Memecoins Eat Everything: Robinhood's Accidental Casino & Base's Identity Crisis
Brian Armstrong changed his profile picture to a memecoin. It pumped to thirty million. Ten thousand wallets piled in. Less than twenty-four hours later, he changed it back — and every one of those wallets felt it.
That one move cracked open the week's biggest debate: what should Coinbase and Base actually be for? And what does it mean that Robinhood's new L2 — launched three weeks ago, supposedly for tokenized stocks — already has five hundred million in memecoin volume versus thirteen million in RWAs?
This week on The Defiant, Camila Russo sits down with three guests who can't agree on anything — and that's exactly why this conversation works.
Austin Campbell (Zero Knowledge / NYU Stern) says Base's behavior was both an intellectual and moral failing — memecoins are gambling, and Coinbase can't build payment infrastructure while promoting gambling to young people at the same time. Jason Yanowitz (Blockworks) says the strategy is closer to right than people admit, and the real problem is execution, not direction. Michael Lee (LienFi), a Base builder since day one, says Armstrong's PFP move caused real damage — but mercenary traders have also paid twenty million dollars to creators on Base, and nobody else is stepping in to do that.
School bus. Rocket ship. Same company. That's the problem.
Guests: Austin Campbell (Zero Knowledge / NYU Stern) | Jason Yanowitz (Blockworks) | Michael Lee (LienFi) Topics: Memecoins, Coinbase, Base, Robinhood L2, content coins, Brian Armstrong, crypto regulation, everything exchange
Bits + Bips: Are Crypto Markets Bottoming, or Is There More Pain Ahead?
DATs may be collapsing, AI agents may be overhyped, but Omid Malekan thinks the strongest case for crypto has nothing to do with either.
Thank you to our sponsors:
Fuse: The Energy Network
Bitcoin is below $63,000, digital asset treasuries are under pressure, and the debate over whether crypto markets are bottoming or breaking down is splitting the hosts.
Ram is skeptical of institutional demand when he looks at the 13F data from institutions filing SEC reports. Chris is on the phone with institutions all day and is bullish.
Omid Malekan, adjunct professor at Columbia Business School, comes in with a longer lens: he admits he contributed to the DAT hype cycle, has doubts about agentic commerce that remind him of the metaverse in 2021, and thinks the strongest argument for crypto is not a product or a token but a fact about how nation-states treat their own citizens.
The conversation also covers tokenized bank deposits, the SEC's updated broker-dealer guidance on stablecoins, and what it means that the Supreme Court just struck down Trump's tariffs.
Hosts:
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
Christopher Perkins, Managing Partner and President of CoinFund
Guest:
Omid Malekan, Adjunct Professor at Columbia Business School
Links:
Unchained:
Bitcoin Slips Below $63,000 as Fear Deepens
Bitcoin Dips Below $65,000 as Tariff Uncertainty Weighs on Risk
White House Talks Make Progress on Stablecoin Yields but No Deal Yet
SEC Quietly Eases Capital Rules for Stablecoins
SCOTUS: Supreme Court strikes down tariffs
Citrini: THE 2028 GLOBAL INTELLIGENCE CRISIS
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Debate: Is Ethereum Ready for Real World Assets? | Omid Malekan vs Austin Campbell (Crypto Professors)
Austin Campbell (NYU) and Omid Malekan (Columbia) debate a simple question: is Ethereum ready to host real-world assets?
They walk through stress tests—what if an exchange is hacked, a stablecoin breaks, or a court order targets the chain—and whether the network should ever step in.
You’ll hear where they agree and disagree, what protections are realistic today, and what still needs to be built before RWAs can scale.
