The USA’s Crypto Loss is Hong Kong and China’s Crypto Gain

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 1 April 2023

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

It’s no secret that the US is pushing banks away from crypto companies. What’s surprising is that Chinese state owned banks are apparently actively recruiting crypto customers in Hong Kong – seemingly in response to growing US anti-crypto attitudes. 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 and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso 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: by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	In the wake of one of the most tumultuous years in crypto history, the conversations happening at Consensus 2023 have never been more timely and important.
0:10.3	This April, CoinDess is bringing together all sides of the crypto, blockchain, and Web3 community to find solutions to crypto's thornyest challenges and finally deliver on the technology's transformative potential.
0:20.5	Join developers, investors, founders, brands, policymakers, and more in Austin, Texas, and finally deliver on the technology's transformative potential. Join developers,
0:21.3	investors, founders, brands, policymakers, and more in Austin, Texas, April 26 to 28th for
0:26.5	Consensus 2023. Listeners of the breakdown can take 15% off registration with code breakdown.
0:32.6	Register now at consensus.com and join CoinDesk at Consensus 2023.
0:44.7	Welcome back to The Breakdown with me, NLW.
0:49.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. The breakdown is
0:55.9	produced and distributed by CoinDes. What's going on, guys? It is Saturday, April 1st,
1:02.9	and today we are not joking around. We are talking about why the U.S.'s crypto loss is Hong Kong's
1:09.6	gain. Before we get into that, however, if you are enjoying
1:12.5	the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive
1:16.6	deeper into the conversation, come join us on the Breakers Discord. You can find a link of the show
1:20.9	notes or go to bit.ly slash breakdown pod. All right, friends, what's going on? Welcome to April.
1:27.3	This is the weekly recap. And so,
1:29.3	given that, I wanted to hone in on something that's been a real theme for the week, which is
1:34.4	China, red fear, and the implications for the crypto industry. A couple of places that this has come
1:40.2	up in the previous few days. One is certainly around the Restrict Act, which we talked about
1:44.4	here on Thursday. That's the act which would nominally allow the U.S. to ban TikTok, but seems like
1:49.9	a much bigger assault and expansion of executive power. But then another is the discussion
1:55.0	surrounding Binance. At the beginning of the week, we got the CFTC lawsuit against
1:59.4	finance, but then in the next couple of days, there was more FUD as well in the form of the week, we got the CFTC lawsuit against Binance, but then in the next
	...

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