The Chopping Block: What Does Binance’s Record $4.3 Billion Settlement Mean for Crypto? - Ep. 573

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 23 November 2023

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the gang breaks down the record $4.3 billion settlement between Binance and the U.S. government — whether it was fair, the chances CEO Changpeng Zhao will face any jail time, whether it was ultimately a good thing for Binance and for the U.S., and what this changes for the industry going forward. They also delve into the SEC’s lawsuit against Kraken, and the drama around Sam Altman’s firing from Open AI and what it says about corporate governance and crypto companies. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights: the details of the settlement between Binance and the Department of Justice how a core part of Binance’s business model was to allow bad actors on its platform, according to Robert why Binance had to settle with the U.S. government even though it's not an American company why Tom believes that the settlement represents a "very bad lesson" whether U.S. market makers should be liable in cases like these how the crypto community has reacted to the settlement what the settlement means for the future of the crypto industry whether the new SEC lawsuit against Kraken is just a “copy-and-paste” of its suit against Coinbase The drama around Sam Altman’s removal from his role as CEO of OpenAI Why Robert thinks that the OpenAI board was “silly and dumb” What the problems at OpenAI say about its innovative governance structure Hosts Haseeb Qureshi, managing partner at Dragonfly Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly Tarun Chitra, managing partner at Robot Ventures Disclosures Links Binance Settlement Unchained: Binance to Pay $4.3 Billion to Settle U.S. DOJ Criminal Probe; CEO Changpeng Zhao Pleads Guilty for Violating Bank Secrecy Act Binance CEO CZ Released on $175 Million Bond SEC Charges Against Kraken Unchained: Crypto Exchange Kraken Accused by SEC of Violating Securities Law OpenAI The Verge: Sam Altman returns as CEO of OpenAI Unchained: Worldcoin Falls and Rises After Sam Altman-OpenAI Saga Haseeb’s tweet on accelerationism Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It sort of reminds me a little bit of kind of what we've seen actually out of the SEC where, or frankly, the CFP as far as US civil matters go where really the lesson that keeps, keeps, continues to be learned is you can break the law if you get really big and you have a
0:15.1	giant war chest and then you can use it to go fight and that that is a very bad
0:18.9	lesson and I think that that runs very counter to what we want our loss to signal but that is kind of what we see in terms of enforcement action.
0:25.7	So I think it's kind of disappointing in that way.
0:28.3	Not a dividend.
0:29.6	It's a tale of two quand.
0:30.8	Now your losses are on someone else's balance.
0:33.6	Generally speaking, air drops are kind of pointless anyways.
0:36.4	I mean the trading firms who are very involved.
0:39.1	I like that eat is the ultimate pump.
0:41.3	D5 protocols are the antidote to this problem.
0:45.1	Hello everybody, welcome to the chopping block.
0:46.9	Every couple weeks, the four of us get together and give the industry
0:49.2	insiders perspective on the crypto topics of the day.
0:52.0	So quick intro, first we got Tom, the Defi Maven and Master of Beams.
0:55.0	Hi, everyone.
0:56.0	Thanks, you got Robert, the Cryptocortizur and Tsar of Superstate.
0:59.0	GM everybody.
1:01.0	And then we've got Taroon, the gig of brain and Grand Puba at Conlet.
1:04.0	Aloha.
1:05.0	And finally, I've received the head Hype Man at Dragonfly.
1:08.0	So we are early stage investors in crypto, but I want to caveat that nothing we say here is
	...

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