 Hello everybody, welcome to asset news and what I want to talk to you about today is the there's been it was an interview over this weekend and it was the Senate banking chair Sherrod Brown and he talked about how he wants to ban crypto in its entirety So it's it's amazing how you can take a little piece of information and kind of distort it so we're gonna take a look at the whole thing and See exactly what he's talking about also we're going to talk about some of his views about FTX campaign contributions and Everything that's in between as far as like consumer protection also just take a quick look at how the UK is getting beat down by inflation I gotta tell you I don't see how things can continue that way as being sustainable and lastly we'll talk about SPF in the hospital debatable I think that's actually true Celsius updates and Something about Twitter spaces then of course we'll do a little Q&A at the very end So first things first before we get into the big story always we take a look at The Satoshi converter and like to talk about this because it's important that people understand that you don't have to buy a full Bitcoin at $17,000 or whatever it is price to have no idea haven't checked the price Which is I just I haven't been check that price for quite some time I know it's gonna suck for a while But I do this to remind people that you don't need to buy one whole Bitcoin You can buy a dollar worth of worth of Bitcoin and that is Satoshi's and so everybody's crystal clear what this is I get these questions. They're like, is there a new coin called Satoshi? No, there's not It's and this is this is the problem with this space We keep talking about Bitcoin Bitcoin Bitcoin people don't understand like like Satoshi's are just The smaller value of one whole Bitcoin. It's like how you can have a hundred pennies for $1. That's essentially what we're talking about here So Satoshi's are just a smaller fractionalized share of of what Bitcoin actually is to complete one full Bitcoin So right now for a dollar you can get 6,000 that's probably not right Let me refresh this real quick because times always change. Oh So hey price must have gone up because you can only get 5,900 Satoshi's in just 24 hours a little bit of a drop So as time goes on, we'll see how low that number goes. All right so today they want to talk about Sherrod Brown and He was on meet the press With Chuck Todd and he just talked about and Chuck asked me pretty, you know relevant question Which is like, you know, hey a lot of your colleagues are talking about banning crypto Bitcoin being one of those Obviously and he pretty much went along with it But before we get on to this I think it's more important to understand like, you know Who this person is and who is talking because I know right now some people are probably saying I don't know this guy But I just assume that he is in the back pocket of Every single bank that's out there. First of all, let's be honest. He's a politician. So chances are They might be pretty true But if we take a look at some of his actions in the past, it's not really so much So first of all, I link this in the description. You can find this is Sherrod Brown. He's From Virginia Senator for quite some time tenured member and he is the Senate Banking Committee chair, oh Excuse me, Ohio where I get Virginia from sorry and He's been Congress for Senate for quite some time now. He's overseeing one of the largest committees Senate Banking Committee. So you would expect You would expect him to be, you know, pretty lenient on said banks. However You know, it's just a statement that was put out today and this is the He's talking about the CFPB or the Consumer Financial Protection Bureau Order requires Wells Fargo to pay three point seven billion dollars for mismanagement and hurting consumers And of course, you know, some people might say well if the back pocket he'd probably be against that But he's like no look today's action should come as no surprise Well as far goes an ability to manage the base requirements of serving its customers Means that consumers investors employees Continue to pay the price well as far as I must be able to fill its promise to its customers employees and the communities that serves As chair of the Banking and Housing Committee I will you know work with watch dogs like the CFPB to hold Wall Street accountable when wrong doing occurs So don't just assume that somebody's like in the back pocket of of banking sectors I think we have to take a look a little bit deeper than that But it is interesting though what he says here. So this is really breaking up broken up into Into three parts because when I hear When I hear politicians talk about crypto I immediately think that they have no idea what they're talking about and I immediately think that they don't know the difference between What crypto is what decentralized is what approval work and proof of stake and also how to distinguish between what is going on with FTX Celsius Voyager Block 5 centralized entities and the decentralized parts of crypto. That's the first thing I automatically assume and and Senator Brown here does know the difference So I think the things