The CFTC Goes After a DAO

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 24 September 2022

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today’s episode, NLW looks at news that a draft of the House stablecoin bill is now circulating, and would, among other things, set out a two-year ban on algorithmic stablecoins like Terra. He also looks at late breaking news last night that the CFTC has named a DAO as part of an enforcement action, with wide-ranging consequences. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds by employing five key fundamentals including real-time auditing and recently increased $775 million 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. - I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with today’s editing by Eleanor Pahl and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “Razor Red” by Sam Barsh and “The Life We Had” by Moments. Image credit: Andrii Yalanskyi/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.8	The breakdown is sponsored by nexus.com, chain aliasis, and FtX, and produced and distributed by CoinDes.
0:22.8	What's going on, guys? It is Friday, September 23rd, and today we're talking about the jostling over the stable coin bill and a CFTC action against a Dow.
0:33.8	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,
0:37.7	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:41.5	come join us on the Breakers Discord.
0:43.5	You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:47.4	Also a disclosure, as always.
0:49.2	In addition to them being a sponsor of the show, I also work with FtX. All right, folks, we have been heavy macro this week,
0:56.4	and obviously there's been good reasons why. The housing market is shifting in front of our eyes,
1:02.3	giving us perhaps an indication of where other industries might go as they adapt to new
1:06.6	Titan financial conditions. And on top of that, we had the Federal Open Markets Committee
1:10.9	meeting and a fresh 75 basis point hike. As you heard yesterday, with that meeting came a huge
1:17.2	amount of new information about how long the Fed expects to continue to raise rates and keep them
1:22.6	elevated. However, for this Friday, I wanted to close out the calendar week with another update on the
1:28.4	crypto scene.
1:29.8	And as seems to be the case every week, a huge chunk of the big important news is around
1:36.1	the regulatory sphere.
1:37.9	To me, this makes sense.
1:39.6	It remains my number one prediction for a catalyst for crypto markets outside of a massive
1:44.1	macro shift,
	...

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