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 Monday, January 13th. And today we are talking about a last gasp

stablecoin rule from the outgoing presidential administration. 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

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bit.ly slash breakdown pod. All right, friends, rough Monday in the markets, we are definitely dealing with

some macro intrigue. Traders seem to be very opposed to the Fed, setting up a battle of fairly epic

proportions. I'm sure we'll talk about that more later this week. For now, we are turning to one of the things

that I think many of us had been looking out for, which is to see whether there would be any sort of

last-minute shenanigans from the outgoing Biden administration vis-a-vis attempts to impose

crypto-related rules on their way out. Well, the Consumer Finance Protection Bureau has now rushed

out a midnight rule proposal that could stymie

stablecoin adoption. On Friday, the CFPB introduced a rule requiring accounts and wallets using

stablecoins to be protected against fraud and hacks in a similar way to bank accounts.

Rather than taking a bespoke approach to consumer protection issues in the crypto space,

the rule simply extends 40-year-old legislation on electronic payments to apply to

crypto. CFPB Director Rohit Chopra said in a statement, when people pay for their family

expenses using new forms of digital payment, they must be confident that their transactions are not

tainted by harmful surveillance or errors. The rule is extremely broad and lacks certainty.

As written, it seems like it might include self-custody wallet

...