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 Thursday, March 27th, and today we are talking about some big movement on

crypto policy in D.C. Before we get into that, however, if you are enjoying the breakdown, please go

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to bit.ly slash breakdown pod. All right, friends, well, like I said, we have some movement on

crypto policy. We have the market structure bill to be reintroduced soon. We have a new bill

called the Securities Clarity Act. We've got some comments from Senator Kirsten Gillibrand on

stable coins,

news out of Wyoming on their own stable coin. Let's start, though, with the market structure

bill. As this is more of a coming soon than an actual announcement, House Financial Services

Committee Chair French Hill has alluded to a new draft of the crypto market structure bill

coming very soon. Speaking at the DC Blockchain Summit yesterday, Hill said that he has taken technical assistance

and that the revised draft would be published in the next few weeks.

Passing this market structure bill is viewed as a more difficult task than getting

stable coin legislation on the books.

A version of the bill known as Fit 21 was passed by a bipartisan majority in the House last year.

However, many industry figures think that version has some glaring issues,

leaving far too much to the discretion of regulators rather than providing certainty.

Fit21 was negotiated over the past two years and included a lot of compromises to the prevailing

Democrat position on crypto at the time, which is, of course, a lot less politically relevant now. Hill and other lawmakers have been working on an update for months,

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