 Great, welcome digital asset news. My name is Rob and today we're going to talk a little bit about the bigger story and the bigger Story is not about the earnings reports, and it's not about inflation and it's not about recession and It's not a lot about the Fed rate hikes, which is all going down this week What's going to shape our entire industry over the next years and decades is potentially regulation We're going to take a look at potentially the SEC standing aside and standing down as the CFTC Takes over for crypto regulation if this particular bill passes by limits We'll take a look at what it's going to take to do that But first take a look at the market how it's down and how right now in my humble opinion It's irrelevant. We're going to take a look at the SEC versus CFTC and then at the very end I'm going to talk to you about a Platform for a crypto trading and accumulation called public comm Which I saw as an advertisement over the weekend. That'll be a pretty good platform and surprise It's not and I'm going to tell you exactly why I don't recommend this trading platform whatsoever So we're getting all those things but first let's take a look at what's going on into the market today So today the markets down and it's not surprising. It looks like That is what happens when we have a bunch of information coming at us from all directions and it's the earnings time. So again It's not really surprising. We talked about this yesterday and I said, you know, I don't think earnings are going to be very strong I mean as we can see a lot of companies, especially tech companies have been laying people off So what does that mean? Probably the earnings report is not going to be the most fantastic I could be wrong But that's what we're at today and it's almost like there's an indicator of what's happening Which bitcoins almost 5% at 3m 10% finance going is anything up. That's a big question die Is that 0% 0.8% for okay be everything's down. Wow uniswap taken a pound and 12.4% Honestly, I can care. I couldn't care less About what's going on the short term. I'm actually I hate to say this happy This is happening because like I've been talking about I'm valued cost averaging instead of dollar cost averaging So if that's our market, how's the traditional markets doing junk same thing S&P 500 down as a down a full point and we're looking at the NASDAQ down 1.66% I think there's gonna be more blood coming up but who knows and of course this really all just comes down to The earnings reports rate hikes inflation all that good stuff Which I linked this in description if you care to peruse it here is the earnings calendars Which is coming out actually today today. That's 26 right 26 So if you're gonna look at the earnings report Microsoft's and alphabet or Google's coming out tonight So expect some pretty big volatility Wednesday We're gonna see Facebook or meta Qualcomm t-mobile and then also you're gonna get the Fed rate hikes Thursday you're gonna get Apple and Amazon and Mastercard. I think that's the big stuff and then Friday Exxon Procter and Gamble and Chevron So that's just something to pay attention to I think there's gonna be some some not too happy people but To me. I'm actually quite happy because this is kind of what I thought was gonna happen and also If we're waiting for the Fed to pivot there is some good news True flation There's a website Which tracks all the different inflation that you can find a link in the description Looks like we're going down as far as inflation points go and this is not from the government. This is They use 30 data points Using the oracle chain link to pull in real-time data and then they just accumulate this we've talked to this many times And we're going pretty low 9.74 now 9.86 almost the lowest year to date as recorded by true flations That's what's going on in the macro Now I want to drill down into what I say is what matters. I don't give a hoot About the earnings reports right now and everything's going on. This is what will shape us This is to me personally what I think is going to lead to a little bit more adoption when the big industries can come in So here's what we got The CFTC Announces a new tech innovation office to oversee crypto. They're building up the lane the track to what could potentially come Here's what's happening and what it's going to take for this to actually get going. So the CFTC Could soon be responsible for more of the US's crypto oversight is beefing up its technology team The agency chief said on yesterday or Monday The seat the CFTC Stands to gain greater authority over digital assets under the proposals of a bipartisan Congressional bill is setting up a new office of tech innovation. What is that you may ask? Well, it's this This is the new bill. I get being put forth by Senators Cynthia Lummis rhymes with hummus and Kirsten Gillibrand, which is interesting Lummis is a Republican and Gillibrand is a Democrat. So that's amazing that there's bipartisanship So this Senate bill would end the SEC's oversight of most crypto and also created $200 tax exemption Just real quick. What's going on with this the proposed bill, which hasn't been voted on yet titled the responsible financial Innovation act is the most comprehensive piece of crypto legislation proposed to date Introduce a rate of significant measures Including the ability to eliminate the obligation to report crypto gains of $200 or less to the IRS Why is that important? That means you can go buy your cup of coffee or whatever you want and I have to report that to the IRS Which I think is stupid It's a currency. That's