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, June 19th, and today we are discussing Tethers purchase of Chinese

commercial paper as well as Binance's settlement with the SEC. Before we get into that,

however, if you're enjoying the breakdown, please go subscribe to it, give it a rating, give it a review,

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All right. Well, between BlackRock and Prometheum to end last week on such a crazy note,

there were some pretty important stories that we really didn't have much of a chance to get into.

Today we're going to catch up on a couple of those

stories, and we're going to start with Tether. We had a scoop from Ian Allison, which after his

reporting around FTX and the Alameda balance sheet, should certainly be enough to get us paying

attention. Last Thursday, Tether's balance sheet from March 2021 was released to the media. The release came as part

of a settlement with the New York Attorney General's office. Tether had provided financial records

as part of the lawsuit, which were later requested via a Freedom of Information law filing by multiple

media outlets. In the lead-up to the release, Tether had sold off sharply, unbalancing the

curve three pool. Tether spiked to represent over

70% of the liquidity pool, and the stable coin was transacting at half a cent off its dollar peg.

Now, Tether front ran the reporting with a blog post on Thursday. They claimed that, quote,

Tether has nothing to hide, and we hold utmost confidence in the accuracy of our financial figures.

Their take on the financial disclosure was

that it would show, quote, the legitimacy of Tether's business and the existence of its reserves.

...