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, May 21st, and today, boy, do we have follow-ups about

crypto's big political week. 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, friends, well, this week is already arguably the most important week in U.S.

Crypto Policy ever, and it's only Tuesday.

Yesterday morning, Grayscale CEO Michael Sonnonshine resigned to be replaced by a veteran

Goldman Sachs executive with rumors the company is being prepped for sale.

Promethean, the prototype for so-called SEC-compliant crypto, said they are soft launching

their Ethereum custody service, and longtime crypto antagonist J.P. Morgan's CEO, Jamie Diamond,

said he would be retiring as the head of the world's largest bank within five years.

And yet, none of these stories matter anywhere near as much as the paradigm-shifting events

that played out yesterday in Washington.

Rather than trying to rank the importance of these various things, we're just going to go

chronologically throughout the day. In the morning, Senate banking chairman Sherrod Brown issued

a statement calling for a change of leadership at the FDIC. Chairman Marty Groomberg has been

under intense scrutiny for several months after reports uncovered widespread misconduct at the agency.

Sexual harassment,

racism, discrimination, and a culture of bullying were allowed to fester during Grunberg's

time his head. On top of all that, there was an implication that the FDIC had allowed this culture

...