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 Tuesday, January 23rd, and today we shift our focus back to

Binance after a minute away. Before we get into that, however, 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

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breakdown pod. Hello friends. Well, we are in the inevitable, I think, lull following the Bitcoin

ETF launches. We're seeing that sell the news price action that was anticipated by many.

And in that process, we're kind of catching up on a bunch of the legal stuff that had been a little bit shunted to the side over the past few weeks. As I mentioned today, we are catching

up with yet another legal case, but this time it is Binance. On Monday, Binance lined up against

the SEC in court to argue that the case should be dismissed. This will sound familiar if you

listened to yesterday's show about Coinbase making some similar arguments. Indeed, this hearing was functionally very similar to the Coinbase hearing from

last Wednesday, covering many of the same legal issues and looking to get rid of the case early in the

process. Now, for a more in-depth discussion of that case and a little bit more of a legal underpinning,

go listen to Last Thursday's show. Clearly, I've lost all track of time, but it was,

in fact, last Thursday. Now, for the purposes of today, the big points are that these cases are

dealing with the SEC's jurisdiction over crypto tokens in general, and that Binance and Coinbase

have a very difficult legal standard to reach in order to have their cases dismissed at this early

stage. The Binance case is being heard in the

D.C. Circuit, while Coinbase is being heard in New York. That means that the SEC has a second

chance to reframe their legal argument in front of a separate judge in a separate jurisdiction.

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