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.

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What's going on, guys? It is Saturday, November 6th, and that means it's time for the weekly recap.

Let's start today with the latest bluster from the regulatory sphere.

A Gary Gensler speech is making the rounds.

The block is saying that it hints at enforcement actions against crypto. A Gary Gensler speech is making the rounds.

The block is saying that it hints at enforcement actions against crypto firms.

Here are a couple of the key quotes.

Sometimes people focus on labels.

For example, we hear the term decentralized finance, defy, currency, or peer-to-peer lending.

It can seem easy to take these words at face value.

Make no mistake, regardless of the label or purported mission, we will be looking at the economic realities of a given product or

arrangement to determine whether it complies with the securities laws. Some market participants may

call this regulation by enforcement. I just call it enforcement. Now, if you're wondering why so much enforcement talk,

to be fair, this was given at the Securities Enforcement Forum. So, interestingly, though,

Gensler's comments were also focused on other areas of the market. It wasn't just crypto.

Bloomberg's headline was Wall Street Cop Gensler pledges big cases, faster investigations.

And Forbes writes, Gensler, SEC will pursue misconduct everywhere including matters that don't

make headlines. But for those of us who are in the crypto industry, is there anything else

worth noting around this tough talk? Well, one thing that is worth pointing out is that Dan Berkovitz has joined the SEC

from the CFTC. He's moving to the SEC's enforcement division, and he's perhaps best known for

...