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The Breakdown
The Breakdown
Nathaniel Whittemore

A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of... more

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Episodes

Where Crypto Has Product-Market Fit (And Where It Doesn't)

NLW reads "The Barrier to Mainstream Crypto Adoption Isn’t UX — It’s Product-Market Fit" by Li Jin. Enjoying this content? SUBSCRIBE... more

01 Oct 2023 · 11 minutes
ETH Futures ETFs Get Set to Trade as Government Shut Down Looms

On today's episode, NLW looks at a set of late breaking developments that could see ETH Futures ETF's trading next... more

30 Sep 2023 · 12 minutes
The 5 Most Important Stories from Crypto This Week

A recap live with Scott Melker from Friday September 29th Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe... more

29 Sep 2023 · 33 minutes
Congressional Republicans Lash Out At Gensler

There were some fireworks at the recent House Financial Services Committee oversight hearing. It's clear that Congressional Republicans have run... more

29 Sep 2023 · 13 minutes
Chokepoint Across the Pond: Chase UK Says No Crypto Transactions

Chase UK has taken the extreme step of refusing to process crypto related transactions, they say as a measure to... more

27 Sep 2023 · 14 minutes
Huobi Changes Name to HTX and Almost Immediately Gets Hacked

Today on The Breakdown it's a hackathon, with a set of high profile hacks happening over the weekend that show... more

27 Sep 2023 · 15 minutes
ByBit Vacates United Kingdom as "Crypto Hub" Dreams Falter

When he was Chancellor of the Exchequer, British PM Rishi Sunak proclaimed that he wanted to make the UK a... more

25 Sep 2023 · 13 minutes
How the Crypto Investing Landscape Has Changed

A reading of Jeff Dorman's "What I Learned Managing a Crypto Fund for Five Years" https://www.coindesk.com/consensus-magazine/2023/09/18/what-i-learned-managing-a-crypto-fund-for-five-years/ Enjoying this content? SUBSCRIBE to... more

24 Sep 2023 · 15 minutes
The Top Five Stories in Crypto This Week } SEC vs. Binance, Crypto Funds Raise and More

NLW looks at the top five stories in crypto this past week in a live conversation with Scott Melker. SEC vs.... more

23 Sep 2023 · 27 minutes
Could Oil and a Gov't Shutdown Screw Up Powell's Plans?

At the FOMC press conference, Federal Reserve Chair Jerome Powell was asked about the economic factors that could impact rate... more

23 Sep 2023 · 14 minutes
The Hawkish Halt: Why the Market Finally Believes "Higher for Longer"

Today NLW digs into the FOMC decision to keep rates consistent and explores why many are causing it a hawkish... more

22 Sep 2023 · 13 minutes
Is the SEC About to Go Scorched Earth?

The head of the SEC's cyber unit has basically issued a warning saying the SEC isn't done yet and will... more

20 Sep 2023 · 12 minutes
Courts Hand SEC Half an L in Binance US Case

NLW catches up on the latest legal details of the SEC's battle against the zombie exchange Binance US. The judge... more

20 Sep 2023 · 13 minutes
Anti-CBDC Bills Advance in Congress

One of the more surprising campaign issues of the 2024 election cycle, opposition to central bank digital currencies, is moving... more

18 Sep 2023 · 12 minutes
Crypto Venture Funding is Down; But Bitcoin Building Continues

A reading of: https://www.coindesk.com/consensus-magazine/2023/09/11/ai-is-killing-crypto-venture-capital-interest/  https://bitcoinmagazine.com/culture/a-bitcoin-maximalists-ode-to-ordinals Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on... more

17 Sep 2023 · 12 minutes
The Five Most Important Stories in Crypto This Week

NLW counts the most important stories down: 5. Gensler Hearing 4. Binance Executive Departures 3. FTX Sales Begin 2. Stoner Cat Settlement 1. Fortress Loses... more

16 Sep 2023 · 14 minutes
How Impactful Will FTX Estate Selling Be on Crypto Markets?

The FTX estate has received approval to begin crypot asset liquidation, overseen by Galaxy. The speculation this week has all... more

16 Sep 2023 · 12 minutes
Shockingly, Gary Gensler Doesn't Like Stoner Cats

The latest SEC action is a settlement with NFT project Stoner Cats. NLW discusses the community's response, which ranges from... more

15 Sep 2023 · 14 minutes
The Senate Doesn't Seem to Care About Crypto Anymore

Another day, another set of high profile departures from Binance. NLW explores the latest news around the beleaguered exchange as... more

