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Speaker 1: If you have nothing to hide, you have nothing to fear.

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Speaker 1: But that is the primary argument for well, we need

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Speaker 1: to know everything about everybody so that if something does

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Speaker 1: go wrong, we can find out who did it. Like, well, okay,

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Speaker 1: there's a thing called police.

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Speaker 2: Work, do it.

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Speaker 3: I thought that we the people, were supposed to be

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Speaker 3: private citizens and the government was supposed to be public.

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Speaker 1: Oh yeah, that's not how it works. Now if you

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Speaker 1: tell the truth, you get thrown in jail. They have

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Speaker 1: their assets here in this state, and the Fed doesn't

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Speaker 1: need to know about that. There's no functional legal nexus

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Speaker 1: other than where you live. So if you live in

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Speaker 1: New York, new York's going to say that asset is

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Speaker 1: in New York. If you then moved to Virginia, now

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Speaker 1: New York can say, well, it was in New York,

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Speaker 1: so we have we can control it. In Virginia to

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Speaker 1: say well, you're here so we can control it. That

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Speaker 1: gets to be a problem. And the governments of the

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Speaker 1: world want to have absolute visibility into the assets of

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Speaker 1: their citizen. Right if you look at the results, I

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Speaker 1: believe they're there to allow them to collect massive taxes

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Speaker 1: from people when the inflation does start to get out

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Speaker 1: of control.

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Speaker 3: It's not really that bitcoin's on the ballot. It's that

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Speaker 3: freedom's on the ballot. The freedom to choose how we

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Speaker 3: want to store value, how we want to transact. That's

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Speaker 3: what's really at state sovereignty is on the ballot, right,

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Speaker 3: the ability for us to remain a private citizen, as

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Speaker 3: I said, a government trying to take away our ability

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Speaker 3: to be that private individual. Is that how you see it,

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Speaker 3: all right, Colin. So we were talking about the inner

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Speaker 3: workings and the belly of the beast and the political

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Speaker 3: fighting that's happening. Specifically, there's a power struggle between states

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Speaker 3: rights and fed rights. I want to get into that.

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Speaker 3: I want to talk about, you know, what's happening on

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Speaker 3: the political field in terms of those those fights, as

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Speaker 3: well as what's happening obviously with bitcoin, the right to mind, bitcoin,

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Speaker 3: those types of things, Bitcoin of the balance sheet of

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Speaker 3: the United States. A lot of stuff to talk about,

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Speaker 3: but we were talking about just before we start recording,

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Speaker 3: I want to jump back into So you're in you

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Speaker 3: work for the Secretary of State State of Wyoming, and

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Speaker 3: I was saying how I've registered corporations in the State

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Speaker 3: of Wyoming because of the privacy that it allows and

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Speaker 3: some of the that's been lost, and you were saying

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Speaker 3: that it's not it wasn't Wyoming's fault. It's the Feds

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Speaker 3: that are putting this in. And now it's going to

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Speaker 3: this Alabama. I think you said suing, go ahead and

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Speaker 3: fillis jump back in on that.

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Speaker 2: Okay.

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Speaker 1: So there's a small a business coalition called I Believe

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Speaker 1: It's National Small Business United sued the federal government and

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Speaker 1: Treasury Secretary Yellen about the finn centrule called the Corporate

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Speaker 1: Transparency Act, and based on the burden that it creates

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Speaker 1: for small businesses, as well as the fact that it's

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Speaker 1: potentially or allegedly unconstitutional.

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Speaker 3: The addition it's unconstitutional because well.

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Speaker 1: There's a whole bunch of reasons why they've alleged, but

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Speaker 1: the primary ones are the Feds are intruding on an

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Speaker 1: area that is traditionally regulated by the states, as well

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Speaker 1: as the fact that so the Feds don't have general

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Speaker 1: or police powers, so when they do regulate inside states,

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Speaker 1: they have to tack it to one of their actual powers.

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Speaker 1: One of them, and the most broad spectrum one is

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Speaker 1: historically the commerce clause. Their argument is that corporations implicitly

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Speaker 1: impact commerce. Well, the alternate argument is interstate commerce. Specifically,

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Speaker 1: when a corporation is formed a it might not be

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Speaker 1: engaging in commerce at all, and there is no guarantee

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Speaker 1: that it will ever engage in interstate commerce. So their

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Speaker 1: power to demand all of these corporations register at the

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Speaker 1: moment they're formed is that by that argument would be

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Speaker 1: unconstitutional because you're forcing them to do something that they

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Speaker 1: that defends don't have the power to force them to

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Speaker 1: do yet. So those are the two primary arguments in

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Speaker 1: that case. The District court found that the fin Sen

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Speaker 1: rule was unconstitutional limited it to the parties in the lawsuit,

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Speaker 1: So if you were a member of this group, you

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Speaker 1: don't have to comply with the fin Cen rule right now.

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Speaker 1: Everyone else does. It immediately got appealed to the Eleventh

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Speaker 1: Circuit and it is pending expedited review right now. Hopefully

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Speaker 1: that decision will come down before the end of the year,

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Speaker 1: because there is a deadline for all existing corporations to

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Speaker 1: register by January one of next year, and the fines

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Speaker 1: are substantial, something like five thousand dollars a day. I'm

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Speaker 1: not one hundred percent sure that's the exact number, but

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Speaker 1: it's it's a very large number, and the cost of

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Speaker 1: compliance is very high. But of course they've exempted large companies,

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Speaker 1: so it's and ones that can afford.

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Speaker 2: It don't have to do it.

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Speaker 1: If you are a publicly traded company, if you have

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Speaker 1: more than twenty five or fifty employees, if you're a bank,

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Speaker 1: if you are a CPA not a lawyer.

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Speaker 2: Lawyers have to do it, but CPAs don't. It's it's

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Speaker 2: it's a bizarre set of exclusions. Even nonprofits, though, have

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Speaker 2: to do it.

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Speaker 1: So all of these companies have to register immediate, and

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Speaker 1: companies that have pre existed have until the end of

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Speaker 1: this year to do it. If this case comes down

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Speaker 1: in the way that I hope it does, which is

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Speaker 1: this law is declared not a constitutional, then it ideally would

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Speaker 1: go away or at least have to be refactored and fixed,

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Speaker 1: and a lot of the problems would be removed, But

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Speaker 1: the cost of compliance are extremely high. Into the extent

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Speaker 1: of they want to know not just who all the

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Speaker 1: beneficial owners are, which is anybody who has an economic

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Speaker 1: interest or controlling interest doesn't necessarily have to be the

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Speaker 1: same thing. At the same time, they also apparently want

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Speaker 1: your succession plan so if you have, if it's a

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Speaker 1: husband and wife that own like a corner store, they

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Speaker 1: want to know all the personal information about your kids.

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Speaker 1: Which why do they need to know that today? It's

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Speaker 1: a ky see all the things mentality.

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Speaker 3: Yeah, now you said this is sort of the States

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Speaker 3: rights versus FED rights, but specifically it's more not the FED.

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Speaker 3: It's fence and which is part of the Treasury that's

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Speaker 3: doing this. Is FinCEN one of the three and four

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Speaker 3: letter administrative state agencies? Or are they part of the FED?

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Speaker 1: They are I believe they are, well, it's the Financial

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Speaker 1: Crimes Enforcement Network, Vincent. I believe they're qualsiti governmental. I'm

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Speaker 1: not entirely sure precisely how they fit in, but effectively

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Speaker 1: they're granted regulatory.

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Speaker 3: The reason why I asked that is because of what

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Speaker 3: just happened with Supreme Court overturning the Chevron Chevron is

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Speaker 3: so they have just basically neutered a lot of these

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Speaker 3: three and four letter agencies, including the EPA and you know,

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Speaker 3: SEC and all these agencies. And so I'm just curious

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Speaker 3: if maybe that has them to do with fence in.

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Speaker 1: For the purposes of Chevron and it's removal and lower Bright,

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Speaker 1: I believe that that aspect would apply here. It would

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Speaker 1: it would so I to the ex So if Fincent

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Speaker 1: is analyzing their rules in a way that they should

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Speaker 1: not be granted Chevron difference. Now that the Chevron cases

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Speaker 1: come down, that doesn't necessarily mean that will change anything.

