 The SEC strikes again, and I have to tell you, the SEC is very meticulous in what they do, and they just named six cryptos as securities. So there is a lawsuit that just rolled out, and it looks like SEC is naming Algo and Dash and four others in the Bitrix lawsuit. Here's what's going on. This was filed today against crypto exchange Bitrix. The SEC named six crypto, licensed it on their platform as securities, and those include Dash, Algo, OMG, Token, NGC, and IHT. The agency alleges that the token investors had reasonable expectations of profits, meaning the asset should be considered securities under US law. So first of all, let's take a look at just how those are doing today. So today in the crypto verse, we're taking a look at overall, we're down. Bitcoin is down 3%, Ethereum 2.2%, finance, and so on and so forth. So over the last 24 hours, we're down. Over seven days, we're doing pretty darn good in all honesty. And then of course, for the little trick, if you want to see if everything is, if it's doing well or worse against Bitcoin, you can just on the upper right-hand corner, just click on Bitcoin and see what is bleeding. Last 24 hours, it's looking pretty good. Actually, 3.1% for USD coin, crazy. Doge is up 3.4 against Bitcoin, 7% for Avalanche, and so on and so forth. So that is the market itself. How are the cryptos that just got named as securities? Eh, that's too great. So Dash is down 2.7%. And if we're taking a look, let's do this, let's put it under the US dollar, it's down 5, almost 6% under what was done in the last 24 hours. Algorand is down 5.2%. OMG is actually up to 0.5%. So not too bad. Monolith or TKN, I have no idea what this crypto is. It's ranked 1,613th. I find that quite surprising. That's listed on Bitrix, but sure enough. And then NAGA is listed 1,056. It is down 25%. And IHT, which is the IHT real estate protocol, is down 2.7. So that is how things are faring as the SEC steps in. Now, for all the XRP army, you know exactly what these people are feeling. It's just that you guys got a chance to break out. Who knows what's going to happen? Because they just named them in Bitrix. It's not like the SEC went to the six individual cryptos and said, we're going to sue you, sue you, sue you, sue you. They just named them in this lawsuit. And then before we go into the actual piece of the article, just remember that, first of all, not a lawyer, but the Howie test has four prongs, an investment of money in a common enterprise with expectations of profit to be derived from the efforts of others. And there has to be something with an actual contract, whether that be implied or actually written down. So I'm going to let the lawyers battle that out. I am not competent enough to say this is secure. This is not a security. This is being used for utility or whatnot. This is just the facts that we have. And the numbers speak for themselves. All these projects took a big hit as the SEC steps in and kind of makes a mess of things. So the Algaram blockchain team followed a similar strategy of boosting the token and promising growth opportunities to holders. The SEC is alleging, and that'll be hashed out in court. In other words, in promoting the Algo token sale, the Algaram Foundation tied the potential growth of Algorand to the demand for Algo itself and to its own commitment to preserving price floor for Algo. And this is just the different pieces of data that they've acquired at saying this is what has been happened by the Algo team. Again, don't sue me. This is just what has been revealed. Bitrix revealed it will be winding down U.S. operations on Friday. That's a pretty good move because it was tipped off in March that the SEC would be proceeding with a lawsuit. And here's where it gets spicy. The analysis. There's two red flags buried inside these charts. I think it's actually a third. How the SEC views network validators and how it considers protocol specific foundation. So Dash was launched with no ICO, no investment contract, and a proof of work mining. Isn't that interesting? What else is proof of work? So is Bitcoin. It was not launched with an ICO and there was no investment contract yet Dash is being break through the coals for whatever reason. The agency seems to have a beef with Dash as far as it incentivized participation. This is the difference. Users can stake a certain amount of Dash to run a so-called masternode, validating transactions and receiving a cut of network revenue for doing so. So this is really delving into some type of validation proof of works and our proof of stake scenario. If you really think about it, as we get into this piece, funneling a portion of those funds towards further developing the protocol makes Dash a security. This could be paving the way to target other blockchain ecosystems with similar feedback loops for network improvement, which would be, if you think about it, Ethereum under proof of stake. And I've got to