1 00:00:00,040 --> 00:00:02,639 Speaker 1: Hello, and welcome to another episode of The Markmas Show, 2 00:00:02,640 --> 00:00:05,720 Speaker 1: where we talk about the decentralized Revolution. We talk about 3 00:00:05,720 --> 00:00:08,400 Speaker 1: the world that's changing right before very eyes. Of course, 4 00:00:09,600 --> 00:00:12,119 Speaker 1: of course you see it, you feel it, you know it, 5 00:00:12,200 --> 00:00:13,760 Speaker 1: you know that there's something going on. I like to 6 00:00:13,800 --> 00:00:15,760 Speaker 1: say that the world we are going into is not 7 00:00:15,920 --> 00:00:18,400 Speaker 1: the same as the one that we're leaving behind. And 8 00:00:18,440 --> 00:00:22,439 Speaker 1: it's really a full court press, right like if we're 9 00:00:22,440 --> 00:00:26,120 Speaker 1: playing basketball right from every side, We're just pressing it 10 00:00:26,440 --> 00:00:28,600 Speaker 1: and you can feel that pressure around us. And we 11 00:00:28,640 --> 00:00:32,400 Speaker 1: look at it through the lens of politics, finance, and technology, 12 00:00:32,760 --> 00:00:36,320 Speaker 1: and we have a lot to discuss. I have to 13 00:00:36,360 --> 00:00:39,240 Speaker 1: admit I've been out of the news cycle for a 14 00:00:39,280 --> 00:00:42,880 Speaker 1: little bit. I had to turn it off, traveled outside 15 00:00:42,920 --> 00:00:44,479 Speaker 1: the country for a little while, kind of had to 16 00:00:45,000 --> 00:00:47,120 Speaker 1: let my mind breathe a little bit, get out of 17 00:00:47,120 --> 00:00:50,400 Speaker 1: this new cycle, which was pretty nice. But boy, diving 18 00:00:50,400 --> 00:00:53,280 Speaker 1: back in it has been busy as always, and so 19 00:00:53,360 --> 00:00:55,680 Speaker 1: we have a big show, a lot of things to discuss, 20 00:00:56,120 --> 00:00:58,640 Speaker 1: a lot of things to go through. Some of the 21 00:00:58,680 --> 00:01:01,400 Speaker 1: things I want to talk about in this is more 22 00:01:01,520 --> 00:01:05,440 Speaker 1: about Sam Bankman freed and h f t X fiasco. 23 00:01:05,480 --> 00:01:08,080 Speaker 1: We're gonna talk more about that, UM, But we're not 24 00:01:08,080 --> 00:01:09,960 Speaker 1: gonna keep beating the same dead horse. We're gonna look 25 00:01:10,000 --> 00:01:13,040 Speaker 1: at it because this story is developing, it's opening up, 26 00:01:13,080 --> 00:01:17,080 Speaker 1: and it's changing. It's developing in some ways that I 27 00:01:17,200 --> 00:01:19,759 Speaker 1: thought it would, but it's also developing in some ways 28 00:01:19,800 --> 00:01:22,720 Speaker 1: that I didn't expect. Or maybe I did expect a 29 00:01:22,720 --> 00:01:26,520 Speaker 1: little bit, but now we're seeing it, UM, and the uh, 30 00:01:26,640 --> 00:01:29,000 Speaker 1: of course, you know, I think it was Emmanuel who said, 31 00:01:29,160 --> 00:01:31,360 Speaker 1: never let a crisis go to waste. It seems to 32 00:01:31,360 --> 00:01:34,120 Speaker 1: be the left talking point these days, right, trying to 33 00:01:34,200 --> 00:01:38,360 Speaker 1: use every crisis to their opportunity. Unfortunately, that's what it 34 00:01:38,360 --> 00:01:40,399 Speaker 1: looks like is happening. So I want to show you that, 35 00:01:40,440 --> 00:01:41,960 Speaker 1: I want to expose you to that. We're gonna look 36 00:01:42,000 --> 00:01:44,520 Speaker 1: at that, UM, look at some new bills that are 37 00:01:44,520 --> 00:01:48,040 Speaker 1: coming across UM through the through the through the regulators 38 00:01:48,080 --> 00:01:51,360 Speaker 1: desks right now that will be impacting, you know, not 39 00:01:51,520 --> 00:01:55,320 Speaker 1: just the way that UM, you know, not just the 40 00:01:55,360 --> 00:01:59,040 Speaker 1: way that this these new technologies are being used today. 41 00:02:00,200 --> 00:02:03,600 Speaker 1: But really this is massive because think about where witnessing 42 00:02:03,640 --> 00:02:07,720 Speaker 1: a brand new technological revolution, UM, with a new technology 43 00:02:07,840 --> 00:02:10,240 Speaker 1: that we have no idea the full potential of where 44 00:02:10,240 --> 00:02:15,280 Speaker 1: this can go, and it's been stopped in his tracks 45 00:02:15,840 --> 00:02:21,639 Speaker 1: by regulators, by lawmakers whose collective ages like over seventy 46 00:02:22,040 --> 00:02:25,239 Speaker 1: who don't understand this new technology. Even the young kids 47 00:02:25,240 --> 00:02:28,280 Speaker 1: don't understand it. And and this will have last implications 48 00:02:28,639 --> 00:02:32,399 Speaker 1: for generations to come. It's a really big deal. Lots 49 00:02:32,400 --> 00:02:34,320 Speaker 1: of covers. Let's go ahead and dive into it. Of course, 50 00:02:34,720 --> 00:02:36,919 Speaker 1: we start off talking about, as I said, Sam Bankman 51 00:02:37,000 --> 00:02:40,000 Speaker 1: fried uh He was the CEO of f t X, 52 00:02:40,160 --> 00:02:42,760 Speaker 1: the second largest cryptocurrency exchange. Of course, I don't have 53 00:02:42,800 --> 00:02:45,160 Speaker 1: to tell you the story that blew up in spectacular 54 00:02:45,200 --> 00:02:50,640 Speaker 1: fashion over ten billion dollars, eviscerated almost overnight with it, 55 00:02:50,880 --> 00:02:54,160 Speaker 1: and disappeared. I've covered this story of depth. If you 56 00:02:54,200 --> 00:02:57,200 Speaker 1: want to go back through my UH through through my archives, 57 00:02:57,240 --> 00:02:59,280 Speaker 1: of course, you can just find me on YouTube. Just 58 00:02:59,320 --> 00:03:02,799 Speaker 1: search Market Disruptors on YouTube. You can find the old 59 00:03:02,880 --> 00:03:06,680 Speaker 1: videos there. You can find them podcast on the any 60 00:03:06,760 --> 00:03:09,120 Speaker 1: any of your favorite podcast players. Just search Mark Moss 61 00:03:09,600 --> 00:03:11,720 Speaker 1: Mark Moss Show on your podcast player. You'll find it there. 62 00:03:11,760 --> 00:03:15,520 Speaker 1: But basically we have the rise of this Sam Bankman 63 00:03:15,560 --> 00:03:17,440 Speaker 1: freed in this ft X exchange. Over of course of 64 00:03:17,560 --> 00:03:21,600 Speaker 1: three years, this uh mid twentiesomething guy created a thirty 65 00:03:21,639 --> 00:03:26,840 Speaker 1: billion dollar empire. He became the poster child for this 66 00:03:26,919 --> 00:03:32,840 Speaker 1: new cryptocurrency space. But instead of champion the attributes in 67 00:03:32,880 --> 00:03:37,080 Speaker 1: the virtues of cryptocurrencies, which would be freedom. Mostly. That's 68 00:03:37,080 --> 00:03:39,960 Speaker 1: what I think about. I think about innovation, right, and 69 00:03:40,000 --> 00:03:43,120 Speaker 1: I think about innovation um. And when I think about innovation, 70 00:03:43,120 --> 00:03:47,360 Speaker 1: I think about innovation in terms of being free um 71 00:03:47,400 --> 00:03:52,880 Speaker 1: to use our property in ways that we haven't been 72 00:03:52,880 --> 00:03:55,920 Speaker 1: able to do before. Now, when I talk about property, 73 00:03:55,960 --> 00:03:58,400 Speaker 1: I talked about that in a in a bigger sense 74 00:03:58,400 --> 00:03:59,920 Speaker 1: than most of it think up think about right. So 75 00:04:01,560 --> 00:04:03,960 Speaker 1: property in a sense. When Karl Marx wrote the book 76 00:04:03,960 --> 00:04:06,640 Speaker 1: Communist Manifesto in the late eighteen hundreds, he talked about 77 00:04:06,680 --> 00:04:10,600 Speaker 1: property as you know, physical property, as a factory or 78 00:04:10,640 --> 00:04:12,840 Speaker 1: piece of equipment. And he said that there was two 79 00:04:12,880 --> 00:04:15,000 Speaker 1: groups of people, the poor and the rich, proletary and 80 00:04:15,000 --> 00:04:18,960 Speaker 1: the bourgeoisie, and that the poor were always going to 81 00:04:19,000 --> 00:04:22,320 Speaker 1: be oppressed by the rich, and that the poor had 82 00:04:22,360 --> 00:04:24,760 Speaker 1: nothing to offer about their labor, and their labor would 83 00:04:24,800 --> 00:04:29,400 Speaker 1: never equate to capital. So they never had any property 84 00:04:29,480 --> 00:04:31,200 Speaker 1: because they had never had capital. And they never had 85 00:04:31,279 --> 00:04:33,599 Speaker 1: capital because all they had was their labor, and I 86 00:04:33,680 --> 00:04:35,880 Speaker 1: was just so wrong. Now at that time I could 87 00:04:36,000 --> 00:04:37,880 Speaker 1: give him the benefit of the doubt for how he 88 00:04:37,920 --> 00:04:40,200 Speaker 1: saw it like that. But of course we know that 89 00:04:40,279 --> 00:04:43,920 Speaker 1: now we have lots of things like intellectual capital, and 90 00:04:43,960 --> 00:04:46,039 Speaker 1: as a matter of fact, intellectual capital is probably one 91 00:04:46,040 --> 00:04:48,560 Speaker 1: of the greatest forms of capital that we have today. 