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, November 21st, and today we are talking about overreach

Gensler going after Cracken. 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

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breakdown pod. All right, friends, well, there is some massive news brewing as I record this.

It looks like CZ may actually be out at Binance, which would obviously just be a huge bit of news.

And I will do a little bit of setup to that in the show later based on

reporting from Bloomberg yesterday. But obviously, should it happen as it appears to, it is going to be

the centerpiece of tomorrow's show. However, today we are talking about the other thing,

which is that the SEC has sued Cracken. Now, a disclosure, as I cover this, of course,

Cracken is a breakdown sponsor. As I'm sure you understand,

and as we've unfortunately been through before, it is breakdown policy that being a sponsor

does not shield a company from being the subject of the show if they are in the news, nor will

it color my take on that news, because at the end of the day, sponsors come and go, and the relationship

I have with you guys to trust that I am giving you my unvarnished opinion is the most important thing. At the same time, and I will preview what's coming,

I don't think in any case that Cracken has anything to worry about on that front today.

So, as I said, the SEC has filed a lawsuit against Cracken, with the core allegations

being that they have operated as an unregistered securities exchange, broker, and clearinghouse.

If this sounds familiar, it's because these are broadly in line with allegations leveled against

...