 You knew the SEC was not going to take that decision lying down and it looks like they're roaring back on a case That is being brought against Doquan and Terraform Labs and what the judge actually ruled Which is in stark contrast with what the judge ruled for the ripple case and before we get into that I just want to go over just one thing. There was a story yesterday about Coinbase and how they were asked to delist everything besides Bitcoin because Bitcoin is on a security and everybody was talking about it I personally had a lot of things going on with some other different projects that I was doing so I couldn't cover this story and It looked kind of odd anyhow in the beginning because I thought how could the SEC come in there and actually say those things because It's not like they have that authority to do those and now it comes out that that was totally false So just real quick. This is not from a guy who knows a guy This is from a coinbase spokesperson and said the article in the Financial Times claiming that the CEO Brian Armstrong said the SEC had made a recommendation to halt training and all cryptos on the Bitcoin was an inaccurate representation of the facts pride litigation the SEC did not at any point request that coinbase delist any specific assets Within the SEC acknowledges in the same article. So just be careful that things out there We can't go about and do our due diligence and and take a look always in because I don't have access to Brian Armstrong I don't have access to Gary Gensler. I'd like to contact them But I really can't so for all the people that talked about this story yesterday just wasn't true And that's a little bit more of a bullish type of scenario now Let's flip the gear and take a look at some bearish type of things So woke up today just want to see how things were going in the old crypto market We can see that things are pretty red across the board I thought well, you know, that's just a normal healthy pullback, right? Not a big deal Bitcoin down 1.3% And there's some ones have taken quite a bit of a tumble and then this article or this piece came out And this is from John Reed Stark. This is his Twitter account. And this is pretty much the big story today The Sun District New York District Judge Jed Rackoff today allowed the SEC to go forward with its case against terraform labs and founder doquan judge rack up specifically rejected the distinction made in the ripple case between public and Institutional sales now before I go on just because one judge Doesn't agree with another judge doesn't mean anything doesn't mean that it wasn't a win, but it does give a little bit of Momentum to the SEC when they go and they appeal this case Which you better believe they are going to appeal especially when they hear things like this So to really break this down and sort of read the tweets actually went to the actual decision itself and If we pull up I'm gonna link this in the description. You can read it for yourself It's about 50 pages long have fun But this is what judge Rockoff says He states it may also be mentioned that the court declines to draw distinction between these coins Based on their manner of sale such that coins sold directly to institutional investors Are considered securities and those sold through secondary market transactions to retail investors or not What they are talking about is the basis for the judge beforehand what they stated was because these institutional investors knew Ripple and they were under the assumption that these were actually an investment contract When Ripple sold these directly to these hedge funds They knew it was a security because it was an investment contract that is not being disputed And you can take a look at even the most pro Ripple lawyers out there. That's what they're stating The distinction between this was was because that when these when XRP was actually on exchanges Nobody knew where it was coming from. Was it coming from Ripple? Was it coming from another investor? Nobody really knew so there wasn't really an investment contract per se. However Coming down here judge Rockoff says However, how he makes no such distinction between Purchasers and it made good sense that it did not and then it goes on to a ton of legal speak as far as why that is I'm not going to go over that because it's irrelevant. I am not a lawyer Especially I don't deal with securities so you can have at it But really what this is gonna be is it's gonna be momentum for the Ripple case moving for the Ripple or the SEC excuse me Moving forward so that is what we have and that could be a reason for a little bit of a tumble It's also not a really great look for crypto in general. I still think we will win the war But these little battles that will be ups and downs and let me to my next point, which is there is this goofy I shouldn't say goofy Let's say a nice video that's put out by Gary Gensler and it's called Office Hours and you may have seen this on Twitter. It's quite uh, it's It is interesting and he goes about and talk about these things I'm just gonna give you a quick snippet of what it all talks about right now What do the securities laws have to do with goldfish? Great and then he goes into some talk about how securities a little bit different and as far as crypto and everything is a Security great got it. We know Gary Stance. So I'm not gonna go over this However, there's a really great video that was put out. It was called after office hours and this is from Stuart Alderati, hope I said tonight, right? He's a chief legal officer at Ripple over 35 years of legal experience with expertise and regulatory affairs So this would be the gentleman who you'd want to follow. I will link his Twitter handle in the description below But they're gonna give you a pretty good accurate definition of what they believe as far as digital assets could constitute a Security so it'll give you a new wrinkle into what you may already know. So just take a listen What do digital assets have to do with orange groves? barrels filled with whiskey Payphones who remembers those and beavers? Well, it turns out a lot None of those things Standing alone are