92 00:04:48,800 --> 00:04:51,279 Speaker 1: It's not just money, right. We know that you needed 93 00:04:51,279 --> 00:04:53,640 Speaker 1: a lot of money to build a business in the past, 94 00:04:53,680 --> 00:04:56,599 Speaker 1: to build a factory and get equipment and higher workers. 95 00:04:56,680 --> 00:04:58,880 Speaker 1: But now we saw where you could let it right 96 00:04:59,520 --> 00:05:02,960 Speaker 1: right a kind of code, and instantly would be worth 97 00:05:03,040 --> 00:05:07,480 Speaker 1: more than all that capital. Today we see good ideas 98 00:05:08,240 --> 00:05:12,600 Speaker 1: aligned with audiences, and all of a sudden that attention 99 00:05:12,839 --> 00:05:16,320 Speaker 1: is worth more money. Like highly generating a billionaire because 100 00:05:16,320 --> 00:05:18,720 Speaker 1: of the attention that she had was worth more than 101 00:05:18,720 --> 00:05:20,680 Speaker 1: that capital. So we can see we have all these 102 00:05:20,680 --> 00:05:24,000 Speaker 1: different forms of property, and so we have typically thought 103 00:05:24,000 --> 00:05:26,760 Speaker 1: about that just as this money that we have. And 104 00:05:26,760 --> 00:05:29,440 Speaker 1: and again back to Carl Mark support didn't have any money. 105 00:05:30,000 --> 00:05:32,520 Speaker 1: But now money as we know it has just changed. 106 00:05:32,680 --> 00:05:37,520 Speaker 1: In cryptocurrencies are different ways to express that value, and 107 00:05:37,520 --> 00:05:40,400 Speaker 1: so cryptocurrencies have become a way for back to what 108 00:05:40,480 --> 00:05:43,839 Speaker 1: I started, back to freedom I have freedom to express 109 00:05:44,040 --> 00:05:48,880 Speaker 1: my value, my wealth, and other ways that weren't available 110 00:05:48,960 --> 00:05:51,760 Speaker 1: to be done in the past. So we think about 111 00:05:51,760 --> 00:05:54,119 Speaker 1: it like that. What was interesting is as Sam Bankman 112 00:05:54,160 --> 00:05:57,640 Speaker 1: freed and f t X again champion this this ethos 113 00:05:57,680 --> 00:06:06,760 Speaker 1: of freedom and cryptocurrency, he then basically used theft, fraud, lies, 114 00:06:07,000 --> 00:06:12,320 Speaker 1: deceit and then used those to get himself a lot 115 00:06:12,320 --> 00:06:16,080 Speaker 1: of money and then use that money to go influence 116 00:06:16,240 --> 00:06:22,280 Speaker 1: politics and regulations to then clamp down on the very 117 00:06:23,680 --> 00:06:26,440 Speaker 1: industry that gave him the wealth in the first place. 118 00:06:27,600 --> 00:06:30,520 Speaker 1: When you look at it from a zoomed out perspective 119 00:06:30,560 --> 00:06:34,120 Speaker 1: like that, it looks very suspect, because you would think 120 00:06:34,520 --> 00:06:37,480 Speaker 1: that a new industry that gave somebody this freedom to 121 00:06:37,520 --> 00:06:40,159 Speaker 1: go create all this wealth like he had, would rather 122 00:06:40,360 --> 00:06:45,200 Speaker 1: use that wealth to keep that freedom. Wouldn't you think, like, 123 00:06:46,120 --> 00:06:50,120 Speaker 1: if I created some new thing and I got ridiculously 124 00:06:50,200 --> 00:06:52,240 Speaker 1: wealthy from it, and the government was going to try 125 00:06:52,240 --> 00:06:55,080 Speaker 1: to make that thing illegal, I would use that money 126 00:06:55,080 --> 00:06:59,559 Speaker 1: to fight the government regulators to keep what I'm doing legal. 127 00:07:00,279 --> 00:07:04,640 Speaker 1: I wouldn't go to make it illegal. Doesn't make any sense, 128 00:07:05,839 --> 00:07:08,080 Speaker 1: but nevertheless, that's what Sam Bankman fried was doing. So 129 00:07:08,120 --> 00:07:11,640 Speaker 1: he he created this, and of course, like I said, now, 130 00:07:11,960 --> 00:07:14,880 Speaker 1: now this week we found that he has been charged. 131 00:07:15,320 --> 00:07:18,240 Speaker 1: He has been charged with not just eight crime, eight counts, 132 00:07:19,120 --> 00:07:23,760 Speaker 1: eight counts of interesting enough conspiracy. You know, anytime somebody 133 00:07:23,760 --> 00:07:28,120 Speaker 1: tells you, oh, you're just a conspiracy theorist, conspiracies are 134 00:07:28,160 --> 00:07:32,600 Speaker 1: real and it's actually a crime, of which hamp Bankman 135 00:07:32,640 --> 00:07:35,200 Speaker 1: Freed was charged with I think four counts or six 136 00:07:35,280 --> 00:07:38,960 Speaker 1: counts of actually conspiracy. Who would have thought it's not 137 00:07:39,120 --> 00:07:42,080 Speaker 1: just a theory, HiT's actually a crime. And that means 138 00:07:42,080 --> 00:07:45,480 Speaker 1: that he's doing it with multiple people. And so he's 139 00:07:45,480 --> 00:07:49,360 Speaker 1: been charged with actual crimes. And again let's break this 140 00:07:49,440 --> 00:07:52,360 Speaker 1: down a little bit, all right. So, um, he became 141 00:07:52,400 --> 00:07:55,280 Speaker 1: this uh, this poster child for the space. He was 142 00:07:55,320 --> 00:07:59,080 Speaker 1: going to um revolutionize the space, he was going to 143 00:07:59,160 --> 00:08:01,800 Speaker 1: clean it up, he was going to allow the government 144 00:08:01,800 --> 00:08:04,680 Speaker 1: regulators to get their hands around it, and all of 145 00:08:04,720 --> 00:08:08,640 Speaker 1: these things. Now a couple of things that have really 146 00:08:08,680 --> 00:08:12,560 Speaker 1: broken out to me that really just continue to show 147 00:08:12,640 --> 00:08:15,800 Speaker 1: it's just how deep and how dirty this whole whole 148 00:08:15,840 --> 00:08:19,160 Speaker 1: story is. Now I've said before, as as I started 149 00:08:19,160 --> 00:08:20,680 Speaker 1: to uncover this, I did a video on my YouTube 150 00:08:20,720 --> 00:08:22,640 Speaker 1: channel which I broke down, which I called it a 151 00:08:23,440 --> 00:08:26,960 Speaker 1: I think I called the government government syop. And if 152 00:08:26,960 --> 00:08:28,720 Speaker 1: you want to see some of that, go watch that 153 00:08:28,800 --> 00:08:30,880 Speaker 1: video on my main YouTube challenge of search Mark Moss. 154 00:08:31,560 --> 00:08:34,360 Speaker 1: But I basically showed a whole bunch of dots and 155 00:08:34,400 --> 00:08:36,520 Speaker 1: I just started connecting him. Now, I don't have all 156 00:08:36,559 --> 00:08:40,160 Speaker 1: the facts to connect all these dots, but you know, 157 00:08:40,240 --> 00:08:43,480 Speaker 1: like I said, where there's smoke, there's fire in you know, 158 00:08:43,600 --> 00:08:46,640 Speaker 1: one coincidence might just be a coincidence, coincidence. But when 159 00:08:46,640 --> 00:08:48,960 Speaker 1: there's three, there's four, there's six, there's eight, is it 160 00:08:49,040 --> 00:08:51,400 Speaker 1: is it still just a coincidence, And so we have 161 00:08:51,440 --> 00:08:53,839 Speaker 1: to start looking at that. Now. Some of the things 162 00:08:53,880 --> 00:08:56,200 Speaker 1: that we were seeing is like I said, he created 163 00:08:56,200 --> 00:08:59,600 Speaker 1: this fraudulent enterprise which had nothing to do with cryptocurrency, 164 00:08:59,640 --> 00:09:01,920 Speaker 1: by the way, had nothing to do with new technology, 165 00:09:02,120 --> 00:09:04,880 Speaker 1: had nothing to do with this new gray area of 166 00:09:04,920 --> 00:09:08,840 Speaker 1: fast moving new technology. It was just playing old fraud, 167 00:09:09,120 --> 00:09:12,120 Speaker 1: same way it's been done for hundreds or thousands of years. 