 The CEO of Coinbase, Brian Armstrong, came out and said that he is ready for war with the SEC over multiple years. And I got to tell you, this cannot come at a better time as the SEC, and more specifically, Gary Gensler has been weakened by Congress. So there was a nice little piece that was put out this morning. And it took a look at Brian Armstrong as he was interviewed over here on CNBC. And a couple of things were said. It was about a 10-minute interview. I'm just going to break it down to the most crucial parts, I think, are important, which is about 45 seconds. And what he's going to talk about is just how much he is looking to engage with the SEC, what has been happening behind the scenes, and also the fact that he's actually branching out. And I can't remember if I stated this, but they've already branched out to the UK and multiple countries. And the reason for that is because America is failing him and a host of other crypto and gel acid companies, as well as the retail investor like you and me. So just take a listen to this clip. Unfortunately, no. We've met with them over 30 times in the last year. And then, of course, they allowed us to go public as an S1. We filed and had many in-depth conversations with them about our business. But even in the last month, or sorry, the last year, we had 30 meetings. Never got a single piece of feedback from them about what we could be doing better or differently. And then this well has noticed arrived. And so it's really unfortunate. I think we're going to have to actually end up going to court to get the clarity we need and create that case law. It's a really, it's an application of responsibility. I mean, the regulator's job is to publish a clear rule book and allow that market to be safe, but also to flourish in that country. And I think they've completely advocated responsibility. Investors are worried that this could turn out to be a years-long battle. We've seen with Ripple, for example, in the SEC, this is going on and going on for some time. Are you prepared for a battle with the SEC of this kind of length? Absolutely. I mean, absolutely. And you see how Kami is? He's like, this is just a natural progression of business. And this is how I think we should all be. We know that there's going to be an uphill battle, but there's only so many things that we can change. So when Brian here talks about, like, yes, we're ready for a multi-year battle and we need this for clarity to move forward, I have to agree with him. I've been talking about this quite a bit on Twitter and said, look, the SEC essentially are bullies. And the only way that you can deal with bullies is hit them in the mouth. Because if you don't do those things, they will keep coming at you and coming at you and coming at you. Now, nobody wants to take the fight to them, but this is how it is. This is the reality of the situation. And I have to commend Brian Armstrong for, one, recognizing what has to be done and two, being so calm about it. So this is just the first part. And when I talk about this is like the perfect timing, it's because, and you've been seeing this quite a bit throughout the Twitterverse and YouTube videos, Gary Gensler is getting pounded by the Congress. He is getting questioned. He is flubbing up. He is making mistakes. And it's beautiful. I don't want to pile on to Gary Gensler. I do believe on some of the things that he says he's actually right. There should not be co-mingling of funds. There shouldn't be a separation. It worked out pretty well with FTX and how they were able to run away with all our money. However, there are a lot of things that left to be desired. And the person that is questioning him, this is about two minutes or so. This is Warren Davidson. I love this guy. First of all, he's a former vet like me, Army Ranger serving Ohio's eighth district in Congress. And I can break this down in two pieces. And they're very important in details matter. The first thing he's going to talk about is what are securities? Why haven't given guidance, which is what Brian Armstrong talked about. And then also, we're going to see just how weakened Gary is going to become because of the things that Warren states. So just take a listen. Chairman Gensler, part of the SEC's mission is to protect investors. Does the SEC review pre-IPO documents? I think you said pre-IPO documents. You're supposed to, if you're going to take a company public, the staff of the SEC does review those to see that they're incorrect. Correct. Is Coinbase a publicly traded company? I'm sorry? Coinbase. Is Coinbase publicly traded? Yes. All right. So the SEC allowed pension funds and retail investors to invest in a company, Coinbase, that you apparently from prior remarks, believe was engaging in illegal activity. All of their activities were laid out in their public filings in the S1 prior to the IPO. You did say that you believe Coinbase is selling unregistered securities, correct? Again, I'm not going to speak to any one... No, but you said that they're selling unregistered securities. This is your public comments. I think