This is much more subtle, and suggests I believe a lot of intentionality about using the limited

powers that the SEC has to cause maximum damage for the crypto industry. Make no mistake that

this rulemaking would function as a de facto ban on investment advisors handling crypto assets

due to impossible to comply with restrictions. This is Operation Chokepoint, but for advisors.

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 9th, and today we are talking about crypto's next big

battle. A quick note before we dive in. If you haven't yet, you should go check out the other

breakdown network shows. There is, of course, Bitcoin Builders, which is a show all about the

incredible entrepreneurial and creative energy coming into the Bitcoin space, which is a show all about the incredible entrepreneurial and creative energy coming

into the Bitcoin space, which is at the moment, not without its controversy, given the BRC20 space

and ordinals. And then there's also an AI version of The Breakdown, which comes out every day as

well. If you were liking those shows, I would super appreciate it if you would take the time to leave

five stars or even a review, especially at the beginning showing that there are people

who are listening and enjoying the shows makes a huge difference when people are deciding

if they're going to try them or not. But today, we are popping firmly back into the crypto space,

and as I said, we're starting with what I see as one of the big crypto battles right now. It's something that might seem subtle, but I think could actually

have a pretty dramatic impact. I am talking about a new proposed SEC crypto custody rule.

And to get a sense of the significance, I'd point to this tweet from Tyrone Ross, who wrote,

I really don't think folks understand how damaging this particular part of the new custody

rule is for the space as a whole. No advisor in their right mind will attempt to comply with this.

So what is going on? Well, a group of crypto players, including the Blockchain Association,

...