How the Sanctions Hearing Helped Democratic Senators Understand Crypto

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 19 March 2022

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Arculus and FTX US. On this edition of the “Weekly Recap,” NLW discusses a set of regulatory discussions happening around crypto this week, including: A letter from eight congressmen asking the SEC for clarity around its crypto enforcement practices. Thursday’s crypto sanctions hearing. New legislation from Sen. Elizabeth Warren that would give the Treasury sweeping powers around crypto. - 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. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, TX. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - 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 “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Tom Williams-Pool/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.
0:09.0	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.9	The breakdown is sponsored by nexo.io, Arculus, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Saturday, March 19th, and that means it's time for the weekly
0:27.9	recap. Before we get into the weekly recap, however, if you are enjoying the breakdown,
0:32.5	please go subscribe, rate review, you know the schick. And if you want to talk about these topics or really anything
0:38.5	else, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly
0:43.8	slash breakdown pod. Also a disclosure as always, in addition to them being a sponsor of the show,
0:50.3	I also work with FTX. Finally, one more quick note before the show starts. If you haven't bought
0:57.3	your tickets yet, I highly suggest you check out CoinDesks Consensus 2022, which this year is happening
1:04.4	in Austin, Texas, between June 9th and June 12th. The event has voices and topics representing a huge cross-section of the
1:12.0	crypto space. You've got your ZZs and SBFs, but also Punk 6-529 and Kathy Wood. It should be a
1:19.6	really, really good time. If you're interested, you can use code breakdown for 15% off your
1:24.9	ticket. Check out coindesk.com slash consensus 2022. All right, weekly recap time,
1:32.5	and this week we have a fair bit of regulatory intrigue to catch up on.
1:37.3	First, there has been a growing tension between congressional blockchain advocates and the
1:41.7	SEC. Tom Emmer and seven other congressmen sent a letter
1:46.3	to Gary Gensler and the SEC this week. He wrote on Twitter, My Office has received numerous
1:51.9	tips from crypto and blockchain firms that SEC chair Gary Gensler's information reporting
1:56.3	requests to the crypto community are overburdensome, don't feel particularly voluntary,
2:01.8	and are stifling innovation. This is why I sent a bipartisan letter today to Gary Gensler
2:06.6	with Darren Soto, Warren Davidson, Jake Ockincloss, Byron Donalds, Josh Gottheimer, Ted Budd,
	...

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