WEBVTT - Are You Losing Control of Your Wealth? 0:00:00.280 --> 0:00:02.200 If you have nothing to hide, you have nothing to fear. 0:00:02.400 --> 0:00:05.600 But that is the primary argument for well, we need 0:00:05.600 --> 0:00:07.960 to know everything about everybody so that if something does 0:00:08.000 --> 0:00:10.160 go wrong, we can find out who did it. Like, well, okay, 0:00:10.200 --> 0:00:11.560 there's a thing called police. 0:00:11.280 --> 0:00:12.200 Work, do it. 0:00:12.440 --> 0:00:15.680 I thought that we the people, were supposed to be 0:00:15.720 --> 0:00:18.520 private citizens and the government was supposed to be public. 0:00:18.760 --> 0:00:20.479 Oh yeah, that's not how it works. Now if you 0:00:20.560 --> 0:00:22.919 tell the truth, you get thrown in jail. They have 0:00:23.040 --> 0:00:25.680 their assets here in this state, and the Fed doesn't 0:00:25.720 --> 0:00:28.360 need to know about that. There's no functional legal nexus 0:00:28.360 --> 0:00:30.240 other than where you live. So if you live in 0:00:30.280 --> 0:00:32.279 New York, new York's going to say that asset is 0:00:32.320 --> 0:00:34.840 in New York. If you then moved to Virginia, now 0:00:34.960 --> 0:00:36.400 New York can say, well, it was in New York, 0:00:36.479 --> 0:00:38.400 so we have we can control it. In Virginia to 0:00:38.440 --> 0:00:40.320 say well, you're here so we can control it. That 0:00:40.360 --> 0:00:42.479 gets to be a problem. And the governments of the 0:00:42.479 --> 0:00:46.080 world want to have absolute visibility into the assets of 0:00:46.120 --> 0:00:48.600 their citizen. Right if you look at the results, I 0:00:48.680 --> 0:00:52.920 believe they're there to allow them to collect massive taxes 0:00:53.120 --> 0:00:56.480 from people when the inflation does start to get out 0:00:56.480 --> 0:00:56.800 of control. 0:00:56.880 --> 0:00:58.840 It's not really that bitcoin's on the ballot. It's that 0:00:58.960 --> 0:01:01.480 freedom's on the ballot. The freedom to choose how we 0:01:01.520 --> 0:01:03.440 want to store value, how we want to transact. That's 0:01:03.480 --> 0:01:06.640 what's really at state sovereignty is on the ballot, right, 0:01:06.680 --> 0:01:09.720 the ability for us to remain a private citizen, as 0:01:09.800 --> 0:01:12.280 I said, a government trying to take away our ability 0:01:12.319 --> 0:01:14.720 to be that private individual. Is that how you see it, 0:01:16.840 --> 0:01:20.800 all right, Colin. So we were talking about the inner 0:01:20.840 --> 0:01:23.720 workings and the belly of the beast and the political 0:01:23.760 --> 0:01:27.279 fighting that's happening. Specifically, there's a power struggle between states 0:01:27.400 --> 0:01:30.000 rights and fed rights. I want to get into that. 0:01:30.480 --> 0:01:33.080 I want to talk about, you know, what's happening on 0:01:33.120 --> 0:01:36.920 the political field in terms of those those fights, as 0:01:36.959 --> 0:01:40.320 well as what's happening obviously with bitcoin, the right to mind, bitcoin, 0:01:40.400 --> 0:01:42.520 those types of things, Bitcoin of the balance sheet of 0:01:42.520 --> 0:01:45.000 the United States. A lot of stuff to talk about, 0:01:45.400 --> 0:01:47.960 but we were talking about just before we start recording, 0:01:47.960 --> 0:01:50.920 I want to jump back into So you're in you 0:01:51.000 --> 0:01:53.880 work for the Secretary of State State of Wyoming, and 0:01:54.200 --> 0:01:56.280 I was saying how I've registered corporations in the State 0:01:56.320 --> 0:01:59.600 of Wyoming because of the privacy that it allows and 0:01:59.720 --> 0:02:02.040 some of the that's been lost, and you were saying 0:02:02.120 --> 0:02:06.440 that it's not it wasn't Wyoming's fault. It's the Feds 0:02:06.440 --> 0:02:08.080 that are putting this in. And now it's going to 0:02:08.120 --> 0:02:12.560 this Alabama. I think you said suing, go ahead