 top stories in cryptocurrency assets and break them out of bite-sized pieces. So today, just like the thumbnail suggests, we're going to talk about something important, which is the SEC and what is going on as they flare up and get ready to tear down what's going on to the digital asset realm. So this isn't a video that is going to make you a ton of money. It's a video that is going to allow you to keep some of that money that you've invested in the cryptocurrency because we don't do things quickly. And I mean, by Tuesday, and I'll explain in a second what I'm talking about. This is going to be all for naught. And not people who have lived in this country, maybe people who live in this country or outside, you've seen the power of the government, what the government can do as they bring forth and hellfire and brimstone and just pretty much destroy things, even though it might be for a good reason, it might not be for a good reason, but it's it's just an awful, an awful outcome. And we're going to talk about that. So first, before we start, let's make sure everybody can hear me. That's kind of important. Let me bring up the chats real quick. Good morning. Good morning, everybody who over else is out there. Look at that. Jonathan, thanks, man. I appreciate it. Look at this out of here. Go back here. Bring us something real quick. Yeah, we're good. All right. So Jonathan, perfect timing just came from James's live stream. Perfect. Me, James, and George from CryptoZor us and the best dancers we should be going on later today. That'll be more for like, you know, what's going on in the market. This is, I think, one of those important things that are going on. I'll explain in a second. So first things first. Here's what we're going to talk about today. I'm not going to go over the market. The market is the market. It is irrelevant unless we fix this problem and fix it quick. So what we're going to talk about today is, first of all, there's a Forbes article. It was fantastic by Rosalind Layton. And she pretty much just lays it out. Why is the SEC picking winners and losers? And what's really going on here? What's going on behind the scenes? And what happened to the SEC commissioners as they've left their office? And what has happened specifically with Ethereum? And that was an interesting part. Also, we're going to take a look at a little Novobias, Novograt's bias. Also, we're going to take a look at Mark Cuban and his advice for Coinbase and why he is of particular interest and one of the very few people on this planet that can actually give good advice in relation to the SEC. And I'll explain in a second. The last two things are the most important. There's going to be a Senate hearing. It's going to be soon. And here's what we're going to do to fix this problem fast. So let's break into it, shall we? This is what we got today. So this was a pretty great article. And it comes to us again from Roslyn Layton. And it just kind of came across on my Twitter feed. And I go, oh, this is pretty interesting. I like to hear about the SEC and what's going on. And before I get going, let me just tell you this. I want you to think about one thing. The SEC's job is to protect the consumer. That's you. That's me. Everybody else is in cryptocurrency. And as I read these things and we're going through them, I want you to think to yourself in your mind, are they protecting me? Is this who they are protecting? Am I in their best interest? Or is it somebody of much higher level? Maybe of much higher monetary value? Is that who they're protecting? Because maybe it's not me. And I'm not going to say it is or it isn't. I'm going to leave it up to you to decide after we go with this article. So this was a good one. Let me bring this up. Let me go wide. So SEC Chairman Gary Gensler said at an, and I'm just going to do a review, said in an Aspen Institute appearance this summer that the rules are awfully clear on crypto. In a recent interview with Financial Times, he urged developers to talk to us and come on in because of the failure of the industry is in your hands. And that sounds like an open invite, right? Pretty good. SEC, new commissioner comes in, used to teach at MIT, knows exactly what's going on blockchain. Seems reasonable. I think he can listen to us. I thought he could listen to everybody. When I first reported, I'm like, this is a great pick. Maybe I was wrong. So Coinbase took Gensler's advice and went in, quote, unquote, the SEC responded with subpoenas for records and depositions, demand a list of all their clients who had expressed interest in their product, which they're talking about lending platform. And finally issued Coinbase a wealth notice, a warning of impending enforcement action. Let that sink in. This is of course old news, but it gets interesting. Armstrong said that by May of this year, the SEC was the only office in Washington refusing to meet with him at all. Let me say that again. Armstrong, Brian Armstrong, CEO of Coinbase, said that the SEC was the only office in Washington that refused to meet with him. That's a very funny thing. They are a publicly traded company. They have gone through all the hoops. They've jumped through everything they could possibly do to bring their company forward. And