BREAKDOWN: Why Is the Fed so Scared of Stablecoins?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 21 August 2021
⏱️ 9 minutes
🧾️ Download transcript
Summary
Last month’s FOMC meeting minutes show crypto and stablecoins came up for the first time ever as an official topic at a key Federal Reserve meeting.
This episode is sponsored by NYDIG.
On this edition of “The Breakdown’s Weekly Recap,” NLW looks at:
- News that Brian Brooks left Binance.US after a fundraise proved unsuccessful
- Why Coinbase is investing $500B in crypto
- The Fed’s discussion of stablecoins at last month’s FOMC meeting
- Which nations rank atop Chainalysis’ new adoption index
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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: Al Drago/Bloomberg/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. |
| 0:09.1 | 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, August 21st, and that means it's time for the weekly recap. |
| 0:29.8 | Let's do a good old-fashioned news roundup, and let's start with some exchange news. |
| 0:35.4 | First, on Binance. News broke a couple days ago that former Coinbase General |
| 0:39.7 | Council and former acting comptroller of the currency, Brian Brooks, was leaving the CEO role of |
| 0:45.9 | beleaguered Binance. He tweeted, greetings crypto community, letting you all know that I have resigned |
| 0:51.4 | as CEO of Binance U. US. Despite differences over strategic direction, |
| 0:55.6 | I wish my former colleagues much success, exciting new things to come. Now, a couple weeks later, |
| 1:01.2 | we're getting a little more inside info about what was going on. If you'll remember, Brooks had done |
| 1:07.2 | an interview with Forbes where he won, tried to draw a clear distinction from |
| 1:11.6 | Binance the parent company, saying that Binance U.S. just licensed the name and shared a board |
| 1:16.2 | member in CZ, and two, he said that they were in the middle of a big fundraise. |
| 1:21.4 | That suddenly, seemingly days later, whoosh. |
| 1:24.8 | Now, according to Bloomberg in the New York Times, those strategic differences were about |
| 1:29.3 | the inability to complete that raise. Binance U.S. was apparently trying to raise about |
| 1:34.4 | $100 million but could not get investors comfortable with legal questions hanging over the head |
| 1:40.1 | of Binance. They were worried about current investigations and couldn't get over the fact that CZ had a 90% ownership stake in Binance. They were worried about current investigations and couldn't get over the fact that |
| 1:45.3 | CZ had a 90% ownership stake in Binance US. So that's that and the saga continues. Meanwhile, |
| 1:53.5 | Binance also just announced yesterday that it would now be switching its model and all users |
| 1:57.8 | would be required to submit KYC. This is, of course, a big shift from just a few |
... |
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