 Welcome to the last set news or Dan for short. My name is Rob and today just the thumbnail to help suggest It's not all about the bearish sentiment There's actually a lot of good things going on behind the scenes So we're gonna talk about what's going on with looks like black rock because they're trying to tokenize everything and that it Sleeves me to the conclusion or the question really is as polygon on board as it has with JP Morgan Also, we'll take a look at the CFTC and the SEC regulations coming in hot And then we're gonna talk about public comments how to do those things lastly We also talk about the housing market signs are positive for the Fed will take exact what I mean And of course, we'll do a little Q&A I'll answer all your question best my ability So we got lots of go over let's just get into it So the first things first is this and that is I was going to cover this story I don't know if you've heard of this story FTX co-apps. I'm just kidding Chris everybody knows about this and SPF he was on CNBC and he did a quick little interview and it was just bonkers And I was gonna cover it and he goes to talk about how he's sorry, which I don't really care How sorry you are If he lose everybody's money and he talked about how he believes that FTX US is going is still solvent It's gonna open up any day now. I just maybe I don't know but I was gonna cover this and I thought to myself why Why cover this can we is there anything we can do to change this about what's going on? Is there anything that we can do that will help us as investors? I mean we understand that you know these things happen or these things are happening behind the scenes But what is it really doing for us? So I just thought to myself Again deal with the things you can change and ignore the things that you can't change We can't change what happened. We can't go back. We can't do anything with that. Hopefully, you know We follow the rules. We have below me nothing on exchanges and we move forward. So I'm just gonna bypass this I don't see why we do it. So what I want to talk about was some positive, which is this story Which just came out today BlackRock CEO says the next generation of markets is tokenization and this is Larry Fink don't know this gentleman He is in charge of BlackRock, which has I don't know Between seven to nine trillion assets under management It's the largest asset manager on the planet right now and of course things fluctuate but he actually gave a speech and talked about this and I just wanted to bring it over his attention because These are the things that we can not that we can change Oh, we can get into our psyche as far as investors go and go wow Not everything is just awful There are some things that are going on in behind the scenes things are building and the things that we would like to see As far as the big institutions coming in well, they're coming in and that's a positive Which I think we can all take the bank preferably so BlackRock CEO Larry Fink said the next generation for markets the next generation for securities Will be tokenization of securities And if you don't know what tokenization first through a process where a digital representation of an asset is Created on a blockchain authenticating its transaction and ownership history This approach enabled a different way to trade assets like stocks bonds real estate or even assets alternative assets like land wine or art Along the transfers to be visible on a public ledger and someone brought this to my attention Especially like real estate if you have to record anything in a public document I mean as far as like sales when you go there and you you know go through the whole process and you're sitting there There's a lot of middlemen which increases the price astronomically Just for them to do nothing, but just look at things and stamp it like you're a kindergartner It's just in crazy So we do something like this and as far as I just just that part alone Just real estate will save massive amounts of money And then of course, you know, we get the stocks and things like that later For some countries is not a big deal, but for other countries they would like to have access to that I think tokenization would be the big thing He was speaking at New York Times deal book events think argued that tokenization will provide instantaneous settlement and reduced fees and then it goes on for some other things but it got me to thinking about I For going to talk about tokenization of assets and the things that they said real estate Stocks alternative assets wine are all these different things How much money is sloshing around now? You may remember this as I've talked this numerous times This is the all the world's money and markets and one visual Visualization excuse me and for each one of these squares There's a hundred billion dollars so The stock market and mind you this is in 2020 before the massive run-up. I haven't found an updated one yet But it was 90 trillion dollars around the stock markets. What if we could tokenize that? What if we could give that back to people who if you're looking as as far as like a credit investors or just different countries that are allowed to do these things Or just for different swaps and things like that You could do a lot of crazy things with the stock market now Does that mean that you should you know when they're offered you should do it? That's not what I'm saying I'm just saying there's a lot of money in stocks just for a tokenization of that money supply, of course That's what's a Bitcoin and a couple of the cryptocurrencies do they disrupt that and money supply is about a hundred trillion dollars What if you could tokenize debt just global debt? households governments non-financials, I mean you're looking at 253 trillion dollars just in debt alone and then what about like I said the real estate What if you could tokenize that what if instead of and of course there's these real