I think most of all that what we're seeing right now is something that will play out a lot in the

years to come, which is nimble innovations that come often from an anonymous or pseudo-anonymous

creator or set of creators that have a questionable geographic origin and that are willing to be

mobile geographically to sort of arbitrage different regulatory regimes.

It's not clear exactly how this plays out. It's not clear exactly how draconian governments will get

to retain control of some of these fundamental parts of the economy and society. But it's going to be

something that we'll get to see from the front row.

Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by crypto.com, BitStamp, and nexo.io, and produced and distributed by CoinDess.

What's going on, guys? It is Wednesday, September 16th, and today we are talking about the battle for the soul of finance, a battle that pits governments against corporations, against

networks, and is likely to produce some very interesting and

perhaps unexpected alliances. First up, however, let's do the brief. First up on the brief today,

Cracken is now a bank. Cracken has become the first crypto exchange to become a U.S. Bank.

The Wyoming Banking Board approved Cracken application to become an SPD, a special purpose depository institution. A spokesperson for

Krakens said, by becoming a bank, we get direct access to federal payments infrastructure,

and we can more seamlessly integrate

banking and funding options for customers.

Specifically, this new designation gives Cracken a, quote, regulatory passport into other

states, rather than having to deal with state-by-state compliance.

What's more, it allows them to offer a variety of new services such as qualified custody

for institutions, digital asset debit cards, and savings accounts.

...