Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Sunday, May 19th, and that means it's time for Long Read Sunday.

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Well, friends, this was a fairly remarkable

week in crypto. We saw a bipartisan push to repeal anti-crypto guidance that was really an anti-crypto

rule that has had significant implications for the development of the field over the last couple

years. We saw Democrats going against the White House

and the SEC and setting the stage for a new phase of our crypto political battles. Because of that,

I think it only makes sense to read for this week, an opinion essay published on Blockworks by

Representative Mike Flood and Representative Wiley Nickel, one Republican and one Democrat.

The fact that they got together and published this

on a crypto publication speaks volumes. The piece was called It's Time to Overturn SAB 121. We need

this repeal for the future of our digital economy, the safe custody of cryptocurrencies, and the

good of the American investor. The opinion piece begins, Gary Gensler's Securities and Exchange Commission

has made a name for itself with its hostility towards cryptocurrency.

Time after time over the last few years,

his agency has repeatedly thrown up roadblocks to the common-sense regulation of digital assets

and overstepped its regulatory authority.

One of the SEC's most detrimental actions on digital assets came in the form of a

...