This episode is sponsored by NYDIG.

On today’s episode, NLW follows up on the burgeoning bitcoin-mayor competition between New York City’s Eric Adams and Miami’s Francis Suarez. The show’s main topic is an open letter sent by Congressional Blockchain Caucus co-chairs Rep. Tom Emmer and Rep. Darren Soto to Securities and Exchange Commission Chair Gary Gensler about the recent approvals of bitcoin futures-based exchange-traded funds. They argue it simply doesn’t make sense to approve a futures ETF but not a spot ETF that holds actual bitcoin. Surprise, surprise, the crypto community agrees.

“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. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Daniel Acker/Bloomberg/Getty Images, modified by CoinDesk.

Read more: What Is a Bitcoin Futures ETF?