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TIMESTAMPS
0:00 Intro
6:13 Twitter Debate Genesis
8:58 Bybit Hack
17:56 Crypto vs RWA Immutability
29:29 Ethereum Validator Intervention
33:11 Dealing with Multiple Jurisdictions
52:23 Credible Neutrality for a Multipolar World
1:00:32 Blockchain Use Cases
1:13:40 Consortium Chains
1:24:57 Closing Arguments
------
RESOURCES
Omid Malekan
https://x.com/malekanoms
https://www.omidmalekan.com/
Austin Campbell
https://x.com/campbelljaustin
https://zero-in.beehiiv.com/
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Crypto Firms, Fintechs and Banks Hope to Dominate Stablecoins. Who Will Win? - Ep. 888
Stablecoin-focused blockchains are popping up everywhere. Stripe, Circle, and more are betting they can dominate payments. But are these chains even needed? And will Ethereum ever be ready for real-world assets?
Austin Campbell, NYU professor and founder of Zero Knowledge Consulting, joins Unchained to cut through the hype. From why “the market eventually eats you” to how consumers, not companies, could be the real winners, Campbell unpacks the competitive landscape and warns that the ultimate champion might be someone who isn’t even on the field today.
Thank you to our sponsors!
Walrus
Xapo Bank
Guest:
Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
Links:
Unchained:
Circle to Launch Layer 1 Blockchain ‘Arc’
Stripe Is Building Its Own Layer 1 Blockchain: Report
Fortune: Top crypto VC Matt Huang to lead Stripe blockchain Tempo as CEO, stay at Paradigm
Timestamps:
🎬 0:00 Intro
💸 4:23 Whether the world really needs stablecoin-specific blockchains
🧪 9:45 How Stripe’s Tempo chain could gain an edge in the payments game
🌐 12:25 Why Circle’s Arc might struggle to stand out
🏆 15:19 Who could emerge as the winner of the stablecoin payments race
🗺️ 20:35 What the broader stablecoin chain landscape looks like right now
🏦 23:36 Whether crypto companies have a real shot at disrupting traditional finance
🙋 27:51 Who could end up being the biggest winners
🧱 31:52 Why Ethereum may not be ready for the RWA moment
🔮 34:52 Who’s best positioned to capitalize on the next wave of blockchain-based payments
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Why a U.S. Ban on Yield-Bearing Stablecoins Would Help 'Too Big to Fail' Banks - Ep. 840
Yield-bearing stablecoins have had decent growth, now topping $6 billion in supply and paying out nearly $600 million to users, according to data from Stablewatch. But just as these products go mainstream, the U.S. Senate is moving forward with a stablecoin bill that could ban them outright in America.
In this episode, NYU professor and Zero Knowledge Consulting founder Austin Campbell joins Laura to break down:
Why yield-bearing stablecoins are under fire in Washington
Why Dems are pushing for the ban and who stands to benefit
How this bill could give foreign issuers an edge over U.S. ones
Whether yield-bearing stablecoins are securities under U.S. law
And what the future holds for projects like Ethena, Sky, and others
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Bitkey: Use code UNCHAINED for 20% off
Focal by FalconX
Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
Unchained:
How the Senate Stablecoin Bill Enriches Corporations at the Expense of Consumers
Stablecoin Bill Passes Key Hurdle: Dems Join GOP to Deliver a Crypto Win
Tether in the Clear? Yes, Under This New Republican-Led Senate Stablecoin Bill
Stablecoin Bill Stalls in Senate as GOP Cries Foul Over Dem Resistance
Timestamps:
0:00 Introduction
💣 1:29 Why the new stablecoin bill takes direct aim at yield-bearing stablecoins
🗳️ 3:36 How Democrats are driving the push for a ban and what their motivations might be
🏦 6:28 Why calling stablecoins “banks” leads to major policy confusion
🌍 13:49 How the bill could hand an advantage to offshore stablecoin issuers
🎒 19:31 Whether Tether is warning about risk or just protecting its own interests
⚖️ 21:09 Are yield-bearing stablecoins actually securities under U.S. law?