and 0:02:12.840 --> 0:02:14.080 fillis jump back in on that. 0:02:14.080 --> 0:02:14.360 Okay. 0:02:14.360 --> 0:02:18.360 So there's a small a business coalition called I Believe 0:02:18.360 --> 0:02:21.720 It's National Small Business United sued the federal government and 0:02:21.840 --> 0:02:25.720 Treasury Secretary Yellen about the finn centrule called the Corporate 0:02:25.760 --> 0:02:30.600 Transparency Act, and based on the burden that it creates 0:02:30.600 --> 0:02:32.720 for small businesses, as well as the fact that it's 0:02:33.440 --> 0:02:35.280 potentially or allegedly unconstitutional. 0:02:36.040 --> 0:02:39.040 The addition it's unconstitutional because well. 0:02:38.919 --> 0:02:41.000 There's a whole bunch of reasons why they've alleged, but 0:02:41.160 --> 0:02:43.920 the primary ones are the Feds are intruding on an 0:02:43.960 --> 0:02:47.600 area that is traditionally regulated by the states, as well 0:02:47.680 --> 0:02:52.240 as the fact that so the Feds don't have general 0:02:52.360 --> 0:02:56.280 or police powers, so when they do regulate inside states, 0:02:56.320 --> 0:02:59.200 they have to tack it to one of their actual powers. 0:02:59.320 --> 0:03:03.120 One of them, and the most broad spectrum one is 0:03:03.320 --> 0:03:08.160 historically the commerce clause. Their argument is that corporations implicitly 0:03:08.240 --> 0:03:15.680 impact commerce. Well, the alternate argument is interstate commerce. Specifically, 0:03:16.320 --> 0:03:19.400 when a corporation is formed a it might not be 0:03:19.440 --> 0:03:22.040 engaging in commerce at all, and there is no guarantee 0:03:22.040 --> 0:03:25.760 that it will ever engage in interstate commerce. So their 0:03:25.840 --> 0:03:29.760 power to demand all of these corporations register at the 0:03:29.760 --> 0:03:34.400 moment they're formed is that by that argument would be 0:03:34.440 --> 0:03:37.880 unconstitutional because you're forcing them to do something that they 0:03:37.640 --> 0:03:40.400 that defends don't have the power to force them to 0:03:40.400 --> 0:03:44.240 do yet. So those are the two primary arguments in 0:03:44.280 --> 0:03:47.880 that case. The District court found that the fin Sen 0:03:48.000 --> 0:03:53.000 rule was unconstitutional limited it to the parties in the lawsuit, 0:03:53.160 --> 0:03:56.280 So if you were a member of this group, you 0:03:56.320 --> 0:03:58.240 don't have to comply with the fin Cen rule right now. 0:03:58.280 --> 0:04:01.960 Everyone else does. It immediately got appealed to the Eleventh 0:04:02.040 --> 0:04:07.960 Circuit and it is pending expedited review right now. Hopefully 0:04:08.040 --> 0:04:11.280 that decision will come down before the end of the year, 0:04:11.280 --> 0:04:13.680 because there is a deadline for all existing corporations to 0:04:13.720 --> 0:04:17.680 register by January one of next year, and the fines 0:04:17.720 --> 0:04:21.640 are substantial, something like five thousand dollars a day. I'm 0:04:21.640 --> 0:04:24.320 not one hundred percent sure that's the exact number, but 0:04:24.320 --> 0:04:28.120 it's it's a very large number, and the cost of 0:04:28.160 --> 0:04:35.520 compliance is very high. But of course they've exempted large companies, 0:04:35.600 --> 0:04:38.360 so it's and ones that can afford. 0:04:38.120 --> 0:04:38.880 It don't have to do it. 0:04:39.120 --> 0:04:41.279 If you are a publicly traded company, if you have 0:04:41.360 --> 0:04:44.800 more than twenty five or fifty employees, if you're a bank, 0:04:45.200 --> 0:04:48.040 if you are a CPA not a lawyer. 