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 8th. And today we are wrapping up the week

with a little bit of discussion of some new guidance about how crypto is not going to be successfully

banned, as well as a new paper on privacy that's generating a lot of conversation. But before that,

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. But before that, 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. Hello, friends. Happy Friday. Today we are rounding out the week with a number

of different stories across the industry, and we're kicking off with something that I think everyone who is in this industry knows

intuitively, but which is finally being recognized from the outside in as well.

The International Monetary Fund and the Financial Stability Board have just released a new paper

called policies for crypto assets.

The abstract reads,

Crypto assets have been in existence for more than a decade and have displayed significant

volatility. Alongside their volatility, crypto asset activities have also grown in complexity.

So far, direct connections between crypto assets and systemically important financial

institutions, core financial markets, and market infrastructures have been limited.

Nevertheless,

they have the potential to emerge as a source of systemic risk in specific jurisdictions if they

gain traction for payments or retail investments. Now, this is something we've heard from this

set of international institutions quite a bit. Basically, that crypto isn't that risky now because

...