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 Sunday, October 13th, and that means it's time for Long Read Sunday.

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breakdown pod. Hello, friends, happy weekend. One of the things that we discussed on the show with Scott Melkar

on Friday was that it feels like there's this burst of activity coming forth from the SEC

at what is potentially the end of this phase of the agency's operations. Now, of course,

Gensler still has years on his term, but it feels like something's going to give.

Exemplary of that is the changing response that organizations in and around the crypto space are

giving when they get served with Wells notices or actual legal action. We kick off today with the

latest such response. This was a tweet from Marketmaker Cumberland, and it doesn't mince words.

Today we became the latest target of the SEC's enforcement first approach to stifling innovation

and preventing legitimate companies from engaging in digital assets. This comes, despite

bipartisan pushback on this approach, in the most recent House Financial Services Committee

hearing, in which the

SEC was called a rogue agency, cited for its failure to work with Congress and taken to task

for abusing its power. At issue in our case is the SEC's view that some of our transactions involving

certain crypto assets were securities transactions. We have engaged in five years of good faith

discussions with the

SEIC on this point. On our end, we've shared dozens of written summaries and statements,

...