securities But any one of them can be packaged into a contract for an investment that may be a security huh Let me break this down a bit The law lists a bunch of things that are securities that list includes things you ordinarily think of like a share of stock Why is the share of stock always a security if you own a share of stock and let's say Apple Apple owes you a fiduciary duty and you can hold Apple accountable if they don't fulfill those obligations That's true no matter how you bought the stock or who sold it to you But the law also includes something called an Investment contract in the list of things considered a security an Investment contract is not like a traditional share of stock and anyone who tells you that Well, let's just say they're trying to confuse you Investment contracts are contracts that I sell to you with the promise that I'm going to take the money You gave me and do things to increase the value of your investment I could take a bunch of orange groves and sell those to you That's not an investment contract or I can sell you some of those orange groves as part of a larger set of promises To cultivate those groves sell the oranges and distribute the profits back to you That's an investment contract. So orange groves alone whether I sell them to you or you buy them on an exchange No investment contract the very same orange groves Coupled with a promise that I sell directly to you that I am going to work to make those orange groves profitable That entire bundle of promises is an investment contract and therefore a security But the orange groves alone are still just orange groves some would like you to think that a digital token can in and of itself be a digital asset security it can't Standing alone. It's just a commodity or a virtual currency as a virtual currency You may use it for a payment as a commodity. You may trade it like gold or oil or pork bellies Confused well, I don't blame you because some have been doing their best to confuse you for years Because the Securities and Exchange Commission only has jurisdiction over securities Not orange groves and they don't like that like a hammer. They want everything to be a nail But the law doesn't work that way while retail holders of crypto certainly deserve protection from bad actors Not all roads lead to the SEC Pretending to have jurisdiction when there is none is simply a political power play. It helps no one. It hurts everyone Remember a token by itself Not an investment contract despite what the SEC would have you believe. I Hope that helps So that I have to say is really good information I recommend you watch that a couple of times just to let things sink in and it really just goes to show you that They're in in legal speak in legal terms. There are so many different distinctions about what could be what could be what what could be this What could be security? What could be a commodity? I'll just leave it up to the experts I really do wish that Gary would just focus on the exchanges and do what he's good at and just kind of Help them out so they don't rug the rest of us. Let us deal with the the digital securities or let the CFTC Deal with that actual commodities and or maybe just to create a whole new organization But that's for somebody way above my pay grade. Lastly before we get out of here there was another unfortunate rug pull and this was Covered extensively by bitchy and it's from our thickie and it's something there was it to me It's amazing how fast these rug pulls actually happen So you have to be where this happened in less than 24 to 48 hours and it was it was a coin called bald and it was developed on optimism on the base layer or base which is the smart contract functionality brought to you by by coin base and People thought that this bald token was actually Brian Armstrong and within 24 hours You can see there was a bunch of liquidity which was brought in by The creator of bald and people got excited They started to buy it all up to like all this next Pepe coin and boom They got rugged just like that there's another theory that was going on around that this is actually Sam Bankman freed and he's trying to raise money for all his legal cost and The one person that really would know SPF will be Tiffany Fong And she goes guys SPF hasn't had access to a normal phone or laptop since April 2023 when his bail conditions change He's basically been using a flip phone without internet connection and a laptop with restricted access to white listed websites so again, just be careful out there because most everything is a scam and Lastly, I will say this when there are as negative news I will cover negative news and I know people will say like in this section here Rob We had talked about this as far as curve finances It came about because there was another rug pull or excuse me a hack and I said hey Curve got hacked and this what we know and it looks like it actually was the truth moving forward and somebody goes Hey, stop spreading foot and I'm just gonna tell you like this. I put up pretty there pretty well there I'm tired of people lying to me. I'm tired of people lying to my face coming on here So here's the thing moving forward Everybody is guilty until proven innocent and that's how we're gonna treat things And this is how we've been doing this for over a year now Because we can't just let people come in here if you're if you have a good project and you believe it actually is come on The show I'll talk to you the thing is is that you're gonna be scrutinized and you're gonna be called a scam before Anything actually happens. So when these things come out and the you know, we have some negative news I'm gonna share with everybody and then it's up to the project to say No, no, no, that's not true. That's what we're gonna do going forward. So anyhow, that's it for today So look like today's video give it a thumbs up consider subscribing Everything's gonna happen pretty fast, especially moving up into the actual Bitcoin having in April 2024 So subscribe to somebody get your information from somebody you like and trust and go from there But that's it. So like and subscribe and I'll see you on the next one