BREAKDOWN: Is the US Government at War With Itself Over Crypto Regulatory Authority?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 14 August 2021
⏱️ 13 minutes
🧾️ Download transcript
Summary
Between the CFTC, the SEC, the Treasury Department and Elizabeth Warren, there are a lot of cooks in the U.S. regulatory kitchen.
This episode is sponsored by NYDIG.
On this week’s “Breakdown Weekly Recap,” NLW looks at some reported emerging tension around which U.S. regulatory body holds authority over crypto.
The U.S. Treasury has revealed its heavy hand in the infrastructure bill process, and it isn’t the first Treasury Department to have a problem with crypto. SEC Chair Gary Gensler is asking Sen. Elizabeth Warren for more authority for his organization. Meanwhile, the CFTC is publicly saying regulatory authority lies with it, not the SEC.
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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: Andrew Harrer/Bloomberg/Getty Images, modified by CoinDesk.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:16.2 | The breakdown is sponsored by Nidig and produced and distributed by CoinDesk. |
| 0:22.6 | What's going on, guys? It is Saturday, August 14th, and listen, I get the impression that y'all |
| 0:28.8 | are a little fatigued with all the regulatory stuff. I mean, it has been nonstop, it seems |
| 0:35.1 | never ending. It involves people who either don't really understand |
| 0:38.2 | what we're doing over here or who just don't give a crap about it. And it isn't really about the |
| 0:42.4 | underlying developments and transformations that make this space so interesting. And it has made up |
| 0:47.6 | a lot of our coverage here at the breakdown. So if that's you, I totally hear you. I hope yesterday's |
| 0:53.4 | bullish signs episode was a nice breather, and where possible, I'll be trying |
| 0:56.6 | to focus on some other things to give us all a reprieve in the weeks ahead. |
| 1:00.4 | But I did want to use this week's weekly recap to provide a denouement to the regulatory |
| 1:05.3 | inflection point story we've seen over the last few weeks. |
| 1:08.6 | And here's the TLDR and why it's interesting to me. |
| 1:11.9 | There are some indications that the Biden administration has a fair bit of turf war going on |
| 1:17.4 | over who's supposed to actually be regulating crypto. So let's dig in. Of course, for the last |
| 1:23.5 | couple weeks, it has been the infrastructure bill that was the biggest focus around crypto |
| 1:27.0 | regulation. That was nominally the Senate and Congress being involved in regulation, |
| 1:31.4 | right? It was, after all, a Republican senator, Rob Portman in charge of the negotiations |
| 1:35.9 | around the infrastructure bill who put the original crypto provision in. It was bipartisan |
| 1:40.6 | senators who got upset and tried to change that language with their amendment. |
| 1:47.7 | It was another group of bipartisan senators who offered a counter amendment. |
... |
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