0:04:48.160 --> 0:04:51.479 Lawyers have to do it, but CPAs don't. It's it's 0:04:51.520 --> 0:04:56.359 it's a bizarre set of exclusions. Even nonprofits, though, have 0:04:56.400 --> 0:04:56.760 to do it. 0:04:57.320 --> 0:05:00.560 So all of these companies have to register immediate, and 0:05:00.800 --> 0:05:03.640 companies that have pre existed have until the end of 0:05:03.680 --> 0:05:06.760 this year to do it. If this case comes down 0:05:07.279 --> 0:05:09.520 in the way that I hope it does, which is 0:05:09.560 --> 0:05:13.279 this law is declared not a constitutional, then it ideally would 0:05:13.279 --> 0:05:16.160 go away or at least have to be refactored and fixed, 0:05:16.839 --> 0:05:20.120 and a lot of the problems would be removed, But 0:05:20.160 --> 0:05:22.440 the cost of compliance are extremely high. Into the extent 0:05:22.480 --> 0:05:24.760 of they want to know not just who all the 0:05:24.800 --> 0:05:28.400 beneficial owners are, which is anybody who has an economic 0:05:28.440 --> 0:05:32.159 interest or controlling interest doesn't necessarily have to be the 0:05:32.200 --> 0:05:35.559 same thing. At the same time, they also apparently want 0:05:35.760 --> 0:05:37.919 your succession plan so if you have, if it's a 0:05:38.680 --> 0:05:41.200 husband and wife that own like a corner store, they 0:05:41.240 --> 0:05:43.479 want to know all the personal information about your kids. 0:05:43.880 --> 0:05:47.679 Which why do they need to know that today? It's 0:05:47.720 --> 0:05:49.480 a ky see all the things mentality. 0:05:49.680 --> 0:05:53.360 Yeah, now you said this is sort of the States 0:05:53.400 --> 0:05:56.720 rights versus FED rights, but specifically it's more not the FED. 0:05:56.760 --> 0:05:59.200 It's fence and which is part of the Treasury that's 0:05:59.240 --> 0:06:01.960 doing this. Is FinCEN one of the three and four 0:06:02.040 --> 0:06:06.880 letter administrative state agencies? Or are they part of the FED? 0:06:07.480 --> 0:06:11.480 They are I believe they are, well, it's the Financial 0:06:11.480 --> 0:06:16.479 Crimes Enforcement Network, Vincent. I believe they're qualsiti governmental. I'm 0:06:16.480 --> 0:06:19.600 not entirely sure precisely how they fit in, but effectively 0:06:19.600 --> 0:06:20.960 they're granted regulatory. 0:06:21.120 --> 0:06:22.920 The reason why I asked that is because of what 0:06:23.080 --> 0:06:25.600 just happened with Supreme Court overturning the Chevron Chevron is 0:06:26.240 --> 0:06:28.840 so they have just basically neutered a lot of these 0:06:28.920 --> 0:06:32.800 three and four letter agencies, including the EPA and you know, 0:06:33.520 --> 0:06:36.919 SEC and all these agencies. And so I'm just curious 0:06:36.960 --> 0:06:38.640 if maybe that has them to do with fence in. 0:06:38.960 --> 0:06:43.480 For the purposes of Chevron and it's removal and lower Bright, 0:06:43.760 --> 0:06:49.159 I believe that that aspect would apply here. It would 0:06:49.279 --> 0:06:54.200 it would so I to the ex So if Fincent 0:06:54.440 --> 0:07:01.560 is analyzing their rules in a way that they should 0:07:01.560 --> 0:07:03.839 not be granted Chevron difference. Now that the Chevron cases 0:07:03.880 --> 0:07:06.440 come down, that doesn't necessarily mean that will change anything. 0:07:06.440 --> 0:07:08.719 That is an argument that I don't believe was made 0:07:08.800 --> 0:07:10.920 in the district court. So that could be a new 0:07:11.000 --> 0:07:15.480 argument that's made the problem in this case. And I 0:07:15.520 --> 0:07:17.960 have not done this analysis yet, but one of the 0:07:17.960 --> 0:07:22.280 problems that I see is that Congress very specifically ask 0:07:22.400 --> 0:07:25.400 them to collect a lot of this information. So there 0:07:25.480 --> 0:07:31.800 is unlike say Lope or Bright, where the enforcement agency 0:07:32.200 --> 0:07:36.680 just randomly created this rule that they could collect seven 0:07:36.720 --> 0:07:42.080 hundred dollars from fishermen. The Finn said, the Corporate Transparency 0:07:42.080 --> 0:07:46.240 Actor CTA has a lot more specificity from Congress. So 0:07:47.120 --> 0:07:51.000 while the removal of Chevron would apply, I don't know 0:07:51.040 --> 0:07:55.280 how valuable that is in this case. That said, it 0:07:55.320 --> 0:07:57.800 is a definite argument that can be made if the 0:07:57.840 --> 0:08:01.040 Eleventh Circuit doesn't find it unconstitution under the arguments that 0:08:01.040 --> 0:08:01.760 are already before it. 0:08:01.880 --> 0:08:05.000 So we could if this fails, then potentially there's a 0:08:05.240 --> 0:08:06.840 tried again yes, a different. 