Does Crypto Have a Banking Problem?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 24 January 2023

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode, NLW breaks down the latest news from the weekend, including: Signature Bank limiting services, and what it means for the industry as a whole U.S. government seizing $700 million of assets associated with Sam Bankman-Fried Genesis first-day bankruptcy hearing information (Genesis and CoinDesk are both subsidiaries of Digital Currency Group.) 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= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26–28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Swoon” by Falls. Image credit: Craig Hastings/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

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.
0:15.3	The breakdown is produced and distributed by CoinDesk.
0:20.3	What's going on, guys?
0:21.5	It is Monday, January 23rd, and today we are asking whether crypto has a banking problem.
0:28.0	Before we dive into that, however, if you are enjoying the breakdown, please go subscribe
0:31.1	to it, give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:35.2	come join the Breakers Discord.
0:36.9	You can find a link
0:37.5	in the show notes or go to bit.ly slash breakdown pod. All right, friends, welcome back to another
0:42.9	week of the breakdown. And there was a pretty good cluster of news there at the very end of last
0:48.2	week heading into the weekend to say nothing of over the weekend. So today we're going to go over
0:52.2	what we missed and see where it leaves us heading into this final week of January. Let's start on Saturday morning, where we had some
0:59.6	fairly sensational reporting before things calmed down a bit. On Saturday, a headline from the
1:05.1	publication Asia Markets sent a shockwave through crypto Twitter. The headline was Swift Payments Network access cut to
1:12.3	crypto exchanges, which, if it were what the headline suggested, would be a pretty big deal.
1:17.7	So what it was actually about was changes to policies affecting finance. These changes would
1:22.3	prevent customers from processing transactions to and from the exchange in amounts less than
1:26.6	$100,000 via the Swift
1:28.2	Payments Network beginning in February. Swift is the international U.S. dollar-based
1:32.4	transaction messaging system, which facilitates a majority of cross-border wires.
1:37.2	Now, short on details and high-odd-fud potential, the article caused the crypto-critical
	...

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