 Absolute bombshell today. It's amazing how far we've come in a couple of short years and what's been going on in the background today We get to take a peek behind the curtain of what's been happening with the SEC the ripple plea deal SEC being caught in lies and again. What's gonna be happening with the Bitcoin spot ETF now? It's Saturday and it's a little bit of a sideways day We're gonna see the mark capital on 1.7 trillion But what's interesting to note is that Solana and BNB have been flipping back and forth over the last two or three hours Right now Solana has flipped by Ann's chain. It looks like they're at 41 billion seven 41 million and they're in that fourth coveted spot and then it goes BNB the next RP and so on and so forth and We'll see if they can move the way up the ranks But there's a long way to go before they hit catch up the tether Which that'd be over at 2x, but we'll see how it goes but today what I want to talk to you about is bombshells and This is Stuart Alderotti. He is the chief legal officer for Ripple He was the one that orchestrated the defense against the SEC versus Ripple case and this just came out late yesterday But he says before the SEC sued Ripple Chris and Brad Brad Garlinghouse three years ago today They offered us the following settlement the SEC will be announced to the market that XRP is a security and the market will be Given a short window to come into compliance. So imagine that You are one of the first to get sued as far as a crypto company and the SEC comes he goes listen We're gonna be pretty friendly with you All he had to do is just bend the knee just a little bit and we're gonna allow you to move forward Everybody does it Jamie Diamond JP Morgan does it well as Fargo does it we slept on the wrist But they're allowed to move forward and we're gonna give you the same opportunity And what Ripple said was are you out of your mind? We're not gonna play a ball And I'm not gonna play a ball. We're gonna spend hundreds of millions of dollars to fight you Because we think you're trash he stated we said no because one XRP is not a security and to the SEC never built a framework for crypto compliance No matter the spin that Clayton Hineman Gensler anyone else puts on the case now It was always the same thing one thing proving that XRP is not in and of itself a security We put everything on the line and boy, did they few thought we would win But we did in the process we exposed the SEC for the hypocritical tyrant It is in the industry in the US lived to fight another day onward to 2024 I have to tell you I don't care if you hate XRP and Ripple or if you're Warming up to the idea, but we all owe Ripple and their legal defense team a huge congratulations for standing up to the boy that is now I said this on the show many a time the only way to beat a bully is you have to punch him in the mouth Because if you don't they're gonna come at you and they're gonna come at you again and again and again Because let's be honest the SEC is mafiosa types. That's just really what it comes down to if you don't believe me just ask Kraken this This was last month and is because people forget I always want to remind people boy It happens the SEC sued Kraken again They sued them a year prior nine months prior for their what they were doing was staking I said you can't do staking then they said and then they said okay Just bend the knee just pay a little bit to us just like Jamie Morgan all the banks do We'll let you keep going and they did it and they came back it again huge mistake Here's what it was all about lawsuit against Kraken name specific cryptos the SEC considered securities and ledges Kraken is Running an unregistered securities exchange for offering them for sale these tokens included at Cardano Cosmos dash file coin ICP polygon and Solana among others and that of course affected the price of those cryptos But didn't last long because everybody saw through that and unfortunately Kraken is going through this process right now But the first time once you bend the knee once it's hard to come back The thing that I would like to make mention is of this and if this is true This is not good and the question was Kraken co-mangled customer funds co-mangling or mixing customer funds with his own Is another allegation Kraken faces in the SEC's complaint This is also the big complaint for FTX and what led to its downfall So if this is true, then of course, this is obviously extremely bad But who are we gonna believe the SEC who just got caught in some lies or Kraken? We just unfortunately went down the wrong path and now let me know what you think about that in the comment section And I have to tell you as much as Gary's been losing he sure comes out with fire This was again a couple of days ago and he came out on I think it was CNBC and just said look There is nothing but bad actors They are hypocrites and scam artists and liars and that is essentially what the crypto market is and they're not in compliance I want you to listen to this and I want you to see just how Important it is for the community to step up and what they did so listen to what this is This is a minute of Gary talking a lot of non-compliance non-compliance with the securities laws that are there to help Give you the disclosure so you can make the investment decision But also to protect you against fraud and manipulation and there's been far too much fraud And and bad actors in the crypto field There's a lot of non-compliance not only with the securities laws But other laws around anti-money laundering and protecting the public This is really the Wild West and it's around the globe. I would I would say again This is a small part of our US capital markets But it can undermine confidence when so many people have been hurt and all they can do is then stand in line at a bankruptcy court and And it's not just one actor and it's not just