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 Wednesday, June 7th, and today we're digging into the SEC's lawsuit

against Coinbase. Before we dive in, a quick note, if you are enjoying the breakdown or Bitcoin

builders or the AI breakdown, I would really, really appreciate it if you would take the time

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Now, to today's conversation.

It is a hell of a thing, being in an industry that powerful people are actively trying to kill.

It really does give you a totally different sense of the capricious and arbitrary nature of power.

And the damnable thing about what's going on right now in the U.S. is that it was so, so predictable.

I remember being in South America and the sick feeling as the depths of Sam's fraud was

uncovered and shared for the world to see. I've talked extensively about the feeling of having

been betrayed and lied to as part of that company, but there was another part of that sick

feeling as well.

And that was the sense that, of course, after SBF had done so much to cultivate favor with

the political establishment in the U.S., of course they were coined to come back viciously,

if for no other reason out of sheer embarrassment and egg on their face. Since then, everything has been

so, so predictable. And the frustrating thing is that even if you don't believe that there is some

big Operation choke point 2.0 conspiracy, the effective result of a few loud people in positions of

...