 Well, everyone, I've got some great news, and I've got some bad news, although it's not that bad. And I have to ask you, everybody in the chat right now, which one do you want to hear first? Do you want to hear the great news, or do you want to hear the bad news? And so far, with a little bit of voting that we have, it looks like everybody seems to want the bad news first for whatever reason. So here's what's going on. So the great news is that the SEC versus Coinbase lawsuit that's coming about looks like there were six scholars, legal scholars for securities laws, and they pretty much just shred the entire SEC case in a very nice open format. And the bad news essentially is that's what we've been saying for quite some time. The ETF, the Bitcoin ETF, Spot ETF probably won't be approved. Sorry. And there's some things coming out about that. So that's the bad news. And in all honesty, it's way not that bad. I'll explain all this stuff in a bit. So first of all, this was a great tweet from Metal Law Man. And if you don't follow this gentleman, definitely a follow. I've linked him in the description. And he is a Vanderbilt Law, your guide to other worlds, Crypto Metaverse. I'm not, I am a lawyer, not just your lawyer. And this is what he states. This is actually probably the best write-off I've seen so far. So the SEC versus Coinbase update, six security law scholars file a devastating amicus brief in support of Coinbase. Law professors from Yale, University of Chicago, UCLA, Fordham, Boston, and Winder filed an amicus brief last night with absolutely shreds the SEC's investment contract theory. And this is why this is not good news. This is great news. Because ever since the SEC came about and they lost that, they lost a piece, I can't say they lost the whole case, they lost a piece of the Ripple lawsuit when Judge Torres came down and said, you know what, there's a little bit of in the language of what you guys are describing as far as the security, as far as the Howie test. And I'm going to rule against this piece. Ever since then, it seems like there's been these little cracks coming about with the SEC and this one is no different. So with this one, the amicus brief brilliantly traces the history of the meaning of investment contract before, during, and after passage of the Federal Securities Act of 1933. Here are the scholars conclusions. And before I get to that, first of all, what is this amicus brief we're talking about? This is amicus curiae. I think I said that right. Amicus curiae. It's an individual or organization who is not a party to a legal case, but who is permitted to assist the court by offering information, expertise, or insight that has a bearing on the issue. In the case, the decision on whether to consider an amicus brief lies within the discretion of the court. And it looks like it's going to move forward. So these law professors, again, from Yale, Chicago, UCLA, Fordham Boston University, Whitener, they all came out and said the SEC is not have a really opening shut case. Here's the conclusions. By 1933, the state courts had converged around a standard for interpreting the term investment contract to mean a contractual arrangement that entitles an investor to a contractual share of the seller's later income profits or assets. After the Howie decision, 1946, the common thread, again, for investment contracts, remains that an investor must be promised by virtue of his or her investment on an ongoing contractual interest in the income profits or assets of the enterprise. So look, I don't know about you, but when I bought XRP and all these different cryptos, nobody made me any guarantees. Someone said, you know where we're going to go up? This is an investment contract. And you're with us. I get nothing from the actual companies that I buy these tokens. They are utilities to me as I see fit. So there's a little bit of a big gray area. And this is actually positive for Coinbase. And lastly, every investment contract identified by the Supreme Court involves a contractual undertaking to grant a surviving stake in the enterprise. Again, I'm guaranteed nothing. I have no stake in anything. The XRP, the Ethereums, which I got to, let's be honest, if you're looking for gas fees, I mean, you got to buy Ethereum. That's how it goes. And all the rest of them, the utility. So the bottom line in my opinion, the amicus brief delivers the coup de grace to this SEC's argument that crypto tokens trading on secondary markets are investment contracts. So what does all mean? There was another piece that came out about this, and I'm going to break down the actual amicus brief. We're going to skim it. We're not going to go over all 30 pages. That's ridiculous. But this is from Bill Morgan, lawyer and sports fanatic, also for crypto. Blockchain Associates Amicus Brief in the Coinbase Matter explains that the SEC's unlawful expansion of the meaning of the term investment contract could extend to any product a consumer may expect to increase in value because of other's efforts, such as a Rolex watch. Here's the thing, I have a Rolex watch. So does this mean that because I have a Rolex watch and the amount of effort that the Rolex company does and all the advertising that they do is because when I have that and I sell it, I have a security wrapped around my wrist, essentially, that's what the SEC is claiming I have. And that's what the amicus brief is also laying out. So if we can take a look here, I'm not going to go over this. I linked this in the description and you can read all 30 pages. But the first like nine is just references and who's actually filling out, which is great. If you want to go down that route, I got stuff to do. But this was interesting. Of course, the amicus brief was from the Blockchain Association. They have those six legal experts. 