 Well, Michelle asset news. My name is Robin really comes down to is that somebody is lying big time And what I'm talking about is there was a couple interviews over the weekend And of course if you haven't if you're not cup of speed the SEC this is the chairman Gary Gensler have come down pretty hard on Staking and centralized exchanges and we had talked about how there are some things that are actually right We should not have these co-mingling of funds I've talked about this and what FTX did is they use your money to buy themselves a bunch of condos and things like that in the Mahamas and now that really shouldn't be going down, but there's things that are just Reality and some things are just going off the deep end. So what we're going to talk about here is Gary's gonna give a little presentation. You know talk to Andrew Ross Sorkin He is the host of squat box and just tell him why and how easy it is to come in and register these Securities and the questions that come forth So we're gonna go over a bunch of different things But what the resolution for me and the only way I see out of this is we have to sue the SEC This is what I'm talking about. Just take a listen this interview Well, let me ask you talking about clarity and this is maybe a philosophical sort of broader policy perspective I think that there is a common view That your office is using All available means effectively to keep crypto out of the mainstream Financial system through enforcement accounting rules inspections Clearly, there's not real guidance yet on custody and this may very well be a reasonable Well, let me ask you talking about clarity and this is maybe a philosophical sort of broader policy perspective I think that there is a common view that your office is using All available means effectively to keep crypto out of the mainstream Financial system through enforcement accounting rules inspections Clearly, there's not real guidance yet on custody and this may very well be a reasonable policy choice If that's the choice the question is if that's the choice. Why not just say it publicly? We're using all available tools. We're talking directly to market participants. We take the meetings We say this is how you comply There's a handful of tokens that have actually registered The intermediaries the storefronts if you wish the casinos that people are Investing in and investing at need to properly comply and Disentangle these bundled products the business model that they've set up as is rife with conflicts And so we've been very candid with them I've done it in multiple speeches since I came to the agency will continue to engage for technology neutral But if this field has any chance of survival and success It's time-tested Rules and laws to protect the investing public disclosure full fair and truthful disclosure Address conflicts and disaggregate these bundled businesses and don't have your hand in the customer's pocket using their funds or your own But in terms of the the larger industry and whether the I mean you even seem to suggest the larger she may or may not survive You know one of the pieces of that survival to some degree I think has been this idea that one day there may be something like a Bitcoin ETF or something else Grayscale as you know appealing the SEC's Bitcoin each ETF decision, which is effectively to say it can't happen Is there any path at which you think either that specific ETF or something like it could? The the past I'm not gonna speak about one, but let me generally say Andrew the path forward is well trodden whether it's large companies that you follow every day the apples and the In other tech companies for the automobile companies Manufacturing companies know how to register their offerings the exchanges like the New York Stock Exchange and NASDAQ and so forth Know how to be compliant and come into registration the big broker dealers and the small Thousands of broker dealers the mutual funds right idea. I go on we have tens of thousands of Registrants that properly and good faith comply they register they make the proper disclosures It's time for this group to do so the runway is getting awfully short And we're here to try to protect the investing public So there you go. I mean he makes a great case of just how easy it is the industry instead of here The industry knows how to get in compliance. They're just choosing not to so again somebody's lying and I want to give you both sides of the story before we go into the crypto side So that is Gary Gensler saying essentially you guys are messing up. You're not doing the right things We made it super crystal clear to do it. It's very simple. Just come in and talk to us. Okay. Got it and Moving forward, of course the first person that was affected This is Jesse Powell former CEO of crack and he comes out he goes Oh man All he had to do was just fill out a form on a website and tell people that staking rewards come from staking Wish I'd seen this video before paying a 30 million that I find and agreeing to Permanently shut down the service in the US. How dumb do I look? I might have read that? I'm like it's pretty funny But there's something to be said about that so I'm just like well You know, maybe something happened with Jesse and then let's move forward This is Jason Gallin and he is a lawyer musician inspiring polymath regulatory enforcement litigation He talks about this he goes I found the SEC's all crypto products have to do is come in and register Unbelievably insulting it assumes there's this vast quantity of sophisticated security lawyers Advertising clients or advising clients. Nah, man. You can just get away with the SEC. Yolo, baby Whatever you want tons of products that lawyers desperately want to come in and register But when they do they're told no or worse they draw a well-known us which is basically saying we're gonna sue the pants off you There is simply no path to registration from any crypto products. The SEC says just register We say cool, but as what because the regs just don't fit in response We get blank stares apologies and mumbles that they're not here to give us legal advice If the new de facto rule is crypto equals no that rule has to come from Congress Because that's the one who sets precedent and sets the laws and it's up to the SEC to enforce them The SEC does not write the laws or at least through an APA process not through enforcement Going on CBC CBC to say the registration is just a formula on our website is a painful much representation again it's insulting it brands the whole industry and his lawyers as Basically just people don't know what they're doing and I'm just running a running a muck if registration were possible We do it give us a pathway show us and we done or if at all and watch the flood of Registrations or don't and watch the industry move offshore and I thought to myself like well This is just one lawyer's opinion about what's going on, but I mean how do we really know? Well, this is a good one tongue belee She is also a part of enforcement legal affairs and she was formally at the SEC and she said this I was at the SEC and started working in crypto in 2017. Everyone was trying to wrap their heads around it Including going after outright scams. It's now 2023 We should have at least come up with the working rights worry framework by now and we have not and on top of that We talked about this before hester pierce I'm also part of the sec and she said this look this is on february 9th today the sec shut down kraken staking program The commission argues that the staking program should have been registered as a securities offering The more fundamental question is whether the sec registration would have even been possible if at all Crypts related