 Oh, how the turntables. It was just yesterday. We were talking about how the SEC was suing everybody. They were going after influencers. They were going after businesses. They had already taken a big stance up against impact theory who had made $30 million on an NFT and they had to pay $6 million back. And of course, Richard Hart and different things that were going on and today, the exact opposite. Looks like they just won, Grayscale just won, their case against the SEC. Now, this is the big hot topic. I know you've heard this a lot of different places, but here's my take. First of all, it's amazing what 24 hours can do. This was our video yesterday. I was pretty negative, let's be honest. I was not too impressed with what was going on in the SEC. And then today, we get this. This is the United States Court of Appeals. Now, this is 21 pages long. I'm not gonna go over the whole thing. I linked in the description, you can check it out. But we had a pretty good summary of that and that was done by CoinDesk. And it is interesting to me that as these big cases come forward and we see Bitcoin and crypto and digital assets becoming more in the limelight, it seems like everybody is cheering for us, which is crazy to me, because in 2017, we were like the outcasts. We were like the people that didn't know what the heck was going on and we had no idea how to invest. Now, all of a sudden we get CNBC and MSNBC and even Fox News, and they talk about crypto and Bitcoin specifically, like it's the next greatest thing. So to me, it just feels kind of weird when you have these big things come up and you have big news alert and they're talking about how the SEC just lost. I mean, I'll take it, it's a good day, but it's just a very different way to look at things. And maybe this is what we're looking for for mass adoption. So here's why you came here. The SEC just lost another case, which is very odd because they've had a pretty good track record. I mean, they did lose against Mark Cuban in the insider trading case and he really beat him like a drum, but we see now that it lost against Ripple. Now they're gonna appeal that, but here was a bigger case and they lost this one too. And this is what it means because when I read this, remember, this doesn't mean that there's an automatic approval coming for a spot ETF. There's a couple more steps. Here's what we got. So the SEC must review Grayscale's Bitcoin ETF bid after a previous rejection. This is the appeals court. And this is what was said by the judge. The SEC recently approved the trading of two Bitcoin futures funds on national exchanges, but the night approval of Grayscale's Bitcoin fund. Petitioning for review of the commission's denial order Grayscale maintains its proposed Bitcoin ETP or exchange traded product is materially similar to the Bitcoin futures exchange traded product and should have been approved to trade on the New York Stock Exchange. Let me read that one more time. Just this last part. It was similar to the Bitcoin futures exchange traded products or ETP and should have been approved. The SEC didn't explain why it was treating these products differently, making the Grayscale denial arbitrary and capricious. Capricious, excuse me. Not a word I use all the time. Grayscale has demonstrated its proposed Bitcoin ETP is materially similar across relevant regulatory factors to the approval of Bitcoin futures ETPs. First, the underlying assets Bitcoin and Bitcoin futures are closely correlated. And second, their surveillance sharing agreements with the CME are identical and should have the same likelihood of detecting fraudulent or manipulative conduct in the market for Bitcoin and Bitcoin futures. So the whole thing comes out of this. The judge is pretty much saying, this will be talked about on the channel for quite some time is, if you're gonna approve a futures ETF, there's no reason why you can't approve a spot ETF. Now you can go back and say, look, there's not enough monitoring. That's the whole reason why Grayscale and all the different rest of them, ARC, Fidelity, went back and said, okay, we'll have some type of surveillance. Coinbase will do these things and we'll move forward. Good, good. But it seems like it wasn't enough. So now here we are. And the appeals court is saying you shouldn't have denied it. So you're gonna have to go back and it's gonna have to review it. So what does that mean? Well, for markets in general, it means everything's dandy today. And let's take the win, right? Let's take the win. Let's bask in the glory of beating the FCC yet again. So Bitcoin 24 hours is up six and a half percent, five percent, you all know this because you've been checking your portfolio like 30 times this morning. And