10, 11, 12. Okay. This is where it gets good. The SEC has taken the novel position that nearly all digital assets sold in the secondary market are investment contracts within the meaning of the federal securities law, even though those transactions involve no ongoing contractual obligations. That position fails as a matter of text, history, precedent and comments. I like this part and common sense. The term investment contract refers generally to contractual promises to manage a venture for the investor's benefit. The sale of land, for example, is an investment contract. If it's coupled with a promise to develop orange groves on it for the buyer's profit, here's the thing. I've bought and sold many real estate properties and land, not securities. However, if I said I'm going to sell this land, I'm going to develop this fruit garden, orange groves over else. And we're going to share in the prospects of this on my efforts. Okay. Now we're going into a little bit deeper and that's what it is. And then also just to see if I can find this real quick. Ah, yeah. I like this part. A person who buys a Rolex watch may well expect to turn a profit based on Rolex entrepreneurial or managerial efforts. And an investor who buys a rare baseball card may likewise expect to sell that card at a profit based on the entrepreneurial or managerial efforts of the top's company to regulate the supply of a product that trades at many multiples of its release price. And it goes on to explain why. But that's just it again. All I wanted to just to bring this everybody's attention is this, the open and shut case of the SEC thinks it has, it's not going to be that open and shut case. And it's going to be a battle. It's probably going to be long. It's going to be expensive. Thank God I'm not going through it. And that's what Ripple is going to be doing. So we'll see how it all plays out. But to me, I think this is a step in the right direction. So I mentioned the thing about that in the comments section underneath. That was the good news. In my opinion, it's great news moving forward. Here's some not so good news. So the Bitcoin ETF, I know we talk about a lot because I find it fascinating actually to see if this spot ETF will be approved. I don't know how the heck you can approve a leveraged futures ETF, a futures ETF for Bitcoin and not approve a spot Bitcoin ETF because you have to buy the underlying asset and the features you don't. I just never got that, but I'm not that smart. So maybe Gary can explain that. I'll have them on the show one day. But here's the thing. With the ETFs that have been filed, ARC, iShares or BlackRock, Bitwise, Van Ack, Wisentree, We already know, or maybe you don't, that there's different deadlines of which the SEC can just blow right through and not approve the spot ETF. And for ARC, their first deadline was June 29 because they did a filing in 2021. So the first deadline went and came. The second deadline, they just blew through that. Say August 13th? Yeah, it's August 13th. The SEC doesn't work on a Sunday. So they just went ahead and just said, now we're going to delay it. So they're going to go on their third deadline. And the reason for all these deadlines is because I think it's kind of silly to say, well, here's a deadline. It's your first one though. I wish that was, I wish that would happen to me in college. Here's just your first deadline for your paper. But they just keep going through. And the reason is because they're asking for feedback of what's happening. And yesterday, we talked about this ETF in yesterday's video. I encourage you to take a listen. I said very clearly there, I don't believe that the ETF will be approved, but it doesn't only matter because it's the narrative that comes out. But what they're doing is they have this deadline and they're asking for feedback. The SEC is asking for feedback from the public. I personally think they already have their minds made up or whatever. But they want to kind of say, well, see, this is what the public says. And this was from Better Markets. Better Markets is an independent non-partisan nonprofit promoting the economic security opportunity and prosperity of the American people. That sounds good. I like that. And John Reed Stark chimes in. I'll get to him in a second. Not a bad guy, just has a different take than me. And this was the letter that they put to the SEC. They said, look, you guys should reject the Bitcoin ETF because they, they, filing is because