BREAKDOWN: 'Good Reason to Worry' What the BitMEX Indictment Means for DeFi and Bitcoin, Feat. Stephen Palley and Preston Byrne
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 2 October 2020
⏱️ 41 minutes
🧾️ Download transcript
Summary
Crypto legal experts join NLW to discuss the U.S. government’s case against BitMEX and its implications for the broader ecosystem.
This episode is sponsored by Crypto.com, Nexo.io and Elliptic.co.
Today on the Brief:
- Market reaction to Pres.Trump contracting COVID-19
- Subpar September jobs report
- Decentralized exchanges have third straight 100%+ growth month
Our main discussion explores the ramifications of the recent BitMEX charges.
Yesterday, BitMEX was targeted with both civil and criminal complaints, with the CTO being arrested for violation of the Bank Secrecy Act.
In this conversation, NLW talks to crypto legal experts Stephen Palley and Preston Byrne to discuss:
- The specifics of the charges
- How long this investigation has been in the works
- Whether there was anything surprising to legal experts
- Why the criminal complaints represent an escalation of enforcement
- Whether there are implications for other industry areas, particularly decentralized finance
Find our guests online:
Stephen Palley: @stephendpalley
Preston Byrne: @prestonjbyrne
Anderson Kill: andersonkill.com
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:08.2 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:14.0 | The breakdown is sponsored by crypto.com, nexo.io, an elliptic, and produced and distributed by CoinDesk. |
| 0:23.1 | What's going on, guys? It is Friday, October 2nd, and my God, if you thought you were |
| 0:29.1 | going to have just a chill Friday rolling into the weekend, think again. Yesterday, the |
| 0:35.3 | crypto world absolutely exploded on news that Bitmex had been accused of |
| 0:41.3 | just a slew of illegal activities by not only the CFTC, but that there were actual criminal |
| 0:48.4 | indictments for the Bitmex leadership from the Department of Justice as well.. Today I'm joined by Preston Byrne and |
| 0:56.3 | Stephen Paley, who are both lawyers with Anderson Kilt, to discuss this from a legal perspective, |
| 1:01.6 | but first let's do what I'm sure is just a casual brief. First up on the brief today, |
| 1:07.2 | the President of the United States has been diagnosed with COVID-19. |
| 1:12.2 | You don't need me to tell you about this. |
| 1:14.8 | Everyone in the world knew about it as soon as it happened last night. |
| 1:18.4 | All I wanted to share is some immediate news about how markets reacted. |
| 1:23.4 | Futures immediately fell in the U.S. with the Dow poised to fall about 400 points upon open. |
| 1:29.3 | The NASDAQ 100 was immediately down 2.2%. |
| 1:32.3 | Australia's ASX was 1.35% down. |
| 1:36.1 | Bitcoin was also down, although again, that might have been related to the other big news that we'll be focused on. |
| 1:41.7 | And volatility was up majorly. The VIX was up 10%. This is a great |
| 1:48.0 | test of that investing belief that we were talking about yesterday that markets hate uncertainty. |
| 1:54.8 | Right now, it certainly seems like they do. Next up on the brief today, a frankly crappy jobs report. We got the September |
| 2:03.6 | jobs report, as we always do, the first Friday of the following month, and economists had expected |
... |
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