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, September 13th, and today we are talking about news that

Binance U.S. CEO has left the company. Before we get into that, however, if you are enjoying

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bit.ly slash breakdown pod. Well, friends, last night I had assumed that today's show would be

some combination of Gary Gensler testifying before the Senate with maybe a little side of CPI,

but then last night, new Binance news broke that had the whole community chattering, so that's where we're going

to start. According to anonymous sources, Binance U.S. CEO Brian Schroeder has left the company.

Chief legal officer Norman Reed will step into the role on an interim basis. Alongside the

resignation, Finance U.S. announced internally that it will slash around one-third of its workforce,

laying off approximately 100

employees. This is the second round of layoffs for the U.S.-based exchange as they dig into fight

legal battles against the SEC and the CFTC. Binance U.S. said in a statement,

The actions we are taking today provide Binance U.S. with more than seven years of financial

runway and enable us to continue to serve our

customers while we operate as a crypto-only exchange. The SEC's aggressive attempts to cripple our

industry and the resulting impacts on our business have real-world consequences for American

jobs and innovation, and this is an unfortunate example of that. Now, if you are paying attention

not even closely, just at all, you will know that

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