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.

The breakdown is sponsored by crypto.com and nexo.io and produced and distributed by CoinDest.

What's going on, guys? It is Sunday, November 22nd, and that means it's time for long

reads Sunday. Today we're doing something a little bit different. This is a tight little

opinion piece about Jay Clayton's exit from the SEC and what it means for an SEC

under a Biden administration. Now, I'm sharing this piece not necessarily because I agree with

everything in it, but because I think there is a rising conversation trying to figure out

what a Biden administration would mean for markets. I think this is going to be

one of the key themes of discussion between now and probably inauguration day, if not a little bit

longer. And this one is particularly interesting for those of us in crypto because unlike a lot of

people, we pay a ton of attention to the SEC. It's one of the major regulators

that has a stake in what we can and can't do. And certainly a lot of people have not necessarily

felt the best about Jay Clayton's SEC regime, at least as it relates to crypto. So first,

what we're going to do is we're going to read this piece that's not really

about crypto per se. It's more about a broader sense of what Clayton's departure means for

the markets and the balance of power between individuals and firms. And then we'll talk a little

bit at the end about crypto specifically. So the piece is by Joe Nossera on Bloomberg opinion and it's called

Clayton's exit at SEC opens door to protect investors. The agency has had its thumb on the

scale for companies in Wall Street. It's time to shift the balance back towards shareholders.

As a presidential candidate and now as president-elect, Joe Biden hasn't said

much about his plans for regulating U.S. financial institutions. But in setting up his transition team,

...