Today on “The Breakdown,” NLW looks at reports from Messari’s Mainnet conference that the Securities and Exchange Commission served one of the speakers with a subpoena right before a panel. He discusses:

• The growing tension between securities regulators and crypto lending and interest programs
• Why Coinbase backed down from its fight with the SEC about its upcoming Lend product 
• The non-news from today’s Gary Gensler webinar 
• OFAC’s first sanctions against a crypto exchange. 

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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: Lyubchik Prokopchuk/iStock/Getty Images Plus, modified by CoinDesk.