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 Nidig and produced and distributed by CoinDes.

What's going on, guys? It is Wednesday, October 27th, and today we are doing an extended

brief style episode, a catch-up on a bunch of topics, all with relatively equal weight.

So let's dive in.

The first topic is actually a question.

Should the CFTC be crypto's main regulator?

That's the argument of Rosten Benham, the acting chair of the CFTC, who is currently in confirmation

hearings to serve a full term as chair.

In testimony before the Senate Agricultural Committee, he said that the

CFTC is ready to become the primary Fed regulator for digital assets if Congress empowers them to do

so. Quote, the CFTC has responsibly and aggressively been pursuing enforcement cases in the

digital asset marketplace for a number of years now. I think it's important

for this committee to reconsider and consider expanding authority for the CFTC. He acknowledged that it would

be something of a departure from their historical mandate, but said, quote, given the size, the scope,

and the scale of this emerging market, how it's interfacing and affecting customers, retail customers, and then with

the scale of the growth being so rapid, potential financial stability risks in the future,

I think it's critically important to have a primary cop on the beat, and certainly the CFDC is

prepared to do that if this committee so wishes. Now, the standout statistic from this testimony was that Benham argued that

nearly 60%, and those are hits words, nearly 60% of crypto's $2.7 trillion market cap, represent

commodities. That is obviously a big difference from the take of the securities and exchange

...