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 Wednesday, December 13th, and today we are talking about the

integration of crypto into the mainstream financial system. Before we dive into that, however,

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Well, friends, like I said, the theme of the day is integration, and we have a bunch of different

angles that we are coming at that from, starting with a little update from ETF land.

Now, the biggest thing that has shifted over the last call it month or so is that more and more,

it appears that the SEC is interacting positively and proactively with an eye to actually

addressing their issues rather than just finding excuses to deny the raft of spot Bitcoin

ETF applications.

To that ends, the SEC have held a series of meetings with asset managers over

the past month to iron out key details in those spot Bitcoin ETF applications. The theme of earlier

engagement with the regulator was ensuring full disclosure of risks, with firms responding

by fleshing out their filings with a comprehensive index of Bitcoin FUD. Over the past few weeks,

however, SEC meetings have

turned to the pragmatic issues which come with launching the first spot crypto product in the U.S.

Grayscale, Franklin Templeton, BlackRock, and Fidelity have all met with SEC staff

over the past week. While we don't know everything that was discussed at these meetings,

presentation slides from the most recent BlackRock infidelity sessions were made

...