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 CoinDes.

What's going on, guys? It is Sunday, October 17th, and that means it's time for Long Reads Sunday.

And this week, I actually already teased what piece I was going to read because we had about a week ago the Texas blockchain summit, and frankly, it has had a

huge amount of great content. I was debating between what I decided to read, which is a speech

from SEC Commissioner Hester Purse called Lawless in Austin, as well as some great content

coming out of Nick Carter. So lots and lots of great stuff happening down there in Texas.

But this speech is the one, as I mentioned before, where Commissioner Perce reclaims the language

of the Wild West from one of her fellow commissioners, SEC Chair Gary Gensler. I think it's a great

speech. It shows why Commissioner Purse is so important to those of us in this industry.

So without any further ado, let's dive in.

Thank you to the Texas Blockchain Summit for the chance to be here today.

I have to start with my disclaimer that my views are my own, and not those of the Securities and Exchange Commission, or my fellow commissioners. I am interested, however, in what my colleagues have to say, which is why

Chair Gensler's habit of calling the cryptobverse the Wild West has captured my attention.

He's not alone in referring to the crypto landscape as the Wild West, a place we imagine to have

been lawless, a society in which the gunslinger with the best reflexes and worst morals wins

at everyone else's expense. Miriam Webster defines the Wild West as the

Western U.S. in its frontier period, characterized by roughness and lawlessness. Bringing government

into that kind of environment to establish some order seems like a no-brainer. Today, however, I will

offer a different take on the Wild West, and, with that picture in mind, suggest a way forward

in crypto regulation. The West of the past called to people who were chafing against the state and stale societies of the East

...