The US Appears in No Rush on CBDCs

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 23 August 2022

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US.On today’s episode, NLW looks at the state of the U.S. discussion about a central bank digital currency. Based on statements from the Federal Reserve, members of Congress and others, does it look like the U.S. is headed towards a CBDC? In fact, NLW argues, it seems like there is a strong lack of urgency about a U.S. digital dollar. - 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. - 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 “The Now” by Aaron Sprinkle and “The Life We Had” by Moments. Image credit: Paper Boat Creative/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.
0:22.8	What's going on, guys? It is Monday, August 22nd, and today we are discussing whether the
0:27.9	U.S. digital dollar discussion is really going anywhere. Before we get into that, however,
0:32.8	if you are enjoying the breakdown, please go subscribe to it, leave it a rating, leave it a review,
0:37.1	or if you want to dig deeper into the conversation, come join us in the breakers discord.
0:41.8	You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:45.9	Also, a disclosure as always. In addition to them being a sponsor of the show, I also work with FTX.
0:51.9	All right, guys, welcome to a new week. Hopefully it starts a little better
0:56.4	than last week ended. This was definitely a good weekend to touch grass, so I hope you have the
1:02.1	chance to do that. But today, we are looking forward to one of the conversations that I think
1:07.1	many of us would have thought would have characterized or defined this year, but has kind
1:11.4	of been on the back burner. A key theme of 2020 is the U.S. actually trying to catch up with the
1:18.0	crypto industry on regulation. The year kicked off with the Biden executive order, and while
1:22.9	there had been much speculation that the White House was going to come down hard on crypto,
1:27.4	instead the EO was a to come down hard on crypto? Instead, the EO
1:28.5	was a measured document that set a linguistic framework that most subsequent discussions have followed.
1:34.2	That is, of course, the need on the one hand to preserve space for innovation while on the other
1:38.5	to protect consumers. Importantly, the executive order did not do any rulemaking.
1:45.1	It was a document that was all about studying each part of this industry to try to come up with
1:50.1	considered recommendations and to do so in a way that was truly cross-governmental,
	...

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