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, June 11th, and that means it's time for Long Read Sunday.

Before we get into that, a quick note, if you were enjoying The Breakdown, please 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. Well, as you've heard for the last couple of shows, I have been

on the midst of losing my voice for quite some time. And so today, we are taking a page from the

AI breakdown, which, by the way, if you haven't tried out yet, you should check out. And we are

doing a long read Sunday read by AI. So you're going to hear my voice sort of. This is a voice clone that I did of myself

using play.h. I'm using it to read two pieces today, both themed around, of course, the themes

of this week, the SEC, and the legal battles that we now find ourselves facing. The first piece

comes from Coin Desk's David Z. Morris and is called the new crypto bill

Gary Gensler doesn't want you to know about. When Gary Gensler's Securities and Exchange Commission,

SEC, this week filed securities charges against America's biggest cryptocurrency exchange,

they were premised on a single core idea that securities law already includes the necessary

tools to regulate cryptocurrency assets and marketplaces.

Jensler, an appointee of the Biden administration, has consistently repeated that crypto doesn't

need new rules.

But legislators from both the House and Senate and belonging to both political parties seem

to disagree.

A series of recent bills show the legislative branch actively engaged in lawmaking around crypto. They clearly don't agree that the

status quo is good enough. According to one legal theory based on a law known as the Administrative

Procedures Act, APA, the existence of this process could undermine the SEC's current round of enforcement actions.

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