they will expose investors to fraud, manipulation and other investor harms. I believe they're talking about all these guys. Why? This is what it states. The crypto industry's track record is clear when it comes to consumers, investors and financial stability. The industry has suffered 2 trillion in losses. Well, that's true if you would have sold. I didn't. So I'm doing pretty good so far. Multiple enforcement actions, bankruptcies and criminal prosecutions. Okay, they got me on that one. And dozens of lawsuits for lying, cheating and stealing. Okay. Okay. Spot on. Touche. Meanwhile, the principal beneficiaries of the crypto craze are for criminals who use it to facilitate ransomware, money laundering and illegal conduct of all types. This within this context, the SEC must evaluate the latest wave of Bitcoin ETF funds a month and shut it down. Wait a second. So I heard that in 2017 when I got into it, I heard that the same song and dance at that point, 2018, 2019, 20, even today, I hear the same thing, ransomware, illegal, laundering, also from the cartels, the illegal activities, also terrorism. Here's the thing. And we talked about this before on the show. There was a brief analysis of Bitcoin's use and illicit finance. This is by Michael Morrill. Who's that guy? That guy, senior counselor, beacon global strategies, former acting director, deputy director and director of intelligence at the CIA. And here's what he states. Let's just scroll down, shall we? So Michael, again, the former head of the CIA, former head of the CIA, Central Intelligence Agency says, I began this work expecting I would find a set of facts supporting the conventional wisdom on this issue. After all, I believe that Bitcoin and other cryptocurrencies are a largely anonymous way to transfer funds, anyone in the world, nearly instantaneously. And I assume that those officials who have raised concerns about the use of Bitcoin illicit activity with the objective of ensuring regulatory vigilance must be among the best informed experts in this issue. However, based on our research and discussions with industry experts, I have confidence in two conclusions. One, the broad generalizations about the use of Bitcoin and illicit finance are significantly overstated. Blockchain ledger on which Bitcoin transactions are recorded in an underutilized forensic tool that can be used more widely by law enforcement and the intelligence community to identify and disrupt illicit activities. But simply blockchain analysis is a highly effective crime fighting and intelligence gathering tool. Let me read that one more time. Now I'm just going to paraphrase. Here's the thing. If you are a criminal organization, if you're in the cartel or if you're into terrorism, the worst way that you could do things is put things on an open public ledger that anybody can read and look into and investigate. And that's not coming from me. That's coming from Michael Morrill, former head of the CIA. Now, I don't, not to talk bad about anybody, but I don't know if Better Markets has more insight in that than the former deputy director of the CIA. I'm not for sure. He may, they may. I don't know. So, and then they go on to talk about the reason that they wanted to eliminate the spot beacon on HDS because one, it has a history of artificially inflating trading volumes due to rampant manipulation and wash trading. Okay. Wash trading does happen. But it does say it happens everywhere. Are highly concentrated? Well, spoofing, I should say. And three, relying a select group of individuals and entities to maintain the Bitcoin's network. Well, that's true. They're called miners and they're very decentralized all over the world. And they're not even centralized in China anymore. So good news for us. And then it goes on to some other stuff. So you have open, an open conversation with the SEC. I think they're looking back as to why they're going to deny this, this ETF. I know people will always say, but Robbie, don't understand BlackRock is coming in and, you know, BlackRock owns everything and they own the SEC and Gary's a bootlicker. And that's it. I don't see that at way. I don't think Gary is a guy who needs a bunch of money. I think he did pretty good at Goldman Sachs. I do believe that Gary likes power. There's a reason why people go into government. It's not because you're going to make a ton of money unless you've never had a ton of money. And of course, you know, you can pull a congressman speaking engagement or a book or something stupid like that. It's about power. And I think in that situation, it'll really come into light from John Reid and what he talks about. So who's John Reid? John Reid Stark, president, John Reid Stark consulting LLC, Duke University School of Law and the former chief of the SEC Office of Internet Enforcement. And he says, look, and he talks about what we had with better markets. He goes, look, they said it very clearly. And I couldn't agree more. My take is also that the current SEC will not approve a Bitcoin spot ETF. Now, again, this is all guesswork. I don't know. Maybe it is going through. I have no idea. But if I take a look at