CoinDesk Podcast Network

Crypto finds itself in an inevitable set of regulatory battles.

This episode is sponsored by NYDIG.

“First they ignore you, then they laugh at you, then they fight you and then you win.” 

In this episode of “The Breakdown,” NLW examines crypto’s current “and then they fight you” phase, citing recent regulatory battles:

A New Jersey Bureau of Securities order calls for BlockFi to stop accepting new clients residing in the state. CEO Zac Prince remains optimistic, believing the company’s products are lawful and that further discourse with regulators would clear up concerns, the most important of which seems to be surrounding yield delivery. Is a new macro narrative emerging as competition ramps up with high yield enticing new crypto users?

In a meeting with the President’s Working Group on Financial Markets, attendees discussed the rapid growth of stablecoins and their risks and benefits for the future. Of the eight political and regulatory figures in attendance, who are likely to provide pro-stablecoin input?

This morning, an incendiary headline dropped – “EU Aims to Ban Anonymous Crypto Asset Wallets” – following a European Commission release. Is the severity of the commission’s reform as fierce as the headline suggests?

-

NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: Greg Nash/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

VCs may lose their position as gatekeepers to startup success.

This episode is sponsored by NYDIG.

In addition to the deep dive into distributed autonomous organizations, or DAOs, and their future in venture capital, today’s “The Brief” covers:

SushiSwap, the decentralized exchange based on Uniswap, is proposing to sell a portion of its treasury to venture firms as part of a broader diversification plan. The community finds itself torn in half over the announcement, with some advocating for the benefits of seasoned expertise and others vehemently denying the need for institutional investors. 

SushiSwap’s “VC-versus-community” debate provides a case study on the growing world and strength of DAOs. VCs have previously held the essentially sole power over the fate of startups, but in the case of SushiSwap, they are now forced to be in open negotiation with the community. 

This power shift presents a window into the vitality of DAOs, stemming from their democratic and global nature, dynamism and anonymity. Will DAOs succeed as the internet native form of organization?

-

NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom.

Image credit: BrianAJackson/iStock/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

An argument that the Bitcoin network is a public good and governments should invest in public goods.

This episode is sponsored by NYDIG.

This week’s “Long Reads Sunday” is a reading of “Bitcoin: An Orange New Deal” by Andrew Bailey and Bradley Rettler.

-

NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: hamzaturkkol/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

An in-depth, historical look at how and why government statistics have changed over time.

Starting this week the Speaking of Bitcoin show joins the CoinDesk Podcast Network

This time on Speaking of Bitcoin, the hosts are joined by John Williams, rogue economist and long-time Editor of ShadowStats.com, a data source that tracks everything from inflation to GDP, money supply to unemployment using the original government defined methodologies. Over time, the government has changed how they measure all of these things and Johns work reveals that these changes all result in better looking statistics from the same, often terrifying numbers.

In this wide ranging conversation we talk about how and why this happened, plus what we can do about it. If this is a new topic to you, expect to come away with a different perspective in this epic episode.

Today's show featured John Williams, Stephanie Murphy, Jonathan Mohan and Adam B. Levine. This episode was edited by Jonas, with music by Jared Rubens and Gurty Beats.

Our album art is a composite work by Adam B. Levine using the current inflation chart from ShadowStats.com along with an excellent imposter-dog image from Brayden Anderson on Unsplash.

Have any questions or comments? Send me an email at [email protected]

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Those expecting another El Salvador are sure to be disappointed. 

This episode is sponsored by NYDIG.

On this edition of the “Weekly Recap,” NLW covers:

-

NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: naruedom/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A new initiative from Jack Dorsey will be a full business unit inside the company.

This episode is sponsored by NYDIG.

Today on the Brief:

Our main discussion:

Square has announced a new initiative, titled “TBD,” that CEO Jack Dorsey describes as “focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless and decentralized financial services.” Dorsey intends the platform to be developed completely transparently: “open road map, open development and open source.”

In this episode, NLW puts the new initiative in the context of Square’s long-term relationship with Bitcoin, explains why it’s different from the company’s Square Crypto efforts and analyzes how different parts of the community are reacting to the news.

-

NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: Eva Marie Uzcategui/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Cryptocurrencies were once a hedge play that could no longer be ignored, but now Larry Fink sees “very little investor demand” for crypto.

This episode is sponsored by NYDIG.

On this episode of “The Breakdown,” NLW addresses recent shifts in institutional and regulatory discussions on crypto, including:

BlackRock made headlines when it entered the crypto market because it viewed bitcoin as a hedge play that could no longer be ignored. Now, this investment management company finds itself in a changed landscape as bitcoin prices have fallen from all-time highs. How has CEO Larry Fink’s view of crypto changed with this new price point?

