Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe sits down with Joe Carlasare, a partner at Amundsen Davis and the foremost authority on the crossroads of crypto and law. They discuss all of the charges levied against Binance and Coinbase, the implications of classifying "crypto" as securities, whether or not these businesses can survive on a bitcoin-only model, and why asking for forgiveness rather than for permission has led to dire consequences for both of these unlicensed exchange, broker-dealer, clearing agency hybrids.

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