BREAKDOWN: Why Coin Center Is Suing the US Government

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4.7 • 698 Ratings

🗓️ 18 June 2022

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

The group argues a tax provision in last year’s infrastructure bill is unconstitutional. This episode is sponsored by Nexo.io, NEAR and FTX US. On this edition of the “Weekly Recap,” NLW looks at two stories from the past week in crypto. The first is advocacy group Coin Center’s lawsuit against the U.S. Treasury Department and the IRS around what it argues is an unconstitutional surveillance provision in last year’s infrastructure law. The second is the announcement of Web5 from Jack Dorsey’s TBD. - Nexo is an all-in-one platform where you can buy crypto with a bank card and earn up to 16% interest on your assets. On the platform you can also swap 300+ market pairs and borrow against your crypto from 0% APR. Sign up at nexo.io by June 30 and receive up to $150 in BTC. - NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - “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. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: DNY59/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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.
0:15.0	The breakdown is sponsored by nexo.io, near an FTX, and produced and distributed by CoinDesk.
0:22.7	What's going on, guys? It is Saturday, June 18th, and that means it's time for the weekly
0:28.0	recap. Before we dive into the weekly recap, however, a quick bit of housekeeping. There are two
0:34.3	ways to listen to the Breakdown Podcast. It comes out each afternoon on the
0:38.5	Coin Desk Podcast Network, which features both The Breakdown as well as other great Coin Desk shows,
0:42.8	and then it comes out in the evening on the Breakdown Only feed. Wherever you are listening,
0:47.5	if you would be so kind as to go leave a five-star rating or a review, it makes a huge difference,
0:53.2	and I really appreciate it.
0:54.9	Lastly, a disclosure, as always, in addition to them being a sponsor of the show, I also work
0:59.6	with FTX.
1:01.2	Now, there has been a ton going on in the crypto space that with everything happening on that
1:06.2	larger macro scale, we just haven't had as much of a chance to dig deep on as I'd like to.
1:11.8	So let's start today's show with the title story, why Coin Center is suing the U.S. government. A couple
1:18.1	weeks ago, I did a show called the crypto industry's appetite for legal battles is growing.
1:23.5	The argument was basically that there are some questions that the crypto industry feels that it has not gotten correct answers on,
1:30.7	or in other cases, specific licensure that it feels like it's being held up on.
1:35.5	It is now increasingly willing to avail itself of the legal system to demand some answers.
1:41.5	There were two examples that I gave on that show.
1:45.6	The first was Custodia Bank,
1:50.1	which used to be called Avanti Bank, from Caitlin Long, suing the Federal Reserve around its application for a Fed Master account. That's a direct account that is held with the Federal Reserve
	...

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