💰 23:40 What real benefits yield-bearing stablecoins offer to users
🚫 29:54 Why Austin opposes the proposed 10% interest cap
📚 32:04 Why Ethena would likely be regulated under market structure rules instead
📰 35:04 Weekly News Recap
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This Is What the Crypto Industry Actually Wants From Trump
We all know that the new Trump administration is likely to be more friendly to the crypto industry than the Biden administration was. And we know that the industry has generally been rather supportive and enthusiastic about the change at the White House. But what's actually coming next? What does being favorable to the industry really look like in practice? What does the crypto industry actually want to see in terms of changing regulations under a new administration? On this episode, we speak with Austin Campbell, professor at NYU's Stern School of Business and the CEO of stablecoin company WSPN USA about the possibilities ahead, and what moves the industry is hoping to see from the SEC and bank regulators.00
Read More: Trump Plans to Designate Cryptocurrency as a National Priority
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ETH vs. SOL: A Professor's Take | Omid Malekan
Omid Malekan, an adjunct professor at Columbia Business School and author of multiple books on crypto joins us. Omid shares his insights on the evolution of blockchain, the concept of digital scarcity, and the future of decentralized finance. Drawing from his experiences in both traditional finance, his teachings, and the crypto industry. Omid also discusses how blockchain offers a fundamentally new way to build trust and redefine property rights in the digital world and his best arguments for why ETH is better than SOL.
------ 🎬 DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-omid-malekan
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------ ✨ Mint the episode on Zora ✨ https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/81?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E
------ TIMESTAMPS
0:00 Intro 5:52 Omid Malekan’s Crypto Background 9:31 Transitioning from TradFi to Crypto 14:51 Explaining Blockchain to Crypto Newcomers 21:10 The Fear in Crypto Transactions 24:53 Blockchain as a New Financial Architecture 28:07 What New Crypto Users Get Wrong 32:06 Not All Blockchains Are Equal 39:25 Qualitative & Quantitative Block Space 41:49 Lessons from Traditional Finance 46:36 Modular Design in Blockchain Systems 1:01:30 Envisioning Crypto's Endgame 1:09:25 Ether's Value Proposition and Role 1:20:28 Opportunities for High-Quality Liquid Assets 1:23:38 Ether as the Money of the Internet 1:36:55 Settlement Assurances and the Future of Ether 1:44:07 Crypto Cycles and Future Gains 1:45:29 Own Podcast? 1:46:22 Closing & Disclaimers
------ RESOURCES
Omid Malekan https://x.com/malekanoms
Omid's Books https://www.amazon.com/Re-Architecting-Trust-History-Markets-Platforms/dp/1732027331 https://www.amazon.com/Story-Blockchain-Beginners-Technology-Understands/dp/1732027307
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Defending Crypto to the Middle-Class American | Austin Campbell
Do you remember the 2008 crisis? It left a mark on many of us, fueling a distrust of bankers and politicians, and leading us to crypto as an alternative to the broken system.
Today’s guest, Austin Campbell, a professor and former Chief Risk Officer at Paxos, explains how crypto, especially stablecoins, can protect everyday Americans from the risks of traditional banks. He’s here to show why the middle class should care about the future of finance.
------ 🎬 DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-the-austin-campbell-interview
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🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🗣️TOKU | CRYPTO EMPLOYMENT https://bankless.cc/toku
------ ✨ Mint the episode on Zora ✨ https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/70?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E
------ TIMESTAMPS
0:00 Intro 5:18 Austin’s Tweet Defending Crypto 13:55 How the Banking System Works 23:19 Who Manages Bank Risk? 32:37 Depositor Bailouts 41:36 Stablecoin Solution? 59:51 Stablecoin Impact on Banks 1:06:44 U.S. Payments Outdated? 1:10:15 Global Implications of Crypto Adoption 1:17:46 U.S. Regulatory Stance on Crypto 1:24:55 Anti-crypto Policy Motivation 1:32:13 Austin's Advice to Crypto Community 1:35:22 Closing & Disclaimers
------ RESOURCES
Austin Campbell https://x.com/CampbellJAustin
Must Read Threads https://x.com/CampbellJAustin/status/1817590780879397114 https://x.com/CampbellJAustin/status/1821591319816581469 https://x.com/campbelljaustin/status/1823362155984388226
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
$30k BTC & Beyond? BlackRock Bitcoin ETF with Austin Campbell
Austin Campbell is the managing partner of Zero Knowledge Consulting, an adjunct professor at Columbia Business School, and used to work at Paxos in both Portfolio Management and Chief Risk Officer. He also was Co-Head of Digital Assets in Global Rates at CitiBank at JP Morgan for a decade.
