 Chairman of the Securities and Exchange Commission, Gary Gensler, finally comes clean and admits something that we've all known, which is that most cryptos are not a security. And I got to tell you this is a refreshing change of pace from what Gary's usually been talking about. However, there's a little caveat, and that is that Gary said this all the way back in 2018, when he was teaching at MIT. It is astounding to me how a professor, someone who taught at MIT and should know these types of curriculum, the things that he's talking about inside and out, is here to tell everybody who is listening to him at this point of how cryptos are not securities. And it's amazing to me and in a very short amount of time, how I can go from that where he knew exactly what he was talking about to now saying that everything is a security besides Bitcoin. So take a listen to this and tell me where I'm off. So we already know in the US and in many other jurisdictions that three quarters of the market are not ICOs or not what be called securities, even in the US, Canada, and Taiwan, the three jurisdictions that follow something similar to the Howie test that we've talked about, three quarters of the market is non-securities. It's just a commodity, a cash crypto. So you'll hear debates about initial coin offerings and what's a security and what's not a security relevant, relevant and important debate, but for three quarters of the market it's not particularly relevant as a legal matter. We get to hear Gary speak the truth. Unfortunately, something happened along the way and now everything besides Bitcoin is now a security. And this has been repeated numerous times for different conversations, different interviews, and even before Congress. So when we're taking a look at this, what could have changed? Well, I prescribed to the theory that Gary is not, it's not so much about the banks. It's not so much about the investment groups. It really just comes down to the administration and what they want because it really comes down to they see crypto and gel assets, specifically a lot of them, as going to weaken the dollar. So there is that part. And because of the things that Gary has said and because of the hard line that he's taken, we can see that it's affected a lot of things. And one of those was the Voyager Binance-US deal. Now, if you haven't, don't follow me on Twitter. I would highly recommend you do a lot of the things that break are on Twitter first. That's where most the news is. And this is what happened. So the Voyager official community of unsecured accreditors said, unfortunately, yesterday, a little bit ago, Binance-US reported to terminate the asset purchase agreement with Voyager. The committee is incredibly disappointed with the decision and is investigating potential claims against Binance-US. Here's the good news, though, if you can call it that. In the meantime, committee and Voyager are focused on promptly exercising the toggle option under the plan to move forward immediately with a self-liquidation. Look, on this channel, I have not been a big cheerleader for the different offers that have come through and things are happening. That's also Celsius as well. I've been saying for a long time, just liquidate. Because the things that these companies want to do is they're going to make you invest into a new business like what Celsius wants to do. And hopefully that new company actually makes it. You're going to get equity in that company. Hopefully it's actually successful. However, if it's not, you lose everything anyhow. Or you could be put into your hands where you make the decisions and you do the things of where you want to go and what you want to invest into as far as crypto assets or whatever you want to do. Me personally, that's a better route for me, even though I would take a massive haircut. And I welcome the disagree with me. That's just how I see things. And also, this is a great video from AZ Crypto. I'll link this in the description. This was him three months ago when the deal between Binance-US and Voyager came out and he said, look, it's going to take us three months to get to the point we're at now. Let's just liquidate now. And it was a smart thing to say because in those three months, guess what? All the funds that were still on Voyager go to what? Well, it goes to pay the CEO Steve Erlich. It goes to help pay for the employees. And guess what else gets to pay for? All of the lawyers. So all the money that you had in there, or maybe you didn't have, maybe you didn't have anything and then you took it out, is all going to those individuals. And it actually, the problem is, is of course, the first part was the US government stepped in and said, we don't want to do that because we feel that VGX, a token, is a security. And they put the gabbash on it three months later. Now we come over here. And the reason why Binance does not want to go through with this is for one very simple reason. It's because they say America and SEC and Gary Gensler, it's a very hostile environment for crypto and digital assets. So why would they want to invest into Voyager? So you see how it's just a big loop? Now me personally, I think they could have done that a little bit earlier because they knew exactly what was going on. But that's where we're left with. And it affects not just, of course, Voyager, but affects the different community. This is Neville. I'm going to link his contact in the