The Breakdown

This week has seen multiple 9-figure crypto funds announced. A metaverse company also raised a monster $54 m round. Finally, Wolf has opened up applications for its third cohort. NLW argues why the bitcoin and crypto funding space feels to have finally turned a corner.

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Today's Episode Sponsored By:

In Wolf's Clothing -- The first startup accelerator exclusively for Bitcoin and Lightning startups -- Applications for Cohort 3 open NOW -- https://wolfnyc.com/apply

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Today on The Breakdown, NLW covers the latest from Binance, including reports from WSJ and CNBC that the company has cut more than 1000 roles and could be headed towards even further cuts. Binance has also followed through on their promise to add support for the Lightning Network.

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Today, NLW is joined by Chainlink's Sergey Nazarov to discuss the massive convergence of the traditional financial world and the web 3/digital assets space. They discuss the broader themes, as well as Chainlink's new Cross-Chain Interoperability Protocol, which is being tested by SWIFT, BNY Mellon, Citi and more.

Find our guest online: https://twitter.com/SergeyNazarov

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The SEC "is acting like an overzealous traffic cop arbitrarily ticketing drivers while keeping the speed limit a secret." - Rep. Ritchie Torres

On today's Long Reads Sunday, NLW reads:

Ryan Selkis - Theses for the Second Half of 2023 https://twitter.com/twobitidiot/status/1678726013600104448?s=20

Rep. Ritchie Torres - Investigate Gary Gensler https://twitter.com/RepRitchie/status/1679534903661301761

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Former Celsius CEO Alex Mashinsky was arrested this week. NLW explores the complete list of charges against him.

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The judge has handed a summary decision in the Ripple-SEC case, and while it was a mixed decision, the reality is that the SEC's position is much weaker today than it was yesterday. NLW runs down the ruling and what people think the implications might be. 

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Last year the Lummis-Gillibrand Responsible Financial Innovation Act set the template for comprehensive crypto legislation. Now, the act has been reintroduced but there are some changes the community doesn't love.

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CPI comes in lower than expected, leading to expectations that the doves in the FOMC will have more influence to halt interest rate hikes in forthcoming meetings. NLW also covers the Bank for International Settlements latest antagonistic crypto report.

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NLW covers the latest in the Prometheum saga as Senator Tommy Tuberville and a handful of others have sent a letter to SEC Chair Gary Gensler and others asking for an investigation around Prometheum's recent Congressional testimony and their alleged ties to the Chinese Communist Party. Also, is "dox to earn" the new narrative? 

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Late on Friday, the SEC responded to Coinbase's motion to dismiss the SEC's lawsuit against them. In many ways it's just a rehashing of arguments they've previously made, but the crypto legal core doesn't seem impressed with the SEC's arguments (or caselaw precedent). 

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