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, September 11th, and today we are talking about a

House Defy hearing. 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. You can find a link in the show notes or go

to bit.ly slash breakdown pod. Hello, friends.

Well, quickly before we get into the main topic of this hearing, one of the things that people

were wondering heading into the debate yesterday was whether the topic would be important

enough to finally make it into a presidential debate.

For example, would former President Trump try to hang anti-innovation policies on Kamala Harris's

head, maybe making a passive reference to the crypto industry or something like it?

Alas, when all was said and done, crypto wasn't mentioned at all, even in the context of innovation

policy. Ultimately, the only thing interesting for crypto folks was to see that there

continues to be correlation between former President Trump's chances in the price of Bitcoin. Polymarkets' odds of a Trump victory went down

three points during the debate, and Bitcoin went down right alongside it. So for now, no crypto in the

debates. Earlier in the day, however, we did get a substantial discussion of crypto policy back

in Washington, as the House Financial Services Committee

held their first ever hearing specifically on Defi. The framing was fairly neutral, and the

invite list was stacked with some of the best thinkers in the crypto legal community.

Present to give testimony we had, Brian Avello, the chief legal officer of UDHC and former General

Council for the Maker Dow Growth Foundation, Amanda Tuminelli, the chief legal officer of the

...