what it's called crypto currency and digital assets meaning some are actually commodities and yes, some are Securities but not all for Pete's sakes Now this is where it gets important because the thing we're talking about here for the CFTC to take over for the SEC It comes out of this the bill the responsible financial innovation Act stands almost no chance of Passing in the current Congress But it's expected to gain new momentum in 2023 following the November midterm elections and to frame the contours of future Crypto policy. Why does it have really no chance? Here's the problem So in America and I've been talking about this like the last couple weeks now We have these midterms come up first week in November. What that means is we've got a two-party system I don't know where you're at you got democrats and republicans and there's two different branches or two different Sizes here for congress. You've got the senators And you got of course we get two senators per state So right now it's pretty much lock steps and we're split. There's 48 democrats two independents Which always pretty much always vote for the democrats and then republicans I don't really care what side you're on. I could again. It's not a political show So you have 50 50 and what happens is the vice president usually breaks a tie and she is also democrat. So usually it's Favoring democrats pretty heavily. Here's another problem. Well, if you want to look at that way Democrats, uh for the house is 220 republicans are 211. Here's the thing In the midterms It always shifts like this almost always once you have a midterm when a democratic president gets gets elected It'll shift republican in the house and the senate usually. That's what happened or one of the two will happen. It happened with Trump it happened with Brock obama it happened With bill clinton it happened just if you just go back if you happen with george bush It always happens because the country's like we don't like the direction and every two years is what happens so right now this bill does not Get a chance of passing in congress because there's a ton of democrats and like i've said before not all democrats But most of them are not a big fan of crypto and digital assets Some are like illa brand the republicans are pretty much leaving the charge. You've got emmer tom He's republican. You got ted cruz. He's republican. You've got Oh, what's the other general's name? Tom ever we always talked about to me republican from even from pennsylvania They're pretty much big on crypto and digital assets. So right now you got a snowball chance on hell that actually passing however In november when they get elected I think that's what's going to happen You're going to see a lot more republicans come in and this this bill will pass So what does that mean? Well, it means that yes, he sees going to grab some bench and be second-class citizens That's what it is. So here's what it comes down to We are past the incubator stage and digital assets and decentralized technologies have outgrown their sound boxes said cftc chief rostin Benham while speaking at the brookings institution event yesterday The new office will replace the cftc's existing fintech team called the lab cftc and this was created by former cftc Chair christopher gene carlo. This guy is such a crypto bull. They call him crypto dad. That's how I guess not exuberant, but how accepting the cftc is on crypto and digital assets And may I also remind you that before? The current chair we had brian kintenz kintenz I always say that wrong And he was a big crypto bull as well. He says and this was back in august 4 2021 He was just so we're all clear the sec has no authority over pure commodities or their trading venues Whether those commodities are wheat gold oil or crypto assets So he believed that they were mostly commodities and of course they want to regulate them I'd rather have them regulate them than uh, this guy right here Gary ginsler as he comes about and just reigns havoc and everything so to finish this up Once the rebranding of the office of tech innovation reorganizes complete The unit will be headed up by a director reporting to benham's office meaning the cftc And then there will also be a tech office which oversees crypto and digital assets As well as employing specialists in the field The office will give cftc staff the chance to rotate Through and gain experience in crypto I think if you're going to regulate it and you're going to be in charge of it I think you should know about it and that's a step in the right direction I don't know if we could all agree on that. I certainly can So cftc joins the space benham was speaking at a time when his agency looked set to take on more responsibility for crypto Marking a change from the current status quo in which the sec has led the charge, which of course This is the problem. So there's two things going on here. First of all Coinbase Faces an sec probe on crypto listings. Why it's because gary believes that everything is a security And what the what's the problem there? He said the same thing to ripple and for everybody who owns xrp I know you know exactly the pain that you're feeling right now because I also feel that because as soon as that Laws who came about the price of xrp tumbled. I don't know if that's the greatest thing for consumer protection By slashing the earnings of my portfolio in xrp by oh, I don't know 80 90 percent So that's on gary, but he also talks about this not only is it going to go over The crypto and digital assets. He's also going to go over the exchanges. So right now