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, May 16th, and today we are talking about the SEC

finally replying to Coinbase's lawsuit. Before we get into that, however, if you are enjoying

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bit.ly slash breakdown pod. All right, friends, well, today we have some updates in the legal

battle to get regulatory clarity for the crypto industry. And if you've followed the show for a while,

you'll know that it seemed more and more over the last year or so, but even more the last

six months, that to get any actual answers, the crypto industry was going to have to avail itself

of a legal path. Particularly in the wake of FTX, it's been clear, and we'll get into this

today, that the various regulatory bodies are quite comfortable with regulation by enforcement

rather than

providing proactive guidance, and that's put many in the industry in a position where they have

to actually follow through with legal threats in order to get anything done. Well, yesterday on

Monday, we got some updates in at least one of those cases. On Monday, the SEC filed its response

to a recent Coinbase lawsuit. Coinbase had sued in late April Monday, the SEC filed its response to a recent Coinbase lawsuit.

Coinbase had sued in late April accusing the SEC of unreasonable delay in responding to

the exchange's petition for rulemaking. While the petition was wide-ranging and complex,

Coinbase's lawsuit had a simple contention. That contention was that rather than engaging with the substantial

regulatory suggestions put forward, the SEC had decided secretly that no rulemaking would be done.

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