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, July 10th, and today we are talking about the SEC's latest response to Coinbase.

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

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bit.ly slash breakdown pod. Well, friends, today we pick up right where we left off at the end of last

week, because on Friday afternoon, fairly late, we got this thread dropped from Paul Grewell,

the chief legal officer at Coinbase. He wrote, after Coinbase gave notice of its intent to move to throw out

their case, we consented to a few extra days for the SEC to explain why it intends to oppose.

They've now filed, and sadly, it's more of the same. They ignore the plain requirement in the

Supreme Court's holding in Howie decades ago that an investment contract first and foremost requires

enforceable rights against an issuer. It requires more than just an investment of money,

etc. They ignore their obligation to give due regard to the public interest and investor protection

when they allowed us to list publicly over two years ago. They ignore the statements of their

own chair a month later in testimony before Congress

that there are no regulatory authorities applicable to cryptocurrency exchanges like us.

They ignore the clear and unmistakable warnings of the Supreme Court just last week

against regulatory overreach and major questions reserved to Congress. And on and on it goes

ignoring these dispositive points. But apparently we agree on one thing.

Many of these issues can and should be decided promptly as matters of law. So that is what we're

going to focus on today, and let's dig into what all is going on here. So, as you've heard on

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