This episode is sponsored by, NEAR and FTX US.

Tether has released its Q1 reserve attestations. On today’s episode, NLW covers what many in the industry are seeing as positive shifts. He also looks at some recent regulatory news, including the Securities and Exchange Commission and Commodity Futures Trading Commission increasing enforcement actions.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: wsmahar/Getty Images, modified by CoinDesk. Join the discussion at