BREAKDOWN: Is Custodia a ‘Sacrificial Lamb’ to the Fed’s War on Crypto Banking?

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4.7 • 698 Ratings

🗓️ 22 February 2023

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

Custodia Bank is fighting back against the Federal Reserve's rejection. In a recent tweet, Kraken co-founder Jesse Powell suggested U.S. regulators like it when bad actors beat good actors because it takes down the crypto industry and the bad actors can be jailed later. In this episode, NLW explores the issue in the context of Custodia Bank's battle to join the Federal Reserve system, and its argument that it is being unlawfully used as a “sacrificial lamb” in the wake of the FTX failure. - “The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Godong/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. - Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com. 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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0:40.8	Start your free 30-day trial at audible.com slash Wondery UK.
0:45.6	That's audible.com slash Wondery UK.
0:53.9	Welcome back to The Breakdown with me, NLW.
0:59.0	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
1:05.0	The breakdown is produced and distributed by CoinDess.
1:10.1	What's going on, guys?
1:11.4	It is Wednesday, February 22nd, and today we're talking about why regulators don't go after
1:17.5	bad actors, but instead focus on the good guys.
1:22.1	A quick note before we dive in, there are two ways to listen to the breakdown podcast.
1:26.3	You can hear us on the Coin Desk Podcast
1:28.0	Network feed, which comes out every afternoon and features other great Coin Desk shows alongside
1:31.8	the breakdown, or you can listen on the Breakdown only feed, which comes out a few hours
1:36.1	later in the evening. Wherever you're listening, I would so appreciate it if you would take
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