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, May 30th, and today we are talking about President Biden joining the crypto pivot.

Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,

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breakdown pod. All right, friends, welcome back to another breakdown.

As you guys know, I am recording down from Austin this week as I am attending consensus.

And so this episode will be, once again, a little bit shorter.

But there is a big piece of news that we have to focus on.

And that is, of course, that the political reengagement with crypto is expanding. According to sources speaking with the

bloc, the Biden campaign is starting to engage with the crypto industry. Over the past month,

there's been a notable shift from Democrats on crypto policy. We went from Biden threatening

to veto legislation to repeal SAB-121 to a large number of congressional Democrats voting in favor

of crypto bills. This was all capped off by

the SEC capitulating to approve ETH ETFs. Many within the industry were quick to declare this a complete

reversal from Democrats, while others remained more skeptical. It was entirely unclear whether this pivot

was just a minority of Democrat lawmakers expressing frustration with the administration's

crypto policy, or represented a deeper shift that

went all the way to the top of party leadership.

What we're now hearing from sources familiar with the Biden campaign is that the change

of approach began two weeks ago, shortly after the veto threat.

...