The Breakdown

A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks.

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Investing
551
The Fed Pauses For The First Time In 15 Months ...
For the first time since this hiking cycle began, the Fed has chosen not to raise interest rates. NLW explores how they're trying to control the narrative around it, and what markets think is actually going on behind the scenes.  Enjoying this...
13 min
552
Hinman Emails Show SEC Just Making It Up As It ...
Yesterday three consequential legal events happened. Former SEC officer Bill Hinman's emails were released; the SEC was forced to respond to Coinbase; and Binance had their hearing on the SEC's emergency asset freeze request. NLW covers all of the...
15 min
553
A Massive Day For Crypto in the Courts
Today in Federal Courts: the Hinman docs get unsealed in Ripple vs. SEC; SEC has to respond to Coinbase; and Binance US in court around SEC request to freeze assets. Plus the new #FireGary bill introduced by Congressional Republicans.  Enjoying...
16 min
554
The Altcoin Apocalypse: Understanding Crypto's ...
Late Friday night/early Saturday morning, the crypto markets started puking, with a handful of altcoins crashing by more than 20% in a single 15 minute candle. On today's episode, NLW explores what happened and why.  Enjoying this content? ...
14 min
555
The SEC's Crypto Legal Battles Aren't Easy
On this Long Reads Sunday, NLW reads: - David Z Morris - Michael J Casey Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribeto the...
13 min
556
TradFi Wants To Run Crypto
Operation Chokepoint 2.0 hasn't stopped savvy tradfi investors from smelling an opportunity. This week, revealing and emblematic comments from the leader of Soros' funds show how tradifitional financiers are seeing opportunity in the carnage. ...
13 min
557
A Crypto Custodian Becomes the Latest Casualty
BitGo has agreed to buy Prime Trust as the crypto custodian becomes the latest casualty of the bear market (and the government's assault on the industry). Binance is also pulling fiat rails from the US in advance of their hearing next Tuesday....
10 min
558
Before Suing Them, Gary Gensler Once Offered to...
Binance has alleged that Gary Gensler previously offered to be an advisor to the company. They say that this means that he should recuse himself from any proceedings having to do with Binance. Meanwhile the SEC says, basically, that CZ used Binance US...
12 min
559
The Crypto Community's Defiant Reaction to Gens...
Are we at the SEC Crypto endgame? This week the regulator has sued Binance and Coinbase and made it clear they want crypto gone from America. Unfortunately for them, the industry isn't backing down.  Enjoying this content? SUBSCRIBE to the...
17 min
560
Ban By Enforcement: The SEC Sues Binance and Co...
Yesterday the SEC sued Binance and CZ. Today, the SEC sued Coinbase. As Blockchain Association's Jake Chervinsky put it, it's pretty clear that SEC Chair Gensler is going for a strategy of "banning by enforcement."  Enjoying this content? ...
16 min
561
The Most Important Crypto Bill of 2023
On Friday, the chairs of the House Financial Services Committee and the Agriculture Committee shared draft legislation that is meant to comprehensively deal with the thorniest issues of crypto regulation, including securities-commodities designation....
18 min
562
Bitcoin Prehistory and A Warren Buffett AI Bot
On this week's Long Reads Sunday, NLW reads two pieces by Byron Gilliam: Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribeto the...
14 min
563
DoJ Says SBF's Request to Dismiss Charges Are D...
Today on the Weekly Recap, the latest out of the FTX bankruptcy and Sam Bankman-Fried's request to drop charges, plus Binance out of Australia and the CFTC getting more involved in crypto markets.  Enjoying this content? SUBSCRIBE to the...
11 min
564
Is A Fed Pause (Finally) Coming?
On today's episode, NLW digs into the macro landscape. Specifically he looks at how tightness in the labor market has justified continued Fed tightening, but why the numbers aren't telling as clear a story as they once were.  Enjoying this...
12 min
565
Wait, Crypto Caused the Fentanyl Crisis?!
Today on The Breakdown, NLW looks at the latest assinine argument about crypto from Senator Elizabeth Warren, as well as digging into the finalized debt deal, MiCA and more. Enjoying this content? SUBSCRIBE to the Podcast:...
12 min
566
Is China Coming Back to Crypto?
China's crypto policies appear to be shifting. From bans on trading and mining in 2021 to this year encouraging state run banks to offer crypto companies in Hong Kong banking accounts, a change is in the air. On this episode, NLW looks at a recent Web...
15 min
567
Debt Ceiling Deal Gives Unlimited Debt Till 2025
Today on The Breakdown, NLW wraps up the macro story that has dominated discourse for the last month.  Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube:...
14 min
568
Can Bitcoin Avoid the Partisan Curse?
On this episode of Long Reads Sunday, NLW reads by Daniel Kuhn.  Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribeto the newsletter:...
11 min
569
The Tornado Cash Lawsuit Advances
Today on The Breakdown, NLW covers: Tornado Cash lawsuit and hack The latest in Ledger The Debt Ceiling debate nears a conclusion Enjoying this content? SUBSCRIBE to the Podcast: Watch on YouTube: Subscribeto the newsletter: Join...
15 min
570
Presidential Candidate Ron DeSantis Pledges to ...
Florida Governor Ron DeSantis announced his presidential campaign formally last night on a Twitter spaces with Elon Musk. During the conversation he discussed Bitcoin, including why he thinks it's important and why he'll protect it as president. On...
16 min
571
Hong Kong Opens For Crypto Business
One of the surprising twists of this crypto cycle is the US closing down to crypto and Hong Kong (and the Chinese powers behind it) opening back up. In this episode, NLW looks at Hong Kongs new crypto exchange rules as well as Coinbase's response to...
15 min
572
Reuters Says Binance Commingled Funds, But Is I...
After FTX, the industry's guard is up when it comes to exchanges behaving badly. Reuters today published a piece saying that Binance had commingled user funds in 2020 and 2021. Binance strenuously denied the claims and called it just more FUD. Who has...
14 min
573
Biden Defaulting on the Debt to Own the Crypto ...
On today's episode, NLW digs into the acrimonious debt ceiling debates, including the way in which crypto has recently become yet another partisan football.  Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch...
15 min
574
Why Ordinals and BRC20 Tokens are Driving Bitco...
Bitcoin has been experiencing much higher-than-normal fees of late, driven by Ordinal inscriptions and BRC-20 token memecoin mania. On this Long Reads Sunday, NLW reads two essays that explore how they're driving layer 2 development. - Michael Casey ...
12 min
575
Crypto Wins A Key Battle in its War with the SEC
On this edition of the weekly recap, NLW covers: Ledger turmoil Stablecoin reserve shifts Binance out in Australia  Binance total market share dips below 50% SEC says Filecoin is a security Judge rules Hinman emails can't be locked Enjoying...
15 min