1 00:00:00,040 --> 00:00:02,440 Speaker 1: Hello, and welcome to another episode of The Mark Moss Show, 2 00:00:02,440 --> 00:00:05,720 Speaker 1: where of course we're always talking about the decentralized revolution, 3 00:00:05,760 --> 00:00:08,479 Speaker 1: the way the world is changing right before our very eyes. 4 00:00:08,520 --> 00:00:09,719 Speaker 1: Of course, as we always looking at it through the 5 00:00:09,760 --> 00:00:13,760 Speaker 1: lens of politics, finance, and technology, we're looking at those 6 00:00:13,800 --> 00:00:16,200 Speaker 1: three things together so we can have a better context 7 00:00:16,200 --> 00:00:16,640 Speaker 1: to what. 8 00:00:16,600 --> 00:00:17,680 Speaker 2: Is going on in the world. 9 00:00:17,680 --> 00:00:21,400 Speaker 1: And today I got a big show up for you. 10 00:00:21,600 --> 00:00:23,279 Speaker 1: We have lots of cover. We are going to talk 11 00:00:23,320 --> 00:00:27,920 Speaker 1: about the bucket shops of bitcoin and the crypto crash. 12 00:00:27,960 --> 00:00:30,080 Speaker 2: We're going to talk about the SEC and. 13 00:00:30,080 --> 00:00:33,680 Speaker 1: The attack on bitcoin, crypto regulations and let you know 14 00:00:33,840 --> 00:00:36,800 Speaker 1: what is happening and more importantly, what is coming next, 15 00:00:37,000 --> 00:00:38,680 Speaker 1: so you know how to position yourself, how to frame 16 00:00:38,720 --> 00:00:40,600 Speaker 1: this up, how to watch, how to pay attention and yes, 17 00:00:40,800 --> 00:00:43,040 Speaker 1: survive and thrive as this is going on. 18 00:00:43,040 --> 00:00:45,880 Speaker 2: So we're going to cover all of that and more. 19 00:00:46,479 --> 00:00:49,440 Speaker 1: So. It's good to be back with you. I took 20 00:00:49,440 --> 00:00:51,560 Speaker 1: a little break. I had a bunch of interviews playing 21 00:00:51,600 --> 00:00:54,200 Speaker 1: for you guys. The last previously, I spent some time 22 00:00:54,200 --> 00:00:57,440 Speaker 1: over in Europe. That was pretty amazing, going and seeing 23 00:00:57,600 --> 00:01:00,800 Speaker 1: all that old history. I'm gonna go back into some 24 00:01:00,880 --> 00:01:02,279 Speaker 1: history for you today. I'm not going to go back 25 00:01:02,280 --> 00:01:05,240 Speaker 1: as far as we went in Europe. I managed to 26 00:01:05,280 --> 00:01:09,800 Speaker 1: get through Rome, Florence some with that amazing financial history 27 00:01:09,840 --> 00:01:13,240 Speaker 1: that happened in Florence, kind of the birthplace of modern finance. 28 00:01:13,560 --> 00:01:15,440 Speaker 1: And then we went over to Egypt and I saw 29 00:01:15,480 --> 00:01:18,919 Speaker 1: the Pyramids and those are like twenty seven hundred years 30 00:01:18,959 --> 00:01:21,160 Speaker 1: before Christ. So we're not going to go back that far, 31 00:01:21,240 --> 00:01:22,679 Speaker 1: but we're going to go back a little bit to 32 00:01:22,680 --> 00:01:26,639 Speaker 1: get this a historical context of the SEC. Now, the SEC, 33 00:01:26,720 --> 00:01:32,559 Speaker 1: the Security Exchange Commission, they are there to protect you. Supposedly. 34 00:01:32,800 --> 00:01:36,840 Speaker 1: They're there to protect the consumer. Supposedly, and I say 35 00:01:36,880 --> 00:01:39,120 Speaker 1: supposedly because it doesn't seem like they ever protect anybody. 36 00:01:39,160 --> 00:01:40,959 Speaker 1: As a matter of fact, it seems like they do 37 00:01:41,040 --> 00:01:43,440 Speaker 1: more harm than good in my opinion. We're going to 38 00:01:43,440 --> 00:01:44,959 Speaker 1: talk about that in a little bit. But the SEC 39 00:01:45,040 --> 00:01:50,280 Speaker 1: hasn't been around forever. Securities and Exchange Commission. They protect 40 00:01:50,440 --> 00:01:54,080 Speaker 1: us from making bad investments, I suppose. Although we can 41 00:01:54,120 --> 00:01:55,920 Speaker 1: go buy as many lottery tickets as we want, and 42 00:01:55,960 --> 00:01:57,720 Speaker 1: that's certainly a bad investment. We can go to Vegas, 43 00:01:57,760 --> 00:01:59,400 Speaker 1: we can gamble as much as we want, and that's 44 00:01:59,400 --> 00:02:02,240 Speaker 1: certainly a bad investment, but we got to protect you 45 00:02:02,280 --> 00:02:04,640 Speaker 1: from investing into these companies. And so the SEC was 46 00:02:04,720 --> 00:02:08,040 Speaker 1: established in nineteen thirty four in the aftermath of the 47 00:02:08,120 --> 00:02:11,800 Speaker 1: nineteen twenty nine stock market crash, which then you know, 48 00:02:11,960 --> 00:02:14,040 Speaker 1: was the Great Depression and all that. And like I said, 49 00:02:14,080 --> 00:02:16,799 Speaker 1: it's primary function is to protect consumers, and it does 50 00:02:16,800 --> 00:02:23,400 Speaker 1: that by enforcing securities laws, by regulated securities industry to 51 00:02:23,560 --> 00:02:28,160 Speaker 1: maintain efficient markets and things like that. Now, you know, 52 00:02:28,880 --> 00:02:30,400 Speaker 1: there was a lot of bad things that had happened. 