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 Thursday, July 13th, and today we are talking about the return of some of the most significant crypto legislation from last year.

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. All right, a quick note before we dive in. This show was all prepped

and ready for today. I was about to press record when the news dropped that Alex Machinsky of

Celsius had been arrested, alongside being sued by the CFTC and the SEC,

but the more significant part is that he had been arrested. This is obviously a huge bit of news.

After Sam from FTX and Doquan from Terraluna, Mishinsky was probably the person from the

2022 crop of crypto failures that most had a target on his

back from the crypto community. As you listen to this, people are ripping through court documents

to see what they can learn. And so tomorrow, of course, we will have a full workup of everything

that comes out of that. But for today, we are going to be digging into the reintroduction of

the most significant crypto legislation proposed last year. and in many ways the most significant crypto legislation

right up until this year's McHenry Thompson Act.

Yesterday, Senator Cynthia Lemmiss of Wyoming wrote,

The crypto asset industry is here to stay.

Today, Senator Gillibrand and I are reintroducing landmark legislation to create a federal regulatory

framework that allows crypto businesses and investors to prosper here in America while protecting

consumers from bad actors.

The Bipartisan Responsible Financial Innovation Act was first introduced last June.

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