It’s time to regulate crypto

Explain It to Me

Vox Media Podcast Network

Education, Politics, News, Society & Culture

4.4 • 7.9K Ratings

🗓️ 22 November 2022

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

The world of cryptocurrency is infamously unregulated, but what happens when a major crypto exchange crashes, uprooting almost the entire crypto ecosystem, and there’s no regulatory body in charge? You have the FTX crash of 2022. And it’s hard to ignore the elephant in the room: why don’t we have a regulation framework for crypto? It seems like an obvious solution, but as The Verge’s Liz Lopatto (@mslopatto) and financial regulation expert Yesha Yadav explain, it’s not as simple as it sounds. References: Sam Bankman-Fried tries to explain himself The collapse of FTX and Sam Bankman-Fried’s shocking downfall How FTX played both parties and almost won Washington Man who cleaned up Enron says FTX is worse Binance to sell rest of FTX token holdings as Alameda CEO defends firm's financial condition Hosts: Jonquilyn Hill (@jonquilynhill) Credits: Sofi LaLonde, producer Patrick Boyd, engineer Libby Nelson, editorial adviser A.M. Hall, deputy editorial director of talk podcasts Want to support The Weeds? Please consider making a donation to Vox: bit.ly/givepodcasts Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Hello and welcome to another episode of The Weeds.
0:06.0	I'm John Glyn Hill.
0:08.0	Now, it could just be me, but it feels like there's a lot of news going on lately.
0:13.3	The war in Ukraine reports of at least two dead tonight in Poland.
0:16.8	CNN projects that Republicans will win control of the U.S. House of Representatives, reclaiming
0:22.7	a majority for the first time in four years.
0:26.2	It's official, Elon Musk will be reinstating former President Donald Trump's Twitter account.
0:32.0	Fans of Taylor Swift crashed the ticket master website today as pre-sale tickets to her
0:37.4	first concert tour in five years went up for grabs.
0:42.1	But for all the twittering and campaign announcements and botched ticket sales, there's one story
0:47.6	in particular that made her policy in Tynigo up.
0:50.6	Tonight the cryptocurrency world is reeling after the meltdown of one of its most popular
0:55.8	trading platforms.
0:58.4	Before the collapse of FTX and its sister company Alameda Research, Sam Beckman-Freed, or
1:03.6	SBF, was a well-known presence to lawmakers and regulators.
1:09.3	And it kind of seemed like a match made in heaven.
1:12.9	Until recently, cue the war in G.
1:15.9	In an interview with our colleague Kelsey Piper, the now disgraced former CEO gave her
1:43.0	quite the pull quote.
1:45.3	What is the state of cryptocurrency regulation?
1:55.3	What's on the horizon for money who's very purpose to some people is to be ungovernable?
2:01.8	Before we get into that, let's be real here for a second.
	...

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