Why the DOJ, IRS Investigation Into Binance Could Be Good for Bitcoin

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 15 May 2021

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today on the Brief: More chaos from Elon Musk Hedge funds moving into DeFi? Tether reserve attestations Our main discussion looks at recent revelations of investigations by the Department of Justice and the Internal Revenue Service around Binance. NLW breaks down: What we know about who is involved Why the sound bite seems worse than the real story Why each possible outcome leads the Bitcoin industry to a better place -- Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io -- 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 produced and distributed by CoinDesk.com

Transcript

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0:00.0	Now, there is, of course, a third possibility that actually they find no wrongdoing,
0:04.7	that there becomes a better relationship between regulators and the world's biggest exchange,
0:09.2	that other exchanges get better clarity on expectations for stopping U.S. customers from using them.
0:14.0	This would significantly increase trust in the system.
0:17.3	It would undermine the just-for-criminal's flood even further,
0:20.1	and it would eliminate regulators
0:21.5	targeting a big exchange from the concern list.
0:25.6	Welcome back to The Breakdown with me, NLW.
0:29.7	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:35.9	The breakdown is sponsored by nexo..io and BitStamp and produced
0:39.9	and distributed by CoinDest. What's going on, guys? It is Friday, May 14th, and today we are
0:47.3	talking about why the Department of Justice and IRS investigations into Binance could actually
0:53.3	be good for Bitcoin. First up, however, let's do
0:56.7	the brief. First on the brief, a little follow-up to our Elon show. If you had any doubt that this
1:02.8	man is just a total agent of chaos, yesterday should have absolved you of that. Obviously, yesterday's
1:08.1	show was all about interpretations of Tesla's decision to stop supporting
1:12.0	Bitcoin payments. One point that I might have not even made strongly enough has to do with the
1:16.7	aspect of Tesla's business model that's based around interaction with the government.
1:20.9	On the same day that Elon posted his note about Bitcoin, Reuters ran a story titled
1:25.7	Exclusive, Tesla seeks entry into U.S. renewable fuel credit
1:29.7	market. So in short, Tesla is one of at least eight companies that has a pending application at
1:35.4	the EPA, the Environmental Protection Agency, that is tied to power generation and renewable credits.
	...

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