 Great. Welcome to the last ad news that gets housewares and crypto and break it out of bite-sized pieces So today just the thumbnail and title suggests there's a little bit of an article I want to go over and just talks about you know, US lawmakers or a specific lawmaker is directing the SEC and Potentially what they want them to do is go a little bit harder as far as to ripple and XRP and I got to tell you I'm glad that the midterms are coming around. So we're gonna take a look at this case We're gonna take a look at the representative behind it We're gonna take a look at who is donating to this representative from California And then we'll take a look at just what happens around the midterms as far as the markets So we'll take a look at that then a quick updates We did an avagachy land management system video and also an update to the sweat coin competition So let's just jump right in shall we so first of all Market's pretty good today. I know today is not my usual time a lot of things going on Sunday's usually my catch-up day. I try to keep things light. I think we've had a pretty junk Time in the market for quite for a little bit of Time moving forward. So I thought well, I'll just keep this today light and very quickly So today usually Sundays are for you know, a little bit of a dump like last time and time for that But today it's holding up pretty well actually Bitcoin's right around that 22,000 mark seven days six percent almost seven percent of theorems up 18% for a week Three and a half for the day and things are looking pretty good quite honestly Let's see anything down the last 24 hours now looking pretty great We'll see what happens tomorrow and of course, we'll see what happens on the 27th Which is Wednesday when Jerome Powell comes out and the Fed determines what the rates will actually be will be 75 basis points or a full percentage point moving up And who knows I don't know exactly what it is But we'll see how it all plays out But I got to tell you those CPI numbers coming out being high as they were at 9.1 And now we're taking a look at what's going on the market traditional and in crypto things are quite resilient So that's the market itself. Now. Let's take a look at this little this little case here And I just came across my desk. I thought it was just an interesting snippet of information and not to say that this gentleman Brad Sherman is a is a Any kind of lacking in intelligence, I think he's a smart guy. It's just very odd how things are going US lawmaker orders the SEC to go after major crypto exchanges that traded XRP. So it's not enough to go after Ripple Now they have to go Against these exchanges that we're selling securities. So here's what we got Congressman Brad Sherman Democrat from California chairman of the house financial services subcommittee on investor protection Held a hearing Wednesday to examine the efforts by the US SEC to address emerging risks and to protect investors. First of all Excuse me Who's Brad Sherman? That's Brad Sherman right there congressman Brad Sherman serving the sand Fernando Valley. I gotta tell you this guy is Not done if you take a look at just his biography. He's had quite an illustrious career Through service civil service But this was what struck me Sherman received a BA from UCLA where he graduated soon of cum laude later his service He received his law degree from Harvard where he graduated Magna cum laude Sherman then worked as a CPA attorney and certified tax law specialist. So I find it very odd The things that he said and then also in case you were curious, I was who donates the Brad Sherman's Campaign, well a lot of it securities and investments 77,000 Democracy engine 68,000 and you can see that this showman's raised up quite a bit of money And you can see everything from democracy engine to fidelity fidelity. That's crazy. That always pretty big into crypto But sure Kaiser Blackstone and Nasdaq Securities investments and breaks it all down But I will just say this this guy knows how to raise some money total raised Versed average raised this in the yellow is the average raised by House members and Sherman is crushing everybody, especially in 2012 when he raised 3.2 million dollars. So, you know good for that guy and who is funding him And I'm not making any allegations Just letting you know if you'd like to find out anybody that you're interested in as to who is giving to Their campaign. It's at opensecrets.org and you can do a search for your representative and the links in the description Anyhow, so here's what I found odd Sherman who's a senior member of the foreign affairs committee question the SEC director of enforcement Gerber Griswold Regarding XRP and tether and he states Hey, you've gone after XRP because XRP is a security not that I think it's a security Or it's going through the process, but it is a security and that's what I say because I'm Brad Sherman But you haven't gone after all the major crypto exchanges that process tens of thousands if not far more XRP transactions he stressed if extra piece of security you think it is and I think it is