168 00:09:12,720 --> 00:09:15,000 Speaker 1: You pretend to be something that you're not. You lie 169 00:09:15,080 --> 00:09:17,520 Speaker 1: to people about what you're doing, You take in their money, 170 00:09:17,600 --> 00:09:20,079 Speaker 1: you continue to lie to them, You promise them things 171 00:09:20,160 --> 00:09:22,200 Speaker 1: you can't give them. No different than anything that's been 172 00:09:22,240 --> 00:09:24,520 Speaker 1: done in the past. Okay, same, well same Now I 173 00:09:24,559 --> 00:09:26,280 Speaker 1: want to come back with more about what we know 174 00:09:26,400 --> 00:09:28,600 Speaker 1: and break this story down. So I gotta take a 175 00:09:28,640 --> 00:09:31,000 Speaker 1: quick break. Don't go away. I'll be right back with more. 176 00:09:31,200 --> 00:09:33,439 Speaker 1: I'll bear back. All right, welcome back. If you're just 177 00:09:33,440 --> 00:09:35,120 Speaker 1: tune in, you're listening to the Mark Mo Show. We're 178 00:09:35,160 --> 00:09:39,640 Speaker 1: talking about the Decentralized Revolution. We're specifically talking about more 179 00:09:39,679 --> 00:09:43,760 Speaker 1: of this ft XU Sam Bankman freed fiasco because it 180 00:09:43,880 --> 00:09:47,719 Speaker 1: is constantly evolving, and we're talking about how, yeah, he 181 00:09:47,800 --> 00:09:50,640 Speaker 1: got arrested, but what what what really have we learned 182 00:09:50,640 --> 00:09:53,959 Speaker 1: since he's been arrested, But more importantly, what are these 183 00:09:54,360 --> 00:09:57,480 Speaker 1: dots that were tying together that looked pretty bad? And 184 00:09:57,480 --> 00:09:59,920 Speaker 1: so some of the things that we're seeing come together 185 00:10:00,679 --> 00:10:04,559 Speaker 1: is uh, the ways that the media is grasping onto 186 00:10:04,600 --> 00:10:07,200 Speaker 1: stories and running with it. Now you could say the 187 00:10:07,200 --> 00:10:10,320 Speaker 1: same about me. I mean, I suppose everybody looks at 188 00:10:10,320 --> 00:10:13,560 Speaker 1: a different angle and talks about it. But what are 189 00:10:13,800 --> 00:10:15,800 Speaker 1: what what parts of the story they're telling you, and 190 00:10:15,840 --> 00:10:19,160 Speaker 1: more importantly, what are they admitting and how are they angling? 191 00:10:19,120 --> 00:10:21,200 Speaker 1: And so you know, one of the problems that we 192 00:10:21,200 --> 00:10:23,320 Speaker 1: had in the past pre internet days, where how do 193 00:10:23,360 --> 00:10:26,000 Speaker 1: we get information? It was very difficult to information. You 194 00:10:26,040 --> 00:10:27,240 Speaker 1: know when I went to high school, we had to 195 00:10:27,240 --> 00:10:30,880 Speaker 1: go to the library and get books. Um. Right, Today 196 00:10:30,880 --> 00:10:32,880 Speaker 1: the problem isn't how do we get information? The problem 197 00:10:32,960 --> 00:10:36,720 Speaker 1: is how do we pars through the information that we have, 198 00:10:36,800 --> 00:10:39,840 Speaker 1: which is why you hear all over you know, misinformation 199 00:10:40,000 --> 00:10:43,480 Speaker 1: and disinformation, and we need these information. Informations are to 200 00:10:43,520 --> 00:10:46,040 Speaker 1: tell us what's true. Now we don't look, we don't 201 00:10:46,040 --> 00:10:48,480 Speaker 1: need any of that. What we need is just critical thinking. 202 00:10:48,640 --> 00:10:51,800 Speaker 1: We need to learn to assess what information am I 203 00:10:51,800 --> 00:10:55,040 Speaker 1: getting and think critically about it. So ask yourself a 204 00:10:55,080 --> 00:10:57,960 Speaker 1: couple of questions, like one, who's telling me this information? 205 00:10:59,160 --> 00:11:02,800 Speaker 1: That start where? What motivations do they have? What biases 206 00:11:02,800 --> 00:11:05,880 Speaker 1: do they have? Start there? And then when you read 207 00:11:05,880 --> 00:11:08,760 Speaker 1: the information, what if it is fact? And what of 208 00:11:08,840 --> 00:11:11,960 Speaker 1: his opinion? You know, maybe start there. So for example, 209 00:11:12,200 --> 00:11:15,920 Speaker 1: if I'm reading something from r T, then I would know, well, 210 00:11:15,920 --> 00:11:19,200 Speaker 1: that's Russian information, so I would automatically assume that it's 211 00:11:19,240 --> 00:11:21,840 Speaker 1: going to have some sort of Russian bias to it. 212 00:11:22,559 --> 00:11:26,920 Speaker 1: Automatically assume that, um, and it's probably gonna tell their 213 00:11:27,000 --> 00:11:29,040 Speaker 1: side of the story more than it might tell somebody 214 00:11:29,040 --> 00:11:31,840 Speaker 1: else's all right, and then I can see what are 215 00:11:31,840 --> 00:11:33,959 Speaker 1: the facts right if they give me a specific date 216 00:11:34,080 --> 00:11:37,040 Speaker 1: and something like that, and what's opinion If I read 217 00:11:37,040 --> 00:11:40,079 Speaker 1: something from the Washington Post, Well, that's a CIA mouthpiece, 218 00:11:40,200 --> 00:11:43,240 Speaker 1: so I would know automatically that's got a bias for uh, 219 00:11:43,480 --> 00:11:46,440 Speaker 1: some sort of US intel, right, And they're trying to 220 00:11:46,559 --> 00:11:49,200 Speaker 1: paint that picture. So we want to look at that. 221 00:11:50,640 --> 00:11:52,720 Speaker 1: And when we look at what's going on, one of 222 00:11:52,720 --> 00:11:55,640 Speaker 1: the big stories about f t X and these weird 223 00:11:56,200 --> 00:11:59,480 Speaker 1: dots that we connected, was that interesting enough? And this 224 00:11:59,559 --> 00:12:02,880 Speaker 1: is probably this is probably more coincidental than not, but 225 00:12:04,080 --> 00:12:07,160 Speaker 1: f t X was founded right after Biden announced that 226 00:12:07,200 --> 00:12:11,719 Speaker 1: he was going to run for office. Interesting. Ft X 227 00:12:11,840 --> 00:12:14,560 Speaker 1: was a fraudulent operation from day one. We know this now. 228 00:12:14,679 --> 00:12:16,679 Speaker 1: The new CEO that's been put in place to handle 229 00:12:16,720 --> 00:12:20,600 Speaker 1: the bankruptcy, John Ray, said that it's always been a 230 00:12:20,640 --> 00:12:23,840 Speaker 1: fraudulent operation from day one. That's what he said, So 231 00:12:23,960 --> 00:12:26,280 Speaker 1: we know is set up as a fraudulent operation. It's 232 00:12:26,280 --> 00:12:29,240 Speaker 1: been a fraudulent operation since day one, and it was 233 00:12:29,600 --> 00:12:32,160 Speaker 1: set up the day that Biden announced he was running 234 00:12:32,160 --> 00:12:35,959 Speaker 1: for office. We know that it was now that that 235 00:12:35,960 --> 00:12:39,959 Speaker 1: that might just be more coincidental than not, but it isn't. 236 00:12:40,200 --> 00:12:43,439 Speaker 1: It is also coincidental that this fraudulent operation that generated 237 00:12:43,480 --> 00:12:46,840 Speaker 1: thirty billion dollars also became the second largest donor to 238 00:12:46,920 --> 00:12:51,959 Speaker 1: the Biden administration behind George Soros, and donated more than 239 00:12:52,040 --> 00:12:56,040 Speaker 1: forty billion I'm sorry, forty million dollars to the Democratic 240 00:12:56,080 --> 00:13:00,040 Speaker 1: Party in the midterms. That just happened. Interesting, uh is 241 00:13:00,080 --> 00:13:02,680 Speaker 1: a lot of other things will dive into. Now. What's 242 00:13:02,720 --> 00:13:05,480 Speaker 1: interesting about that is that all the information that we're 243 00:13:05,480 --> 00:13:09,760 Speaker 1: getting out of the mainstream media today is saying in 244 00:13:09,880 --> 00:13:11,640 Speaker 1: one of the counts that he's actually been charged with 245 00:13:11,679 --> 00:13:17,040 Speaker 1: his campaign finance fraud. So he's financed these campaigns fraudulently, 246 00:13:18,160 --> 00:13:20,400 Speaker 1: But all the news coming out of the mainstream media 247 00:13:20,559 --> 00:13:26,920 Speaker 1: is that he gave to bipartisan candidates. But that's not 248 00:13:27,559 --> 00:13:30,360 Speaker 1: the facts. It's not the facts. It's not the facts 249 00:13:30,360 --> 00:13:33,679 Speaker 1: at all. Now, there is some truth to that, but 250 00:13:33,880 --> 00:13:36,240 Speaker 1: it's not the facts. So what we can see, if 251 00:13:36,240 --> 00:13:39,560 Speaker 1: we want to break down Sam bankman