BREAKDOWN: Is Kraken's Settlement With the CFTC Actually Bullish?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 29 September 2021
⏱️ 14 minutes
🧾️ Download transcript
Summary
With CFTC Commissioner Dawn Stump’s corresponding call for her agency to provide more regulatory clarity, many say the enforcement action is actually a win for crypto.
This episode is sponsored by NYDIG.
Today on “The Breakdown,” NLW looks at the $1.25M settlement Kraken just finalized with the Commodity Futures Trading Commission, which accused the crypto exchange of offering margin lending products without the proper licensing. Many noted the small size of the settlement suggested a more lenient CFTC. More important, however, was CFTC Commissioner Dawn Stump’s concurring statement, which called upon her colleagues to replace the current guidance - nearly four years old in concept at this point - with real, formalized rules.
Also today on the Brief:
- Elizabeth Warren lambastes Fed Chair Jerome Powell
- A positive new crypto mining bill from a bipartisan source
- Ripple launches a $250 million NFT fund
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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.
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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell 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 “Tidal Wave” by BRASKO. Image credit: Marilyn Nieves/E+/Getty Images, modified by CoinDesk.
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Transcript
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| 0:00.0 | That statement from Commissioner Stump could not stand in more opposition to the SEC, who continues |
| 0:05.7 | to refuse to offer guidance other than in enforcement actions, and which continues to insist that |
| 0:11.6 | Howie tells you everything you need to know about how securities laws should be applied to |
| 0:16.5 | cryptocurrencies. The CFTC is basically saying if we're going to regulate people under these rules, |
| 0:22.0 | we have to explain to them how it's going to work, and we have to figure it out for ourselves |
| 0:25.6 | first. Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, |
| 0:34.3 | and the Big Picture Power Sh shifts remaking our world. |
| 0:43.3 | The breakdown is sponsored by Nidig and produced and distributed by CoinDesk. |
| 0:50.0 | What's going on, guys? It is Wednesday, September 29th, and today we are talking about Krakins just announced settlement with the CFTC and why it might actually be bullish. |
| 0:57.4 | First up, however, let's do the brief. |
| 0:59.9 | First on the brief today, Elizabeth Warren likes Jerome Powell about as much as she likes |
| 1:05.3 | cryptocurrencies. |
| 1:07.0 | Powell, along with Yellen, testified before the Senate Banking Committee yesterday as part of a |
| 1:12.0 | requirement for these main officials to come in and talk to Congress and the Senate at a regular |
| 1:17.4 | clip in the wake of last year's unprecedented central bank involvement in the economy. |
| 1:22.6 | There was a lot of discussion, which will probably make it to other shows this week, |
| 1:25.8 | including Yellen's intent to go after |
| 1:27.6 | unrealized capital gains. But the fireworks yesterday were mostly from Elizabeth Warren. Warren accused Powell |
| 1:34.9 | of watering down post-financial crisis bank regulations. She said, your record gives me grave concerns. |
| 1:42.0 | Over and over, you have acted to make our banking system less safe, |
| 1:45.5 | and that makes you a dangerous man to head up the Fed, and it's why I will oppose your renomination. |
| 1:51.8 | That dangerous man line is the one that's making all of the press and all of the social media, |
... |
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