it's looking pretty good. To me, it is fascinating though that in 24 hours, I mean, Bitcoin are pretty high. 6.4, polygon one of 6.4, ton coin one of 6.3, light coin one of 6.4, wrap Bitcoin on that. Bitcoin cash for some reason, one of 15%, just kidding. If you like Bitcoin cash, have at it, I don't care. ETH classic, I mean, there's just some, some alts that are doing pretty darn good. And that's great. So what does that mean moving forward? Does that mean that we're gonna get this ETF and everything sunny and shiny and rainbows? Maybe. This is Jake Trevinsky. He's the chief legal policy officer and lawyer at Blockchain Association. This is what he states and I have to agree with him. He says, look, it's very rare for a federal court to find an agency that has violated the APA by acting arbitrarily, I can't, capriciously, capriciously, damn that word. The DC district court or circuit just delivered a huge embarrassment for the SEC that the ETF isn't approved yet. The APA, as I understand it, is how the government agencies are regulated and how they are supposed to set up and rule against things like this. And the SEC is pretty much going against that. They violated the APA by acting arbitrarily. And Jake says, well, what could happen here? The court didn't order the SEC to approve grayscale's approval. It just said the SEC's analysis was on the fraud manipulation was wrong. Now the SEC has to go back and review the proposal again. So what's the SEC gonna do? There's two theories, it's very simple. He said, look, it's either they're gonna go back and they're gonna say, fraud manipulation, it's still there and here's the reason why and we're gonna deny these things. That's one, but that'd be very irresponsible, I think for them because if you think about it, they actually have an out right now. Gary Gensler, I think misread a lot of the public sentiment, especially after the FTX, the Voyager, the Celsius, the BlockFi, and of course he missed all those, let's be honest. So he was trying to over-protect. Maybe he just misread things and maybe this is the perfect opportunity for him to say, you know what, all right, the public has spoken, the courts have spoken, and we're going to go the opposite way, we're gonna approve this. That is what could potentially happen. And it would be like a perfect out, right? It'd be the perfect out for him to do it and just go, look, we did our best and we're here for regulation and this is what it says, so we're gonna go forward with it and we're just gonna obey by the court law, the rule of law and we're gonna move forward. Great, could still be done, will the ETF be approved? I don't know, I don't know. I still have my weary thoughts, but it's gonna make it a lot more difficult for them to disapprove these spot ETFs. However, it really comes out of this, who does Gary work for? Now in the comments section, I can see it right now, people are saying, Gary works for BlackRock, Rob. That's who Gary works for. And I say maybe. I still say that Gary works for the White House and he works for the president that is sitting there right now. I don't think he's gonna be still sitting there in 2025 or whatever. He still sits there. He's still under that umbrella. And I do not believe that the White House wants anything to do with Bitcoin and their ESG compliant nonsense and all the things. So could it be approved? It's looking more positive, but is it a lock? I don't think so. And it's really gonna come out of this. The ETFs right now, these are all the ones that have been filed. Our guy shares, which is BlackRock, Bitwise, Banach, Wisentree, you can read. And the deadline. I always find this funny that they have first deadlines and second deadlines and third deadlines and final deadlines. But just so you know, today is the 29th, I think? Yeah, August 29th. In two or three days, you're gonna get the first deadline for iShares, for Bitwise, for Banach, for Wisentree, Wise, Valkyrie. All of them are coming two, three, four days. Is their first deadline? Now, ARC's already been pushed forward. They hit the first deadline, second deadline, third deadline, and they pretty much said, we're just looking for public opinion, which a lot of people come in and they say, yeah, it's good, but a lot more people say it's awful. That's, we've covered this before. So we'll see. If they come through and they say, no, we're not gonna, we're not going to approve it. I don't think they're gonna approve on the first deadline. They're probably just gonna push it. They're gonna kick the can on the road. I don't see it happen until, if it does until 2024, but I could be wrong. And again, remember, I think there was a couple of articles that just came out that said all