53 00:02:30,440 --> 00:02:32,160 Speaker 1: There's a lot of fraud. There's a lot of fraudulent 54 00:02:32,200 --> 00:02:35,120 Speaker 1: things going on, and so they were going to clean 55 00:02:35,160 --> 00:02:38,120 Speaker 1: that up, supposedly, And you know, like most government bodies, 56 00:02:38,120 --> 00:02:41,560 Speaker 1: I would imagine they started probably I try to give 57 00:02:41,560 --> 00:02:42,920 Speaker 1: them the benefit of the doubt. They probably started with 58 00:02:42,960 --> 00:02:45,959 Speaker 1: some good intentions and along the way that has gone 59 00:02:46,000 --> 00:02:48,919 Speaker 1: into some very bad intention As a matter of fact, 60 00:02:49,320 --> 00:02:51,799 Speaker 1: we'll talk about this in some later segments about Gary 61 00:02:51,840 --> 00:02:52,880 Speaker 1: ginsli head of the SEC. 62 00:02:52,960 --> 00:02:54,960 Speaker 2: Now, but the SEC. 63 00:02:54,639 --> 00:02:59,360 Speaker 1: Put forth, you know, a set of guidelines that these 64 00:02:59,360 --> 00:03:03,240 Speaker 1: financial and tament should follow. One of the things that 65 00:03:03,280 --> 00:03:05,960 Speaker 1: they did is that they put together something called the 66 00:03:06,040 --> 00:03:07,720 Speaker 1: how We Test. You might have heard about this before, 67 00:03:07,720 --> 00:03:09,560 Speaker 1: I've talked about it many times before. The how we 68 00:03:09,639 --> 00:03:11,800 Speaker 1: Test is a way to determine if something is a 69 00:03:11,840 --> 00:03:17,400 Speaker 1: security or not. Now this came a part by as 70 00:03:17,440 --> 00:03:21,359 Speaker 1: a matter of fact, it was ruled about some citrus 71 00:03:21,400 --> 00:03:25,400 Speaker 1: farms in Florida like one hundred years ago. So you know, 72 00:03:25,480 --> 00:03:28,560 Speaker 1: people would argue that it doesn't really apply to cryptocurrencies 73 00:03:28,600 --> 00:03:31,560 Speaker 1: because it was so far back in the past, et cetera. 74 00:03:31,919 --> 00:03:33,959 Speaker 1: And I want to break that down for you. So basically, 75 00:03:34,000 --> 00:03:37,400 Speaker 1: what the how we Test says is four things. One 76 00:03:38,120 --> 00:03:42,040 Speaker 1: is it an investment of money. Now, what determines what 77 00:03:42,080 --> 00:03:44,480 Speaker 1: an investment is, Well, typically it's when you put money 78 00:03:44,480 --> 00:03:47,080 Speaker 1: in and you're hoping to get more money back out. Now, 79 00:03:47,640 --> 00:03:51,240 Speaker 1: the crypto companies would argue that they're not securities, they're 80 00:03:51,240 --> 00:03:55,640 Speaker 1: not investments their utilities, except for the fact that most 81 00:03:55,640 --> 00:03:57,760 Speaker 1: people put money into hopefully get money back out. And 82 00:03:57,840 --> 00:04:01,880 Speaker 1: then it says invested into numbers to a common enterprise. 83 00:04:02,320 --> 00:04:05,120 Speaker 1: So that's a company, a common enterprise, a company that 84 00:04:05,360 --> 00:04:10,040 Speaker 1: is able to you know, direct that. Three with an 85 00:04:10,080 --> 00:04:12,400 Speaker 1: expectation of profit. So again we put money in an 86 00:04:12,440 --> 00:04:15,840 Speaker 1: investment hoping to get money back out plus a profit. 87 00:04:16,279 --> 00:04:18,479 Speaker 1: And again most people that block cryptocurrencies were hoping to 88 00:04:18,480 --> 00:04:20,760 Speaker 1: get more money out than they put in. And finally, 89 00:04:20,839 --> 00:04:23,919 Speaker 1: for one in three investment of money three with the 90 00:04:23,920 --> 00:04:26,040 Speaker 1: expectation of profit are kind of the same two and 91 00:04:26,080 --> 00:04:29,200 Speaker 1: four in a common enterprise, and four to be derived 92 00:04:29,200 --> 00:04:33,360 Speaker 1: from the efforts of others from that common enterprise. So 93 00:04:33,680 --> 00:04:36,240 Speaker 1: that is the how we test. And again it's you 94 00:04:36,279 --> 00:04:39,080 Speaker 1: one hundred years old and applied to citrus farms, but 95 00:04:39,320 --> 00:04:43,919 Speaker 1: it applies to all forms of financial offerings, which is 96 00:04:43,960 --> 00:04:49,159 Speaker 1: again what the SEC uses to determine if it's a security, 97 00:04:49,480 --> 00:04:54,880 Speaker 1: if it qualifies as an investment contract. Now, going back 98 00:04:54,920 --> 00:04:58,360 Speaker 1: to the eighteen hundreds, the early nineteen hundreds, really back 99 00:04:58,400 --> 00:05:01,400 Speaker 1: to before the formation of the SEC, what we had 100 00:05:01,440 --> 00:05:04,320 Speaker 1: o were these things called bucket shops. And these bucket 101 00:05:04,320 --> 00:05:08,400 Speaker 1: shops were basically betting parlors that allowed customers to go 102 00:05:08,480 --> 00:05:12,960 Speaker 1: place wagers on the price and movement of stocks, so 103 00:05:13,160 --> 00:05:15,920 Speaker 1: sort of like a casino, no different. 