The Breakdown

World's largest asset manager BlackRock has filed for a Bitcoin spot ETF. They've been approved for 575 out of their last 576 ETF applications. Given that there are no indications that the SEC has changed its tune on spot ETFs, the industry is left asking: what does Larry Fink know that we don't?

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For the first time since this hiking cycle began, the Fed has chosen not to raise interest rates. NLW explores how they're trying to control the narrative around it, and what markets think is actually going on behind the scenes. 

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Yesterday three consequential legal events happened. Former SEC officer Bill Hinman's emails were released; the SEC was forced to respond to Coinbase; and Binance had their hearing on the SEC's emergency asset freeze request. NLW covers all of the important details. 

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Today in Federal Courts: the Hinman docs get unsealed in Ripple vs. SEC; SEC has to respond to Coinbase; and Binance US in court around SEC request to freeze assets. Plus the new #FireGary bill introduced by Congressional Republicans. 

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Late Friday night/early Saturday morning, the crypto markets started puking, with a handful of altcoins crashing by more than 20% in a single 15 minute candle. On today's episode, NLW explores what happened and why. 

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On this Long Reads Sunday, NLW reads:

The New Crypto Bill Gary Gensler Doesn’t Want You to Know About - David Z Morris

The SEC Has Started an All-In Political Battle Over Crypto - Michael J Casey

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Operation Chokepoint 2.0 hasn't stopped savvy tradfi investors from smelling an opportunity. This week, revealing and emblematic comments from the leader of Soros' funds show how tradifitional financiers are seeing opportunity in the carnage. 

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BitGo has agreed to buy Prime Trust as the crypto custodian becomes the latest casualty of the bear market (and the government's assault on the industry). Binance is also pulling fiat rails from the US in advance of their hearing next Tuesday.

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Binance has alleged that Gary Gensler previously offered to be an advisor to the company. They say that this means that he should recuse himself from any proceedings having to do with Binance. Meanwhile the SEC says, basically, that CZ used Binance US like a personal piggy bank. It's messy out there, folks. 

Are we at the SEC Crypto endgame? This week the regulator has sued Binance and Coinbase and made it clear they want crypto gone from America. Unfortunately for them, the industry isn't backing down. 

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Are we at the SEC Crypto endgame? This week the regulator has sued Binance and Coinbase and made it clear they want crypto gone from America. Unfortunately for them, the industry isn't backing down. 

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• Breakdown: https://twitter.com/BreakdownNLW