that he talks about we have to take it with a little bit of Gravity of the situation and see exactly what he's saying. So just take a listen here This is about the first minute or so and we will go from there of what he says take a listen Let me shift gears to something you're also very focused on right now, which is as head of the Senate Banking Committee It's what to do about crypto and what we've learned from FTX and same bank when freed I got to play with the U.S. Attorney from the Southern District of New York said earlier this week. Let me play that for you. I Think it's fair to say that by any anyone's life. This is one of the biggest financial frauds in American history And a big part of this financial fraud is how much Frankly, Sam Bankman freed his executives FTX took advantage of Political parties hunger for campaign contributions and essentially use political donations To create the illusion of credibility for what many people think it's a Ponzi scheme I know probably where your head is on this, but my goodness. That's a huge vulnerability in our system. Is it not? So let me get this before we go on. I thought it's funny that Chuck Chuck Todd saying that's a huge vulnerability in our system That we're able to give donations and funds the politicians That's been going on for 100 years and there's there's no difference I don't understand where if it's if it's FTX or a banking system or something else just to me It's just ass and I'd even say that and of course, you know, Senator Brown's gonna be like, yeah, sure. It's pretty awful But just take a listen. Of course it is and too much money in politics too much unreported cash in politics But FTX is only one a huge part but one part of this problem You you originally said I chair the banking committee When I took over almost two years ago as chair It was called the banking committee because it essentially was the committee for Wall Street and the whole name banking housing urban affairs We have aggressively taken a Wall Street. This committee is about housing It's about public transit what we've done in in small towns and big cities in my state and around the country And we this is we we had our sixth hearing on crypto to educate the public about its dangers It's not just the Ponzi scheme that you talk about and not just the lack of consumer protection or regulation but also the threat to national security from Korean cyber criminals to drug trafficking and human trafficking and Financing of terrorism and all the things that can come out of crypto. So we've got to do this, right? I have already gone to secretary of the treasury as sort of the lead economy economics person in the administration Ask her to do a government-wide assessment through all the various regulatory agencies SEC is particularly aggressive and we need to move forward That way and legislatively if it comes to that But I've spent much of the last eight year and a half in this job as chair of the banking housing urban affairs committee educating my colleagues and trying to educate the public about crypto and the Dangers that it presents to our security as a nation and to consumers that get hoodwinked by them. I gotta tell you there's there's always a another side to every story of what he talks about but Senator Brown knows enough About crypto and can explain it to his colleagues to where it's dangerous for what he talks about if he wanted to move Or sway opinion in his party in one way or the other for crypto what he just said They could since not everybody knows exactly what's going on. They don't you don't need to be The smartest person in the room about crypto You just have to be a little smarter than the next guy to push them along and unfortunately with what senator Brown just said He could make a pretty compelling case unfortunately or fortunately enough There's different parts of the Senate different parts of Congress and hopefully we'd have somebody like a you know Tom emmer or a Cynthia Lumis from Wyoming that would kind of counteract those points, but as you can see when he talks about these things and he talks about the The dog whistle words, which is national security cybersecurity Terrorism drug cartels the same thing we hear over and over again, of course There's different things we can say about that obviously we we can actually track things a little bit easier than we can with good Old cash cash still is king and especially you want to hide transactions very easy to do So when he said the thing I think myself well, that's not great now We're gonna get into where he talks about I'd like to ban crypto and immediately as he says it Watch the wheels turn because this is the second part that people don't really talk about they just say that this guy Wants to ban crypto. They don't talk for the second part about what he was saying So just take a listen this makes sense in a little bit You're all concerned that if government decides crypto should be regulated It's actually giving a green light to something that maybe some folks ought to think ought to be banned Senator Tester isn't sure it should be legal Yeah, I I share that thought I think though that what we need to do now is as I