Bitcoin has been experiencing much higher-than-normal fees of late, driven by Ordinal inscriptions and BRC-20 token memecoin mania. On this Long Reads Sunday, NLW reads two essays that explore how they're driving layer 2 development.

Frogs, Fevers and Fees: Bitcoin’s New Governance Challenge - Michael Casey

As Bitcoin Scales, We Need Better Custodial Solutions - George Kaloudis 

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On this edition of the weekly recap, NLW covers:

• Ledger turmoil
• Stablecoin reserve shifts
• Binance out in Australia 
• Binance total market share dips below 50%
• SEC says Filecoin is a security
• Judge rules Hinman emails can't be locked

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Congressional Blockchain Caucus leaders Tom Emmer (R) and Darren Soto (D) have introduced the Securities Clarity Act, which is designed to ...well...give clarity on what tokens are securities and when. The crypto community has heralded it as simple, common sense, and potentially hugely positively impactful. 

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Oh the irony. For most of the last few years, the US political establishment has been concerned about the risk that stablecoins might have for the mainstream financial system. This year, however, it's been the mainstream financial system wreaking havoc on stablecoins. On today's episode, NLW discusses Circle's move from longer-dated Treasuries to repo agreements, as well as Tether's new Bitcoin purchase plan. 

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Ledger announced a new program yesterday called "Ledger Recover" that has people feeling confused, betrayed, and angry. NLW explores what the uproar is about and what it says about the start of self-custody and self-sovereign values in the crypto industry. 

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After ignoring a Coinbase request for rulemaking for 10 months, Coinbase sued the SEC, compelling a judge to compell the SEC to respond. In 36 pages of legalese, the SEC effectively said "we don't have to move any faster than we want and regulation by enforcement is fine." 

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On today's episode, NLW looks at Binance's troubled history with the Great White North, and explores to what extent their exit from Canada is a story about Binance or a story about Canada. Also Quadriga CX is finally returning to creditors at 13c on the dollar. 

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Today on Long Reads Sunday, NLW reads Nic Carter's "The White House’s Bitcoin Mining Tax Undermines Itself"

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Today on The Breakdown its FTX's Insane tax bill and why 2022 won't leave us alone.

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On today's Breakdown, NLW catches up on: 

• A number of amicus briefs filed in support of Coinbase's lawsuit against the SEC
• The Chamber of Commerce joins the fight
• Reps McHenry and Huizenga pen another letter to SEC demanding information
• Brad Sherman blasts GBTC in letter to SEC 
• DCG-Genesis in mediation after deal falls apart

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