BREAKDOWN: Why Former US Regulators Are Moving Into Crypto
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 10 September 2021
⏱️ 15 minutes
🧾️ Download transcript
Summary
The pattern continues as former Commodity Futures Trading Commission (CFTC) Commissioner Brian Quintenz joins Andreessen Horowitz (a16z).
This episode is sponsored by NYDIG.
Today on the Brief:
- NFT volume cools down but interest remains strong
- Mastercard is acquiring CipherTrace
- European Central Bank and the Federal Reserve begin preparing for asset purchase tapers this autumn
Our main discussion is about the flow of regulators from the U.S. government into the crypto industry. NLW looks in particular at Brian Quintenz, who is joining Andreessen Horowitz, and Chris Giancarlo, the former CFTC chair whose new book is “CryptoDad: The Fight for the Future of Money.”
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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 NLW, with editing by Rob Mitchell 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 “Only in Time” by Abloom. Image credit: Toya Sarno Jordan/Bloomberg/Getty Images, modified by CoinDesk.
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Transcript
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| 0:00.0 | The report said, quote, increasing risk-taking behavior has led to volatility and equity, |
| 0:04.7 | e.g. GameStop-related market movements and crypto-asset markets, as well as the materialization |
| 0:09.1 | of event-driven risks such as the case of Archegos or Greensill. |
| 0:13.1 | Now, the hubris it takes for governments to complain about risk-taking behavior and markets, |
| 0:18.0 | when the fundamental structure of markets and government's active intervention |
| 0:21.3 | in them is the key underlying factor that is driven so much of that risk-taking. It's just astounding. |
| 0:29.0 | Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big-picture |
| 0:36.6 | power shifts remaking our world. |
| 0:40.3 | The breakdown is sponsored by Nidig and produced and distributed by CoinDesk. |
| 0:46.8 | What's going on, guys? It is Friday, September 10th, and today we are talking about why |
| 0:51.5 | former U.S. regulators are moving into crypto. |
| 0:55.4 | First up, however, let's do the brief. |
| 0:58.0 | First on the brief today, the latest in NFTs. |
| 1:01.4 | There has been a pretty significant calming in the daily trading volume of NFTs. |
| 1:06.1 | At its peak at the end of August, OpenC hit 323 million in daily trading volume. That has now come back to |
| 1:12.6 | Earth to hit 52 million yesterday. So the obvious question is, was this all just a big bubble that |
| 1:18.3 | now has popped? I find increasingly that it's misleading to look at nearly any category in |
| 1:24.1 | crypto as a whole category rather than trying to dig into its constituent parts. |
| 1:29.3 | What I mean by that in the context of NFTs is that July and August's big market runups |
| 1:33.9 | were caused by specific interest in one, OG NFT sets like the Cryptopunks and ArtBlocks, |
| 1:40.0 | which is the first AI-generated art NFT, and two, profile pick, PFPs, or Avatar NFTs. Think |
| 1:46.6 | BoardApe Yacht Club. When we talk about has the NFT bubble popped, the reason it's important to |
... |
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