these decisions are going to be pushed until 2024. Anyhow, let me know what you think about that in the comments section. And good news for front of the show, Simon Dixon, they actually, I actually stole the article from him as he tweeted out. And I said, hey, Simon, looks like I'm gonna have to wear that stupid shirt, cause I might lose the bet. You don't know the bet is, I believe that it's won't get, I do not believe that ETF will be approved. I said this a long time ago. And Simon Dixon said, I believe it is. And I said, okay, let's do a bet. Whoever loses that bet has to wear a T-shirt that says I love Mishinsky. Now, there's nothing more, well, there's a lot of, there's more things that I actually dislike than Alex Mishinsky, but he's on the top 10. And if I gotta wear that stupid shirt, I'm not gonna be too happy, but I will say this, I will gladly wear it, because all of our portfolios we're doing pretty damn good. So that's it, Simon, here's to you hoping that you win. And then to finish up on a couple of notes, it is amazing what 24 hours will do, sentiment and all those things. We can't get ahead of ourselves, but we shouldn't be happy for these days, right? And just like yesterday, we talked about this video that we went through and we took a look at the NFT space, the SEC sued impact theory, which I gotta tell you, they made 30 million on NFT and they only had to pay 6.1 million back. That's like JP Morgan style right there. To me, that's like the cost of doing business. They also have an interview with Richard Hart. And then the whole thing about this was the NFTs, they said it was a, NFTs are now securities. That's what they were claiming. And because impact theory was like, look, we got 30 million, we'll pay you six, just go away, we'll keep the rest. But at some point we're gonna have to fight against the SEC and NFTs. And I thought that was gonna be a big blow, especially at web three gaming. It was not too positive, but I mean, I saw a way out. And in that video, I talked about this very clearly. I said, look, I don't know what the market's gonna do. And every time I think I know what the market's gonna do, the market does the exact opposite. And this grayscale decision, I knew it was a decision coming. I thought it was gonna come soon. I didn't think they would win outright, so much the better. So during this time, what I'm always talking about, I don't know what the market's gonna do, but I still dollar cost average. The same thing every day, it's like Groundhog's Day. I have Coinbase, I've connected my bank. I signed up for Coinbase One. It's like 19 bucks a month or something like that, because I pay for the full year. I don't pay for any fees up to $10,000. I don't have a link for them. I'm sure you can find Coinbase. Good luck. And now it just comes out automatically. It's always the same thing. It's always Bitcoin, Ethereum, Cardano, Solana, Chainlink, Arbitrum, Neer, a bunch of other stuff that I buy every single day. Because right now is what I think is the time to buy. I'm not telling you to do something because I can't give you financial advice, not your dad. I'm not even a financial advisor. Just a guy that talks to his computer in a nice green screen. So the thing you have to remember is this, even though we think we know where things are going, we'll never know. No one's got a crystal ball. And this was actually from the comments section yesterday. And I will read this out to you. I him in this. And he said, look, my opinion is this, I've already given up on crypto. I've already lost too much money. I don't see any future in crypto. I don't see any adoption. I don't buy into the shilling of crypto anymore. It's like with a bunch of rug pools at this moment, 90% declines. I don't see why anyone would want to get into crypto at this time or ever again. This is capitulation. And I pretty much just said, I'm like, I don't blame you. I can see why it's tough. It's not for everybody. And I understand if you have to get out of here. And that's true. But it isn't amazing what 24 hours can do. Now we're up so much. Now we have positive sentiment. Now we're looking forward. And also there was a tweet I could not find. But if you go into look into Bitcoin, let's just do that. You go to look into Bitcoin. It's a free website, 100% free. It's got really great charts. And if you take a look at the hash rate, the tweet I'm talking about, it took a look at the four year cycles. And it just said that this time in the last cycle in 2019, we were actually declining in hash rate. And before that, it was 2015. I mean, as we took a look at the four year cycles, right? Everything starts with the halving and an all-time high and a huge dip and a reset. And