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 been on, guys? It is Sunday, July 27th, and that means it's time for Long Read Sunday. 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 in the show notes or go to bit.ly slash breakdown pod. Hello friends, welcome back to another long reads episode

of the breakdown. We got two good ones for you today. Obviously, one of the big themes right now is

what's going on with crypto legislation. We have passed the stable coin bill, but next up is the

market structure bill. This week, we got a version in the Senate that had a slightly different approach than the

House bill to how to handle the securities designation of crypto assets. We're going to get a little

bit into that today, but we're going to come out this from two different perspectives, one very

big picture and one a little bit more specific. For the big picture, we turn to an op-ed from two

congressmen, Tom Emmer and

Nick Begich, who argue that we need to push on the momentum to finish the job on crypto

regulation. Let's turn it over to the 11 Labs version of me, and then we will come back and discuss.

President Trump ran and won on a bold promise to make America the global capital of cryptocurrency

and blockchain innovation.

Now, with a Republican House, a Republican Senate, and a Republican president, we have both the

mandate and the responsibility to deliver.

Last week, we made historic progress.

President Trump signed into law Senator Bill

Haggardi's guiding and establishing national innovation for U.S. Stablecoins, Genius Act,

a landmark bill that cements a federal framework for dollar-backed digital assets.

These payment stablecoins, pegged to secure assets, now have clear rules that promote transparency,

protect consumers, and boost demand for U.S. treasuries, all while reinforcing the dollar's position as the world's

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