0:08:06.760 --> 0:08:09.920 And there's a there's at least there's a couple of 0:08:09.960 --> 0:08:13.880 other angles that could be tried even if the Chevron 0:08:13.960 --> 0:08:16.200 one isn't brought to bear. So there's there's several avenues 0:08:16.240 --> 0:08:18.560 that can be brought. Still, the problem is. 0:08:20.080 --> 0:08:21.200 The decision. 0:08:21.440 --> 0:08:25.000 If everything goes into effect on January one for the 0:08:25.040 --> 0:08:28.280 existing businesses, and of course every business that's been formed 0:08:28.360 --> 0:08:30.840 since January one of this year, they have to comply 0:08:30.960 --> 0:08:35.200 within ninety days of formation. So to some extent, you know, 0:08:35.240 --> 0:08:38.480 the horses are out of the barn now in the 0:08:38.480 --> 0:08:41.880 e In the ei A case, the judge in that 0:08:41.960 --> 0:08:44.199 case forced the E i A to destroy all the 0:08:44.280 --> 0:08:47.920 data that they had collected. I don't know or if 0:08:47.920 --> 0:08:49.760 that is the kind of thing that a judge would 0:08:50.000 --> 0:08:53.000 demand in this case if it was found that they 0:08:52.840 --> 0:08:56.920 the fincent had violated some rule. It's it's on a table. 0:08:57.040 --> 0:09:01.320 But now why that's the question I want to ask. 0:09:01.720 --> 0:09:04.400 We just saw this week the EU put out a 0:09:04.400 --> 0:09:07.120 thing They want an asset registration list, and they want 0:09:07.120 --> 0:09:09.000 everybody in the EU now to register. I don't know 0:09:09.000 --> 0:09:11.600 if you saw that register every asset they own, including 0:09:12.120 --> 0:09:14.600 watches and bank accounts and cars and the whole thing 0:09:15.280 --> 0:09:18.240 you mentioned. This is sort of like a KYC power grab, 0:09:18.360 --> 0:09:20.600 so to speak. Elaborate on that. 0:09:21.520 --> 0:09:23.880 I believe that part of this is just based on 0:09:23.960 --> 0:09:27.080 the fact that they want to the governments of the 0:09:27.080 --> 0:09:31.760 world want to have absolute visibility into the assets of 0:09:31.800 --> 0:09:38.920 their citizenry. Partly they'll claim anti money laundering, they'll claim 0:09:38.960 --> 0:09:43.760 all of these things. But as we as bitcoiners know, 0:09:44.040 --> 0:09:49.400 these laws do not collect or solve the problems that 0:09:49.400 --> 0:09:54.840 they're passed to attempt to solve. They fall on normal people, 0:09:55.160 --> 0:09:58.920 and they fall on the costs of enforcement fall on 0:09:58.960 --> 0:10:05.240 people who aren't otherwise problematic if you look at the results. 0:10:05.520 --> 0:10:10.440 I believe they're there to allow them to collect massive 0:10:10.480 --> 0:10:14.880 taxes from people. When the inflation does start to get 0:10:14.880 --> 0:10:17.679 out of control, they need to they need to pull 0:10:17.720 --> 0:10:20.360 money out of the system that they've printed. The only 0:10:20.400 --> 0:10:25.120 way to do that is taxation. So they need to 0:10:25.160 --> 0:10:26.679 know where all these assets are. If you're going to 0:10:26.679 --> 0:10:28.320 implement a wealth tax, you need to know where the 0:10:28.320 --> 0:10:30.920 wealth is and how how much is out there. So 0:10:31.520 --> 0:10:35.640 similarly to the concept of should we have a registry 0:10:35.679 --> 0:10:39.320 of everyone's firearms in this country, we see that A 0:10:39.360 --> 0:10:41.240 lot of us see that as a front to the 0:10:41.240 --> 0:10:44.040 Second Amendment, because as soon as they know where they 0:10:44.160 --> 0:10:46.240 all are, they can come and get them. Well, if 0:10:46.280 --> 0:10:48.439 they know where all the wealth is, they can come 0:10:48.440 --> 0:10:48.840 and get it. 0:10:49.400 --> 0:10:49.920 If you have to. 0:10:49.880 --> 0:10:53.520 Register it, don't they already know that they. 0:10:53.520 --> 0:10:56.040 Know it in your bank account. Certainly you have to file. 0:10:56.160 --> 0:10:58.320 You have to claim all your assets every year when 0:10:58.320 --> 0:10:59.160 you file your taxes. 