104 00:05:15,560 --> 00:05:16,680 Speaker 2: Than what we have today. 105 00:05:17,040 --> 00:05:18,240 Speaker 1: It was just a little bit more of the wild 106 00:05:18,240 --> 00:05:21,159 Speaker 1: wild West, and it allowed people to go basically place 107 00:05:21,320 --> 00:05:25,240 Speaker 1: wagers on the price of stocks without actually owning them. 108 00:05:25,640 --> 00:05:29,279 Speaker 1: So today we place wagers on the movement of stocks, 109 00:05:29,400 --> 00:05:31,760 Speaker 1: but we have to buy it. So we buy that 110 00:05:31,839 --> 00:05:33,880 Speaker 1: stock with hopes that it will go up and we 111 00:05:33,880 --> 00:05:36,159 Speaker 1: can sell it for more later, or we might short 112 00:05:36,200 --> 00:05:38,320 Speaker 1: it hoping that it goes down. But this would allow 113 00:05:38,360 --> 00:05:41,720 Speaker 1: people to bet on it without actually owning it. Now, 114 00:05:41,839 --> 00:05:43,800 Speaker 1: what that did is that you didn't have a lot 115 00:05:43,839 --> 00:05:45,600 Speaker 1: of skin in the game, and so it led to 116 00:05:46,080 --> 00:05:50,719 Speaker 1: a rampant speculation. You had lots of speculations as people 117 00:05:50,920 --> 00:05:54,600 Speaker 1: gambling speculations, and then it had a lot of market manipulation. 118 00:05:54,720 --> 00:05:56,840 Speaker 1: So then of course, when there's a lot of participants 119 00:05:56,839 --> 00:05:59,239 Speaker 1: in the market betting on this, then you have people 120 00:05:59,279 --> 00:06:02,480 Speaker 1: trying to manipulate this. Now, betting markets like in sports, 121 00:06:02,480 --> 00:06:04,760 Speaker 1: for example, are a lot harder to manipulate, very hard 122 00:06:04,800 --> 00:06:07,640 Speaker 1: to manipulate the outcome of a football game, for example, 123 00:06:07,640 --> 00:06:10,719 Speaker 1: because there's so many people involved. Boxing, maybe you have 124 00:06:10,760 --> 00:06:12,880 Speaker 1: like one guy throw the fight, but football will be 125 00:06:12,960 --> 00:06:15,960 Speaker 1: much harder. But in the stock market it'd be much 126 00:06:16,000 --> 00:06:18,640 Speaker 1: easier to manipulate the price of those things. You had 127 00:06:18,640 --> 00:06:20,640 Speaker 1: a lot of that, and then eventually that led to 128 00:06:20,880 --> 00:06:25,239 Speaker 1: market crashes, which eventually led to the outline of these 129 00:06:25,320 --> 00:06:28,640 Speaker 1: bucket shops or these parlors where they could bet on this. 130 00:06:30,160 --> 00:06:32,840 Speaker 1: So that's kind of the difference. Now. The reason why 131 00:06:32,880 --> 00:06:35,160 Speaker 1: I go back in that is I want to kind 132 00:06:35,200 --> 00:06:39,080 Speaker 1: of highlight how it went before and then the SEC 133 00:06:39,240 --> 00:06:42,479 Speaker 1: coming into coming in to regulate that, and then I 134 00:06:42,520 --> 00:06:46,000 Speaker 1: want to compare that because you know, history doesn't necessarily repeat, 135 00:06:46,240 --> 00:06:49,320 Speaker 1: but it rhymes. So we're not seeing the exact same thing, 136 00:06:49,960 --> 00:06:53,120 Speaker 1: except for we are. It's not an exact repeat, but 137 00:06:53,160 --> 00:06:55,719 Speaker 1: it's definitely a rhyme, and that is the rhyme in 138 00:06:55,760 --> 00:06:58,800 Speaker 1: the crypto industry today. So sort of like the bucket 139 00:06:58,800 --> 00:07:01,559 Speaker 1: shops of the past, we had people betting on these, 140 00:07:01,600 --> 00:07:05,640 Speaker 1: which led to rampant speculation and then led to rampant 141 00:07:05,680 --> 00:07:11,560 Speaker 1: manipulation because there wasn't this oversight of the government body 142 00:07:11,880 --> 00:07:17,600 Speaker 1: more specifically potential threat of getting in trouble if somebody 143 00:07:17,600 --> 00:07:20,600 Speaker 1: did something wrong, and this led to this wild speculation, 144 00:07:20,680 --> 00:07:24,240 Speaker 1: rampant manipulation. And that's exactly what we've seen in the 145 00:07:24,240 --> 00:07:27,920 Speaker 1: crypto industry today. So the crypto industry was allowed to 146 00:07:28,040 --> 00:07:31,160 Speaker 1: kind of, I don't want to say it was allowed, 147 00:07:31,400 --> 00:07:36,760 Speaker 1: we'll say it was left alone to be kind of 148 00:07:36,800 --> 00:07:39,520 Speaker 1: manipulated or so to speak. And so there's a lot 149 00:07:39,560 --> 00:07:43,040 Speaker 1: of parallels in that. Now it's new and so