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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Are the WSJ Articles on Binance and Tether ‘Tri...
Today, NLW discusses recent Wall Street Journal articles about Tether using fraudulent bank accounts to access banking services and private chat threads from former Binance employees arguing that Binance and Binance.US were closely aligned....
13 min
702
Crypto’s Center of Gravity Is Shifting Away fro...
On this “Long Reads Sunday,” NLW reads: - Noelle Acheson - Emily Parker - “The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by and research by Scott Hill. Jared Schwartz is our...
20 min
703
The Hole on the FTX Balance Sheet Remains Gaping
In this week's “Weekly Recap,” NLW looks at the latest from the FTX bankruptcy estate and stirrings that Democrats in Congress aren't fond of SEC Chair Gary Gensler's regulatory methods. Enjoying this content? SUBSCRIBE to the Podcast...
16 min
704
With Congress Impotent, Courts Are the Only Opt...
Today on “The Breakdown,” NLW discusses Silvergate, a scathing open letter from three U.S. senators to Binance and whether courts can stop an overreaching Securities and Exchange Commission. Enjoying this content? SUBSCRIBE to the Podcast...
15 min
705
What the Silvergate Death Spiral Means for the ...
In today's episode, NLW discusses Silvergate Bank's painful collapse. In order to understand the industry's banking resources, he examines where the bank came from, why it became important to the industry and how it faltered. Enjoying this...
17 min
706
The Vise Tightens on SBF as Former FTX Engineer...
The latest big news, in the wake of FTX's collapse: Nishad Singh, former head of engineering, has pleaded guilty to six charges as well as a “no contest” to civil charges from the Securities and Exchange Commission and Commodity Futures Trading...
14 min
707
NFT’s Biggest Company Is Coming to Bitcoin Ordi...
In today’s episode, aside from fist-shaking at SEC Chairman Gary Gensler, NLW discusses an announcement from Bored Ape Yacht Club creator, Yuga Labs, that it is creating a generative art collection for Bitcoin with Ordinal inscriptions. As part of...
16 min
708
Gary Gensler, Bitcoin and the Bad-Faith SEC
Ah, the industry was once so hopeful about Gary Gensler’s appointment to the Securities and Exchange Commission. Yet, as the years have progressed he has become the industry's most aggressive antagonist. In the wake of increasing congressional...
16 min
709
Central Bankers Triumphantly Declare Fiat to Ha...
Today on “Long Reads Sunday”: Travis Kling on Cosmo Crixter – Brendan Malone – Enjoying this content? SUBSCRIBE to the Podcast Apple: Spotify: Google: Join the discussion: Follow on Twitter: NLW: ...
14 min
710
Bank Regulators Say ‘No Operation Choke Point 2...
Apparently all our angry howling worked. This week, the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and the Federal Reserve Board of Governors, while nominally speaking about the liquidity risks of crypto banking,...
15 min
711
Class-Action Lawsuit Accusing Digital Basketbal...
On today’s episode, NLW covers the ruling of a federal judge in New York allowing a class-action lawsuit to proceed against Dapper Labs for allegedly offering unregistered securities. He also covers a new slate of charges against Sam Bankman-Fried,...
14 min
712
5 Takeaways From Coinbase's 'Base' Layer 2 Chai...
In this episode, NLW examines Coinbase's announcement of its new layer 2 chain, paying particular attention to: Exchanges moving from layer 1s to layer 2s No token Wall Street not getting it Developer competition On-chain...
17 min
713
Is Custodia a ‘Sacrificial Lamb’ to the Fed’s W...
In a recent tweet, Kraken co-founder Jesse Powell suggested U.S. regulators like it when bad actors beat good actors because it takes down the crypto industry and the bad actors can be jailed later. In this episode, NLW explores the issue in the...
16 min
714
Narrative Watch: Hong Kong Nudges Towards Legal...
Hong Kong's securities regulator published proposed rules on Monday for virtual asset trading platforms, fueling the narrative that the next bull market will start in Asia. NLW explores whether the moves are connected to broader changes in the Chinese...
17 min
715
How to Fight Back Against Rogue Regulators
Featured on this week’s “Long Reads Sunday”: “Regulating Crypto by Enforcement and Stealth Will Set the US Back” – Michael Casey “The Right Analogy for Crypto Markets” – Nic Carter “How to...
19 min
716
Why the Newly Proposed Custody Role Could Repre...
On this edition of the “Weekly Recap,” NLW looks at the newly proposed custody rule from the Securities and Exchange Commission. While the rule has broader implications other than crypto, many in the crypto industry are concerned that Chairman...
17 min
717
Is the SEC’s Terra Lawsuit Trying to Set Preced...
In today’s episode, NLW breaks down a slew of late-breaking news, including: Terraform Labs and Do Kwon are being sued by the Securities and Exchange Commission Binance US made strange transfers of $400 million between 2020 and 2021, according...
17 min
718
Why Bitcoin Rallied 11% on Wednesday
In this episode of “The Breakdown,” NLW examines the various explanations for Wednesday's 11% increase in BTC’s price, including: Market structure Global liquidity conditions Stablecoin concerns Ordinals Debt ceiling debates ...
16 min
719
Regulators Only Have Themselves to Blame for Cr...
On Tuesday, the Senate Banking Committee held a hearing on the “Crypto Crash.” NLW discusses the opening statements of the ranking committee member and chairman, as well as the regulatory proposals put forward by witnesses. He also discusses the...
17 min
720
Slightly Hot Inflation Print Probably Won’t Cha...
On today’s episode, NLW updates on the Paxos situation. Paxos made a statement that it is willing to fight the Securities and Exchange Commission in court over whether BUSD is a security. The main part of the episode is focused on January’s...
15 min
721
The Latest Front in the Crypto Wars Is Binance-...
Last week, rumors swirled that Paxos was the next target for regulatory action. On Sunday, the Wall Street Journal reported the Securities and Exchange Commission was preparing a suit accusing the company of issuing an unregistered security. Then on...
15 min
722
Are Ordinals Sneakily a Boon to Bitcoin Security?
On this week’s “Long Reads Sunday,” NLW reads: “” by Jesus Rodriguez “” by George Kaloudis Enjoying this content? SUBSCRIBE to the Podcast Apple: Spotify: Google: Join the discussion: ...
18 min
723
‘A Paternalistic and Lazy Regulator’: What the ...
On this edition of the “Weekly Recap,” NLW goes over the latest front in the crypto wars. On Thursday, the Securities and Exchange Commission announced a $30 million settlement with Kraken over their staking-as-a-service program. The move is...
19 min
724
Python Politics Part 2: Operation Choke Point 2...
The crypto industry is increasingly facing a U.S. banking system that has been weaponized against it. In this second part of a two-part special, NLW looks at the post-Brian Brooks era at the Office of the Comptroller of the Currency, and examines how...
23 min
725
Python Politics Part 1: The US Government's Slo...
Operation Choke Point was an Obama-era initiative that put political pressure on banks and financial institutions to deny service to out-of-favor industries. Something similar is happening again with intense pressure being exerted for banks not to...