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Speaker 1: That is an argument that I don't believe was made

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Speaker 1: in the district court. So that could be a new

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Speaker 1: argument that's made the problem in this case. And I

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Speaker 1: have not done this analysis yet, but one of the

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Speaker 1: problems that I see is that Congress very specifically ask

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Speaker 1: them to collect a lot of this information. So there

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Speaker 1: is unlike say Lope or Bright, where the enforcement agency

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Speaker 1: just randomly created this rule that they could collect seven

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Speaker 1: hundred dollars from fishermen. The Finn said, the Corporate Transparency

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Speaker 1: Actor CTA has a lot more specificity from Congress. So

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Speaker 1: while the removal of Chevron would apply, I don't know

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Speaker 1: how valuable that is in this case. That said, it

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Speaker 1: is a definite argument that can be made if the

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Speaker 1: Eleventh Circuit doesn't find it unconstitution under the arguments that

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Speaker 1: are already before it.

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Speaker 3: So we could if this fails, then potentially there's a

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Speaker 3: tried again yes, a different.

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Speaker 1: And there's a there's at least there's a couple of

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Speaker 1: other angles that could be tried even if the Chevron

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Speaker 1: one isn't brought to bear. So there's there's several avenues

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Speaker 1: that can be brought. Still, the problem is.

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Speaker 2: The decision.

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Speaker 1: If everything goes into effect on January one for the

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Speaker 1: existing businesses, and of course every business that's been formed

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Speaker 1: since January one of this year, they have to comply

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Speaker 1: within ninety days of formation. So to some extent, you know,

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Speaker 1: the horses are out of the barn now in the

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Speaker 1: e In the ei A case, the judge in that

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Speaker 1: case forced the E i A to destroy all the

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Speaker 1: data that they had collected. I don't know or if

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Speaker 1: that is the kind of thing that a judge would

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Speaker 1: demand in this case if it was found that they

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Speaker 1: the fincent had violated some rule. It's it's on a table.

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Speaker 3: But now why that's the question I want to ask.

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Speaker 3: We just saw this week the EU put out a

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Speaker 3: thing They want an asset registration list, and they want

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Speaker 3: everybody in the EU now to register. I don't know

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Speaker 3: if you saw that register every asset they own, including

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Speaker 3: watches and bank accounts and cars and the whole thing

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Speaker 3: you mentioned. This is sort of like a KYC power grab,

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Speaker 3: so to speak. Elaborate on that.

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Speaker 1: I believe that part of this is just based on

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Speaker 1: the fact that they want to the governments of the

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Speaker 1: world want to have absolute visibility into the assets of

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Speaker 1: their citizenry. Partly they'll claim anti money laundering, they'll claim

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Speaker 1: all of these things. But as we as bitcoiners know,

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Speaker 1: these laws do not collect or solve the problems that

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Speaker 1: they're passed to attempt to solve. They fall on normal people,

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Speaker 1: and they fall on the costs of enforcement fall on

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Speaker 1: people who aren't otherwise problematic if you look at the results.

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Speaker 1: I believe they're there to allow them to collect massive

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Speaker 1: taxes from people. When the inflation does start to get

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Speaker 1: out of control, they need to they need to pull

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Speaker 1: money out of the system that they've printed. The only

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Speaker 1: way to do that is taxation. So they need to

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Speaker 1: know where all these assets are. If you're going to

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Speaker 1: implement a wealth tax, you need to know where the

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Speaker 1: wealth is and how how much is out there. So

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Speaker 1: similarly to the concept of should we have a registry

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Speaker 1: of everyone's firearms in this country, we see that A

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Speaker 1: lot of us see that as a front to the

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Speaker 1: Second Amendment, because as soon as they know where they

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Speaker 1: all are, they can come and get them. Well, if

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Speaker 1: they know where all the wealth is, they can come

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Speaker 1: and get it.

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Speaker 2: If you have to.

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Speaker 3: Register it, don't they already know that they.

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Speaker 2: Know it in your bank account. Certainly you have to file.

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Speaker 3: You have to claim all your assets every year when

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Speaker 3: you file your taxes.

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Speaker 2: You have to claim all of your income.

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Speaker 1: But you don't necessarily have to claim like you don't

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Speaker 1: have to claim your rolex you have real estate.

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Speaker 3: If you have monetary assets that are over certain denominations.

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Speaker 1: But certain types of things, you don't have to But

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Speaker 1: if they're actually going and you don't, you have to

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Speaker 1: file a tax return on your company, you do have to.

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Speaker 2: Report that.

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Speaker 1: But the if your company isn't generating a ton of income,

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Speaker 1: if it's basically a relatively balanced company, like a lot

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Speaker 1: of small LLCs are mom and pop things where you

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Speaker 1: know may be the income.

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Speaker 3: Or hold income or even holding company.

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Speaker 1: Yeah, a lot of that you know may not provide

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Speaker 1: much detail on the tax return. Now you're going to

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Speaker 1: get not just who owns it, but potentially all possible

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Speaker 1: future owners. If they're getting all of this all of

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Speaker 1: this succession information, so they'll know now if you're going

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Speaker 1: to inherit, so they could use that information to jack

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Speaker 1: up the inheritance taxes. Which that's that is a policy argument.

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Speaker 1: That's fine, we can have that argument. But should we

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Speaker 1: do we need to destroy the last vestiges of whatever

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Speaker 1: we feel as privacy just to get that, and I

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Speaker 1: don't think we.

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Speaker 2: Should do that.

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Speaker 3: Yeah, do you think it puts? Do you think it

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Speaker 3: creates more harm than it does good?

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Speaker 1: Yes, in the long run. Well, first of all, you've

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Speaker 1: now created a massive database. It's a honeypot honey if

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Speaker 1: you first have to trust that the government is going

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Speaker 1: to handle the data properly, that's an open question. I

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Speaker 1: don't I don't necessarily want to go there. But let's

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Speaker 1: assume that the government itself is going to handle the

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Speaker 1: data in a in a totally ethical way.

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Speaker 3: Big assumption, do you I mean, before we move on

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Speaker 3: past that point, do you think they can handle the

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Speaker 3: data in the best possible way? Oh?

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Speaker 2: No, not even close.

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Speaker 1: But that's for the sake of let's say they can. Okay,

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Speaker 1: the Office of Personal Management was hacked. All of the

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Speaker 1: personal records are huge numbers, millions of personal records of

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Speaker 1: government employees, including social security numbers, pensions, All of that

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Speaker 1: information was taken. You've just created a database now of

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Speaker 1: all of the business information and valuation for the entire country.

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Speaker 1: You think that's not going to get hacked. So, even

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Speaker 1: assuming the government is going to do its best job,

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Speaker 1: they are not necessarily going to prevent that information from

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Speaker 1: getting out. And while some people will argue you, you know,

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Speaker 1: you shouldn't have you shouldn't hide from the government.

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Speaker 2: I don't agree with that argument, but some people make

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Speaker 2: that argument.

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Speaker 1: That doesn't necessarily mean your neighbors need to know everything

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Speaker 1: about you. If you have an LLC that owns a business,

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Speaker 1: you're if you're in your neighbor can find it now

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Speaker 1: that now they know what or it can get a

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Speaker 1: really good idea of what your net.

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Speaker 2: Worth might be.

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Speaker 1: They don't need to know that. They don't need to

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Speaker 1: know that I have a house that I rent. They

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Speaker 1: don't need to know that, you know, somebody might own

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Speaker 1: a rivate jet or precisely how so all of this stuff, Sure,

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Speaker 1: the government can get it, but now there's going to

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Speaker 1: be a push once the state is out there, to

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Speaker 1: just make it public.

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Speaker 3: I thought that we the people were supposed to be

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Speaker 3: private citizens and the government was supposed to be public.

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Speaker 3: So I thought we were supposed to know everything about

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Speaker 3: them and they don't know everything about us.

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Speaker 1: Oh yeah, that's not how it works. Now they want

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Speaker 1: you know, you get as we as we saw.

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Speaker 2: With Julian Osange and others. If you tell the truth,

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Speaker 2: you get thrown in jail.

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Speaker 3: So yeah, So the KYC power grab is a honeypot.

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Speaker 3: Who knows what they could do when they get that information.

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Speaker 3: But it's one of those things where it's like almost

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Speaker 3: like nobody should concentrate that much knowledge and power. There's

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Speaker 3: just no there's no upside. The upside almost seems nefarious

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Speaker 3: in any way that you look at that in a

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Speaker 3: sense where the upside is, well, now they know or

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Speaker 3: anybody could find out who has it, so they could

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Speaker 3: go get it. That's the upside.

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Speaker 2: Yep.

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Speaker 3: And I suppose back if you're you know, super pro government,

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Speaker 3: in pro tax then you might think that's a good thing.

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Speaker 3: But it also puts everybody into this. Uh, everyone is

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Speaker 3: guilty until proven innocent.