that special IPO that was called, I always forget, and they're public. But yet the SEC is like, we don't want to meet with you. And if you do meet with us, that's fine. Bring all your paperwork in. Thank you so much, sucker. Now we're going to give you a wealth notice, anisopina, and documentation because we intend to soon the pants off you. Sounds like a really realistic plan. Are we in America? I just need to ask that question. I don't feel, this isn't the America that I remember. I'm not going to go off the rails, but it just seems very weird. Anyhow, meanwhile, plenty of other crypto companies continue to offer a lend feature. And we can all, you know, BlockFi, Celcius, Voyager was going to get into it. I hope to God they do not do it. There's too much problems with that. But Coinbase is somehow not allowed to. And it always is interesting how that works out. Why is it that some are and some are not? Interesting. Peaking winners and losers. And this is where it comes down to. So again, I want you to think about this right now. I want you to think to yourself, as I'm reading this, is the SEC have my best interest at heart? Are they trying to protect me and my money and my family and everything else that's going on? Or is there some other motive? It's up to you to decide. It's not for me to tell you. So announcements of meetings have emerged in which Ripple's executives pleaded with then SEC chairman Jay Clayton in 2018 that they were in purgatory over the lack of clarity in XRP's status. And this was Jay Clayton. I'm going to say that again. Jay Clayton. I'm going to say that one more time. Jay Clayton. Tell you why in a second. So they went to Jay Look, man. This isn't really working out for us. We need some clarity. Like what I've been preaching on this channel forever. He's like, yeah, yeah, we'll get to it. We'll get to it. We'll get to it. And they sue him. When the lawsuit came in December 2020, it not only charged the company with seven years of unregistered security trades, but the executives with recklessly aiding and abetting. Oh, that sounds so evil. Those trades and demanding billions of dollars and fines, the action sent to XRP plunging, as we all remember, set off panic selling among millions of holders and wiped out 15 billion in value. Again, is this in the best interest of the heart of the consumer by bringing forth a lawsuit charging them with securities fraud or unregistered securities, excuse me. Doesn't make any sense. But here's the winners of the losers. SEC hammers Coinbase and Ripple, but it gives Ethereum a pass. That's exactly right, Rosalind. Gives Ethereum a pass. I got no problem with that. I'm glad that we get one pass because I own a lot of Ethereum. I'm just very biased. Oh, another thing. I'm super biased on this channel. Everything I talk about is the things that I own. Buterin, Vitalik, also arranged a sale of 500,000 ether to hedge fund investor Mike Domegrats in 2015. I had always heard that number. I had heard that Mike had bought a lot of Ethereum. And I was like, I wonder how much he actually bought. I never could find the figure. So 500,000 Ethereum. And I guarantee he didn't get it at 100 bucks or 1,000 or 3,000 now, obviously. But I got like a dime or a nickel or something like that. That would be interesting. So that brings me to my next point for move on. The Novo bias. So I know we've all have seen this before, but this is from Mike Novogratz. And so things like Cardano, it shocks me the valuation and it shocks every smart developer I know. They have done something to create this weird cult. I know it's cherry picking and it's a little disingenuous for me to say it, but he did say it. And it does make sense of why he did say it. Because just like me and just like the entire world, we're all biased. Let's call a spade a spade. When we have a whole heck of a lot of something, we sure do like that to be the winner, don't we? And we really should peek behind it. And look, I'm just guilty as everybody else. I'm human. I make tons of mistakes, just how it is. Just thought it was interesting that that's what happened. Anyhow, back to the story. So in June 2018, SEC director of corporation finance, William Hinman, delivered a speech declaring that ether was not a security because putting aside the fundraising, it had decentralized over time and was not subject to SEC regulation. Great. So that means that whatever is decentralized sufficiently, whatever if you can quantify that and put that into writing, and that means that it's not a security. And that would be fantastic. And that's all we got to do. But that's great because a lot of things that are out there are sure as heck, very decentralized. Look, EOS got busted. Or they got a fine from the SEC because they're ICO. They paid a couple of billion dollars. That's OK. They're OK. They made like $100 billion. And they said, OK. And the reason why is because they became decentralized with their 21 or 24 blockchain producers. So just remember that. So if that is decentralized enough, what the heck is going on with everything else? OK. The SEC said in the ripple loss that XRP has been a security from 2013 to the present day. I can see why they might think that. And this is why. And that it never had any utility