The Battle for Self-Hosted Wallets

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 28 June 2022

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, NEAR and FTX US. On today’s episode, NLW explores the ongoing policy debate around “unhosted” (or, as crypto users call them – “self-hosted”) wallets, looking at MiCA legislation in Europe, an updated policy for the U.K. and hints from the Biden administration in the U.S. - Nexo is an all-in-one platform where you can buy crypto with a bank card and earn up to 16% interest on your assets. On the platform you can also swap 300+ market pairs and borrow against your crypto from 0% APR. Sign up at nexo.io by June 30 and receive up to $150 in BTC. - NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org. - 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 “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Westend61/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	We've seen over and over that the first attempts from regulators tend to be to draw those thresholds at lower levels than traditional money and financial assets, in many cases because of a perception of crypto being for criminals.
0:11.3	A second layer of the fight, though, will be the principle of the thing.
0:14.5	And make no mistake, this will be a legal battle.
0:17.3	It'll be a battle of how different attempts at financial surveillance run afoul of protections
0:21.3	enshrined in governing principles such as the Constitution.
0:25.6	Welcome back to The Breakdown with me, NLW.
0:29.9	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:35.7	The breakdown is sponsored by nexo.io, near an FtX, and produced and
0:40.2	distributed by CoinDesk. What's going on, guys? It is Monday, June 27th, and today we are talking about
0:48.3	the battle for self-hosted wallets. Before we get into that, however, if you are enjoying the breakdown,
0:54.1	please go subscribe to it, give it a rating, give it a, however, if you are enjoying the breakdown, please go subscribe
0:55.0	to it, give it a rating, give it a review, or if you want to dig deeper into the conversation,
0:59.8	come join us on the breakers discord. You can find a link in the show notes or go to bit.
1:04.1	combe, breakdown pod. Also, a disclosure as always. In addition to them being a sponsor of the show, I also work with FTX.
1:13.3	So, I am traveling for the next few days and so I've prepped the set of shows in advance.
1:19.1	Today we are talking about one of the most important, lingering things that lurks around every
1:24.9	regulatory corner and absolutely cuts to the quick of what it means
1:28.7	to be involved in crypto. That's the battle for self-hosted wallets, or, as politicians seem
1:35.1	to call them, unhosted wallets. In the midst of the Celsius meltdown, David Bailey, the CEO
1:41.1	of Bitcoin magazine, tweeted, okay, so if this gets as bad as it could get, the bright side is that attempts to ban self-custody and self-hosted wallets will be dead in the water going forward.
1:52.3	Self-custody is the point.
1:55.3	What David was arguing is that the implosion of an opaque third party that theoretically held people's assets in trust, but
	...

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