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Speaker 2: Ye taxing.

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Speaker 1: Uh, they have it for the ability to if they

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Speaker 1: can seize your bank account, they can seize your real estate.

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Speaker 1: They clearly can do that easily. They can't necessarily easily

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Speaker 1: seize your rolex, especially they don't know it's there now.

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Speaker 1: If they know it, they can you have rolex, you

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Speaker 1: registered it, bring us the role ax.

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Speaker 3: Yeah, although that's not on the docket right now.

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Speaker 2: Not here. It is an EU it's a yeah.

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Speaker 1: But once you once you have all of these these

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Speaker 1: connections on the business side, you can start to look

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Speaker 1: into that.

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Speaker 2: And it's just it's a one way ratchet, right.

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Speaker 1: We're just because of things like the First Amendment, we

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Speaker 1: are a little bit and the way our government is

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Speaker 1: constructed in general, some of these stuff that Europe is

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Speaker 1: doing takes longer to do here and you have to

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Speaker 1: move more slowly. But if you don't put your foot

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Speaker 1: down on this, then you will get to the next step.

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Speaker 3: Yeah. Yeah, And I know Wyoming, which you work in,

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Speaker 3: the State of Wyoming has been with Caitlin long and

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Speaker 3: has been really sort of trying to be at the

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Speaker 3: forefront of protecting asset rights, right, so like the state

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Speaker 3: has sort of tried to reinforce their right to control assets,

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Speaker 3: specifically around Bickquinen cryptocurrencies with like UCC filings and saying

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Speaker 3: wait hang on, these are assets. These are protected by

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Speaker 3: the state. So I guess that's sort of this power

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Speaker 3: struggle that you're talking about. Then, So the states are like, hey,

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Speaker 3: these are our citizens in our state and they have

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Speaker 3: their assets here in this state, and the FED doesn't

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Speaker 3: need to know about that.

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Speaker 1: Well, there's a couple of different things specifically with digital

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Speaker 1: assets at the moment, with the exception of Wyoming, if

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Speaker 1: you have a digital asset, it exists everywhere and nowhere,

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Speaker 1: so there's no functional legal nexus other than where you live.

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Speaker 1: So if you live in New York, New York's going

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Speaker 1: to say that asset is in New York. If you

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Speaker 1: then move to Virginia, now New York can say, well,

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Speaker 1: it was in New York, so we have we can

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Speaker 1: control it in Virginia and say well, you're here, so

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Speaker 1: we can control it. That gets to be a problem,

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Speaker 1: like with a car once if you move and you

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Speaker 1: register it in Virginia, now it's in Virginia. Obviously, you

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Speaker 1: can't physically move real estate, so that's always under the

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Speaker 1: purview of whatever location it's in. With digital assets, it

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Speaker 1: could be anywhere. California, for instance, could say you've never

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Speaker 1: been to California. But since it's on the Internet and

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Speaker 1: the Internet runs through California, it's here. What Wyoming has

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Speaker 1: done is said, if you want to, you can register

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Speaker 1: the asset in Wyoming, and that will It's not been

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Speaker 1: tested in court, but under Wyoming law that will mean

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Speaker 1: that because you have elected that asset to be domesticated

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Speaker 1: in Wyoming. Now that asset is in Wyoming, which means

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Speaker 1: you can then take advantage of the Wyoming laws, one

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Speaker 1: of which is you cannot be compelled to release your

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Speaker 1: private key. So a court can issue you a charging

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Speaker 1: order and say you must you must give us the

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Speaker 1: money in the account, right, but they can't force you

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Speaker 1: to disclose the private key under Wyoming law. And that's

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Speaker 1: that is very important because if you disclose the private

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Speaker 1: key under Bitcoin, of course, if the master private key,

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Speaker 1: now you know every single account that's in there, not

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Speaker 1: just the ones that they're doing a charging order for,

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Speaker 1: and that also means that you know you've now burnt

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Speaker 1: that account in every sub account forever, so you get

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Speaker 1: that key is now in the public record, so you

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Speaker 1: can't if you ever receive anything to that out in

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Speaker 1: the future, it's just gonna get stolen. So Wyoming does

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Speaker 1: have that protection. We also have some lean washing rules

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Speaker 1: where if you if you receive something that has a

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Speaker 1: lean on it and it's in good faith, the same

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Speaker 1: way you would say if you received a physical good

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Speaker 1: under the UCC. Well, we've basically read that into digital

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Speaker 1: assets in some ways, and of course we're pushing the

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Speaker 1: envelope on that as well.

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Speaker 3: Yeah, how is that going?

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Speaker 2: It's going pretty well.

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Speaker 1: The Digital Asset Registration went online officially first of December,

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Speaker 1: and we've had a few do it. If you're a

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Speaker 1: citizen of Wyoming, obviously you live there. There's not much necessary,

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Speaker 1: not a need necessarily to do it. If you have

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Speaker 1: an LLC in Wyoming and the asset is under the LLC,

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Speaker 1: well that LLC is a citizen of Wyoming. So the

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Speaker 1: registration is really for people who don't live in Wyoming

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Speaker 1: and don't have a business in Woming, but want to

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Speaker 1: domesticate their asset into Wyoming and basically take advantage of

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Speaker 1: Oiling's laws without necessarily going through the process of forming

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Speaker 1: a business or moving to Ailing.

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Speaker 3: Got it. So if you're a resident there or you

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Speaker 3: have a business there, then you're sort of already just

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Speaker 3: under that. If you're non resident or non registered business,

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Speaker 3: then you would need to register the asset.

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Speaker 2: If you want to take advantage of it.

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Speaker 3: Yeah, got it, which is then still a big registry,

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Speaker 3: a big honeypot.

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Speaker 2: It is.

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Speaker 1: But and so you wouldn't necessarily register these assets if

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Speaker 1: you want them to be private, and there's no necessarily

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Speaker 1: need to do that. But certain assets like the reason

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Speaker 1: why you would do this intentionally, and that's really what

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Speaker 1: it's about choice, right, you should be allowed to choose

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Speaker 1: to disclose or not personal details. And what you own

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Speaker 1: is a personal detail. So if you were to say,

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Speaker 1: want to leverage an asset as collateral, then the bank

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Speaker 1: is going to want to know a lot about that assets,

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Speaker 1: such as do you really own it?

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Speaker 2: Where is it domesticated?

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Speaker 1: Well, if you take that asset, let's just say it's

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Speaker 1: a bitcoin public key, You register that public key. Everything

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Speaker 1: in that public key is now registered in Wyoming. We

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Speaker 1: say that public key exists in Wyoming. The bank knows

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Speaker 1: that that public key exists, you have registered it. You

403
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Speaker 1: are on under oath or you're under penalty of perjury

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Speaker 1: for filing the document saying that you own this, and

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Speaker 1: now it's effectively a public record.

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Speaker 2: The bank has a little bit more concern that that's there.

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Speaker 3: Yeah. So I was working the news desk this morning

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Speaker 3: and here at the at the Bigcoin conference, and we're

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Speaker 3: talking about politics. Trump speaking here later this week. By

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Speaker 3: the time people see this, he'll have already spoken RFK speaking.

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Speaker 3: So it's not really partisan. We have people on both

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Speaker 3: sides dial not kamalas you do climate invitation. But you know,

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Speaker 3: one thing that I said on the news desk was

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Speaker 3: that this is you know, it's not that bitcoin became political.

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Speaker 3: It's political in a sense only because money is because weaponized,

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Speaker 3: and the dollar has been weaponized against almost everyone in

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Speaker 3: the world, I mean countries anyway. And I said, it's

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Speaker 3: not really that bitcoin's on the ballot, it's that freedom's

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Speaker 3: on the ballot. That's that's the way that I say it, Right,

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Speaker 3: So it's like the freedom to choose how we want

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Speaker 3: to store value, how we want to transact. That's what's

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Speaker 3: really at stake, not bitcoin per se, right, but really

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Speaker 3: sort of when I think about these types of things

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Speaker 3: that you're we're talking about here, it's really like freedom's

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Speaker 3: on the on the ballot. Sovereignty is on the ballot, right,

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Speaker 3: The ability for us to remain a private citizen, as

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Speaker 3: I said, and the state or I really actually in

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Speaker 3: this case, like the government trying to take away our

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Speaker 3: ability to be that private individual. Is that how you

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Speaker 3: see it?

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Speaker 2: Yes, And they.

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Speaker 1: To participate in the modern economy, you have to live

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Speaker 1: with some removal of privacy. Just you have ideas, you

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Speaker 1: have like it, just it's just the way it is.

