The Breakdown

Latest Episodes:

Is Custodia a ‘Sacrificial Lamb’ to the Fed’s War on Crypto Banking? Feb 23, 2023

Show notes

In a recent tweet, Kraken co-founder Jesse Powell suggested U.S. regulators like it when bad actors beat good actors because it takes down the crypto industry and the bad actors can be jailed later. In this episode, NLW explores the issue in the context of Custodia Bank's battle to join the Federal Reserve system, and its argument that it is being unlawfully used as a “sacrificial lamb” in the wake of the FTX failure.

Join the discussion at discord.gg/VrKRrfKCz8.

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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: Godong/Getty Images, modified by CoinDesk.

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.

Narrative Watch: Hong Kong Nudges Towards Legalizing Crypto Trading for Retail Feb 22, 2023

Show notes

Hong Kong's securities regulator published proposed rules on Monday for virtual asset trading platforms, fueling the narrative that the next bull market will start in Asia. NLW explores whether the moves are connected to broader changes in the Chinese economy.

Join the discussion at discord.gg/VrKRrfKCz8.

How to Fight Back Against Rogue Regulators Feb 19, 2023

Show notes

Featured on this week’s “Long Reads Sunday”:

“Regulating Crypto by Enforcement and Stealth Will Set the US Back” – Michael Casey https://www.coindesk.com/consensus-magazine/2023/02/10/regulating-crypto-by-enforcement-and-stealth-will-set-the-us-back/

“The Right Analogy for Crypto Markets” – Nic Carter https://twitter.com/nic__carter/status/1625221587673702400

“How to Fight the Rogue SEC” – Balaji Srinivasan https://twitter.com/balajis/status/1625720725645692928

“The State of Crypto Policy” – Jake Chervinsky https://twitter.com/jchervinsky/status/1625568626462887945

Join the discussion at discord.gg/VrKRrfKCz8.

Visit consensus.coindesk.com.

Why the Newly Proposed Custody Role Could Represent a De Facto Ban on Crypto Feb 18, 2023

Show notes

On this edition of the “Weekly Recap,” NLW looks at the newly proposed custody rule from the Securities and Exchange Commission. While the rule has broader implications other than crypto, many in the crypto industry are concerned that Chairman Gary Gensler may use the rule as a roundabout way to expand the SEC’s jurisdiction and therefore cut investment advisers off from the crypto industry.

Join the discussion at discord.gg/VrKRrfKCz8.

Visit consensus.coindesk.com.

Is the SEC’s Terra Lawsuit Trying to Set Precedent That Stablecoins are Securities? Feb 18, 2023

Show notes

In today’s episode, NLW breaks down a slew of late-breaking news, including:

Terraform Labs and Do Kwon are being sued by the Securities and Exchange Commission
Binance US made strange transfers of $400 million between 2020 and 2021, according to Reuters
Judge Kaplan threatens to revoke Sam Bankman-Fried's bail

Join the discussion at discord.gg/VrKRrfKCz8.

Visit consensus.coindesk.com.

Why Bitcoin Rallied 11% on Wednesday Feb 17, 2023

Show notes

In this episode of “The Breakdown,” NLW examines the various explanations for Wednesday's 11% increase in BTC’s price, including:

Market structure
Global liquidity conditions
Stablecoin concerns
Ordinals
Debt ceiling debates
The Asian bid

Join the discussion at discord.gg/VrKRrfKCz8.

Visit consensus.coindesk.com.

Regulators Only Have Themselves to Blame for Crypto Not Being Better Regulated Feb 16, 2023

Show notes

On Tuesday, the Senate Banking Committee held a hearing on the “Crypto Crash.” NLW discusses the opening statements of the ranking committee member and chairman, as well as the regulatory proposals put forward by witnesses. He also discusses the ruling by a U.S. judge that FTX will not have an independent examiner appointed.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell 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: aleksei-veprev/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Slightly Hot Inflation Print Probably Won’t Change the Fed’s Perspective Feb 15, 2023

Show notes

On today’s episode, NLW updates on the Paxos situation. Paxos made a statement that it is willing to fight the Securities and Exchange Commission in court over whether BUSD is a security. The main part of the episode is focused on January’s inflation data, which came in slightly higher than expected. NLW argues it’s not enough for the Federal Reserve to consider shifting course.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell 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: Ibrahim Akcengiz/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

The Latest Front in the Crypto Wars Is Binance-Paxos and BUSD Feb 14, 2023

Show notes

Last week, rumors swirled that Paxos was the next target for regulatory action. On Sunday, the Wall Street Journal reported the Securities and Exchange Commission was preparing a suit accusing the company of issuing an unregistered security. Then on Monday, the New York-regulated company announced it would cease issuing Binance USD after the state banking regulator said Paxos couldn’t do so in a safe and sound manner.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell 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: ZU_09/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Are Ordinals Sneakily a Boon to Bitcoin Security? Feb 13, 2023

Show notes

On this week’s “Long Reads Sunday,” NLW reads:

“A Pragmatic View of ChatGPT in a Web3 World” by Jesus Rodriguez

“How Bitcoin NFTs Might Accidentally Fix Bitcoin's Security Budget” by George Kaloudis

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell 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: Screenshot of ordinals.com feed, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

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