The Rise of CBDC Skepticism Among US Officials

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 9 September 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. The discussion around a United States-issued central bank digital currency is heating up, but not in the way one might expect. Increasingly, U.S. regulators and elected officials are showing signs of skepticism about a CBDC, particularly a retail CBDC. - 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 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 “Razor Red” by Sam Barsh and “The Life We Had” by Moments. Image credit: imagedepotpro/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 nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:22.7	What's going on, guys? It is Thursday, September 8th, and today we are talking about the rise
0:27.7	in CBD skepticism among U.S. regulators and politicians. Before we get into that, however,
0:34.0	if you are enjoying the breakdown, please go subscribe to it, give it a rating,
0:37.6	give it a review, or if you want to dive deeper into the conversation, come join us on the
0:41.6	Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:47.1	Also, a disclosure, as always, in addition to them being a sponsor of the show, I also work
0:51.6	with FTX. All right, folks, well, yesterday, one of the things
0:55.7	that I had right at the top of my list of 38 things I think we've learned in the last year
1:00.8	is that while crypto is not going to be banned in the U.S., it is going to be regulated. And oh my,
1:06.8	have we had an absolute flurry of commentary on what that should look like from senior U.S. officials.
1:12.4	In fact, it may take me more than just today to get through all of it. I also wrote about how
1:17.9	CBDCs seem to be going a little bit slower than it might have seemed they would go back to
1:22.9	2020, for example. That is going to be the particular focus of a lot of today's discussion. But where we're
1:30.3	going to begin is with a speech from Michael Sue. Michael is the acting head of the Office of the
1:35.8	Comptroller of the currency. This was a position that was formerly held by, if you'll remember,
1:40.6	Brian Brooks, who is now the CEO of Bitfury and was before that general counsel at
1:45.6	Coinbase. During Brian Brooks' short tenure there, the OCC greatly expanded the way that banks
1:51.8	and financial institutions could interact with the crypto industry as a whole and specifically
1:55.8	stable coins. Sue has been under intense pressure since coming to office to reverse many of the policies that
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