Janet Yellen’s Shifting Tone on Crypto

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 13 April 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Arculus and FTX US. At the beginning of her tenure as Treasury secretary, Janet Yellen gave a number of indications that she was going to be a tough partner for crypto. In a speech last week, the industry got a glimpse of how much her tone had shifted. NLW explores how much this shift has to do with the Biden administration’s Executive Order on crypto as well as the possibility that it reflects a new understanding stemming from engaging with crypto in the context of sanctions on Russia. - From cash to crypto in no time with Nexo. Invest in hot coins and swap between exclusive pairs for cash back, earn up to 17% interest on your idle crypto assets and borrow against them for instant liquidity. Simple and secure. Head on to nexo.io and get started now. - 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, Texas. 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: Amanda Andrade-Rhoades/Bloomberg via 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.
0:22.7	What's going on, guys? It is Tuesday, April 12th, and today we are recapping Janet Yellen's
0:28.9	speech about crypto from last week and what it means in the context of the industry.
0:34.4	Before we get into that, however, if you are enjoying the breakdown, please go subscribe
0:38.1	to it wherever you listen to podcasts, give it a rating, give it a review, or if you want to get
0:43.2	deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show
0:48.5	notes or go to bit.ly slash breakdown pod. Also, a disclosure as always, in addition to them being a sponsor of the show,
0:56.1	I also work with FTX. Now, as we dig into this topic, you may be asking yourself,
1:02.5	wait a second, it's Tuesday. We just got the inflation print for last month, and it was really,
1:07.9	really high. Why are you not talking about that? The short answer is that
1:12.6	there are two answers. The first is that I'm on the last day of some travel and had this show
1:17.6	prepared and needed to do it this morning just based on time constraints. But the second answer is that
1:23.6	there are a lot of really interesting narratives and counter narratives flying around right now.
1:28.7	People were really, really ready to be super, super upset at this inflation print.
1:33.8	And there are a lot of folks who are wondering if we were going to actually hit double digits.
1:38.3	Now, in the minutes after the inflation print has come in and hit almost exactly what consensus
1:43.6	predictions were, with month-over-month CPI being even lower than expected, there's now a ton of jockeying for the narrative.
1:51.4	And I want to give it a little bit of time to settle so that when I bring you that show tomorrow, the narrative battle lines are a little bit more clearly drawn.
1:58.7	I think that's going to be the most valuable show.
2:01.0	Also, for what it's worth, I think that this speech was actually quite significant from Yellen,
	...

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