13 Sep 2023 · 13 minutes
Ripple's Fortress Acquisition Shows the Brittleness of Crypto Infrastructure

On Friday Ripple announced that it was acquiring Fortress Trust. On Monday we learned that, counter to previous statements, a... more

12 Sep 2023 · 14 minutes
Crypto 2023: Even Vitalik Is Getting Hacked

A look at the hack of Ethereum co-founder Vitalik Buterin's Twitter account over the weekend, plus a catch up on... more

12 Sep 2023 · 12 minutes
Why the SEC Needs the Bitcoin Spot ETF

A reading of excerpts from: Who Needs a Bitcoin ETF? Actually, the SEC Does. - Bloomberg Bitcoin ETF Applications Are Bitcoin's Best... more

10 Sep 2023 · 10 minutes
Institutions Are Getting Ready for the Next Bull Market | Weekly Top Five

Covering the biggest stories of the week in discussion with Scott Melker: 1. Visa Stablecoin Settlement program expansion Solana  2. FASB accounting... more

09 Sep 2023 · 41 minutes
UPDATED: How Big A Deal Are The Changes to Crypto Accounting Standards?

The board that oversees corporate accounting standards has voted unanimously to change the way corporates account for cryptoassets on their... more

09 Sep 2023 · 12 minutes
The IMF Finally Realizes You Can't Ban Crypto

Today on The Breakdown, NLW looks at a new paper from the IMF and FSB that -- among other things... more

09 Sep 2023 · 12 minutes
Visa Goes Deeper on Stablecoin Settlement

Yesterday Visa announced an expansion of their ability to settle cross-border transactions with USDC, adding support for the Solana blockchain.... more

06 Sep 2023 · 12 minutes
Beijing Bazooka: Why China Isn't Being More Aggressive As Economy Deteriorates

On a macro show, NLW explores how China's economic situation has been deteriorating; the highly targeted interventions from the Chinese... more

05 Sep 2023 · 13 minutes
SEC Defeats, Binance Intrigue, and a Bitcoin Flop: The Biggest Stories of the Week

A new experiment, NLW and Scott Melker do a live rundown of the 5 most important events of the crypto... more

03 Sep 2023 · 58 minutes
SEC Punts ETF Applications Till October

NLW catches up on the late week news including the SEC punting 7 ETF applications, the JOLTS and nonfarm payroll... more

02 Sep 2023 · 13 minutes
Judge In Uniswap Suit Says "Ask Congress, Not Me!"

A class action lawsuit against Uniswap has been dismissed with prejudice and the decision might have big implications for other... more

31 Aug 2023 · 12 minutes
What's Going On with the SEC's Sealed Binance Filings?

As everyone celebrated the SEC's upset in the Grayscale lawsuit, the Commission was quietly filing sealed documents in their lawsuit... more

30 Aug 2023 · 11 minutes
BREAKING: Grayscale Wins Lawsuit Against SEC!

A DC Circuit Court has decided in favor of Grayscale in their lawsuit against the SEC, calling the decision to... more

29 Aug 2023 · 14 minutes
The Treasury's Broker Definition Could Crush US Crypto

On Friday the US Treasury and the IRS dropped a 300-page guidance on crypto tax policy, including an updated of... more

28 Aug 2023 · 15 minutes
Crypto: It's So Over. We're So Back.

On LRS, NLW reads excerpts from and analyses: How PayPal Upended the Crypto Debate in Washington D.C. - John Rizzo The End... more

27 Aug 2023 · 8 minutes
The Continued Fallout of the Tornado Cash Arrests

On this edition of the Weekly Recap, NLW looks at: More community reactions around the Tornado Cash arrests The latest updates from... more

26 Aug 2023 · 13 minutes
Markets Shrug Off Predictable Powell at Jackson Hole

Today on The Breakdown, NLW examines Nvidia's massive earnings report as well as Powell's Jackson Hole speech, which, far from... more

26 Aug 2023 · 12 minutes
Tornado Cash Arrests: Attack on Terrorism or Attack on Privacy?

The US Government has arrested one of the founders of Tornado Cash and is on the hunt for another. NLW... more

24 Aug 2023 · 12 minutes
WSJ Says Binance Facing Trouble Over Sanctions Violations

Something serious or just more FUD? NLW explores the latest dustup around Binance, as well as speculation around why the... more

23 Aug 2023 · 14 minutes
The Next Phase of Stablecoin Competition Begins As Coinbase Invests In Circle

Today on The Breakdown, NLW looks at the rearrangement of the arrangement between Circle and Coinbase. The Centre Consortium is... more

23 Aug 2023 · 13 minutes
"The SEC Is Floundering"

That's the assessment of one lawyer working currently with Gemini. On today's episode, NLW looks at the SEC's motion to... more