it's 150 00:07:43,080 --> 00:07:45,880 Speaker 1: heavily manipulated. It's a small market. Now, if you're tuned in, 151 00:07:46,000 --> 00:07:48,679 Speaker 1: you're listening to the Mark Mass Show, we're talking about 152 00:07:48,880 --> 00:07:52,200 Speaker 1: the rhymes of history, looking at the crypto and the 153 00:07:52,200 --> 00:07:54,920 Speaker 1: bitcoin market and what you can expect moving forward. I'm 154 00:07:54,920 --> 00:07:56,880 Speaker 1: gonna take a quick break, but I'm gonna be right back. 155 00:07:56,880 --> 00:07:57,520 Speaker 1: You don't want to miss it. 156 00:07:57,560 --> 00:07:59,480 Speaker 2: I'll be right back, all right, Welcome back. 157 00:07:59,480 --> 00:08:00,880 Speaker 1: If you're just tune and you were listening to the 158 00:08:00,880 --> 00:08:03,840 Speaker 1: Mark Mass Show, of course we are talking always about 159 00:08:03,840 --> 00:08:07,680 Speaker 1: the decentralized revolution, which of course is politics, finance, and technology, 160 00:08:07,720 --> 00:08:11,160 Speaker 1: and that technology is bitcoin, the decentralized technology. And today 161 00:08:11,160 --> 00:08:14,880 Speaker 1: we're talking about the crypto and the bitcoin markets and 162 00:08:14,920 --> 00:08:17,080 Speaker 1: how when we look at history we can see that 163 00:08:17,120 --> 00:08:22,360 Speaker 1: they're not just rhyming, they're almost repeating, almost exactly. And 164 00:08:22,400 --> 00:08:25,160 Speaker 1: we were talking about kind of the historical context. I'm 165 00:08:25,200 --> 00:08:26,640 Speaker 1: not going to go back through that. If you've missed 166 00:08:26,640 --> 00:08:28,120 Speaker 1: any of it, don't worry. I got your back. You 167 00:08:28,160 --> 00:08:30,480 Speaker 1: can check it out on the podcast. Just search the 168 00:08:30,480 --> 00:08:32,719 Speaker 1: Mark Maus Show on your favorite podcast player. You can 169 00:08:32,720 --> 00:08:34,080 Speaker 1: go back and listen to the rest of it. By 170 00:08:34,120 --> 00:08:36,520 Speaker 1: the way, I have a favor to ask? Can I 171 00:08:36,559 --> 00:08:38,520 Speaker 1: ask something of you? You know, I've been putting out 172 00:08:38,520 --> 00:08:39,959 Speaker 1: a bunch of content for you guys here, and i'd 173 00:08:40,000 --> 00:08:43,280 Speaker 1: have one small ask if you could, please on your 174 00:08:43,320 --> 00:08:46,680 Speaker 1: podcast player just hit the review and leave me a 175 00:08:46,880 --> 00:08:49,719 Speaker 1: review and some stars if you like the show, if 176 00:08:49,720 --> 00:08:53,080 Speaker 1: you'd like to help me out, really really really be appreciated. Okay, 177 00:08:53,120 --> 00:08:55,440 Speaker 1: So going back to this, we talked about the historical 178 00:08:55,520 --> 00:08:57,320 Speaker 1: context of this, but now let's take a look at 179 00:08:57,360 --> 00:09:00,920 Speaker 1: how does this compare to the crypto industry of today. So, 180 00:09:00,960 --> 00:09:02,679 Speaker 1: as I kind of already said, the crypto industry kind 181 00:09:02,679 --> 00:09:08,160 Speaker 1: of ran rampant and allowed this massive speculation and massive manipulation, 182 00:09:08,520 --> 00:09:10,120 Speaker 1: just like we saw in the bucket shops of the 183 00:09:10,200 --> 00:09:15,040 Speaker 1: LA eighteen hundreds early nineteenth century, and we saw the 184 00:09:15,120 --> 00:09:17,920 Speaker 1: exact same thing in the crypto industry, and it was 185 00:09:17,960 --> 00:09:21,760 Speaker 1: sort of left alone. The sec just left it alone. 186 00:09:22,280 --> 00:09:26,520 Speaker 1: They didn't really cracked down a couple real you know, 187 00:09:26,720 --> 00:09:28,719 Speaker 1: extravagant cases maybe, but for the most part, they just 188 00:09:28,760 --> 00:09:31,160 Speaker 1: sort of left alone, and it grew bigger and bigger 189 00:09:31,200 --> 00:09:33,280 Speaker 1: and bigger and bigger. And of course, you know, I've 190 00:09:33,320 --> 00:09:35,199 Speaker 1: been very vocal about this walking you through this for 191 00:09:35,280 --> 00:09:36,959 Speaker 1: the last year a year and a half now kind 192 00:09:36,960 --> 00:09:39,040 Speaker 1: of giving you the play by play as it's been happening. 193 00:09:40,520 --> 00:09:43,440 Speaker 1: And I told you that, you know, after the collapse, 194 00:09:43,480 --> 00:09:45,520 Speaker 1: the domino effect of all the companies going down, from 195 00:09:45,559 --> 00:09:49,080 Speaker 1: Tara Luna to Celsius to FTX. After that, the SEC 196 00:09:49,200 --> 00:09:51,600 Speaker 1: looked so bad. Gary Gensler, the head of the SEC, 197 00:09:51,760 --> 00:09:54,000 Speaker 1: you know, had egg on his face. He was going 198 00:09:54,040 --> 00:09:56,480 Speaker 1: to have to come out swinging. He was going to 199 00:09:56,559 --> 00:09:58,679 Speaker 1: have to come out with a vengeance against these companies 200 00:09:58,760 --> 00:10:01,800 Speaker 1: so he could try to reclaim any type of credibility. 