A CFTC Commissioner Proposes a New Definition of Retail Investor

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 19 October 2022

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Circle and FTX US. Today on “The Breakdown,” NLW covers a number of stories from across the crypto space, including: A new definition of retail investors? Mastercard gets deeper into crypto with Paxos Why BNY Mellon is going bigger on crypto SEC and CFTC look into Three Arrows Capital Paradigm files amicus brief in the Ooki DAO lawsuit - Nexo Pro allows you to trade on the spot and futures markets with a 50% discount on fees. You always get the best possible prices from all the available liquidity sources and can earn interest or borrow funds as you wait for your next trade. Get started today on pro.nexo.io. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - “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 sponsors today is “War” by Enoch Yang and “The Life We Had” by Moments. Image credit: Spencer Platt/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, circle, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Tuesday, October 18th, and today we are talking all things crypto,
0:28.4	including the CFTC's proposed new definition for retail investors.
0:34.0	Before we get into that, however, if you are enjoying the breakdown, please go subscribe
0:37.1	to it, give it a rating, give it a review, or if you want enjoying The Breakdown, please go subscribe to it,
0:37.7	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:41.5	come join us in the Breakers Discord. You can find a link in the show notes or go to bit. ly slash
0:45.8	breakdown pod. Also a disclosure, as always, in addition to them being a sponsor of the show,
0:50.6	I also work with FTX. All right, folks, well, as I said, today we are hop-skipping and
0:56.0	jumping around the world for a grab-bag show of so much interesting news, primarily from the
1:01.0	crypto space. And where we're going to start is with a discussion around the term retail
1:05.2	investor and what it means. So first, let's talk about how we colloquially use some common terms.
1:11.9	On the one hand, there are institutions or institutional investors.
1:15.5	This is a massively broad spectrum that includes everything from pensions on the most
1:19.7	risk-averse end, to family offices and hedge funds on the other side that can be much more
1:24.1	risk-taking, and then even more types of quote-unquote institutions or institutional
1:28.0	investors in the middle. Everything else nominally speaking are retail investors, or at least that's
1:33.2	how we refer to them. Now, as you can probably spot, the definition then is pretty expansive.
1:39.0	And more than that, if it really just says all individuals, it doesn't account for differences
1:43.5	such as experience or
	...

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