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 Friday, September 5th, and that means it's time for the Friday 5. 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 buy in a link in the show notes or go to bit.ly slash breakdown pod. All right, friends, back with another Friday 5, and as it's been basically forever throughout

2025, it is a Washington, D.C.,ish Friday 5.

We've got Trump family crypto news, some very positive stuff out of the SEC and CFTC,

a Fed Innovation Conference, all that and more.

So without any further ado, let's dive in.

Shockingly, we're talking about the government.

Yep. I know that's going to fill people's minds. We've moved into the fall, but it definitely

feels very similar to the summer in terms of all these stories. It does. The first one here,

U.S. Fed to hold conference on digital assets amid challenges to leadership.

Obviously, we have Fed Governor Lisa Cook defending herself against dismissal in court,

but the central bank said it will hold an October event to address innovation in payments.

I guess, you know, Swift isn't fast enough and they're willing to consider using

technology that's not from the 1970s and 80s. Yeah. So, I mean, look, I think that broadly speaking,

we're in a phase where it kind of makes sense to try to move away from judging how things

are going from a regulatory perspective by what people are saying to what people are doing.

And this is kind of a weird in between in the sense that, yes, it's just a conference.

Conferences aren't going to change anything. However, I do think that people are taking it as,

one, a pretty clear signal of the change in disposition of the Fed towards this industry, given that it wasn't,

you know, just about a year ago that they were still trying to kind of keep it out of the

regulated financial system. But two, we got a couple of weeks ago around Jackson Hole these

...