A Surprise Crypto Bill Veto in California

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 27 September 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today’s episode, NLW looks a set of recent crypto news, including: A veto of California’s version of New York’s BitLicense bill A new DARPA initiative to study crypto as a national security issue IRS issues “John Doe” summons on crypto tax issues Tension around the CFTC as lead crypto regulator - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds by employing five key fundamentals including real-time auditing and recently increased $775 million insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - 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. - I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “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 “Razor Red” by Sam Barsh and “The Life We Had” by Moments. Image credit: Jerod Harris/Getty Images for Vox Media, 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.
0:14.8	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Monday, September 26th, and today we are catching up on the
0:28.0	crypto news, starting with a surprise veto in California. Before we get into that, however,
0:33.7	if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review,
0:37.5	or if you want to dive deeper into the conversation, come join us on the Breakers Discord.
0:41.8	You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:45.7	Also a disclosure, as always, in addition to them being a sponsor of the show, I also work with FTX.
0:51.5	All right, folks, happy Monday and boy oh boy, the fear of last week is definitely
0:57.2	creeping into this week's beginning as well. Last night, there were absolute fireworks in the
1:02.7	foreign exchange and currency markets specifically around the British pound. Alex Kruger
1:07.4	put it in historical context. Last night's GB flash crash, he writes, was almost as large as
1:13.2	the infamous Soros-driven Black Wednesday of 1992. September 16th, 1992, down 4.8%. September 26th,
1:21.3	2002, down 4.3%. The pound hit an all-time low against the dollar around $1.039 to the pound.
1:29.7	A big theme, in fact, this week that we'll be discussing is the dollar wrecking ball,
1:33.8	and what it means that the dollar is so strong versus absolutely everything right now.
1:38.9	Another theme that continues to grow in the public consciousness is the Golden Handcuffs
1:42.8	real estate discussion that we talked about
1:44.4	last week. This was summed up in a viral tweet from John F. Carter who wrote,
1:49.0	Housing supply question, is anyone who locked in a sub 3% mortgage going to sell their home
1:53.9	so they can get a new house with a 6% mortgage? Overall, it just feels to me like there's something
	...

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