tell you, before I move on, it is interesting to me just how meticulous the SEC actually is, because this is the third part. The third part about all this is just how precise that the SEC has slowly built its case up. And they're really digging their tentacles into all these things to say, this is security, this is security. Really what they're doing is they're leading the way for everything to be a security. And I don't know if even Bitcoin is going to be allowed off of it, depending on what the article just talked about. So let me know what you think about that in the comments section. But I will say, if we're lastly, for a move on, so it happens. So everything is labeled as a security. What happens? Well, all the foundations have to register with the SEC. All the exchanges have to say, we're going to register with you because we're going to be selling securities. Again, there's this place. It's called Robinhood. It sells securities all days long. Those are called stocks. So if we have to go down this route, we will. Really what I think is going to happen is that there's going to be a flight of brain power and all these projects will just go across the pond and leave America behind. And that's just how it has to be. Anyhow, let me just think about that in the comments section. And there is another piece that's a little twist of the story, which is the head of the SEC, Gary Gensler. This is him at the MIT Sloan Finance Beyond Crisis seminar. This was three years ago. And just listen to what he talks about in the next 20 seconds. Covering at this top, you could create Uber or Lyft on top of a blockchain technology today. Well, maybe in five years you could. It would be have the performance. Soviet McCalley's Algorand, who's a touring award winner at MIT that I work with. Soviet has got a great technology that has performance. You could create Uber on top of it. The question is, then, who would update the software? I don't know about you, but if I was Gary, I might have said this is not financial advice, but this is a pretty great product. Do your own research. And this could actually be done with Algorand. It's surprising three years later that he's responsible for lacing it as a security. Maybe you should have done a disclaimer on that one. Anyhow, let me know what you think about that in the comment section. And then also a little piece of not the greatest news for macro, but maybe for crypto. Jim Bianco comes out and says, Holdco is a 1.2 billion investment firm that sounded warnings about Silicon Valley Bank. And they just put this out this morning. Holdco is a presentation entitled, The Unsafest and Unsoundest of Them All, U.S. Bank Corp. What is this? Well, this is actually a news from the Newswire and says, the fifth largest bank in the country, U.S., by deposits, U.S. Bank Corp. is an undeniably systemically important bank that carries a national deposit footprint, spanning a majority of states. They have been allowed by the Federal Reserve to hold shockingly low amounts of capital relative to assets. And that's just one problem. So, since we've seen a run in the bank, and we've seen different people say that this run in the bank can happen quite quickly, especially with the advent of the internet and social media and people talking about things, it would be surprising to me if U.S. Bank Corp. makes it. Maybe I'm wrong, but I feel like the banking sector is a little fragile. And lastly, there's been a report that 1 million ether has been withdrawn since Ethereum's Shanghai hard fork. And you're going to see different titles like this coming up and different pieces of information. It might be a little bit unnerving, but I would direct you to token.unlocks.app. The link will be in the description. And this is everything that's been happening since the Ethereum Shanghai unlock, which allowed everybody to unsteak their Ethereum, which they've been doing for roughly two years now, and how much they are selling. And it is true. If we take a look down here, net staking balance, it is correct. There has been 1.06 million Ethereum that has been withdrawn. However, don't forget that almost half a million has been deposited right back. And then also, the different Ethereum that has been withdrawn, it's great about this, is that you can see if there's a difference between the principle being withdrawn and the actual rewards. And mostly, it's all the rewards that people have built up since they've been staking Ethereum. That is what is being withdrawn and not so much the original principle. And that's what we got. So look, that's it for today. If you like today's video, give it a thumbs up, consider subscribing. Everything we talk about is time sensitive. This is not a set it and forget it type of market. It would probably behoove you to be on top of things. So why not subscribe? But that's it. Thanks so much for stopping by. I do appreciate you. And I'll see you on the next one.