there are a ton of people who want to work with regulated exchanges, and a ton of people who

net net would prefer that versus not, but aren't willing to handicap themselves entirely. The net

effect, then, of this approach to regulation is that actors that demand compliance simply don't

engage at all, and the ones that are more neutral use the tools at their disposal to flow away

to less regulated venues just like that water.

In other words, it's a bad strategy, unless your strategy is to kill the thing through legal pressure, which is something I think we at least have to consider as a possibility here, given

how aggressively the SEC has been digging in.

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.

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What's going on, guys? It is Wednesday, September 8th, and first of all, thank you to everyone

who shared nice birthday wishes yesterday. I really appreciate it. I woke up this morning to

near universal consensus on what we needed to cover on today's show. That, of course, is Coinbase

going on the offensive

after what they call the SEC's, quote, really sketchy behavior. Now, there are a ton of other

things that happened yesterday that I'd love to give some coverage to. There is the first day

of reactions to El Salvador's Bitcoin law. How did everything go? Did the infrastructure hold? Did people actually use

Bitcoin? If you were on Twitter at all yesterday, you'll also know that President Bucle

reinforced his Bitcoin or one of us bona fides when he made fun of the IMF and bought the dip in a

single tweet. There was also new crypto legislation introduced in Panama that has much worthy of consideration,

and, of course, there were yesterday's wild markets and flash crash.

Udi Wertheimer tweeted a little while ago,

...