offerings are not making for the sec's registration pipeline the program This is interesting the program will no longer be available in the u.s From kraken and kraken is enjoying from ever offering a staking service in the u.s registered or not so when When jessie powell came out and said we are permanently shutting down. I just glanced over but now I get it they Essentially sent a letter going okay. Just stop suing us and harassing us. We'll pay 30 million dollars until when And this is what it comes down to Just tell me where i'm off here The sec is a bully. They're gonna bully us until we submit. They're not gonna allow us to get out of here There's only one way path forward and that's suing the sec Take a look at this So from there, we also had brian armstrong who you know, he's the one that first talked about this. He goes look Uh, we will happily defend crypto staking services against claims It's a securities product and not they saying like we'll defend it what he specifically said Is we will defend this in court if needed and I said this is great This is exactly what we need we need to go go at the sec because if we just let them pick us off one by one It's easy pickings for them and and before people say but probably understand the sec is such a uh a juggernaut We'll never win mark cuban beat them mark cuban beat them in a court case in 2013 when they when they accuse them I'm going for insider training. So don't tell me it can't be done and that's just mark cuban one guy So you tell me that if we can get everybody To come together as far as the exchanges especially in the u.s And we can't beat the sec or at least tell them give us some clarity I don't see the problem here. But again, I'm just looking at it one way I need you to to see where i'm wrong here and put me on the right path But that's how I see it Also, if you think that the sec is going to give up, of course, this is the new story that everybody's talking about today Packs those are poorly ordered to stop issuing finance usd, which I found odd because it's a stable coin So of course people are laughing at the sec going. Ha, that's funny. That's just a stable coin. How was there any kind of uh Requirements for income. Well, here's a good statement. This is from adam cochran and he is part of the part of the team over there at synthetics earn finance cochranaut i o and he said like this One of his primary statements was this but I don't earn from it. How can it be a security? It doesn't have to be a good or lucrative security to be a security if someone is holding Or otherwise securing value for you and you are trusting them to do it and otherwise exempted It's a security And here's what he says People don't realize it and this is his first his first tweet, but it goes gets deep No debenture evidence and definite certificate interest collateral trust certificate of deposit rights are in general any interests Known as security or certificates of interest or participation in rights, too That's the whole definition of securities, which could mean anything If all that matter was the howie test you wouldn't have an entire field of law dedicated this one acts security's lawyers Unless otherwise exempt as a bank or regular trust redeemable deposits and trust can easily fall under this Deposits of trust can fall under that the faculty's assets hold underlying Treasuries make them a lot like a money market fund exposing holders to a security even if they don't earn from it Making an argument not that I agree with it that they can be a security So look if you think that this is gonna stop I think this is just the beginning And then to really make my case This is it if you want to just put everything in one little meme This is how things are going sec is supposed to protect us This is what's happening give us some clarity. So I asked you guys I said look Do you think we should be suing the sec if this is even a possibility? Because I didn't think people would really be on board with me But so far coming up on so many almost a thousand votes here Yeah People are like let's do this because I said if we do this we're gonna be just like ripple And it's going to affect us for a couple of years But it will force the hand of the sec instead of pushing everything outside For to the other parts of the world not that america's the end all be all But I think we can get a lot of things done if we move in this direction. I ask it here I ask it also on youtube. It's the same thing So let me let you think about that in the comment section But this is the only way that I see a path forward. I have a tweet I would like you to retweet it and I said can I get some traction I'm going to call out coinbase crack and gemini binance us and brian armistar and jess power The winklevi cz and simon dixon if there's one thing that'll unite everyone in crypto This is pretty much it. So everybody bickers and complains about other different projects This is the one thing we can all agree on. I'm pretty sure So that's what we have in that piece. Let me know where i'm wrong sound off in the comment section But there is some positives to be said and this is from Coindex coin desk, excuse me Bernstein says regulatory backlash will lead to more defined offshore crypto. First of all, who's bornstein? So Bernstein they are investment firm and they deal with People I like this one its wealth management advises high net worth clients on planning for and living with the complexities That come with wealth and it's actually true. So like with this one These guys have I think it's around 700 800 billion asset center management And they came out with a report that said look if the sec keeps doing this they're just going to go to defy So whatever It comes down to this the question remains whether the regulatory the regulator would go after all staking programs Looks like they will even if they provide specific disclosures around yield users to actively stake and unstate their crypto and operate on a Pass through basis both on returns and costs. I don't see them stopping Bernstein says a decision by the regulator to prohibit all staking programs may not be straightforward And some firms couldn't decide to fight against the regulatory stance. That's why of course brian armstrong came out and goes Yeah, we'll go to court. Let's do this Lastly Bernstein asked if this foreshadows action against other stable coins such as usd coin coin and tether Or whether it's specific to b usd, which they just went after them right now Such regulatory overreach will result in further movement towards Decentralized finance apps built on chain By anonymous teams regulators will find it even more challenging to follow this regulation by enforcement growth will continue But not you know in the u.s. But in singapore Dubai, hong kong london and other parts of the world and I have to agree with them So if they want to let this opportunity pass by america you're doing a fantastic job at that And that is it for today. So look that concludes the news to go over just a couple things to make mention On tomorrow i'm going to have uh simon dixon from bank of the future And we're going to talk about the nonsense that is going on and how he sees things then also on wednesday or thursday i'm going to have randy from teen crypto and she's going to be my co-host We're going to go over some things I like randy because she's got a very young investors perspective And that right there folks is the future but that concludes the day for the show. So look if you like this video Give it a thumbs up consider subscribing. I think we talk about our time sensitive. That's it for today I appreciate you stopping by really do. Thanks so much and i'll see you on the next one