This episode is sponsored by Nexo.ioNEAR and FTX US.

Late Wednesday, the U.S. Securities and Exchange Commission rejected Grayscale’s proposal to convert the Grayscale Bitcoin Trust to a spot bitcoin exchange-traded fund (ETF). Within minutes, Grayscale, a CoinDesk sister company, had filed suit against the SEC about that decision. In this episode, NLW explains why the crypto community is in broad agreement with Grayscale about the inconsistencies in how the SEC approves or rejects bitcoin-related products. (Disclosure: Grayscale is owned by CoinDesk parent Digital Currency Group.)

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Svenja-Foto/Getty Images, modified by CoinDesk. Join the discussion at