So THIS Is ‘And Then They Fight You’

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 21 July 2021

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

“First they ignore you, then they laugh at you, then they fight you and then you win.” In this episode of “The Breakdown,” NLW examines crypto’s current “and then they fight you” phase, citing recent regulatory battles: New Jersey’s BlockFi interest accounts cease and desist order Stablecoins in the hot seat in recent meeting of U.S. presidential advisory group Busting FUD headlines following a European Commission proposed reform A New Jersey Bureau of Securities order calls for BlockFi to stop accepting new clients residing in the state. CEO Zach Prince remains optimistic, believing the company’s products are lawful and that further discourse with regulators would clear up concerns, the most important of which seems to be surrounding yield delivery. Is a new macro narrative emerging as competition ramps up with high yield enticing new crypto users? In a meeting with the President’s Working Group on Financial Markets, attendees discussed the rapid growth of stablecoins and their risks and benefits for the future. Of the eight political and regulatory figures in attendance, who are likely to provide pro-stablecoin input? This morning, an incendiary headline dropped – “EU Aims to Ban Anonymous Crypto Asset Wallets” – following a European Commission release. Is the severity of the commission’s reform as fierce as the headline suggests? -- 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= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is sponsored by NYDIG https://nydig.com/nlw/ The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell 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 “Razor Red” by Sam Barsh. Image credit: Greg Nash/Bloomberg/Getty Images, modified by CoinDesk.

Transcript

Click on a timestamp to play from that location

0:00.0	I mentioned yesterday that there was a meeting of the president's working group on financial
0:03.4	markets to discuss stable coins.
0:05.9	To some extent, the most notable thing about the conversation was the fact of its existence.
0:11.3	In other words, we didn't really get a sense yet of anything about how this group was thinking
0:15.1	about stable coins.
0:16.5	The thing that's clear is that they view them as enough of a priority to take time away
0:20.4	from all
0:20.9	these folks' schedules for this meeting, and that itself is pretty meaningful.
0:26.1	Welcome back to The Breakdown with me, NLW.
0:30.2	It's a daily podcast on macro, Bitcoin, and the Big Picture Power Shifts remaking our world.
0:37.4	The Breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:43.7	What's going on, guys? It is Tuesday, July 20th, and the theme of today comes from that
0:49.4	famous old phrase, first they ignore you, then they laugh at you, then they fight you, and then you win.
0:56.8	We were flying high at the beginning of this year, but man, it is hard to ignore how aggressively
1:03.7	things have taken a turn. Someone actually shot me a DM on Twitter the other day and said that
1:08.8	they were finding the show increasingly bleak or
1:11.5	negative. Basically, their point was we all know how much new fud there is and that the prices
1:16.6	sucked and maybe we could focus on some of the good stuff. And their feedback was totally
1:20.6	shared in good faith, so I appreciate it. The reality is, though, that this is a pretty
1:25.3	pivotal moment for Bitcoin and the entire crypto space.
1:29.0	One does not shift power systems without arousing the ire of the existing power structure.
1:35.1	And right now, that power structure is finally recognizing Bitcoin and stable coins and these
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Blockworks, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Blockworks and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.