 Welcome to Digital Asset News to get top stories and cryptocurrency digital assets, and a big amount of bite-sized pieces. So today, we've got some interesting stuff. First up, the SEC chair, Gensler, says a lot of crypto tokens are securities and calls Bitcoin a store of value. So we're going to dig down deep into what he is actually talking about, and just to see if this is actually cause for concern. On top of that, we'll take a look how PayPal is having a fantastic quarter and really a fantastic year, as the CEO said, this is the strongest quarter we have ever had. And really, you can just trace that back to what's going on with their involvement of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. So we'll take a look at those two big stories, but first let's take a look at what's going on into the market. And hey, not too bad, 2.39 trillion. Looks like it's not too big of a deal of what was just said by the SEC chair, which I think it actually is a big deal. And the average selling segment is bearish. So we take a look at the coins of what's going on. And just to mind you that this story just broke a couple of hours ago about what he said. So let's see how the market has reacted. And in all honesty, everything's bearish as far as like an hourly sentiment for trade the chain. And just for the one hour change, I mean, Bitcoin still at 37, almost 58,000. That's slowly decreasing, Ethereum slowly decreasing. And over the last hour, just a little bit down over 24 hours, everything's looking pretty good. But we can see there's a little bit of a changing of the tide. Do I think that this will be a major deal and news outlets will pick it up and people will talk about it and actually get scared? Who knows? It's cryptocurrency and digital assets. But it is a concerning thought if the SEC chair comes on and says, you know what, they're all securities. So let's just jump in and see exactly what is going on with Gensler and the SEC. So let's take a look. This just broke today is May 7th. Yeah, 2pm, 16.05. Sure. There was a time discrepancy, whatever else. So this actually came about during Gensler's today's appearance on CNBC's Squawk Box. Now, familiar with that, it's a great little show on CNBC and they talk about all things financial and great, whatever. But Gensler, the lead point and chairman of the US Securities and Exchange Commission say to this, he says as far as cryptocurrency to the extent that something is a security, the SEC has a lot of authority because that's the title of their name, Securities and Exchange Commissions. And a lot of crypto tokens, I won't call them cryptocurrencies for this moment, are indeed securities. Back in 2018, Gensler had an opinion that both Ethereum and Ripple affiliated XRP could fall under the definition of an unregistered security, which is what they are battling in right now. And I have to tell you, this lawsuit just became a heck of a lot bigger for the SEC versus Brad Garlinghouse and Ripple, Inc. So the things that are going on right here, I think, could have Ripple repercussions of what is going on in the market. So when we take a look at what's happening, these are the big deals. So moving forward, Gensler also say that Bitcoin was deemed to be a non-security. And what was interesting to me is that in this article, that he states that Ethereum and XRP could fall under the definition of a security, which is weird because his predecessor had said, Clayton had said, no, Ethereum is mostly decentralized, so we can't classify that as a security. So here's the thing. Usually when you hear these types of stories, the market usually drops because it is a negative opinion as far as digital assets and cryptocurrencies. And this today could be a major effect. It could actually have no effect because people are just pretty much waiting for the outcome for the XRP lawsuit versus the SEC. But if you take a look at it, what would happen if all cryptocurrencies were deemed a security? Well, first of all, it's not just the opinion of one person. It has to go through a legal process just like what is going on right now. And so if this actually comes to pass, then what would happen? Well, you would have just what's going on right now with XRP, you'd have a lot of different exchanges that were selling unregistered securities. Would it be retroactive? I'm not sure per se, but I can just tell you it would probably not be very positive for the crypto market in general. There is one shining light here and that is at least for Bitcoin, as Bitcoin is concerned, they're saying that no, it's not a security, so that's pretty great for crypto holders as far as Bitcoin. But what about all the other ones out there? What about all the Cardano's and the V chains and the Theta's and the tomato coins and everything else out there? Well, it would probably be a little bit of a hit. Exchanges would have to register all these securities, but then it would just be a huge, just enormous mess for that to actually happen. And it's the same thing that happened in the dotcom era, when you would have to have like every single website be responsible for every single thing that every single person said on their website. And back when it was being created, there was it was a law passed, a rule I forgot to escape from right now, but they said, you know what? We're just going to let it just be persona non grata and just let things just happen and not have the individual websites be subjective to everything that is being that's going on. So would this actually happen as far as securities? Not too sure, but I can tell you that side. It is an interesting opinion by Gensler who is no slouch in the crypto department because he taught blockchain and cryptocurrencies and talked specifically about Ripple and XRP in his lectures at MIT. So these are some pretty smart people he talked to and he's pretty much one of the experts as it comes and pertains to that. So we'll see exactly what happens, but as so far hasn't really affected the market too much. Let me know what you think in the comment section about what could potentially happen, but it is interesting about what he said and how things will actually move forward. So moving on, this is why I think it's going to be tough for the SEC to really come down and say, you know what? Everything's a security because it's really going to throw a big monkey wrench into all the interconnectivity of all the banks that are woven throughout governments that are, you know, part of the huge lobbyists that take care of all the congressmen and women out there because there's just so much money being made and never underestimate the power of greed. And here's a prime example. Not that it's greedy, but it just shows how much