Why are these crypto exchanges not in violation of the law and you have to understand that? Brad here he's trying to protect the people His constituents in California, but I got to tell you The SEC didn't do a great job as as soon as that lawsuit was was put into place A lot of those XRP holders myself included saw a dramatic drop in the price of XRP And I don't think that's what they had in mind, but that is what happened so He states is it enough that the crypto exchange has said well having committed tens of thousands of violations in the past Meaning that they were selling on registered securities debatable We promised not to do any more in the future. Is that enough to get you off the hook? The SEC director applied I can't talk about what matters. We're looking at and not looking at we have brought exchange cases like Polony X That's pretty much the big one Then Sherman said it's easier to go after the small fish and the big fish But the big fish operating major exchanges did many many many tens of thousand transactions with XRP and let me be clear If he believes that XRP Is a security it won't stop there so everything that's any exchange has brought forth and and As far as I am under aware and believe the Gary Ginzer believes that everything's pretty much a security Besides Bitcoin maybe potentially a theorem. So that's gonna be pretty bad for all the exchanges Well, it fills it out of us. No, it's the same but this is what we have so then to finish this up You know, it's a security that means they were illegally operating a security exchange They know it's illegal because they stopped doing it Even though it was profitable They didn't stop doing it is because it was a question because you guys from the court So if they know it's legal, you know, it's legally an items legal I hope you focus on that and then they asked can you tell us why you went after tether or Tara But not tether and he said it was inappropriate comments and one so forth The SEC is investigating Tara UST the algorithm stable coin that collapsed in May I thought that was interesting and then this is the thing regarding responding to Sherman statements Stuart Alderati, that's how you say it know that he's the general counsel for Ripple tweeted Wednesday when elected officials don't understand that the mere filing of a case By the SEC doesn't determine anything. It's more than concerning only the court can make a determination It's called due process and again just to be crystal clear I'm pretty sure Brad knows that because I mean he did go to Harvard my new cum laude Attorney and certified tax law specialist, so I think he knows what it is. It's just an interesting conversation We're having during Wednesday's hearing Tom Emmer Republic in Minnesota Criticized the SEC's approach to regularly in the crypto industry and says it seems clear to everyone except maybe those of the Commission that the SEC is not regulating in good faith. And this is just another yet example of enforcement through regulation so Again, you have to take a look at the story behind the story and look at what the motive is might potentially be trust No one and that's just how it is. So that will conclude today for Clown news just want to keep a light in a Sunday. Let's move forward because so we talked about this yesterday actually and we talked about the different divisions here in America Amongst Republicans and Democrats and and not that there's all Democrats are against crypto and all Republicans are for it But you can see that a lot of Republicans are really for Crypto Nigel assets, and we gave a couple examples right there Tom Emmer Cynthia Lummis from Wyoming and Of course Ted Cruz from the great state of Texas here Also a big Bitcoin proponent. So Just as an awareness, I know we've got a lot of things coming up this week We've got earnings reports coming out for a lot of big tech companies. So we'll see how that pans out We'll also take a look at again the interest rates that maybe Jerome will be raising Probably not dropping and of course, we'll see how that affects the market and then of course We might at some point soon get to see if the second quarter was a reduction in GDP which would then equal a confirmed recession, which I think we are in right now because the Q1 was also was a Reduction in GDP. So two consecutive quarters would equal a confirmed recession So in all those things you have to understand that's not all is lost I think things are looking up this time goes on How long will that take I can't tell you but I will tell you this we talked to this yesterday Yeah, here in America. We have midterms coming up first weekend event super Tuesday all that great stuff and there was a great Data point that was put in and they took a look at midterm election How it affects the markets more specifically the S&P 500 and you can see right here It says there's three takes a look at three different or four different levels There we go. So you got the before the midterm So that's the performance November 1st to October 31st or a year before the midterm takes place and we are just two