Coinbase Is facing a us probe into whether it improperly let americans trade digital assets that should have been registered as securities A coin of three people with the matter the company shares dropped as much as 9.2 percent The sec screwing the coin base has increased since the platform expanded number of tokens said to the people Some other stuff. Okay. I got bored in this part here So it really comes on to there's this and then there's also a tug of war going on between The cftc and the sec and why is that? Because there's an insider trading case with coinbase surprise sec commissioner charged on thursday a former coinbase product manager I think it was toa and two associates with securities fraud There's just one problem Coinbase says the men could not have possibly committed securities fraud because coinbase doesn't even offer Clients the ability to trade securities. It's an amazing thing There is no definition of what a securities is But yet the sec decides to say it is a security and we're going to see the pants off you and this is where it comes down to So unfortunately, even though there's no clear regulation legislation, which is what we are looking for with this senate bill by lumis The sec takes it upon themselves To say it is securities and that I think is a big problem moving forward. So To finish this up The justice department and the cftc appear to think so as well Meaning they don't think that these are securities The department of justice reviewed the same facts and chose not to file securities fraud charges Against those involved meaning they're not going to charge coinbase Cftc commissioner kelling-fam stated. This is a striking example Of regulation by enforcement by the sec So it really all comes down to this This is what it comes down to First of all That bill has to pass. I know there's some problems with it. I know some people don't like the fact that well, you know there's some issues with With bitcoin being called a a security army. Sorry a commodity and others not But in a grand scheme of things, who would you rather have Oversee sometimes you got a You got to polish that turd. I hate to say it. Do you want the cftc over you or do you want? I don't know This guy right here Coming out and saying it's a security. It's a security and then suing everybody and make it come in I don't know but I can tell you where i'm going to lean to It's probably with the cftc and the way they looked at things I mean heck one of the former jean carlo cftc heads It was called crypto dad for pete sakes. I can get behind that so Let me know what you think about that in the comment section And I just want to sum this up is that I know people are going to talk about earnings reports And I could have talked about that all day long We could have talked about fed rate hikes and everything else, but that's temporary That is temporary the things that we're talking about today as far as regulation oversee. That's That is a long term vision So if you think it's just this is just something that should be swept along This is really where the fight is. I don't care about inflation I don't care about the earnings report for a small fine about a time I'm here for a one-year three-year five-year 10-year look and I can tell you I'd rather have the cftc do it now having said all that Having said all that stuff I was wrong when I talked about gary genzler as he came in because unfortunately gary genzler I thought was going to be great because he was a teacher at mit And he was teaching crypto and specifically talking about ripple nxrp and how and how it all worked So I got I thought myself this is great. This guy's going to come in and he's going to do good things But he's not cftc as far as what they've done have looked like they are more positive for crypto digital assets But it's up in the air. Unfortunately. I gotta if I got to choose two devils I'll go with the other one I mean, what you think about that in the comment section and then let's wrap this up with a review public comm so I Don't know if you've seen this commercial, but I saw this this weekend. I thought oh, this might be a good one and it's public comm and They actually reached out to me and said if I'd like to talk about it and I actually I had a meeting with them tomorrow So what what I did was I downloaded it first. I thought it was pretty cool to use stocks and ETFs and things like that And it looks great and I actually took a look at the legal disclosures because that's kind of important these days And this looked just fine The problem is I'm not going to recommend this one and you're going to see these these commercials as well For public comm it's going to look pretty cool. But just know this You can't take any of the crypto off of this platform. So it's stuck in there And because of the fact of the things that we've been talking about lately The rules underneath me The rule number three is don't leave anything on exchanges. I don't trust anybody So if you're going to go to public comm just know that it's a pretty slick interface It worked pretty well You're going to do a lot of KYC and AML But your crypto is stuck on there every single one and I couldn't take it off now That's just uh what I have seen but it's up to you to make your Your decision as to what you want to do and I'm just not going to recommend that and that's it So look, uh, and that was that was as quick as I possibly could do it But that takes care Of today's news and what is going on like this video give it a thumbs up You don't have to subscribe although it would be great But we do this every day