The Breakdown

Florida Governor Ron DeSantis announced his presidential campaign formally last night on a Twitter spaces with Elon Musk. During the conversation he discussed Bitcoin, including why he thinks it's important and why he'll protect it as president. On today's episode, NLW looks at Bitcoin's history with presidents and presidential candidates. 

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One of the surprising twists of this crypto cycle is the US closing down to crypto and Hong Kong (and the Chinese powers behind it) opening back up. In this episode, NLW looks at Hong Kongs new crypto exchange rules as well as Coinbase's response to the SEC's response to its lawsuit. 

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After FTX, the industry's guard is up when it comes to exchanges behaving badly. Reuters today published a piece saying that Binance had commingled user funds in 2020 and 2021. Binance strenuously denied the claims and called it just more FUD. Who has the right of it? The show also covers an update in the DCG case. 

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On today's episode, NLW digs into the acrimonious debt ceiling debates, including the way in which crypto has recently become yet another partisan football. 

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Bitcoin has been experiencing much higher-than-normal fees of late, driven by Ordinal inscriptions and BRC-20 token memecoin mania. On this Long Reads Sunday, NLW reads two essays that explore how they're driving layer 2 development.

Frogs, Fevers and Fees: Bitcoin’s New Governance Challenge - Michael Casey

As Bitcoin Scales, We Need Better Custodial Solutions - George Kaloudis 

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On this edition of the weekly recap, NLW covers:

• Ledger turmoil
• Stablecoin reserve shifts
• Binance out in Australia 
• Binance total market share dips below 50%
• SEC says Filecoin is a security
• Judge rules Hinman emails can't be locked

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Congressional Blockchain Caucus leaders Tom Emmer (R) and Darren Soto (D) have introduced the Securities Clarity Act, which is designed to ...well...give clarity on what tokens are securities and when. The crypto community has heralded it as simple, common sense, and potentially hugely positively impactful. 

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Oh the irony. For most of the last few years, the US political establishment has been concerned about the risk that stablecoins might have for the mainstream financial system. This year, however, it's been the mainstream financial system wreaking havoc on stablecoins. On today's episode, NLW discusses Circle's move from longer-dated Treasuries to repo agreements, as well as Tether's new Bitcoin purchase plan. 

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Ledger announced a new program yesterday called "Ledger Recover" that has people feeling confused, betrayed, and angry. NLW explores what the uproar is about and what it says about the start of self-custody and self-sovereign values in the crypto industry. 

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After ignoring a Coinbase request for rulemaking for 10 months, Coinbase sued the SEC, compelling a judge to compell the SEC to respond. In 36 pages of legalese, the SEC effectively said "we don't have to move any faster than we want and regulation by enforcement is fine." 

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