Fried's political donations, 252 00:13:39,840 --> 00:13:43,920 Speaker 1: we can see that it's mostly the Democrats. And when 253 00:13:43,960 --> 00:13:49,040 Speaker 1: I say mostly, I mean like mostly. So what we 254 00:13:49,080 --> 00:13:51,800 Speaker 1: do know is that Sam Bankman Freed said that he 255 00:13:51,840 --> 00:13:55,440 Speaker 1: had given publicly, said that they had given forty million 256 00:13:55,559 --> 00:14:00,240 Speaker 1: dollars to Democratic parties. But then what happened is he 257 00:14:00,280 --> 00:14:03,320 Speaker 1: went back and said, well, we also gave some to 258 00:14:03,360 --> 00:14:06,640 Speaker 1: some Republicans, but you know, we didn't want to say 259 00:14:06,720 --> 00:14:09,600 Speaker 1: that because if we said that then people wouldn't like us, 260 00:14:09,760 --> 00:14:12,400 Speaker 1: and so we gave it through these dark markets. We 261 00:14:12,520 --> 00:14:19,480 Speaker 1: gave it secretly, which is illegal. So now he says this, 262 00:14:19,560 --> 00:14:22,160 Speaker 1: which now there's charges filed on him for doing this 263 00:14:22,240 --> 00:14:24,760 Speaker 1: illegal act. Why he would admit to that publicly is 264 00:14:24,800 --> 00:14:29,520 Speaker 1: beyond me. But now it looks like he gave illegally 265 00:14:29,640 --> 00:14:35,200 Speaker 1: to Republicans. It's kind of weird. So all the money 266 00:14:35,200 --> 00:14:37,560 Speaker 1: he gave the Democrats, that was okay, no problem. I mean, 267 00:14:37,560 --> 00:14:39,120 Speaker 1: he stole all the money, it was. It was a 268 00:14:39,120 --> 00:14:41,120 Speaker 1: criminal enterprise from day one, and he gave all the 269 00:14:41,120 --> 00:14:43,400 Speaker 1: money Democrats. That's okay. But he might have given some 270 00:14:43,440 --> 00:14:46,920 Speaker 1: of this money to Republicans and that's a that's a problem. Well, 271 00:14:46,920 --> 00:14:49,000 Speaker 1: if we added up, of course, what we know about. 272 00:14:50,120 --> 00:14:52,240 Speaker 1: I did the did the math for you here. What 273 00:14:52,360 --> 00:14:55,520 Speaker 1: we can see is that um of the forty million 274 00:14:55,560 --> 00:14:59,520 Speaker 1: dollars um that most of the money went to super PACs. Right, 275 00:14:59,600 --> 00:15:01,320 Speaker 1: So they put the money into a one big or 276 00:15:01,680 --> 00:15:06,720 Speaker 1: organization and then they spread around. UM. There were sixty 277 00:15:06,800 --> 00:15:10,880 Speaker 1: two named candidates that were outside of these super backs, 278 00:15:11,280 --> 00:15:16,200 Speaker 1: all right. Of the sixty two named, nine of them 279 00:15:16,360 --> 00:15:20,880 Speaker 1: were Republicans. There were nine. When you break down who 280 00:15:20,920 --> 00:15:24,960 Speaker 1: these nine Republicans are, they all happened to be people 281 00:15:25,120 --> 00:15:27,520 Speaker 1: that he was trying to sway. So they are all 282 00:15:27,560 --> 00:15:29,960 Speaker 1: people that were sitting on UM some sort of a 283 00:15:30,000 --> 00:15:34,520 Speaker 1: position that would UM enable or or disable him in 284 00:15:34,640 --> 00:15:38,200 Speaker 1: getting what he wanted in forms of regulations. So it 285 00:15:38,360 --> 00:15:40,480 Speaker 1: wasn't that he was just given to Republicans because he 286 00:15:40,520 --> 00:15:43,160 Speaker 1: likes Republicans and he wanted to push Republican values. It 287 00:15:43,200 --> 00:15:48,000 Speaker 1: was because these individual Republicans were influential in what he 288 00:15:48,000 --> 00:15:50,800 Speaker 1: was trying to get through. So there was nine out 289 00:15:50,840 --> 00:15:54,600 Speaker 1: of the sixty two, all right, But what we know 290 00:15:54,760 --> 00:15:56,880 Speaker 1: is that UM you're only allowed to give up to 291 00:15:56,920 --> 00:16:01,240 Speaker 1: twenty nine dollars two thousand nine to one candidate in 292 00:16:01,320 --> 00:16:04,320 Speaker 1: one cycle, where two cycles could be fifty hundred dollars. 293 00:16:04,720 --> 00:16:06,800 Speaker 1: So I haven't gone through all the math here, but 294 00:16:06,880 --> 00:16:11,040 Speaker 1: let's just take the high amount of so that he'd 295 00:16:11,040 --> 00:16:13,240 Speaker 1: give Max. You know, it wasn't all that, but let's 296 00:16:13,240 --> 00:16:16,520 Speaker 1: just say it, wass Times and nine Republicans would equal 297 00:16:16,600 --> 00:16:21,720 Speaker 1: fifty two dollars. So fifty two dollars was the maximum 298 00:16:21,760 --> 00:16:26,520 Speaker 1: amount that he gave out, a forty million. But of 299 00:16:26,560 --> 00:16:32,960 Speaker 1: course all across stream mainstream media it was bipartisan, bipartisan. 300 00:16:33,520 --> 00:16:36,120 Speaker 1: And the reason why I'm bringing this up isn't because 301 00:16:36,160 --> 00:16:38,360 Speaker 1: I care. I don't care about bipartisan. I don't care 302 00:16:38,360 --> 00:16:41,040 Speaker 1: about left or right. That's all a game to distract 303 00:16:41,160 --> 00:16:43,800 Speaker 1: us where they're trying to turn the left versus the right, 304 00:16:43,840 --> 00:16:46,720 Speaker 1: the red versus the blue, to distract us from we 305 00:16:46,880 --> 00:16:49,240 Speaker 1: the people versus the government. That's the real battle here. 306 00:16:50,080 --> 00:16:51,880 Speaker 1: But what they're trying to do is say, hey, look, 307 00:16:52,040 --> 00:16:55,400 Speaker 1: we were using this ellicit activity, and we were using 308 00:16:55,400 --> 00:16:58,600 Speaker 1: this illicit activity and this money to fund ourselves. But 309 00:16:58,760 --> 00:17:02,240 Speaker 1: now what we're gonna do is we're gonna say, well, uh, 310 00:17:02,280 --> 00:17:04,520 Speaker 1: it was actually illegal, given it to the Republicans, and 311 00:17:04,520 --> 00:17:07,600 Speaker 1: we're gonna cause this whole mess over here in mainstream media, 312 00:17:07,840 --> 00:17:10,560 Speaker 1: so you won't see that we took thirty nine point 313 00:17:10,640 --> 00:17:14,159 Speaker 1: nine million of it, thirty nine point nine nine million 314 00:17:14,240 --> 00:17:16,399 Speaker 1: of it. So I just want you to see that. 315 00:17:16,440 --> 00:17:18,840 Speaker 1: I want you to see the facts here all right. 316 00:17:18,840 --> 00:17:20,560 Speaker 1: If you're tuning in your listen to the markmas Show, 317 00:17:20,840 --> 00:17:24,160 Speaker 1: we're talking about the ft X, Sam Bankman Freed saga 318 00:17:24,200 --> 00:17:27,320 Speaker 1: that continues to unwind, it goes deep. There's a whole 319 00:17:27,320 --> 00:17:28,720 Speaker 1: lot of stuff going on, but I want to talk. 320 00:17:29,119 --> 00:17:31,960 Speaker 1: We'll move into what is actually being done as far 321 00:17:32,000 --> 00:17:35,000 Speaker 1: as new bills that we're facing and what does this 322 00:17:35,080 --> 00:17:41,359 Speaker 1: mean for the cryptocurrency market overall? Um, and uh hint, 323 00:17:41,480 --> 00:17:44,359 Speaker 1: it's not good. Now. I've been public about saying that 324 00:17:44,400 --> 00:17:46,840 Speaker 1: I don't think there will be another cryptocurrency bull run. 325 00:17:47,320 --> 00:17:49,639 Speaker 1: I think there will be another bitcoin bull run, but 326 00:17:49,640 --> 00:17:53,040 Speaker 1: not another cryptocurrency bull run. Um. I've been I've been 327 00:17:53,080 --> 00:17:56,080 Speaker 1: pretty vocal about that. And here's some concrete evidence to 328 00:17:56,160 --> 00:17:57,920 Speaker 1: show you. And like I said, it's not good. So 329 00:17:57,960 --> 00:17:59,359 Speaker 1: I've got a lot to cover. You don't want to 330 00:17:59,359 --> 00:18:01,800 Speaker 1: miss what I have. Just a uh, listen to the 331 00:18:01,800 --> 00:18:04,520 Speaker 1: Mark Moa show talking about the decentralized Revolution. I'm gonna 332 00:18:04,520 --> 00:18:08,240 Speaker 1: be back with all of this story that's wild and 333 00:18:08,720 --> 00:18:10,320 Speaker 1: opening up right now, back with that and more in 334 00:18:10,320 --> 00:18:12,680 Speaker 1: a minute. Don't go away, We're back, all right, Welcome back. 335 00:18:12,680 --> 00:18:14,360 Speaker 1: If you just tune in, you're listening to the Mark 336 00:18:14,440 --> 00:18:17,200 Speaker 1: MOA show. We're talking about the Sam bank Man freed, 337 00:18:17,520 --> 00:18:20,879 Speaker 1: the f t X blow up, the scandal. Uh. It 338 00:18:20,920 --> 00:18:24,159 Speaker 1: continues to evolve, continues to have new facts, uh and 339 00:18:24,240 --> 00:18:26,520 Speaker 1: data coming out, and so we're breaking that down, keeping 340 00:18:26,520 --> 00:18:28,399 Speaker 1: you up to date. But ultimately where I'm trying to 341 00:18:28,400 --> 00:18:31,000 Speaker 1: take you is to the future. What's going to happen 342 00:18:31,160 --> 00:18:33,639 Speaker 1: out of this. So I've covered a lot of the 343 00:18:33,640 --> 00:18:36,560 Speaker 1: play by play of what has happened, but more importantly, 344 00:18:36,600 --> 00:18:38,280 Speaker 1: what I want to get to is what is going 345 00:18:38,320 --> 00:18:41,840 Speaker 1: to happen because of this? And so one I was 346 00:18:41,880 --> 00:18:45,159 Speaker 1: just highlighting before the break talking about how already the 347 00:18:45,200 --> 00:18:49,560 Speaker 1: media is trying to change the narrative to push their ideology. 