BREAKDOWN: A Crypto Industry Poison Pill Hidden in the America COMPETES Act?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 27 January 2022
⏱️ 17 minutes
🧾️ Download transcript
Summary
It’s not the first time an expansion of the Bank Secrecy Act has made its way into an unrelated bill.
This episode is sponsored by Nexo, Abra and FTX US.
Today on “The Breakdown,” NLW looks at a topic that has seized the attention of the crypto policy community. Hidden in the America COMPETES Act is a change to the Bank Secrecy Act that would allow the secretary of the treasury to compel financial institutions to conduct extraordinary surveillance or even prohibit financial activity entirely on accounts they suspect of money laundering without any public notice or checks and balances. NLW breaks down the proposed change, the response and what it says about the state of the crypto lobby.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Time” by OBOY. Image credit: Sergei Chuyko/iStock/Getty Images Plus, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | This is one of, if not the defining political power struggle right now. |
| 0:04.6 | How much freedom are we willing to give up for safety? |
| 0:07.7 | The most frustrating piece to many is that some of these sections, including this change to the BSA, |
| 0:12.3 | was something that was tried to be shoved in a previous bill and was rejected previously. |
| 0:16.4 | This isn't even an update. It's just another attempt to get it in. |
| 0:20.9 | Welcome back to The Breakdown with me, NLW. |
| 0:25.0 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:30.8 | The breakdown is sponsored by nexo.io, Abra, and FTX, and produced and distributed by CoinDesk. |
| 0:38.6 | What's going on, guys? It is Thursday, January 27th, and today we are talking about the |
| 0:44.0 | poison pill hidden in the America Competes Act. Before that, however, if you are enjoying the |
| 0:50.7 | breakdown, please go subscribe to it, rate it, give it a review, or if you want to get |
| 0:56.0 | deeper into conversation with the community of listeners join the Breakers Discord. |
| 1:02.2 | You can find the link in the show notes or at bit.ly slash breakdown pod. |
| 1:07.6 | And as always, a disclosure, in addition to them being a sponsor, I also work with |
| 1:12.6 | FTX. Now, there were lots of requests for this particular topic after Jerry Brito from |
| 1:19.2 | Coin Center sounded the alarm yesterday. So let's dive in a little bit and see if we can't figure |
| 1:24.8 | out what's going on. The controversy centers around the America |
| 1:28.8 | Competes Act, and now theoretically, this is a bill about competitiveness with China. It's supposed |
| 1:34.6 | to be focused on addressing supply chain issues on keeping U.S. manufacturing and technology |
| 1:39.6 | industries competitive relative to the rest of the world. Here's President Biden's statement on the bill. |
| 1:46.2 | The House took an important step forward today in advancing legislation that will make our |
| 1:50.2 | supply chain stronger and reinvigorate the innovation engine of our economy to outcompete China |
... |
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