Square Sets Out to Bring DeFi to Bitcoin

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 17 July 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Square has announced a new initiative, titled “TBD,” that CEO Jack Dorsey describes as “focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless and decentralized financial services.” Dorsey intends the platform to be developed completely transparently: “open road map, open development and open source.” In this episode, NLW puts the new initiative in the context of Square’s long-term relationship with Bitcoin, explains why it’s different from the company’s Square Crypto efforts and analyzes how different parts of the community are reacting to the news. -- 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 and produced and distributed by CoinDesk.com 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: Eva Marie Uzcategui/Bloomberg/Getty Images, modified by CoinDesk.

Transcript

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0:00.0	I'm just a fan of more competition in the market.
0:02.8	I'm excited to see what types of tradeoffs these guys explore and how they differ from other
0:06.8	versions of Defy elsewhere.
0:08.6	Ultimately, to me, the decentralization of finance seems like an inevitable follow-up
0:13.2	to the decentralization of money.
0:14.9	So I'm glad to have multiple contenders painting different visions with, as I've said,
0:20.0	different tradeoffs that we can
0:21.3	choose between. Let the hyper-capitalism commence. Welcome back to The Breakdown with me,
0:29.7	NLW. It's a daily podcast on macro, Bitcoin, and the Big Picture Power Shifts remaking our world.
0:38.1	The Breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:44.4	What's going on, guys? It is Friday, July 16th, and today we are talking about a new initiative
0:50.9	from Square that is poised to bring Defi to Bitcoin. First up, however, let's do the
0:57.4	brief. First on the brief today, we are discussing the mixed state of crypto as it relates to the
1:04.3	U.S. government. And when it comes to crypto in the U.S. government these days, there is an absolutely
1:09.7	yawning gap between those
1:11.8	who get it and those who don't. So first, let's talk about a few that do. The Securities Clarity Act is a
1:18.3	bill that would, as the name suggests, provide regulatory clarity about the state of digital assets.
1:24.4	Specifically, it would treat them as commodities and not securities. This would mean that
1:29.2	companies could sell and trade cryptos without registering them as securities with the SEC. The bill was
1:35.0	sponsored by Tom Emmer, a Republican from Minnesota, Darren Soto, a Democrat from Florida, and Roe Kana,
1:40.6	a Democrat from California. Emmer said, quote, there has been an unreasonable approach
1:45.4	by regulators as to how federal securities laws should be applied to transactions involving the
	...

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