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 Saturday, April 29th, and that means it's time for the weekly recap.

Now, before we get into today's show, a quick note.

If you're enjoying the breakdown, why not come join the Breakers community on Discord?

It's a place for discussing the show and the larger news happening in Crypto-Bitcoin and beyond,

and has a really great community that you can join at bit.ly slash breakdown pod. Also, if you are looking for even more

breakdown, come check out the YouTube channel. I've been posting what I call breakdown bites,

which are shorter, breaking sort of news stories that happen when it's important. And again,

you can check that out

in the link in the show notes. Now, for today's weekly recap, I have to say it's a little bit like

Groundhog Day or maybe Groundhog Week, I guess. This week we got another hearing or two. We got more

intransigent crypto opponents, more tension with the SEC, more banking crisis, more

macro insecurity, and of course, AI relentlessly marching on. But where we're going to focus

today is the regulatory battles that continue to define so much of this bear market. And let's

start with another delightfully patronizing video from our Securities and Exchange

Commission chair, Gary Gensler.

On Thursday, Gensler tweeted,

Intermediaries for Investment Contracts are required to comply with securities law and register

with the SEC.

Instead, many crypto platforms are contending that their investment contracts are something else.

The law cares about what something actually is, not what you call it.

...