 There was a leaked document put out just 20 hours ago, which shows that the US government is trying its best to stifle innovation and really shut down crypto and digital assets. Now, before I move on, I got to tell you we're going to talk about Democrats. We're going to talk about Republicans. I know some people on this channel may get a little bit of divisive as far as politics and things like that. But just remember this, politicians are just like models. They're all wrong and only some are useful. So what I'm talking about is there was a leaked document and it was made public by Eleanor Tarrant. And she is a Fox business journalist. I will link her Twitter account in the description below. And this was a document or a memo that was circulating among Democratic members. This was on May 9th. And the reason for that is because on May 10th, there was a joint hearing with the House Financial Service Committee, Subcommittee on Digital Assets and Fintech. And what it said, I just want to direct your attention to Numbers 3, 4, 5, 6. And the first one here, it talks about, again, it's a little bit divisive between Republicans and Democrats, but it states Republicans have decided to embark on a partisan pursuit of sweeping digital asset legislation. And they want a new framework for crypto industries. That neither the Biden administration, investors, SEC, or their financial regulators have called in Congress to do so. First of all, I'm an investor. And me personally, I have called on Congress to do this exact same thing, which is I would need a little bit of regulatory clarity because the problem that is right now is that we don't have it. So when we talk about investors, that's false. And then we talk about other regulatory bodies. Well, the CFTC is actually arguing with the SEC as to what is a commodity, because they're the CFTC, and what is security, that's the SEC. Of course, they want each to regulate those because they want more power in the system. And lastly, when it talks about the Biden administration, that's also false. There was this nice little fact sheet that was put out not too long ago. White House releases its first ever comprehensive framework. Now I just take a look at Congress here. It says this, Congress itself, let me go up a little bit, recommended steps for Congress and regulators to make stable coins safer, building this work. The administration plans to take the additional following steps, which it calls on Congress to do so. So again, if we take a look at this, it is calling for those things. Now, the one thing it does get right is that the SEC is definitely not calling on Congress to do any changes. They're just fine where they're at. Next one, we're talking about ambiguity, that mass non-compliance with existing laws. And it states, we can't invent new accommodating regulatory structures simply because crypto companies refuse to follow clear rules the road. This is also false. There is an issue with the SEC and Gary Gensler. And he states, yes, everything is security. So we don't believe that, but like fine, whatever, let's just get this over with. So this is CEO Brian Armstrong from Coinbase. This is Paul Greel, the chief legal officer for Coinbase. And they put out a plea not too long ago, a couple weeks or so, April 27th, and said, look, we'd love to come in. We've came in before. We want to talk to you. We wanted to register. And you just gave us a well as I said, but you're going to sue us. And this is also happening with other exchanges in the United States. So it's not the issue with, we don't want to do it. We're like, fine, let's just do this. But they can't even give us a way for us to come in there as far as crypto and digital assets to register with the SEC, just like a business would do when they want to register with the SEC to go public and have stocks for their company. That is also false. And then next to last talks about it's a turf war. I think we just talked about the CF, CFTC and SEC, there is something going on. And lastly, number six, under Sherry Gensler. This is hilarious. The SEC has built up the strongest enforcement team yet to go after crypto criminals. The SEC must continue to lead the regulation of the US crypto market. And Congress must do its part to provide them with the resources they need. Well, I gotta tell you, if this is the strongest they can do, here's what Gary has accomplished so far. It's summed up in this meme. So far, he's only protected us against taking with Kraken. Congratulations, Gary. Great job. Protect me harder. But if you take a look at the problems that he's had with the banking sector, Silicon Valley Bank, First Republic, he also missed FTX, also missed BlockFi, he also missed Celsius, also missed Voyager, also missed everything else else is going on. So congratulations, Gary. You're doing a bang-up job. And to prove this point, I really bring it home. There was a great video by a friend of the show, Jungle Inc., and it talks about how Gary Gensler is in hot water with JP Morgan over crypto. And really, what he talks about is like, look, I'll link this in the description as well. He's like, look, Gary has spent $200 million and the SEC resources to do what? All he's done is cause disillusion among investors. He's really hurt the investors that have been in with Ripple and XRP. And he's caused the issue with all these American companies moving offshore because they don't want to deal with it. They don't want to deal with America and he's stifling innovation. And this is what he's doing. If that's what he wants to do, he's doing a bang-up job. But I think personally, this is awful for America and CryptoGelasses in general. Let me know what you think about that in the comments section. And then just to get onto the Republican Democrat points, I know there's going to be a lot of that in the comments section. Here's the thing, everybody. So Ron DeSantis, Florida governor, he banned CBDCs. In taxes, they just introduced a ban, a bill to ban CBDCs. Both of these states here are highly Republican. However, in North Carolina, the House of Representatives on a May 3rd vote just agreed to pass House Bill 690. And what they say is this is going to prohibit individuals from using CBDCs for any payment to the state, as well as borrow the Federal Reserve from using North Carolina as a potential testing ground for its own CBDC pilot. Here's the dealie. The governor of North Carolina is a Democrat. On top of that, if we can take a look at the House itself, you got 60% Republicans, 40% Democrats. Here they all are in all their glory. And you can see that there are actually real people and they are summer Democrats and some Republicans, and none of them voted against it. So I can understand how people say, well, those damn Democrats and those damn Republicans, I think it really comes down to intelligence and just want to do the right thing for the constituents. And that's why I think that there is a way to come across the aisle. And now let me just think about that in the comments section. And then last two things I just want to say, timing the market is better than timing the market. Here's the proof. There was an ancient Bitcoin wallet, which was dormant after 12 years. How much did they pay for Bitcoin back then? Rob, great question. The owner, hodled for nearly 12 years, probably lost it, I don't know. But he bought the coins in June 2011 for $2,000, a little over $2,000, $2,250. And right now that's worth $3.5 million at Bitcoin's current price mark. So I don't know anybody who can invest $2,000 and make it into $3.5 million. And by the way, that's not even at the peak. If you would have sold the peak, probably over $7 million. So again, timing the market is great than timing the market. However, you really want to understand one thing, which is at some point, you might want to think about selling off financial advice. Nobody ever went broke taking profits. And I just want to show you that yesterday we did a, I think it's going to be an important video moving forward. And it's all my crypto lessons from the past, all the different timeframes, 2014, 2023. And I'm going to be putting this video in the description of every single video moving forward. So when I talk about not financial advice and the things to do and the pitfalls to avoid, this is everything I can give to you. And unfortunately, people have limited memories. So I'm only going to be directing that to people time and time again. And lastly, this would actually lead off into the painful lessons, scammers. There is a US Secret Service will hold a Reddit ask me anything on crypto later today, and they're going to go over what they're doing, how they are protecting people and what you can do if you've been screwed over by scammers. So I'm going to link that in the description below. Apparently this, I think this is kind of funny. They said, well, we, we verified it by someone holding up a piece of paper and they wrote on their, their, their Reddit, their subreddit info. So we verified it. I'm like, I think I can I think I can use AI or just some really good or some decent photo editing software to change that, but whatever. So they have that going on. You can check it out links in the description. It'll be an AMA and I can answer a bunch of questions like this. So check that out. But that is it for today. So look, I know this was short one. I'm not really feeling too great today. It was a long, heavy weekend, but that's it for today. So if you liked today's video, give it a thumbs up, consider subscribing. This is not a set it and forget it type of industry. You should be involved with it. And if it's not me, subscribe to somebody to get all your information. That's it. So thanks so much for stopping by. I appreciate you and I'll see you on the next one.