said get Treasury to get all the different agencies the agency so far that have stepped up the most are Gensler at SEC and Russ Bannett at get the commodities future trading commission That's a more narrow jurisdiction. He has but we want them to do what they need to do at the same time Maybe banning it although banning it is very difficult because it will go offshore and who knows how that will work So this is a complicated unregulated Pot of pot of money. It's been in so many ways. I mean the sandbag when freed was at one point worth They said thirty billion dollars and now he's worth probably less than zero and may very well face jail time But the it's but FTX is not the whole issue That's what the focus started in our committee But we really broadened it to discuss all the other in every other nook and cranny in our economy where or these people rear their heads So that's pretty much it but I will I will say this as I was listening to it Maybe I was wrong because at first we talked about as he said, you know, I understand You know what that we need to regulate crypto and we should ban it and this and then he talks about FTX But then he said it's not the big issue and I will say Since he understands that part. I mean at least he's Far and away ahead of most of his colleagues right now as they are Calling for everything to be to be banned or to have some issue moving forward So at least he's taken that second step and then the third step is what he just talked about He didn't realize it, but I think he's gonna realize it pretty quickly when he talks about look, you know We should ban it, you know tester, you know center-tester talks about it He goes but then he said he goes I don't know how that would work because then everything would just go offshore And I don't think he understands that if he's talking about centralized entities like like an FTX or you know a Celsius or a Voyager and talking about them going those are centralized entities. They can go over Crypto itself is already global. You can't really stop that You can't rain that in the only thing you can do is you can make it a real hard as hell to For the on ramps and off ramps for the average you were a citizen to get into crypto But even then there's still ways around and if you think you're gonna ban crypto hell China couldn't even ban crypto Bitcoin mining. There's still Bitcoin miners that are going on to this day You know, they had a mass accident. So let me know what you think about that comment section I just had a lot of questions about it I want to bring it to everybody's attention because I'm like I don't want to answer this You know, individually, this is what he said. Yes, he probably wants to ban crypto What's probably gonna happen is that they're gonna come down really hard on centralized exchanges because they realize that they can't do it And when they make a vacuum, it's gonna believe the other countries adopting it and then America gets left behind That's all I'll say Let me just think about that now. Let's go into Unfortunately, well a little quick pieces. Nothing's a little bit quicker Inflation inflation is is crushing everybody and Right now first of all, there's this great website. I talk about many times. It's free. Don't worry. It's free and It's called trueflation there's a link in the in the description, but it's app dot two dot trueflation what I like about this because It uses chain link as an oracle to pull outside data and you get a bunch of real-time feeds of The actual data that's being pulled in not like the Federal Reserve, you know backwards looking types of things but they called it right when when the Fed was saying that you know the interest rate or the Inflation was only seven eight nine percent. I mean trueflation was like no It's way higher than that and now that again The feds kind of look a little bit back where they're saying that you know, it's coming down But it's very slowly but in all honesty trueflation is totally saying a totally different story And you can take a look at the way they do these things But one thing that I will say is this USA I mean we have inflation, but sweet Marion Joseph look at this almost 20 percent For the UK and if you're from the UK or any parts of the EU just sound off and tell me if this is wrong Because what I hear from everybody and maybe I'm not listening to everybody Maybe I haven't heard from anybody, but everybody's like we are getting crushed right now With inflation that's not good globally. I mean for the global markets itself, but I might take a look at this and of course, I've I've seen other reports where you know from Government reports where they say that no, no, no, UK doesn't have a very high inflation rate I'm like, I don't think that's true and then just in my I mean just in the In the comment section, you know Dez. Well, Dez does in the beach. So he's he's fine guys like because guy lives in UAV and Arab Emirates I believe and he just got back to the UK says I'm just back now Pretty fed up all the people are pretty fed a half the country's on strike People are afraid to put their heating on lots of friends are worried about the mortgages tough times US still going