BREAKDOWN: Texas and New Jersey Securities Regulators Go After Celsius
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 18 September 2021
⏱️ 12 minutes
🧾️ Download transcript
Summary
A roundup of regulatory and global macro news from the previous week.
This episode is sponsored by NYDIG.
On this edition of “The Breakdown’s Weekly Recap,” NLW looks at:
- The latest in China’s Evergrande crisis
- Texas and New Jersey target Celsius on their lending products
- Bitcoin adoption in Laos
- A wrap-up on the OpenSea NFT front running scandal
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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 “Only in Time” by Abloom. Image credit: krisanapong detraphiphat/Moment/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. |
| 0:16.3 | The breakdown is sponsored by Nidig and produced and distributed by CoinDesk. |
| 0:22.6 | What's going on, guys? It is Saturday, September 18th, and that means it's time for the weekly recap. |
| 0:29.6 | There was a heck of a lot going on this week, so let's do a good old-fashioned recap. We'll look across a couple different areas. And let's start with the |
| 0:38.3 | latest from Evergrand. Yesterday, I gave you the 101 level overview and not that much is new, |
| 0:45.6 | but if you haven't caught that show, Evergrand is a Chinese real estate developer, |
| 0:50.0 | formerly the second biggest in the country that has seen just a huge reversal of fortunes this |
| 0:54.9 | year. Its share price is down 85%. Its bond is trading 30% down this week and even had to have |
| 1:01.3 | markets shut down. 1.5 million people have put deposits down on properties that aren't built yet, |
| 1:07.2 | and the company has overall more than $300 billion in outstanding debt. Zero Hedge |
| 1:12.6 | wrote that Evergrand is the single largest high-yield dollar bond issuer in China, accounting |
| 1:16.9 | for 16% of all outstanding notes. The Wall Street Betts crowd is watching this closely. Wall |
| 1:22.7 | Street Silver tweeted, the next stage is where every bank in China gets suspicious of their |
| 1:26.8 | counterparties, |
| 1:27.5 | because nobody is sure whose balance sheet is all fucked up right now. Nobody will want to lend |
| 1:31.8 | to companies similar to Evergrand and banks don't want to lend to each other. The other issue |
| 1:35.7 | is individuals losing money in China. These real estate development companies sell financial |
| 1:39.8 | products direct to consumers to fund their development. Everyone will be much more suspicious |
| 1:43.7 | going forward. This might kill funding for other similar real estate development companies. |
| 1:48.6 | Maybe the most interesting development comes from Chinese state media that is starting to |
| 1:53.1 | indicate that maybe Evergrand should not expect the bailout that so many are assuming will come. |
... |
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