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, December 18th, and today we are talking about some updates

from the FTX estate, an SEC Coinbase thing, and a little bit more on Tether and the FBI.

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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.ly slash breakdown pod.

Hello, friends. Happy last week before Christmas. An exciting thing that is going to happen this week or start happening is that we are going to see, I think, a ton of end-of-year

reports coming out, which is always a type of content that I love to see. However, today we are

starting with some continued crypto-legal battles. The SEC has voted to deny Coinbase's petition

for rulemaking, stating that they have no intention of putting forward comprehensive rules

for the crypto industry.

The commission said in its response,

the commission disagrees with the petition's assertion that application of existing security

statutes and regulations to crypto asset securities, including of those securities and

intermediaries in the trading, settlement, and custody of those securities is unworkable.

The five-member commission said that the matter

had been given careful consideration within the agency, but stated, the commission concludes that

the requested rulemaking is currently unwarranted and denies the petition.

Chairman Gary Gensler issued a statement along with the formal denial, explaining the

commission's decision by asserting that the existing securities regime appropriately

governs crypto asset securities. You'll notice that the existing securities regime appropriately governs crypto asset

securities.

...