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 Saturday, October 14th, and that means it's time for the weekly recap.

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 at the show notes or go to bit.ly slash breakdown pod. Hello friends, happy weekend.

Today I have another conversation between Scott Melker and I.

This was recorded yesterday morning, and there are a couple things that I think you will find

valuable in here.

One, although we do spend a fair bit of time on the SBF trial, as opposed to just giving

the play-by-play, which I've

been doing on the show, this is a lot more a subjective reading and interpretation of the

events, what they mean for the industry, what I think we learned. So in true weekly recap

fashion, I think it does a little bit more of that. Now, the second topic that I think will be

of interest to a lot of you is JPMorgan and real-world

assets. We had some interesting news there. And finally, there is a little bit of ETF intrigue

and what might be happening on that front. So, friends, I hope you enjoy this. Let's dive in.

NLW men, how are you today? I am good. I'm having a great week better than a better than a lot of the

weeks of people we're going to talk about today. I'll tell you that. For sure. I don't think

Sam's having a great week. And there's someone else we have to give an honorable mention to who's

finally having a bad week. And that, of course, is Steve Erlich from Voyager Digital. You guys

may not have seen this, but he's being sued by the CFTC for

fraud, for neglect, negligence of customer assets, for lying about FDIC insurance, for taking

risky bets while saying that customers' assets were safe and they were only taking safe bets.

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