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 Tuesday, September 30th, and today we have a big bucket of regulatory progress for crypto. 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. On Monday, the SEC and the CFTC held a joint roundtable on regulatory harmonization.

CFTC acting chair Carolyn Pham announced, it's a new day and the turf war is over.

SEC Chair Paul Atkins made the point in his opening speech that collaboration, not consolidation,

is the goal.

He asserted that there are no plans to merge the two agencies,

a decision that he said would be up to Congress and the president. Instead, Atkins argued that,

quote, fanciful talk of reorganizing the government risks distracting us from the monumental

opportunity we have in front of us. Now, this was the first joint roundtable held by the two

agencies in about 14 years, dating back to the period when Dodd-Frank

was first being implemented. Since then, the agencies have been working independently, and during

the crypto era, sometimes it cross-purposes. The regulatory climate of the past administration was

marked by a turf war where the two agencies could not see eye-to-eye. Enforcement actions were

often brought against crypto projects, not because

they were an example of the worst actors in the space, but purely as a jurisdictional land grab.

The agencies have been signaling that a new era of collaboration was beginning, but this roundtable

laid out exactly what that will look like. Fam, for her part, seemed focused on presenting

proof of life for the CFTC. She explained that the agency has taken 13 enforcement actions so far this year and 18 non-enforcement actions commenting, I think you will see that the CFTC is alive and well, and there needs to be no more fud about what's going on on the other side of town. Fam finds herself as the sole remaining CFTC commissioner after everyone else resigned following the transition of power in the White House. FAM also intends to leave once a new

CFTC chair is appointed. Ryan Quintend seems increasingly unlikely to be moved forward as the nominee,

and we have no real indication of a replacement from the administration. That context explains

why FAM was so insistent that the CFTC is and will continue to be a viable independent agency,

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