Free Markets vs. Investor Protections: The Latest from Warren and Gensler on Crypto

The Breakdown

Nathaniel Whittemore

Investing, Business

4.8 • 786 Ratings

🗓️ 16 September 2021

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today on The Breakdown, NLW examines SEC Chair Gary Gensler’s testimony yesterday in front of the Senate Banking Committee. He discusses: How some allies from the Infrastructure Bill put the screws to Gensler on lack of clarity around securities designation How Gensler is trying to redefine stablecoins Warren and Gensler’s dubious understanding of ETH fees The central problem of free markets vs. investor protections NLW also covers the Solana outage and the reports of insider trading at OpenSea. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Andrew Harrer/Bloomberg/Getty Images, modified by CoinDesk.

Transcript

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0:00.0	What this ilk of regulator doesn't get or doesn't respect is that this type of free market doesn't
0:04.9	just stay wild. It sorts itself out in different ways than regulation. Exchange downtime that
0:10.4	they mentioned? People move to different exchanges that are better at not being down. Boom,
0:15.2	free market solution. ETH fees too high? How about the absolute goddamn insurgency of layer one
0:20.6	competitors who are
0:21.4	attracting a ton of attention and capital? Boom, free market solution. Insider trading at the big
0:27.4	new NFT exchange. On-chain sleuths use the inherent transparency of the blockchain to uncover
0:33.6	the bad behavior and it gets addressed. Boom, free market solution. Welcome back to the
0:41.0	breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts
0:48.0	remaking our world. The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:56.0	What's going on, guys? It is Wednesday, September 15th, and I have a feeling this one might get a little spicy.
1:05.0	I mentioned briefly the idea of crypto, and I know you've had different views of this.
1:10.0	A lot of people think of that as a new investment class that has had an enormous run thus far,
1:16.5	but also as a way to mitigate, if you will, against the idea of what the value of cash becomes.
1:22.0	Well, I think it's worth considering all the alternatives to cash and all the alternatives to some of the financial
1:29.5	assets.
1:31.0	And so Bitcoin has that is a possibility.
1:35.5	Is that a merit?
1:36.5	I have a certain amount of money in Bitcoin.
1:39.3	It's a small percentage of that which I have in gold, which is a relatively small percentage of what I have
1:45.0	in my other asset classes and so on. And I think that that has the merit. It's an amazing
1:51.3	accomplishment to have brought it from where that programming occurred to where it is and
	...

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