In this week's episode, Mark and I cover this week's CPI print, the state of macro, Coinbase’s earnings miss, and a historical US ban on an Ethereum privacy protocol. We start with a discussion on the lower-than-expected CPI print, deglobalization and ask if the FED still thinks they can provide a soft landing.  We then dive into Coinbase’s Q2 earnings and $1B reported loss. Can Coinbase establish a sustainable business model? The numbers don’t look great, but there’s reason to believe they can turn the ship around. Finally, we discuss the US Treasury's Tornado Cash ban and the secondary effects across DeFi.  Tune in for these stories and more! --  Attend DAS, crypto and macro’s favorite institutional conference: http://digitalassetsummit.co/ - Use code MIKE250 to get $250 off tickets  Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- --  Follow On The Margin: https://twitter.com/OnTheMarginPod  Follow Mark Yusko: https://twitter.com/MarkYusko  Follow Mike: https://twitter.com/MikeIppolito_  Follow Blockworks: https://twitter.com/blockworks_ -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.