0:10:59.320 --> 0:11:00.760 You have to claim all of your income. 0:11:01.080 --> 0:11:02.840 But you don't necessarily have to claim like you don't 0:11:02.840 --> 0:11:05.320 have to claim your rolex you have real estate. 0:11:05.360 --> 0:11:10.480 If you have monetary assets that are over certain denominations. 0:11:09.720 --> 0:11:11.679 But certain types of things, you don't have to But 0:11:11.720 --> 0:11:14.199 if they're actually going and you don't, you have to 0:11:14.280 --> 0:11:16.760 file a tax return on your company, you do have to. 0:11:18.280 --> 0:11:18.880 Report that. 0:11:19.440 --> 0:11:23.400 But the if your company isn't generating a ton of income, 0:11:23.440 --> 0:11:27.760 if it's basically a relatively balanced company, like a lot 0:11:27.760 --> 0:11:31.240 of small LLCs are mom and pop things where you 0:11:31.280 --> 0:11:32.480 know may be the income. 0:11:32.400 --> 0:11:33.800 Or hold income or even holding company. 0:11:33.880 --> 0:11:37.240 Yeah, a lot of that you know may not provide 0:11:37.520 --> 0:11:40.199 much detail on the tax return. Now you're going to 0:11:40.240 --> 0:11:43.319 get not just who owns it, but potentially all possible 0:11:43.360 --> 0:11:47.800 future owners. If they're getting all of this all of 0:11:47.840 --> 0:11:52.480 this succession information, so they'll know now if you're going 0:11:52.520 --> 0:11:55.680 to inherit, so they could use that information to jack 0:11:55.720 --> 0:11:59.320 up the inheritance taxes. Which that's that is a policy argument. 0:11:59.360 --> 0:12:02.520 That's fine, we can have that argument. But should we 0:12:04.559 --> 0:12:08.720 do we need to destroy the last vestiges of whatever 0:12:08.840 --> 0:12:11.959 we feel as privacy just to get that, and I 0:12:12.120 --> 0:12:12.560 don't think we. 0:12:12.559 --> 0:12:13.080 Should do that. 0:12:13.400 --> 0:12:17.000 Yeah, do you think it puts? Do you think it 0:12:17.000 --> 0:12:19.320 creates more harm than it does good? 0:12:20.600 --> 0:12:24.559 Yes, in the long run. Well, first of all, you've 0:12:24.559 --> 0:12:28.240 now created a massive database. It's a honeypot honey if 0:12:28.280 --> 0:12:30.480 you first have to trust that the government is going 0:12:30.480 --> 0:12:33.719 to handle the data properly, that's an open question. I 0:12:34.160 --> 0:12:37.520 don't I don't necessarily want to go there. But let's 0:12:37.520 --> 0:12:40.720 assume that the government itself is going to handle the 0:12:40.800 --> 0:12:44.600 data in a in a totally ethical way. 0:12:45.480 --> 0:12:48.120 Big assumption, do you I mean, before we move on 0:12:48.200 --> 0:12:51.280 past that point, do you think they can handle the 0:12:51.320 --> 0:12:52.720 data in the best possible way? Oh? 0:12:52.800 --> 0:12:53.640 No, not even close. 0:12:54.040 --> 0:12:57.040 But that's for the sake of let's say they can. Okay, 0:12:57.200 --> 0:13:00.079 the Office of Personal Management was hacked. All of the 0:13:00.120 --> 0:13:03.280 personal records are huge numbers, millions of personal records of 0:13:03.320 --> 0:13:06.680 government employees, including social security numbers, pensions, All of that 0:13:06.720 --> 0:13:11.040 information was taken. You've just created a database now of 0:13:11.120 --> 0:13:14.439 all of the business information and valuation for the entire country. 