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, February 5th, and today we are talking about some major

changes in U.S. Crypto Policy. 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. All right, friends, well, as you can hear from my voice, I finally succumbed to kid disease season,

but we are going to power through because we have some very exciting things to talk about.

For a couple months now, I've been talking about how we need to shift our framework from

all the good that could be to what actually happens.

And boy, did we get a heck of a lot of that yesterday. SEC Commissioner Hester Perce has set out the roadmap for crypto policy during this administration.

On Tuesday, Perce released her first official statement as head of the Crypto Task Force,

entitled The Journey Begins. She used the analogy of setting off on a road trip,

contrasting the analog days of the 1970s to the much more enjoyable and less risky technology-enhanced

road trips of today.

Purs argued that the crypto road trip of last decade was steered by an SEC that, quote,

refused to use regulatory tools at its disposal and incessantly slammed on the enforcement

brakes as it lurched along a meandering route with a destination not discernible to anyone.

Ouch.

Under the new SEC, Perse didn't promise

that the road would be any less bumpy. Indeed, she wrote that, quote, this new journey towards

regulatory clarity still presents dangers, and both the commission and the public need to stay alert and

aware of the risks and opportunities that may lie ahead. But the agency has officially traded in

...