months away I mean the July Timber no, I like two and a half excuse me and then of course This is right here is three months after six months after and 12 months after The midterm elections and just so you know we can go all the way back to Kennedy and Johnson and Ford and Carter and Reagan all that stuff Now all I want you to focus on is this the midterm average 12 months leading up to These midterm elections things are doing that hot 0.3 percent but three months after 7.3 percent six months after it grows 15.1 percent and 12 months after 16.3 percent. Those are good. Those are good numbers because what all markets don't like is Uncertainty and when you have a lot of uncertainty going on especially with what's going on in the house and senators and there's a lot of turmoil I do believe That's Congress. Well, at least the House of Representatives will be flipped. I don't know about the Senate but that could be good news for Crypto and digital assets and I'm not here to talk about politics because that would be a recipe for disaster I'm trying to talk about two things Which is politics and religion on this channel that is just not it's a non-starter But I can take a look at the numbers and I can say well that looks positive So the thing about that in the comment section, but there's a long way to go before we can actually get to the real real bull market I think this year is pretty much shot and we'll see what happens next year So much thing about the comments and then just really quick There was a couple videos or a video that I put out this this morning matter of fact I was doing a lot of edits and we just did the farming avagacchi video if you're into plater and gaming and metaverse stuff Great. There's they have a new land management system where you can lend out your avagacchi Someone does all the work for you and you get split profits. It's crazy and that's what's going on over there So that is over on the Dan D gen channel I called it Dan D gen because it's pretty much just gambling which is a lot of what we're doing anyhow Let's be honest. It's gambling. Yeah, so over in that channel just be aware that Those type of projects are super duper risky Depending on your risk tolerance and of course that would lead us back to just as we've always talked about on the show The rules the rules are be hopper low me. Those are my rules Not your rules. We just remember don't invest more than you can afford or care to lose Just assume that it's all gone because in this in crypto. It's very volatile Make sure that you understand that everything's a scam and don't trust verify take everything off exchanges Nothing gets left on there as much as possible. Don't use leverage and take profits These are my rules you can adopt them to yours, but this is what has served me well And it's always a constant reminder, especially what's what happened recently and then lastly I just want to make mention that there's an update to split coin and That's not right So that's right. So over on Dan teaches crypto hundred percent free website made of free always will be free I used to we used to do sweat coin this the wet coin challenge and I would just give The top three winners Their choice of coming on the show doing a live portfolio review or giving them 50 sweat coins Now we've extended that to it's gonna be what top three winners get the same thing It's their choice, but then winners 4 through 10 if you beat me in the number of steps you take per month Which I don't think is gonna happen, but sure then I'll pay out 50 sweat coins a piece So winners 4 through 10 you get 50 sweat coins So top 3 4 through 10 if you get 11th place though, you get nothing better luck next time And then of course, but look at the bright side. Hey, you got to move some more and you're healthier So there is that and then of course on this page There's the deep dive video everything you want to know about sweat coin and of course just as a remember as a reminder, excuse me Right now the app is free. Did I tell you it's free? That's 100% free and there's a link in the description. You can Dallas very simple or go to this page and Before September 12th, which is coming up pretty soon July was like two months 1000 steps is one sweat coin And after that or a year or after tg, excuse me 1000 steps will be a quarter of a sweat coin then a year after that 1000 steps will be a tenth of a sweat coin and so on and so forth So it might behoove you just take a look at it again That's not financial advice, but I don't see how it could be because you're downloading a free app It gives you free coins that's doing a token generation of Venice in 10 or 12th, and I remember it's free So that's what's going on and then of course you can take a look at just how fast it's actually gone You know it has 11 million wallets just saying and that's it for today So that takes care of the news again I want to keep it nice and light as much as possible and Just want to get into the Q&A if you got to take off it is Sunday. So thanks for showing up I don't know what time is but it's super late for all of us like