On this week’s Unchained, Tyler and Cameron Winklevoss talk about their ad campaign (which I finally happened to see on the subway myself!) and how they plan to make the Bitcoin ETF a reality.

As tax season is coming upon us, I spoke with Chandan Lodha of CoinTracker on why it is that crypto holders may not be able to trust the reports they get from exchanges when it comes to filing their returns. (If you missed the comprehensive episode I did on crypto taxes last year, it’s all still relevant and fairly comprehensive.)

Meanwhile, there’s a lot of scrutiny of some of the highest-market cap coins — with Messari calculating by how much XRP’s market cap could be overstated. (Hint: it’s in the billions — due to the holdings of individuals previously or currently associated with Ripple.) And the Bank for International Settlements did a deep dive into Bitcoin: they don’t have such a positive prognosis.

Plus, in the UK, it looks like utility tokens will not be deemed securities, whether or not they are decentralized. As Marco Santori put it, this might get some wondering, “OMG Iz iT aLt sEeZon?!”

This Week’s Crypto News…

Messari Claims XRP Market Cap Inflated

According to blockchain analytics firm Messari, Ripple’s XRP could have a market cap overstated by as much as $6.1 billion. The news didn’t go down well with Ripple supporters: Following the publication of the report, Messari co-founder Ryan Selkis tweeted that he’d received threatening calls. He then invited anonymous tips about Ripple and its practices around XRP.

UK Regulator Says Utility Tokens Not Securities

Although this is not law, the UK’s Financial Conduct Authority has decided that utility tokens are not within its regulatory scope, according to a guideline paper on cryptoassets published this week. They’re seeking comments on their position. (If you don’t have time for the full paper, Marco Santori broke down some key points in a tweet thread.)

On-Chain vs. On-Exchange Transactions

Peter Ryan, research analyst at CoinDesk, tweeted out an interesting chart from the publication’s Cryptoeconomics Explorer. In an easy snapshot, see how much in dollars moved on the blockchain for every dollar moved on exchanges — or, potentially, how much usage the blockchain is seeing vs. speculative activity. I was totally surprised by which crypto had the most on-chain usage.

Months-Long Finality?

Talk about “unconfirmed.” The Bank for International Settlements had an interesting paper analyzing Bitcoin. Tl;dr: they don’t think the system will work once mining rewards are phased out, which could lead to some transactions waiting months for finality, and think that the Lightning Network will lead to centralization. The FT’s Isabella Kaminska summed it all up with saltier words.

John McAfee Escapes to Sea

This week, antivirus pioneer and crypto provocateur John McAfee posted a characteristically strange video to explain that he had fled to international waters to escape the IRS. (He should listen to this week’s Unconfirmed!) Despite the self-imposed exile, he apparently still intends to conduct his 2020 presidential campaign from the ocean.