I also think it's a completely fair criticism to accuse the SEC of regulation by enforcement.

It seems vanishingly simple to give their specific legal logic around particular tokens,

but they don't because that opens themselves up for challenge in a way that would be extremely

time-consuming and costly. They seem content to move on their merry way going after the biggest

infringers and supporting the agenda of others

like the Treasury Department, which makes me increasingly think that the issue isn't Gensler

or the SEC being out to get crypto, but instead just the simple lethargy of bureaucrats.

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.

The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.

What's going on, guys?

It is Wednesday, October 6th, and today we are talking about why it's

clear now, or it seems clear at least, that Gary Gensler's SEC has no plans to ban crypto.

Now, in some ways, this is a silly theme for a show. First of all, there's not really been

much of a concerted call to ban crypto. Certainly there is a huge amount

of regulatory discussion around it right now. But also, especially when it comes to Bitcoin,

it's pretty clear that there's no real way to ban it. You can only ban your citizens from

the Bitcoin network. That's what we're seeing in China, but of course it is the example of China

that has people asking this question concerned with this question right now. Is it the U.S.

government's intention to eliminate access to these new technologies for its citizens?

Folks like Ray Dalio have continued to say that as they got big enough,

of course the government would bring the ban hammered down. But over the last week, there

...