The Breakdown

Latest Episodes:

The Hole on the FTX Balance Sheet Remains Gaping Mar 04, 2023

Show notes

In this week's “Weekly Recap,” NLW looks at the latest from the FTX bankruptcy estate and stirrings that Democrats in Congress aren't fond of SEC Chair Gary Gensler's regulatory methods.

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“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Hermann Mueller/ Getty Images, modified by CoinDesk.

Join the discussion at discord.gg/VrKRrfKCz8.

Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.

With Congress Impotent, Courts Are the Only Option for Fighting SEC Overreach Mar 04, 2023

Show notes

Today on “The Breakdown,” NLW discusses Silvergate, a scathing open letter from three U.S. senators to Binance and whether courts can stop an overreaching Securities and Exchange Commission.

Join the discussion at discord.gg/VrKRrfKCz8.

What the Silvergate Death Spiral Means for the Crypto Industry Mar 03, 2023

Show notes

In today's episode, NLW discusses Silvergate Bank's painful collapse. In order to understand the industry's banking resources, he examines where the bank came from, why it became important to the industry and how it faltered.

Join the discussion at discord.gg/VrKRrfKCz8.

The Vise Tightens on SBF as Former FTX Engineering Head Nishad Singh Pleads Guilty Mar 02, 2023

Show notes

The latest big news, in the wake of FTX's collapse: Nishad Singh, former head of engineering, has pleaded guilty to six charges as well as a “no contest” to civil charges from the Securities and Exchange Commission and Commodity Futures Trading Commission. In todays’ episode, NLW explores what we've learned from the charges, including new revelations about FTX's 2021 revenue.

Join the discussion at discord.gg/VrKRrfKCz8.

NFT’s Biggest Company Is Coming to Bitcoin Ordinals Mar 01, 2023

Show notes

In today’s episode, aside from fist-shaking at SEC Chairman Gary Gensler, NLW discusses an announcement from Bored Ape Yacht Club creator, Yuga Labs, that it is creating a generative art collection for Bitcoin with Ordinal inscriptions. As part of an emerging Bitcoin Builder moment, he argues, the move makes sense.

Join the discussion at discord.gg/VrKRrfKCz8.

Gary Gensler, Bitcoin and the Bad-Faith SEC Feb 28, 2023

Show notes

Ah, the industry was once so hopeful about Gary Gensler’s appointment to the Securities and Exchange Commission. Yet, as the years have progressed he has become the industry's most aggressive antagonist. In the wake of increasing congressional scrutiny of his dealings with Sam Bankman-Fried and FTX, Gensler is fighting back in media appearances. In today's episode, NLW discusses Gensler's argument that all crypto assets are securities, aside from bitcoin.

“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Alex Wong/ staff/ Getty Images, modified by CoinDesk.

Join the discussion at discord.gg/VrKRrfKCz8.

Central Bankers Triumphantly Declare Fiat to Have Beaten Crypto Feb 26, 2023

Show notes

Today on “Long Reads Sunday”:

Travis Kling on why we haven’t won yet

Cosmo Crixter – An Open Letter to Agustin Carstens

Brendan Malone – The real problems of central banking

Join the discussion at discord.gg/VrKRrfKCz8.

Bank Regulators Say ‘No Operation Choke Point 2.0! Seriously! Believe Us!’ Feb 25, 2023

Show notes

Apparently all our angry howling worked. This week, the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and the Federal Reserve Board of Governors, while nominally speaking about the liquidity risks of crypto banking, took pains to say they weren’t saying banks weren’t allowed to work with crypto companies. As you might guess, many in the crypto space aren’t buying it. We thinks the Regulator Doth Protest Too Much?

“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Stevanovicigor/ Getty images, modified by CoinDesk.

Join the discussion at discord.gg/VrKRrfKCz8.

Class-Action Lawsuit Accusing Digital Basketball Cards of Being Securities Allowed to Proceed Feb 25, 2023

Show notes

On today’s episode, NLW covers the ruling of a federal judge in New York allowing a class-action lawsuit to proceed against Dapper Labs for allegedly offering unregistered securities. He also covers a new slate of charges against Sam Bankman-Fried, disgraced founder of FTX.

Join the discussion at discord.gg/VrKRrfKCz8.