estate investment trusts Which we're gonna get to in a bit which are collapsing. What if you could tokenize your house in general? and You could say okay Well, I don't want to sell it all the way but we're gonna totalize it and go from there and what about land What about the things that are going I mean just just in general you're looking at 280 trillion again This was back in 2020 Global wealth and derivatives swaps futures and so on and so forth. So when Larry Fink Talks about these things and he's like yeah tokenization is the future I'm thinking myself that is an amazing prospect because that would be all the things we just talked about What's our market cap right now? Oh, yeah, we're like at 800 billion dollars for less than 1 trillion So if any of these things happen, I mean that's pretty ginormous and also not to be outdone Because I was talking about polygon You probably thinking well, how does that fit into this story? in November JP Morgan turned a polygon to trade tokenized cash deposits tokenized cash in a singer Singapore based trial via onyx digital assets Which is a private blockchain created by the bank. I find this fascinating. They had a private blockchain But they still need a polygon to make things work just to make things flow So if you're trying to sit back and think to yourself, okay, I'm doing my own research What should I get into maybe it's one of those things where you could say well Maybe a layer two solution maybe a layer one solution because these things are coming on the pipe and they're coming in fast So let me know what you think about that in the comment section. I find it's quite bullish and also Actually before I move on This is another piece of good news. I just want to throw in there real quick and I want to say thanks to everybody This is from report from Bernstein Crypto user activity is moving on chain following FTX's collapse It just talks about how Morris investors are storing crypto in their own wallets instead of with centralized exchanges Reflecting a higher training volumes and user growth for DeFi and I know when everything collapses, you know, we're looking at these things like how could that happen? Why did this happen? I think I truly believe everything happens for a reason And I think that these centralized players that collapsed it allows us to start to move to self custody Just like what everybody's doing right now and learn the lessons now Before things get massively overheated in the market and the ones that of course you watch this video You are the ones that'll be protected because you understand that I can self custody it I know how to do it. I learned my lessons from the Celsius the voyagers and FTX and now I'm moving forward I don't have to deal with the rest of this stuff. So I just want to say thanks everybody for listening As far as self custody goes because it really helps out tremendously and lastly on this article I just found an interesting Solana which was viewed as the native blockchain for the FTX on your ecosystem is deteriorating the most Users have moved to other chains following demise of SPF's empire report said so if you're a Solana holder like myself It's not like it's the worst thing ever. There's deals to be made the question is will Solana come back? I don't need a tech change too much, but that's just what's happening So let me show you what your opinions are on that one. That'll be good one and now also depending on how you see this CFTC and the SEC regulation is gonna come in fast and furious. It's just gonna happen and I'm gonna show you about How we can change the tail deal with the things being actually change so with this one it was an article This is CFTC chair Rostin Benham And he's calling for the regulation the wake of the FTX's collapse. It's amazing how pain will allow that to happen And here we are So he said it has to happen Benham's remarks on Wednesday came at Princeton's new de center. I don't know where that is It's a blockchain focused Institute funded by crypto Titans and Princeton alumni the elites Including Joseph Lupin Mike Novogratz Peter Bridger and Dan Morehead who are all in attendance Sam was the scheduled keynote speaker But that time slot was filled some of the panel titled the demise of FTX and other crypto entities lessons learned Then I'm defending his commission's actions or in actions I guess we could say citing limited resources and calling on lawmakers and policy makers to move as quickly as possible And you better believe they will it's just gonna happen Then I'm said that the only crypto and this is the most interesting part of this The article because we know we know it's coming, but Benham said that the only crypto that should be viewed as a commodity is Bitcoin Walking back from previous remarks been in October when he suggested ether may also be a commodity look If you it's gonna happen just let it happen. I mean, this is what's gonna happen Bitcoin's gonna be a commodity. Everything else is gonna be a security. They're gonna come down hard What does that mean? Is that mean the collapse of crypto? No, we talked about this numerous times I don't want to go if you want to hear my my rationale await to the Q&A, but this is just It's for your mentally to be ready because this is what's gonna happen people are gonna talk about how this is the worst thing of all time I welcome it. It was gonna happen. Anyhow question is what are we gonna do about it? And this would come down to the next article Public comments so CFTC commissioner wants a tier crypto a two tier crypto rules for retail and millionaires Hang on it gets better So the CFTC commissioner Christy Goldsmith Romero So the current regime's definition of a retail investor is too broad covering everything from average households to millionaires and hedge funds The CFTC should have two categories of retail customers that additional protections Can be targeted to each group right there? It's