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, September 23rd, and that means it's time for the

weekly recap. Before we get into that, however, if you are enjoying The Breakdown, please go

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to bit.ly slash breakdown pod. Hello friends, welcome back to the weekly recap.

We once again have a conversation with Scott Melker and I about the top five stories that we saw this week.

As I say at the end of the show, I think this was very, very much a liminal week, one that

represents the in-between that we find ourselves, firmly after the worst of the bear

market, but certainly not yet at the beginning of a bull market. In that, there is still cleanup

from the last set of things that happened, as well as inklings of people positioning for the future.

And that certainly is the story that we saw this week. So with that, let's get into this conversation

which aired live on Friday morning.

How are you? Good morning. I'm doing well. I sound like at least physically I'm doing better than you at the moment.

Yeah, yeah, yeah. Actually, I feel pretty fine. I was in rough shape about two days ago. The combination of a jet lag and COVID, I couldn't really understand what was going on, but the 12-hour difference

from Singapore is pretty brutal. Yeah. Yeah. I literally like got a sore throat on the plane like

three hours before we landed. Of course. This is telling you it's coming. Well, glad you're back.

Glad you're here. Thank you. Let's actually dig into what matters here.

Obviously, this Binance story is first.

And I could pull up 15 articles about what's been happening with Binance.

But I think we'll talk about what happened this week, which is that the SEC made some claims about shaky custody,

...