BREAKDOWN: The CFTC Sues Binance, but Is It Regulatory Turf War?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 28 March 2023
⏱️ 20 minutes
🧾️ Download transcript
Summary
The charges stem largely from KYC processes (or lack thereof) in Binance’s early years.
The Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance on Monday, alleging seven different charges related to derivatives exchange registration. In this episode, NLW explores the charges and to what extent they reflect not only a case against Binance but an ongoing regulatory turf war between the CFTC and the Securities and Exchange Commission.
“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: Antonio Masiello/Getty Images, modified by CoinDesk.
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Transcript
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| 0:00.0 | In the wake of one of the most tumultuous years in crypto history, the conversations happening at Consensus |
| 0:06.8 | 2003 have never been more timely and important. This April, CoinDess is bringing together all sides of the |
| 0:12.4 | crypto, blockchain, and Web3 community to find solutions to crypto's thornyest challenges and |
| 0:17.3 | finally deliver on the technology's transformative potential. Join developers, investors, founders, brands, policy makers, and more in Austin, Texas, April 26th to 28th for Consensus 2023. |
| 0:27.9 | Listeners of the breakdown can take 15% off registration with code breakdown. |
| 0:32.4 | Register now at consensus.com and join CoinDesk at Consensus 2023. |
| 0:44.8 | Thank you. Consensus.coindex.com and join CoinDest at Consensus 2023. Welcome back to The Breakdown with me, NLW. |
| 0:49.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:55.2 | The breakdown is produced and distributed by CoinDes. |
| 0:59.8 | What's going on, guys? It is Tuesday, March 28th, and today we're talking about the CFTC's lawsuit |
| 1:06.0 | against finance. Before we dive into that, if you were enjoying the breakdown, please go subscribe to it, |
| 1:11.6 | give it a rating, give it a review, or if you want to dive deeper into the conversation, |
| 1:15.2 | come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly |
| 1:19.3 | slash breakdown pod. All right, friends, well, it was another day in crypto time that would be |
| 1:24.3 | a week in any other industry. So there are three things that I'm thinking |
| 1:28.7 | about right now. The first is the CFTC case against finance. News of that dropped right after I |
| 1:34.7 | finished recording yesterday's show. I did a rapid reaction video on the YouTube, but I want to |
| 1:39.1 | dig into that in much more detail here. The second is news this morning that SBF has had yet another charge added to his |
| 1:46.0 | tab, and this time it's bribing a Chinese official. The third thing is a little bit more nebulous, |
| 1:50.6 | but is the background noise of the looming restrict act in the U.S. Today is going to focus primarily |
| 1:56.7 | on Binance, but I'll try at the end to wrap up why these other two feel like they fit together, |
| 2:02.1 | at least orthogonally. All right, so as I mentioned, yesterday the CFTC dropped a lawsuit |
... |
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