BREAKDOWN: Are Regulators Spending Too Much Time on Crypto?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 14 October 2022
⏱️ 18 minutes
🧾️ Download transcript
Summary
That’s the argument of acting Comptroller of the Currency Michael Hsu.
This episode is sponsored by Nexo.io, Circle and FTX US.
On today’s episode, NLW looks at the latest chatter around the crypto industry, including:
- Jamie Dimon’s newest negative comments on crypto
- Acting OCC Hsu’s comments that crypto is taking up too much mental bandwidth among regulators
- SEC Chair Gary Gensler’s comments about the role of the CFTC in regulating crypto
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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.
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“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: OsakaWayne Studios/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.4 | 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, Circle, and FtX, and produced and distributed by CoinDesk. |
| 0:22.8 | What's going on, guys? It is Friday, October 14th, and today we are catching up on all the |
| 0:28.4 | DC chatter around crypto. Before we get into that, however, if you are enjoying the breakdown, |
| 0:33.2 | please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into |
| 0:37.0 | the conversation, come join us on the Breakers Discord. You can find a link in the show notes or |
| 0:41.1 | go to bit.ly slash breakdown pod. Also a disclosure, as always. In addition to them being a sponsor |
| 0:46.5 | of the show, I also work with FTX. All right, folks, well, to close out this week, today we are |
| 0:51.8 | catching up on some of the news and discourse in the crypto space that we missed while discussing inflation yesterday. |
| 0:58.5 | However, first I want to follow up on those absolutely whipsaw markets. |
| 1:03.6 | By the time I finished yesterday's show, markets had recovered from their big morning losses, |
| 1:08.3 | but we didn't really have much of a chance to actually figure out what was going on. So to recap, Thursday's stock market open saw a violent move down, following |
| 1:17.2 | the release of September's hot inflation data. The S&P 500 dropped 2.3% in the minutes after the |
| 1:22.7 | opening bell. From there, however, it bounced hard off the 3,500 level and rallied 4.8% over the next two hours. |
| 1:30.9 | The index hit a one-year low before closing at a five-day high, up 2.6%. |
| 1:36.5 | This made yesterday the fifth largest intraday reversal off a low in the history of the index, moving 5.6% from bottom to top. Sometimes when looking at markets, |
| 1:47.0 | there is a clear narrative driver for price action that we can easily point to, correctly or |
| 1:52.0 | incorrectly. Other times, the move is pretty detached from fundamentals or narrative or market |
| 1:57.3 | sentiment, and this seems to have been the latter. Lizanne Saunders, the chief investment strategist for Charles Schwab, had perhaps the simplest |
| 2:04.1 | version of an explanation. |
| 2:05.9 | Quote, it's the nature of the beast these days where sometimes you get these intraday |
... |
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