Are Gary Gensler's Crypto Battles Crossing Into Mainstream Politics?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 24 August 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. Today on “The Breakdown,” NLW explores Securities and Exchange Commission Chair Gary Gensler’s latest op-ed on crypto regulation, in the Wall Street Journal. NLW also explores whether conservative accusations of overreach are moving a crypto industry battle into the political mainstream. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and 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. - “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 “The Now” by Aaron Sprinkle and “The Life We Had” by Moments. Image credit: Bill Clark-Pool/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	A few things to note here. First, one which we won't dwell on is that the tone of the piece
0:04.3	is incredibly patronizing. It could not be clearer that to Gensler, Crypto is a bunch of impudent
0:10.4	children trying to get away with sneaking candy in his candy shop. This is, of course,
0:14.9	ultimately not that relevant. The law doesn't really care about the tone of voice people
0:19.0	use to describe the law. However, to the extent that there is an objective to have a positive relationship between government and growth industries, this ain't the way to do it.
0:28.6	Welcome back to The Breakdown with me, NLW.
0:32.8	It's a daily podcast on macro, Bitcoin, and and the Big Picture Power Shifts remaking our world.
0:38.4	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by
0:43.7	CoinDesk.
0:46.4	What's going on, guys?
0:47.4	It is Tuesday, August 23rd, and today we are looking at SEC Chair Gary Gensler's
0:52.6	latest missive with regard to crypto.
0:56.1	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,
1:00.2	give it a rating, give it a review, or if you want to dive deeper into the conversation,
1:04.1	come join us on the breakers discord.
1:06.0	You can find a link in the show notes or go to bit.ly slash breakdown pod.
1:10.1	Also a disclosure as always. In addition to them
1:12.4	being a sponsor of the show, I also work with FTX. All right, guys, today we are looking at some recent
1:18.1	regulatory bluster and ask whether it actually might be crossing into the mainstream of politics
1:24.2	in America in some way. But before we dive into that, let's take a look at markets
1:28.7	for a moment. We are in what is classically one of the quietest times of the year in markets in
1:34.4	general. This is the end of the month where all the hedge funders and Wall Street traders are
	...

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