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 produced and distributed by CoinDesk.

What's going on, guys? It is Monday, February 6th, and today we are discussing, well,

the fallout from last year. Before we get into that, a quick note, there are two ways to listen

to the breakdown. You can hear us on the Coin Desk podcast network, which comes out every

afternoon and features other great Coin Desk shows, or you can listen on the breakdown breakdown only feed, which comes out a few hours later in the evening. Wherever you're

listening, if you were enjoying the show, I would so appreciate it if you would take the time to

leave a rating or review. It makes a huge difference. All right, guys, so like I said, today is a

fallout day. This year was always going to be a tough one following up the institutional failures

and frauds of last year, and we are definitely seeing that across a number of different stories.

And where we'll start is with the White House. Last week, the White House published a note

entitled Roadmap to Mitigate Cryptocurrency's Risks. It was co-signed by the National Economic

Council Director, the White House Office of Science and Technology Policy Director, the Council of Economics Advisors Chair, and the National Security

Advisor. The note walked through the tumultuous events of last year and reflected on what

has been done since the Biden administration's landmark crypto executive order in March of last

year. It also laid out the work that still needs to be done to improve regulatory safeguards

for the industry. The note pointed out that agencies ranging from the SEC and the CFTC through

the FDIC have increased enforcement efforts surrounding industry issues. It also noted the recent

joint guidance issued by banking regulators that focused on the need to separate crypto assets

from the broader banking system. Now, regarding things that still need to be done, the administration says that they will be

issuing a statement on priorities for digital assets research and development shortly,

...