The Breakdown
The Breakdown dives into the deepest topics in crypto, blockchain, and the macro forces shaping markets and power structures. Each episode breaks down complex ideas into clear, grounded analysis — separating signal from noise across crypto, finance, and geopolitics.
Hosted by David Canellis, The Breakdown features explainers, interviews, and conversations with the people building, regulating, and challenging the financial system.
A Blockworks podcast.
Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/
851
Why We’ll Remember This Banking Crisis as a Tur...
On this week’s “Long Reads Sunday,” NLW reads: “” - Michael J. Casey “” - George Kaloudis Enjoying this content? SUBSCRIBE to the Podcast Apple: Spotify: Google: Join the discussion: Follow on...
18 min
852
Safe Haven From Banks? Bitcoin’s New Narrative ...
On this edition of the “Weekly Recap,” NLW combines two previous YouTube shows focused on Balaji’s $1 million bitcoin bet and the emergence of the mainstream narrative of bitcoin as a safe haven from banks. Enjoying this content? ...
30 min
853
The Fed Hikes, Credit Tightens and Commercial R...
NLW catches up on the macro in the wake of the recent Federal Open Market Committee meeting and interest rate decision. The stakes were higher going into this meeting thanks to the banking crisis. As the Federal Reserve stays determined to keep...
16 min
854
The SEC Finally Picks a Fight With Someone Who ...
Gary Gensler just doesn't stop. This week we’ve seen actions against Justin Sun, SushiSwap and now Coinbase. NLW covers the latest Wells Notice from the SEC and why Coinbase might prove a tougher opponent than what Gensler is used to. “The...
17 min
855
The Fed's Balance Sheet Jumped $300B Last Week....
NLW is joined by Ram Ahluwalia, CEO of Lumida Wealth Management. In this conversation, they discuss: The fall of Credit Suisse The Federal Reserve’s new Bank Term Funding Program and whether it’s inflationary Why this crisis is...
62 min
856
The FDIC is Exploring How to Ensure All US Bank...
Just a week after backstopping Silicon Valley Bank and Signature, the FDIC is reportedly exploring how they could feasibly cover all US deposits. NLW explores the implications. Enjoying this content? SUBSCRIBE to the Podcast...
15 min
857
Was UBS Buying Credit Suisse Just ‘Soft Nationa...
Due to its global systemic importance, Credit Suisse appeared to be in serious trouble last week. In the past weekend, Swiss authorities, along with their counterparts in the US, EU, and UK, hammered out a deal that nobody is really happy with,...
15 min
858
Bitcoin Was Created for Times Like These
On this week’s Long Reads Sunday, NLW reads: “” By Daniel Kuhn “” by Joe Orsini “” by Tatianna Koffman Enjoying this content? SUBSCRIBE to the Podcast Apple: Spotify: Google: Join the discussion: ...
16 min
859
A Real-Time History of the Crypto Banking Crisi...
NLW is joined by Austin Campbell, Adjunct Professor at Columbia University and former banker and stablecoin operator, to discuss the recent crypto banking crisis. They discuss: Why interest rate risk, not crypto troubles, was the source of the...
59 min
860
The 5 Key Bitcoin Building Themes, With Wolf Li...
Kelly Brewster is the CEO of Wolf, a new Lightning and Bitcoin startup accelerator in New York City. In this conversation, he and NLW discuss five big themes they’re seeing among Bitcoin builders, including Bitcoin DeFi, Lightning Network...
32 min
861
Apparently, U.S. Regulated Banks Are Riskier Th...
Stablecoins have long been seen by U.S. policymakers as risky and a potential threat to U.S. financial stability. How ironic, then, that it was the failure of a U.S.-regulated bank in SVB that caused peril to USDC last weekend. NLW explains how USDC...
16 min
862
Is Credit Suisse the Next Banking Domino?
Following the failure of Silicon Valley Bank and Signature, markets are holding their breath for more trouble in the banking sector. Wednesday morning, comments from one of the biggest investors in Credit Suisse sent that company’s stock tumbling....
15 min
863
The Banking System Broke; Will That Force a Fed...
At this point, markets are racing to figure out what they believe the recent spate of U.S. bank failures means for monetary policy. Will the Federal Reserve stay the course? Will it be forced to pivot on raising interest rates? NLW brings you the...
16 min
864
Even Barney Frank Thinks Signature Was Shut Dow...
On Sunday, as government authorities announced that Silicon Valley Bank depositors would be protected, they added that the New York Department of Financial Services would be shuttering Signature Bank. Little explanation was given but some, including...
20 min
865
We Pushed Semiconductors Offshore; Are We Doing...
On this week’s Long Reads Sunday, NLW reads: by Sheila Warren by TuongVy Le - Commissioner Hester Peirce and Commissioner Mark Uyeda Enjoying this content? SUBSCRIBE to the Podcast Apple: Spotify: Google: Join the...
16 min
866
The Government Game Plan: Call Ether a Security...
What a week. On this edition of the “Weekly Recap,” NLW updates on the Silicon Valley Bank situation, discusses the New York Attorney General’s lawsuit against KuCoin that claims ether is a security and looks at the Biden Administration’s plan...
16 min
867
The 2nd Biggest Bank Failure In American Histor...
Just days after Silvergate announced an orderly winding down, Silicon Valley Bank has come to a very disorderly end. Today, California regulators stepped in to put the bank in FDIC receivership. NLW explains how we got here and what it might...
17 min
868
The Real Reasons Silvergate Collapsed
Beleaguered Silvergate Bank has announced that it will be winding down. NLW examines whether the turn of events is due to banking crypto companies, specific business decisions made by Silvergate or a coordinated political campaign against the...
18 min
869
Fed’s Powell Brings the Dog and Pony Show to DC...
In today's episode, NLW looks at the macro as Federal Reserve Chair Jerome Powell discusses monetary policy this week before Senate and House of Representatives banking committees. The markets are betting on a 50 basis point rate hike at the next...
15 min
870
Fireworks in the Grayscale Bitcoin ETF Lawsuit ...
Last year, Grayscale, a CoinDesk sister company, filed suit against the Securities and Exchange Commission after its proposal to convert the Grayscale Bitcoin Trust into a bitcoin spot exchange-traded fund was rejected. Today the hearing began, and...
18 min
871
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
872
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
873
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
874
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
875
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