looking pretty grim because what that is is that is the retail investor versus the accredited investor And that's really what it comes down to they want the rich people the people with means To be able to invest as much they want to because the people that don't have the means you guys I will say it The people that are on the means They are the ones that are gonna be left out in the cold because they want to protect everybody. Is that right? That's not right. It's not how it should be and there's no action to take it to take so To clarify she was not seeking to cut off the average investor's access to the markets altogether But would seek public input on what kind of extra protections should be afforded to these users Initial ideas include easy to understand disclosures And limitations unleveraged. Does anybody have a problem with that? Does anybody have a problem with that disclosures that come out and say this is what we do We're going to co-mangle your funds. We're going to make you the loans Do you understand yes or no just something simple not a page disclosure Which makes no sense and legal gobbledygook Can we agree that makes sense? Sure And then as far as like leverage to not allow people who are retail investors to use leverage Is that a problem for most people probably not for some people they like hey, wait I want to use 2x 3x 50x 100x There's a vast difference between 2x leverage 3x leverage and 100x leverage gotcha Is that something you can deal with The next thing Goes down to this Can you deal with the fact of someone coming in and saying hey You don't make 200,000 per year or you don't have a net worth of two million dollars or more You are a retail investor and you can only invest so much. Do you have a problem with that? Probably we'll make your voices heard So how do you do that? Well once you talk about public input And I'll I'll get to that in a second actually I just want to just throw this this one thing in here real quick Because to me like on on these two topics easy understanding disclosures and limitation of leverage that makes sense To me if you want to give input it would be very easy just to say hey Let people take a test just to see if they actually are understand what the heck they're doing and go from there That makes sense I mean if you can understand some basic things like What's a commodity? And what's leverage And what's a good Structure for I mean just something basic right just basic basic stuff I think that would be a pretty good way to go and then just say okay. Well, you know what you're doing Let's go But she was critical of the shift towards giving users direct access to the markets via trading apps Saying that a broker traditionally adds an extra layer of protection for the customer She says I caution against market structures that remove a broker's duties to retail customers without a full assessment of what will be lost First of all, are we in 1982? I don't understand where this part's coming from. So what I need you to do She's asking for public input cftc There's this website cftc.gov and it says how to submit a comment and that's what they're looking at And I was kind of shocked to take a look at and before I go on I linked the description you can find it but To file a comment using the form find the proposed rule and just and find the deadline Fill out what you want to say Click the comment button next the item enter the required information Your comment and attached to your private will be published without removal any personal intervention And that's what they're going to look at. So what it looks like is this it's going to take you to here This is the website Releases with comments. I linked in the description looks just like this is a big fat Thumbs up right next to it. You can go there and you can fill this out And I would I would highly encourage you to do this I'm going to do this myself Once this order comes about and I'll be updating you so don't worry But just so you know When they talk about any we've heard this before right like let's get some public comments Do you want to know what the public comments are this one was? The deadline was December 14th. The opening date was November 10th. Here's the comments There's one comment and it says hey one bedroom apartment Port Nietzsche's two bedroom apartment for Nietzsche's three bedroom apartment. It's an ad That's the comments that they're getting let me go back I didn't look at this one. Let's see This is back in october. There's two comments. It's from andrew robison The sec and the sec are active and ongoing securities fraud. That's not I mean that's maybe true But it doesn't it's not very constructive. What's this one? I mean you get my point, right? This one was open on october 20 21st in december 20. It's going to come out. There's no comments So like when they're saying oh, we put it up for a public comment. They're not they're expecting you to do a thing So once this comment comes out We'll follow this. I'll let you know and I want you to comment on this and go look I don't want you to To limit me if you're going to allow me to go into any casino and gamble my life savings away You should at least allow me to invest in the things that I want to invest into because I still think we're in america hopefully Then go from there. So again Deal with the things you can change and ignore the things that you cannot change and go from there So the only thing about that and then also as far as regulation goes. I thought It's pretty interesting sec Is going to use not only ftx, but block fi is the object lesson for clear crypto regulation So just so you know block fi They just went through uh, actually they just went to chapter 11 or just submitted chapter 11 paperwork three days ago Then two days ago. They came out and they said hey, here's our reorganization plan I got to tell you very nice. Good for them. They must have known obviously right celcius five