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Speaker 1: The point is you should be able to choose how

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Speaker 1: much you want to integrate with that if you don't,

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Speaker 1: if you don't ever leave your state, you don't want

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Speaker 1: why do we need to know everything about you? And

439
00:23:12,240 --> 00:23:14,520
Speaker 1: there are certain times of your life that you may

440
00:23:14,560 --> 00:23:18,560
Speaker 1: not want to be fully integrated, and other times you

441
00:23:18,600 --> 00:23:22,480
Speaker 1: may want to. So people should be allowed to pick

442
00:23:22,520 --> 00:23:25,040
Speaker 1: and choose how much integration that they have at any

443
00:23:25,080 --> 00:23:29,480
Speaker 1: point in their life. In addition, there are certain legal

444
00:23:29,520 --> 00:23:34,280
Speaker 1: activities that you may not want to have widely disclosed.

445
00:23:34,320 --> 00:23:37,480
Speaker 3: Sure you know tons of them.

446
00:23:37,400 --> 00:23:40,760
Speaker 1: Tons of them, Like I mean, that's just straight up

447
00:23:40,800 --> 00:23:43,359
Speaker 1: operation choke point that kind of stuff, like why do

448
00:23:43,400 --> 00:23:45,919
Speaker 1: we need to know all of this stuff about you

449
00:23:46,040 --> 00:23:50,000
Speaker 1: when these are perfectly legal activities. One of the analogies

450
00:23:50,000 --> 00:23:52,240
Speaker 1: that I use when people say, you know, if you

451
00:23:52,280 --> 00:23:54,840
Speaker 1: have nothing to hide, you have nothing to fear, like, okay, fine,

452
00:23:55,280 --> 00:23:57,080
Speaker 1: then you're okay if the New York Times comes into

453
00:23:57,119 --> 00:24:00,720
Speaker 1: your bedroom and films you with your partner because you're

454
00:24:00,760 --> 00:24:02,800
Speaker 1: not doing anything illegal, or I.

455
00:24:02,800 --> 00:24:04,960
Speaker 3: Would say give me your phone, Yeah, let me go

456
00:24:04,960 --> 00:24:06,200
Speaker 3: through your phone if you're gonna want that.

457
00:24:06,440 --> 00:24:07,359
Speaker 2: Yeah. And so.

458
00:24:09,760 --> 00:24:12,080
Speaker 1: That argument of you, if you're nothing to hide, you

459
00:24:12,080 --> 00:24:16,000
Speaker 1: have aything interfere is crap. But that is the primary

460
00:24:16,080 --> 00:24:19,000
Speaker 1: argument for Well, we need to know everything about everybody

461
00:24:19,040 --> 00:24:20,960
Speaker 1: so that if something does go wrong, we can find

462
00:24:20,960 --> 00:24:23,000
Speaker 1: out who did it. Well, okay, there's a thing called

463
00:24:23,040 --> 00:24:23,600
Speaker 1: police work.

464
00:24:23,720 --> 00:24:24,280
Speaker 2: Right do it?

465
00:24:25,000 --> 00:24:28,280
Speaker 3: A small business owner? Are you buried in all types

466
00:24:28,320 --> 00:24:30,520
Speaker 3: of work keeping you from the real thing that makes

467
00:24:30,560 --> 00:24:33,160
Speaker 3: you money? Well that's where just Works comes in. They're

468
00:24:33,200 --> 00:24:36,000
Speaker 3: the all in one platform that supports small business growth.

469
00:24:36,160 --> 00:24:38,800
Speaker 3: You can get all their tools that help with benefits

470
00:24:38,840 --> 00:24:43,400
Speaker 3: like payroll and HR and compliance with transparent pricing. Now

471
00:24:43,480 --> 00:24:47,000
Speaker 3: they help you hire top talent internationally, internew markets, quickly

472
00:24:47,280 --> 00:24:51,480
Speaker 3: scale international operations without the workload, and for every how.

473
00:24:51,320 --> 00:24:51,919
Speaker 2: Do I do it?

474
00:24:52,000 --> 00:24:54,480
Speaker 3: Question? You can reach out to their expert staff from

475
00:24:54,640 --> 00:24:58,320
Speaker 3: sole proprietor or a team of twenty Just Works empowers

476
00:24:58,480 --> 00:25:01,720
Speaker 3: all kinds of small business. This is with real human support.

477
00:25:01,840 --> 00:25:05,760
Speaker 3: So visit Justworks dot com slash podcast to join the

478
00:25:05,800 --> 00:25:08,800
Speaker 3: thousands of small businesses that trust Just Works to take

479
00:25:08,840 --> 00:25:12,639
Speaker 3: care of payroll, benefits, compliance and more. Again, that's Just

480
00:25:12,840 --> 00:25:17,720
Speaker 3: Works dot Com slash podcast. It's the whole, it's the

481
00:25:17,760 --> 00:25:20,920
Speaker 3: whole pre crime thing, and and really you know, it's

482
00:25:21,000 --> 00:25:26,480
Speaker 3: it's constantly. We see it everywhere, inconveniencing everybody for potentially

483
00:25:26,520 --> 00:25:28,160
Speaker 3: catching one or two percent of bad people.

484
00:25:28,240 --> 00:25:28,760
Speaker 2: Yeah.

485
00:25:28,840 --> 00:25:31,280
Speaker 3: Right where I live down in southern California, we have

486
00:25:31,359 --> 00:25:33,480
Speaker 3: like you know, immigration checkpoints, which I don't even know

487
00:25:33,480 --> 00:25:34,720
Speaker 3: why we have them anymore. We used to have the

488
00:25:34,720 --> 00:25:38,879
Speaker 3: border open, but like, uh, you know, very often there's

489
00:25:39,240 --> 00:25:41,040
Speaker 3: massive lines on the freeway and you have to wait

490
00:25:41,040 --> 00:25:43,000
Speaker 3: because they have like a checkpoint going. It's like, I'm

491
00:25:43,000 --> 00:25:45,720
Speaker 3: gonna get inconvenience everybody for that, right or in this

492
00:25:45,800 --> 00:25:48,760
Speaker 3: KYC situation, maybe there's one or two people that will

493
00:25:48,760 --> 00:25:51,000
Speaker 3: do something bad, but let's inconvenience everybody put everybody at risk.

494
00:25:51,680 --> 00:25:55,080
Speaker 3: Let's talk about another thing that's that was happening in

495
00:25:55,320 --> 00:25:57,720
Speaker 3: Wyoming and with Caitlyn Long as well, which was Custodia

496
00:25:57,760 --> 00:26:02,040
Speaker 3: Bank and so we've seen the dangers of the banks.

497
00:26:02,400 --> 00:26:05,320
Speaker 3: We understand most people watching this understand that the banks

498
00:26:05,320 --> 00:26:08,080
Speaker 3: are in great danger, partly because they were buying government

499
00:26:08,080 --> 00:26:10,480
Speaker 3: bonds that are no longer holding their value. We saw

500
00:26:10,520 --> 00:26:13,200
Speaker 3: banks collapsing, and custodia banks try to do something different,

501
00:26:13,200 --> 00:26:15,479
Speaker 3: which would be like a full reserve banks. They wouldn't

502
00:26:15,480 --> 00:26:17,680
Speaker 3: be subject to the ups and downs of the bond

503
00:26:17,680 --> 00:26:21,360
Speaker 3: market like other banks are. Seems like a pretty good idea,

504
00:26:21,680 --> 00:26:23,719
Speaker 3: like the bank actually holds my money so I can

505
00:26:23,800 --> 00:26:26,119
Speaker 3: get it when I want. But yet the FED didn't

506
00:26:26,200 --> 00:26:26,560
Speaker 3: like that.

507
00:26:27,240 --> 00:26:29,679
Speaker 1: The FED has they have a lot of arguments as

508
00:26:29,720 --> 00:26:33,119
Speaker 1: to why they don't want to grant custodia a master account.

509
00:26:33,119 --> 00:26:37,320
Speaker 1: And of course the master account is the.

510
00:26:36,000 --> 00:26:38,040
Speaker 2: First building block to having a real bank.

511
00:26:38,720 --> 00:26:41,320
Speaker 1: You can have a bank with what's called a correspondent

512
00:26:41,359 --> 00:26:44,159
Speaker 1: account and you can function, but it's a significantly more

513
00:26:44,160 --> 00:26:49,119
Speaker 1: expensive and I'm sure Caitlin or other bankers could get

514
00:26:49,160 --> 00:26:51,919
Speaker 1: into precisely how much more expensive and why that is.

