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 Friday, May 19th, and today we are talking about a clapback at the SEC,

or really just a request for what seems like it should be a pretty easy thing to deliver.

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. All right, friends, we are closing the week out strong. As you well know,

2023 has been the year of regulatory reckoning, and one of the big questions has been,

would our allies among the political classes actually step up?

And more particularly, would our Democrat allies, not just our Republican allies, step up.

This has been desperately in need lately.

To understand the state of play, this is a comment from crypto developer Maksie around the library case,

in which a single comment

from a PR in turn was basically used as evidence that there was an expectation of profit,

therefore making the LBRY token a security.

Makesy writes,

The lack of a quantitative standard makes every Howey analysis and basically all of securities

law seem like an intersubjective guessing game to infer the

expectations and intentions of unknown and unrepresented third parties to determine whether

implicit contracts existed. Seems like there is basically no legal analysis happening at the SEC anymore.

It's all politics and cranking out enforcement form letters. Consistency doesn't matter.

...