348 00:18:49,640 --> 00:18:51,600 Speaker 1: All right, so never let a crisis go to waste. 349 00:18:51,800 --> 00:18:55,159 Speaker 1: And so you've probably heard of like a false flag. Right, 350 00:18:55,240 --> 00:18:59,919 Speaker 1: Let's create this event that maybe isn't as real as 351 00:19:00,160 --> 00:19:02,840 Speaker 1: we as we make it to believe, make people believe 352 00:19:02,880 --> 00:19:06,199 Speaker 1: it is, and then we'll use the you know, the 353 00:19:06,240 --> 00:19:11,119 Speaker 1: attention or the outrage of that event to then push 354 00:19:11,560 --> 00:19:16,800 Speaker 1: some sort of new policier plan. So here we have 355 00:19:17,000 --> 00:19:19,520 Speaker 1: this fraudulent company that was created the exact same time 356 00:19:20,040 --> 00:19:22,840 Speaker 1: um as as the Biden administration UM and out they're 357 00:19:22,880 --> 00:19:26,720 Speaker 1: going to move into power. UM. They proceeded to donate 358 00:19:27,240 --> 00:19:31,560 Speaker 1: UM over forty million dollars, and now the media is 359 00:19:31,560 --> 00:19:33,679 Speaker 1: trying to say, well, and one of the charges he's 360 00:19:33,720 --> 00:19:36,879 Speaker 1: being brought up on his campaign finance UM, So he 361 00:19:37,040 --> 00:19:41,240 Speaker 1: donated money illegally to some Republicans potentially, and it might 362 00:19:41,280 --> 00:19:46,080 Speaker 1: be about fifty out of the forty million that he 363 00:19:46,160 --> 00:19:51,400 Speaker 1: gave to watch for that. Again critical thinking. I'm trying 364 00:19:51,400 --> 00:19:53,040 Speaker 1: to give you some the facts. So as you start 365 00:19:53,080 --> 00:19:55,959 Speaker 1: to hear these headlines, you start to hear these narratives, 366 00:19:56,320 --> 00:19:58,920 Speaker 1: you can start to see through that. I mean, what 367 00:19:59,040 --> 00:20:01,240 Speaker 1: I've run up the bat. Twenty seven million was given 368 00:20:01,280 --> 00:20:05,560 Speaker 1: to protect our future packt UM, which of course was 369 00:20:06,680 --> 00:20:10,160 Speaker 1: controlled by his brother. So out of the forty million, 370 00:20:10,480 --> 00:20:13,119 Speaker 1: seven million was given to another pack that his brother runs. 371 00:20:13,800 --> 00:20:17,399 Speaker 1: Ten million was given to a candidate, Carrick Flynn, a 372 00:20:17,480 --> 00:20:22,480 Speaker 1: Democrat from Oregon who lost UM. Yeah, ten million was 373 00:20:22,520 --> 00:20:24,359 Speaker 1: given to just one candidate. Two million was given to 374 00:20:24,359 --> 00:20:27,600 Speaker 1: another one, Rep. Lucy Macbeth, Democrat from Georgia. So of 375 00:20:27,600 --> 00:20:33,840 Speaker 1: course Georgia and Oregon were battlegrounds and uh, not surprisingly 376 00:20:33,880 --> 00:20:36,240 Speaker 1: a lot of that money was spent in those battlegrounds. 377 00:20:37,000 --> 00:20:41,760 Speaker 1: Also Texas, a million dollars was given to betto Rourke 378 00:20:42,720 --> 00:20:48,679 Speaker 1: betto betto or Rourke million dollars. Another one point four 379 00:20:48,720 --> 00:20:52,479 Speaker 1: million given to Rep. Jasmine Crockett, a Democrat from Texas, 380 00:20:53,160 --> 00:20:56,080 Speaker 1: and one point one million for a Democrat in Michigan, 381 00:20:56,200 --> 00:20:59,560 Speaker 1: Adam Holler. Of course, Michigans another big battleground state. I'm 382 00:20:59,600 --> 00:21:01,119 Speaker 1: not gonna go through and read them all here, but 383 00:21:01,160 --> 00:21:05,720 Speaker 1: you get the idea. But what is happening because of this, 384 00:21:06,400 --> 00:21:08,360 Speaker 1: Let's let's dig in a little bit deeper to that. 385 00:21:09,160 --> 00:21:13,800 Speaker 1: So again, never let a good crisis go to waste. 386 00:21:14,320 --> 00:21:16,840 Speaker 1: And that's exactly what we're looking at here now. Sam 387 00:21:16,840 --> 00:21:18,840 Speaker 1: bank Win freed, as I said kind of in the intro, 388 00:21:19,000 --> 00:21:23,720 Speaker 1: is that he had fraudently created all this money. So one, 389 00:21:23,880 --> 00:21:27,200 Speaker 1: he created something out of thin airs FTT token, He 390 00:21:27,400 --> 00:21:32,440 Speaker 1: manipulated the market, manipulated, fraud again, manipulate the market to 391 00:21:32,440 --> 00:21:34,600 Speaker 1: make it think it had value and it didn't um 392 00:21:34,600 --> 00:21:36,879 Speaker 1: and then he then he had this fake thing that 393 00:21:37,000 --> 00:21:40,040 Speaker 1: created a than air that he tricked everybody into thinking 394 00:21:40,080 --> 00:21:43,119 Speaker 1: had value, manipulated and thinking had value. And then he 395 00:21:43,200 --> 00:21:46,040 Speaker 1: went and borrowed against it, and then he stole customer 396 00:21:46,040 --> 00:21:48,080 Speaker 1: funds and all these things. And then he took all 397 00:21:48,080 --> 00:21:51,280 Speaker 1: this money and went and started to try to influence 398 00:21:51,400 --> 00:21:54,200 Speaker 1: all these regulators. As I said earlier, the only money 399 00:21:54,200 --> 00:21:56,960 Speaker 1: that he gave to Republicans was to Republican lawmakers who 400 00:21:56,960 --> 00:21:59,000 Speaker 1: were making the laws on the things he wanted them 401 00:21:59,040 --> 00:22:03,880 Speaker 1: to make laws on, trying to influence them. So what 402 00:22:03,960 --> 00:22:05,439 Speaker 1: was he doing with this, Well, he was trying to 403 00:22:05,480 --> 00:22:08,200 Speaker 1: get them to pass laws. And some of the laws 404 00:22:08,240 --> 00:22:11,159 Speaker 1: that he was trying to get them to pass now 405 00:22:11,240 --> 00:22:13,840 Speaker 1: it looks like they may pass. But now it looks 406 00:22:13,880 --> 00:22:17,280 Speaker 1: like lawmakers are stuck in this, like we'll shoot. Uh. 407 00:22:17,400 --> 00:22:20,000 Speaker 1: Do we go ahead with these laws that he wanted us, 408 00:22:20,080 --> 00:22:23,639 Speaker 1: that he helped us draw up, and that he wanted 409 00:22:23,920 --> 00:22:26,000 Speaker 1: but then it looks like we're using laws of a 410 00:22:26,080 --> 00:22:30,360 Speaker 1: known scammer. Or do we abandon him and push them 411 00:22:30,400 --> 00:22:33,400 Speaker 1: through uh and and scrap them and start all over. 412 00:22:33,800 --> 00:22:36,000 Speaker 1: It's kind of an interesting predict what they find themselves in. 413 00:22:36,760 --> 00:22:38,600 Speaker 1: But yet here we are, Um, it looks like a 414 00:22:38,640 --> 00:22:40,520 Speaker 1: couple of these might find its way in. One of 415 00:22:40,560 --> 00:22:44,920 Speaker 1: them here is called the Crypto Consumer Protection Bill. Sam 416 00:22:44,960 --> 00:22:50,680 Speaker 1: Bateman Freed backed it before the whole collapse, and UH, 417 00:22:50,840 --> 00:22:52,840 Speaker 1: they want to know. Lawmakers are trying to consider if 418 00:22:52,840 --> 00:22:59,600 Speaker 1: this would help them help them prevent another implosion of 419 00:22:59,640 --> 00:23:04,360 Speaker 1: exchange changes. What I've found, time and time and time 420 00:23:04,359 --> 00:23:08,200 Speaker 1: and time again, what would actually help prevent these things 421 00:23:08,359 --> 00:23:12,160 Speaker 1: isn't new laws. It's enforcing the laws that were already there. 