BREAKDOWN: What to Do About the Looming Disaster for Crypto in 6050I
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 6 November 2021
⏱️ 12 minutes
🧾️ Download transcript
Summary
The latest from the Infrastructure bill plus recent SEC statements on enforcement.
This episode is sponsored by NYDIG.
On this edition of “The Breakdown Weekly Recap,” NLW covers:
- SEC Chair Gensler’s recent comments on crypto enforcement
- The OCC concludes its crypto sprint
- Why the crypto community is so concerned about Infrastructure Bill amendment 6050I
- The vibe from NFT.NYC
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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 Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill 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 “Dark Crazed Cap” by Isaac Joel. Image credit: smartboy10/DigitalVision Vectors/United Kingdom, 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. |
| 0:16.2 | The breakdown is sponsored by Nidig and produced and distributed by CoinDesk. |
| 0:22.5 | What's going on, guys? It is Saturday, November 6th, and that means it's time for the weekly recap. |
| 0:28.6 | Let's start today with the latest bluster from the regulatory sphere. |
| 0:33.2 | A Gary Gensler speech is making the rounds. |
| 0:37.4 | The block is saying that it hints at enforcement actions against crypto. A Gary Gensler speech is making the rounds. |
| 0:42.1 | The block is saying that it hints at enforcement actions against crypto firms. |
| 0:43.8 | Here are a couple of the key quotes. |
| 0:46.1 | Sometimes people focus on labels. |
| 0:50.6 | For example, we hear the term decentralized finance, defy, currency, or peer-to-peer lending. |
| 0:53.3 | It can seem easy to take these words at face value. |
| 0:55.7 | Make no mistake, regardless of the label or purported mission, we will be looking at the economic realities of a given product or |
| 1:00.1 | arrangement to determine whether it complies with the securities laws. Some market participants may |
| 1:05.3 | call this regulation by enforcement. I just call it enforcement. Now, if you're wondering why so much enforcement talk, |
| 1:12.9 | to be fair, this was given at the Securities Enforcement Forum. So, interestingly, though, |
| 1:19.4 | Gensler's comments were also focused on other areas of the market. It wasn't just crypto. |
| 1:23.9 | Bloomberg's headline was Wall Street Cop Gensler pledges big cases, faster investigations. |
| 1:29.3 | And Forbes writes, Gensler, SEC will pursue misconduct everywhere including matters that don't |
| 1:33.8 | make headlines. But for those of us who are in the crypto industry, is there anything else |
| 1:38.6 | worth noting around this tough talk? Well, one thing that is worth pointing out is that Dan Berkovitz has joined the SEC |
| 1:45.2 | from the CFTC. He's moving to the SEC's enforcement division, and he's perhaps best known for |
... |
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