for me. It's 5 40 here I don't know where you're at, but that was it. So look if you like today's video give it a like and You can subscribe if you want to but I'm here every day So just stop by but that's it you got take off adios now. Let's get into the Q&A I'll answer all your burning questions the best of my abilities and we will go from there So we've got to go adios. Thanks for stopping by and let's see what we got Shall Lynn says so late for digitalized and it's true. I don't usually Stream this late. Usually it's in the morning like to get things done But today was just one of those days Sundays again is my catch-up day. So yeah Thanks Final cleanse says does anyone know if you bought okay, it's a good question if you bought Bitcoin at 29,000 And it drops to 20,000 That's an unrealized tax loss unrealized Then if you pair trade with E for example would spending the Bitcoin counters a realized loss for tax purposes It's supposed I'm not a CPA in my accountant, but as far as I understand my layman's language if you have to do any type of Maneuvering or selling a Bitcoin or if you're transferring or swapping. It's still a taxable event So if you bought a 29k and then you swap out 20k for Ethereum sold swapped whatever you want to do transformed That is a taxable event either a loss or a gain in this situation It will be a loss as I understand it correct me in the comment section and talk to your CPA because I am not one of those That's it Caspy feet Brad Sherman is the clown not Rob. Well, I look pretty clownish today Sherman as a politician may be ongoing court case. He'd be thrown out of the Austin is that case because yes, it could be true Look that guy's not dumb. You know what he's doing It's all the same. I just thought it was interesting how they pressed it that much Yeah, so this keeps coming up What do you think about the deal with Voyager and FTX? I think it's a cash grab I don't know if if this is to me as I read it correct me But it looks like they're gonna be paying pennies on the dollars and they're going to start just to absorb Voyager I'm not for sure. That is the best thing that people want. I don't Like for me quite honestly for Voyager and sell is he left I left a little bit of my portfolio on there I think we all know that and I Time is is irrelevant really. I don't really care about taking a Haircut and I'm really amund in the game to like sell tomorrow and say well Just give me half of what I put in and it's okay. You guys get off scot-free for what you did to everybody Not how it's gonna work with me now It has to get put to put to a vote, but that's not what I would vote for So that's the case that no if they're coming in and I understand it's not gonna even be close to this They come out and go you're gonna pay everybody exactly what they had in their accounts. Sure, great. Let's do it I think that's how it works Markey legend. Probably thanks for you. You're welcome. Yeah, it's it is interesting. So John interesting to observe the intersection of people who can see crypto's potential role in solving environmental problems This part of the the new all electric economy and the political spectrum in the US. I don't know about All electric well, there might be a lot let your company economy coming but I don't know how well we're doing as far as like proof of work and things like that But of course everything takes electricity. It all takes power. So sure Yeah, so The Rosconian Rob when you say when people say we don't want regulation. I think stuff like this is why we don't want the current people in power To come up with regulations and that's true. Look, there's always gonna be bad actors. It's like It's like going to the analysis Not the best analogy, but it's like going to the gym and getting a personal trainer You get a great personal trainer, you know, and there's there's a lot of them out there But then there's always the one that's junk, you know, give you like like the worst advice of all time And just like, you know what beat cereal all day long, it'll be fine Just come out here and do a lot of squats. So like you've got this thing with like Brad Sherman Who is he's on a spectrum where he is trying to say fight for the the rights of the people and that's fine That's what he's putting power for but I don't think he's going about it the right way And just saying well everything's a security and then just go down that routes and then of course punish all these exchanges So the exchanges truly know you can't say that because there was no there was no guidance. There was no laws There was no precedent set. I don't understand for sure, but I will reiterate this and there's still people out there They're trying to go for the right thing as far as regulation and trying to you know Not perfect, but doing a lot of a better job Tom emmer public in Momus public in you and Ted Cruz public in and there's a couple on the Democratic side Yeah, that do fine job, but all in all I think a lot of the people that are there They don't know what the hell they're doing. That's just what it is. You know, that reminds me