422 00:23:12,840 --> 00:23:15,560 Speaker 1: So it turns out he broke a whole bunch of laws. 423 00:23:16,480 --> 00:23:22,760 Speaker 1: Turns out he's facing eight counts he's It turns out 424 00:23:22,920 --> 00:23:25,080 Speaker 1: the eight counts that he's facing, even if he only 425 00:23:25,119 --> 00:23:28,040 Speaker 1: gets found guilty on half of them, would still probably 426 00:23:28,080 --> 00:23:31,840 Speaker 1: result in maybe two life sentences. I mean, Bernie Madoff 427 00:23:31,880 --> 00:23:34,679 Speaker 1: got a hundred and fifty years. He's probably facing at 428 00:23:34,760 --> 00:23:38,480 Speaker 1: least that. So turns out what he did was already illegal. 429 00:23:39,040 --> 00:23:41,639 Speaker 1: Turns out what he did was so illegal he's probably 430 00:23:41,640 --> 00:23:45,399 Speaker 1: gonna face multiple life sentences. So turns out we don't 431 00:23:45,440 --> 00:23:48,920 Speaker 1: need new laws to protect consumers because what he did 432 00:23:49,040 --> 00:23:53,400 Speaker 1: was already illegal. Think about that for a second. It's insane. 433 00:23:53,720 --> 00:23:56,400 Speaker 1: You know when you hear about these these guns situations 434 00:23:56,440 --> 00:23:59,520 Speaker 1: where you know, the school, the shooting happened in Texas, 435 00:24:00,160 --> 00:24:03,040 Speaker 1: and uh, they want to pass all these new gun laws. Well, 436 00:24:03,480 --> 00:24:06,920 Speaker 1: turns out that he already got through a whole bunch 437 00:24:06,920 --> 00:24:10,160 Speaker 1: of gun laws, and he already went through all these checks. 438 00:24:10,200 --> 00:24:12,480 Speaker 1: So it turns out if we would have just enforced 439 00:24:12,520 --> 00:24:16,080 Speaker 1: the laws that were already there, it would have probably 440 00:24:16,320 --> 00:24:20,040 Speaker 1: could have maybe helped prevent that new laws don't need 441 00:24:20,080 --> 00:24:21,600 Speaker 1: to be passed and the same that we have here. 442 00:24:22,800 --> 00:24:24,720 Speaker 1: What's the point of passing new laws when the old 443 00:24:24,800 --> 00:24:28,399 Speaker 1: laws were already there and they didn't work. I mean, 444 00:24:28,440 --> 00:24:33,280 Speaker 1: it's just insane um, some cryptophics say. Advocates say it 445 00:24:33,280 --> 00:24:35,760 Speaker 1: doesn't go far enough to protect certain kinds of exchanges. 446 00:24:37,400 --> 00:24:40,320 Speaker 1: But we'll see this build. A Digital Commodities Consumer Protection 447 00:24:40,359 --> 00:24:44,719 Speaker 1: Act was introduced in August UM, but it hasn't been 448 00:24:44,800 --> 00:24:47,920 Speaker 1: used yet, but it gives the Commodities Future Trading Commission 449 00:24:47,960 --> 00:24:51,760 Speaker 1: to see FTC more authority to regulate digital commodities like 450 00:24:52,080 --> 00:24:54,960 Speaker 1: f t X. The bill arrived before f t X 451 00:24:55,040 --> 00:24:58,120 Speaker 1: has collapsed, ignited fresh debate over how to protect consumers 452 00:24:58,119 --> 00:25:01,359 Speaker 1: and relatively young and untamed crypto into street. It's among 453 00:25:01,400 --> 00:25:04,360 Speaker 1: a handful of solutions lawmakers will consider as they begin 454 00:25:04,440 --> 00:25:06,360 Speaker 1: to probe the implosion of f t X with high 455 00:25:06,359 --> 00:25:08,720 Speaker 1: stakes here in this week, let me just say something 456 00:25:08,760 --> 00:25:12,720 Speaker 1: real quick. F t X was able to well. One, 457 00:25:12,840 --> 00:25:14,960 Speaker 1: they hired a bunch of people from the CFTC. So 458 00:25:15,000 --> 00:25:17,800 Speaker 1: there's two main, two main regulatory bodies in the United States, 459 00:25:17,880 --> 00:25:20,800 Speaker 1: the SEC and the CFTC. They hired a bunch of 460 00:25:20,800 --> 00:25:23,159 Speaker 1: people from the CFTC, and they gave a bunch of 461 00:25:23,160 --> 00:25:25,720 Speaker 1: money to the other people at the CFTC, you know, 462 00:25:25,840 --> 00:25:29,080 Speaker 1: buy them off. Now, as we've come to find out 463 00:25:29,359 --> 00:25:33,000 Speaker 1: from the new CEO, John Ray, who's gone there to 464 00:25:33,000 --> 00:25:36,160 Speaker 1: clean things up, he says, uh, and by the way, 465 00:25:36,200 --> 00:25:38,760 Speaker 1: he worked on the end Ron case and he said, 466 00:25:38,800 --> 00:25:40,320 Speaker 1: this is the worst he's ever seen. He says, it's 467 00:25:40,400 --> 00:25:43,879 Speaker 1: never been He's never been worse. He's it. There's there's 468 00:25:44,000 --> 00:25:46,560 Speaker 1: no way anybody could have ever done any due diligence 469 00:25:46,600 --> 00:25:49,199 Speaker 1: on this owl. Like they had one bank account. They 470 00:25:49,280 --> 00:25:51,639 Speaker 1: ran a thirty billion dollar company and they use QuickBooks. 471 00:25:52,200 --> 00:25:56,400 Speaker 1: They approved invoices using Slack with emojis, so like if 472 00:25:56,400 --> 00:25:58,560 Speaker 1: the invoice was good to be paid, they'd like a 473 00:25:58,560 --> 00:26:02,360 Speaker 1: smiley face emoji and like no joke. Um, yeah, that's 474 00:26:02,359 --> 00:26:05,280 Speaker 1: the worst case it's ever been. They didn't even have 475 00:26:05,400 --> 00:26:09,520 Speaker 1: a bank account. Ft X money when you would wire money, 476 00:26:09,520 --> 00:26:11,720 Speaker 1: f TX actually went to Alameda because FTX didn't have 477 00:26:11,760 --> 00:26:14,960 Speaker 1: a bank acount. Okay, like they didn't have a bank account, 478 00:26:15,200 --> 00:26:20,119 Speaker 1: that that nothing. And yet somehow f t X was 479 00:26:20,160 --> 00:26:24,960 Speaker 1: able to get the only, the only crypto derivative license 480 00:26:25,520 --> 00:26:31,160 Speaker 1: from the CFTC. They bought it. It's called ledger. How 481 00:26:31,200 --> 00:26:33,760 Speaker 1: were they able to get the only one? No other exchange, 482 00:26:33,760 --> 00:26:35,480 Speaker 1: no bank, no one could get it. But ft X 483 00:26:35,560 --> 00:26:41,000 Speaker 1: got it from the c FTC when they didn't even 484 00:26:41,040 --> 00:26:44,800 Speaker 1: have a bank account, when they didn't have any compliance, 485 00:26:45,880 --> 00:26:49,960 Speaker 1: was there any due diligence like at all? And I'm 486 00:26:50,000 --> 00:26:54,240 Speaker 1: just telling you that because now supposedly the CFTC wants 487 00:26:54,280 --> 00:26:58,080 Speaker 1: to be the one to regulate this. They were the 488 00:26:58,080 --> 00:27:00,480 Speaker 1: ones that gave out the derivatives license. How good of 489 00:27:00,520 --> 00:27:03,760 Speaker 1: a job that did before? I mean, you're really trying 490 00:27:03,800 --> 00:27:07,280 Speaker 1: to ask the fox to guard the henhouse here? Like literally, 491 00:27:08,720 --> 00:27:12,119 Speaker 1: they literally are the ones that just closed their eyes 492 00:27:12,240 --> 00:27:14,480 Speaker 1: and issued the license and gave it to ft X 493 00:27:14,480 --> 00:27:17,159 Speaker 1: with new no di diligence, and now they want to 494 00:27:17,240 --> 00:27:19,080 Speaker 1: argue that they should be the ones that regulate this. 495 00:27:19,160 --> 00:27:21,680 Speaker 1: I mean, it's just it's insanity. These agencies should be 496 00:27:21,680 --> 00:27:23,960 Speaker 1: shut down in disgrace in my opinion, If you're just 497 00:27:23,960 --> 00:27:25,800 Speaker 1: tuning in to listen to the Markma Show. We're talking 498 00:27:25,840 --> 00:27:30,080 Speaker 1: about the ft X fiasco. Uh, we're highlighting some of 499 00:27:30,119 --> 00:27:31,520 Speaker 1: the changes that have happened over the last week, but 500 00:27:31,560 --> 00:27:34,439 Speaker 1: more importantly, what is going to happen with some of 501 00:27:34,480 --> 00:27:37,680 Speaker 1: these laws. I'm gonna break that down and speculate about 502 00:27:37,680 --> 00:27:39,840 Speaker 1: the future. We'll be back with morena minute. Don't go away, 503 00:27:40,000 --> 00:27:41,520 Speaker 1: all right, welcome back. If you just tune in, you're 504 00:27:41,520 --> 00:27:43,520 Speaker 1: listening to the Mark Ma Show. And we're talking about 505 00:27:44,480 --> 00:27:47,760 Speaker 1: more of the f t X Sam Bankman Freed fiasco 506 00:27:47,840 --> 00:27:50,439 Speaker 1: as it continues to unfold, and more importantly, some of 507 00:27:50,440 --> 00:27:53,680 Speaker 1: the laws that are about to go in and reshape 508 00:27:53,720 --> 00:27:57,200 Speaker 1: this whole whole industry. And so I was talking about 509 00:27:57,200 --> 00:27:59,479 Speaker 1: how ridiculous it was how the CFTC says that they 510 00:27:59,520 --> 00:28:01,399 Speaker 1: want to go into regulated when they couldn't even stop 511 00:28:01,440 --> 00:28:05,720 Speaker 1: this in the first place. Um, because what he did 512 00:28:05,880 --> 00:28:09,160 Speaker 1: was already illegal. That's the thing. I mean, what good 513 00:28:09,160 --> 00:28:11,520 Speaker 1: our laws if you not gonna enforce him? And so, Um, 514 00:28:11,720 --> 00:28:14,520 Speaker 1: laws do not prevent bad people from doing bad things. 