 Hello everybody, welcome to the Friday's live stream today quite interesting news I think there's a little bit of price Appreciation a little bit sludge coming back and forth But the thing that concerns me or actually could be the next thing for a bull run is this little piece that came out today It looks like the big banks are foam owing and at first glance you would look at this and go This is fantastic news But just stick with me because I think there's problems on the horizon, but here's what we got So big banks are nudging the SEC for a slice I like this for a slice of sweet Bitcoin ETF action and I have to tell you right now for the ETF action It's there's nobody else to really do it better Then first of all James from vest answers doing a great job of tracking all the portfolios But also the next research and they put out this little data graph Which takes a look at just how well the ETFs are doing and I don't know if you knew this But we are outpacing the gold ETFs by a major amount and there's between 7 and 14 X demand for ETFs as opposed to what's actually being produced every day Which is 900 Bitcoin per day and we just see that we are actually this is from the 15th today is the 16th I can't get the daily updates until everything gets closed, but right now. We're up 96,511 Bitcoin even though we've got quite a bit of a dump for grayscale So what does this mean for for banks does what means for banks banks are like this They're like, hey, we want to piece that sweet action And we can't believe we can't get into it because the people that we trusted Gary and the SEC Didn't look out after us So this was actually a letter that they put out this is from the American Bank Association the Bank Policy Institute Financial Services Forum and SIFMA and they state this and of course I love to read these things just to Just to see just how much from what is and they say this we are writing to request that the the SEC considers targeted modifications to staff accounting Bulletin number one 21 and again, I like to see Exactly what has actually said to the SEC and where things are going and this is quite interesting It says there have been several relevant developments during this two-year period Including the g the gal report issued in October GAO Approval of certain spot Bitcoin ETPs and the SEC's proposed ruling on safeguarding advisory client assets that would cover the custody of digital assets if Finalized as proposed so they're saying here essentially is like look This is what we see to be happening for some reason we weren't included and then coming down here This is their two big gripes, which I I honestly have to say I can understand why they would be Not too happy about this because they pretty much got aced out because essentially what happened was Coinbase stepped in and go You know what? We'll be the custody service provider because we can do it and you guys can't because the laws that were passed to protect everybody So even though we got even though coinbase got sued by the SEC They actually are a beneficiary of the laws that were passed not by the SEC They only enforced laws but the laws that were passed by Congress and the SEC is forcing so here we go They say this they like look spot Bitcoin ETPs or the Commission recently approved 11 spot Bitcoin ETPs allowing investors Access to this asset class through a regulated product. However, Notably absent from those approved products are banking organizations. Let me say that again Notably absent from those approved products are banking organizations Serving as the asset custodian a role they regularly play for most ETPs. Essentially, they're saying this Look We're running out of funds We have some bank collapses We're actually shutting down the brick-and-mortar stores across the globe because they're not really needed as much So we'd like to have a sweet piece of this action and it looks like we're being aced out So if you could just kind of change the rules or kind of overlook some things or not be range it Maybe we could do better To finish up these ETPs have already experienced billions of dollars in inflows But it's practically impossible for banks to service custodians for those ETPs at scale Due to the tier one capital ratio on the reserve and capital requirements that result from the laws that are passed I say B 121 and they also say on top of this They say look the use of distributed ledger technology to record traditional financial assets is also something that we Can't get into Banking organizations are increasingly exploring the use of Distributed ledger technology to record traditional financial assets such as bonds the use of DLT as the potential to expedite and automate payment clearing reconciliation and settlement services and Multiple central banks outside the US are partnering with banks to explore the adoption of DLT And the reason why it's outside of the United States is because the SEC is overstepping their boundaries And we've talked about this many time on the show when you have enforcement through regulation You have problems because essentially the SEC is going we are going to stifle innovation And we're gonna step in the on the throats essentially of of the progress that we could potentially make now when that happens What does it create it creates a vacuum? Then of course everybody everything can go across outside the states to other countries that are femme friendly decrypto Of course we get passed up. Why was this allowed? Well, it's because the people that were in charge and there's nobody else to blame But the people that are that are above in those positions. So again There's a reason why the SEC has doing what they're doing. There's also a reason why they keep losing in these court cases So thank you ripple and then to finish this up However, SAB 121 has proven to be a barrier to banking organizations ability to meaningfully engage in DLT based products Do the breadth of the definition of crypto assets and SAB 121 And there's some more information here, but it gets pretty dry. So I'm just going to leave it up to you I linked this in the description. You can check it out for yourself but here's the concern to me and We talked about this a couple of times. There's a way things that Should be the way the things are gonna be and the way things that should be is that we should all use Some type of cold storage device because it's not hard. It's not hard to essentially be your own bank It's very simple especially with tangent. You can use ledger or ellipal as a matter to me, but For people to use this. It's actually quite simple They just don't want to take the extra step and learn new things because they're so indoctrinated to actually use the banks What will probably happen is the banks will start to custody Bitcoin and crypto and other digital assets for Everybody else because they think that that's the ones to actually put it there Then what's gonna happen is we're going to have some type of Fractional reserve or some kind of fractional reserve lending just like what they do with the money that you put in