515
00:26:51,960 --> 00:26:55,080
Speaker 1: But without a master account, you're not a first classes

516
00:26:55,119 --> 00:26:57,280
Speaker 1: and of the banking system. Similarly, if you're not running

517
00:26:57,280 --> 00:26:58,639
Speaker 1: a node, you're not a first class is in the

518
00:26:58,640 --> 00:27:01,399
Speaker 1: bitcoin system that is effectively.

519
00:27:00,880 --> 00:27:03,320
Speaker 3: Your mastercount means you have your own account with the FED.

520
00:27:03,240 --> 00:27:06,920
Speaker 1: Exactly so that you, if your bank effectively, can clear

521
00:27:07,000 --> 00:27:07,760
Speaker 1: directly with a FED.

522
00:27:11,280 --> 00:27:12,400
Speaker 2: The FED doesn't.

523
00:27:12,080 --> 00:27:15,000
Speaker 1: Want to grant Caussodia a master account for a couple

524
00:27:15,000 --> 00:27:19,119
Speaker 1: of different reasons. Their stated reason, I think one of

525
00:27:19,119 --> 00:27:23,239
Speaker 1: the more later stated reasons was Cassodia doesn't have FDIC insurance. Well,

526
00:27:23,240 --> 00:27:27,640
Speaker 1: we know that's not really that's a red herring because

527
00:27:27,680 --> 00:27:31,360
Speaker 1: there's several hundred banks that have master accounts that don't

528
00:27:31,359 --> 00:27:35,520
Speaker 1: have FDSC insurance, that are not fully reserved, so they're

529
00:27:35,600 --> 00:27:40,840
Speaker 1: running there. There are other reasons why they've said this,

530
00:27:41,200 --> 00:27:45,360
Speaker 1: but fundamentally they don't want to give Custodia a master

531
00:27:45,359 --> 00:27:49,160
Speaker 1: account because Custodia is potentially a risk to them. If

532
00:27:49,200 --> 00:27:52,560
Speaker 1: you have a fully reserved bank, you can't have a

533
00:27:52,640 --> 00:27:55,800
Speaker 1: run on your bank because if you if you put

534
00:27:55,800 --> 00:27:57,240
Speaker 1: a thousand dollars in the bank, the bank has a

535
00:27:57,240 --> 00:27:59,800
Speaker 1: thousand dollars, they haven't lent it out under in Custodia's case,

536
00:28:00,160 --> 00:28:02,080
Speaker 1: it's a violation of state law for them to lend

537
00:28:02,080 --> 00:28:04,359
Speaker 1: out that money, so they have it on their balance

538
00:28:04,400 --> 00:28:09,520
Speaker 1: sheet and can immediately return it to you. The problem

539
00:28:09,560 --> 00:28:12,080
Speaker 1: is like, look at Silicon Valley Bank. A whole bunch

540
00:28:12,080 --> 00:28:14,960
Speaker 1: of businesses that never had a relationship with Silicon Valley

541
00:28:14,960 --> 00:28:19,479
Speaker 1: Bank got into financial trouble when Silicon Valley Bank went

542
00:28:19,520 --> 00:28:22,320
Speaker 1: down because a lot of the FinTechs were routing their

543
00:28:22,520 --> 00:28:25,439
Speaker 1: payrolls through Silicon Valley Bank and so the moment they

544
00:28:25,480 --> 00:28:28,639
Speaker 1: went down, some of these payrolls were in flight. Well

545
00:28:29,160 --> 00:28:32,560
Speaker 1: you know little mom and pop that's running their payroll

546
00:28:32,600 --> 00:28:36,240
Speaker 1: with a fintech company that happens to have their payroll

547
00:28:36,280 --> 00:28:38,360
Speaker 1: in flight when the bank goes under and the payroll

548
00:28:38,360 --> 00:28:41,840
Speaker 1: doesn't get to their employees, Well, they didn't have a

549
00:28:41,880 --> 00:28:46,400
Speaker 1: relationship with.

550
00:28:44,400 --> 00:28:48,320
Speaker 2: With SVB, so they suddenly got impacted.

551
00:28:48,360 --> 00:28:52,000
Speaker 1: Well, if that mezzanine bank that was handling these payrolls

552
00:28:52,040 --> 00:28:54,680
Speaker 1: with Custodia, and Custodia had a problem, all that money

553
00:28:54,720 --> 00:28:57,080
Speaker 1: is still there, so it wouldn't have it couldn't have

554
00:28:57,080 --> 00:29:00,520
Speaker 1: a run on the bank. So at that point, as

555
00:29:00,560 --> 00:29:02,440
Speaker 1: a small business owner, what do you think do you

556
00:29:02,440 --> 00:29:05,560
Speaker 1: think you want to have your payroll being run through

557
00:29:05,560 --> 00:29:07,040
Speaker 1: a bank that could fail or a bank.

558
00:29:06,880 --> 00:29:07,480
Speaker 2: That can't fail.

559
00:29:07,920 --> 00:29:09,480
Speaker 3: I would like the can fail exactly.

560
00:29:09,840 --> 00:29:13,200
Speaker 1: So fundamentally, the risk that they're not going to say

561
00:29:13,280 --> 00:29:15,400
Speaker 1: out loud, but the risk to the system is that

562
00:29:15,440 --> 00:29:18,640
Speaker 1: Custodia is too safe and it puts stress on the

563
00:29:18,640 --> 00:29:23,840
Speaker 1: rest of the system, which, of course it remains to

564
00:29:23,840 --> 00:29:30,200
Speaker 1: be seen if that will actually happen. Because Custodia as

565
00:29:30,240 --> 00:29:32,120
Speaker 1: a the way they have to make money is they

566
00:29:32,120 --> 00:29:34,400
Speaker 1: have to charge fees. So their fees are going to be,

567
00:29:34,600 --> 00:29:36,840
Speaker 1: you know, significantly higher than someone who can basically give

568
00:29:36,840 --> 00:29:39,360
Speaker 1: you a free checking account because they're making all their

569
00:29:39,360 --> 00:29:41,640
Speaker 1: scratch on lending out the money.

570
00:29:41,680 --> 00:29:44,400
Speaker 2: Of course, JP Morgan just they're getting rid of free checking.

571
00:29:44,560 --> 00:29:49,400
Speaker 3: So even so, you're saying, the FED decline Custodia's bank,

572
00:29:49,480 --> 00:29:52,000
Speaker 3: a full reserve bank that should be a lot less risky.

573
00:29:52,520 --> 00:29:54,720
Speaker 3: They declined it because it is less risky.

574
00:29:55,000 --> 00:29:57,680
Speaker 1: I think that's I think that played a role. I'm

575
00:29:57,680 --> 00:29:59,000
Speaker 1: not sure if that's the entire reason.

576
00:29:59,280 --> 00:30:03,480
Speaker 3: Obviously to the listener, they're scratching their heads. So they're saying, well,

577
00:30:03,560 --> 00:30:05,480
Speaker 3: why would they decline it because it's less.

578
00:30:05,280 --> 00:30:11,479
Speaker 1: Risky because it damages the feds fractional reserve system.

579
00:30:12,080 --> 00:30:15,320
Speaker 3: So what you're saying is it makes all the other

580
00:30:15,360 --> 00:30:18,479
Speaker 3: banks look so bad that everybody might want to come

581
00:30:18,520 --> 00:30:21,440
Speaker 3: to Custodia, which would then cause a massive run on

582
00:30:21,440 --> 00:30:22,640
Speaker 3: all the other banks exactly.

583
00:30:23,720 --> 00:30:24,320
Speaker 2: Potentially.

584
00:30:24,680 --> 00:30:27,280
Speaker 3: Potentially. The flip side is is that the question is,

585
00:30:27,320 --> 00:30:30,720
Speaker 3: we don't know will people accept less risk and pay

586
00:30:30,880 --> 00:30:31,920
Speaker 3: higher for it monthly?

587
00:30:32,200 --> 00:30:33,360
Speaker 2: Yep, we don't know that.

588
00:30:33,400 --> 00:30:33,800
Speaker 3: We don't know.

589
00:30:33,840 --> 00:30:34,479
Speaker 2: You can't know that.

590
00:30:34,480 --> 00:30:36,280
Speaker 3: That's what the free market would figure out exactly.

