BREAKDOWN: The Wall Street Journal Calls Out SEC Chairman Gensler Over Crypto
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 8 July 2022
⏱️ 18 minutes
🧾️ Download transcript
Summary
The editorial board argues that the bitcoin spot ETF denial amounts to a power grab.
This episode is sponsored by Nexo.io, Chainalysis and FTX US.
The crypto industry hasn’t been particularly pleased with the SEC under Gary Gensler. In particular, the continued rejections of bitcoin spot ETFs (even after a futures ETF was approved last year) have been particularly irksome – even leading to legal action. In this episode, NLW breaks down a recent editorial in the Wall Street Journal showing that it’s not just the crypto industry that is upset.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: Brendan Smialowski/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | I will say, I don't think all of a sudden the average mainstream media piece is going to be |
| 0:03.9 | positive. I think it's much more likely that the tone has been so aggressive for so long that |
| 0:08.8 | this is the natural next shift to keep people interested. But whatever the case, frankly, right now, |
| 0:13.9 | it's nice to see. Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:26.2 | The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk. |
| 0:34.1 | What's going on, guys? It is Friday, July 8th, and today we are talking about the Wall Street |
| 0:39.6 | Journal going in on SEC Chair Gary Gensler. Before we get into that, however, if you are |
| 0:46.2 | enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you |
| 0:51.4 | want to dig deeper into the conversation, come join us on the Breakers Discord. |
| 0:55.8 | You can find a link in the show notes or go to bit.ly slash breakdown pod. |
| 1:00.2 | Also, a disclosure as always. In addition to them being a sponsor of the show, I also work with |
| 1:05.4 | FTX. So as I mentioned, today our headline topic comes from a Wall Street Journal op-ed from the editorial |
| 1:14.0 | board. The piece is called Gary Gensler's Bitcoin Regulation Grab. The SEC chief is blocking |
| 1:20.7 | innovation until he can control crypto markets. And yes, it is every bit as spicy as it sounds. |
| 1:30.5 | So let's dig into it. The piece opens Securities and Exchange Commission Chairman Gary Gensler has his regulatory eye on cryptocurrency |
| 1:35.4 | markets, and he's taking investors hostage in the process. That's the best way to explain |
| 1:41.4 | the agency's blockade of spot Bitcoin exchange traded products |
| 1:44.6 | or ETPs. Right out of the gate, here we are with this very, very severe language, taking |
| 1:51.4 | investors hostage. And of course, as you can tell, the context is the repeated denial of any |
| 1:57.8 | sort of spot Bitcoin exchange traded product or exchange traded fund. |
| 2:02.3 | So what else is in the piece? Well, let's talk about what they say their starting perspective |
| 2:06.9 | is as relates to crypto. They write, we're agnostic on crypto, including Bitcoin, as long as |
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