DeFi Grows in Institutional and Regulatory Importance

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 20 August 2021

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

First, on the Brief: Banks and bitcoin Coinbase’s cash reserves Brian Quintenz’s CFTC departure In the main discussion, NLW addresses decentralized finance’s (DeFi) place in regulations as crypto continues to be on the minds of policymakers. Contention across U.S. regulatory bodies remains as the Federal Reserve’s concern with stablecoins, the Treasury Dept. with the infrastructure bill and the Securities and Exchange Commission’s Gary Gensler attempting to create the broadest reach on crypto regulations his organization can manage. In The Wall Street Journal’s recent interview with Gary Gensler, the SEC chair claimed a particular focus on DeFi. He stated that core software developers, promoters and sponsors would be centralizing factors, calling the term DeFi a “misnomer.” How will DeFi’s future unfold as it becomes increasingly important for both investors and regulators? Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “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: Feodora Chiosea/iStock/Getty Images Plus, modified by CoinDesk.

Transcript

Click on a timestamp to play from that location

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.
0:22.6	What's going on, guys? It is Thursday, August 19th, and today we are talking about some signs
0:28.2	of defy's growth in institutional and regulatory relevance. First up, however, let's do the
0:35.2	brief. First on the brief today, Wells Fargo goes Bitcoin.
0:40.3	Wells Fargo has registered a new private Bitcoin fund with U.S. regulators.
0:45.1	The fund is operated in partnership with the breakdown sponsor Nidig, as well as FS investments,
0:50.5	who have worked together on other funds such as, I believe, the Morgan Stanley Bitcoin funds.
0:55.3	According to a Coin desk source, the new Wells Fargo fund is passively managed.
1:00.1	Earlier reports had suggested it would be an actively managed fund for wealth clients.
1:05.0	On top of the Wells Fargo news, J.P. Morgan's passive Bitcoin fund, also a partnership with
1:09.6	Nidig, was also filed with the SEC today.
1:12.4	So if you want to know what people think of Bitcoin, just keep watching what they do, not what they say.
1:19.2	Next on the brief today, the scars of past crypto winters run deep.
1:24.0	According to a report from the Wall Street Journal, Coinbase has a pretty significant cash reserve.
1:29.4	At the end of June, those reserves stood at $4.36 billion.
1:34.2	That's up from $1.1 billion at the end of last year.
1:37.4	Coinbase's CFO, Alessia Haas, said,
1:39.5	We want to ensure that we maintain those cash reserves so we can continue to invest
1:43.7	and continue to grow our products and services in the event that we go into a crypto winter.
1:48.5	She also said that part of it could go towards acquisitions.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Blockworks, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Blockworks and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.