On today’s episode, NLW breaks down a slew of stories that reflect different aspects of the crypto industry:

• Billionaire John Paulson doesn’t like crypto
• FTX US acquires LedgerX
• Syndicate DAO raises $20 million
• Layer 1 battles with Ethereum and Solana 
• Vintage Bitcoin-based “Rare Pepes” get repurposed and sold on OpenSea
• Treasury trying to add MORE rules for crypto reporting 

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell 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 “Only in Time” by Abloom. Image credit: Malte Mueller/Getty Images, modified by CoinDesk.