months later. No plan But block fi is going through their chapter 11 and they still owe the sec 30 million dollars of a 50 million dollar fine. I just thought that was interesting The sec won't be as aggressive about getting the money back as it would from others And the message from the sec they will want to send has been trying to send is Is less about the sanctity of sec settlements and how we go about regulating a very young industry. This is from sorry, I should This is according to howard fisher a former sec senior trial attorney who is now partner at moses singer llp. This is what he talks about He said the failure of the ft of the ftx crypto exchange brought to light the need for crypto companies to use the same metrics And management techniques used by traditional and legal financial companies according to fisher The sec isn't hostile towards digital asset industry, but it's skeptical of its inner workings I got to tell you i'm the same exact way i'm very skeptical Of what's going on behind the scenes of all these different exchanges The sec is going to be a lot more concerned not with the money from the settlement But from what the block fi bankruptcy represents in terms of harm to investors systemic risks contagion And what it shows about the risk to crypto worlds in general so I personally believe that we can't move forward until we get some kind of clarity That's just how i've always been and that's just how I see it Correct me where i'm wrong And do you think that we can just get by with zero regulation moving forward, especially all the collapse that are going down Just a question then also When we talk about contagion, I know people were pretty excited yesterday because Drone Powell came out and he wasn't as super hawkish as he's been before And he did say some dovish comments like he's going to slow down for the rate hikes He still says we're going to keep doing them until they hit a two percent threshold for inflation But people were pretty pretty pretty jazzed about that and the market responded. It looked pretty good now It's kind of you know even now, but to me when we talk about these things I still think In the long run just like we talked about with larry think with regulations coming I think we're in a pretty good spot in time however I think in the in the near term it's going to suck for a bit and one of those things is this contagion And I don't know how far it goes, but this is a nice little graph There's spf ftx alameter research ftx us and ftx ventures just remember that they've touched a lot of different projects And who knows how many are going to go down? But everything from consensus Illumia, Lido, Misari, Polygon, Refinance, Solana, Wunderfai Well, Wunderfai is looking pretty good actually Blockfolio ledger x not to be confused with the cold storage device ledger x is a I think it's some kind of exchange don't like use it liquid global ledger prime block fi aptos chill chat I don't know what that is Layer zero lab is Misari paragraph skybridge capital You go laps So there's a lot of different tentacles and a lot of different things and I don't think When three arrows capital went down and then Celsius crumbled and then voyager Collapsed and now we have ftx and then of course now we're gonna for his block flies already down The next download of fall not for sure But I see there's some problems in the horizon and that also leaving my last point housing market So Blackstone I think it's got a couple trillion assets under management. Correct me. I think I might be wrong in that one But this just came out today a 69 billion dollar real estate fund hits the redemption limit What's happening here is blackstone ink 69 billion real estate fund for wealthy individuals Set up a limit redemption request people like give me my money We need to pay some things off and I think there's the contagion This is one of the most dramatic signs of a pullback as a top profit driver from the firm and a chilling indicator for the property industry And this is what honestly um That's what the federal reserve wants they want Max Payne they want things to go down. They want unemployment to go up and that's just how it goes The fund became a behemoth in the real estate industry since its start in 2017 They bought up apartments suburban homes dorms And growing rapidly in an era of ultra low interest rates as investors chased yield now Soaring borrowing costs and a cooling economy Are rapidly changing the ladscape for the fund causing this real estate investment trust To caution that it could limit or suspend repurchase requests going forward And also this is from liz saunders. Who's she? Chief investment strategist charles schwaab And she said hey pending home sales now down by nearly 37 percent year over year Which is the worst annual decline on record Going back 2002 on top of that Jeffrey clean top also part of charles schwaab says us not alone It's not just based here housing affordability has driven sales down sharply From the recent peak in many countries. Unfortunately These real estate investment trusts Now have a lot of things on their balance sheet. Let's hope it works out for them But again, everything's connected and that is it so My friends that takes care of the news today They like today's video. I know there was a little bit of a Bullished sentiments, but also bearish at the end try to give you a little balance Thumbs up always consider subscribing now if you want to stick around we'll do Q&A and this is my favorite part of the show I'll answer all your burning questions the best of my abilities, but that is it for today. Take off take off It's been 23 minutes, but thanks for stopping Now let's get into the Q&A from there. Huh. I can't see too much. Ah, okay Tyler Durden There's a reason I rented the cheap of town for the last few years very smart I gotta tell you people who are renting Well, first of all, I think the rents probably go up but uh