Enforcing Sanctions in Crypto Isn't the Problem

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 5 March 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Arculus, FTX US and Cointelli. Today on “The Breakdown,” NLW looks at scrutiny around sanctions and the crypto industry. He talks about three situations that show the state of the discourse: Recent statements by the Treasury Department and the National Security Council suggesting they’re not overly concerned Russia can use crypto to escape the pinch of sanctions Elizabeth Warren’s letter asking Treasury are they sure about that Key Ethereum infrastructure blocking Iranian and Venezuelan users - Take your crypto to the next level with Nexo. Invest and swap instantly, earn up to 20% APR on your idle assets or borrow cash against them at industry-leading rates. Get started today at nexo.io to receive up to a $100 welcome bonus. Valid through March 31. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer and more secure solution to store, send, receive, buy and swap your crypto. Buy now at amazon.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Cointelli makes accurately reporting your crypto taxes easy. Built by CPAs and crypto experts, Cointelli supports hundreds of platforms and produces tax reports you can count on in just a few clicks. And all for just $49! See what Cointelli can do for you at cointelli.com. - 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 “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill 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 “Obligated” by Daniele Musto. Image credit: Andrey Rudakov/Bloomberg/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.
0:15.0	The breakdown is sponsored by nexo.io, Arculus, and FtX, and produced and distributed by CoinDesk.
0:22.9	What's going on, guys? It is Friday, March 4th, and today we are discussing why enforcing
0:28.5	sanctions in crypto isn't the problem. First up, however, if you are enjoying the breakdown,
0:34.7	please go subscribe to it, give it a rating, give it a review, or if you want to get deeper into the conversation, come join us on the Breakers Discord.
0:42.6	You can find the link of the show notes or go to bit.ly slash breakdown pod.
0:46.8	Also, a disclosure, as always, in addition to them being a sponsor of the show, I also work with FTX.
0:53.5	Finally, this week, I'm thrilled to welcome another
0:56.0	sponsor in CoinTelly. This time of year, everyone's mind is on taxes. CoinTeli is here to make
1:03.2	crypto tax reporting stress-free for both individuals and accountants. Designed by CPAs,
1:08.7	CoinTellie supports hundreds of crypto platforms and provides accurate calculations
1:12.6	so you don't pay any extra on your taxes.
1:15.5	Cointelli also charges no added fees for up to 100,000 transactions and offers 24-7 customer
1:21.6	support from tax advisors.
1:24.0	Check them out at cointeli.com.
1:25.9	That's coin T-E-L-L-I dot com. And I want to say thanks again to
1:30.5	Coinelli for sponsoring the show and for helping people in what can be an extremely
1:35.1	stressful moment. All right. So today we are going to be talking about three things that
1:40.4	happened this week and why they together paint a perfect picture of the current
1:44.9	state of the discourse on decentralization, sanctions, and crypto.
1:49.9	The first thing is the Treasury Department's issue of the 2022 national risk assessments for
	...

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