Should the People Making Crypto Policy Own No Crypto?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 8 July 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. The U.S. Office of Government Ethics released rules this week that executive branch staffers who owned crypto would not be allowed to work on any crypto-related regulation. NLW explores the pros and cons of this, and expands the discussion to ethics and financial conflicts of interest more broadly. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.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. - “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. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: fStop Images - Antenna/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	I do think debating ethics norms around concerns of regulatory capture is super important, and
0:06.1	certainly not just with regard to crypto. Politicians, regulators, policymakers are all big,
0:11.5	weird mixtures of incentives. A lot of time in Washington, those incentives lead them to
0:16.0	strange places that aren't really in line with some greater good that we imagine they're supposed
0:20.2	to be striving for.
0:21.9	Oftentimes, those incentives are about much more immediate re-election-things than they are about
0:26.6	juicing the value of some financial assets.
0:30.6	Welcome back to The Breakdown with me, NLW.
0:34.7	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:40.4	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:48.3	What's going on, guys? It is Thursday, July 7th, and today we are asking the question of whether the people making
0:56.4	crypto policy should not be allowed to own crypto. Before we get into that, however, if you are
1:02.6	enjoying the breakdown, please go subscribe to it, give it a rating, leave a review, or if you
1:09.3	want to dig deeper into the conversation, come join us in the
1:12.1	Breakers Discord. You can find a link in the show notes or go to bit.le slash breakdown pod.
1:17.7	Also, a disclosure as always. In addition to them being a sponsor of the show, I also work with
1:23.7	FTX. So, by and large, crypto this week is doing crypto things. Bitcoin is sometimes
1:30.3	above 20,000 and sometimes below it, and then it rotates back and forth over and over again,
1:34.9	and I have a feeling this is a place we're going to be for a while. When it comes to the big substantive
1:40.1	things, all of the stories are about the continued fallout of 3AC and Luna Contagion and how
1:45.9	it's all going to resolve. In the area of regulations and policymaking, however, a new
1:51.6	legal advisory notice from the U.S. Office of Government Ethics, I think, prompts a really
	...

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