Why the CFTC Case Against Binance Will Have Very Important Consequences for Crypto - Ep. 475

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 31 March 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Austin Campbell, a professor at Columbia Business School, discusses the recent allegations made by the CFTC against Binance, and whether or not criminal charges will be brought against company officers such as CEO Changpeng Zhao, or CZ, or former Chief Compliance Officer Samuel Lim. He also sheds light on how this case could shape which agency will have regulatory authority over crypto assets. Show highlights: what the CFTC's allegations against Binance are whether Binance and its employees will face criminal charges what the two most likely scenarios for Binance are, according to Austin how regulators got so many details and so much information from CZ's phone whether CZ is personally liable and whether the US could extradite him how the CFTC used the complaint to state that BTC, LTC, ETH, and some stablecoins are commodities Why Austin believes Coinbase would be the "single biggest winner" if Binance US is shut down how this case is going to help determine which agency has jurisdiction to regulate crypto assets Thank you to our sponsors! Crypto.com Railgun DAO Guest Austin Campbell, professor at Columbia Business School and Managing Partner at Zero Knowledge Consulting Previous coverage on Unchained: Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown Links CFTC vs. Binance Unchained: CFTC Sues Binance and CZ Over US Regulatory Violations Bloomberg’s Matt Levine: The CFTC Comes for Binance Previous coverage on Unchained: The Chopping Block: Is This the Beginning of the End for Binance? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, everyone. Welcome to Unchained, your no-hype resource for all things crypto. I'm your host,
0:09.4	Laura Shin, author of The Crypto Beans. I started covering crypto seven years ago and as a senior
0:14.9	editor at Forbes was the first major media reporter to cover cryptocurrency full-time. This is the
0:19.8	March 31st, 2023 episode of Unchained. Unchained is now at a new website. Head to Unchained Crypto.com to
0:28.0	check out our crypto news stories, educational articles for those just getting started, how to
0:32.4	guides and videos. Again, that's Unchained Crypto.com to find answers to all your crypto questions.
0:39.2	Ever wanted to use DeFi without being tracked? Railgun is a leading DeFi privacy solution on Ethereum,
0:45.2	BSC, Arbitram, and Polygon. Shield your funds and use them privately in your favorite DeFi apps
0:51.4	while Railgun's cutting-edge zero-knowledge system encrypts your data from public view.
0:56.3	Yes, that includes dextrating. Visit railgun.org or use the railway app at railway.xyz.
1:03.1	With the Crypto.com app, you can buy, earn, and spend crypto in one place. Download and get
1:08.4	$25 with the code Laura, link in the description. Crypto moves at lightning speed. For the latest
1:15.7	crypto updates, be sure to subscribe to our daily newsletter at Unchained Crypto.substac.com.
1:21.4	Again, that's Unchained Crypto.substac.com.
1:26.3	Today's guest is Austin Campbell, professor at Columbia Business School. Welcome Austin.
1:31.0	Thank you very much. Happy to be here.
1:34.1	This week, the commodity futures trading commission dropped a humdinger of a lawsuit on Binance.
1:40.5	It was 70 pages filled with detail after detail about all the ways that Binance,
1:46.6	allegedly, knowingly flouted US regulations while at the same time catering to US institutions.
1:53.6	What are the exact violations and what did you find to be some of the more shocking or
1:57.4	surprising allegations in the report? Yeah, so without getting exceptionally
2:01.6	technical about how the CFTC operates, I would say fundamentally in the United States,
	...

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