apart from being an investment contract and ripple. So I would say that is true if it wasn't for the fact that I have personally used it to send money to family in Mexico. Yes, family in Mexico. Me. I know. I do. And it worked great. It was fantastic because you go to Western Union, you could pay 25, 40, whatever the fees are. It's ridiculous. On top of the fact, those repentance fees are really crazy. And that's why El Salvador is just crushing it right now because they're like, hey, we don't have to pay repentance fees when you pay things back because we'll just use Chivo, our app, and just send us some Bitcoin on the Lightning Network. Works out great. You know, it doesn't like that Western Union. You know, it also doesn't like that banks. It's a lot of money. Just saying. So in that regard, I can't see their point here because, I mean, I've used it. I think other people have used it. I think people around the world have used it. Just saying. Could be, that's what it is. All right. And then follow the money. And this was a great point. And I want you to think about this. I want you to think about this and write something in the chats. Coinbase's rival Kraken tweeted a response to Armstrong that regulators are beating down good actors because it's convenient. That's true. Only the suckers go in and give their paperwork. I'm just kidding. They're not suckers. It's actually good that they go in there. They try to work it out. Didn't work out because the SEC is a mafia. Just kidding. Not really. Regulators. Oh, I said that. So who is behind the effort to drive domestic businesses and consumers offshore? Think about that. Who is behind the effort to drive domestic businesses and consumers offshore? AngryXRP holders point to Jake Layton, Jake Layton, Jake Layton, and Hinman's business ties to Ethereum before and after their SEC tenures. I do not know what they are talking about in this one, but I will say that good old Jake Layton is working for a company, one river asset management that is putting forth a Bitcoin ETF. And they are into cryptocurrency. It's kind of weird, though, that he rejected all those ETFs. Then he gets hired for a company. He's like, you know what we should do? Bitcoin ETF. You can't write it, folks. You can't write it. And then to finish up, SEC Chairman Gary Gensler will appear on Tuesday for a Senate Banking Committee oversight hearing. Let me say it one more time. SEC Chairman Gary Gensler will appear on Tuesday for a Senate Banking Committee hearing. Is actual oversight going to happen on the SEC's regulation by enforcement? Will senators challenge him on the clarity charade? Will Congress legislate if Gensler refuses to act? And this is where you come in. This is where I come in. This is where we all come in. This is going to happen on Tuesday. And I can't do this by myself. But I see a path, and the path is clear. And it comes out of what Mark Cuban said. And he's absolutely correct. So this was an article a couple of days ago. It's Timber 8. Mark Cuban says go on the offensive. And when he said this, a lot of people, like Crazy Kramer, Jim Kramer, is like, no, nobody wants. You should not go on the offensive against the SEC because they will beat you down. Well, guess what? Mark Cuban says it. And guess what he did? He beat him one time. And he beat him in great fashion. And I'll get that just real quick. And he wrote a tweet, says Brian, this is regulation via litigation. Exactly what they're doing. They're really putting it out there. And again, are they protecting you? Really? I don't know. It's up to you to decide. He states, they aren't capable of working through this themselves and are afraid of making mistakes and doing so. They leave it to the lawyers. Just the people you don't want impacting the new technologies. You have to go on the offensive. It'll look and look. Lawyers are great. I have no problems with lawyers, right? I got a friend who's a lawyer. But the thing is, is that they're not here for innovation. They're here to legislate. And they're here to get paid enormous fees. Lawyers make a lot of money. Trust me, I pay them many, many a year. And he's absolutely correct. And he says go on the offensive. And I was like, I don't know. But remember this. Cuban has a history with the SEC. In 2013, he won an insider trading case brought against him by the agency. Cuban refused to settle as most subjects of SEC enforcement's actions do. And even I have said that. I was like, we should just settle. Just pay a slap on the wrist and then go from there. But a good friend of mine said, Rob, you're a moron. Because you don't understand that even if the SEC comes by and says, well, he didn't call him a moron in those terms. He says, even if the SEC comes in and says, pay this fine, they can still come back again and again and again and go, there's this little thing. And we still don't want you to pay this and that. It's not like double jeopardy, like in a murder case or something like that. Like a one and done. They can keep coming back again and again and again. And then they can also go, you know what? We don't want the money. Now we're going to put it over the Department of Justice. And we're going to take into court and on that side. So, right, I was wrong. We