BREAKDOWN: So THIS Is ‘And Then They Fight You’

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4.8 • 689 Ratings

🗓️ 20 July 2021

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Crypto finds itself in an inevitable set of regulatory battles.

This episode is sponsored by NYDIG.

“First they ignore you, then they laugh at you, then they fight you and then you win.”

In this episode of “The Breakdown,” NLW examines crypto’s current “and then they fight you” phase, citing recent regulatory battles:

A New Jersey Bureau of Securities order calls for BlockFi to stop accepting new clients residing in the state. CEO Zac Prince remains optimistic, believing the company’s products are lawful and that further discourse with regulators would clear up concerns, the most important of which seems to be surrounding yield delivery. Is a new macro narrative emerging as competition ramps up with high yield enticing new crypto users?

In a meeting with the President’s Working Group on Financial Markets, attendees discussed the rapid growth of stablecoins and their risks and benefits for the future. Of the eight political and regulatory figures in attendance, who are likely to provide pro-stablecoin input?

This morning, an incendiary headline dropped – “EU Aims to Ban Anonymous Crypto Asset Wallets” – following a European Commission release. Is the severity of the commission’s reform as fierce as the headline suggests?

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.

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 “Razor Red” by Sam Barsh. Image credit: Greg Nash/Bloomberg/Getty Images, modified by CoinDesk.

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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0:43.9	Wondery, UK. That's audible.com slash Wondery UK.
0:49.4	I mentioned yesterday that there was a meeting of the president's working group on financial
0:53.1	markets to discuss stable coins.
0:55.6	To some extent, the most notable thing about the conversation was the fact of its existence.
1:01.0	In other words, we didn't really get a sense yet of anything about how this group was thinking
1:04.8	about stable coins.
1:06.3	The thing that's clear is that they view them as enough of a priority to take time away from
1:10.4	all these folks' schedules for this meeting, and that itself is pretty meaningful.
1:15.8	Welcome back to The Breakdown with me, NLW.
1:19.9	It's a daily podcast on macro, Bitcoin, and the Big Picture Power Shifts remaking our world.
1:27.1	The Breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
1:33.5	What's going on, guys? It is Tuesday, July 20th, and the theme of today comes from that
1:39.1	famous old phrase, first they ignore you, then they laugh at you, then they fight you, and then you win.
	...

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