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 Monday, July 1st, and today we are talking about some insanely big stories in crypto-legal and administrative law more generally from the end of last week.

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.

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Hello friends. Happy July.

At the end of last week on my live show with Scott Melker, we were talking about how

Thursday had been an incredibly terrible day for Gary Gensler.

Between the Solana ETF, the Coinbase Freedom of Information Act lawsuits, and the

Supreme Court striking down the SEC Internal Tribunals, it was not a good one to be Gary. However,

there is an argument that Friday was even worse. We're going to get into stories around

consensus, finance, but first we have to dig a little bit into this Chevron story. It's a hugely important

update in how the administrative state will operate moving forward, and is an event that has the

potential to structurally change how the U.S. government operates. The main point here is that it is

hugely impactful for the SEC-FTC jurisdiction creep within crypto, but will also likely be a more

fundamental change for U.S.

society and its relationship with the government. So let's get into that, and to be clear,

this is nowhere near as comprehensive as it could be, but I didn't want to leave it unaddressed

at all. The Supreme Court has overturned a 40-year precedent, bringing an end to Chevron

deference, and significantly weakening the administrative

state. The original 1984 case related to emissions control and allowed the EPA broad scope in how

they implemented the Clean Air Act. The Supreme Court had ensured that federal agencies could fill in

...