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ROLLUP: CZ Steps Down From Binance | SEC Attacks Kraken | Argentina's Crypto President

Nov 23, 2023

01:12:24

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Snipd AI

The podcast discusses CZ stepping down from Binance and facing legal issues, SEC's actions against Kraken, regulatory actions on crypto exchanges, and Argentina's new president's stance on cryptocurrency. It also covers personal crypto journeys, Near's Data Availability Layer, and controversial layer two solutions. The hosts explore deposit risks, multi-sig concerns, and ethereum's layer two strategy. The chapter concludes with discussions on CZ's court date, upcoming technical improvements, and criticism of CoinDesk's sale.

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Episode notes

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Quick takeaways

Kraken has been charged by the SEC for operating as an unregistered securities exchange and using customer funds for operational expenses.

Blast, a new layer two solution, offers native yield for ETH and stablecoins and has raised $20 million.

The acquisition of CoinDesk by Bullish raises concerns about potential conflict of interest and the impact on editorial independence.

Deep dives

Kraken faces SEC charges for operating as unregistered securities exchange

Kraken has been charged by the SEC for allegedly operating as an unregistered securities exchange, broker, dealer, and clearing agency. The SEC claims that Kraken brings together orders for securities and trades multiple buyers and sellers, thus acting as an exchange. Additionally, they allege that Kraken engages in securities transactions for customer accounts and their own account without proper registration. The SEC also accused Kraken of commingling funds and using customer funds to pay operational expenses. Kraken plans to vigorously defend its position and disagrees with the SEC's claims.

1.

Introduction

2min

2.

Personal Crypto Journeys and Introduction of Near's Data Availability Layer

2min

3.

Binance CEO CZ Steps Down Amidst Investigation

9min

4.

Regulatory Actions Against Crypto Exchanges

15min

5.

Geopolitical Alignment of Crypto Exchanges, SEC Accusations, and Controversial Layer Two

4min

6.

SEC Charges Against Kraken

11min

7.

Court Cases, Gary Gensler, and Kraken's Reputation

4min

8.

Deposit Risks and Gamification Strategies

10min

9.

Multi-Sig Concerns, Crypto President Speculation, and Sponsor Highlights

3min

10.

Argentina's New President and Crypto

10min

11.

Criticism of Ethereum's Layer Two Strategy, CZ's Court Date, and Disclosures

3min

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0:00 Intro

00:03:39 Markets https://pro.kraken.com/app/trade/btc-usd https://pro.kraken.com/app/trade/eth-usd https://www.coingecko.com/en/global-charts

00:04:39 CZ and Binance https://www.wsj.com/finance/currencies/binance-ceo-changpeng-zhao-step-down-plead-guilty-01f72a40 https://x.com/jacqmelinek/status/1727055732657246582?s=20

00:08:28 What is CZ Charged For? https://x.com/cz_binance/status/1727063503125766367?s=20 https://x.com/tier10k/status/1727112081361834432?s=20

00:12:44 Yellen's Threat https://x.com/BanklessHQ/status/1727074910370214051?s=20 https://x.com/jacqmelinek/status/1727068905083154619?s=20

00:17:22 Takes https://x.com/SenWarren/status/1727075454258180374?s=20 https://x.com/PapiChuloGrim/status/1727072835842265315?s=20 https://x.com/TrustlessState/status/1727012179780788372?s=20 https://x.com/nic__carter/status/1727090868908396745?s=20 https://x.com/RyanSAdams/status/1727035378371305712?s=20 https://x.com/RyanSAdams/status/1727022257250136447?s=20 https://www.coindesk.com/consensus-magazine/2023/11/21/binances-cz-and-the-end-of-the-borderless-crypto-company

00:31:23 SEC Attacking Kraken https://www.sec.gov/news/press-release/2023-237 https://blockworks.co/news/kraken-commingle-customer-funds https://x.com/nic__carter/status/1726742215601394147?s=20 https://x.com/jespow/status/1726862770635936101?s=20

00:38:39 What Does Kraken Do About This? https://x.com/krakenfx/status/1726753079201034466?s=20 https://x.com/jespow/status/1726794688433369290?s=20 https://twitter.com/RyanSAdams/status/1726735133435113869?t=SRaRCiQMqLAJgPnBBWwnTQ&s=19

00:44:37 Blast Launch https://x.com/Blast_L2/status/1726747087906464024?s=20 https://x.com/Blast_L2/status/1726747105056989438?s=20 https://x.com/Blast_L2/status/1726747111994351627?s=20 https://blast.io/en/about

00:51:18 Blast Takes https://x.com/matthuag/status/1726794007169392798?s=20 https://x.com/bkiepuszewski/status/1726885938482266589?s=20 https://twitter.com/_Enoch/status/1726789502100795705?s=20 https://x.com/josephdelong/status/1726807950696800717?s=20 https://x.com/buchmanster/status/1727012742031368503?s=20 https://twitter.com/adietrichs/status/1726973122400989520 https://x.com/dankrad/status/1726912734388765067?s=20

00:59:12 Argentina's New President https://www.reddit.com/gallery/17zpatk https://www.youtube.com/watch?v=pysVxVg9Y28 https://www.reuters.com/world/americas/argentina-readies-vote-likely-presidential-election-thriller-2023-11-19/ https://twitter.com/balajis/status/1726448609871458645?s=20 https://x.com/brian_armstrong/status/1727013818524660197?s=20

01:02:52 Coindesk Sold https://blockworks.co/news/bullish-acquires-coindesk-dcg https://twitter.com/JasonYanowitz/status/1726611872353591392 https://x.com/elitanjourno/status/1726753641363550440?s=20

01:07:28 Optimism News https://x.com/optimismFND/status/1727105321817219488?s=20 https://twitter.com/OPLabsPBC/status/1727007225552748712

01:09:33 Meme of The Week https://twitter.com/alancarroII/status/1727037504119837108

Moment of Zen https://x.com/BanklessHQ/status/1727348869401636953?s=20

----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosuresBankless

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