0:13:14.720 --> 0:13:16.960 You think that's not going to get hacked. So, even 0:13:17.000 --> 0:13:18.760 assuming the government is going to do its best job, 0:13:19.040 --> 0:13:22.080 they are not necessarily going to prevent that information from 0:13:22.080 --> 0:13:29.320 getting out. And while some people will argue you, you know, 0:13:29.640 --> 0:13:31.720 you shouldn't have you shouldn't hide from the government. 0:13:32.640 --> 0:13:34.360 I don't agree with that argument, but some people make 0:13:34.360 --> 0:13:34.840 that argument. 0:13:34.920 --> 0:13:38.080 That doesn't necessarily mean your neighbors need to know everything 0:13:38.080 --> 0:13:43.840 about you. If you have an LLC that owns a business, 0:13:44.080 --> 0:13:45.920 you're if you're in your neighbor can find it now 0:13:46.000 --> 0:13:48.080 that now they know what or it can get a 0:13:48.120 --> 0:13:49.440 really good idea of what your net. 0:13:49.280 --> 0:13:49.880 Worth might be. 0:13:50.280 --> 0:13:52.480 They don't need to know that. They don't need to 0:13:52.520 --> 0:13:56.320 know that I have a house that I rent. They 0:13:56.320 --> 0:13:59.880 don't need to know that, you know, somebody might own 0:13:59.880 --> 0:14:08.000 a rivate jet or precisely how so all of this stuff, Sure, 0:14:08.040 --> 0:14:10.959 the government can get it, but now there's going to 0:14:11.000 --> 0:14:12.480 be a push once the state is out there, to 0:14:12.520 --> 0:14:13.400 just make it public. 0:14:14.679 --> 0:14:17.960 I thought that we the people were supposed to be 0:14:18.000 --> 0:14:20.760 private citizens and the government was supposed to be public. 0:14:22.000 --> 0:14:23.600 So I thought we were supposed to know everything about 0:14:23.640 --> 0:14:26.720 them and they don't know everything about us. 0:14:26.920 --> 0:14:29.760 Oh yeah, that's not how it works. Now they want 0:14:30.760 --> 0:14:33.680 you know, you get as we as we saw. 0:14:33.560 --> 0:14:40.440 With Julian Osange and others. If you tell the truth, 0:14:40.680 --> 0:14:41.640 you get thrown in jail. 0:14:42.280 --> 0:14:47.120 So yeah, So the KYC power grab is a honeypot. 0:14:47.480 --> 0:14:51.000 Who knows what they could do when they get that information. 0:14:51.240 --> 0:14:54.640 But it's one of those things where it's like almost 0:14:54.680 --> 0:14:59.240 like nobody should concentrate that much knowledge and power. There's 0:14:59.280 --> 0:15:05.200 just no there's no upside. The upside almost seems nefarious 0:15:05.240 --> 0:15:07.040 in any way that you look at that in a 0:15:07.120 --> 0:15:10.640 sense where the upside is, well, now they know or 0:15:10.720 --> 0:15:12.920 anybody could find out who has it, so they could 0:15:12.960 --> 0:15:15.480 go get it. That's the upside. 0:15:15.680 --> 0:15:15.880 Yep. 0:15:17.760 --> 0:15:20.480 And I suppose back if you're you know, super pro government, 0:15:20.480 --> 0:15:22.640 in pro tax then you might think that's a good thing. 0:15:23.880 --> 0:15:27.160 But it also puts everybody into this. Uh, everyone is 0:15:27.160 --> 0:15:28.560 guilty until proven innocent. 0:15:28.760 --> 0:15:29.840 Ye taxing. 0:15:30.240 --> 0:15:36.120 Uh, they have it for the ability to if they 0:15:36.120 --> 0:15:38.520 can seize your bank account, they can seize your real estate. 0:15:38.680 --> 0:15:41.680 They clearly can do that easily. They can't necessarily easily 0:15:41.680 --> 0:15:44.160 seize your rolex, especially they don't know it's there now. 0:15:44.200 --> 0:15:46.240 If they know it, they can you have rolex, you 0:15:46.320 --> 0:15:48.080 registered it, bring us the role ax. 0:15:48.160 --> 0:15:50.320 Yeah, although that's not on the docket right now. 0:15:50.680 --> 0:15:52.800 Not here. It is an EU it's a yeah. 0:15:52.880 --> 0:15:56.280 But once you once you have all of these these 0:15:56.280 --> 0:15:58.720 connections on the business side, you can start to look 0:15:58.760 --> 0:15:59.080 into that. 0:15:59.760 --> 0:16:01.640 And it's just it's a one way ratchet, right. 