|
Feb 18
|
|
—
|
LONG
|
Stefan Rust
Guest, CEO of Trueflation
|
Institutions are moving on-chain despite low token prices. BlackRock is using Uniswap X; Apollo is acquiring Morpho tokens. Smart money is buying the "rails" and protocols during the bear market. The utility of swapping tokenized assets (e.g., JPM Coin for Mercado Libre Coin) will occur on decentralized exchanges like Uniswap. LONG. Institutional validation provides a floor, and future tokenized asset volume will drive protocol revenue. Continued regulatory hostility towards DeFi interfaces. |
Unchained (Chopping Block)
Why $700 Billion in AI CapEx Could Be the Nex...
|
|
Feb 13
|
|
—
|
LONG
|
Peter Van Valkenburgh
Research Director, Coin Center
|
Peter argues that "truly neutral, non-discretionary infrastructure" should be treated like publishing a book. The Blockchain Regulatory Certainty Act (BRCA) aims to codify that if you don't have "control" of funds, you are not a money transmitter. If the BRCA passes or influences judicial precedent (like the Tornado Cash defense), protocols that are immutable and non-custodial gain a massive legal advantage over "managed" protocols. They become un-bannable "speech" rather than regulated financial services. Long "True" DeFi (immutable protocols) and Privacy Infrastructure that fits the "publisher" definition. Courts may reject the First Amendment argument; the definition of "Control" remains vague. |
Unchained (Chopping Block)
Why Regulatory Clarity for Developers Will De...
|
|
Feb 13
|
|
—
|
AVOID
|
V
Co-host, General Counsel (DeFi)
|
V highlights the danger of the "Control" definition: "If we can upgrade the vault, does that constitute control? What if we can pause withdrawals...?" Peter confirms that under proposed Section 301, protocols deemed "Non-Decentralized" (due to admin keys) could be forced to register as Broker-Dealers. Most current DeFi projects are not immutable; they have multisigs, pause buttons, and upgradeability. These features place them squarely in the regulatory crosshairs as "Non-Decentralized Protocols." They will face the impossible choice of registering as a Broker-Dealer (which a smart contract can't do) or facing enforcement actions. Avoid DeFi tokens where the team retains admin keys or "governance" acts as a proxy for control. Regulatory definitions may soften to allow for "security councils" or emergency pauses without triggering Broker-Dealer status. |
Unchained (Chopping Block)
Why Regulatory Clarity for Developers Will De...
|
|
Feb 11
|
|
—
|
LONG
|
Russell Fry
Representative (R-SC)
|
Rep. Fry notes the DOJ has issued a memo titled "Ending Regulations by Prosecution," specifically stopping the practice of treating software developers (who don't control funds) as financial institutions/money transmitters. Bondi confirms they are putting this memo into practice. This removes the existential legal threat that writing code for decentralized protocols equates to running a regulated bank. Regulatory clarity for non-custodial developers is bullish for the broader US crypto infrastructure and DeFi ecosystem, reducing legal overhead and encouraging domestic innovation. Future administrations could reverse this guidance; the SEC may still pursue enforcement via securities laws independent of the DOJ. |
CNBC
Attorney General Pam Bondi testifies before H...
|
|
Jan 31
|
|
—
|
LONG
|
Kain Warwick
Founder of Synthetix / Infinex
|
"Agents can't go and make a Wells Fargo account or a Morgan Stanley account... that to me has to be where the next bull run is going to come." AI Agents (like Clawbot) are becoming autonomous. They need to transact. They cannot pass KYC at a bank. Therefore, they *must* use permissionless crypto rails. The protocols that provide the easiest API/SDK access for agents to hold and swap value (likely stablecoins on high-throughput chains) will capture this automated volume. LONG DeFi protocols that facilitate automated payments and permissionless wallet creation. Regulatory crackdowns on "non-human" financial actors. |
Unchained (Chopping Block)
How Ethereum May Have One-Upped Bitcoin in On...
|