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 Thursday, July 27th, and today we are talking about the big, big day that crypto had in the halls of Congress 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.

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Well, friends, like I said, it was a big one. The blockchain associations, Jake Trevinsky,

called yesterday a quote historic day for crypto policy. And we're going to learn all about why,

but first, I wanted to do just an ever so quick follow up to yesterday's show about rate hikes. So to sum up where we're going to learn all about why, but first, I wanted to do just an ever so quick follow-up to

yesterday's show about rate hikes. So to sum up where we left off, everyone was anticipating a

25 basis point hike. It seemed almost assured, and really because of that, people had started to

focus not so much on what the FOMC was going to say next, but what forward-looking economic data

might tell us about when a more significant change, a real pivot back to cutting, might occur.

Well, sure enough, yesterday the Federal Reserve raised interest rates by 25 basis points

to a range of 5.25 to 5.5% delivering on all of those market expectations.

Now, this marks the highest level for Fed rates in 22 years. And indeed, given how much people had anticipated that rate hike,

pretty much all of the media's questions focused on what comes next, wondering what we

could expect from Fed policy moving forward. KG as ever, Fed Chair Jerome Powell refused to address

this topic with any real clarity, stating straight up that, quote, we don't want to provide forward

guidance. At one point, Powell said, quote, I'm going to tell you again what we're going to do in

September. We're going to look at two additional jobs reports, two additional CPI reports, lots of

activity data. That's what we're going to look at and we're going to make a decision then. That decision could mean another hike in December, or it could mean

we decide to maintain at that level. Indeed, the big theme throughout the press conference

...