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.

The breakdown is sponsored by Nidig and produced and distributed by CoinDes.

What's going on, guys? It is Saturday, September 25th, and that means it's time for the weekly

recap. And for this week's weekly recap, we are going to use the framework of what happens

when shit gets real to understand what we've seen this week and try to have

just a vibe for the industry as a whole. So let's start on the regulatory side with things

getting real. Well, on Wednesday, Bloomberg came out with a headline, Biden to tap

crypto and big bank critic to run Wall Street Watchdog. Subheadline, OCC nominee

Omerova favor shifting bank accounts to Fed. So what is the Office of the Comptroller of the

currency? This is the U.S.'s biggest bank regulator. The OCC hit many in crypto's radar for the first

time last year when former Coinbase General Counsel

Brian Brooks became the acting comptroller of the currency under Donald Trump. During his very

brief tenure in that position, something like nine or ten months in total, he made some pretty

sweeping and huge changes around how banks could interact with stable coins

and how banks could interact with crypto in general and what sort of licenses were available to

crypto institutions. These things raised a lot of hackles. They raised the hackles of Democrats

in Congress who produced the Stable Act as a response. And clearly they raised the hackles of many in Congress who produced the Stable Act as a response, and clearly they

raise the hackles of many in the Treasury and elsewhere, who are now very effusively trying to

rein stable coin regulation back into their sphere of orbit. For the last few months, the OCC

has not had an actual director. It has only had an acting

comptroller, just like Brian Brooks was an acting comptroller. Now Biden is poised to nominate

...