description. And he pretty much just sums it up right here. It's a waste. Spend all the money just to get back to square one. The toggle option that should have been done in September or October, not nine months later and millions of dollars spent. And that's for his personal opinion. And I can actually agree with that. And then he is actually at the hearing right now. And he states these couple of things where he says, Chapter 11 provides liquidation and allows for a distribution of in kind. That's Chapter 11. So Bitcoin to Bitcoin. Unfortunately, if it's liquidation, if this was a Chapter 7, everything would have been cash payout only. So you get cash. What do you do with cash? You can still buy a crypto if you want to. And then he states, judge shoots down, creditors are going for employee pay to be halted. That means that we're going to keep paying for the employees. And the motion was put for that hearing today. Someone still has to process the transaction. So there is that part of Voyager. And not to be outdone, Celsius is having their closed door auction. And this is from Michael Errington. He is the owner of TechCrunch. And it's also one of the companies called Fahrenheit, which is bidding on Celsius right now. And I got to tell you, it's pretty funny that because Neville was talking about Kirkland and Alice, which is the law firm that was representing and doing everything with Voyager, they're also doing a lot of the Chapter 11 proceedings in these auctions with Celsius. And Michael Errington goes, hey, I'm here for the auction. I got this free coffee mug. Pretty nice. And that was yesterday. Then today, he says, ah, look at this, day two food is also fantastic. And if you look real close, you can see behind there it is Kirkland and Alice. Congratulations, you're paying for that. Or we're all paying for that. Excuse me. So I just bring this up for one specific reason, which is this. If this plan goes through the Committee for the Unchored Creditors for Celsius, they are in the vein of thought, which is for retail clawbacks, meaning if you within the last three months, if you had taken out any kind of funds within Celsius for one, it actually collapsed and shut down operations, they're going to be able to allow clawbacks to come through. So I want to make this extremely clear to everybody bidding right now. And some people have told me in private, they go, Rob, it's not the bidders. It's the Uninsured Creditors Committee that is making this provision. I get that. But they're telling that the people that are auctioning, that they are allowed to do retail clawbacks. I'm just going to tell you right now, Fahrenheit or Noble Wolf, we are the one, if you win and you're able to do this and you do retail clawbacks, I will make it my mission on this channel to make sure that everybody is reminded of what you've done for retail clawbacks. If you do that, that is essentially destroying crypto in America. Who in their right mind wants to go to any exchange to purchase crypto and then it actually collapses and they go, well, I hope I can keep it because there was these retail clawbacks back in the days of Celsius. So this may be an exercise or an option that you may not exercise. I would strongly suggest you don't do that because me and other people here will be around for a long time to remind everybody if you do exercise that option. And that's all. So to finish up also today, you may have noticed that there's a little bit of an uptick in the price action of Bitcoin and crypto in general. That's because First Republic Bank looks like it's collapsing. Here's what's going on. So the California-based lender said it lost more than 40% of its deposits in March as customers moved billions of dollars elsewhere. I wonder where they put it. At one point in their training day, share drops dropped below $5, just six months ago. First Republic shares were trading for nearly $150. Immediately after Silicon Valley Bank and Central Bank collapsed, First Republic lined up additional financing from the Federal Reserve and JP Morgan. But in March 16, 11 of the biggest banks in the US gave it a $30 billion lifeline and those include Goldman Sachs and Wells Fargo. So the question you're probably asking is, why did these guys get so much money? And why did the other ones not? Well, it's because the narrative is going to come out that there's been probably no contagion, if you want to call it that, with crypto and digital assets. And then also it's because of this. First Republic Bank is the 14th largest bank in the United States. So if it goes under, how much farther away do you think the rest of these bottom below the top 10 are? And then how close are we before they start to pick up number nine, number seven? Heck, maybe even number four. Because remember, when there's a run in the bank, these banks cannot produce that much cash because they are all doing fractional reserve lending. So as more banks collapse, I think that is a bad news for everybody that is involved with that. But unfortunately, or fortunately, have a look at it, it might be good for crypto. And that's it for today. So look, some very strange times going on. But these are the happenings that are going on right now. If you liked today's video, give it a thumbs up. Also consider subscribing. Everything you talk about is time sensitive. That's it for today. So thanks so much for stopping by. I do appreciate it. And I'll see you on the next one.