need to go on the offensive. That's what it comes down to. Cuban refuses to settle as most subjects instead opting to go to trial and spending $12 million before being exonerated by a jury. $12 million sounds like a lot. Not if you're Brian Armstrong and Coinbase. I think they can afford that. Mark Steinberg, a law professor at Southern Methodist University and former SEC enforcement attorney who testified on Cuban's behalf, hint, hint, Brian Armstrong, contact that guy. Argue that the agency relied on stretching or ignoring legal precedent in an attempt to bully Cuban into submission. Bully, bully, bully. I've said that, like, well, I just said it three times, but before that in the last video, they are bullies. And they know they can get away with it because people are afraid of them. Here's an example why you don't have to be. So what do we do? What do we do? Well, it's real simple. There's a hearing coming up. The oversight of U.S. Securities and Exchange Commission, the honorable, blah, blah, blah, blah, blah. Where'd it go? Ah, the honorable Gary Gensler will be there. So this is the U.S. Senate on Banking Commission or committee. So what do we do? Well, we can tune in and watch it. That's cool. If you want to watch, that's fine. I'll probably watch. I don't fall asleep, but what I really want you to do is do this. In the link in the description, there's a link to this page. It's senate.gov. It lists all the different, actually it's a longer length than that. It lists all the different people in the committee on banking, housing, and urban affairs, which is what they're talking about right here. And here's your majority members and here's your minority members. If any of those people, if you live anywhere near these states and near the United States, or if not, just leave a letter. So this affects me too. You can contact these people and tell them what you want. Because remember, the government works for us. It's not the other way around. They work for us. So with this one, I just picked Cynthia Loomis because I like her. I know where I like her. She's real good in the cryptocurrency. To find out Cynthia Loomis, there's another link. I can give it to you. And you can find all your senators by just clicking on the state and you click on Go and it'll pop up. Well, it'll pop up their website. And this is Cynthia. Let me throw this up. Geez. This is Cynthia's contact form. And every senator has one. So you can contact them this way. Also, if you scroll down, they usually have a 1-800 number 202 or whatever their phone number is for the state. And also, they also have their social media. So if you want to bombard them, I'm sure. Cynthia really gets it. And I'm sure she will pound on Gensler. But that is the only thing I ask for today is if you could just do that and send them a message and go, look, we need clarity. We need clarity. Sit Gensler down and make sure that he doesn't get a pass and he doesn't go outside of some realm and go, oh, we're going to talk about it. We're going to put out the people. You've had your time. You've had your time. And if not, it's just like working with contractors, Pete Sakes. You say, look, if we don't give them a timeline, they'll never finish. Just tell them, here's how much time we're going to give you. If you have to give more time, I don't see why you need more time. You use teachers at MIT for Pete Sakes. Jesus. Give us some clarity and then go from there. And the reason why I talked about all these things is because if we don't do this at some point, they're just going to start picking off crypto projects. And right now, you may be like, cares, I have Ethereum. Well, how far away are you if they pick off XRP and they shoot them down and then they get to something else and then something else? And then all of a sudden, hey, what happened to Celsius? You know, SEC got him. Oh, what happened now? Well, they all just started to fold like cheap lawn furniture. Before you know it, what happened with Ethereum? Got him too. This is where it all starts. If we don't draw a line in the sand and go on the offensive, I think crypto is doomed because a lot of these companies are going to, first of all, leave the United States. I mean, you can't doom it per se, but you can doom the United States. And I'd like you to stay here a little longer and actually get things done than being disseminated and taking a lot longer. I want these things to happen as soon as they can. And that's really it. So thanks for checking out the video live. If you found some value, hit a thumbs up. Also consider subscribing. And that is it for right now. I will go into the chats and answer any of your questions as best I can and we'll go from there. Close up. YouTube chat. Hey, is everybody. Hi, everybody. How you doing? Let me blow this. Let me see what the heck is going on here. Where'd I go? Hey, not too bad. Get a little parched when I get ticked off. All right. Damn, it's a lot of stuff. All right. Air drop time. Gimme, gimme. No. There's no air drops here. Oh yeah, congratulations to Cardano. You know, lots of smart contracts just launched. Everybody's been talking about that, so I thought I'd just give you a break on that. But I was expecting more of a... I'm not going to jinx it. Good