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? It is Thursday, June 8th, and today we are talking about Gary Gensler

behaving badly. Before we get into that, if you are enjoying the breakdown, please go subscribe to it,

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breakdown pod. Well, friends, the show notes or go to bit.ly slash breakdown pod.

Well friends, the saga continues. Binance is fighting back and Gary, oh Gary, what a predictable turn

of events. The TLDR is that Binance has accused Gary Gensler of approaching them about being

an advisor in 2019 before, of course, becoming the chair of the SEC

and suing them into oblivion. So let's dig into all of that. A document filed on Wednesday by

the SEC indicates that Binance lawyers alleged that SEC chair Gary Gensler offered to work

as an advisor for the exchange. Now, this is not the first time we've heard something

like this. Similar issues were covered in March reporting from the Wall Street Journal,

which had framed the story a bit differently as Binance approaching Gensler for an advisory role.

That article described several meetings held between October 2018 and March 2019.

Gensler is said to have met up for a lunch meeting with

CZ in Japan to discuss the B&B token and the prospect of opening a U.S. exchange. Internal chat logs

said that Binance viewed Gensler at the time as being, quote, likely back in a regulator's seat

if Dems win the 2020 election. Now, new reporting from CNBC cast the story in a very

different light, with Gensler instead approaching Binance to suggest that he take up an advisory

role. Previously, communications between Gensler and Binance were reported as having closed in March

...