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 Saturday, July 1st, and today we are talking about the legal

tide turning. Before we get into that, however, if you are enjoying the breakdown, please go

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breakdown pod. Hello friends. Welcome back to The Breakdown. This is a perfectly appropriate

show for July month, the beginning of a new month, and really what feels like to me,

the beginning of a different feeling time in the crypto industry.

One of the things that has become clear over the last year, year and a half, is that the

crypto industry was going to have to fight a number of different battles in the court arena,

that it was unlikely that we would get the clarity that we need around regulations and policies

without fighting some real, honest-to-god legal battles. And there are unlikely that we would get the clarity that we need around regulations and policies without

fighting some real honest-to-god legal battles.

And there are a number of examples of those legal battles and generally the crypto

industry going on the offensive that are starting to appear.

Let's start today with Coinbase.

Coinbase has filed its response to the SEC lawsuit, rejecting the

regulator's jurisdiction. The document filed on Thursday claims that crypto tokens are not investment

contracts and therefore not securities, meaning the SEC has no standing to bring its lawsuit.

Essentially, the argument goes that when sold on the secondary market, tokens do not

...