there for every doll That you put in excuse me for $100 they put in it's between 9799 dollars They can actually lend out and then you just have a massive amount of of these digital assets that were Finite now become lent out and there's a problem there So I see this as an issue moving forward for other people not for us because we understand The limitations of what is happening in the traditional markets So I think this is just it's great for FOMO and it's great for stories and it's great to push the narrative of the bull run I'm just kind of shuttered to think about what's gonna happen in the future especially with people allowing banks to custody anyhow, I could be wrong and I Don't really mind if people want to do it that way. Everybody's different I just think that we're not that stupid and we can learn how to do it ourselves anyhow let me just think about that in the comment section and then to finish up and Because pretty quick day. I want to do a little Q&A is This was a good piece. I'm gonna break two rules today. I'm gonna break two rules today and Actually, it's the same rule for two projects and the rule is that I don't talk about things unless I own them I don't own any aptos, but I thought it was very interesting and it's just a it's just a car It's just an interesting piece aptos joins crypto smartphone race with Jombo phone partnership and this is what we got. I always like to see, you know, real-world Functionality especially from throughout other countries. Here's what we have There's a collaboration the collaboration that's going on. We'll build on the launch of the Jombo phone, which is a Smartphone that's less than a hundred bucks. It's pretty good I know nine. I know a smartphone that's designed to unlock the digital economy for users in Africa Southeast Asia and Latin America. That's a major bulk of people throughout the world We're sitting at like I think around 8.1 billion people in the world correcting the comment section So we're talking about Africa Southeast Asia in Latin America. That's billions right there This was launched in January and available in more than 40 countries. The Jombo phone comes bundled with pre-installed applications Including aptos compatible wallet Petra now I found this great This is good for aptos if you own aptos. I'm sure you're rejoicing. I'm glad for you I'm happy for you, but just remember there's a lot of apps that come with your phone when you buy your phone Do you use all of those apps? potentially and I'm just saying this is great for aptos because you know The more things that you can get out there because if you if you if you're talking about a cost per acquisition like a CPA numbers That's the hardest part in any business It costs a lot of money to get customers if you can just be on a phone and you have your access to billions of people Congratulations, you just won a major war. So the pre-installed Jombo app offers a comprehensive introduction to web 3. That's fantastic That's good for the markets. I like that There was Jombo earn and Jombo Academy educational suites with Jombo promising to offer income opportunities Through the apps quests feature, which is what you're kind of seeing right now with the airdrop. So again, I don't own Any aptos, but I know people love it and we'll see how that turns out But I think that's a positive for the market. I'm happy for that. So there I'm breaking my rule I talked about something I don't own now. I'm gonna talk about another thing. I don't know Well, actually I do own this World mobile so we've we've talked about this on the channel every so often We need to do another dive with with Mickey Watkins to come in here the founders or co-founder of world mobile but again it's bringing telecommunications to different parts of the world that is underserved and underutilized especially with different places that you Cannot get service as far as talk text and data throughout these different areas and Of course, it's it's actual real world Infrastructure I to me that I think it's like one of the first deep ends the first Essentialized physical infrastructure network would be world mobile token and they they prove this and Zanzibar Anyhow, so I was actually talking to Mickey over on on worry Was the not text message. It was one of the mobile apps I forgot there's so many out there and he goes. Hey, just so you know We're bringing out to bring into markets. We're partnering up with minutes and minutes is gonna help us with the Calling procedures Essentially what it what it comes down to is this is did you know that there is a market for calls international and And domestic calls like when you when I call you on my phone Apparently it's a 250 billion dollar industry and it's good. Well, that's what it's supposed to be projected in 2024 I think it's like 247 billion for this year gonna cross over to 1520 for and what they're trying to looking to do is World mobile in this company minutes are looking to disrupt the whole industry I did not know this until I was talking to Mickey and Josh is the founder of minutes. No now This is what happens when you make a call Essentially right here This is the caller the person on the other side. That's the receiver in the middle There's a bunch of these these third-party processors and essentially they take a cut of everything from like Verizon and T-Mobile and everything else And it gets expensive and what these guys gonna are gonna do essentially is they're gonna disrupt the whole market And they're going to actually put a couple of lines of code in different apps that you Normal everyday apps that you would see on your phone and it's gonna cut everything down by like 80% Essentially, it's going to cut out the middleman And you're gonna be able to get paid with that in the token itself now I will just say this this is a very new company and I've heard rumblings that's they've This is just hearsay that they've already Inked to deal with the company with 1.2 billion users Don't Get too excited until that actually comes out, but they're already doing it There's an explorer and they've already got incoming calls 23,000 right now I mean, this is like a thing that actually works right now, and I'm just Interested in it. I'm gonna do a deep dive on it But to me, it's all about the Goldilocks zone because I think oh, this is actually proven around this time for Around the halving is when some pretty big projects usually get up and running He got Shiba in August 2020 sand in 2020 gala a vax axi Solana Matic and yeah, Luna was in July 2019. That was of course right before actually no, excuse me That was right after the halving matter of fact and yeah, it did collapse But I mean a lot of people made a fortune on that thing So I'm always looking for the next the next thing that's out there, but it's risky But this proves to be what it is could be pretty big. That's it for today So I can't give too many more details because I can't really talk about it That's it for right now. So look like today's video give it a thumbs up consider subscribing. I'm gonna talk about his time sensitive