BREAKDOWN: How This Week's House and Senate Hearings Suggest a New Relationship Between Crypto and US Lawmakers
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 12 February 2022
⏱️ 16 minutes
🧾️ Download transcript
Summary
Hearings in the House and Senate were thoughtful and productive.
This episode is sponsored by Nexo, Arculus, FTX US and MELD.com.
This week saw a hearing on stablecoins in the House and on crypto in general and the role of the CFTC in specific in the Senate. On this edition of the “Weekly Recap,” NLW argues that both were thoughtful, productive and suggest that U.S. lawmakers are engaging with crypto like never before.
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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 “Vision” by OBOY. Image credit: Alex Wong/Getty Images News, 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. |
| 0:09.2 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.0 | The breakdown is sponsored by nexo.io, Arculus, and FTX, and produced and distributed by CoinDesk. |
| 0:22.8 | What's going on, guys? It is Saturday, February 12th, and that means it's time for the weekly |
| 0:27.6 | recap. However, before that, if you are enjoying the breakdown, please go subscribe, give it |
| 0:32.5 | five stars, give it a review, or if you want to dig deeper into the conversation, join us on the Breakers Discord. |
| 0:39.1 | You can find a link in the show notes or go to bit.com slash breakdown pod. |
| 0:44.0 | Additionally, a disclosure. On top of them being a sponsor of the show, I also work with |
| 0:49.7 | FTX, and one final note before we get into today's conversation. This week, I am super pleased to have a |
| 0:57.6 | special sponsor in Meld. If you've ever wondered how the rich are able to spend their money and still |
| 1:02.3 | stay rich, it's because they borrow against their assets. Meld is creating a protocol that can be |
| 1:07.9 | used by anyone and which offers this exact service, but in a |
| 1:11.4 | decentralized way. Users of Meld's protocol will be able to borrow dollars, euros, and other |
| 1:16.1 | fiat currencies against their cryptocurrencies. If you want to learn more about the first |
| 1:20.3 | defy non-custodial banking protocol today, go check out meld.com. That's MELD.com. |
| 1:27.3 | So on to the show, and the big theme of this week has been these |
| 1:31.1 | big picture macro type factors pointing in different directions for the crypto markets. On the one |
| 1:36.6 | hand, you have the Fed in the midst of its big 180 on monetary policy moving over the course |
| 1:40.9 | of this year, it seems, all the way from QE quantitative easing last year |
| 1:44.5 | to QT quantitative tightening this year removing liquidity from the system. And risk assets |
| 1:50.2 | aren't having a good time with that, as we saw pretty much all of January. On the other hand, |
| 1:55.4 | you have these big picture adoption stories happening. Russia deciding not only to not ban Bitcoin, but in fact to |
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