Austin knows a thing or two about the TradWorld and we brought him on to help us navigate all of the TradNews that has surfaced in the last two weeks around the crypto space.
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🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2
🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE https://bankless.cc/MetaMask
⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum
🧠 AMBIRE | SMART CONTRACT WALLET https://bankless.cc/Ambire
🦄UNISWAP | ON-CHAIN MARKETPLACE https://bankless.cc/uniswap
🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle
----- TIMESTAMPS:
0:00 Intro 5:12 Austin Campbell 7:14 TradFi Last Two Weeks 10:59 Political Conspiracy 15:05 Timing Analysis 17:17 BlackRock Bitcoin ETF 20:05 Other Bitcoin ETFs Denied 22:47 What's the SEC's Next Move? 24:00 How Bullish is This? 26:13 BlackRock & Coinbase/Kraken Partnership 31:15 EDX Markets 37:22 Unbundling of Crypto Exchanges 42:22 Stablecoins Landscape 49:55 Stablecoin McHenry Bill 56:50 International Stablecoins 57:55 Closing & Disclosures
----- RESOURCES:
Austin Campbell https://twitter.com/CampbellJAustin
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
Why the CFTC Case Against Binance Will Have Very Important Consequences for Crypto - Ep. 475
In this episode, Austin Campbell, a professor at Columbia Business School, discusses the recent allegations made by the CFTC against Binance, and whether or not criminal charges will be brought against company officers such as CEO Changpeng Zhao, or CZ, or former Chief Compliance Officer Samuel Lim. He also sheds light on how this case could shape which agency will have regulatory authority over crypto assets.
Show highlights:
what the CFTC's allegations against Binance are
whether Binance and its employees will face criminal charges
what the two most likely scenarios for Binance are, according to Austin
how regulators got so many details and so much information from CZ's phone
whether CZ is personally liable and whether the US could extradite him
how the CFTC used the complaint to state that BTC, LTC, ETH, and some stablecoins are commodities
Why Austin believes Coinbase would be the "single biggest winner" if Binance US is shut down
how this case is going to help determine which agency has jurisdiction to regulate crypto assets
Thank you to our sponsors!
Crypto.com
Railgun DAO
Guest
Austin Campbell, professor at Columbia Business School and Managing Partner at Zero Knowledge Consulting
Previous coverage on Unchained: Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown
Links
CFTC vs. Binance
Unchained: CFTC Sues Binance and CZ Over US Regulatory Violations
Bloomberg’s Matt Levine: The CFTC Comes for Binance
Previous coverage on Unchained: The Chopping Block: Is This the Beginning of the End for Binance?
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The Platform Delusion — With Columbia Business Professor Jonathan Knee
Jonathan Knee is a professor at Columbia Business School and senior advisor at the investment bank Evercore. He joins Big Technology Podcast to discuss The Platform Delusion, his forthcoming book about how the term "platform" has become overused to the point that it has little meaning. Is Sweetgreen really a platform. Well, Sweetgreen thinks so (c'mon now). Listen for a discussion covering what should actually be called a platform, the fundamentals of the tech giants' businesses, and whether students should go to startups coming out of school.
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What It Takes To Win At Quant Investing
Interest in quantitative investing strategies continues to grow; however, as the space gets more competitive, making money and winning gets harder and harder. Computation costs alone can be prohibitive. On the latest episode, we speak with Columbia Business School professor Ciamac Moallemi about how the world's best quant funds thrive.
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