BREAKDOWN: Why the DOJ, IRS Investigation Into Binance Could Be Good for Bitcoin

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4.7 • 698 Ratings

🗓️ 14 May 2021

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

In almost any scenario, the industry faces one less category of FUD on the other side of the investigations. This episode is sponsored by Nexo.io and Bitstamp. Today on the Brief: More chaos from Elon Musk Hedge funds moving into DeFi? Tether reserve attestations Our main discussion looks at recent revelations of investigations by the Department of Justice and the Internal Revenue Service around Binance. NLW breaks down: What we know about who is involved Why the sound bite seems worse than the real story Why each possible outcome leads the Bitcoin industry to a better place - Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io. - Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net. - Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) - Image credit: Akio Kon/Bloomberg/Getty Images 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	Now, there is, of course, a third possibility that actually they find no wrongdoing,
0:04.7	that there becomes a better relationship between regulators and the world's biggest exchange,
0:09.2	that other exchanges get better clarity on expectations for stopping U.S. customers from using them.
0:14.0	This would significantly increase trust in the system.
0:17.3	It would undermine the just-for-criminal's flood even further,
0:20.1	and it would eliminate regulators
0:21.5	targeting a big exchange from the concern list.
0:25.6	Welcome back to The Breakdown with me, NLW.
0:29.7	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:35.9	The breakdown is sponsored by nexo..io and BitStamp and produced
0:39.9	and distributed by CoinDest. What's going on, guys? It is Friday, May 14th, and today we are
0:47.3	talking about why the Department of Justice and IRS investigations into Binance could actually
0:53.3	be good for Bitcoin. First up, however, let's do
0:56.7	the brief. First on the brief, a little follow-up to our Elon show. If you had any doubt that this
1:02.8	man is just a total agent of chaos, yesterday should have absolved you of that. Obviously, yesterday's
1:08.1	show was all about interpretations of Tesla's decision to stop supporting
1:12.0	Bitcoin payments. One point that I might have not even made strongly enough has to do with the
1:16.7	aspect of Tesla's business model that's based around interaction with the government.
1:20.9	On the same day that Elon posted his note about Bitcoin, Reuters ran a story titled
1:25.7	Exclusive, Tesla seeks entry into U.S. renewable fuel credit
1:29.7	market. So in short, Tesla is one of at least eight companies that has a pending application at
1:35.4	the EPA, the Environmental Protection Agency, that is tied to power generation and renewable credits.
	...

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