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 Sunday, July 2nd, and that means it's time for Long Read Sunday.

A quick note before we dive in, if you have not signed up for the breakdown first five newsletter,

you really, really should. Every weekday, I send out the five most interesting or important news stories

from Bitcoin, crypto, and macro, and I think

it's a really great way to get set for the day. You can find a link to that at breakdown.network,

or you can go directly to breakdown.bh-d-B-H-I-I-V-com, and you will find it there.

But with that, let's get to today's long read Sunday.

Given yesterday's show all about the legal tide turning, I thought it only appropriate that

we read an essay from Paolo Taska, professor and economist at University College London,

called Gary Gensler failed the U.S.

crypto industry, and so has Congress. It is a pretty scathing piece, and I'm excited to share

it with you here. We are entering the summer of the U.S. Securities and Exchange Commission.

The agency's latest actions against the world's foremost exchanges, Coinbase and Binance,

have the crypto sector reeling. Major players are making moves quickly.

Crypto.com announced it will wind down its U.S. institutional business due to limited demand.

Robin Hood testified last week in a House crypto hearing about the complete lack of help it

received from the SEC in registering as a digital

assets broker. This isn't a full accounting of the SEC's recent activities or crypto's response.

There is far more to explore. But the ringleader of the chaos is Gary Gensler, the current

chairperson of the US Securities and Exchange Commission. Robin Hood, E Toro, and other major brokers have begun

...