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.

The breakdown is produced and distributed by CoinDes.

What's going on, guys? It's Friday, March 3rd, and today we're talking about why courts

and the legal system might be the best way to fight SEC overreach.

Before we get into that, however, if you are enjoying the breakdown, please go subscribe

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breakdown pod. All right, guys, jam-packed end of the week. First of all, a quick follow-up on

Silvergate. Obviously, they were the main character of yesterday's show, and what started as a

trickle of crypto companies

leaving the bank has now turned into a flood. By Thursday, the list of companies that had cut

ties with Silvergate included Coinbase, Circle, Paxos, Crypto.com, BitStamp, LedgerX, CBOE, Digital

Markets, Galaxy Digital, and Gemini. Silvergate's share price dived about 58% dropping to an all-time low.

For those who haven't listened to that show, Silvergate had announced on Wednesday that it would

be delaying filing its 10K annual report, and the notice of delay stated that the bank was

answering questions from its auditors and accountants, needed to assess the impact of

ongoing regulatory and DOJ

scrutiny and needed to reconsider its ability to, quote, continue as a going concern.

It's assumed that Cracken is the only major crypto exchange continuing to use Silvergate,

having cut ties with crypto banking rival Signature Bank on Wednesday,

although Cracken have not commented on whether they still have significant business with

...