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제이미 다이먼이 상원 청문회에서 크립토는 범죄용도뿐이라며 정부가 폐쇄해야 한다고 발언. 워런 의원은 크립토에도 BSA 규제를 적용하자고 주장. 업계 반발 확산, JPM의 위선 지적도 나옴. 진행자는 크립토가 다시 살아나는 전환점이라며, 현물 비트코인 ETF 승인을 강조하고 다이먼의 반대는 마지막 발버둥이라고 평가.
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2 1 Welcome Back to the breakdown with me and LW it's a daily podcast on macro Bitcoin and the big picture Powers shifts remaking our world what's going on guys it is Thursday December 7th and today we are talking of course about Jamie Diamond's incendiary comments yesterday before we get into that however if you are enjoying the breakdown please go subscribe to it give it a rating give it a review or if you want to dive deeper into the conversation come join us on the breakers Discord you can find a link in the show notes or go to bit.
l/ breakdown pod well friends today like I said we are talking about some incendiary comments and I'll get a little bit more into this at the end but it very much feels to me like as we turn a corner into a different Market mindset where the full realization that crypto has not died and is in fact useful and interesting and dynamic and something that's going to be around for a long time to come is causing a last gasp reaction from those critics who wanted to see it perish this last cycle and so keep that in mind as we go through the episodes recountings of yesterday's events so during a hearing before the Senate Banking Committee on Wednesday Jamie Diamond suggested the government should shut down the crypto industry yes the JP Morgan Chase CEO has never been shy about dismissing crypto as useless but this time around his comments veered toward calling the financial technology actively harmful again the key quote was if I was the government I'd close it down the comments came during an oversight hearing with eight Executives of the largest banks and financial institutions in the US present to give testimony Senator Elizabeth Warren had set up the premise by discussing the current protections against elicit Finance required by the bank secrecy act she asked each of the executives whether their institutions have systems in place to quote catch it report it and shut it down Diamond had pushed back slightly noting that although JP Morgan has extensive systems in place no system is foolproof warrren delivered a long list of Bad actors who had used crypto transactions as part of their operation ations she then asked Diamond why crypto is quote such an attractive Financial tool for terrorists drug traffickers and Rogue Nations Diamond responded I've always been deeply opposed to crypto Bitcoin Etc you pointed out that the only true use case is for criminals drug traffickers anti-money laundering and tax avoidance and that is a use case because it is somewhat Anonymous and because it doesn't go through all these systems that have built up over many years know your customer sanctions ofac they can bypass all of that now of course what Warren was doing was using the line of questioning to push her bill which would subject the crypto industry to bsaa reporting requirements although notably in ways that are potentially impossible to comply with she referenced recent comments from the treasury calling for a crypto focused update to the legislation stating we cannot rely on statutory definitions that are decades old to address the illicit Finance risks we face in 2023 Warren claimed that quote crypto lobbyists are working overtime to block any legislation they claim that crypto is special and it shouldn't even have to comply with the bank secrecy act even if that means allowing Bad actors to move billions of dollars completely unrestricted Warren asked each executive whether crypto companies facilitating Financial transactions should have to follow the same anti-money laundering rules that your bank has to follow she grew increasingly gleeful as each CEO responded absolutely Warren closed out by noting that quote when it comes to banking policy I am not usually holding hands with the CEOs of multi-billion dollar Banks but this is a matter of National Security now most of today's episode is going to be about the response from the crypto Community to these incendiary comments from Diamond but before that it's worth briefly reflecting on the way that Warren characterized her proposal and the need to expand the BSA to cover crypto Warren said that crypto lobbyists have been opposed to any legislation but of course that's simply not true most of the people involved in this industry understand that anti-money laundering monitoring is an inevitable requirement for genuine Financial intermediaries in crypto the push back from the industry has come because Warren's proposal includes all manner of crypto infrastructure from validators to wallet providers Warren said her proposal is to place these requirements on quote unquote crypto companies but it goes far beyond that you don't see people running around being opposed to requiring exchanges to file anti-money laundering reports but when it comes to placing the same requirements on distributed infrastructure The Proposal barely makes sense and appears completely unworkable now part of Warren's premise is that terrorists and other Bad actors have become more sophisticated in the way that they circumvent AML Provisions she noted that some of these loopholes were closed in 2001 but elicit finances continued to seek out new ways around the detection systems one of the reasons that Warren's proposal has been denounced by the industry is that it runs the risk of pushing IIT Finance further to the edges of the crypto industry counterintuitively making it more difficult to detect the logic is that if Warren's proposal is impossible to comply