21 Aug 2023 · 13 minutes
What Progressives Should Understand About Crypto

A reading of "What progressives get wrong when it comes to crypto" by Sheila Warren and Justin Slaughter. Enjoying this... more

20 Aug 2023 · 11 minutes
Tornado Cash Sanctions Upheld In Court

One of the legal challenges to the Department of Treasury's putting Tornado Cash on the sanctions list has been defeated.... more

19 Aug 2023 · 11 minutes
Why Bitcoin Just Flash Crashed

Was it SpaceX news? Evergrande bankruptcy? Macro Fed minutes? Or just good ol' fashioned leverage? NLW explores Thursday's crypto flash... more

18 Aug 2023 · 14 minutes
A Primer on China's Current Economic Turmoil

China has posted some troubling economic data of late, leading many macro commentators to call attention to the concerning developments.... more

18 Aug 2023 · 17 minutes
Coinbase Launches Crypto Policy Coalition as FDIC Warns of Crypto Dangers to Banks

On today's episode, NLW looks at the FDIC declaring crypto one of the year's top threats to banks. Coinbase has... more

16 Aug 2023 · 12 minutes
Why A Pro-Bitcoin, Anti-Central Bank Economist Just Won Argentina’s Presidential Primary

Javier Milei shocked the world with an upset win in Argentina's presidential primary this week. NLW provides some background on... more

15 Aug 2023 · 16 minutes
A Flurry of Amicus Briefs in Coinbase vs. SEC

Everyone from blockchain lobbyists to Senators to an esteemed group of academic legal experts have filed amicus briefs in the... more

15 Aug 2023 · 14 minutes
The Bitcoin Genie Isn't Going Back in the Bottle

A reading of a 2019 Nic Carter classic: "The Cat is Out of the Bag: Bitcoin is everyone’s problem now" Enjoying... more

13 Aug 2023 · 16 minutes
The Massive Significance of the PayPal Stablecoin

A reading of Stablecoins Can Keep the Dollar the World’s Reserve Currency - Brian Brooks, Charles Calomiris PayPal’s Stablecoin Is a... more

12 Aug 2023 · 13 minutes
Why Post Malone Is Against CBDCs

On today's week catch up: Post Malone and Rogan discuss CBDCs; SEC to appeal Ripple and more. Enjoying this content? SUBSCRIBE to... more

11 Aug 2023 · 13 minutes
Will Coinbase's Launch of BASE Ignite the Crypto Builders?

Coinbase has launched BASE to much fanfare and excitement. The skeptics ask how much it will be about memecoins and... more

10 Aug 2023 · 14 minutes
Did the Fed Just Institutionalize Operation Choke Point 2.0?

On the same day that bitcoin surged more than 3%, the Federal Reserve released some new guidance for banks it... more

09 Aug 2023 · 14 minutes
PayPal's Stablecoin is the (Second) Biggest Crypto News Story of the Year

In today's episode, NLW dives deep on PayPal's Announcement, which he argues forms a matched pair with BlackRock's spot BTC... more

08 Aug 2023 · 14 minutes
Crypto and the Major Questions Doctrine

Coinbase argues that crypto is a "major question" that requires Congress to explicitly authorize the SEC to oversee. Enjoying this... more

07 Aug 2023 · 13 minutes
How Stablecoins Could Save the Dollar's Global Reserve Role

On this Long Reads Sunday, NLW reads: Pass the Stablecoin Bill Now - Austin Campbell Stablecoins: A Potential Counter to Dedollarization -... more

06 Aug 2023 · 10 minutes
Worldcoin Iris Scanning Shut Down in Kenya

On this edition of the Weekly Recap, NLW looks at Worldcoin's issues in Kenya; the NYT's weird defense of SBF's... more

05 Aug 2023 · 14 minutes
A Primer on LK-99

LK-99 has captured the world's attention for its promise of room-temperature superconductivity. But what does that even mean? NLW provides... more

04 Aug 2023 · 17 minutes
Binance: Too Big to Jail

Semafor is reporting that the DoJ is exploring options other than a full criminal complaint against CZ and Binance for... more

03 Aug 2023 · 12 minutes
Is the US Credit Rating Downgrade a Nothingburger?

NLW explores a range of reactions to Fitch's decision to downgrade US sovereign debt from AAA to AA+ from the... more

02 Aug 2023 · 15 minutes
Tether Holds More US Government Debt Than Australia

A look at the latest Tether reserve attestation, plus an update on the Curve hack and a new court ruling... more

