The Latest Front in the Crypto Wars Is Binance-Paxos and BUSD

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 14 February 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Last week, rumors swirled that Paxos was the next target for regulatory action. On Sunday, the Wall Street Journal reported the Securities and Exchange Commission was preparing a suit accusing the company of issuing an unregistered security. Then on Monday, the New York-regulated company announced it would cease issuing Binance USD after the state banking regulator said Paxos couldn’t do so in a safe and sound manner. - Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com. - “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 sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: ZU_09/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.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.3	The breakdown is produced and distributed by CoinDesk.
0:20.4	What's going on, guys?
0:21.5	It is Monday, February 13th, and today we are talking about the latest salvo in the
0:26.4	crypto wars.
0:27.8	A quick note before we dive in, there are two ways to listen to the breakdown.
0:31.0	You can hear us on the Coin Desk podcast network feed, which comes out every afternoon
0:34.4	and features other great Coin desk shows, or you can listen on the breakdown-only feed, which comes out a few hours later in the evening. Wherever you listen, I was so
0:41.2	appreciated if you would take the time to leave a rating or review, it really makes a big difference.
0:45.7	All right, friends, well, the thunder on the horizon has officially become a storm.
0:50.7	The U.S. government is on the march, and the next front of the Crypto Wars has officially
0:54.1	been opened up around Paxos and their relationship with Binance. The U.S. government is on the march, and the next front of the crypto wars has officially been
0:54.3	opened up around Paxos and their relationship with Binance.
0:58.5	Now, obviously, last week's biggest news was Cracken's settlement with the SEC.
1:02.6	It was big for Cracken themselves, obviously.
1:04.7	The company had to shut down their staking as a service program and pay a $30 million fine,
1:08.8	but the implications for the rest of the industry
1:11.0	were really the biggest significance. Some noted the SEC's hypocrisy. Lawyer Jason Gottlieb
1:17.0	tweeted, I find the SEC's all crypto projects have to do is come in and register line
1:21.4	unbelievably insulting. It assumes that there's this vast quantity of sophisticated securities
1:26.6	lawyers advising clients,
	...

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