201 00:10:02,400 --> 00:10:06,440 Speaker 1: And you know, like most things, he was going to overreact. 202 00:10:06,480 --> 00:10:09,520 Speaker 1: And that certainly seems like what he's done. And I 203 00:10:09,679 --> 00:10:12,400 Speaker 1: even said that, you know what I think he would do, 204 00:10:13,040 --> 00:10:16,080 Speaker 1: wouldn't just go after He really can't go after the 205 00:10:16,160 --> 00:10:19,560 Speaker 1: twenty two or twenty five thousand cryptocurrencies that are out there, 206 00:10:19,640 --> 00:10:21,880 Speaker 1: whatever it is. So instead what he'll do is he'll 207 00:10:21,920 --> 00:10:24,600 Speaker 1: go after the exchanges, and if you can shut down 208 00:10:24,600 --> 00:10:27,679 Speaker 1: a couple exchanges, he can basically regulate the whole industry. 209 00:10:27,880 --> 00:10:31,360 Speaker 1: And that's exactly what he's done. He's been going hard 210 00:10:31,600 --> 00:10:36,560 Speaker 1: after the exchanges and specifically some of the big US ones, 211 00:10:36,559 --> 00:10:40,679 Speaker 1: including Coinbase and binance, which I'm going to come back 212 00:10:40,720 --> 00:10:43,360 Speaker 1: to in a minute. But what we're starting to see 213 00:10:43,600 --> 00:10:50,000 Speaker 1: is that, you know, cryptocurrencies, bitcoin aren't global assets. And 214 00:10:50,040 --> 00:10:51,880 Speaker 1: it's important to understand this because a lot of times 215 00:10:51,920 --> 00:10:54,480 Speaker 1: what happens is we look at this from a lens 216 00:10:54,480 --> 00:10:57,720 Speaker 1: that we have, typically based on our geography. So we're 217 00:10:57,760 --> 00:10:59,079 Speaker 1: in the United States and we look at this from 218 00:10:59,080 --> 00:11:01,760 Speaker 1: a very US central viewpoint. I talk to people all 219 00:11:01,800 --> 00:11:04,160 Speaker 1: the time who get really caught up and they say, oh, 220 00:11:04,200 --> 00:11:06,720 Speaker 1: but what if the FED does this, or the government 221 00:11:06,800 --> 00:11:09,720 Speaker 1: does this, or if the FED raises rates, then people 222 00:11:09,760 --> 00:11:12,439 Speaker 1: won't buy as much bitcoin. But that's all assuming you're 223 00:11:12,520 --> 00:11:15,640 Speaker 1: viewing it from a US centric view. So what if 224 00:11:15,679 --> 00:11:18,880 Speaker 1: the US virtue outlawed. I don't think that's going to happen, 225 00:11:19,040 --> 00:11:21,080 Speaker 1: but let's just say that they did, well, it will 226 00:11:21,120 --> 00:11:24,160 Speaker 1: still live in the rest of the world. If the 227 00:11:24,200 --> 00:11:26,120 Speaker 1: FED wants to raise the race, the economy crashes, people 228 00:11:26,200 --> 00:11:28,240 Speaker 1: know US don't buy it, but other people in the 229 00:11:28,280 --> 00:11:30,360 Speaker 1: world still will. So you have to make sure that 230 00:11:30,440 --> 00:11:33,760 Speaker 1: you're checking yourself checking that lens. And it's important to 231 00:11:33,800 --> 00:11:38,080 Speaker 1: understand this global perspective because it's shifting really fast. As 232 00:11:38,200 --> 00:11:41,079 Speaker 1: Gary Gensler and the SEC are coming hard, full guns 233 00:11:41,120 --> 00:11:46,280 Speaker 1: blazing at the cryptocurrency industry, which is basically kind of 234 00:11:46,360 --> 00:11:48,120 Speaker 1: shutting it down at least putting it on pause and 235 00:11:48,160 --> 00:11:52,520 Speaker 1: United States for now, it's starting to gain steam in 236 00:11:52,600 --> 00:11:54,840 Speaker 1: other countries. This is what we call game theory, and 237 00:11:54,880 --> 00:11:57,760 Speaker 1: the game theory is that while you may try to 238 00:11:57,800 --> 00:12:00,200 Speaker 1: shut it down, you're probably only going to damn to 239 00:12:00,240 --> 00:12:03,480 Speaker 1: affect yourself because other people will get ahead. And that's 240 00:12:03,520 --> 00:12:05,599 Speaker 1: exactly what we're starting to see. And we're starting to 241 00:12:05,600 --> 00:12:09,040 Speaker 1: see that there's different regulatory approaches that are happening in 242 00:12:09,080 --> 00:12:12,240 Speaker 1: these different regions. Obviously, like we said, we talked about 243 00:12:12,240 --> 00:12:16,760 Speaker 1: the SEC in the United States using these existing securities laws, 244 00:12:17,000 --> 00:12:19,640 Speaker 1: but what we're starting to see in other countries is 245 00:12:19,640 --> 00:12:23,680 Speaker 1: that they're starting to change some of these regulations in 246 00:12:23,720 --> 00:12:27,200 Speaker 1: the way that they're approaching the regulations on these But 247 00:12:27,400 --> 00:12:30,880 Speaker 1: in the US, while the SEC has basically come out 248 00:12:30,920 --> 00:12:33,960 Speaker 1: super heavy handed taking down every company in its path, 249 00:12:34,640 --> 00:12:39,280 Speaker 1: they're starting to give access and permission to some companies 250 00:12:39,760 --> 00:12:42,360 Speaker 1: and so we're starting to see some of them, like 251 00:12:42,400 --> 00:12:45,440 Speaker 1: there's this one, Prometheum. It's the first crypto company that 252 00:12:45,559 --> 00:12:49,280 Speaker 1: registered with the SEC as a broker dealer. Now it's 253 00:12:49,280 --> 00:12:51,959 Speaker 1: important to note that they raised fifty million dollars from 254 00:12:51,960 --> 00:12:56,080 Speaker 1: investors and they never launched a product, but yet here 255 00:12:56,120 --> 00:13:01,080 Speaker 1: they are having approval. We also see that the SEC 256 00:13:01,440 --> 00:13:06,400 Speaker 1: approved a two time leveraged bitcoin futures ETF. That just happened, 257 00:13:06,640 --> 00:13:10,320 Speaker 1: so now the SEC has sort of given permission to that. Now, 258 00:13:10,720 --> 00:13:13,280 Speaker 1: that is a bad idea. In my opinion. Bitcoin is 259 00:13:13,320 --> 00:13:16,320 Speaker 1: way too volatile, It moves way too fast. It is 260 00:13:16,440 --> 00:13:19,880 Speaker 1: not safe to trade bitcoin with leverage. I don't recommend it, 261 00:13:20,040 --> 00:13:22,800 Speaker 1: and I think they're only setting up for problems. It's 262 00:13:23,160 --> 00:13:26,480 Speaker 1: you know, the SEC is supposed to be looking out 263 00:13:26,520 --> 00:13:30,600 Speaker 1: for consumer protection, but all their actions show the contrary. So, 264 00:13:30,640 --> 00:13:33,440 Speaker 1: for example, they want to protect you from crypto, but 265 00:13:33,520 --> 00:13:36,480 Speaker 1: by attacking them, they've sent the prices plummeting and people 266 00:13:36,520 --> 00:13:39,880 Speaker 1: that were sitting on all these nice investment gains lost 267 00:13:39,920 --> 00:13:43,480 Speaker 1: it all. So in order to protect you, they made 268 00:13:43,520 --> 00:13:46,400 Speaker 1: everybody broke. It doesn't seem like that works out very well, 269 00:13:46,840 --> 00:13:49,800 Speaker 1: and so that's kind of what we're seeing here. And 270 00:13:49,880 --> 00:13:54,240 Speaker 1: by them, they haven't approved a physical bitcoin ETF, meaning 271 00:13:54,280 --> 00:13:58,880 Speaker 1: where the ETF exchange trade fund actually buys bitcoin, but 272 00:13:58,960 --> 00:14:03,560 Speaker 1: they have approved ones that trade on paper, but that 273 00:14:03,800 --> 00:14:07,240 Speaker 1: just allows for more manipulation, which is the thing they're 274 00:14:07,280 --> 00:14:10,360 Speaker 1: supposed to be getting rid of. They're supposed to get 275 00:14:10,440 --> 00:14:13,880 Speaker 1: rid of the speculation manipulation, but the ones they've approved 276 00:14:14,200 --> 00:14:17,680 Speaker 1: only speculate because they don't buy physical And now they've 277 00:14:17,720 --> 00:14:21,760 Speaker 1: approved a two time leveraged one, which again two times 278 00:14:21,840 --> 00:14:25,920 Speaker 1: leverage is even for two times the speculation and manipulation. 279 00:14:26,520 --> 00:14:30,080 Speaker 1: So while their statements say that they're supposed to protect 280 00:14:30,080 --> 00:14:35,160 Speaker 1: against manipulation and speculation, their actions show the exact opposite. 281 00:14:36,040 --> 00:14:39,120 Speaker 1: Now we've seen in the UK they have something different. 282 00:14:39,120 --> 00:14:43,160 Speaker 1: They have the Financial Conduct Authority FCA. Now they've banned 283 00:14:43,200 --> 00:14:47,200 Speaker 1: the cell of crypto derivatives to retail customers, citing potential harm, 284 00:14:47,320 --> 00:14:50,160 Speaker 1: and they would be right about that. We've seen in 285 00:14:50,360 --> 00:14:52,640 Speaker 1: Hong Kong, and this is maybe one of the biggest 286 00:14:52,680 --> 00:14:56,160 Speaker 1: pieces of overlooked information in my opinion. Hong Kong is 287 00:14:56,280 --> 00:15:01,400 Speaker 1: now part of China, and China, which posedly banned cryptocurrencies 288 00:15:01,440 --> 00:15:03,960 Speaker 1: and bitcoin a long time ago, is now allowing Hong 289 00:15:04,040 --> 00:15:09,880 Speaker 1: Kong to set up exchanges to sell bitcoin and thereby 290 00:15:10,200 --> 00:15:12,880 Speaker 1: giving access to all the Chinese people. That's a big 291 00:15:12,920 --> 00:15:15,200 Speaker 1: piece that is being overlooked. I talked about it a 292 00:15:15,240 --> 00:15:17,480 Speaker 1: couple of weeks ago on the radio, So if you're 293 00:15:17,480 --> 00:15:20,040 Speaker 1: tuning in every week, then you already know that. But 294 00:15:20,080 --> 00:15:21,760 Speaker 1: I think that's a really really big piece. And what 295 00:15:21,800 --> 00:15:24,320 Speaker 1: we're seeing is as the US is really really really 296 00:15:24,360 --> 00:15:27,720 Speaker 1: cracking down hard, we're starting to see these other areas 297 00:15:27,760 --> 00:15:31,080 Speaker 1: picking it up, like China and Hong Kong. Hong Kong 298 00:15:31,160 --> 00:15:33,600 Speaker 1: is the financial gateway for China, So I think it's. 299 00:15:33,480 --> 00:15:34,760 Speaker 2: Really big to see that. 300 00:15:34,920 --> 00:15:37,720 Speaker 1: While this is the game theory, if the US wants 301 00:15:37,800 --> 00:15:41,280 Speaker 1: to be overarching and they want to shut it down 302 00:15:41,280 --> 00:15:44,600 Speaker 1: and they want to prevent American companies from innovating, Americans 303 00:15:44,640 --> 00:15:47,160 Speaker 1: from getting involved, well that's fine. Other countries will just 304 00:15:47,200 --> 00:15:50,240 Speaker 1: get ahead. If you're just tune in, you're listening to 305 00:15:50,280 --> 00:15:52,080 Speaker 1: the Mark Mas Show. Of course, we're always talking about 306 00:15:52,080 --> 00:15:54,720 Speaker 1: the decentralized revolution, and we're talking about the way the 307 00:15:54,760 --> 00:15:58,080 Speaker 1: world is literally starting to break apart because of these 308 00:15:58,120 --> 00:16:01,600 Speaker 1: heavy handed regulations that each one are trying to implement 309 00:16:01,720 --> 00:16:03,640 Speaker 1: on their own. I got a lot more to cover 310 00:16:03,680 --> 00:16:05,560 Speaker 1: when I come back. I want to talk about what's 311 00:16:05,560 --> 00:16:07,680 Speaker 1: going on with the two biggest exchange. I want to 312 00:16:07,680 --> 00:16:10,280 Speaker 1: talk about finance. I want to talk about coinbase. Then 313 00:16:10,280 --> 00:16:13,200 Speaker 1: we're going to talk about what we can expect moving forward, 314 00:16:13,240 --> 00:16:17,880 Speaker 1: what the industry expectations are, what we could expect moving forward, 315 00:16:19,000 --> 00:16:22,120 Speaker 1: some big, big, big news of big players that got 316 00:16:22,160 --> 00:16:24,400 Speaker 1: involved in the space, and things that you should just 317 00:16:24,440 --> 00:16:26,440 Speaker 1: generally know if you want to navigate this properly. So 318 00:16:26,480 --> 00:16:28,440 Speaker 1: I'm going to cover all of that and more. If 319 00:16:28,440 --> 00:16:30,440 Speaker 1: you're just tune in, like I said, you're listening to 320 00:16:30,440 --> 00:16:31,960 Speaker 1: the Mark Mah Show. Im I take a quick break. 321 00:16:32,040 --> 00:16:35,720 Speaker 1: I'll be right back. While you're waiting, you can hit 322 00:16:35,720 --> 00:16:37,600 Speaker 1: that like and review button. All right, I'll be right back. 323 00:16:37,760 --> 00:16:38,440 Speaker 1: Don't go away, all. 324 00:16:38,440 --> 00:16:38,960 Speaker 2: Right, welcome back. 325 00:16:38,960 --> 00:16:40,400 Speaker 1: If you're just tune in, you are listening to the 326 00:16:40,400 --> 00:16:42,280 Speaker 1: Mark mass Show. Of course, we're always talking about the 327 00:16:42,280 --> 00:16:47,840 Speaker 1: decentralized revolution. Today we're talking specifically about how history doesn't 328 00:16:48,040 --> 00:16:50,440 Speaker 1: we say in Mark Twain said it doesn't repeat, it rhymes. 329 00:16:50,640 --> 00:16:52,600 Speaker 1: In this case, it's almost repeating. We were talking about 330 00:16:52,600 --> 00:16:57,960 Speaker 1: the kind of the historical context of the early nineteen hundreds, 331 00:16:58,000 --> 00:17:01,640 Speaker 1: late eighteen hundreds, the bucket shops, how stocks were bet 332 00:17:01,680 --> 00:17:04,760 Speaker 1: on in this kind of wild wild West, unregulated market. 333 00:17:05,080 --> 00:17:07,960 Speaker 1: The SEC stepped in and we saw the same thing 334 00:17:08,000 --> 00:17:10,760 Speaker 1: happen with crypto where it was traded kind of in 335 00:17:10,800 --> 00:17:13,600 Speaker 1: this wild wild West format on all these different exchanges. 