some of the things that are coming out, I'm like, I can see why this would happen. And I'm going to play it out to you why and we'll go from there. So just so you know, there's a presidential election coming up next year, Super Tuesday, first week of November. And we will decide who will be the next president of the United States. I personally don't believe it's going to be Joe Biden again, just me, whoever the Republican challenger is will probably win. I'm guessing. I'm guessing. Who knows. But as negative as John is on the Bitcoin ETF, he makes some great points. If a Republican is elected US president 2024, the slate of Republicans appointed to the SEC will likely one decrease significantly. The SEC is crypto enforcement efforts, probably filling most fraud cases, shifting efforts away from charging pure registration violations, like with Coinbase, like with Binance US, like with everything else, such as the failure of a crypto trading platform to register as an exchange, broker dealer and cleaning firm, and they'll become far more receptive to approving a Bitcoin spot ETF and far more likely to take other significant crypto friendly regulatory actions. What he is talking about is this. The current SEC commissioners, there's five, and you probably know two. That's okay. I'm in the same way. I don't know Caroline, Mark, or Jaime. If I knew Gary Gensler, we all know him. I know Hester Pierce. The thing is, Gary's a Democrat, Hesha's a Republican, Caroline's a Democrat, Mark's a Republican, and Jaime's a Democrat. So you got three to two. And I'm not going to say that political parties means you've got to go right on the line every single time, right? However, it's pretty much where Gary is going to vote. And so far, he's been like, no, we're not going to do that. And also, he's pretty chummy with Elizabeth Warren. We've seen multiple pictures of them talking and everything else. And Elizabeth Warren despises, hates crypto, especially Bitcoin, because of the ESG compliance issue. I'm not going to get in the ESG thing. I think it's stupid. So with that, it's power. Gary likes to retain power. People in Congress like to retain power. The best and the brightest are not in Congress. The best and the brightest aren't presidents of the United States. Just the truth. It's just a power play. And I think in this situation, if they want to keep things as a status quo, I don't think Gary's going to improve the Bitcoin ETF. That could just be me. However, does it really matter? Because once the next president comes in, which will probably be Republican, we'll see Hester Pierce as an SEC chair could very well happen. Why? When any president is elected, the current SEC chair typically resigns. And the new SEC chair position is rarely confirmed and filled until at least 34 months after inauguration day. Hence, should a Republican get elected president, Chair Gensler would likely resign. And the senior Republican appointed SEC commissioner, in this case, Hester, would possibly become the acting chair. So then it goes into why he thinks it's manipulation. And we all know what that thing is, but that's just what it is. So again, SEC, here's their party affiliation. I just didn't make it up. Marks a Democrat. Or Gary's a Democrat. Marks a Republican. Carolyn Devon, Hester, and off we go. So there was the good news, the great news. And there's the not so good news. But again, like we talked about in yesterday's video, it's the narrative. If BlackRock and all these traditional finance people come out and say that it is real and it is good. And he had Ben Rubinstein from Carlisle Group, or David Rubinstein from the Carlisle Group come out and he talked about how he's not a Bitcoin supporter. He's like, well, there's something to it. Then if BlackRock is going to say it, it doesn't matter. And that's where we move forward. So that was the news for those pieces. Let me know what you think about that in the comment section. And let's finish up with a couple of pieces with some more good news, because why not? Everybody likes good news, even though I think we're going to have a rocky road until April 2024 when we get the Bitcoin halving. I'm kind of hoping it does, but I could be wrong. Visa tests the way to make payment theorem gas fees easier. It was very quick. Visa has completed testing a new way to allow users to pay the fees on his gas fees with their credit card. Payment company said blockchain technology could shape the future of money movement and has gained significant adoption in the past few years. However, facilitating transactions on chain remain too complex for most users. So I just threw that in for a couple of reasons. First, it's positive and people like positivity. I'm not here to give you a bunch of hope. The thing is with this, the technology really hasn't caught up yet in my personal opinion. When we go into the next bull run, you're going to hear the same narrative with everybody else. It's going to go up into the right and Bitcoin's going to go to 500,000 or a million. That's ridiculous. It can get there. It's just not going to get there in that short amount of time. So when you see people