“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:

• New Jersey’s BlockFi interest accounts cease and desist order
• Stablecoins in the hot seat in recent meeting of U.S. presidential advisory group
• Busting FUD headlines following a European Commission proposed reform

A New Jersey Bureau of Securities order calls for BlockFi to stop accepting new clients residing in the state. CEO Zach 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?

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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.