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
576
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
577
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
578
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
579
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
580
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
581
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
582
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
583
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
584
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
585
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
586
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
587
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
588
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
589
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
590
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
591
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
592
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
593
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
594
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
595
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
596
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
597
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...
16 min
598
Making the Lightning Network Noncustodial with ...
Bitcoin Builders is The Breakdown Network's new show about the Cambrian explosion of creativity and entrepreneurial energy around Bitcoin and Lightning. In this excerpt from my recent interview with Spiral's Steve Lee, Steve discusses their work on...
11 min
599
The Institutions Are Coming Back to Crypto
Deloitte has hundreds of jobs advertised around digital assets. Franklin Templeton just announced a major blockchain project with Polygon. Standard Chartered Bank is betting on $100k BTC in 2023. The institutions are back, baby.  Enjoying this...
16 min
600
Binance Withdraws Voyager Offer as Coinbase Sue...
Both of today's stories are, on some level, about US crypto politics. The first part of the show focuses on Binance US's beleagured and now withdrawn bid for the Voyager Digital assets. Despite a judge overruling US government objections, it appears...
19 min