 Great. Well, digital asset news. My name is Rob. And today we got a ton of stuff to go over. So let's just jump right in. The first thing we're going to talk about is how Gary Gensler, head of the SEC is pivoting. And it looks like there's a couple of winners that are chosen. That is Bitcoin Ethereum. I'll tell you more about that. Also, talk about more good news. Coinbase comes up big. And I got to tell you, I've been giving them grief for a while. But tip of the hat for what they did just recently. Also, talk about pay attention to who's building in this market. We all already know about the upgrade going on with Ethereum. But that's what we're going to talk about today. And that's what we're going to talk about today. And that's what we're going to talk about today. And that's what we're going to talk about today. And that's what we're going to talk about today. And that's what we're going to talk about in the Basel upgrade with Cardano. But we also need to take a look at what's going on with a couple of different projects, Algorand and Polygon, as they're making big strides. And lastly, we'll talk about some massive puts, sales and shorts from the markets three times more than 2008. And lastly, lastly, let's talk about Jerome Powell just said, which is probably contributing to a little bit more volatility. And of course, last we'll go over Q&A. So first things first, the big story is I call it Gary. And over time, Gary Gensler has been, I got to tell you, I called this one wrong. I thought it was going to be great for crypto. I mean, he taught it at MIT. He knew exactly what it was, but he's been kind of a curse, honestly. But this is some positive news. I think he's pivoting in the right direction. So here's what's going on. Gensler supports commodities regulator having Bitcoin oversight. Gensler, Gary, who watches the show? He was speaking on an industry conference on Thursday, and he stated he looked forward to working with Congress to give the CFTC power to the extent the agency needs greater authority to oversee and regulate non-security tokens and the related intermediaries. He states this, let's ensure that we don't inadvertently undermine security laws. We've got a hundred trillion capital market, crypto is less than one trillion worldwide, but we don't want that to somehow undermine what we do elsewhere. So really, what it comes down to is this. What he's saying, if you don't want to read between the lines is this. He's like, look, we deal with securities and we'll take the lion's share. But the CFTC wants to take a look at Bitcoin, Ethereum, and have them as commodities so much the better. Let's just agree to disagree and just move forward. And what I mean by this, as far as like Ethereum and Bitcoin, it comes down to this. Leaders of the Senate Agricultural Committee, which oversee the CFTC, are pitching legislation that would assign oversight of the two largest cryptos, Bitcoin and Ether, to that agency. Let me say that again. Leaders of the Senate Agricultural Committee, which oversee the CFTC, are telling the legislature, look, we want to oversee Bitcoin and Ethereum. We believe if those are commodities, those will probably be considered commodities. Everything else will go through securities, potentially. I don't know the future, but that's what it looks like. The CFTC only has the power to regulate derivatives, such as futures and swaps, as opposed to cash or spot markets where the underlying assets are bought and sold for immediate delivery. And this last part is just, to me, what I've been hocking on forever on this channel. I'm not very popular with a lot of people because of my stance that I think we need a little regulation, but a regulation goes a long way. Law 230 allowed us to really open up things for the internet and allowed it to flourish. It was a soft touch approach. I know people will say, well, the governments and regulation don't really do soft touch. Well, they didn't, in one instance, are they going to get it right all the time? No. But the question is, do you want to be part of the conversation, or do you want to be told what the conversation is? This is the statement, after objecting for years to meaningful federal oversight, crypto lobbyists have shifted their focus to convincing lawmakers and regulators that the CFTC should have primary jurisdiction over the industry. They say the SEC's rules for traditional securities like stocks and bonds don't fit because cryptos aren't organized at traditional corporations with stockholders. True, because I don't get anything by owning Amazon or Tesla, the stock. There's no utility there. It's a lot different than what it was for the Howie Law test so many years ago. So that's the big story. Tell me what you think about that in the comments section. I think it's a step in the right direction. Finally, Gary just gives up a little bit of power. Next up, I have to tell you, I've been harping on Coinbase forever for their shutdowns and their different problems and issues, but they've gotten much better. And this one, I have to give them a round of applause. Defending privacy and crypto. This was put out today, and this is what's going on. Last month, the Treasury in the US sanctioned the tornado cash software because it was being used by criminals, including North Korean hackers. That is true. They were. We have no issue with the Treasury sanctioning bad actors, and we take a hard stance against unlawful behavior. But in this case, Treasury went much further and took the unprecedented step of sanctioning an entire tech instead of specific individuals. As a result of these sanctions, many innocent users, many who I know, now have their funds trapped and have lost access to a critical privacy tool, and we believe the Treasury exceeded its authority given by Congress by sanctioning a tech. And before we go on, I remember Mr. Wonderful, Kevin O'Leary, said, that's fine. If you want to really bamboozle somebody and just put them in a timeout and throw them in prison, that's good. Go right ahead, because that's what we need to get this crypto business, this crypto organization, this crypto market to really take off. And I said back then, that is the dumbest thing I've heard. You can't do that. You can't have people come in there and just rate everything and go, we're