there's a halving 2016, 2017, all-time high. 2018 is a huge dip, 2019 is a reset. So and so forth. But they said what's interesting about this timeframe is that we've actually reached all-time highs for hash rates. And in the last times of 2015 and 2019, we were way below. So I think maybe there's a little bit of hope on the horizon, but I'm not gonna just start dumping all my money into Bitcoin. I will still continue dollar cost average. Cause again, you never know. And then even if you're the smart money, you're the big investors, you still mess it up. This is from CryptoSlate. Digital asset investment products see a mass of 168 million in outflows. Here's what's happening. This was just last week. Digital asset investment products recorded significant outflows totaling 168 million last week, marking its largest outflows since March. For the report, Bitcoin Ethereum was responsible for most of the outflows. The flagship digital assets are roughly 166 million in total out. So again, it's tough the time in the market. I'm not good at it. I'm just here for the long haul and I'll dollar cost average because it's a strategy that I came up with. Well, I didn't come up with it, but it's what I decided to move forward as I looked at everything that I could possibly do. And it was at the most sane moment that I could get after we saw the all-time highs and the all-time lows. And I said, you know what? This woman, I move forward. So I'm not going to change. And that's just how it is. Any elements you might think about that in the comments? And then I have to do a PSA for everybody, public service announcement, which is this. There was this great thread from Tay. And I got to put this in so you guys can all read it. It's very long. Where people are losing their crypto. Okay, safe. And they're losing their crypto off of hot wallets like MetaMask. They're losing them on their cold storage devices like a Nano ledger. And there's like these random occurrences of where people are losing their crypto and it's a lot. And it's happening over months and months and months. And Tay says for the past 20 or 40 hours I've been unwinding a massive wallet draining operation. I don't know how big it has been, but since December 22, 2022, it's drained 5,000 plus ETH and a massive amount in tokens. It's wrecked my friends and OGs who are reasonably secure. And you can read this. It's a lot of stuff. And a lot of people have been complaining that they're funds in their cold storage devices. They're hot wallets. They're all not all gone but people are just losing things. And that's very concerning. But if you get to it to like the tweet that's like is a lot of tweets. So I'll save you from this. You can read the whole thing. But really what it came down to is this. 99% or the majority of the large vast majority of people who are losing this crypto are people who had taken their seed phrases and they had put them in last pass. And you don't know what last pass is. It's on a browser and you can put all your passwords and what they were doing is instead of... There it is. Instead of taking their nano ledger and mnemonic phrase and writing it down someplace secure, they would put it in last pass which is essentially just uploading your phrases so that all the different scammers and hackers that are out there can find it. And they can find it. So if you've done that, it's okay. But you need to rectify that quickly. What you need to do first of all is you need to take all that crypto that you have that if you put in last pass or someplace that you stored online in the cloud or something, you need to take all that crypto, move it all. If you to be safe, you can just buy another nano ledger or another tangent wallet. One of my two favorite picks right now. Tangent pretty good. And you can do one of two things. You can wait for it to arrive. You can erase everything or you can put it all the way back on an exchange for just for quick storage, get your device and then put it and then bring it all back. Whichever way you want to do it. Again, I'm not your daddy, figure it out. So that's the PSA for today. People are losing their funds because they maybe I didn't tell you guys not to do this but don't upload your mnemonic phrases to any place where that's connected to the internet. Paper works good, paper works great or put it on steel. Yeah, so that's it everybody. So I just wanted to do a quick one. Hey, not bad. So that's it for this episode for the news. Usually I don't do live shows during the week but we've had two big news days. So I wanted to go live just to get the stuff out there. Thanks so much for stopping by, I appreciate it. See you guys in the next one. Hit the like on your way out. Thanks so much.