like Visa talking about and the Amazon talking about and all these big companies like BlackRock talking about it, just remember at some point the markets get way too overheated, take profits along the way, and don't screw this up too bad. And that's really what I'm trying to say here. So there are some rules that are underneath my enormous head right here. The rules, it's all gone. Don't invest money, you can afford to lose. Everything's a scam until prove otherwise. Don't use any exchanges that you can't take their crypto off of and take all your crypto off the exchanges and put them in a ledger, an ellipal, or something that you can cold storage. Don't use leverage, especially 50X. You want to do 2X, that's on you. And take some profits along the way. Nobody, everyone broke taking profits. That's it. So lastly, lastly, I swear this is the last part. And then we'll get into Q&A. Oh, yeah. So yesterday, yesterday in the video, we talked about, I had Yatsu on a couple of weeks ago. He's the founder of Anamoka Brands, which is behind all the big Web3 games right now. They're really just crushing it. And I talked about how I believe Web3 is going to be big, the next narrative and a couple of stats that you may know, which is there's roughly 7.8 billion people in the world. Out of the 7.8 billion, you got 3.2 billion people, which are gamers, as they call it. That could be on console or mobile devices. Most people have mobile devices in the entire world. And out of those people, you have 1.6 billion out of 3.2 billion that are in hypercasual or casual gaming. So I think casual gaming is going to rule. Triple A games are going to take a long time. But the narrative of blockchain gaming is going to do very, very well. And because I don't know much about it, I'm trying to educate myself. As you might tell, I'm a little bit older. I play as many games as I want as a kid. But there's people who do know these things. And I asked you guys who I should talk to. And there was a bunch of them. And this is just the first list. I'll be talking to many people. But CryptoStash, OX Hustlepedia, Classic Games, and Peyton from Champions Ascension. And of course, Cornucopia's game as well. And I will be reaching out to them this week. I'll get them on the show. And I just have a couple of questions, which is why is Web 3 going to be so big? And the next questions will be what crypto or digital asset layer should we be investing in to? And what specific games do you see making the big headway? And we'll get these guys on and we'll go from there. And to that effect, I put out a tweet yesterday, because Wreck League. And the reason I'm bringing up Wreck League is because I told everybody, okay, this is who I'm going to talk to. And of course, Stash says, I ain't telling you, I know it's pretty good. That was pretty funny. I laughed pretty hard at that. I said, okay. I said, Stash will come on. He said, I'll come on your online channel and drop the alpha. I said, okay, how about this? Let's play one round of Wreck League. And a loser buys shots at the Bitcoin conference next year. So I like fighting games. I used to love a shoe fighter too. One of my favorite games. I lost a lot of quarters. That's how old I am, because I used to play the arcade with a quarter, with quarters. Crazy. So anyhow, this is a Web 3 game. Fighting game looks pretty good. And yesterday, I joined this list. And again, Wreck League is from Anamoka Brands. So I trust them. It's not some fly-by-night crazy studio. Anamoka Brands was like, and if you listened to the Yatsu interview, they were the first ones to get into crypto kitties back in 2017, early 2018. They've been around for a while. So I trust them so far. I set for the Mint. The Mint for their NFTs. Looks like it's going to be kind of airdrop. You just connect your MetaMask wallet. And I did say to do this. So apparently, all you have to do for this Mint is go to the website, connect your MetaMask wallet. If you have millions of dollars worth of crypto on your MetaMask wallet, then two things. One, you're insane. And two, you probably shouldn't connect your wallets to any website, let alone Wreck League. So I did that. Links are in the description. You can check that out. And also, there's a link for the Mint details. And that's it. So look, that is it for today. If you like the video, give it a thumbs up, consider subscribing. I don't care where you get your information from. Just get it from somebody that you trust, would like to hear from, and just don't set it and forget it because a lot of things are going to move pretty fast, moving into the Bitcoin halving in 2024. That's it for today. Now, if you want to stick around on a Sunday, I'll answer any of your questions, all the stuff we just went over, or anything else. The best of my abilities, and we'll go from there. All right, everybody, thanks so much for stopping by. I appreciate it. I'll see you on the next one. Now, let's get to some questions. Ronald Gonzalez said smash thumbs. Thank you. Ah, he has a lot of talk and you're right. Yes, see, some of our members. Street Fighter in the air, kids. Ah, those are good times.