A Real-Time History of the Crypto Banking Crisis, With Austin Campbell

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 18 March 2023

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

NLW is joined by Austin Campbell, Adjunct Professor at Columbia University and former banker and stablecoin operator, to discuss the recent crypto banking crisis. They discuss: Why interest rate risk, not crypto troubles, was the source of the problems Why even banal regulatory disinterest in crypto could create significant problems for the industry What rules need to change for crypto to fit in a U.S. banking framework

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.
0:15.4	The breakdown is produced and distributed by CoinDes.
0:20.0	What's going on, guys? It is Saturday, March 18th, and today we are doing a real-time
0:25.4	history of the crypto banking crisis. Before we get into that, if you are enjoying the
0:29.9	breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive
0:33.6	deeper into the conversation, come join us on the Breakers Discord. You can find a link in
0:37.4	the show notes or go to bit.ly slash breakdown pod.
0:40.3	All right, guys, I'm super excited for today's show. My guest is Austin Campbell, and as you will learn,
0:46.3	he has a very diverse set of experiences that make him a really great conversation today.
0:53.4	He has been deep within the plumbing of the traditional
0:55.8	financial system. He's worked at banks. He was recently at Paxo, so has that stablecoin experience.
1:01.7	And in this conversation, we go deep on what has been happening with the crypto banking system
1:08.2	specifically, but also the U.S. banking system more broadly.
1:12.3	We discussed to what extent crypto was or wasn't the issue at banks like Silvergate.
1:17.1	We talk about interest rate risk and how it's led to unrealized losses on balance sheets
1:21.1	with banks serving all industries.
1:23.2	And we talk a lot about why even if there aren't mustache-twisting Dr. Evil villains,
1:29.4	trying to kill crypto from on high in their positions of power in the U.S. government,
1:34.2	underlying biases about crypto can translate down into policy that ends up having the same
1:40.9	chilling effect.
1:42.4	I know you're going to enjoy this conversation, so without any
	...

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