The State of Crypto in 3 Themes

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 27 July 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today’s episode, NLW looks at a slate of news from the crypto industry, organized around three big-picture themes: Regulatory – including the latest from the SEC, CFTC and Treasury Department Institutional involvement – including a Barclays investment in a crypto custodian Builder activity – including a new non-token Web3 project from Tether and Bitfinex - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and 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. - 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. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: Malte Mueller/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	The CFTC seems to be looking over at the SEC, seeing what they're doing, and saying to themselves, maybe instead of waiting around for Congress, we're just going to claim our territory like the SEC is clearly trying to do as well.
0:11.5	In either case, as an outside observer, it's pretty clear that Congress needs to get its whatever together and make a decision about how this is going to be regulated.
0:20.2	I don't think an ever-escalating
0:21.6	interagency turf war is the right way to approach an extremely important new growth industry
0:26.3	for anyone at all, basically. Welcome back to The Breakdown with me, NLW. It's a daily podcast on
0:35.6	macro, Bitcoin, and the big picture power shifts remaking our world.
0:39.6	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:47.5	What's going on, guys? It is Tuesday, July 26th, and today we are discussing the state of crypto via three themes. Before we get into that,
0:56.2	however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review,
1:00.7	or if you want to dig deeper into the conversation, come join us on the Breakers Discord.
1:05.5	You can find a link in the show notes or go to bit.orgly slash breakdown pod.
1:09.6	Also, a disclosure, as always, in addition to them being a sponsor of the show, I also work with
1:14.0	FTX.
1:15.3	So today, we are doing a big survey of what's going on in this crypto space.
1:20.6	As you guys know, I'm still catching up a little bit from everything that happened last week,
1:24.4	and this week shows no signs of slowing down.
1:27.4	And interestingly,
1:28.4	I notice that there are sort of three sub-themes that one can organize the news into.
1:33.6	The first is around the regulatory sphere or related to the relationship between crypto and
1:38.9	governments. The second theme is around institutions. Now, to read crypto-Twitter, the institutional narrative of
1:46.1	this industry is completely dead. Moribund, for the old cycle, no longer relevant. But I'm not
1:52.9	sure that that's the case. Although what emerges as the new type of institutional engagement
	...

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