A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks.
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
577
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
578
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
579
Crypto Allies Introduce Securities Clarity Act
Congressional Blockchain Caucus leaders Tom Emmer (R) and Darren Soto (D) have introduced the Securities Clarity Act, which is designed to ...well...give clarity on what tokens are securities and when. The crypto community has heralded it as simple,...
15 min
580
Will the US Default on Its Debt? Circle Ditches...
Oh the irony. For most of the last few years, the US political establishment has been concerned about the risk that stablecoins might have for the mainstream financial system. This year, however, it's been the mainstream financial system wreaking...
17 min
581
Ledger Recover Announcement Leads to Massive Cr...
Ledger announced a new program yesterday called "Ledger Recover" that has people feeling confused, betrayed, and angry. NLW explores what the uproar is about and what it says about the start of self-custody and self-sovereign values in the crypto...
19 min
582
SEC Finally Responds to Coinbase Lawsuit
After ignoring a Coinbase request for rulemaking for 10 months, Coinbase sued the SEC, compelling a judge to compell the SEC to respond. In 36 pages of legalese, the SEC effectively said "we don't have to move any faster than we want and regulation by...
16 min
583
Binance Says "Bye" To Canada
On today's episode, NLW looks at Binance's troubled history with the Great White North, and explores to what extent their exit from Canada is a story about Binance or a story about Canada. Also Quadriga CX is finally returning to creditors at 13c on...
14 min
584
The Utter Folly of Biden's Proposed Bitcoin Min...
Today on Long Reads Sunday, NLW reads Nic Carter's Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribeto the newsletter:...
11 min
585
The IRS Says FTX Owes HOW Much!?
Today on The Breakdown its FTX's Insane tax bill and why 2022 won't leave us alone. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribeto the...
14 min
586
Chamber of Commerce Says “The SEC’s actions are...
On today's Breakdown, NLW catches up on: A number of amicus briefs filed in support of Coinbase's lawsuit against the SEC The Chamber of Commerce joins the fight Reps McHenry and Huizenga pen another letter to SEC demanding information Brad...
16 min
587
Congressional Gaslighting: For Crypto, the Part...
Another week, another crypto hearing, and this time the Democrats handed out talking points. NLW discusses how partisan the discourse around crypto and Bitcoin are becoming and assesses whether it is likely to be a winning political strategy. ...
16 min
588
The 3 Blockers to Powell's Soft Landing
We got our report card today! Inflation surprised to the downside, coming in at 4.9%. NLW explores the reaction and why Powell still has three big barriers to getting his soft landing, including, notably, the debt ceiling negotiations. Enjoying...
15 min
589
The Next Big Crypto Battle
..it's not BRC20. (At least not yet). Nope, it's the SEC's custody rule which is yet another attempt at a de-facto crypto ban through legal wrangling. The crypto industry, however, is not having it. Enjoying this content? SUBSCRIBE to the...
17 min
590
Binance Says Lightning Support is Coming After ...
A busy weekend around the crypto space. On today's episode, NLW covers: Tl;DR on BRC-20 Binance halting withdrawals and announcing support for Lightning DOJ targeting Binance around sanctions? NYAG introduces even more sweeping crypto...
18 min
591
The Global Role of Bitcoin
On this week's Long Reads Sunday, NLW reads: - Carlos Cardenas - Jonathan Buck Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribeto...
11 min
592
The End of Consensus Reality with Jon Askonas
One of the jarring but regular experiences of modern life is discovering that someone, perhaps even someone close to you, sees the world and the events that happened in it in a wildly different way from what your perception tells you happened. It can...
40 min
593
Venmo and Stripe Ramp Up on Crypto While Coinba...
In this Friday edition of the Weekly Recap, NLW looks at the key events this week, including: Biden's DAME tax Coinbase and Gemini opening offshore derivatives exchanges Court orders SEC to respond to Coinbase's lawsuit Venmo and Strip expand...
15 min
594
Regional Bank Turmoil Accelerates as Fed Raises...
First Republic failed this week. Did that mean Powell and the Fed would pause their hikes? Absolutely not. NLW covers the "Hawkish Pause" press conference and the 25 bps interest rate raise. Enjoying this content? SUBSCRIBE to the Podcast:...
14 min
595
Biden's DAME Mining Tax is an Attack on Bitcoin
The White House Council of Economic Advisors yesterday announced the Digital Asset Mining Energy (DAME) excise tax. The proposed 30% tax on "cryptomining" would be a soft ban on mining in the USA according to crypto industry experts. Enjoying...
16 min
596
The Suspicious Denial of Protego Trust: New Yor...
Operation Choke Point 2.0 refers to the idea that there has been coordinated action by bank regulators to try to force crypto out of the system - something which the current administration strenuously denies. New York Magazine recently found more...
15 min
597
First Republic's Failure Shows the Limits of Fe...
After an extended ordeal, beleaguered First Republic Bank has been seized and sold to JP Morgan Chase. NLW covers the build up, the specifics of the deal, and why the example of First Republic illustrates the limits of what the Fed can control. ...
16 min
598
Don't Ban Crypto! The Case for Pro-Innovation R...
On this edition of Long Reads Sunday, NLW reads by the Blockchain Association's Kristin Smith. The article is a response to the growing argument against regulation. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 ...
15 min
599
Fighting the Regulatory Rugpull
On this edition of the Weekly Recap, NLW breaks down: Gary Gensler's latest cringey SEC video Coinbase's Wells Notice response Dual legislative hearings from Thursday Enjoying this content? SUBSCRIBE to the Podcast:...
14 min
600
First Republic is a Zombie Bank
All week there has been a high-stakes game of chicken as the Fed, FHLB, FDIC, big banks who pumped $30B into First Republic and FRC itself all try to figure out if this thing can survive. Is it headed for FDIC receievership? Is this how the Biden...