with all respect, I look forward to you finding that because I'm trying to be very careful. I'm not speaking about any one in the Kim Kardashian settlement. The SEC stated that Ethereum Max is a security. She reached a settlement for promoting an unregistered security. The unregistered security is Ethereum Max. Before we get to the second part, which we take a look at weakness as far as what's going to happen with Gary, what I want to bring to the attention is what Warren was talking about when he talks about securities and you let this kind of fly through because you allowed Coinbase to get registered as a public-traded company. Coinbase went public on April 14, 2021. When he talks about jogging the memory, it really comes down to there was a case not too long ago where there was an insider trading. I think most of you remember this, but there was nine assets that the SEC listed as securities that were being sold by Coinbase. Amp, Rally, Deriva Dex, DX, XYO, Rary Governance, LCX, Power Ledger, DFX, Binance, and Chromatic. I don't know most of these, except for Amp. When I took a look at it, if you really peel back and just ask yourself, okay, when were these actually listed? Because Coinbase was was public-traded on April 14, 2021. All the documentation came in. The SEC looked at it and go, okay, you're good to go. I always wonder why was it just these specific cryptos. You know why? It's because these cryptos were listed after all of them, April 14, 2021. It would have looked really bad if Warren had come out and said, look, all these cryptos that you said are actual securities, they were listed before when you were supposed to do diligence and take a look as far as this IPO, but it was everything afterwards. So on that one, this is just that part. And when he talks about Ethereum Max, Ethereum Max was a project that was promoted by one of the Kardashians. And they actually shut them down or they actually, when he talks about this, they went through Kim Kardashian, gave her a big fine, made it public. And as far as like Ethereum Max, you can't find that here in America. That I know of as far as what I've done my research on. Now, you're welcome to correct in the comments. I don't think you can get Ethereum Max on any United States regulated exchanges. However, what Warren did start to talk to him about, I'm not going to play it, but he did ask him a really good question, which is, well, is XRP a security? And of course, Gary would come and come back and say, well, we're going through the proper litigation right now and we're suing Ripple. The thing about XRP is that that was listed on Coinbase on February 25, 2019. This is a chat, she had to had to cheat and use this information. So if this is on 2019 and Coinbase when public on 2021, that means that the SEC should let them do diligence, and they did not do their due diligence, and they allowed a security to be listed. And that is on Gary Gensler. So on all those things that are going through, that's one knock and there's a many more to come. But I think it really does come down to what he says right here. And this is the crux of it, of why this is a perfect timing for Coinbase to belly up the bar and go, you want to fight? Let's fight. Yeah, but Chairman Gensler, your record of failures to protect investors and abuses of power make it clear that we need to restructure the Securities and Exchange Commission. The failures are many, but let me cite some of the abuses. You average more than two rules proposals a month. You inappropriately provide inappropriately short comment periods. You have unworkable and unlawful ESG disclosure mandates on the market. You have essentially a Hotel California rule for crypto where you can check in anytime you like, but you can never leave. You have endless discovery with no resolution and no clarity for the captives in the market. You have unworkable proposals for overhauling equity market structure, a de facto ban on crypto through proposed custody rule. You have high staff turnover, unhappy people leaving your office in unhappy companies and capital leaving our country. To correct a long series of abuses, I'm introducing legislation that removes the chairman of the Securities and Exchange Commission and replaces the role with an executive director that reports to the board where all authority would reside. Former chairs of the SEC will be ineligible under my proposed bill. And this isn't just my take. It resonates across the political spectrum. The American people want democratic access to capital, retail investor participation. You can't just exclude retail investors from markets and claim it's for their own good. Our markets need to function and flourish and I yield back. Excellent response. I got to tell you, Warren Davidson really did take it to Gary and was it deserving? I think so. And really, if you want to sum up all the misgivings and the problems that Gary has had as far as how much he's protected, just look at this meme. It pretty much sums it all up. This is all the things that Gary, Uncle Gensler has protected you from and this