515 00:28:15,119 --> 00:28:18,399 Speaker 1: It just punishes them when they do. And so he 516 00:28:18,440 --> 00:28:21,440 Speaker 1: broke laws. Now he's gonna get punished for those bad laws. 517 00:28:22,200 --> 00:28:25,840 Speaker 1: They worked laws. You know, they should be harsh enough 518 00:28:25,840 --> 00:28:28,320 Speaker 1: where they deter people from wanting to do them, but 519 00:28:28,480 --> 00:28:31,000 Speaker 1: some people still want to do them. Uh. We don't 520 00:28:31,040 --> 00:28:33,359 Speaker 1: need new laws. We already have laws. I mean, so 521 00:28:33,400 --> 00:28:35,919 Speaker 1: it starts instead of charging them with eight um counts, 522 00:28:35,920 --> 00:28:38,960 Speaker 1: you charge them with ten counts if you had more laws. Anyway, 523 00:28:39,000 --> 00:28:41,040 Speaker 1: So let's talk about this d c c P a 524 00:28:41,280 --> 00:28:45,240 Speaker 1: bill that against Sam Bankman Fried was helping to push. 525 00:28:45,760 --> 00:28:48,280 Speaker 1: So it says that the bill would require entities to 526 00:28:48,400 --> 00:28:51,680 Speaker 1: seek that want to become digital commodity platforms to register 527 00:28:51,760 --> 00:28:55,520 Speaker 1: with the CFTC as commodities brokers. Okay, good, So now 528 00:28:55,560 --> 00:28:57,680 Speaker 1: you have to register with US. Okay, that's great. The 529 00:28:57,680 --> 00:29:01,160 Speaker 1: bill woul also established core principles that platforms must bide by, 530 00:29:01,440 --> 00:29:05,800 Speaker 1: including providing records of transactions. Okay, so they should keep records. 531 00:29:05,840 --> 00:29:07,840 Speaker 1: Now we know, see if we know ft X didn't 532 00:29:07,960 --> 00:29:11,200 Speaker 1: have good records, so maybe that would be something. The 533 00:29:11,240 --> 00:29:14,640 Speaker 1: Commission would then be the rulemaking authority on on these 534 00:29:14,680 --> 00:29:20,400 Speaker 1: types of agencies. Okay, he says the bill. Uh, the 535 00:29:20,400 --> 00:29:23,760 Speaker 1: bill wouldn't have solved any of these problems, though, he 536 00:29:23,840 --> 00:29:26,200 Speaker 1: said if ft X had been registered in the United States, 537 00:29:26,200 --> 00:29:29,840 Speaker 1: the company, Uh, maybe because the ft X company was 538 00:29:29,840 --> 00:29:32,720 Speaker 1: actually headquartered in the Bahamas. But it says, quote many 539 00:29:32,720 --> 00:29:35,240 Speaker 1: of the actions that have been allegedly perpetrated actually have 540 00:29:35,280 --> 00:29:39,320 Speaker 1: been crimes in this country for over a century. End quote. Yeah, 541 00:29:39,600 --> 00:29:42,560 Speaker 1: that's exactly my point. All this stuff was already illegal. 542 00:29:42,680 --> 00:29:46,520 Speaker 1: We don't need new laws for this. Um. It says 543 00:29:46,560 --> 00:29:49,200 Speaker 1: here that, as I said, Sam Bakeman, Freed attempted to 544 00:29:49,200 --> 00:29:51,200 Speaker 1: shape this piece of legislation in a way that would 545 00:29:51,200 --> 00:29:56,600 Speaker 1: have been detrimental to decentralized finance. And actually the bill 546 00:29:56,720 --> 00:30:00,560 Speaker 1: favors exchanges such as of course his f t X. 547 00:30:02,360 --> 00:30:05,080 Speaker 1: Neil said that bill that the bill Bankman Freed lobbied 548 00:30:05,080 --> 00:30:07,800 Speaker 1: for would quote would have built a moat around his 549 00:30:07,840 --> 00:30:11,760 Speaker 1: now defunct exchange f t X. And of course, like 550 00:30:11,800 --> 00:30:15,520 Speaker 1: I said, he was paying off the CFTC in order 551 00:30:15,560 --> 00:30:17,800 Speaker 1: to do that. We can see here it says that 552 00:30:18,360 --> 00:30:21,920 Speaker 1: um Stave Now and Committee ranking members Senator John Boozman 553 00:30:22,400 --> 00:30:26,120 Speaker 1: UM from Arkansas both were received twenty three thousand dollars 554 00:30:26,120 --> 00:30:29,880 Speaker 1: in campaign contributions from individuals at f t X. Booker 555 00:30:30,000 --> 00:30:36,440 Speaker 1: received from individuals at f t X as well. So, um, yeah, 556 00:30:36,480 --> 00:30:40,840 Speaker 1: we have laws. Ah, it's it's it's it's ridiculous. But 557 00:30:40,840 --> 00:30:43,160 Speaker 1: of course, you know what are lawmakers? What do they do? 558 00:30:43,200 --> 00:30:46,320 Speaker 1: They make laws, So they're gonna do something. Then they 559 00:30:46,400 --> 00:30:48,840 Speaker 1: got to make laws, that's what they do. But let's 560 00:30:48,880 --> 00:30:51,160 Speaker 1: look at another one, because, like I said, never let 561 00:30:51,200 --> 00:30:54,400 Speaker 1: a crisis go to waste. And this is what is, 562 00:30:54,760 --> 00:30:58,080 Speaker 1: in my opinion, the bigger motive here. So the bigger 563 00:30:58,120 --> 00:31:01,200 Speaker 1: motive is good old. This is a bit Warren sitting 564 00:31:01,240 --> 00:31:02,720 Speaker 1: in the background. Of course, you know she's going to 565 00:31:02,760 --> 00:31:04,880 Speaker 1: come out and try and do whatever she can. And 566 00:31:04,920 --> 00:31:07,440 Speaker 1: so Senator Elizabeth Warren never letting a crisis go to waste. 567 00:31:07,520 --> 00:31:09,960 Speaker 1: She wants to come out and of course save the world. 568 00:31:10,400 --> 00:31:12,240 Speaker 1: And what she wants to do is she wants to 569 00:31:12,240 --> 00:31:16,040 Speaker 1: pass a new bill in what's called a crypto money 570 00:31:16,120 --> 00:31:20,240 Speaker 1: laundrying bill. Now, the crypto money laundering bill has nothing 571 00:31:20,240 --> 00:31:23,200 Speaker 1: to do with um what just happened here, but she's 572 00:31:23,240 --> 00:31:28,880 Speaker 1: going to use the momentum of this this attack potentially 573 00:31:29,320 --> 00:31:31,720 Speaker 1: a false flag attacked and I and I hate to 574 00:31:31,760 --> 00:31:35,959 Speaker 1: say that. Look, man, uh, you know I was just 575 00:31:36,280 --> 00:31:39,160 Speaker 1: over the last couple of days I've been watching these Uh, 576 00:31:39,160 --> 00:31:42,040 Speaker 1: I was watching this document to two different documentaries. I 577 00:31:42,120 --> 00:31:44,840 Speaker 1: watched one was a Rome and it was kind of 578 00:31:45,000 --> 00:31:49,120 Speaker 1: somewhat reenacted and somewhat told as pretty cools on Netflix. Um, 579 00:31:49,160 --> 00:31:50,600 Speaker 1: and it was all about the Roman Empire and it 580 00:31:50,640 --> 00:31:55,360 Speaker 1: was specifically around like the last emperor, Um Marcus are 581 00:31:55,360 --> 00:31:57,360 Speaker 1: really is um? And then I was watching this other one, 582 00:31:57,560 --> 00:32:00,520 Speaker 1: how to become a Tyrant, and uh, that pretty cool 583 00:32:00,520 --> 00:32:02,840 Speaker 1: as well. But what was interesting about both of them 584 00:32:02,920 --> 00:32:04,520 Speaker 1: is you see that whether you go all back to 585 00:32:04,520 --> 00:32:06,520 Speaker 1: the Roman Empire or you go back to the times 586 00:32:06,560 --> 00:32:10,840 Speaker 1: of like the early nine um Man, people are just corrupt. 