for... Congratulations to Cardano. This is a long time coming. Don't forget to start the like button. I'm joining in. Morning, morning to the moon. What's going on with Cardano? What's up? Is he doing a new job? Does he see the big fat fraud? Eightish bank America. Gigi is a shill. Okay. This is how they take over. Americans are going to tatership, not... What's going on with Cardano? I just told you what's going on with Cardano. You know what? I'm going to go... No, I shouldn't. I'm going to go back up here. Hidden was paid a million from law firm who's a third of the line is working with SEC. Oh, good one. Kong says you still want to be a voyager. Yes, I actually bought some more yesterday. Let's get it Tuesday. I'm not an American, but if it was a security since 2013, then SEC employees have been inside of trading? Perhaps. Not only that, they failed to notify all their... The American populace and say, Hey, this is a security. We think it's a security. So watch out. Lawyers are leeches. Lawyers aren't leeches. Just who they work for. That's what it comes down to. Cardano is smart and alive. I don't hate law. Yeah, exactly. Y'all hate laws till you want one. Lawyers are great. Nothing wrong with them. Job security, not under Biden. Hector, the dude says yes. So we think the government works for us. That's how it's supposed to be, period. And also that's how every... Everything you buy, everything you... Every kind of park you go to, any kind of commodity you have, any kind of service that you have, they work for us. It's how it works. It's not the other way around. Hey, Rob, how many rule tokens are you holding? Ah, right now, zero. Because I'm waiting for them to go in the secondary market. However, I am an ambassador. So I'm hoping to get a really good deal. I love the shirt color. Me too. If you like the shirts, look in the description below. The t-shirt company. Just blank the name. They give part of the proceeds to homeless veterans. So I like that. Josh Bell, thanks. Three bucks. I like that. What else? What else? What else? You said you pay lawyers a lot each year. Divorce? No, no. I used to pay... I paid... So the story is, if you don't know, I was sued for all my online businesses. It was a copyright infringement case. It sucked and took three years to settle and it cost me a lot of money. And when they sent me a cease and desist letter, there was two options here. I went and talked to my lawyer. So what can we do? He's like, well, you got two options. He goes, you can settle right now. And then you have to go away or you can fight them. And I was like, I'll tell you in a second. Waited a couple of days. I came back and I'm like, no, we're not going to settle. And we're going to fight them. And we did and it took a long time. However, I've made that money back more so. So I really could care less. And guess what? I don't ever feel like I just gave up. And I hate that part. Now, there is times in life that you really should just say, you know what, that's enough. I'm good. But in this situation, in my situation, and the one right now today, we should not be doing that. What are your thoughts on May? I don't know. What do you think of Wyoming? Been there. Sounds awesome though. I'll pass it to Texas. Love's crowd. Yes. Do you think we're going to be competition with Solana? I hope that they work together. I mean, they really are competitors, right? They're a smart contract platform trying to conquer globally. They have NFTs. So yeah. Views on Avax? It's awesome. I have a good amount of it, we'll say. And I also have, if you have Avalanche and want to stake it with digital asset news, there's a link in the description. I'll tell you how to do that. Let's see. Gary Gensler just posted on Facebook that he'll drop the SESUS lawsuit. If he can take a dip in Rupsel, it's right there. I'd invite him over. I'd shake Gensler's hand. I'm like, hey, if you want to give up, that's cool. Crypto dance. Do you think what happens in the U.S. is affecting directly around the crypto world? Yes, I'll tell you why. That sure did affect the XRP price, didn't it? When the SEC came down, it doesn't matter what happened in Japan. It didn't matter what happened in Europe. It didn't matter what happened anywhere with part of the globe. But because the SEC came down on XRP in the U.S., excuse me, Ripple, not on XRP on Ripple, the price tanked. So yes, it does. We must fight against the corruption. I know. Okay, everybody. So that's it. So look, that was a good 25 minutes or something like that. I know it's not going to be the most sexy of topics, but I will just tell you this. Again, if this doesn't happen, if we don't put Gensler's feet to the fire and have him give some clarity and explain why he gave that clarity, not just say, just security. You just go from there. This is going to end up, I think, quite badly for us because they can just start picking us off. And that is it. So again, the links are in the description for everything I just talked about. Do that right now. I'm not going to bother you anymore. If you want to stop by at CryptoZRS later, I'll be there with James and George talking about some stuff. Some good stuff. All right, everybody. Thanks so much for watching, and I'll see you on the next one.