money is influxing. So PayPal crypto shows the strongest quarter ever CEO says. So PayPal's best quarter ever and the strongest year in the history of the company. So says the CEO. So Dan Schulman said his company generated $6 billion of revenue just in Q1, growing a record 31% spot and 29% respectively. He said this is the strongest year in PayPal's history and Q1 was the strongest quarter ever with record financial and operating results. So what's changed? What changed with PayPal for Q1? Well, just at the top of my head, they offered a nice little cryptocurrency package of Bitcoin, Bitcoin, cash, Ethereum and Litecoin. So that's not a bad decision on their part. And it's just them being coming one step closer to becoming a true bank of what they're really going to be. And I think that's what their overall purpose and goals are is just to become a digital online bank and just have a banking license and just be able to have people just transact in that way. It's very little difference right now. The only difference is with PayPal is that you can't transfer for you. You can't transfer money in from a bank into your PayPal account, but everything else can go out. And of course, you can get paid into your PayPal account through vendors and different people. So there's very slight differences in what you can do. And of course, on top of that, PayPal also owns Venmo. And you say that Venmo continues a strong performance in Q1 with 51 billion of total payments value up 63% year over year. And you also confirm that PayPal closed its acquisition of Curve last month. Curve, if you're not aware, is a custodial service. It's the same one that I trust capital for crypto IRAs are used. It's the one that I recommend. It's in my, it's linked in the description. And they acquired them for quite a bit of money. So because they're going to play the long game, and they're going to want to make sure that all the cryptocurrency that they actually hold is secure. And that's what Curve exactly does. And then to finish up, he says, we've got a tremendous amount of really great results going on tactically with our crypto efforts right now. And we're excited about those. And he states that's about half of our crypto users open the app every single day. So if you think about like just things that are being used in general, how many apps do you have on your phone that you open up every single day? Probably not many, but you probably got a boatload of ones that just are just sitting there idle. Well, on this one, half of the people open up every single day, what are they doing? Probably checking the price or probably buying. And then to finish up, to look into the future about what they're going to do, I thought this was the most telling and interesting. They said their company is going to roll out with a new digital wallet. And it's an all in one personalized app that will allow users to make the most of their money, swing in their financial lives every day, whatever that means, that could be savings, that could be different transformations of whatever they have cryptocurrency into something else, buying other products, probably access to merchants online and making the seamless process. Who knows? We expect to roll out our next gen digital wallet in Q3. So right around the corner, amazing. Over the coming year, we'll accelerate our customer's digital engagement to the rapid innovation of our digital wallet and merchant commerce platform. So this is it. This is the thing that if you look at the first story about how again, there's like, you know what, I think they're all, they're all securities, you know, and then you look at the second story about, you know, what is going on with PayPal, how much revenue is being generated, how many jobs are being created. And if you look at the both things to just come back and say, okay, everything is now going to be a security. So now everything gets put on the brakes. We get pushed to the back as far as USA and America. And then guess who gets to take control of everything else globally? Well, guess what? China is really a way ahead. Different countries are way ahead. So if they want to do that, that would be the biggest mistake that America could potentially make just to allow other countries just to go, you know what, let them have securities and let them just, you know, fall by the wayside because crypto moves pretty fast. Let that happen. That's fine. And then we'll just pick up the mantle and just pass you by. I got to tell you, in my personal opinion, this is the fourth industrial revolution. You know, you had the first one in the 1800s with small steam powered engines. Then the 1900s came about larger types of machinery, different forging for metals and things like that. The third one in the early 1950s, 1940s, when he had just more of an explosive for like combustible engines and farther and farther different things that were being created as far as like moving on 60s, 70s, 80s, computers, machinery and things like that. And now we're in this state where it's like everybody's kind of stable. The ones who control the next big technology advances, which is artificial intelligence and blockchain, are going to pretty much dominate and be the next world power. So if America wants to take their foot off the gas and do that, sure they can do that. But again, huge mistake. Hopefully they make the right decision, but only time will tell. And that's it for my rant for today. Lastly, I will just say this. I just had a great interview with Mickey Watkins. He is the CEO at World Mobile. Why is that so important? It's because World Mobile was the partnership that got picked up by Gardano to give digital ID and internet access to different parts, countries in Africa. And I sat down with him for, it was a good 20 minute interview, and I'm going to be putting that over at the Dan Clips YouTube channel. Again, Digital Asset News, this primary channel you're watching right now is just for basic news and basic things. Dan Clips is more for advanced cryptocurrency digital assets, what's going on and the new emerging tokens and projects. And this one, after I sat down with him and listened to what he's doing, it's huge. And if you've been on the channel for a while, you know I invest in people. And this is probably the next solid team I've seen next to Gardano and Ask. And that's it. So I will let everybody know when that is up. And that's it for today. So look, thanks for sticking with me. I appreciate it. If you like the video, found value, give it a thumbs up and a like. Consider subscribing. I think we talk about on this channel are very time sensitive. And that's it for today. So enjoy your weekend. I appreciate it. And I'll see you on the next one.