This episode is sponsored by, Circle and FTX US.

On this week’s “Long Reads Sunday,” NLW reads “Ethereum's New ‘Staking’ Model Does Not Make ETH A Security.” The piece was authored by:

  • Rodrigo Seira, crypto counsel at Paradigm
  • Amy Aixi Zhang, policy counsel at Paradigm
  • Jake Chervinsky, head of policy at the Blockchain Association, adviser at Variant Fund and board member at DeFi Education Fund

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Eleanor Pahl and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “The Now” by Aaron Sprinkle and “The Life We Had” by Moments. Image credit: Jason marz/Getty Images, modified by CoinDesk. Join the discussion at