboards helped expose the FTX collapse before anyone else knew what was happening. In this interview, Adrian Fritz and Eli Ndinga from 21Shares break down why institutional allocation to crypto is still practically zero despite all the headlines, how they decide which products to bring to market before the narrative even exists, and why the old altcoin seasons where everything pumps together are never coming back. They explain how blockchains are about to become invisible infrastructure that your mother uses without knowing it, where the next mini bubbles will form in privacy and AI, and why 99% of crypto assets won't exist in a few years — but the 1% that survive will be the Googles and Facebooks of the next era. Learn more about your ad choices. Visit megaphone.fm/adchoices

Bitcoin rebounds after hitting a fresh 21-month low, below its 200-week moving average — but underneath the panic, whales just made THE LARGEST single Bitcoin accumulation spike EVER recorded on chain: 270,000 BTC scooped up at $59K, bigger than the COVID bottom (150K) and the FTX bottom. Cantor Fitzgerald says the bear market is entering its FINAL stretch, projecting a late October bottom based on historical cycles. Metaplanet added 2,823 BTC to push its stack past 43,000. Robinhood just went 24/5 as DTCC's new 24x5 clearing goes live — Wall Street is officially catching up to crypto's 24/7 reality. Meanwhile the biggest stablecoin launch in history just dropped: 140+ giants — BlackRock, Visa, Stripe, Mastercard, Amex, Google, Coinbase, Ripple — launched Open USD (OUSD), a USDC killer that crashed Circle stock 15% overnight. Add June's brutal Marubozu candle (worst month since June 2022), Fed rate HIKE fears from Kevin Warsh, Strategy's $1.25 BILLION sell authorization, and Trump's disclosed $1.4 BILLION in 2025 crypto earnings blowing up Clarity Act ethics negotiations — and we break down whether smart money just called the bottom, or if this is a whale trap before the next leg lower. Learn more about your ad choices. Visit megaphone.fm/adchoices

Vinny Lingham warned 18 months ago that Michael Saylor would harm Bitcoin more than FTX. Now he maps how the Strategy empire breaks and the one move that could slow the bleed. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠Fidelity⁠⁠⁠⁠⁠: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠⁠⁠⁠crypto.fidelitycareers.com⁠⁠⁠⁠⁠. ⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Strategy's stock has fallen over 80% from its November 2024 high, its STRC preferred trades well below par, and a fresh $335 million raise has done nothing to restore confidence. Vinny Lingham, co-founder of Praxos Capital, tweeted in October 2024 that Michael Saylor would do more damage to Bitcoin than FTX. On Unchained, he argues the collapse was always predictable, and that this is not a Ponzi but what he calls a 'Saylor scheme.' Lingham maps how the empire breaks once MSTR trades at a discount to mNAV, why the 32-Bitcoin sale and the $1.5 billion buyback of 2029 converts blew Saylor's runway, and why $6.7 billion in convertible notes raises default risk by 2028. He also weighs a Soros-style attack theory and the switch to bimonthly dividends. His fix is the one thing Saylor won't do: stop buying, stop diluting, wait it out. The question is who removes the biggest buyer of Bitcoin, him or the market. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vinny Lingham - Co-founder of Praxos Capital Timestamps

Send us a text!In this episode we debrief our 2026 Titus 2 FTX. Why do we think these are important? Where did we go? What did we do? What were the learning objectives for our young men? How did we improve the exercise compared to last year? We discuss all of this and more in this episode of the Brutal American Podcast.Checkout the BA Patreon: https://www.patreon.com/c/brutalamericanThis episode's Headline Sponsor is: Keep Wise Partners; Visit KeepwisePartners.com or call Derrick Taylor at 781-680-8000 to schedule a free consultation. https://keepwise.partners/Talk to Joe Garrisi about managing your wealth with Backwards Planning Financial. https://www.backwardsplanningfinancial.comDefiant Machine Works provides expert firearm customization to deliver reliable, personalized, high-performance firearms. https://defiantmachineworks.com/Our new books are now in stock and shipping. https://www.newchristendompress.com/bonifaceoption-revilingwives-15-off Support the show

For the tenth anniversary of Unchained, Laura reflects on the SBF question she never asked, the Charles Hoskinson beef, and why she may be done with strict neutrality. ======================================================== Thank you to our sponsor! ⁠⁠Fidelity⁠⁠: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠crypto.fidelitycareers.com⁠⁠. ⁠⁠Cape⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Unchained started as a side project by Laura in 2016, with two interviews recorded on Necker Island. Ten years later, it's become a network of podcasts and newsletters. Haseeb Qureshi of one of most beloved podcasts on the network, The Chopping Block, chats with Laura about everything from its origins to biggest regrets to her interview style and more.  Plus, she reveals the one regret she has over a question she never got to ask Sam Bankman-Fried after the collapse of FTX. Haseeb, managing partner at Dragonfly and an effective altruist himself, traces whether EA's moral framework enabled SBF's fraud, or whether SBF simply had ordinary delusions of grandeur.  The conversation also moves through Charles Hoskinson's disputed PhD claims, the Brian Armstrong interview that never happened, and Laura's emerging conviction that ten years of institutional disillusionment may be pushing her away from the neutrality that built her career. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠Haseeb Qureshi - Managing Partner of Dragonfly - https://x.com/hosseeb Timestamps

My guest today is Dan Loeb, the founder and CEO of Third Point.  Dan started Third Point in 1995 with a few million dollars, and today the firm manages over 24 billion across equities, corporate and structured credit, venture, and insurance.  He is best known for his activist work at companies like Sotheby's, Sony, and Yahoo, and for the public letters he has written to boards over the years. What I find most interesting about Dan is how much his approach has evolved across thirty years.  He came up as a credit and event-driven investor at Warburg Pincus and Jefferies, built Third Point, then layered in quality investing, thematic technology investing, and now a very large credit business that sits alongside the hedge fund. We cover how he thinks about the AI stack and the companies inside it he believes matter most, the difference between good and bad governance, what FTX taught him about due diligence, the Sony and Sotheby's stories, and the power of writing. Please enjoy my conversation with Dan Loeb. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps: (00:00:00) Welcome to Invest Like The Best (00:02:29) Dan Loeb (00:03:21) Mental Models Information Overload (00:06:50) Dan's Identity as an Investor (00:11:24) The End of Classic Event-Driven Investing (00:13:52) Evolving Strategy Over 30 Years (00:17:48) Return Opportunities in Today's Market (00:21:12) Sources of Alpha for Fundamental Investors (00:22:10) Good vs. Bad Governance (00:26:17) Writing as an Investing Tool (00:27:29) The Sotheby's Story (00:30:04) Activism Opportunities Today (00:31:03) Third Point's Evolution to 60% Credit (00:36:10) Dan as Sole Portfolio Manager (00:38:09) Value Investor Perspective on Today's Market (00:39:23) Investing Outside the US (00:40:33) The Sony Activism Story (00:43:59) Lessons from 30 Years of Investing (00:46:26) Danaher and Operational Excellence (00:48:48) Building the Insurance Liability Business (00:51:19) The FTX Story (00:53:07) Leading a Team Through Uncertainty (00:54:29) Where Third Point Is Most Contrarian (00:56:22) What Makes a Great Analyst Today (00:58:12) The Next 10 Years (01:00:24) The Kindest Thing