591
00:30:36,520 --> 00:30:39,640
Speaker 1: And another reason I think that the FED is going

592
00:30:39,640 --> 00:30:42,600
Speaker 1: after or preventing Custodia from getting a master account is

593
00:30:43,480 --> 00:30:46,440
Speaker 1: and this is the argument that a couple of individuals

594
00:30:46,440 --> 00:30:50,840
Speaker 1: have made in the Custodia case, including the Wyoming Secretary

595
00:30:50,880 --> 00:30:57,520
Speaker 1: of State, which is the Federal Reserve wants to pull

596
00:30:57,600 --> 00:31:00,400
Speaker 1: back on the dual banking system, which is right now,

597
00:31:00,440 --> 00:31:02,160
Speaker 1: the US has a dual banking system where there are

598
00:31:02,160 --> 00:31:05,480
Speaker 1: federally charted banks and state chartered banks, and these banks

599
00:31:05,480 --> 00:31:07,800
Speaker 1: are supposed to be on a completely level playing field with.

600
00:31:07,680 --> 00:31:12,920
Speaker 2: Respect to access to the FED. I think they don't

601
00:31:12,960 --> 00:31:13,160
Speaker 2: like this.

602
00:31:13,280 --> 00:31:16,040
Speaker 1: I think they want to effectively remove this system from existence,

603
00:31:16,080 --> 00:31:19,920
Speaker 1: and they want everything to become a federally chartered bank

604
00:31:20,040 --> 00:31:24,840
Speaker 1: because they they don't have full visibility, they don't have

605
00:31:24,880 --> 00:31:29,400
Speaker 1: full regulatory control over what some of the state banks

606
00:31:29,400 --> 00:31:32,920
Speaker 1: can do the state of Wyoming, the state of Virginia,

607
00:31:32,960 --> 00:31:35,800
Speaker 1: State of New York does have full regulatory control over

608
00:31:36,280 --> 00:31:40,200
Speaker 1: the state chartered banks, but their bank regulators can't touch

609
00:31:40,240 --> 00:31:45,840
Speaker 1: the federally chartered banks. So you basically are effectively having

610
00:31:45,880 --> 00:31:53,200
Speaker 1: a battle of two regulatory visions fifty But yeah, no

611
00:31:53,200 --> 00:31:55,280
Speaker 1: different than what we were just talking about is a

612
00:31:55,360 --> 00:31:56,800
Speaker 1: state versus fed constantly.

613
00:31:58,880 --> 00:32:03,080
Speaker 3: Let's talk the bigger political picture here. So again, here

614
00:32:03,080 --> 00:32:06,120
Speaker 3: we are at bitcoin conference. Trump and RK are speaking

615
00:32:06,200 --> 00:32:09,680
Speaker 3: little bipartisan Kamala was invited to attend. She didn't attend,

616
00:32:09,800 --> 00:32:11,560
Speaker 3: and you know, we can expect it as to why.

617
00:32:11,600 --> 00:32:15,680
Speaker 3: But I'm curious your take on this and what's on

618
00:32:15,800 --> 00:32:19,880
Speaker 3: what's at stake here? The Biden regime has been openly

619
00:32:20,040 --> 00:32:24,280
Speaker 3: hostile to bitcoin through you mentioned earlier choke point choke

620
00:32:24,320 --> 00:32:29,400
Speaker 3: point two point zero Elizabeth Warren on the Biden regime

621
00:32:29,440 --> 00:32:32,840
Speaker 3: has been openly running an anti crypto platform or campaign.

622
00:32:34,560 --> 00:32:38,360
Speaker 3: President Biden himself vetoed a bill that would have allowed

623
00:32:38,360 --> 00:32:41,360
Speaker 3: the banks to custody crypto assets. So it's like, not

624
00:32:41,440 --> 00:32:44,680
Speaker 3: just the regime, but Biden even himself supposedly he did

625
00:32:44,840 --> 00:32:49,680
Speaker 3: his office veto to Bill. I'm curious your take on

626
00:32:49,800 --> 00:32:52,320
Speaker 3: sort of what's at stake for the digital asset, for

627
00:32:52,360 --> 00:32:58,640
Speaker 3: bitcoin space. You know, on this election, the well clearly

628
00:32:58,680 --> 00:33:03,480
Speaker 3: the the RFK, so the independent candidate, and the Republicans

629
00:33:04,320 --> 00:33:06,760
Speaker 3: have decided think of RFK as an independent candidate. Obviously

630
00:33:06,760 --> 00:33:09,600
Speaker 3: he's run independent, but he's a Democrat. Yes, Yeah, And

631
00:33:10,160 --> 00:33:12,000
Speaker 3: I just want to reinforce that point because it's not

632
00:33:12,120 --> 00:33:15,360
Speaker 3: about Trump or Republicans or Democrats. I mean RFK is

633
00:33:15,360 --> 00:33:17,320
Speaker 3: a Democrat. He's a lifelong Democrat, his family's a long

634
00:33:17,360 --> 00:33:19,720
Speaker 3: time in a Democrat. He's running on independent only because

635
00:33:19,720 --> 00:33:21,120
Speaker 3: he has to because they wouldn't allow him.

636
00:33:21,120 --> 00:33:24,720
Speaker 1: But anyway, so yeah, and that's a good point. But

637
00:33:25,120 --> 00:33:28,840
Speaker 1: those candidates, they've seen the writing on the wall. They

638
00:33:28,880 --> 00:33:31,680
Speaker 1: know that this is where we're going, and they don't.

639
00:33:31,880 --> 00:33:40,600
Speaker 1: Neither one of them believe in CBDCs for probably very

640
00:33:40,600 --> 00:33:43,000
Speaker 1: different philosophical reasons, but it gets them to the same place.

641
00:33:45,880 --> 00:33:52,360
Speaker 1: Elizabeth Warren is on record as saying she wants a CBDC, whether.

642
00:33:51,400 --> 00:33:51,840
Speaker 2: We want or not.

643
00:33:51,920 --> 00:33:53,960
Speaker 1: She literally said, I'm there, I'm ready, ready to go

644
00:33:54,000 --> 00:33:56,720
Speaker 1: with a CBDC. And the only way you get to

645
00:33:56,760 --> 00:34:00,160
Speaker 1: a CBDC in this country is if you consolidate the power,

646
00:34:01,480 --> 00:34:03,600
Speaker 1: you will eliminate the state banks, you move everything to

647
00:34:03,600 --> 00:34:06,200
Speaker 1: the federal chartered banks, and then you slowly remove those

648
00:34:06,240 --> 00:34:09,360
Speaker 1: two and consolidate all the power into the federal reserve.

649
00:34:09,560 --> 00:34:11,880
Speaker 1: So that's that's that's the that's how you end up

650
00:34:11,920 --> 00:34:17,560
Speaker 1: getting one. So what that what that looks like for

651
00:34:18,239 --> 00:34:22,759
Speaker 1: the country long term? The conflict divisions is if you

652
00:34:22,800 --> 00:34:26,880
Speaker 1: have someone like Kamala who gets elected as president, basically

653
00:34:26,920 --> 00:34:30,600
Speaker 1: the continuation of the of the Biden regime, you probably

654
00:34:30,640 --> 00:34:34,680
Speaker 1: still have Elizabeth Warren, even though the Harris campaign has

655
00:34:34,920 --> 00:34:37,520
Speaker 1: made a couple of half hearted overtures.

656
00:34:38,239 --> 00:34:39,480
Speaker 2: I don't believe that.

657
00:34:40,040 --> 00:34:43,720
Speaker 1: I don't I don't think any any bitcoiner would believe

658
00:34:43,800 --> 00:34:47,799
Speaker 1: that that's friendship. That's you know, we see that you

659
00:34:47,880 --> 00:34:50,919
Speaker 1: all are a power broker. Now we have to play

660
00:34:51,000 --> 00:34:55,520
Speaker 1: lip service. But I don't think that that goes anywhere.

661
00:34:55,560 --> 00:34:58,440
Speaker 1: So if she were to be elected, I see that

662
00:34:58,640 --> 00:35:00,480
Speaker 1: we're just going to get more of the same, possibly

663
00:35:00,480 --> 00:35:07,759
Speaker 1: even more pedal to the metal on it, because they

664
00:35:07,760 --> 00:35:11,840
Speaker 1: will they will have a limited time frame to do it.

665
00:35:11,880 --> 00:35:14,759
Speaker 1: Does this mean that the Republicans and or r f

666
00:35:14,840 --> 00:35:19,840
Speaker 1: K are good, No, it just means they're better. But

667
00:35:20,360 --> 00:35:22,520
Speaker 1: on certain on certain things. Yeah, for this for the

668
00:35:22,560 --> 00:35:25,040
Speaker 1: purposes a big way right for now, and you know

669
00:35:25,080 --> 00:35:25,960
Speaker 1: that could change on the time.