going to shut down open source code. That's going to affect a lot of people. And before people say, well, if you got it, if you don't have anything to hide, what are you worried about? Here's some great examples. So moving forward in this one, the nature of blockchain, where every transaction is public, makes crypto more secure, but it can also create privacy concerns. If you receive your salary in crypto, for example, you might not want the world to know how much you make. I don't know if you're okay with that. I'm not okay with that. People seeing exactly how much I wait, I make. That would kind of suck, but they could. I mean, if I got paid everything in crypto, that's why the individuals were supporting this case used tornado cash in the first place. Here's three great examples. One person used tornado cash to anonymously donate money to Ukraine. Maybe they didn't want to get harped on by people who say that's an awful war. Another person is an early crypto adopter with a large online presence and then a public Ethereum name service name linked to a Twitter profile. He used tornado cash to protect his security while transacting. Probably don't want people to know how much he has in a specific wallet. And a third person operates in Ethereum staking business. At one point, a stranger working near where he engages in staking asked how much money he was earning. So why the heck would he want to do that? That's why he used tornado cash. And I got to agree. That is it. And this is the whole crux of their argument and why they're supporting these six people who are suing the Treasury. The Treasury act outside its authority. While Treasury is allowed to sanction people along with the property, Congress never gave it the power to sanction open source software. This will stifle innovation, which is the exact opposite of what law 230 did. Right now, developers are worried that they could be held responsible for something they had nothing to do with and no ability to control. Who would want to write code when you might be thrown in jail? As actually one of the tornado cash developers was done as one of the largest companies in crypto. We have responsibility to defend the crypto industry against actions that go too far and treat crypto on an uneven playing field. And I got to tell you tip of the hat to Coinbase. I like exactly what they're doing. This is good news in my opinion, because it makes us stronger. Let me just think about that in the comment section. And then some more good news, even though we're in a pretty crappy bear market, I must admit. And that is this. We've been talking about this lately. I've been getting bombarded with from these different, some really good projects that are really building. Pay attention to the products that are building right now. And pay attention to what's going on behind the scenes, because the price action doesn't reflect exactly what's going on. I think in the next two, three years, things are going to do pretty well. Just right now, we've got to go through a lot of pain. And I'll get to what that pain means with Jerome Poway just said. But pay attention to who's building the bear market. We know about the Ethereum upgrade or the Ethereum merge, excuse me, the vassal upgrade for Cardano. That's great. But there's a couple of different stories. I think that may have fallen through the cracks. The first one is this. Polygon is going on a hiring spree. And pay attention to that, because when we're in bear markets, crypto companies don't do that. But when they're well positioned and have a pretty great project or product, they can do these things. Polygon is looking to add 200 people to its team by year end. So this is what's going on. Polygon plans to expand its overall headcount by more than 40%. The company found in India, based in Dubai, plans to add some, I didn't know they were there, based in Dubai. Look at that. Plans to add some 200 people to their team that operate from remote locations around the world. That's the great thing about working online to wherever you want to. New hires will join its ranks of roughly 500 full-time employees. They've already got 500 full-time employees. Imagine that. I'm not going to give you investment advice because I'm an investment advisor. I'm not your dad. I can't tell you what to buy. But I got to tell you, Polygon is making a lot of big strides. And they were also one of the six to be added into that incubator program with Disney. So not too bad. Going on, Polygon, this is kind of interesting, Polygon flushed with cash from a 450 million sale of private tokens in February. Let me read that again. Polygon flushed with cash from 450 million sale of private tokens in February sees the crypto bear market as a rare hiring opportunity. Developers for so-called Webthee projects remain hard to come by and command high salaries. Well, how high is that, Rob? It's a great question. This is how much people make in crypto and developers. Overall, TechTown is difficult to hire, even if it's a Web2 organization, let alone Web3. And they're getting paid almost half a million dollars in salaries. Now, if you're a developer, sound off in the comment section if this is even remotely correct, because if it is, I need a new job. The average annual salary offered to developers in Solidity, popular blockchain program language, stood at about 100 grand. More experienced engineers can command as much as 400,000. Developers of smart contracts earn an average of 120,000 and a max of 400k. So if that's true, let me know. That's a pretty good thing. So why wouldn't people want to be in this industry? Seems like a big moneymaker. And there's that one part. And then also, Algorand upgrades, boosts, speeds, add trustless cross-chain communication. And I'm just going to read this. This is the whole article. It's kind of long, but I'm just going to summarize this. They implemented a couple things. Implementation of state proofs, which introduces trustless communication between diffused blockchain protocols, which is, I guess, great. Sounds good. Not a programmer, not a developer. But this is awesome. It also increased Algorand's processing speed from 1200 to 6000 transactions per second. That's pretty good. If you can go from 1200, you can 6x to 6000. That's pretty good. That's what we want to