with the decentralized infrastructure will simply move outside of the US jurisdiction this is why of course the misleading narrative from Warren is so dangerous it Paints the crypto industry as obstinately opposed to any reporting requirements when in reality most firms are simply calling for intelligently targeted reporting requirements that can actually be complied with today's episode is brought to you by Kraken for far too long the whole financial system has been standing still too slow only on for certain hours overly designed for some types of people but not for others crypto at its best represents progress it asks the question what if it invites people in instead of leaving them out it's on 247 365 and moves at the speed of real life not everyone believes it we've got our fair share of detractors but that's the way it always is when you're building something new Kraken is a crypto company that has been through the highs and lows of the industry facing forwards towards progress throughout and now they're inviting us to see what crypto can be learn more at kraken.com slthe breakdown disclaimer not investment advice crypto trading involves risk of loss cryptocurrency services are provided to us and US Territory customers by payward Ventures Inc pvi DBA Kraken now back to this hearing it of course makes an impactful statement to have eight of the most powerful Financial CEOs in the country agreeing that your proposal is important to push through during a senate hearing but then again this agreement is completely unsurprising realistically these Executives were agreeing that the government should snuff out their competition using onor and costly regulations that are impossible to comply with roters correspondent Pete schroer writes in a stunning turn of events Elizabeth Warren and big Bank CEOs are in agreement at today's hearing specifically on the need for crypto firms to comply with BSA requirements miie responded assume you're joking about this being a stunning turn of events they've had an alliance to ban private sector crypto development for years Warren wants a monolith retail cbdc big Banks want a wholesale cbdc either would set us back 10 years and undermine competitiveness Austin Campell responded to be more specific to comply with BSA requirements using old methods for a closed system that do not actually work and instead facilitate huge amounts of crime Banks don't want crypto firms developing better ways of doing this over time it would put them out of business Collins Belton wrote imagine going back to 2011 and showing the Occupy Wall Wall Street crew Senator Warren eagerly supporting Jamie Diamond's perspective that a payment Network uncontrolled by Wall Street with unprecedented and frankly unsafe levels of transparency is the true threat to America fascinating so let's talk about some of the other themes of commentary and response one of them was that this was obviously just an anti-competitive position that the banks were taking crypto lawyer Orlando cosme writes remember folks if Jamie Diamond thought that crypto could at all be beneficial to JP Morgan Chase and by extension all large Banks he'd have a fiduciary duty to support it Jamie knows very well that crypto is a threat to the very system he's on top of swan Bitcoin co-founder Yan pritsker writes breaking horse and buggy salesman find billions for serving criminals asks government to help shut down the car industry because it is used quote only for Crime Tyler winlos from Gemini simply said if crypto wasn't the future The Establishment wouldn't be so hellbent on trying to shut it down now another point of conversation that some took is basically arguing that it is validating to the existence of crypto the banks and governments aren't really happy about it writes Bloomberg's Joe Wiis andal there's no point in crypto if it's not something the government feels impelled to ban Peter van valkenberg from coin Center clarified saying illiberal governments crypto enables an open society and multiplies the cost of trying to retain centralized control over individual Behavior maky again responded I'm afraid that we have no choice but to accelerate and take the worst ideas of our incompetent Boomer bailout Elite to their logical conclusion only then will the damage to economic competitiveness and civil liberties be obvious enough to generate the needed electoral backlash the progressive Bitcoin wrote Senator Warren has repeatedly proposed legislation that goes after your right to privacy in holding and using Bitcoin you have the right to privacy and property in the United States period This is not up to her not sure what world Senator Warren prefers but it's antithetical to American ideals all in the name of National Security we've seen this before and in the post 9911 and Iraq war age we are no longer fooled and complacent Luke groman tweeted a country where people cannot choose how they store their personal wealth is not a democracy best case it's an oligarchy best case now others made the point that the alliance between government and banks in America is nothing new DC investor says what you need to understand is Jamie Diamond is basically a US government employee and honestly there was a very weird vibe at this hearing it honestly had sort of a poot Bureau feel like the bank Executives had just been summoned to be given their instructions publicly some took the comments as reason to call for a boycott Castle Island Ventures Matt Walsh writes if you are supportive of public blockchain Tech Bitcoin eth stable coins Etc and have an account JP Morgan for banking or wealth management you are actively supporting a company that is working for Elizabeth Warren to choke off access to an emerging industry