BREAKDOWN: Hamstringing an Industry With Compliance Costs | January 7th, 2020

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4.7 • 698 Ratings

🗓️ 7 January 2020

⏱️ 19 minutes

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Summary

In their annual transparency report, Kraken reported seeing a 50% increase in regulatory inquiries as compared to 2018, which CEO Jesse Powell later revealed cost the exchange more than $1m. Between this and stories like the $2m it cost Blockstack to raise $23m in an SEC compliant token sale (8.7% of the raise), it begs the question: will compliance costs fundamentally limit innovation by demanding big war chests to play? Will the most successful companies be those who (like Block One) simply raise enough to pay off the regulators on the back end? We also look at new mining interests in Texas and what it means for American mining and bitcoin mining in the lead up to the halving more broadly, as well as dissect an op-ed from the IMF’s chief economist on the strength of the dollar over digital alternatives. Topics discussed Kraken annual transparency report shows off growing regulatory inquiries and increasing cost of compliance Related Article: Law Enforcement Data Requests Rose by Almost 50 Percent in 2019, Says Kraken New global interests in giant Texas-based bitcoin mining operation Related Article: SBI, GMO to Rent Capacity at Massive Bitcoin Mine in Texas: Report The IMF’s chief economist on why digital currencies don’t threaten the dollar’s global reserve currency status Related Article: Digital Currencies Won't Replace US Dollar Any Time Soon: IMF Chief Economist See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:53.8	Welcome back to the breakdowndown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW.
1:04.6	The Breakdown is distributed by CoinDesk.
1:10.0	Welcome back to the breakdown.
1:12.6	It is Tuesday, January 7th, and today we're going to be talking about the cost of compliance
1:18.6	and what it means that there are pathways now for crypto projects and crypto-related organizations
1:25.6	to do well by the regulations of the jurisdictions
1:29.6	they participate in, but at a certain significant cost. What's that going to do to the
1:35.6	crypto economies? Second, we're going to talk about mining and the recent actions that are
1:42.1	interesting in the context of the happening coming up. And third, and
1:46.2	finally, we're going to be looking at an op-ed from the IMF's chief economist on digital currencies.
1:53.0	So first, let's dive into this question of the cost of compliance. So Cracken released its
2:00.7	annual transparency report. The long and the short of
	...

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