see. So again, pay attention to the projects that are being built in this bear market. Those will be the massive winners in the bull. Let me know what you think about that. After all that great news, because it was, now let's catch you with a dose of reality. And I have to balance it, because if I just give you hope, you'll be like, oh, everything's great. Everything's good. It's not, there's some things on the horizon that you need to be aware of. And this is just par for the course. So this was a chart from Sentiment Trader, sent to me by Biggie. Shout out to Biggie. And he said, say this, sometimes there's a chart that blows your hair back. In 22 years of doing this, none stand out like this one. Last week, institutional traders bought 8.1 billion worth of put options. They bought less than 1 billion in calls. This is a 3x more extreme than 2008. And you can see here, 2008 puts, calls. First of all, what is a put? I'm not a big trader. A put option is a contract to basically to sell or short sell. Those are puts. And that was $8 billion. Not that they're going to do it, just that they have the option to do it. And then of course, for the call options, those are just to buy. Not that you're going to buy, but you could in certain time periods. So that's just one of those things. Also some bad news. Unfortunately, Queen Elizabeth II has died at age 96. So that's a sad day for the UK. Sorry to hear this, everybody. But that is just what happened across right now. And then unfortunately, some more bad news. Jay Powell, who never disappoints. But I got to tell you, I have to also tip my hat to this guy because at least Jerome's not going to beat around the bush. He's going to tell you exactly what he's going to do. And in this, this is only two minutes. I need you to listen to the whole thing. I don't want a paraphrase. I want you to hear it from the horse's mouth. And then you decide what he's talking about. But I got to tell you, I don't think you can say it any clearer than what he's going to say right here in these next two minutes. Let me stop this. Let me share the tab itself so you can actually hear this crystal clear. I need you to and listen to this. I think it's worth going back and remembering, and I pointed this out in my remarks last two weeks ago at Jackson Hole, 10 days ago, that what Paul Volcker did and the Fed did to finally get inflation under control followed several failed attempts to get inflation under control. And what had happened over the course of that long period of the great inflation is that the public had really come to think of higher inflation as the norm and to expect it to continue. And that's what made it so hard to get inflation down in that case. So it is very much our view and my view that we need to act now forthrightly strongly as we have been doing and we need to keep at it until the job is done to avoid that. We think we can avoid the kind of very high social costs that Paul Volcker and the Fed had to bring into play in order to get inflation back down and set us up then for a long period of price stability. That speech, the point really there was to deliver a speech that was narrowly focused on inflation, more direct and a lot shorter than a typical Jackson Hole speech. And I thought that what was appropriate was a very kind of concise and focused message to your question. The message really was that the Fed has and accepts responsibility for price stability by which we mean 2% inflation over time. That again to your question, the longer inflation remains well above target, the greater the risk that the public does begin to see higher inflation as the norm. And that has the capacity to really raise the costs of getting inflation down. So finally, history cautions strongly against prematurely loosening policy. I can assure you that my colleagues and I are strongly committed to this project and we will keep at it until the job is done. I can also assure you that we never take into consideration external political considerations. We are accountable to the public through Congress. That's a very fundamental important aspect of our work. But we focus solely on the goals that Congress has given us and that's what we're going to do here. There you go. If you had any doubts about what Jerome was going to do and the Fed reserve, he just answered it for you in crystal clarity. He's not going to stop until the job is done. The goal again is 2%. They do not want to get, of course, the public perception to accept the inflation rate is so high because it makes it even more difficult going on and they don't really care essentially about what's going to happen in the future and political entanglement. So take that as you will and sound up in the comments. I don't see that as them going to pivot anytime soon. 75 basis points, a definite, maybe a full one later. I don't know. And that concludes the day for the news. Also, I will just say this real quick, here's a little bonus news that just came across the desk. Fidelity, this was an article back in May 31st. Fidelity Crypto Focus Business Plans, Tech Hiring Spree. And people were like, they were just assuming that it would be digital currencies and trading. And this was just half the press for Bitcoin Archive. Fidelity is launching Bitcoin trading for retail customers in November. And they have 4.3 trillion assets in their management. Me personally, I first thought about this and I go, is that really that big of a deal? I mean, what's the difference between that and exchange? And then Biggie pointed out, rightfully so, he goes, look, he goes, it's just one more way to move the needle. It's just public trust. When you have the Fidelity's and the Black Rocks, all the different big organizations going, hey, you guys should really get into crypto and digital assets. It's actually a pretty good play. And before you know it, people are like, maybe just a good play. It's amazing the psychology of people. But that will conclude today's news. So if you liked the show today, thumbs up, subscribe, all that great stuff. And that's it. If you got to take off, get out of here. I appreciate you sticking with me almost 1500 people. That's great. And now we'll roll into the Q&A and I'll answer all your burning questions, the best of my abilities as we go into the Q&A. Let's jump in, huh?