The SEC was created to protect investors—but is it now protecting incumbents instead? In this episode of Context, we explore the rise of unelected bureaucracies and their hostility to innovation, using crypto regulation as a lens into a larger democratic dysfunction.

From the roots of the administrative state to today's battle between blockchain pioneers and entrenched financial regulators, we explore how bureaucratic overreach can derail progress—and what it would take for America to rediscover its courage to build.

Topics include:

• SEC vs. Ripple Labs and Coinbase

• Regulatory capture and the death of oversight

• Blockchain, XRP, and the Internet of Value

• American innovation and bureaucratic stagnation

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