US Senators Say BTC and ETH Are Commodities

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 4 August 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. Another day, another bipartisan crypto bill. On today’s episode, NLW covers the latest in a string of legislation that shows that Congress and the Senate are taking their role in determining how crypto is to be regulated seriously. He also covers the news that Michael Saylor is stepping down from the CEO role at MicroStrategy. - 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. - “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: Anna Moneymaker/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 Wednesday, August 3rd, and today we are talking about how
0:27.5	U.S. senators are standing up to say that Bitcoin and Eath are commodities. Before we get into
0:34.0	that, a quick note. There are two ways to listen to the Breakdown podcast.
0:38.6	You can find us on the Coin Desk Podcast Network feed, which features the breakdown as well as
0:42.8	other great Coin Desk shows and comes out in the afternoon.
0:46.0	Or you can listen on the breakdown only feed, which comes out a few hours later in the evening.
0:50.2	Wherever you are listening, I so appreciate everyone who has taken the time to leave a rating or a review.
0:55.7	It makes a huge difference in terms of new people discovering the show.
0:58.7	So thank you, thank you.
0:59.7	I really do appreciate it.
1:01.5	Lastly, a disclosure as always.
1:03.9	In addition to them being a sponsor of the show, I also work with FTX.
1:07.7	So there is a lot going on in markets right now. I mean, we appear to need to reset the
1:12.9	Days Without Incident Clock back to zero as an exploit that has been draining Solana and seemingly
1:17.5	some eth wallets is working its way through the ecosystem. It's definitely a topic that's big
1:22.0	enough for an entire show, but we're still in a little bit of the fog of the hack. And while
1:26.8	we're starting to get some amount of additional clarity,
1:29.2	the time that it took to really understand what was going on
1:32.2	has made this somewhat different and to many somewhat scarier than previous exploits.
	...

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