01 Aug 2023 · 13 minutes
Is DeFi Too Dangerous?

NLW explores the $47m hack that occurred over the weekend, and contextualizes it in the larger trends and patterns of... more

31 Jul 2023 · 16 minutes
The Boring-ification of the Crypto Narrative

A reading of: A Crypto Truce Emerges Between Fraud and Revolution - Aaron Brown Today's Episode Sponsored By: In Wolf's Clothing --... more

30 Jul 2023 · 9 minutes
Operation Choke Point 2.0 Comes for Crypto Auditing

The latest target of SEC animosity is *checks notes* auditors?! On this edition of the Weekly Recap, NLW covers the... more

29 Jul 2023 · 13 minutes
A Combative, Contentious Hearing Moves Stablecoin Legislation Forward

Crypto's big policy week continued with the House Financial Services Committee advancing stablecoin legislation after a torturous 12-hour markup session. Today's... more

28 Jul 2023 · 15 minutes
A Historic Day for Crypto Policy

It was the first time that standalone Crypto legislation has made it out of the committee process. NLW covers the... more

28 Jul 2023 · 14 minutes
Fed Raises Rates to 22 Year High and Says No Recession Is Coming

The Federal Reserve has again raised interest rates -- this time to a 22-year high. NLW explores the discussion around... more

26 Jul 2023 · 13 minutes
Will the SEC Appeal the Ripple Decision?

NLW looks at the SEC's hints around a potential Ripple appeal, plus more around Worldcoin and SBF behaving badly. Today's... more

25 Jul 2023 · 13 minutes
Worldcoin: Good Faith Global UBI Effort or Dystopian Dumpster Fire?

Worldcoin is live and the crypto community has feelings. Today's Episode Sponsored By: In Wolf's Clothing -- The first startup accelerator... more

25 Jul 2023 · 21 minutes
Crypto Custody: The Frontlines of Operation Choke Point 2.0

A two-part Long Reads Sunday on crypto custody and the fallout of crypto's regulatory battles. Reading: Not All Crypto Custody Is... more

23 Jul 2023 · 11 minutes
Is FedNow a Trojan Horse for a CBDC?

On this edition of the Weekly Recap, NLW looks at the Federal Reserve's launch of FedNow and explores the community... more

22 Jul 2023 · 12 minutes
A Soft DeFi Ban in the USA?

This week saw a number of crypto-related legislation introduced in Congress -- sometimes as amendments to other important bills. NLW... more

21 Jul 2023 · 15 minutes
Gary Gensler's Terrible, Horrible, No Good Very Bad Month

SEC Chair Gensler is being assailed on all sides from Democrats and Republicans alike -- and not just about his... more

20 Jul 2023 · 14 minutes
Have We Turned A Corner in Bitcoin and Crypto Startup Funding?

This week has seen multiple 9-figure crypto funds announced. A metaverse company also raised a monster $54 m round. Finally,... more

19 Jul 2023 · 12 minutes
Binance Cuts Thousands of Jobs (But Adds Lightning Network Support!)

Today on The Breakdown, NLW covers the latest from Binance, including reports from WSJ and CNBC that the company has... more

18 Jul 2023 · 12 minutes
The Relentless Convergence of TradFi and Digital Assets feat. Sergey Nazarov

Today, NLW is joined by Chainlink's Sergey Nazarov to discuss the massive convergence of the traditional financial world and the... more

17 Jul 2023 · 23 minutes
Rep. Ritchie Torres Calls for Investigation Into SEC Chair Gary Gensler

The SEC "is acting like an overzealous traffic cop arbitrarily ticketing drivers while keeping the speed limit a secret." -... more

16 Jul 2023 · 13 minutes
A Complete Breakdown of the Charges Against Celsius' Alex Mashinsky

Former Celsius CEO Alex Mashinsky was arrested this week. NLW explores the complete list of charges against him. Enjoying this... more

15 Jul 2023 · 15 minutes
Judge Hands SEC a Massive Loss Denying Theory That Tokens Are Always Securities

The judge has handed a summary decision in the Ripple-SEC case, and while it was a mixed decision, the reality... more

14 Jul 2023 · 19 minutes
Lummis-Gillibrand Reintroduce Landmark Crypto Legislation

Last year the Lummis-Gillibrand Responsible Financial Innovation Act set the template for comprehensive crypto legislation. Now, the act has been... more

13 Jul 2023 · 15 minutes
Lowest Inflation in 2 Years

CPI comes in lower than expected, leading to expectations that the doves in the FOMC will have more influence to... more

13 Jul 2023 · 14 minutes
Senators Question Prometheum's Ties to CCP

NLW covers the latest in the Prometheum saga as Senator Tommy Tuberville and a handful of others have sent a... more

