MARKETS DAILY: Featured Story | Cathie Wood Thinks the U.S. Crypto Exodus Is Here. Is It?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 27 May 2023
⏱️ 6 minutes
🧾️ Download transcript
Summary
A number of companies, including Strike, Coinbase, and others, have indicated that they may leave the United States due to regulatory pressure. It is possible, however, that those threats are empty.
A Featured Story
Is an opinion piece by David Z. Morris, CoinDesk’s Chief Inside Columnist, titled: Cathie Wood Thinks the U.S. Crypto Exodus Is Here. Is It?
On today's show, we are going to take a look at the American crypto ‘walk away’ movement and if there are still advantages for crypto companies under the American legal and equity systems, regardless of the regulatory crackdown.
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This episode was hosted by Adam B. Levine, edited by Ryan Huntington, and Senior Producer is Michele Musso. All original music by Doc Blust and Colin Mealey.
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Transcript
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| 0:00.0 | It's Saturday, May 27th, 20203, and this is Markets Daily from Coin Desk. |
| 0:09.2 | I'm Adam B. Libyan, hearing on your weekend story. |
| 0:11.4 | On today, we're taking a look at the American crypto walkaway movement for what it's worth. |
| 0:15.5 | And just a reminder, CoinDesk is a news source and does not provide investment advice. |
| 0:32.0 | Today's featured stories and opinion piece by David Z. Morris, CoinDisc's chief, |
| 0:38.2 | insight columnist. Our piece today is entitled, Kathy Wood thinks the U.S. Crypto Exodus is here, is it? |
| 0:44.2 | When he first took office as head of the U.S. Securities and Exchange Commission, better known as the SEC, back in 2021, |
| 0:48.7 | Gary Gensler warned crypto projects that he would be skeptical of decentralization theater. |
| 0:53.4 | That's a category of misleading claims sometimes made by decentralized autonomous organizations, |
| 0:54.6 | better known as Dow's, or protocols to be effectively leaderless and therefore may be unprosecutable, when in fact they |
| 1:00.3 | have an obvious core leadership team. Now, the ongoing regulatory crackdown by Gensler and the |
| 1:05.5 | broader Biden administration appears to be triggering a different kind of decentralization, |
| 1:09.8 | major crypto firms leaving the |
| 1:11.2 | United States. Firms, including exchanges Coinbase and Gemini, Bitcoin front-end strike, and asset management |
| 1:16.9 | platform backed, have all gestured towards exiting the U.S. in recent weeks. Investor Kathy Wood, |
| 1:22.1 | known for her huge, long bets on both Tesla and Coinbase, argued this week that the U.S. |
| 1:26.5 | is losing the Bitcoin movement |
| 1:28.2 | as crypto shifts away from the United States. This sort of geographical shift really does happen |
| 1:33.1 | and can be very bad for over-regulated jurisdictions. For instance, drugmaker Bayer has recently |
| 1:37.9 | said it will shift its business focus away from Europe for regulatory reasons. But on deeper |
| 1:42.4 | examination, some of the signaling by crypto companies seems less like a real |
| 1:46.3 | shift than another kind of decentralization theater. |
... |
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