Sabrina Tavernisi

Right. If the world is not running on the U.S. dollar, the U.S. has a lot bigger problems than cryptocurrency, I suppose. But let's just kind of carry this pipe dream out here. What would be in it for the U.S.? Like, why would the U.S. ever want to do something like this?

Right. If the world is not running on the U.S. dollar, the U.S. has a lot bigger problems than cryptocurrency, I suppose. But let's just kind of carry this pipe dream out here. What would be in it for the U.S.? Like, why would the U.S. ever want to do something like this?

Okay, so in sum, it's possible that these crypto companies are actually going to get their entire wish list for Christmas. What might that mean for the rest of the U.S. economy?

Okay, so in sum, it's possible that these crypto companies are actually going to get their entire wish list for Christmas. What might that mean for the rest of the U.S. economy?

But I guess, David, one man's shackles is another man's safety valve, right? I mean, fundamentally, this is a very risky asset for all of the reasons we've discussed. And it does seem like watching these new government officials come in and understanding how friendly they are to the industry is

But I guess, David, one man's shackles is another man's safety valve, right? I mean, fundamentally, this is a very risky asset for all of the reasons we've discussed. And it does seem like watching these new government officials come in and understanding how friendly they are to the industry is

For me, it feels a bit like we might be witnessing the architecture of the next financial crisis being built before our eyes.

For me, it feels a bit like we might be witnessing the architecture of the next financial crisis being built before our eyes.

David, thank you.

David, thank you.

We'll be right back. Here's what else you should know today. On Wednesday, the Federal Reserve made their third and final rate cut of the year, lowering rates to about 4.4%. Jerome Powell, the Fed chairman, said the cuts mark a new phase in the Fed's plan to engineer a so-called soft landing for the economy.

We'll be right back. Here's what else you should know today. On Wednesday, the Federal Reserve made their third and final rate cut of the year, lowering rates to about 4.4%. Jerome Powell, the Fed chairman, said the cuts mark a new phase in the Fed's plan to engineer a so-called soft landing for the economy.

The Fed also forecast that there would be fewer rate reductions next year than previously expected, as it continues to try to strike a balance between controlling inflation and preventing job loss. And the stopgap spending bill that Republicans and Democrats agreed to to prevent a government shutdown is in jeopardy after President-elect Donald Trump condemned it.

The Fed also forecast that there would be fewer rate reductions next year than previously expected, as it continues to try to strike a balance between controlling inflation and preventing job loss. And the stopgap spending bill that Republicans and Democrats agreed to to prevent a government shutdown is in jeopardy after President-elect Donald Trump condemned it.

Trump's move comes just days before a Saturday morning deadline to fund the government and underscored the extraordinarily fraught position that Republican leaders will have to manage in the new Congress when they face a president with a penchant for blowing up politically fraught compromises. Today's episode was produced by Mary Wilson, Michael Simon Johnson, Rochelle Bonja, and Will Reed.

Trump's move comes just days before a Saturday morning deadline to fund the government and underscored the extraordinarily fraught position that Republican leaders will have to manage in the new Congress when they face a president with a penchant for blowing up politically fraught compromises. Today's episode was produced by Mary Wilson, Michael Simon Johnson, Rochelle Bonja, and Will Reed.

It was edited by Liz O'Balin, fact-checked by Susan Lee, contains original music by Marion Lozano and Dan Powell, and was engineered by Chris Wood. Our theme music is by Jim Brunberg and Ben Landsberg of Wonderly. That's it for The Daily. I'm Sabrina Tavernisi. See you tomorrow.

It was edited by Liz O'Balin, fact-checked by Susan Lee, contains original music by Marion Lozano and Dan Powell, and was engineered by Chris Wood. Our theme music is by Jim Brunberg and Ben Landsberg of Wonderly. That's it for The Daily. I'm Sabrina Tavernisi. See you tomorrow.

From The New York Times, I'm Sabrina Tavernisi, and this is The Daily. After the fall of Bashar al-Assad and the opening up of Syria, tens of thousands of people were released from prisons across the country. Many had been locked away for years. Today, my colleague Christina Goldbaum takes us inside one of those prisons and tells us the story of a man who made it out. It's Tuesday, December 17th.

From The New York Times, I'm Sabrina Tavernisi, and this is The Daily. After the fall of Bashar al-Assad and the opening up of Syria, tens of thousands of people were released from prisons across the country. Many had been locked away for years. Today, my colleague Christina Goldbaum takes us inside one of those prisons and tells us the story of a man who made it out. It's Tuesday, December 17th.