Ah, the industry was once so hopeful about Gary Gensler’s appointment to the Securities and Exchange Commission. Yet, as the years have progressed he has become the industry's most aggressive antagonist. In the wake of increasing congressional scrutiny of his dealings with Sam Bankman-Fried and FTX, Gensler is fighting back in media appearances. In today's episode, NLW discusses Gensler's argument that all crypto assets are securities, aside from bitcoin.

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“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Alex Wong/ staff/ Getty Images, modified by CoinDesk.

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Gary Gensler, Bitcoin and the Bad-Faith SEC