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 Monday, August 7th, and today we are talking about the latest

in Coinbase's fight against the SEC. A quick note before we dive in, sponsorship is back

open again on the breakdown. You've heard over the last few weeks a number of sponsors of the show,

and we are currently booking out for the fall and into the beginning

of next year. If your company is looking to reach easily the smartest audience in the

crypto space, shoot me a DM or send us a note at sponsors at breakdown.network.

And with that, let's get into this show. Now, this morning, a really significant thing happened,

and that is, of course,

PayPal's announcement of PYUSD or PiUSD, which is their new stablecoin offering built on

Ethereum. Right now, the leading contender for the most important trend of this bear market

is Tradfai muscling in on the territory that was seeded by crypto-native companies behaving badly.

And this could obviously be another big example of that.

Now, this news just happened after I had already prepared today's show,

so we will get all into that tomorrow.

But for now, we have some big things from the end of last week to catch up on.

On Saturday, Coin Fund CEO Jake Brookman tweeted,

this might be one of the most important documents ever produced that explains why

digital assets are, in general, not securities. The document he was talking about came from

Coinbase, and it was a request from that company to dismiss the SEC's case against them.

Coinbase Chief Legal Officer Paul Grewell wrote,

...