670
00:35:26,280 --> 00:35:31,120
Speaker 2: They could, but they they at least understand it.

671
00:35:31,200 --> 00:35:37,319
Speaker 1: They they are currently philosophically opposed to what a what

672
00:35:37,360 --> 00:35:41,480
Speaker 1: Elizabeth Warren's vision is, and that means that we are

673
00:35:42,600 --> 00:35:45,920
Speaker 1: aligned for now on this issue. That it's not necessarily

674
00:35:45,920 --> 00:35:47,919
Speaker 1: gonna last forever. I hope it does, and I hope

675
00:35:47,920 --> 00:35:53,880
Speaker 1: that the that the Democrats who understand that the CBDC

676
00:35:54,120 --> 00:35:59,480
Speaker 1: is a bad thing went out and that if Kamalad

677
00:35:59,640 --> 00:36:03,360
Speaker 1: is some how elected president, that it goes you know

678
00:36:03,400 --> 00:36:05,320
Speaker 1: that that she's moderated on some of these issues and

679
00:36:05,360 --> 00:36:11,520
Speaker 1: Elizabeth Warren's faction is minimized. But if that were to happen,

680
00:36:11,680 --> 00:36:14,279
Speaker 1: there's much I have a lot much less faith that

681
00:36:14,280 --> 00:36:16,000
Speaker 1: that that's the way it will play out.

682
00:36:16,640 --> 00:36:16,920
Speaker 2: Well.

683
00:36:17,440 --> 00:36:21,560
Speaker 3: I would also think or do you think that if

684
00:36:21,640 --> 00:36:25,759
Speaker 3: Kamala were to win, that it would actually show that

685
00:36:25,840 --> 00:36:29,560
Speaker 3: their side is more desirable, that their side has won

686
00:36:30,400 --> 00:36:35,080
Speaker 3: the pro bitcoin candidates the RFK and Trump lost. So

687
00:36:35,280 --> 00:36:37,920
Speaker 3: people must want more regulation and must want a CBDC.

688
00:36:38,719 --> 00:36:42,680
Speaker 2: I think I think that that is a uh that

689
00:36:42,760 --> 00:36:46,960
Speaker 2: is that will be used as a justification.

690
00:36:47,200 --> 00:36:48,960
Speaker 3: Absolutely, do I people spoke.

691
00:36:49,360 --> 00:36:52,160
Speaker 1: Look, but as you know, in any federal election, there

692
00:36:52,200 --> 00:36:58,040
Speaker 1: are thousands of issues at play. Yes, the people spoke.

693
00:36:58,480 --> 00:37:02,640
Speaker 1: But can you say that Harris won because of her

694
00:37:04,239 --> 00:37:07,400
Speaker 1: and Trump lost and RFK lost because of their differential

695
00:37:07,440 --> 00:37:10,880
Speaker 1: support on this issue. Probably not, but it will be

696
00:37:11,000 --> 00:37:11,560
Speaker 1: useful as that.

697
00:37:11,840 --> 00:37:14,160
Speaker 3: Yeah, history is written by the victors exactly.

698
00:37:14,400 --> 00:37:17,399
Speaker 1: And you know there's there's there's you know, a dozen

699
00:37:17,560 --> 00:37:22,400
Speaker 1: or more issues that could decide the election. But that

700
00:37:22,560 --> 00:37:23,799
Speaker 1: just means that they're going to say we have a

701
00:37:23,840 --> 00:37:26,759
Speaker 1: mandate on every single one of these issues, not oh wait,

702
00:37:26,840 --> 00:37:27,960
Speaker 1: this is the one that mattered.

703
00:37:28,040 --> 00:37:29,680
Speaker 3: What do you think will be the top issues that

704
00:37:29,680 --> 00:37:30,520
Speaker 3: would decide election?

705
00:37:30,760 --> 00:37:35,600
Speaker 1: Well, you have, yeah, the spending in Ukraine, the the

706
00:37:35,600 --> 00:37:40,520
Speaker 1: the inflation that that well, I mean that that Biden

707
00:37:40,600 --> 00:37:45,680
Speaker 1: has caused and others, but the the spending on that,

708
00:37:46,760 --> 00:37:49,719
Speaker 1: the abortion decision at the Supreme Court, that's going to

709
00:37:49,800 --> 00:37:53,640
Speaker 1: be used considerably. I think there's a lot of anger

710
00:37:53,800 --> 00:38:00,719
Speaker 1: from how COVID turned out, and basically there's what was

711
00:38:00,800 --> 00:38:07,520
Speaker 1: kind of exposed pretty plainly is a level of incompetence

712
00:38:07,680 --> 00:38:10,759
Speaker 1: at the federal level, specifically with the Secret Service, and

713
00:38:10,760 --> 00:38:13,879
Speaker 1: there and they're handling of the Trump rally a couple

714
00:38:13,920 --> 00:38:18,720
Speaker 1: of weeks ago, and so things like that are I believe,

715
00:38:19,160 --> 00:38:22,520
Speaker 1: going to play a large role. Will that tippet toward

716
00:38:22,600 --> 00:38:27,640
Speaker 1: one or another, I don't know, but I think that

717
00:38:28,880 --> 00:38:34,000
Speaker 1: the Democrats move to eliminate Biden from the ticket and

718
00:38:34,040 --> 00:38:38,359
Speaker 1: put Harris up as their dominant candidate. I think that

719
00:38:38,920 --> 00:38:41,040
Speaker 1: it was the only move they had left at the time.

720
00:38:43,960 --> 00:38:46,960
Speaker 3: It's all speculation, we don't know. Some people are saying

721
00:38:47,000 --> 00:38:51,600
Speaker 3: that some of the inner rumblings from the DNC are

722
00:38:51,640 --> 00:38:56,640
Speaker 3: that Biden threw that out of throwing Kamala on there

723
00:38:56,680 --> 00:38:58,600
Speaker 3: and just messed up the whole program. And that's not

724
00:38:58,640 --> 00:39:01,840
Speaker 3: what Obama wanted and it was not their hope, and

725
00:39:01,880 --> 00:39:03,680
Speaker 3: now they're stuck with it, trying to figure out what

726
00:39:03,680 --> 00:39:07,040
Speaker 3: to do with that. But yeah, I would say those

727
00:39:07,040 --> 00:39:10,000
Speaker 3: are probably some of the issues. I think the inflation issue, specifically,

728
00:39:10,080 --> 00:39:12,360
Speaker 3: just the cost of living issue, which is an inflation issue,

729
00:39:12,440 --> 00:39:15,359
Speaker 3: I think is probably, I would guess, maybe most front

730
00:39:15,400 --> 00:39:18,040
Speaker 3: and center of everybody's mind. The problem is that they've

731
00:39:18,080 --> 00:39:20,680
Speaker 3: sort of, you know, they changed the definition of what

732
00:39:20,760 --> 00:39:24,120
Speaker 3: inflation is. Now it's CPI consumer price inflation, and then

733
00:39:24,160 --> 00:39:26,399
Speaker 3: we don't know what causes prices to go up and down,

734
00:39:26,440 --> 00:39:29,640
Speaker 3: so it's probably hard to pinpoint that on somebody.

735
00:39:29,800 --> 00:39:31,680
Speaker 2: Yeah. Yeah, I think the.

736
00:39:33,840 --> 00:39:38,320
Speaker 1: Public data is horribly manipulated. Everybody or most people understand

737
00:39:38,320 --> 00:39:42,360
Speaker 1: that what people do get is I go to the store.

738
00:39:42,719 --> 00:39:43,719
Speaker 2: It's costing me two.

739
00:39:43,719 --> 00:39:45,960
Speaker 1: Three x what it used to That video that went

740
00:39:46,000 --> 00:39:50,759
Speaker 1: around recently of the of the individual that had a

741
00:39:51,840 --> 00:39:56,000
Speaker 1: like a pre order like Walmart or Amazon or whatever

742
00:39:56,200 --> 00:39:58,399
Speaker 1: from years ago and then just hit reorder and it

743
00:39:58,440 --> 00:40:03,040
Speaker 1: was four x. Wow, same items four x or three

744
00:40:03,160 --> 00:40:03,560
Speaker 1: x so like.

745
00:40:03,560 --> 00:40:05,200
Speaker 3: It, but a real basket of goods.

