We've got election season coming up, remember?

And if the Dems win and Gensler comes back to the same office,

he doesn't care because he has the wind at his sales.

And if he loses, he also doesn't care because he's out of the job.

I would expect, in other words, for every court decision that goes against the SEC

to be answered not with a rational shift in policy and approach,

but instead two blazing middle fingers from a bureaucrat

potentially on his way out the door.

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 Wednesday, September 27th, and today we are talking about this

crazy, strange Chase UK letter banning people from accessing crypto from their bank accounts.

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. You can find a link of the show notes or go to bit. ly slash

breakdown pod. Well, friends, I have to start the show by eating some crow.

In the morning yesterday, a letter started going around that people were, of course, breathlessly posting as

fact long before it was confirmed, and it just did not read right to me. So much so that as more

and more people started tweeting about it, I actually posted it saying, I think this letter is fake.

Let me just read the whole thing to you. It's not long, so you have a sense of why I was skeptical.

The header says Chase, and it says our policy around crypto is changing. Here's what it means for you.

Hi, to help keep your money safe from fraud and scams, we're changing the type of payments you

...