ShapeShift, a global digital asset trading platform, was created with a vision of minimizing user-collected data. That vision was tarnished in 2018 when the platform began requiring basic information, resulting in a 95% loss of its user base. ShapeShift’s tumultuous history has added another chapter today with the announcement that it is converting to a decentralized autonomous organization, or DAO, owned by the users. Is this one step in a greater trend of fundamentally shedding corporate organizational power structures?

Federal Reserve Chairman Jay Powell countered Vice Chairman Randal Quarles’ pro-stablecoin stance in a recent testimony before Congress. While Quarles asserted successful stablecoins would make a U.S. central bank digital currency (CBDC) redundant, Powell offered the opposite opinion: “You wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency.” Whose stance will win in the growing stablecoin versus CBDC debate?

Two members of the U.S. Securities and Exchange Commission released a letter of dissent following a SEC enforcement action against U.K. company Coinschedule for anti-touting provisions. The letter expressed the members’ disappointment at the lack of regulatory clarification following the Coinschedule opportunity and an overarching distaste at a lack of transparency surrounding crypto guidance. Will more members follow in their footsteps and push for a clearer SEC stance?

-

NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Stefan Wermuth/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

While the European Central Bank accelerates its digital euro project, one Fed official throws cold water on U.S. CBDC plans.

This episode is sponsored by NYDIG.

On this episode of “The Breakdown,” NLW analyzes a stablecoin-focused speech from Randal Quarles, vice chair of the Federal Reserve, starting with a primer on developing trends related to the topic, including:

The conversation around central bank digital currencies (CBDCs) is growing louder. In China, the digital yuan continues to roll out through lottery tests and, more recently, for use in the Beijing subway. Today, the European Central Bank announced a new two-year “investigation” period during which the ECB will prepare for a larger digital euro design phase with user consultation, regulatory discussions and market analysis. 

Still, NLW argues that we can’t view the rise of public CBDC discussions in the absence of the growing adoption of private stablecoins. While these private, fiat-pegged stablecoins seem increasingly in the regulatory crosshairs, Federal Reserve Vice Chair Randal Quarles recently argued the U.S. central bank and policy makers shouldn’t fear them – and that, indeed, when regulated properly, stablecoins might make the need for a CBDC redundant. 

-

NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: Andrew Harrer/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

One early bitcoin investor with a traditional background is less concerned about any upcoming bubble.

This episode is sponsored by NYDIG.

On this episode of “The Breakdown,” NLW analyzes value investor turned bitcoin bull Bill Miller’s contrarian take on a possible upcoming market bubble. Miller’s background lies in traditional markets, with a massive portion of his portfolio grounded in strategically held Amazon shares. That, in addition to his relatively early bitcoin investments, provides him with an insider perspective from an external base understanding of markets. While other top investors predict an “epic” market crash, Miller remains unconcerned. 

Today on the brief, NLW covers the most recent crypto market news, including:

Newly released Consumer Price Index (CPI) numbers fuel an ongoing, contentious debate around inflation. While the Federal Reserve sticks to its “transitory” assessment, others are not so sure. How will the numbers change as base effects no longer become a valid explanation?

As institutional investors fill the crypto space, a “spillover” system risk concern becomes increasingly relevant. Is spillover just another piece of FUD, or is it an inevitable reality as traditional and crypto markets become more entwined?

Square’s teasing of a hardware wallet project is materializing. CEO Jack Dorsey tweeted no less than 12 guiding principles for the project, and the project lead more recently announced the company’s dedication to make “bitcoin custody more mainstream.” Although no exact timeline for release exists, Square’s project is an exciting step towards easier entry to bitcoin mobile and self-custody use.

-

NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Abscent84/iStock/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

 Some argue bitcoin wealth is exhausting the world’s productive potential.

This episode is sponsored by NYDIG.

In this episode, NLW focuses on:

A recent “Wall Street Journal” survey of economists revealed they expect higher inflation rates to persist for years to come. “Money Week” ran an op-ed playing on the increased attention on inflation where they pin bitcoin as an unused hoard of productive wealth and a reason for inflation. Is bitcoin really to blame for expectations of continuing inflation?

El Salvador’s influence continues to permeate other nations hoping to make similar advances in crypto. On Wednesday, July 14, a Paraguayan “Bitcoin Bill” is expected to be introduced. Though the exact contents of the bill are not yet known, Paraguay would be the next country setting a positive stance towards crypto. 

Lastly, NLW covers more in bitcoin and crypto news. What does Grayscale’s move to make its Large Cap Fund a Securities and Exchange Commission reporting company mean? Also, can China’s post-COVID economic recovery be an indicator for what will happen in the rest of the world?

Grayscale is owned by Digital Currency Group, which is CoinDesk’s parent company. 

-

NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is "Countdown" by Neon Beach. The music you heard today behind our sponsor is "Razor Red" by Sam Barsh. Image credit: Devrimb/iStock/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.