A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks.
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
677
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
678
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
679
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
680
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
681
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
682
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
683
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
684
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
685
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
686
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
687
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
688
‘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
689
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
690
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...
21 min
691
Here Comes ‘Britcoin’
On today’s episode, NLW looks at the news that the U.K. has released a public consultation paper on a digital pound. While the British government hasn’t fully greenlit a U.K. central bank digital currency, the announcement argues “the Bank of...
18 min
692
The Fed’s Hawkish Walk Back
At last week’s FOMC meeting, Federal Reserve Chair Jerome Powell surprised many market watchers with a more doveish than expected FOMC speech and Q&A. On Friday, however, the January non-farm payrolls report came in with 517,000 new jobs added...
15 min
693
Would a Genesis/DCG Deal With Creditors End the...
Today on “The Breakdown,” NLW catches up on 2022 fallout, including: The White House letter about crypto from last week FTX hearing on whether to appoint an independent examiner Binance temporarily suspending USD deposits and withdrawals ...
13 min
694
Why Crypto Fundraising Could Be in for a Painfu...
On this week’s “Long Reads Sunday,” NLW reads: “” – Regan Bozman “” – Scott Fitsimones “” – Don Phan Enjoying this content? SUBSCRIBE to the Podcast Apple: Spotify: Google: Join the...
19 min
695
The Tragedy of Lebanon’s Currency Devaluation
This week, the Lebanese pound (or lira) was devalued from 1,500 lira per U.S. dollar to 15,000 lira per USD. At the same time, the black market price of a dollar is 64,300 lira. In this episode, NLW gives the story behind the headlines and tweets, and...
13 min
696
Is the Narrative Around ESG and Bitcoin Mining ...
Bitcoiners are no stranger to environmental FUD. NLW argues, however, that there are more and more examples of mainstream media telling the story of bitcoin mining’s potential for positive environmental impact. What’s more, some of that thinking...
14 min
697
Jerome Powell Finally Believes He Might Actuall...
On today’s episode, NLW breaks down the Federal Open Markets Committee rate hike decision, as well as Fed Chairman Jerome Powell’s comments on inflation, the labor force, the debt ceiling and loosening financial conditions. While many commentators...
15 min
698
A Primer on the Debate Around Ordinal Inscripti...
For the last week, the Bitcoin community has been locked in fierce debate around Ordinal Inscriptions, a type of Bitcoin-native NFT that allows people to associate data like JPEGs with individual sats. Some find it an interesting, novel experiment....
21 min
699
Independent Examiner Excoriates Celsius as a Ponzi
On today’s episode, NLW breaks down the newly filed report from the Celsius Network bankruptcy court’s independent examiner. The extremely thorough document argues that not only was Celsius engaged in extremely problematic practices, but that...
14 min
700
Hawks vs. Bulls: The Fed Clashes With Optimisti...
On today’s episode, NLW previews the Federal Open Markets Committee meeting this week. While most still believe the Federal Reserve will raise rates by just 0.25%, there is a growing sense the hike will be accompanied by some harsh talk for a market...