is the stuff that he hasn't. So just keep that in mind. And then to finish this up, I will just say a couple of things. First of all, I know people will say, well, Gary, he has an ulterior motive. You know, somebody's buying him off. I got to tell you, when I think about it, I think to myself, well, who is this? The banks? Because I mean, like even Jamie Dimon from JP Morgan, he hated Bitcoin. Now all of a sudden he went from it's going to be a scam and virtual currency will be stopped and it's a fraud to JP Morgan says investors can make Bitcoin, 1% of the portfolios in there. They're going to do an actively managed Bitcoin fund. So that's just one. And then of course, we had Citibank come out, which is the 11th largest bank in the world. They're the largest bank in the United States. And they are a gaga for everything that has to do with crypto digital assets and gaming as far as Web3. So as far as banks go, I don't really think it's that part. And then as far as like the investment funds, I mean, look, BlackRock came out 10 trillion assets under management. Larry Fink says, look, the future is tokenization. And this is the next generation for the market. So they pretty much take them, put the marching orders for a lot of the financial industries out there and they're pretty much on board. So I just think to myself, well, it's not the banks and it's not these investment institutions. And it's obviously not taking a look at the politicians because they are railing on Gary, not everybody. So who is it? Who's really pulling the strings? And I don't think I can come up with is just the current administration. And they've been very negative Joe Biden administration about digital assets. And this is a pretty scandalous document that they put out, we've covered this extensively, I'm not going to go over it, but it wasn't good, we will say. But here's the good news. The good news is this, is that there's a presidential election coming up here in the United States, specifically November 5th, 2024. When the election comes about in the United States, a couple of months goes by, and the new president comes in January 20, 2025. So that will be when the next president comes in, if Joe Biden loses. And I got to tell you, as far as approval ratings, Joe's hit some of the worst. And to take a look at the bottom dwellers of the bottom six, Harry Truman pulled a 22% in 1952. 74, Richard Nixon had a 23% rating. Jimmy Carter pulled a 28%. 2021 Trump had a 29% approval rating. George H. W. Bush, father of George W. Bush, pulled the same as Trump in 92. And Biden makes a list with his 33% rating. What all these presidents have in common? They're one-termers. They're all one-termers. Well, except Harry S. Truman, FDR passed away, and he was the VP, and he took over. So he gets a little bit of a pass for his, when he continued all his presidency. But all of them have been one-termers as far as abysmal ratings. So there's this part. Also, I know this doesn't sound good, but it is potentially good. And this was from the FOMC meetings they talked about. There might be a mild recession coming up this year. Q3, Q4, 2023, who knows? So why is that good? Well, if we take a look at recessions going all the way back to 1948, recessions last around 10 to 11 months. This one lasted around 11 or 12. This was about 10, not eight, 10, 10 again, 14, even shorter, I think eight, and then so on. Very thin, right? So if all these recessions last roughly 10 months, and we're going on Q3, what happens in, I don't know, Q3 2024? Well, we would just go out of a Bitcoin halving, would we not? And then if we get a new president in, and it'll probably be a Republican, let's be honest, they're a heck of a lot more engaging with the crypto community and wanting to push things forward. So what does that mean? Well, that would bring us to 2025. Would it not? Next president comes in 2025. The recession gets over on 2025, 2024, 2025. And then what else happens? Well, there's a halving in June 2012. And every time that after a halving, there's an all-time high. That happened in 2013. Dip and a reset, 2014 to 15. Happened again, 2016. Every four years is a Bitcoin halving. Then we get an all-time high, then a dip and a reset. And we're just going through it again. We had a halving in 2020. We had an all-time high. We went through a brutal 2022. And then we're having a reset in 2023. What happens in 2024? Same thing. Halving is going to happen around March or April of 2024. What happens in 2025? Usually an all-time high. Does this mean it absolutely will absolutely happen? And I have a crystal ball? Absolutely not. But I gotta tell you, it is scary how things are just lining up. And that's it for today. So look, if you like today's video, give it a thumbs up. Consider subscribing. Everything we talk about is time-sensitive. And also, I want to give a shout out to my son Albert for sending me this fantastic t-shirt, which says, if it flies, it spies. And you know why? Because birds aren't real. Birds aren't real. All right, everybody. Have a great day. Look forward to the next one. Adios.