The Breakdown

Crypto custody and the fallout of regulatory battles are discussed by Chen Fang, an expert in crypto custody, and Daniel Kuhn, a writer specializing in crypto's regulatory battles. They cover the importance of reliable and secure crypto custody, Nasdaq's withdrawal from crypto custody plans, the potential impact on full-stack crypto companies, and the need for regulatory clarity.

This podcast discusses the launch of FedNow, a new instant payment system by the Federal Reserve and explores whether it is a Trojan Horse for a central bank digital currency (CBDC). It also addresses concerns about FedNow being a form of CBDC and its potential impact on government control over bank accounts. The podcast also touches on the revised House crypto market structure bill that aims to establish regulations for the digital asset space.

This week saw a number of crypto-related legislation introduced in Congress -- sometimes as amendments to other important bills. NLW breaks down why some think at least one of them amounts to a soft DeFi ban in the US. Today's Episode Sponsored By:In Wolf's Clothing -- The first startup accelerator exclusively for Bitcoin and Lightning startups -- Applications for Cohort 3 open NOW -- https://wolfnyc.com/apply**Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribeto the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

SEC Chair Gensler faces intense criticism and calls for investigation after Prymitium's self-inflicted wound. Concerns raised about SEC's regulatory approach and crypto industry moving offshore. Also, the potential challenges and strategic approaches for Gensler in Coinbase and Grayscale cases are discussed.

Recent 9-figure crypto funds announced, a metaverse company raises $54m, and Wolf opens applications for its third cohort. NLW argues the bitcoin and crypto funding space has turned a corner, highlighting the recent drop in venture funding for web 3 firms, positive news with Polychain Capital raising $200m, and Coin fund raising $158m. The chapter explores the recent shift in crypto funding, investment priorities, and the benefits of participating in the Wolf program.

Binance's recent layoffs and potential further cuts, executive departures and benefit reductions, allegations of Justin Sun's involvement with True USD, and an in-depth look at BlockFi's bankruptcy proceedings.

Chainlink's Sergey Nazarov joins NLW to discuss the convergence of traditional finance and digital assets. They explore the importance of interoperability standards, the purpose of Chainlink's Cross-Chain Interoperability Protocol, the convergence of traditional finance with digital assets including stablecoins and tokenization, and the impact of the convergence of digital assets and web three technology.

Rep. Ritchie Torres calls for investigation into SEC Chair Gary Gensler's enforcement focus and lack of clear rules and guidance. He highlights the need for clarity and independent review of the SEC's actions.

Former Celsius CEO Alex Mashinsky faces numerous charges including misrepresentation, manipulation of CEL token value, selling unregistered securities, and defrauding customers. The podcast explores these allegations along with instances of fraud, misleading statements, and questionable actions by Mashinsky. It also delves into community sentiments and internal warnings about Celsius' decline.

The judge has handed a summary decision in the Ripple-SEC case, and while it was a mixed decision, the reality is that the SEC's position is much weaker today than it was yesterday. NLW runs down the ruling and what people think the implications might be. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribeto the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW