Chamber of Commerce Says “The SEC’s actions are not just harmful policy; they are unlawful.”

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 12 May 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today's Breakdown, NLW catches up on: A number of amicus briefs filed in support of Coinbase's lawsuit against the SEC The Chamber of Commerce joins the fight Reps McHenry and Huizenga pen another letter to SEC demanding information Brad Sherman blasts GBTC in letter to SEC DCG-Genesis in mediation after deal falls apart Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribeto the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Friday, May 12th, and today we are talking about an unexpected ally showing up in Crypto's corner for the fights that are happening right now.
0:29.8	Before we dive into that, 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 conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.
0:40.7	com slash breakdown pod. Well, friends, it is no secret that we are engaged in battles on all
0:46.5	fronts. Behind the scenes, we've got Operation Choke Point that is trying to get crypto company
0:52.3	access to the banking infrastructure to be
0:54.2	effectively null and void, plus whatever pressure is being put on market makers like Jump and
0:58.6	Jane Street to get them out of the space. Then in front of the scenes, we've got dame taxes,
1:03.7	enforcement actions, and as Travis Kling so eloquently put it once on this show, Brad Sherman's
1:10.0	punk ass. And yet, we are not without allies.
1:13.9	Today's breakdown is about a couple of those allies, including one that is somewhat new,
1:18.0	standing up to fight shoulder to shoulder with us in this battle. Now, the first of these comes in
1:22.9	the case of Coinbase. Last year, Coinbase requested information from the SEC, quite reasonably, I would
1:28.8	say, about which assets are securities and how the SEC makes that determination. Instead,
1:34.4	as so often happens, the SEC sent them a well's notice informing them of forthcoming enforcement
1:39.3	actions. So, Coinbase sued. They said that the SEC had denied their responsibility to answer Coinbase's
1:45.9	question in a reasonable manner. And believe it or not, it's not just us bloodthirsty crypto-twitter
1:51.1	denizens who are excited about the lawsuit, but some heavy hitters as well. This week,
1:55.8	Paradigm Ventures and the Crypto Council for Innovation lodged amicus briefs or friend of the
2:00.3	court briefs expounding
2:01.4	on the legal arguments against the SEC's current stance. And their amicus brief paradigm said,
	...

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