Yesterday, news outlets started reporting that a prepackaged bankruptcy for DCG subsidiary Genesis was close to completion. On today’s episode, NLW looks at the community’s reaction on whether this would be a good or bad thing for the space. He also reviews news that FTX bankruptcy CEO John J. Ray III is open to restarting the exchange.

(CoinDesk is an independent subsidiary of DCG.)

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Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26–28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.

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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Swoon” by Falls. Image credit: Cemile Bingol/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Would a Genesis Bankruptcy Actually Be Good for Crypto?