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 Tuesday, April 30th, and today we are talking about CZ's prison sentence.

Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,

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L.Y slash breakdown pod. Well, friends, today is in many ways a second part of the denou ma on the last cycle.

I think it's pretty clear that the most cathartic move-on inflection sort of moment was the

sentencing of SBF. And we'll talk a little bit today about how the vibes differ with this

particular case, but still, it is a remarkable representation of theF. And we'll talk a little bit today about how the vibes differ with this particular case,

but still, it is a remarkable representation of the shift that as a new generation of Bitcoin

ETFs from companies like BlackRock and Fidelity, lead the charge on this new cycle,

the giants of the last one are either in jail or headed there. Now to catch up on the details, CZ was being

sentenced today for failing to maintain effective anti-money laundering procedures at the exchange.

CZ pled guilty to these charges in November, and in the plea agreement, CZ had agreed

to accept an 18-month prison sentence without appeal. Prosecutors subsequently made the point

that they were at liberty to ask for the maximum sentence of 10 years, which they did as part of their argument for why CZ should not be allowed to

leave the country before his sentencing. Both CZ's defense and the prosecutions have made a strong

case to the court ahead of this sentencing hearing. In their final submission, the DOJ settled on

asking for three years in prison. This is above the federal

sentencing guidelines, but prosecutors argued a harsh sentence was warranted, stating,

Zhao's willful violation of U.S. law was no accident or oversight. He made a business decision

...