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Wondery UK. That's audible.com slash Wondery UK. Good afternoon, everybody, and thank you, Paul for joining us. Thank you, everyone, for joining us.

My name is Nick. I'm the regulatory editor for CoinDusk, and we are going to be talking about,

not regulations. J.K., we're talking about regulations. Let's do it. Paul, moments ago,

Coinbase published, we saw a video, Coinbase published the Welles

response that you sent to the U.S. Securities and Exchange Commission, where you outline why you

think the commission is wrong in saying Coinbase violated, you know, the federal law.

Really quickly, let's just start with that. Can you talk us through the argument?

What did you send to the SEC and, you know, how are you looking at what they're alleging? Well, first of all, it's a pleasure to be up here with you, Nick, and to join so many of you for this conversation.

Last Wednesday, we did submit a formal response to the Wells notice that we received,

and that submission consisted of two things.

A video, a portion of which you all just saw, and a brief which outlined why we believe

an enforcement action against Coinbase would be misguided and contrary to law.

And the heart of our argument in that brief, which I encourage all of you to read since we've now posted it publicly,

...