BREAKDOWN: The Government Game Plan: Call Ether a Security, Tax the Crap Out of Bitcoin Mining
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 11 March 2023
⏱️ 17 minutes
🧾️ Download transcript
Summary
The assault on crypto comes into greater focus.
What a week. On this edition of the “Weekly Recap,” NLW updates on the Silicon Valley Bank situation, discusses the New York Attorney General’s lawsuit against KuCoin that claims ether is a security and looks at the Biden Administration’s plan to lay a 30% excise tax on energy used for crypto mining.
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“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: Tommy / 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. |
| 0:09.2 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.3 | The breakdown is produced and distributed by CoinDes. |
| 0:20.4 | What's going on, guys? It is Saturday, March 11th, and today we are catching up on all the |
| 0:25.7 | crazy news, which any other week should not have needed to wait until the weekly recap for you |
| 0:30.0 | to hear. But before we dive into that, a quick note. There are two ways to listen to the breakdown. |
| 0:34.6 | You can hear us on the Coin Desk Podcast Network, which comes out every afternoon, |
| 0:38.0 | alongside other great Coin Desk shows, or you can listen on the Breakdown Only feed, which comes out a few |
| 0:42.0 | hours later. Wherever you're listening, if you're enjoying the show, I would so appreciate it |
| 0:45.9 | if you would take the time to leave a five-star rating or review. It makes a big difference. All right, so guys, listen, as I was prepping this, I was still kind of reeling from the news that Silicon Valley Bank has failed. |
| 0:57.9 | Maybe it will have sunk in by the time you're listening to this, but at the moment, I think that people are really kind of underestimating it still. |
| 1:06.2 | I've barely begun to wrap my head around potential systemic implications, but just in the startup |
| 1:12.0 | scene, it's still so significant. We're in a moment where it is now extremely likely that |
| 1:17.6 | some startups will live or die on the basis of whether or not they banked with SVB and whether |
| 1:22.8 | or not they got their money out. Brad Hargreaves summed it up like this. He wrote, |
| 1:28.3 | Silicon Valley Bank closure and receivership is going to have a massive impact on the tech ecosystem. SVB was not just |
| 1:33.5 | the dominant player in tech, but were highly integrated in some non-traditional ways. A few things we'll |
| 1:38.3 | see in the coming days and weeks. One, SVB was incredibly integrated into the lives of many |
| 1:43.0 | founders, not just their startups, |
| 1:44.8 | bank and lender, but also provided personal mortgages and other financial services. A whole mess for |
| 1:49.6 | FDIC or eventual buyer to unwind. Two, any uninsured balances at SVB, those above 250K, are in |
| 1:56.6 | jeopardy. FDIC plans to pay them out, quote, as it sells the assets of SVB. Lots of startups |
... |
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