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 Thursday, February 15th, and today we are talking about

SEC Chair Gary Gensler getting the Smackdown on TV.

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All right, friends, well, as I alluded to, SEC chair Gary Gensler sat down for an interview with

CNBC's Squawk Box yesterday morning to talk crypto regulation, Bitcoin, and the ETFs.

Gensler refused to engage in speculation about

the Ethereum ETF, simply repeating that the SEC's decision to approve Bitcoin products was

cabined. He's still using that damn word to a single crypto asset. The interview really heated up,

however, when the discussion veered towards the use of Bitcoin in illicit transactions and its merit

as a decentralized money. Co-host Joe Kernan took the opportunity to challenge the supposedly

merit-neutral regulator about his opinions on Bitcoin. Here is a clip of that exchange.

Now, there are, obviously, frauds and things that happen, but maybe not like this.

Like the dollar is like a hundred times more.

I know that's your perspective, but I'm just, I'm curious how you think about that.

That's true, though.

This is how much has been money laundered with Bitcoin.

This is how much, this is Bitcoin.

This is dollar.

...