There's this great clip This is Sam Bacon free I know some people don't like Sam bacon free because they have tx and the Voyager Jill, but hear me out so he was Testifying before Congress and they were asking the dumbest questions and they were pretty much just not bullying him but you know just getting on his nerves because they didn't know exactly what they were talking about and He called them out everybody for that And I think it's a mistake to have people write the rules and regulations for things They have no nothing or very little about or even worse the wrong information. Take a listen to this clip But I actually found something a little bit offensive that was said I'm gonna be pretty blunt that most of the traders on our platform know a lot more about these contracts Then many of the people in this room including many of the people in this room Who are condescending late talking to them about what they do and don't know and shouldn't shouldn't be offered anyway I just had to get off that off my chest a little bit and I think it's to some points about consumer choice here I'm not saying that should be a sort of like be all and end all but I think there is something to be said for it and I think that that there is some irony in You know some of the statements made by people attempting to protect those who know massively more than they do About the topic and who understand these products extremely well on most of our users do Yeah, and there you go, so that's just another Unfortunately the uphill bow that we're all gonna have to deal with because you got people in power Who are like well? I think this is what it is and of course they don't do their due diligence research They just leave it to the pages and the people make the assistance that help them out. So unfortunately, that's a problem All right, let's see. This is an interesting comment Taylor says interesting statements coming out latest library case I'll be I'll be our why SEC saying it does not matter if it has utility It is still a security which is quite odd even if 75% are using the utility in 25% investment So again, this just comes down to the rules and regulations and laws that are passed to see exactly what they determine it is I don't think the how we test from 1933 can really adequately cover What would be considered a digital asset security or not now some people will argue well It's an investment contract and so on and so forth But I mean there's a lot of different variables in there and I that's above my pay grade The thing is I would say is that this if it does have utility the theorem has massive utility I believe have you tried to pay the gas fees? I need nothing Because it's so damn expensive. So with that one I Could see I could see where the utility XRP. I mean to me. It just seems like cross-border payments. It has massive utility but that's just My thought process if the SEC's gonna come and say it doesn't matter if it's a utility or not or whatever else I think the CFTC would have something to say about that and that's why they're battling right now. Anyhow, it's a good question Reed says when you've met the Puerto Rico, first of all, I live in Puerto Rico We just vacation in Texas for extended periods of time. So I'm over there a solid seven months or so So we've been here for like three and going back soon enough I want to say September some around there Just a lot of things that take care of every time we come back Yeah Neil you tell me I'm a squatter for nothing. Well, yeah, that's a great Not all that but it doesn't matter. It doesn't matter how much you work out Everything starts in the kitchen JG says a sweat coin planning on doing an airdrop for people in the US in the future Yes, as a matter of fact, they are if you go to first of all I want it So like if you go right here the links in the description You go down You can dandies grip comm sweat coin where you can just click on the deep dive video I had the CEO on and he explained he expressed his concerns about the legislation or the The legal matters that are surrounding the United States right now and if they're going to be able to let it go And he says probably not and he goes but look it's a it's and he said it very clearly He says it's not a question of If it's just a question of when so the TG event in September 12th Americans you and me we're not getting it We're not getting that token at that point, but I just figure like this I might as well download it because you know what's gonna happen in the future. So I'll do it that way. All right Ah Dap says Simon Dixon Simon Dixon said FTX and Sam Bacon free as vulture trying to pray on Celsius as they are in trouble That's business. Unfortunately. I just I just say it like like that, but it's just true like if you're distressed business You're looking at things going and I could really you know I could 4x 5 10x 20x that business and they're really in the dumps I know how to do it and I'm not gonna pay top dollar That's pretty much what they're gonna do and it's it's a bad thing to say because unfortunately there's a lot of people that are