oh, it's just a few bad actors over here This is something that's pervades a lot of this a field Globally and it's hard for the good faith actors even to compete because there's so many challenges elsewhere First of all, let's be honest. He's right There are some bad actors in the field. I cannot deny that. Let's take a look at. Oh, I don't know the voyagers The Celsius the FTX the BlockFi and all the different Centralized exchanges that have went awry not to mention all different crypto projects that have been rug pulls There are a lot of them out there. So I'm not taking anything away from what Gary says However, it seems to me that Gary in the SEC seems to think that everybody is guilty until approved innocent That's not the way it goes So when you're gonna come on a live show and talk about things and say that everything is essentially bad And that he should just come into compliance That is just not the way that it should be and that is why I like Twitter or exit It's called now because they have these community notes and under everything that people will say the community is allowed to pop off and say Hey, stuff like this crypto companies like Coinbase Publicated public company that the SEC oversaw the listing of has been trying to gain clarity in SEC guidance for compliance for the past Years the SEC has not taken a clear stance and has relied on regulation by Enforcement and they cite their sources. So again, I'm not taking them away from what Gary is saying Partially it is true But of course, there is a big difference between saying that everybody's guilty and there's a couple of bad actors Let me just think about that in the comment section and then one of our last pieces here is this which is as much as Gary's fighting for the for the man with the small man behind the behind the scenes you have to understand that's When they go too far and they overstep their boundaries, this will happen again Everybody's guilty until proven innocent SEC deeply regrets airs later the crypto firm enforcement case So lawyers represent the US SEC have Responded in court to over claims they spun a false narrative to avoid dismissal of an enforcement case against a mining software firm And when I read this I want you to start to really think About what the SEC is capable of as far as lies and manipulation to give what they want because they can do it here You know anywhere in December 21st filings as he sees it had failed to be accurate and candid in earlier court filings claiming software firm debt box Closed certain bank accounts and plan to relocate to the United Arab Emirates or UAB and a legend attempt to escape the Commission's jurisdiction What they failed to mention was this the yes that they did close those bank accounts But they reopened other bank accounts in other banks for whatever reason that they want to do There was it was cheaper fees or it was a better access or whatever else it was What they said to the court was they closed down their bank accounts They are tempted to flee you need to freeze everything now so we can step in that's what the courts did now. I'm not So much concerned with somebody getting things wrong. We all do it. Nobody's perfect. That absolutely happens What I'm concerned of is this the Commission's representatives failed to accurately characterize the basis for their factual Assertations, this is from the actual judge in the case They failed to identify references or inferences as such and to explain the basis for these inferences and Failed to identify inaccuracies in those assertions once discovered It is one thing to lie and is another thing to continue to lie once you know the truth and again think about all the things that the SEC could do moving forward and this is just a little bit of context and this is also from Ripple's chief tech officer David Schwartz He states in most cases the SEC's admission Wouldn't be such a big deal because the other party would argue other side SEC come in and say look they're trying to shut things down and move things across then of course The other side could say no we're not doing that. Here's it. Here's the information But here this was an ex-part emergency Proceeding with the SEC asking for immediate extraordinary relief Giving no opportunity for the other side to be heard Essentially shutting everything down because they said so so hopefully moving forward We don't see too many more cases like this But I will not hold my breath and because of all these losses. I will say maybe The ETF could actually be approved just to make this really quick Bloomberg intelligence analyst Eric Gobble Chunis predicted that each Bitcoin ETF hopeful will need to have Explicit authorized Participant parameters in its S1 before it's considered for approval and he states this is no easy last step And may keep some from the starting gate What it's really saying is this if you're going to be allowed to invest into a spot Bitcoin ETF There's gonna have to be some parameters and that's gonna mean that only certain individuals are gonna be allowed To actually invest in the spot Bitcoin ETF thereby reducing the overall effect Unfortunately, this is going to reduce again the overall people that are in there But it's one of those things that we have to jump to the hoops the SEC or else They won't actually approve it me personally. I think we've done just fine not having to have a spot ETF I still think it's a narrative that helps and of course. Yes, billions of dollars will flow in but to me It's not a question of if this will happen. It's really about when that's it for today So look like today's video give it a thumbs up consider subscribing everything we talk about is time sensitive Things are gonna move pretty quickly. So try to get your information from some of your trust, but that's it for today Thanks much for stopping by. I do appreciate you and I'll see you on the next one You