Why the Crypto Industry Doesn't Trust the Treasury

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 26 August 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

First, on the Brief: OnlyFans’ reversal of its decision to ban sexuually explicit content Budweiser’s NFT Twitter profile picture The U.K.’s warnings to Binance Last week, OnlyFans announced it would ban sexually explicit content from its platform, citing three major banks that had refused service because of “reputational risk.” Today, the company suspended the policy change and lauded the community’s rallying support for creators who use the platform. Will larger financial institutions continue to put pressure on OnlyFans or other platforms to make them more “moral”? Budwieser is the latest to follow Visa’s footsteps into the NFT domain. The beer maker announced it bought a rocket ship from NFT artist Tom Sachs’ Rocket Factory. Last on the Brief, specifics of the U.K.’s quarrels with Binance have been released, primarily centered around a lack of supervision capabilities. In the main discussion, NLW addresses a new angle to the infrastructure bill. The Treasury has claimed that it will not target non-brokers, like miners, even if the bill’s language includes them. Can the crypto community trust the Treasury’s statements of goodwill? 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= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Shawn Thew/EPA/Bloomberg, modified by CoinDesk.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:08.9	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:16.2	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:22.7	What's going on, guys? It is Wednesday, August 25th, and today we are talking about the latest
0:28.5	in the infrastructure bill battle. First up, however, let's do the brief. First on the brief today,
0:35.1	OnlyFans is back. Last week, we discussed OnlyFans, and in short,
0:39.7	a story had come out saying that they were having a hard time raising venture capital, despite
0:44.5	making money hand over fist, or any other body part for that matter. Later that day, OnlyFans
0:50.4	announced that it was making changes to its policies and that it would be banning sexually
0:54.5	explicit content. Nudity, they said, was okay if it followed some set of guidelines, which
0:59.9	were forthcoming, but sexually explicit content, and again, it was anyone's guess on exactly
1:04.2	what that would mean, would not be allowed starting October 1st. There was a pretty big uproar
1:10.2	around this. There was incredulity. I mean, this is sort of what
1:13.7	made only fans successful. Was this just going to be Tumblr 2.0? There was also a lot of
1:19.0	acrimony at payment processors who were cited as the reason for the change, and that was certainly
1:23.9	my main focus in the discussion. I am supremely violently opposed to financial
1:29.0	institutions being the moral arbiters of society. That position will shock you coming from me, I know.
1:35.1	This was tempered only slightly by the feeling that OF itself as a platform wasn't some heroic
1:40.5	freedom fighter, but more of an opportunist that might be looking for an excuse to try and go
1:45.2	more mainstream business anyway. Either way, yesterday we got more information about what was going on
1:50.4	behind the scenes. The founder and CEO of OnlyFans Tim Stokely told the Financial Times that,
1:55.9	quote, the change in policy we had no choice. The short answer is banks. The Verge explains. Stokely named three
	...

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