digital asset news wrote well well well Jamie Diamond meant what he said at today's Congressional hearing with Senator Warren I call on all crypto holders enthusiasts and supporters to move all funds and to ban the use of JP Morgan and all services thereof who the hell do these people think they are now another line of conversation was of course the what do they do versus what do they say I am noad tweets do I really have to dig up the exchange report again that shows that JP Morgan Chase are the major Market maker in every crypto exchange traded product I thought we were over this in 2017 Deli Labs General Council Gabriel Shapiro writes so why is JPM heavily invested in consensus I'm confused chairman bur beraki writes what's it called when you're so opposed to something that you fund that very thing's development cryptotrader pre3 writes Jamie Diamond making negative statements about crypto after launching his own private blockchain for payments and settlement a month ago Color Me surprised finally again writes Matt Walsh if any of the 218 blockchain Folks at JP Morgan are looking for jobs in the crypto sector please get in touch life is too short to spend it making Jamie Diamond more money a next and unavoidable and important set of the conversation was about JPM hypocrisy indeed this is by far the most common take if you just go Breeze around X or Twitter nage from coin Center writes remember when JPM got fined for not only failing to report madeof suspicious transactions but using the information to protect its own Investments Venture coinist host Luke Martin writes this video hits different when you learn that JP Morgan was the banking partner for Jeffrey Epstein's operation largest trafficking case in history source of funds of mystery client for 15 years interesting that he chose JP Morgan instead of Bitcoin Dan held wrote JP Morgan fines over the last 23 years for fraud money laundering Market manipulation Etc 39 billion korer box expanded that saying since 2000 Regulators find Banks 7,400 times totaling to fees of 380 plus billion Banks should stay silent still some saw this as overall a more positive sign Ryan celus writes 6 months ago I thought our policy positioning was existentially bad in the US but the timing of the Jamie Diamond Liz Warren fud is interesting as yesterday marked a turning point and I've never been more confident that will win the us then they fight you so what is Ryan talking about well as I intimated at the beginning of the show we have clearly turned a corner when it comes to the crypto industry there are a lot of different parts of this one part of it has nothing to do with crypto and I think reflects a broader acquiescence among markets in general to the end of the zero interest rate period there was a long interval there as the Fed was hiking rates where markets basically just weren't accepting that this was the new reality now that they are even if they are anticipating Cuts starting next year there is still I believe a move past the grasping at that old period which had a particular derious impact on risk assets so one part of the transition is just something that markets in general are going through but of course there is much more that is crypto specific it is hard to overestimate the negative impact that spf's fraud and the collapse of FTX had on public perception of the crypto industry as we've discussed all year it opened the industry up to the possibility of operation chokepoint 2.0 as pretty much all of our allies in the bureaucracy even if they didn't change their minds fundamentally moved aside and let the most virent critics come at us because were they really going to stick their neck out for us after what had just happened likewise though everything ultimately returns to a state of equilibrium now a year on from that crisis Sam bankman freed is in jail awaiting sentencing CZ has also pleaded guilty and left binance a thing that many didn't think would ever happen and there is a sense of opportunity to move past that whole period in crypto's history now that sense of new opportunity is embodied of course in a Bitcoin spot ETF part of the reason that this matters much more than just some Financial instrument is that it is an indicator of a shift in the power center of this industry in the investor base for this industry and by the way previous of a couple months from now once these things get approved we're going to have a lot of conversations around whether that power shift and investor shift at the base is actually a good thing for the industry but for right now it's incredibly important from a narrative and a psychological perspective and not just for those of us in the industry but for others on the outside as well in other words the march to a different crypto industry that is ready to embrace the next part of its cycle feels very inexorable right now the momentum is building and increasingly these pot shots from the peanut gallery feel like like exactly that last gasp efforts to throw it off the rails before the train picks up its full speed I think it will be not surprising to you that I just don't think it's going to work indeed I think Sam gave them the single best chance they would ever have and yet once again crypto still didn't die and so I say this to Jamie Diamond and all the media parting his comments and everyone even who's concerned about them I have but one word whatever if you think this matters at all for anything going on right now I humbly and respectfully disagree and so Jamie see you on the other side of the Bitcoin spot ETF I know that when it's here you'll make plenty of money from it until next time guys be safe and take care of each other peace
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