0:16:02.680 --> 0:16:06.600 We're just because of things like the First Amendment, we 0:16:07.040 --> 0:16:08.640 are a little bit and the way our government is 0:16:08.640 --> 0:16:11.840 constructed in general, some of these stuff that Europe is 0:16:11.880 --> 0:16:15.000 doing takes longer to do here and you have to 0:16:15.680 --> 0:16:18.320 move more slowly. But if you don't put your foot 0:16:18.360 --> 0:16:21.800 down on this, then you will get to the next step. 0:16:21.920 --> 0:16:26.440 Yeah. Yeah, And I know Wyoming, which you work in, 0:16:26.440 --> 0:16:29.680 the State of Wyoming has been with Caitlin long and 0:16:30.000 --> 0:16:32.200 has been really sort of trying to be at the 0:16:32.200 --> 0:16:35.600 forefront of protecting asset rights, right, so like the state 0:16:35.640 --> 0:16:39.040 has sort of tried to reinforce their right to control assets, 0:16:39.040 --> 0:16:43.920 specifically around Bickquinen cryptocurrencies with like UCC filings and saying 0:16:43.960 --> 0:16:45.880 wait hang on, these are assets. These are protected by 0:16:45.880 --> 0:16:48.640 the state. So I guess that's sort of this power 0:16:48.640 --> 0:16:51.000 struggle that you're talking about. Then, So the states are like, hey, 0:16:51.000 --> 0:16:54.160 these are our citizens in our state and they have 0:16:54.320 --> 0:16:56.920 their assets here in this state, and the FED doesn't 0:16:56.960 --> 0:16:57.840 need to know about that. 0:16:58.360 --> 0:17:01.440 Well, there's a couple of different things specifically with digital 0:17:01.480 --> 0:17:05.760 assets at the moment, with the exception of Wyoming, if 0:17:05.800 --> 0:17:08.600 you have a digital asset, it exists everywhere and nowhere, 0:17:08.640 --> 0:17:12.760 so there's no functional legal nexus other than where you live. 0:17:13.160 --> 0:17:15.600 So if you live in New York, New York's going 0:17:15.680 --> 0:17:17.879 to say that asset is in New York. If you 0:17:17.920 --> 0:17:20.240 then move to Virginia, now New York can say, well, 0:17:20.280 --> 0:17:22.080 it was in New York, so we have we can 0:17:22.280 --> 0:17:24.159 control it in Virginia and say well, you're here, so 0:17:24.200 --> 0:17:26.879 we can control it. That gets to be a problem, 0:17:26.920 --> 0:17:29.879 like with a car once if you move and you 0:17:29.920 --> 0:17:32.919 register it in Virginia, now it's in Virginia. Obviously, you 0:17:32.960 --> 0:17:35.600 can't physically move real estate, so that's always under the 0:17:35.680 --> 0:17:39.080 purview of whatever location it's in. With digital assets, it 0:17:39.480 --> 0:17:41.920 could be anywhere. California, for instance, could say you've never 0:17:41.920 --> 0:17:44.600 been to California. But since it's on the Internet and 0:17:44.640 --> 0:17:48.520 the Internet runs through California, it's here. What Wyoming has 0:17:48.560 --> 0:17:53.160 done is said, if you want to, you can register 0:17:53.240 --> 0:17:57.640 the asset in Wyoming, and that will It's not been 0:17:58.040 --> 0:18:01.520 tested in court, but under Wyoming law that will mean 0:18:01.680 --> 0:18:05.840 that because you have elected that asset to be domesticated 0:18:05.880 --> 0:18:09.200 in Wyoming. Now that asset is in Wyoming, which means 0:18:09.200 --> 0:18:12.160 you can then take advantage of the Wyoming laws, one 0:18:12.160 --> 0:18:17.680 of which is you cannot be compelled to release your 0:18:17.760 --> 0:18:21.720 private key. So a court can issue you a charging 0:18:21.800 --> 0:18:23.720 order and say you must you must give us the 0:18:23.760 --> 0:18:27.600 money in the account, right, but they can't force you 0:18:28.080 --> 0:18:31.960 to disclose the private key under Wyoming law. And that's 0:18:32.240 --> 0:18:37.520 