Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? Well, ask and ye shall receive, I guess. It is Tuesday, June 6th, and we are talking about the SEC, going after Binance and now Coinbase as well.

A quick note before we dive in. If you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the

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ly slash breakdown pod. Well, friends, yesterday I told you how just as I was pressing record

on the show all about the new McHenry Thompson bill, the SEC threw my plans into turmoil by suing

Binance and CZ. So of course,

this morning I came all prepared with a full workup of the details of that suit and what it means

and the crypto industry's interpretation thereof, only to have Gary Gensler fire his second shot

in his many days suing Coinbase as well. Now, the simple fact of the matter is that I have not had a chance

yet to dig fully into the Coinbase suit, although the first interpretations from many of the

crypto-legal minds that I trust seem to think that there are some pretty significant differences

between the two suits. That said, they're still alleging a lot of the same things in terms of

what assets they say are securities. And of course, it still

amounts to the SEC going after the biggest global exchange and the most well-known U.S.

exchange inside of one week. The blockchain associations Jake Chervinsky summed it up this way.

I often think of a line Matt Levine wrote last September about SEC Chair Gary Gensler. His message

is basically, I should be the main regulator

of crypto. And as the main regulator, my plan is mostly to ban it. Forget regulation by

enforcement. This SEC wants a ban by enforcement. So today we are going to dig into the details

of the Binance suit as planned. And then tomorrow we will do a larger workup of the Coinbase suit

...