down Asbo says my utilities is already double. What was a year ago and really half of the month. I mean, how how is that? sustainable and Then let's see Tuesday the Ukraine. This is interesting I live in the UK just on a Tuesday with bailing out the Ukraine at the cost for our troops sleeping in the cold Giving up Julian Assange to a warmongering country. Hey, it's us plus changing government officials every week So we get on with it and two world cups. So just sign up in the in the comment section. That's true But I just I look at this and I'm like The narrative for when people are like, you know, the feds gonna pivot and then we're gonna have a really great mark I think of that. I'm like, I just don't see that happen anytime soon I mean just the macro events that are going on. Maybe I'm wrong Let me just think about that in the comment section and lastly There's a nice little rumor making its way around Twitterville and it looks like this just came out like an hour and a half ago SPF is being rushed to the hospital and then you know, people all you have to bring up John go John and Then I mean this is was like the last thing for like an hour, but that's not true. It appears SPF on the hospital The bomb is press is now updated that SPF is at the bomb is part of corrections and it's not at the doctor's hospital So just it's it's tempting for me as a person who likes to talk about crypto It's a put these stories up and I'm like, I just don't think that's right. So we hear more things about this so far It's an accurate Hopefully doesn't get Epstein and that's what's going on there and then also quick little Celsius update This is just came out today. This is an order A few United States bankruptcy court so the district of New York and what's the states is it's gonna sound awesome at first But just stick with me because it's not I mean, it's not that awesome and States Upon the motion of the above caption debt tours Celsius in possession Collectively the debt tours for entry of an order this order. I always hate when legal speak Authorizing the debtors to reopen withdrawals For certain customers with a specter certain assets held me custody and withhold accounts So right now, I'm like, oh, this is awesome You know the the court's gonna allow us to take out funds from Celsius because I Don't care what they want to do with a reorganization or Bitcoin money. I don't care I'm not I don't want to be a part of that So you're holding my funds hostage for something that you want to do to reorganize and whatever else Where's my say my say is I don't want to give you squat. Give me all my money back Give me all my crypto back. I don't know if anybody else is like me, but that's how I see it So to go down this part this court having found that digital assets in the custody wallets and ineligible withhold assets are not Property of the debtors estates under section 541 of the bankruptcy code. What this is is See Alex would go Alex machines. He would go on these AMAs and he would talk about how no No, this is this is this is your crypto when it comes to us. It's your crypto We just you know, we loan it out, but we have collateral. So don't worry, but it's your crypto It's your crypto. That's the CEO talking and then of course in the terms of conditions better than 40 or 50 different pages is like No, it's ours So anyhow, they're saying no, that's not true be reserve decision with respect to whether digital assets transferred into the custody program but not held in the custody wallets are Property of the debtors estates under section 541 So they reserve decision with respect to what the digital assets transferred into the custody program But not held in the custody wallets. Okay, whatever. It's here by order this the motion is granted in part as set forth This is it of today The debtors are authorized so in terms of this order and a consultants consultation with advisors for the official committee of unsecured creditors UCC To permit customers to withdraw digital assets held by the debtors on behalf of customers Just don't get excited yet other than any current or former employees or insiders or with respect I mean that for going any affiliate. I hate legal speak what they're saying is if just think about this in parentheses It's like they're gonna permit you to withdraw your assets the ones that can't our former employees or insiders or insiders or Any foregoing any affiliate so those guys can't which great makes sense In the cut in the custody program and or social with withhold account obligations that were one These the ones that could withdraw you were only only in The custody program ie the pure custody assets You never did like me Which I was an earn and then they came out with that rule with which was accredited investors can earn yield They're the ones can't I'm like well, I'm an accredited investor But why is everybody else could screw it just because I make some money? So I'm gonna put it into custody and wait for this thing to you know, write itself out. Unfortunately didn't so I was not a pure custody program user or Transferred in the 90 days before the petition date from the earned program. So we did one of those things