Hinman Emails Show SEC Just Making It Up As It Goes Along

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 14 June 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

Yesterday three consequential legal events happened. Former SEC officer Bill Hinman's emails were released; the SEC was forced to respond to Coinbase; and Binance had their hearing on the SEC's emergency asset freeze request. NLW covers all of the important details. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribeto the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Wednesday, June 14th, and today we are doing part two of one of the most
0:23.9	consequential days in crypto legal history. Before we get into that, however, if you are enjoying
0:29.7	the breakdown, please subscribe to it, give it a rating, give it a review, or if you want to dive
0:33.5	deeper into the conversation, come join us on the breakers Discord. You can find a link in the show
0:37.5	notes or go to bit.ly slash breakdown pod. All right. So today we are going to start with the same
0:42.9	tweet we started with yesterday from Coinbase's Paul Grewell. He wrote one, hearing on motion to
0:48.7	seize finance assets in DDC. Two, release of Hinman docks in SDNY. Three, SEC response to order on Coinbase petition
0:56.6	in Third Circuit. Not every federal court day is eventful in crypto, but tomorrow, i.e. Tuesday, is.
1:03.3	Patrick Hillman, the chief communications officer at Binance, quote tweeted that and said
1:06.9	tomorrow will likely prove to be one of the most consequential days in the history of the U.S.
1:15.5	blockchain community. Buckle up and pray the judicial system helps provide relief for U.S.
1:20.9	users. So today, we are following up yesterday's analysis going into those with what actually happened. And we're going to start with Coinbase. Now you'll remember that this was a Coinbase
1:25.7	rulemaking lawsuit, basically that Coinbase said
1:28.7	that the SEC had not responded in a timely manner to Coinbase's petition for rulemaking.
1:33.7	And effectively, what Coinbase is trying to ascertain is whether the SEC plans on offering
1:38.1	any guidance in the crypto space.
1:40.5	Coinbase alleges in the case that the SEC has already made up their mind not to pursue crypto
1:45.2	rulemaking, but refuses to make this statement publicly in order to avoid the decision being
1:49.8	appealed in court. Last week, the court ordered the SEC to explain the apparent contradiction
1:55.1	between remaining undecided on rulemaking while pursuing wide-ranging enforcement action.
	...

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