

The Breakdown
Blockworks
A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks.Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/
Episodes
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Oct 1, 2025 • 11min
SEC & CFTC Call a Truce on Crypto Regulation
The SEC and CFTC are collaborating after years of rivalry, signaling a shift in crypto regulation. Tensions between traditional finance and crypto sectors are highlighted, alongside debates over token fungibility standards. The significance of a recent no-action letter is dissected, revealing its impact on utility tokens. Binance's new service allows banks to use its crypto infrastructure, while SWIFT plans blockchain integration for real-time payments. The Bitcoin market's September decline is examined alongside anticipation for upcoming ETF approvals.

19 snips
Sep 30, 2025 • 9min
Kraken’s $15B Secret Raise and the Race to IPO
Kraken has secretly raised $500 million at a staggering $15 billion valuation, eyeing an IPO in 2026. The discussion delves into Tether's ambitious $500 billion fundraising plans and how it’s now considered investable thanks to clearer regulations. Speculations surrounding Tether's gold reserves spark intrigue, while the emergence of crypto treasury companies raises questions about market stability. Lastly, SEC Commissioner Hester Peirce shares her vision for a more responsible crypto regulatory environment as she bids farewell.

Sep 27, 2025 • 22min
Friday Five: Tether’s $500B Play, SEC Opens the Door, and Vanguard Bows to Crypto
In this week’s Friday Five, we dive into Tether’s jaw-dropping $500B valuation bid, the SEC’s surprise innovation exemption, bipartisan momentum on a market structure bill, Ethereum’s latest Wall Street narrative, and breaking news that even Vanguard is finally letting customers buy crypto ETFs. Plus, what Bitcoin’s bloody September tells us about the cycle ahead.
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20 snips
Sep 26, 2025 • 11min
Agentic Payments and the Next Internet Economy
Coinbase and Cloudflare are revolutionizing online transactions with their new X402 protocol for AI agents, enabling seamless agent-to-agent payments. Tom Lee champions Ethereum as the neutral blockchain for traditional finance, while concerns linger about the influence of large ETH holders. The showdown for financial tokenization unfolds between Ethereum and Solana, with Vitalik pushing for practical DeFi applications. Meanwhile, Michael Saylor asserts Bitcoin's pivotal role in shaping digital capital markets, hinting at a dynamic future for crypto.

28 snips
Sep 25, 2025 • 11min
Tether’s Half-Trillion Dollar Valuation
Tether is looking for outside investors at an eye-popping $500 billion valuation, raising questions about its implications for the crypto market. CEO Paolo Ardoino outlines plans for expansion into stablecoins and energy. The rarity of such a valuation for crypto is explored, with comparisons to industry giants. Skepticism arises due to Tether's troubled history and ongoing legal issues. Additionally, CZ's venture fund strategy is discussed, alongside SEC efforts to streamline crypto regulations. The landscape for finance could shift dramatically depending on Tether's next moves.

47 snips
Sep 24, 2025 • 9min
Bitcoin’s September Shakeout: $1.7B in Liquidations Sets Stage for Q4
Bitcoin faced a sharp 3.5% drop, leading to $1.7B in liquidations—its biggest of the year. While traders got caught off guard, long-term holders are staying put, and sentiment remains mixed. Recent large treasury buys and fluctuating ETF flows hint at a complex market landscape. Some voices are advocating for accumulation during this dip. Additionally, there’s a push to allow crypto in 401(k) plans, potentially reshaping investment strategies. As we approach Q4, the implications of these shifts are critical.

33 snips
Sep 23, 2025 • 9min
Senate Democrats Push for Bipartisan Role in Crypto Market Structure Bill
Senate Democrats are advocating for genuine bipartisan support on the critical crypto market structure bill. This push heightens the urgency as regulations loom, potentially impacting stablecoins and decentralized finance. Additionally, there are developments regarding the Treasury’s Genius Act and its stablecoin rules, alongside exciting news about Grayscale’s new crypto index fund and BitGo’s IPO filing. Tune in for insights on how these moves could shape the future of U.S. crypto regulation!

50 snips
Sep 20, 2025 • 21min
The Five Most Important Stories in Crypto This Week
This week dives into Bitcoin's surprising performance in September and what it means for market trends. The conversation shifts to the transformative impact of the Fed's recent rate cut on the economy. Exciting developments emerge as Google and Coinbase collaborate on a stablecoin payment protocol. New token news from Base and MetaMask keeps the community buzzing. Finally, updates on stablecoin policies from the US and UK spotlight regulatory shifts shaping the industry.

22 snips
Sep 19, 2025 • 12min
Fed Cuts Rates Amid Rising Labor Market Risks
The Federal Reserve made its first rate cut since last November, now targeting 4–4.25%, due to softening labor data. Chair Powell described it as a precautionary measure amidst rising political pressures for deeper cuts. There's uncertainty in the markets about whether this is the beginning of a longer easing cycle or a short-term adjustment. The economy shows a stark divide: AI investments boost stock performance, while labor market weaknesses linger, complicating the overall economic landscape.

14 snips
Sep 18, 2025 • 11min
Google’s New Agent Payments Protocol and What It Means for Crypto
Explore Google's innovative AP2, a new open-source payments protocol that empowers AI agents to transact securely. Discover how it integrates with blockchain technology and shapes the future of autonomous shopping. The discussion also dives into US-UK crypto policy coordination and the potential impact of Bitcoin’s Strategic Reserve. Plus, insights on the ETF approval process and its implications for a possible market rally this year. An engaging look at the intersection of crypto and AI!