587 00:32:11,000 --> 00:32:14,200 Speaker 1: People are corrupt, governments corrupt, but just the way it is, right, 588 00:32:14,880 --> 00:32:20,920 Speaker 1: but I believe it's gotten worse. It's gotten way, way worse, 589 00:32:21,040 --> 00:32:24,400 Speaker 1: and we're seeing it happen more and more and so um, 590 00:32:24,560 --> 00:32:27,080 Speaker 1: you know that is what's happening here. We can see 591 00:32:27,120 --> 00:32:30,400 Speaker 1: here Elizabeth Warren, she's just waiting for something like this 592 00:32:30,440 --> 00:32:34,400 Speaker 1: to happen. And we always knew that anybody that anybody 593 00:32:34,440 --> 00:32:37,600 Speaker 1: that's opposed or thinks cryptocurrencies are fat or won't last, 594 00:32:37,600 --> 00:32:41,320 Speaker 1: probably their number one argument would be that, well, the 595 00:32:41,360 --> 00:32:45,320 Speaker 1: government would never allow a competing type of money out there, right, 596 00:32:45,640 --> 00:32:48,640 Speaker 1: the central bankers will never allow anything to compete with them. 597 00:32:48,840 --> 00:32:52,000 Speaker 1: Look at Momar Kadafi or Saddam Hussein. When you try 598 00:32:52,000 --> 00:32:54,160 Speaker 1: to go against the dollar system, what happened to them? Right? 599 00:32:54,800 --> 00:32:58,200 Speaker 1: And so everybody knew there would be this battle, and 600 00:32:58,240 --> 00:33:00,720 Speaker 1: of course there will be. And here it comes, good 601 00:33:00,720 --> 00:33:05,040 Speaker 1: old Elizabeth Warren, Democratic from Massachusetts. UM. They've introduced a 602 00:33:05,080 --> 00:33:08,520 Speaker 1: bill to crackdown on money laundering because money laundering is bad, 603 00:33:08,880 --> 00:33:11,720 Speaker 1: and financing of terrorists, because yes, financing of terrorists is 604 00:33:11,760 --> 00:33:15,480 Speaker 1: bad using cryptocurrencies. Now, why does that to be using cryptocurrencies? Again? 605 00:33:15,560 --> 00:33:19,600 Speaker 1: We already have laws against financing terrorists. Do we need 606 00:33:19,640 --> 00:33:22,560 Speaker 1: to make one for cryptocurrencies now? And they're calling the 607 00:33:22,600 --> 00:33:26,160 Speaker 1: Digital Asset Anti Money Laundering Act, which sounds great like 608 00:33:26,240 --> 00:33:29,440 Speaker 1: to Save the Puppies Act, And it would bring no 609 00:33:29,640 --> 00:33:32,640 Speaker 1: your customer rules to crypto participants such as wallet providers 610 00:33:32,640 --> 00:33:36,040 Speaker 1: and miners, and prohibit financial institutions from transacting with digital 611 00:33:36,040 --> 00:33:39,440 Speaker 1: asset mixers, which are tools designed to obfuscate the origin 612 00:33:39,480 --> 00:33:42,320 Speaker 1: of funds. And so basically what they're saying is that 613 00:33:43,560 --> 00:33:47,560 Speaker 1: what they want in this new Digital Asset Anti Money 614 00:33:47,640 --> 00:33:54,560 Speaker 1: Laundering Act is every single person in the cryptocurrency ecosystem, 615 00:33:54,560 --> 00:33:56,840 Speaker 1: whether you're a minor, so you run a high powered 616 00:33:56,840 --> 00:33:59,200 Speaker 1: computer that just helps process in transactions, or you wrote 617 00:33:59,240 --> 00:34:01,520 Speaker 1: a piece of code that now being used to route something, 618 00:34:01,800 --> 00:34:04,600 Speaker 1: or you have a server somewhere on Amazon Web Services 619 00:34:04,640 --> 00:34:08,279 Speaker 1: that routes traffic, or wherever, wherever it is, it is 620 00:34:08,320 --> 00:34:11,799 Speaker 1: going to have to capture or make sure that every 621 00:34:11,800 --> 00:34:15,320 Speaker 1: transaction has a k y C or Know your Customer attached. 622 00:34:16,160 --> 00:34:20,080 Speaker 1: Including The biggest revolution of bitcoin is that I can 623 00:34:20,120 --> 00:34:22,360 Speaker 1: custody my own bitcoin, which means I can hold it, 624 00:34:22,400 --> 00:34:24,279 Speaker 1: I can have my own wallet, and if I want 625 00:34:24,280 --> 00:34:26,880 Speaker 1: to send it to you, you can have your own wallet, 626 00:34:26,960 --> 00:34:28,480 Speaker 1: and there's nobody in the middle that can stop at 627 00:34:28,480 --> 00:34:33,760 Speaker 1: block it to prevent it. It's great, it's revolutionary, it's amazing. 628 00:34:34,760 --> 00:34:36,880 Speaker 1: Not for the government. The government doesn't want that, and 629 00:34:36,920 --> 00:34:39,920 Speaker 1: so they want to have this know your Customer peace 630 00:34:40,280 --> 00:34:45,120 Speaker 1: put into every single piece of that. So every single participant, 631 00:34:45,400 --> 00:34:49,719 Speaker 1: the wallet provider, the miners, they would want them to 632 00:34:49,960 --> 00:34:55,960 Speaker 1: have to capture that information, which is impossible. It's not possible. 633 00:34:56,719 --> 00:35:00,000 Speaker 1: There's no way to build that in, which is exactly 634 00:35:00,120 --> 00:35:02,960 Speaker 1: their points. If they can enforce some sort of a 635 00:35:03,080 --> 00:35:06,759 Speaker 1: rule that's not possible. That means you can't even engage 636 00:35:06,800 --> 00:35:09,799 Speaker 1: in any of that operation because there's no way to 637 00:35:09,880 --> 00:35:12,680 Speaker 1: engage in that operation and comply with the rule at 638 00:35:12,719 --> 00:35:16,160 Speaker 1: the same time. See how that works. So basically what 639 00:35:16,239 --> 00:35:19,640 Speaker 1: they're saying is this whole segment of the market, this 640 00:35:19,719 --> 00:35:23,400 Speaker 1: whole new technology, you just can't even do it because 641 00:35:23,760 --> 00:35:29,400 Speaker 1: you can't comply with what we want, because this brand new, 642 00:35:29,600 --> 00:35:36,279 Speaker 1: brown gray, groundbreaking revolutionary technology can't be used in this 643 00:35:36,360 --> 00:35:38,920 Speaker 1: way that they the seventy year old person has made 644 00:35:38,960 --> 00:35:41,719 Speaker 1: up in their mind. You just can't. You just can't 645 00:35:41,800 --> 00:35:47,360 Speaker 1: use it. I'm just highlighting the insanity of this, the 646 00:35:47,400 --> 00:35:52,360 Speaker 1: insanity of this. This act would allow the Financial Crimes 647 00:35:52,440 --> 00:35:55,600 Speaker 1: Enforcement Network de FINCING to implement a proposed rule requiring 648 00:35:55,600 --> 00:36:00,480 Speaker 1: institutions to report certain transactions involved with involving unhosted wallets. 649 00:36:01,280 --> 00:36:02,840 Speaker 1: While on the host wall, it would be where the 650 00:36:02,920 --> 00:36:09,160 Speaker 1: user has complete control over the contents. Um Concerns over 651 00:36:09,160 --> 00:36:11,280 Speaker 1: the use of crypto to facilitate money laundering and terrorist 652 00:36:11,320 --> 00:36:14,719 Speaker 1: financing are are frequently aired by lawmakers or regulators, and 653 00:36:14,719 --> 00:36:17,080 Speaker 1: are often used to highlight the need for more robust 654 00:36:17,160 --> 00:36:23,160 Speaker 1: regulation of the digital asset industry. Of course, so if 655 00:36:23,840 --> 00:36:26,600 Speaker 1: you can only give us control over everything you can do, 656 00:36:27,239 --> 00:36:30,160 Speaker 1: if you can only give us every single shred of 657 00:36:30,320 --> 00:36:36,120 Speaker 1: privacy that you have. If you can just you know, 658 00:36:36,280 --> 00:36:40,000 Speaker 1: live in a cage forever, then we can promise you safety. 659 00:36:40,560 --> 00:36:44,240 Speaker 1: See how that works. It's always for your safety because 660 00:36:44,640 --> 00:36:46,960 Speaker 1: terrorism is bad. I don't want terrorism. I don't want 661 00:36:47,000 --> 00:36:49,560 Speaker 1: my shopping center to get blown up, and neither do you, 662 00:36:50,680 --> 00:36:53,600 Speaker 1: so we'll all just go along with that. But you 663 00:36:53,640 --> 00:36:57,319 Speaker 1: see how this FTX thing is now being used to 664 00:36:57,440 --> 00:37:00,319 Speaker 1: push this piece of legislation that had no thing to 665 00:37:00,360 --> 00:37:03,680 Speaker 1: do with it. The more you know anyway, you're listening 666 00:37:03,680 --> 00:37:06,080 Speaker 1: to the Markmas Show. That's what I got for you today. 667 00:37:06,120 --> 00:37:06,840 Speaker 1: Thanks for listening.