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 Saturday, October 16th, and that means it's time for the weekly recap.

This week, there was an interesting little trend and wrinkle on the week, which is that clearly

the crypto industry is tired of waiting for regulatory clarity and

has decided to start giving policymakers some options and perspectives of our own. This week, two

different companies proposed very different types of policy frameworks. I'm going to do a bit of a

dive in to give the TLDR on them, and then share some of the social commentary around

them as well. First up, let's talk Coinbase. Obviously, Coinbase has been in the regulatory

spotlight throughout the year, first in terms of everything around their initial public offering,

or I should say their direct listing, that's the way they went public. But either way, as the first

U.S. crypto exchange to go

public, there was a lot of regulatory discussion then. That has only intensified as regulators have

gotten very, very aggressive about crypto yield programs. A few weeks ago, the Coinbase CEO publicly

wrote that the SEC had been acting sketchy, which seems to have won them no fans inside

the SEC. Part of what Coinbase's complaint was is that in a recent trip to Washington where

they met with over 75 policymakers, the SEC wouldn't meet with them. Still, the fruits of those

meetings are now becoming clear. Brian Armstrong tweeted this week, today we're launching our digital asset policy proposal, DAP, which we hope will chart

a course for clear regulation of cryptocurrency and Web3 in the U.S. It's critical to bring clarity

to this space and ensure America remains a financial leader. This is not about Coinbase.

We completed more than 75 meetings with stakeholders

...