Ok, finished this recording with Andrew. And all i have to say is...Andrew came to play. Watch out @fundstrat and @ethereumJoseph he's coming for #1 spot.

The idea of DOJ prosecuting investors for funding and supporting software developers is morally reprehensible, politically disastrous, and comically devoid of legal rationale. There is no excuse for DOJ making a threat like this in open court. I hope the White House is watching.

This creates a chilling effect on investors and builders trying to create open source privacy technology. This cannot happen in America.

Dragonfly invested into PepperSec, Inc., the developers of Tornado Cash, in August of 2020. We made this investment because we believe in the importance of open-source privacy-preserving technology. Prior to our investment, we obtained an outside legal opinion that confirmed that Tornado Cash as built complied with the law, under the guidance given by FinCEN in 2019. The government has now stated in open court that they are contemplating charges against Dragonfly for having invested into the Tornado Cash team in 2020. On counsel’s advice, we have refrained from public comment. But we can no longer remain silent. We believe deeply in Americans’ right to privacy, and the lack of it remains one of crypto’s largest unsolved problems. We therefore stand by our investment. We did not operate or exercise any control over Tornado Cash, we had no contact with any malicious users, we always encouraged our portfolio companies to follow the law, and we maintain that Tornado Cash itself has a lawful right to exist—a view reinforced by Van Loon v. Department of the Treasury and OFAC’s subsequent rescission of sanctions. Charging a venture firm for a portfolio company’s alleged misconduct would be unprecedented, especially under these circumstances. In 2023 we received a DOJ subpoena and have fully cooperated with the government’s investigation of Tornado Cash, confident that we have always complied with the law. The DOJ has made clear that we are not ourselves a target of their investigation. As with every investment, we provided PepperSec the same advice and support we offer all portfolio companies. We believe the government’s statement in court today was primarily to undermine a defense of Tornado Cash—to make it more difficult for the defense to call Tom to testify on the stand. After all of this time—years later—bringing charges against Dragonfly would be outrageous, contrary to the facts and the law, and would induce a chilling effect onto all investment into crypto and privacy-preserving technologies in America. We don’t believe the DOJ would actually bring such absurd and groundless charges. But if they do, we intend to vigorously defend ourselves.

Ok ok SBET is coming to play

Andrew Keys coming on @BanklessHQ for a lil recording tomorrow so we can talk about the 400k @TheEtherMachine treasury he setup. Fun fact: Andrew's middle name is Private.

I'm afraid my co-host @TrustlessState's end of year call of $7k ETH is not bullish enough. But I think it's also representative of ETH ptsd we all have - it's hard to remember what an ETH pump feels like. So $7k feels bullish. I'm not saying David is wrong btw - maybe he's right - but i want to give another scenario for you to ponder. A scenario that seems crazy but I actually think is almost as probable as David's. $15k ETH by end of year. $30k ETH or more this cycle. From 2018 to 2020 ETH was range bound from $180 to $300. A limp run to $330 in July 2019 couldn't be sustained and we traded sideways for what felt like eternity while other assets surged - including bitcoin. "ETH is just a gas token" was the narrative. For the first time in summer of 2020 ETH broke $400. A milestone but still a meager pump. ETH wasn't dead, but it was still considered silly to hold compared to alternatives. Bitcoin hit all time highs later in 2020 and DeFi assets raged up for the first time. "Hold bitcoin and DeFi - forget ETH" the btc/defi barbell was the new narrative. You could capture all crypto upside with those two assets, no need for ETH. Meanwhile ETH continued to range sideways. It wasn't until late in November/December 2020 we started to early signs of strength. Then the explosion. By February 2021 ETH hit new all time highs above $1,500. In May of that year ETH was over $4k. From high $300's to $4k in 6 months - 13x up. I'm saying there's a non zero chance ETH performs similarly this cycle. I'm saying that the $300s of 2020 seem like the $3000s of 2025. Right now we're range bound, below all-time-highs, meager moves up despite incredible news. Coiling like a spring. It's possible for ETH to 5-10x over a 6-9 month period of time if the conditions are right. We've already seen ETH do this. We've just seen BTC do this. Yes, the numbers are larger this time. But so is the capital entering crypto. This is the institutional cycle - wall street is here - and if ETH gets an institutional bid it could do what BTC has already done and more. ETH ETFs are crushing it. Billions in ETH treasury buys every week. 5x is $18k ETH 10x is $37k ETH That's still a lower multiple vs last cycle. Don't bank on this. Don't mortgage your home on this future. Don't expect it immediately. This is nowhere near a certainty. But also, don't count it out as a possibility. Be clear eyed - shake off the ptsd. $30k ETH could really happen this cycle. Range bound for eternity then the explosion up.

I'm beginning to think our government is in over its head on crypto, which is fine, but maybe don't try to throw a guy in prison for 40 years if you have no idea what you're doing The Roman Storm case prosecution is a ridiculous miscarriage of justice

it's actually hilarious ETH is still under its 2021 ATH

ETH did more ETF flows this month than the entire last year Institutions are buying ETH