The Debate Around SBF’s Regulatory Ideas

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 23 October 2022

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Circle and FTX US. On this week’s “Long Reads Sunday,” NLW reads Sam Bankman-Fried’s “Possible Digital Asset Industry Standards.” He also references Erik Voorhees “A Response to SBF and Principled Crypto Regulation” and a thread featuring Scupytruples. - Nexo Pro allows you to trade on the spot and futures markets with a 50% discount on fees. You always get the best possible prices from all the available liquidity sources and can earn interest or borrow funds as you wait for your next trade. Get started today on pro.nexo.io. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - 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. - 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= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “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. Music behind our sponsors today is “War” by Enoch Yang and “The Life We Had” by Moments. Image credit: Craig Barritt/Getty Images for CARE For Special Children, 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.
0:15.0	The breakdown is sponsored by nexo.io, circle, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Sunday, October 23rd, and that means it's time for Long Read Sunday.
0:29.3	Now, before we get into that, if you are enjoying the show, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the
0:37.7	Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:42.8	Also a disclosure as always, in addition to them being a sponsor of the show, I also work with
0:46.9	FTX. And boy, oh boy, is that disclosure more relevant than ever today? Because today we are
0:53.7	going to read FTX CEO Sam Bankman-Fried's
0:56.4	possible digital asset industry standards. Now, before we do a little bit of setup,
1:01.9	as regular listeners know, I believe we've entered the endgame of the first big wave of
1:05.6	U.S. crypto regulation. This is a process that started a little with the introduction
1:09.9	of Facebook's Libra in 2019,
1:12.0	and started a lot with summer 2020's battle over the infrastructure bill that really galvanized the
1:17.1	crypto lobby. Since then, we've seen significantly more engagement.
1:21.6	Politicians on both sides of the aisle have actually dug in deep, and promisingly,
1:25.7	it's been one of the only issues to remain firmly
1:28.1	anti-partisan, by which I mean that while there are, of course, some attempts to subsume it
1:33.3	into other political priors by individual members of the parties, by and large, both allies
1:38.7	and antagonists come from both sides of the aisle. There is, in more than just about any
1:43.5	other issue I've seen, first principles thinking from politicians and of the aisle. There is, in more than just about any other issue I've seen,
1:44.9	first principles thinking from politicians and their staffs. However, there are some really thorny
	...

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