Regulators Only Have Themselves to Blame for Crypto Not Being Better Regulated

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 16 February 2023

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

On Tuesday, the Senate Banking Committee held a hearing on the “Crypto Crash.” NLW discusses the opening statements of the ranking committee member and chairman, as well as the regulatory proposals put forward by witnesses. He also discusses the ruling by a U.S. judge that FTX will not have an independent examiner appointed. 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 - Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: aleksei-veprev/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	And then, of course, there's the SEC who clearly did focus on this last year, but who spent
0:04.6	all of that year making cute videos announcing that they had robbed some quarters from the bottom
0:08.3	of Kim Kardashian's purse, rather than engaging substantively with any position other than
0:12.7	everything that exists in the world is a security. The point is that regulation over the last
0:18.1	couple of years didn't not happen because people were yelling at
0:21.4	regulators to not regulate. It's because regulators didn't regulate. Full stop. Welcome back to the
0:31.3	breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:40.3	The breakdown is produced and distributed by CoinDesk.
0:45.5	What's going on, guys? It is Wednesday, February 15th, and today we are talking about yesterday's
0:50.7	Senate crypto hearing, FTX, not getting an independent examiner, and so much more.
0:55.8	Before we get into that, however, one quick note. There are two ways to listen to the breakdown.
1:00.2	You can hear us on the Coin Desk podcast network, which comes out every afternoon and features
1:03.9	other great Coin desk shows, or you can listen on the breakdown-only feed, which comes out a few
1:07.9	hours later in the evening. Wherever you listen, I would so appreciate it
1:11.3	if you would take the time to leave a five-star rating or a review. It makes a huge difference, and I appreciate
1:16.0	them all. All right, guys, as you can guess from this intro, lots and lots going on today, and I want to
1:21.0	start with some late breaking news. One of the big questions in the FTX case has been whether or not there would be an independent examiner
1:28.4	appointed. An independent examiner is someone who's brought in in the case of a bankruptcy to get the
1:32.9	full facts of the case from a completely neutral party. You'll remember I recently did a show
1:37.4	about the independent examiner's findings in the Celsius case, and there were some pretty big
1:41.2	revelations in that report. In the case of FTX, the U.S.
1:44.6	trustee from the Department of Justice has been requesting an examiner. Their argument is
	...

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