You're not gonna You can get your money back however The aggregate value of such transfer was less than 75 75 So here's what it comes down to you're gonna get your money back But you're gonna have to be a pure custody like you never touched earn and an Sv less than 75 75 and Even though there's a motion right now to do this There may be some of the stipulations and things I I'm not privy to right now But that's what it says and it could take a little bit of time because the wheels of justice move slow And that's what we got. So that's it for the sales update. Sorry, it couldn't be better But there is one thing that does sound pretty good. I like this this right here is gossip Tiffany Fong You know her she's the one she's been the show a couple times her and Aaron and Cam Cruz and we talked about Celsius. She's the one that interviewed Sam Bakeman Freed and all that stuff and She's the one that broke a lot of different things that are going on She said just so you know, I have reason to believe Binance will place a bid on Celsius Networks assets. Let me show this thread Sources asked me to refrain from showing additional details until the second round of bids is placed So I guess there's a first round of bids going on to avoid disrupting bidding procedures We'll share more whenever possible. It was 19 hours ago. So Yeah, I know it sucks, but look we got an early Christmas present yesterday I mean Binance bought a voyager for 1.03 billion dollars, which we're gonna take a haircut, but hey Get our crypto assets back. That's good Celsius might be along the way but I Expect it to be a massive discount a massive haircut, but I could be wrong I don't really care give it back to me because this is the best time to invest in my personal opinion That's what I'm doing in the bear market and that's it for today. Lastly lastly We did a Twitter space is a couple of days ago So usually do is give the news takes about 20 minutes or so which we're done right now Then we do a Q&A I answer all your questions best my abilities But a couple days ago. I said, let's just do this. Let's do 10 minutes here on YouTube Let's go over Twitter spaces which cool about Twitter spaces is that you can physically talk to me Like I never had heard Vicki before and Vicki got to ask me a question I got to talk to Vicki which is pretty awesome and He's like, hey just got a question. I answer the question went to the second one third one That was it took about 20 minutes and that was everybody's questions So I was like well, this is pretty fun, you know because like you can type your question But it's different than when you're interacting and talking, you know, I thought that'd be pretty cool. So we did I liked it Sound pretty good, but I can't do it every day because it just takes too much time So I thought well, let's just do this I'm gonna do a little poll and the poll is I want to do a Q&A session From this daily live stream and I put a link in the description You can just go over to Twitter and you can listen to me talk You can talk to me directly answer many questions And because there's something lost when we type are our questions. There is However, I Just put this poll out you got about 150 votes and I said look Just one of this once a week Twitter spaces. What's the best day for you Thursday Friday? I won't listen so far 35% of people are saying I won't listen and this is why Well one not Nick Which has a pretty he's got a pretty good backstory of why that's his name He says I say do it I will listen try depending on time just get plenty of warning who will be on the space been no just me me and you guys and Then people outside kids. I don't have time for Twitter spaces You two was best for me because I can listen next day in the work You can also listen in Twitter space because it can be recorded just so you guys know and Then crash Bob. I think this is the big issue Twitter spaces is very hard to listen to too many pauses and people talking over each other Love the show and crash Bob is right. Have you listened to some of the Twitter spaces? They are unlistensable People are just arguing like cats and dogs and it just sucks But that's not what our Twitter space is gonna be it's just you come on you say Rob I got a question should I invest into blah blah blah should I do this or you made a call this time and you're a moron Why are you so dumb or whatever the question is then I'll answer that and then we just go from there but I do see I Do see some of the issues with Twitter spaces so depending on that pole I will abide by the pole and go from there kind of like how Elon Musk and he's gonna step down from a CEO role So there's a link Yeah in the description and it looks just like this you follow me on Twitter. There it is Yeah, and go ahead and vote and we'll see where we go from there and that's it So look that's it for today in the news fight today's video Give it a thumbs up consider subscribing all the good stuff now. We'll do a little Q&A and go from there So thanks so much everybody for stopping by appreciate it See you on the next one now. We do a little Q&A Boop Let's see, I'm in a hurry Banners get that out of the way don't need that Alright