746
00:40:05,280 --> 00:40:09,040
Speaker 1: Yeah, and you know, the CPI is the CPI. They

747
00:40:09,160 --> 00:40:11,640
Speaker 1: we know they manipulate. They've been manipulating it since it

748
00:40:11,719 --> 00:40:15,160
Speaker 1: was formed to give the answer that they want it

749
00:40:15,239 --> 00:40:19,360
Speaker 1: to give. But you can't manipulate the you know, the

750
00:40:19,440 --> 00:40:23,440
Speaker 1: actual feeling of people at the grocery store. And fundamentally,

751
00:40:23,440 --> 00:40:26,560
Speaker 1: I think that's that is the issue. In my mind,

752
00:40:26,560 --> 00:40:29,840
Speaker 1: it's going to resolve this selection is the pain that

753
00:40:29,840 --> 00:40:32,640
Speaker 1: people are feeling at the grocery store when they're trying

754
00:40:32,680 --> 00:40:33,960
Speaker 1: to feed their families.

755
00:40:33,840 --> 00:40:40,320
Speaker 2: And that a lot of the a lot of the talk.

756
00:40:40,160 --> 00:40:43,359
Speaker 1: And education that bitcoin has done, even if you know,

757
00:40:43,520 --> 00:40:46,080
Speaker 1: a lot of large chunks of society aren't ready to

758
00:40:46,960 --> 00:40:49,240
Speaker 1: go as far as we did.

759
00:40:50,560 --> 00:40:51,160
Speaker 2: Mainstream.

760
00:40:51,280 --> 00:40:54,239
Speaker 1: They're talking about the dollar's fiat that was us. Yeah,

761
00:40:54,920 --> 00:40:57,520
Speaker 1: they're talking about inflation. People understand that it's the printing

762
00:40:57,520 --> 00:41:00,319
Speaker 1: that's doing it. They may not understand how it works out.

763
00:41:00,520 --> 00:41:06,200
Speaker 1: But our education of people has been so successful that

764
00:41:06,360 --> 00:41:09,840
Speaker 1: the MMT ers had to come out with their little movie, which,

765
00:41:09,960 --> 00:41:15,839
Speaker 1: if you watched, was kind of hilariously opaque as to

766
00:41:15,880 --> 00:41:18,239
Speaker 1: what's actually happening. But at some point in there they

767
00:41:18,280 --> 00:41:21,799
Speaker 1: did basically admit that it's video game money, so we

768
00:41:21,960 --> 00:41:22,560
Speaker 1: just make it up.

769
00:41:24,520 --> 00:41:27,640
Speaker 3: Yeah, you didn't mention border security.

770
00:41:28,400 --> 00:41:31,320
Speaker 1: I didn't mention border security. I happen to live in

771
00:41:31,600 --> 00:41:33,600
Speaker 1: an area where we're pretty far from it. But that

772
00:41:33,680 --> 00:41:38,160
Speaker 1: is another big issue, and I don't know how much

773
00:41:38,200 --> 00:41:40,800
Speaker 1: of an issue that'll play because that issue was already

774
00:41:40,800 --> 00:41:42,880
Speaker 1: so heavily polarized between the two sides. I don't know

775
00:41:42,920 --> 00:41:45,120
Speaker 1: if that issue is going to be the deciding issue,

776
00:41:45,120 --> 00:41:46,319
Speaker 1: because I think that.

777
00:41:49,880 --> 00:41:51,200
Speaker 2: Some people will change their mind.

778
00:41:51,239 --> 00:41:53,080
Speaker 1: I just don't know if that's the dominant issue that

779
00:41:53,160 --> 00:41:55,760
Speaker 1: will swing the election one way or the other, because

780
00:41:56,520 --> 00:41:58,200
Speaker 1: I think people are already pretty set on that.

781
00:41:58,480 --> 00:42:00,640
Speaker 2: I think the inflation you and I.

782
00:42:00,680 --> 00:42:03,759
Speaker 3: Think even if you were a strong Democrat and you

783
00:42:03,880 --> 00:42:08,000
Speaker 3: lived in let's say, in New York, where in Manhattan

784
00:42:08,080 --> 00:42:10,919
Speaker 3: and not just Manhattan, the boroughs, Bronx, et cetera, rape

785
00:42:10,960 --> 00:42:13,839
Speaker 3: for up three hundred percent, does that think even if

786
00:42:13,880 --> 00:42:16,200
Speaker 3: you're a lifelong Democrat and you see you're not safe

787
00:42:16,200 --> 00:42:19,040
Speaker 3: in your own neighborhood anymore, you probably want those borders closed.

788
00:42:19,280 --> 00:42:20,879
Speaker 3: And if even if it's the other part of it's

789
00:42:20,880 --> 00:42:22,759
Speaker 3: offering to close the borders, maybe that swings you.

790
00:42:23,080 --> 00:42:25,480
Speaker 1: I agree that you will swing people, but will that

791
00:42:25,640 --> 00:42:27,800
Speaker 1: swing the electoral college?

792
00:42:28,040 --> 00:42:28,120
Speaker 3: Like?

793
00:42:28,200 --> 00:42:31,800
Speaker 2: Are you going to move New York from blue to red? Now?

794
00:42:32,160 --> 00:42:35,920
Speaker 2: What I what I could see happening is that.

795
00:42:35,360 --> 00:42:38,319
Speaker 1: That issue and other issues like it swing it so

796
00:42:38,360 --> 00:42:43,840
Speaker 1: that if say Kamala wins, it may be the first

797
00:42:43,840 --> 00:42:48,520
Speaker 1: time that the Democratic candidate has won without the popular

798
00:42:48,600 --> 00:42:53,239
Speaker 1: vote that I see is potentially possible. And then you

799
00:42:53,320 --> 00:42:56,080
Speaker 1: have the inconvenient truth of them saying, well, the national

800
00:42:56,120 --> 00:42:57,560
Speaker 1: popular vote shoul decide the president.

801
00:42:57,719 --> 00:42:59,719
Speaker 3: But which is what Hillary trying to say?

802
00:42:59,800 --> 00:43:02,920
Speaker 1: Yep, so is that on the table? I think that

803
00:43:02,960 --> 00:43:04,680
Speaker 1: could be on the table for just that reason. I

804
00:43:04,719 --> 00:43:08,480
Speaker 1: just don't see. I don't see the border issue as

805
00:43:08,560 --> 00:43:12,040
Speaker 1: a strong enough issue to switch a uh maybe a

806
00:43:12,040 --> 00:43:15,440
Speaker 1: state like North Carolina. Maybe a state uh that's that's uh,

807
00:43:15,520 --> 00:43:17,560
Speaker 1: you know, fairly on the bubble, sure, but not like

808
00:43:17,600 --> 00:43:20,359
Speaker 1: in New York, not like California. The states where they're

809
00:43:20,400 --> 00:43:22,880
Speaker 1: you know, they're they're in Texas, of course, is already

810
00:43:23,560 --> 00:43:26,720
Speaker 1: quite red. So I think that the the border issue,

811
00:43:28,360 --> 00:43:31,640
Speaker 1: I don't know if it's gonna if it's if it's strong, yeah, maybe,

812
00:43:31,760 --> 00:43:34,040
Speaker 1: well Arizona and Nevada, those those are two states that

813
00:43:34,040 --> 00:43:36,000
Speaker 1: that could they could flip flop because of that. But

814
00:43:37,520 --> 00:43:41,040
Speaker 1: taken together, I think I think the Democrats have a

815
00:43:41,040 --> 00:43:42,080
Speaker 1: fairly tough road to.

816
00:43:42,000 --> 00:43:47,359
Speaker 3: Ho yeah row to sorry, yeah, okay, okay, all right, Well,

817
00:43:47,360 --> 00:43:48,839
Speaker 3: I think we covered a lot of ground. I think

818
00:43:49,719 --> 00:43:51,480
Speaker 3: I'm gonna continue to saying. I think freedom's on the

819
00:43:51,560 --> 00:43:54,200
Speaker 3: on the on the docket here, the freedom to be sovereign,

820
00:43:54,239 --> 00:43:56,640
Speaker 3: the freedom to choose, the freedom to open a bank.

821
00:43:56,680 --> 00:44:02,640
Speaker 3: That doesn't cause any more risk. So I don't think

822
00:44:02,640 --> 00:44:05,480
Speaker 3: people should be single issue voters, because I think you

823
00:44:05,560 --> 00:44:07,080
Speaker 3: need to kind of look at the whole big picture.

824
00:44:07,320 --> 00:44:09,600
Speaker 3: But you've laid out the risk. I think pretty well,

825
00:44:09,640 --> 00:44:11,520
Speaker 3: so I think we'll wrap it up with that.

826
00:44:11,600 --> 00:44:13,760
Speaker 2: Oh, thank you very much, thanks for coming on. Cheers,