gonna get hurt for that and It really just comes down to which plan is gonna come up Simon and bank the futures act in the same way. Maybe not exactly the same way as SPF. What do you think Rob? I gotta tell you If I have make a choice between the management of Celsius and the management of Bank of the future and Simon Dixon I'm gonna pick Simon Dixon bank the future all day every day. I cannot tell you Well, that's just that's all I'm gonna say I mean, I don't think I need to say anything else. Just it is what it is Alright Yeah, I've never been to Australia. I should probably make my way down there She's human friends Yeah, remember that Sam Bacon free is one of the largest donors to buy and he was he was I Think this time goes on. I think he would probably pivot that way Pivot to another another party again. Just business Well, my man, are you doing? Let me try Cosmos I'm not aware of that one. Sorry. What do I know until I don't know and I'm not gonna tell you the things I Don't know. Also, you have to understand. I'm super biased the things that I talk about are things that I own or really believe in That's it Re-elect no boomers problem is all off is just that easy. I don't know one person actually use extra peers of payment transfers as I do we when we Transferred funds over to family in Mexico. We would and it worked out great. It's a lot better. Have you tried Western Union? Whoa Have fun playing fees I've heard of Eve. I think I've got a couple of NFTs in there But I bought them a long time ago. What was like a captain America and something? I don't know what oh Batman thing something something Yeah, and that's a good point the rest the world already uses excerpt people of US jurisdiction Where was it, you know, there's a Where is that website? See here Look at this. This is a great website it's through bit info charts and You can take a look at Transactions Transactions per day and you can break it down Bitcoin. You can put Ethereum wanted to like one Bitcoin cash the theorem classic XRP dash Zcash Bitcoin social vision. I don't know why you want to do that. Sure And you can take a look at them and just take a look at all the transactions that are done on the daily so like in green is XRP just so you know and then in Goldish. Yeah gold is less Bitcoin cash bitcoins in blue Darkish blue right here. I believe so you can see that. I mean XRP. I mean globally There's a lot of transactions going on now Some people say well that could just be a messaging service or things just going back and so on and so forth But yeah, sure whatever but that's just the on chain analysis You can take a look at and on chain analysis is not perfect and we know it can be manipulated But it's a good starting point just take a look at things Yeah, bit It's a bit info charts calm. Just take a look at that DIT. I NFO. Yeah, you know what here I'll just do this Why don't I put it in the chat so you guys can all find it and take a look at yourself? So you don't have to rely on me. That's easy. All right. Let's put that in the comment section so you can click away Let's see. Thank you Jay for a dollar super sticker. I will not spend that all in one place Let's see What happened with theta and I don't know? Dormants and see how it works out still like it, but who knows. Oh Look at that army fiber a moment of yesterday with Scott and Steven from the EP meetup I'm gonna have a great Fantastic stick invite and it's getting that's glad you guys got out. It's awesome Can you tell your thoughts on trust wall? Don't use it can't talk about it Yeah, let's see I miss it Yeah All right, I think we're good. I think that's it Rob, any news in your lighting network? No, Jim. I've just been using Strike Jack Mahler's Platform which is the light network and works pretty easily you want to buy Bitcoin, but now I've been using Coinbase lately and taking it off slowly. So that's about it and then Probably sign up for I've already signed up for Binance us since I live in Puerto Rico. I can actually use it now So I'll let you know how that goes, but I think it's gonna be okay. We'll see bummer that I can't use Voyage anymore, but Well, I kept all my stuff. So we can do anyhow. That's it for today That was yeah, nice and short about 30 minutes or so and that's it. So look It's in a favor If you could just hit the like that'd be great. It appreciated awesome and You can subscribe, but I'm here all the time. So me every day Narky save your money, but thank you 20 bucks. I Can get old nugget a 12-pack in a little light I'm just kidding. I forget. All right, everybody. Thanks. I appreciate it on a Sunday. Look at you guys All right, I get out of here. Have a good day and we'll see how the week goes. Oh as a quick reminder Wednesday, I'm gonna have Simon you from Storm Exxon We're gonna talk after Jerome Powell pulls the pulls the move and shows us what the rates are gonna be I'm gonna have my my as I call him the Simon indicator to see where we go from here So don't miss that one on Wednesday. Anyhow, thanks so much Tom. Bye. Appreciate it. See you guys in the next one. Adios. Bye