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 Saturday, January 20th, and that means it's time for the weekly recap.

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

give it a rating, give it a review, or if you want to dive deeper into the conversation,

come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ll.

com slash breakdown pod. All right, friends, it is Saturday.

That means we are back with the live show that I do with Scott Melker every Friday morning.

This is a chance for me to be more explicit about my opinions.

And today we go off a little bit on how we should think and feel about the ETFs, as well as

the significance of the SEC versus Coinbase hearing, which for me is easily

the most important news of the week. It's a great conversation. I know you're going to enjoy it,

so let's dive in. Man, what a week, huh? Yeah, it's a good way. This was a totally reasonable

kind of post-ETF week. There was stuff that started to happen that wasn't

about the ETF, new narratives around the ETF, kind of what you might expect if you were looking

at it. Well, let's talk about some of that stuff that happened after the ETF that we should

be talking about before we get to the ETF. And one of my favorites here, tether's reserves do exist. Cantor Fitzgerald,

CEO says, this is Howard Lutnik. Is it Harold or Howard? Now I blew it. Howard Lutnik. I did

get that right. Howard Lutnik, CEO of Cantor Fitzgerald, one of the largest financial institutions

in the world. And he just absolutely finally put a death blow, murder,

finish him from mortal combat to all the tether truthers of all time.

While naysayers have had their go at tether over the years, it's heartening to hear

...