that is very important because if you disclose the private 0:18:37.560 --> 0:18:39.840 key under Bitcoin, of course, if the master private key, 0:18:40.000 --> 0:18:43.000 now you know every single account that's in there, not 0:18:43.040 --> 0:18:45.960 just the ones that they're doing a charging order for, 0:18:48.040 --> 0:18:52.760 and that also means that you know you've now burnt 0:18:52.800 --> 0:18:55.240 that account in every sub account forever, so you get 0:18:55.359 --> 0:18:57.840 that key is now in the public record, so you 0:18:58.280 --> 0:19:00.240 can't if you ever receive anything to that out in 0:19:00.280 --> 0:19:04.720 the future, it's just gonna get stolen. So Wyoming does 0:19:04.760 --> 0:19:07.960 have that protection. We also have some lean washing rules 0:19:07.960 --> 0:19:11.639 where if you if you receive something that has a 0:19:11.720 --> 0:19:14.720 lean on it and it's in good faith, the same 0:19:14.720 --> 0:19:18.640 way you would say if you received a physical good 0:19:18.720 --> 0:19:21.760 under the UCC. Well, we've basically read that into digital 0:19:21.760 --> 0:19:24.159 assets in some ways, and of course we're pushing the 0:19:24.240 --> 0:19:25.200 envelope on that as well. 0:19:25.359 --> 0:19:27.040 Yeah, how is that going? 0:19:27.760 --> 0:19:28.640 It's going pretty well. 0:19:28.760 --> 0:19:34.400 The Digital Asset Registration went online officially first of December, 0:19:34.640 --> 0:19:38.639 and we've had a few do it. If you're a 0:19:38.640 --> 0:19:41.600 citizen of Wyoming, obviously you live there. There's not much necessary, 0:19:42.200 --> 0:19:44.240 not a need necessarily to do it. If you have 0:19:44.280 --> 0:19:47.680 an LLC in Wyoming and the asset is under the LLC, 0:19:48.160 --> 0:19:51.760 well that LLC is a citizen of Wyoming. So the 0:19:52.160 --> 0:19:55.040 registration is really for people who don't live in Wyoming 0:19:55.080 --> 0:19:56.600 and don't have a business in Woming, but want to 0:19:56.640 --> 0:20:01.040 domesticate their asset into Wyoming and basically take advantage of 0:20:01.040 --> 0:20:04.080 Oiling's laws without necessarily going through the process of forming 0:20:04.119 --> 0:20:06.119 a business or moving to Ailing. 0:20:06.320 --> 0:20:08.800 Got it. So if you're a resident there or you 0:20:09.200 --> 0:20:11.520 have a business there, then you're sort of already just 0:20:11.760 --> 0:20:15.360 under that. If you're non resident or non registered business, 0:20:15.359 --> 0:20:17.400 then you would need to register the asset. 0:20:17.240 --> 0:20:18.320 If you want to take advantage of it. 0:20:18.359 --> 0:20:21.240 Yeah, got it, which is then still a big registry, 0:20:21.359 --> 0:20:22.880 a big honeypot. 0:20:22.520 --> 0:20:22.880 It is. 0:20:23.160 --> 0:20:27.479 But and so you wouldn't necessarily register these assets if 0:20:27.520 --> 0:20:30.360 you want them to be private, and there's no necessarily 0:20:30.480 --> 0:20:33.439 need to do that. But certain assets like the reason 0:20:33.480 --> 0:20:37.600 why you would do this intentionally, and that's really what 0:20:37.640 --> 0:20:40.560 it's about choice, right, you should be allowed to choose 0:20:40.600 --> 0:20:43.680 to disclose or not personal details. And what you own 0:20:43.760 --> 0:20:47.040 is a personal detail. So if you were to say, 0:20:47.640 --> 0:20:52.200 want to leverage an asset as collateral, then the bank 0:20:52.320 --> 0:20:54.440 is going to want to know a lot about that assets, 0:20:54.600 --> 0:20:56.560 such as do you really own it? 0:20:57.040 --> 0:20:58.240 Where is it domesticated? 0:20:58.400 --> 0:21:02.920 Well, if you take that asset, let's just say it's 0:21:02.960 --> 0:21:07.479 a bitcoin public key, You register that public key. Everything 0:21:07.520 --> 0:21:10.159 in that public key is now registered in Wyoming. We 0:21:10.200 --> 0:21:12.720