“Good Reason to Worry” What the BitMEX Indictment Means for DeFi and Bitcoin

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 3 October 2020

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today on the Brief: Market reaction to Pres.Trump contracting COVID-19 Subpar September jobs report Decentralized exchanges have third straight 100%+ growth month Our main discussion features Stephen Palley and Preston Byrne of Anderson Kill. Yesterday, BitMEX was targeted with both civil and criminal complaints, with the CTO being arrested for violation of the Bank Secrecy Act. In this conversation, NLW talks to two crypto legal experts to discuss: The specifics of the charges How long this investigation has been in the works Whether there was anything surprising to legal experts Why the criminal complaints represent an escalation of enforcement Whether there are implications for other industry areas, particularly decentralized finance Find our guests online: Stephen Palley: @stephendpalley Preston Byrne: @prestonjbyrne Anderson Kill: andersonkill.com

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome back to The Breakdown with me, NLW.
0:08.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.0	The breakdown is sponsored by crypto.com, nexo.io, an elliptic, and produced and distributed by CoinDesk.
0:23.1	What's going on, guys? It is Friday, October 2nd, and my God, if you thought you were
0:29.1	going to have just a chill Friday rolling into the weekend, think again. Yesterday, the
0:35.3	crypto world absolutely exploded on news that Bitmex had been accused of
0:41.3	just a slew of illegal activities by not only the CFTC, but that there were actual criminal
0:48.4	indictments for the Bitmex leadership from the Department of Justice as well.. Today I'm joined by Preston Byrne and
0:56.3	Stephen Paley, who are both lawyers with Anderson Kilt, to discuss this from a legal perspective,
1:01.6	but first let's do what I'm sure is just a casual brief. First up on the brief today,
1:07.2	the President of the United States has been diagnosed with COVID-19.
1:12.2	You don't need me to tell you about this.
1:14.8	Everyone in the world knew about it as soon as it happened last night.
1:18.4	All I wanted to share is some immediate news about how markets reacted.
1:23.4	Futures immediately fell in the U.S. with the Dow poised to fall about 400 points upon open.
1:29.3	The NASDAQ 100 was immediately down 2.2%.
1:32.3	Australia's ASX was 1.35% down.
1:36.1	Bitcoin was also down, although again, that might have been related to the other big news that we'll be focused on.
1:41.7	And volatility was up majorly. The VIX was up 10%. This is a great
1:48.0	test of that investing belief that we were talking about yesterday that markets hate uncertainty.
1:54.8	Right now, it certainly seems like they do. Next up on the brief today, a frankly crappy jobs report. We got the September
2:03.6	jobs report, as we always do, the first Friday of the following month, and economists had expected
	...

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.