11 Jul 2023 · 15 minutes
Lawyers See Weakness in SEC's Response to Coinbase

Late on Friday, the SEC responded to Coinbase's motion to dismiss the SEC's lawsuit against them. In many ways it's... more

11 Jul 2023 · 15 minutes
Why the Recession Conventional Wisdom is Wrong

A reading of Alex Kruger's thread: https://twitter.com/krugermacro/status/1675989375765852160?s=46&t=5Nl1EhwpFOmRdaVNr7DApg Full report from Asgard Markets https://www.asgardmarkets.com/post/the-big-picture Enjoying this content? SUBSCRIBE... more

09 Jul 2023 · 11 minutes
Lawsuit Time! Winklevoss and Gemini Sue DCG and Barry Silbert

So much for amicable resolution. After publically threatening a lawsuit earlier in the week, Gemini and their co-CEO Winklevoss twins... more

08 Jul 2023 · 14 minutes
Binance Execs Race for the Exits

Fortune dropped a bombshell on Thursday, reporting that numerous executives had left Binance in a very short period of time.... more

07 Jul 2023 · 13 minutes
BlackRock's Larry Fink Gives a Laser-Eyed Bitcoin Interview

On Wednesday, July 5th, BlackRock CEO Larry Fink gave an interview on Fox that made clear that the Bitcoin ETF... more

06 Jul 2023 · 13 minutes
Gemini's Furious Open Letter Threatens to Sue DCG and Barry Silbert

On the eve of the July 4th holiday, Gemini's Cameron Winklevoss published an open letter accusing Barry Silbert and DCG... more

05 Jul 2023 · 13 minutes
Crypto Continues Its Pushback on Washington D.C.

Today on The Breakdown, NLW continues coverage of the crypto industry's growing push back against the SEC and overreaching politicians.... more

03 Jul 2023 · 12 minutes
The Failure of Gary Gensler

As the crypto industry takes the fight to the SEC, a reading of Gary Gensler Failed the U.S. Crypto... more

02 Jul 2023 · 9 minutes
Crypto Goes On Offense as the Legal Tide Begins to Turn

The crypto industry is officially bringing the fight to regulators. Coinbase has filed a motion to dismiss the SEC's lawsuit... more

01 Jul 2023 · 12 minutes
A Recap of the Prime Trust Saga

Today on The Breakdown, NLW catches up on the Prime Trust saga which came to a head this week. He... more

30 Jun 2023 · 12 minutes
Summer Startup Series on Bitcoin Builders

The Breakdown is off for a few days this week, but over on Bitcoin Builders things are hot with the... more

28 Jun 2023 · 5 minutes
The State of CBDCs

NLW checks in on the latest in central bank digital currencies.  Enjoying this content? SUBSCRIBE to the Podcast:... more

27 Jun 2023 · 12 minutes
BlackRock SchmackRock: For Emerging Markets, Bitcoin Means More than Gains

Today on Long Reads Sunday, NLW reads Noelle Acheson's "Why the Biggest Emerging Markets Are Turning to Crypto."  ... more

25 Jun 2023 · 9 minutes
The Institutions Come Roaring Back to Crypto

The theme of the last few weeks has been the institutional return to crypto. NLW fills in the gaps and... more

24 Jun 2023 · 13 minutes
The Value Prop - Digital Asset Use Cases with Rebecca Rettig

Rebecca Rettig is the Chief Policy Officer at Polygon Labs and recently spearheaded The Value Prop -- a new project... more

23 Jun 2023 · 23 minutes
The Bear Market is Over with Dan Tapiero

Dan Tapiero has deployed more than a billion dollars into growth stage digital asset companies in the last few years.... more

22 Jun 2023 · 1 hour, 5 minutes
Bitcoin SMASHES Through $30,000 As Institutional Excitement Returns

Bitcoin is up above $30,000 and the return of the institutional narrative is driving it. NLW explores the good and... more

21 Jun 2023 · 13 minutes
Do Kwon Goes To Jail

On this episode of crypto shennanigans, Do Kwon sentenced to four months for fake passport; ZachXBT raises $1M to fight... more

20 Jun 2023 · 14 minutes
Does Anyone Care About Tether's Chinese Paper?

On today's episode, NLW looks at the (non) reaction of the crypto community to news that Tether held Chinese bank... more

19 Jun 2023 · 14 minutes
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The Bear Market is Over with Dan Tapiero
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Description

Dan Tapiero has deployed more than a billion dollars into growth stage digital asset companies in the last few years. He's also... more