336 00:17:13,680 --> 00:17:16,719 Speaker 1: And then finally the SEC has stepped in. Now two 337 00:17:16,800 --> 00:17:20,320 Speaker 1: of the biggest companies to really come under scrutiny. Remember, 338 00:17:20,359 --> 00:17:22,199 Speaker 1: like I said, I told you it wouldn't be that 339 00:17:22,240 --> 00:17:24,880 Speaker 1: the twenty five thousand cryptocurrencies coming under attack. It would 340 00:17:24,920 --> 00:17:27,720 Speaker 1: really be the exchanges because they're kind of the lynch pins. 341 00:17:27,760 --> 00:17:29,399 Speaker 1: If they can take out a couple exchanges, they can 342 00:17:29,480 --> 00:17:32,880 Speaker 1: sort of curb this whole thing. Now two companies to 343 00:17:32,920 --> 00:17:37,480 Speaker 1: the largest exchange, the large cryptocurrency exchange, Binance, sort of 344 00:17:37,480 --> 00:17:40,440 Speaker 1: this last man standing after all the other dominoes fell 345 00:17:40,560 --> 00:17:43,840 Speaker 1: FTX went down and Binance is the last one and 346 00:17:44,280 --> 00:17:48,680 Speaker 1: they have come under the crosshairs of the SEC basically 347 00:17:48,680 --> 00:17:53,360 Speaker 1: with full guns blazing. Now the details of Binance are 348 00:17:53,440 --> 00:17:56,080 Speaker 1: sort of murky. We know that it was founded in 349 00:17:56,080 --> 00:18:01,400 Speaker 1: twenty seventeen by Chengping Zao or CZ as he's known, 350 00:18:02,200 --> 00:18:04,960 Speaker 1: and they've become the world's largest cryptocurrency, but we don't 351 00:18:05,040 --> 00:18:09,000 Speaker 1: know where CZ is really from. He's like a Chinese national, 352 00:18:09,080 --> 00:18:13,080 Speaker 1: but he's like Canadian, and the exchange was set up 353 00:18:13,119 --> 00:18:17,000 Speaker 1: offshore but we don't really know exactly where the you know, 354 00:18:17,200 --> 00:18:21,560 Speaker 1: where it's incorporated. We do know it's not a US 355 00:18:21,680 --> 00:18:25,120 Speaker 1: based company. We also know CZ is not a US citizen. 356 00:18:25,640 --> 00:18:28,040 Speaker 1: We don't know exactly where they're from. He hasn't really 357 00:18:28,080 --> 00:18:32,520 Speaker 1: been forthcoming to that, which leads a lot to leaves 358 00:18:32,520 --> 00:18:35,199 Speaker 1: a lot to be imagined, such as what jurisdictions does 359 00:18:35,280 --> 00:18:39,399 Speaker 1: the United States and the SEC really even have against 360 00:18:39,400 --> 00:18:42,199 Speaker 1: somebody who's not a US citizen and is not a 361 00:18:42,359 --> 00:18:45,080 Speaker 1: US based company. So we're going to really find out 362 00:18:45,119 --> 00:18:48,400 Speaker 1: how long the arm of the US law really is. 363 00:18:48,680 --> 00:18:50,359 Speaker 1: But some of the allegations that have been made against 364 00:18:50,359 --> 00:18:55,040 Speaker 1: Finance are basically that they were operating without proper licenses. Well, 365 00:18:55,200 --> 00:18:57,760 Speaker 1: of course because there are no proper licenses to have, 366 00:18:58,520 --> 00:19:02,159 Speaker 1: so yeah, I guess so they supposedly they were misleading users, 367 00:19:03,119 --> 00:19:07,040 Speaker 1: they were conducting unregistered trading activities, which I think kind 368 00:19:07,040 --> 00:19:09,719 Speaker 1: of fits into the first one without proper licenses, And 369 00:19:09,760 --> 00:19:13,359 Speaker 1: in particular, they emphasize the US Department of Justice, the DOJ, 370 00:19:13,680 --> 00:19:19,480 Speaker 1: and the IRS investigation for potential illegal transactions. Now, some 371 00:19:19,600 --> 00:19:22,360 Speaker 1: of these things that Finance has been doing to try 372 00:19:22,359 --> 00:19:25,720 Speaker 1: to kind of maneuver around this is trying to shift 373 00:19:25,880 --> 00:19:29,120 Speaker 1: back into a crypto only model. So if you kind 374 00:19:29,119 --> 00:19:32,200 Speaker 1: of understand the way this cryptocurrency market started, you understand 375 00:19:32,200 --> 00:19:34,440 Speaker 1: that a lot of these well not a lot, all 376 00:19:34,480 --> 00:19:38,040 Speaker 1: of these cryptocurrency companies or exchanges I should say, started 377 00:19:38,119 --> 00:19:43,320 Speaker 1: by only trading cryptocurrencies, meaning there was no US dollars. 378 00:19:43,720 --> 00:19:46,200 Speaker 1: So these crypto exchanges that popped up that allow you 379 00:19:46,240 --> 00:19:49,199 Speaker 1: to trade these crypto tokens, you had no way to 380 00:19:49,400 --> 00:19:54,840 Speaker 1: send them dollars, which is two things. One, that's how 381 00:19:54,840 --> 00:19:58,840 Speaker 1: these US dollar stable coins really got started. People needed 382 00:19:59,000 --> 00:20:01,320 Speaker 1: they wanted a way to trade in and out of 383 00:20:01,359 --> 00:20:05,120 Speaker 1: this cryptotoken back into dollars. But these these these exchanges 384 00:20:05,119 --> 00:20:07,359 Speaker 1: didn't have dollars, They didn't deal with dollars, and so 385 00:20:07,480 --> 00:20:10,679 Speaker 1: these stable coin tokens were created in its place so 386 00:20:10,720 --> 00:20:14,000 Speaker 1: they could be traded in place of dollars on these exchanges. Now, 387 00:20:14,040 --> 00:20:17,680 Speaker 1: why didn't these exchanges have dollars because they didn't want 388 00:20:17,720 --> 00:20:20,760 Speaker 1: to deal with the US regulatory bodies. So it's really 389 00:20:20,800 --> 00:20:24,280 Speaker 1: these fiat, these fiat currencies, these dollars on and off 390 00:20:24,359 --> 00:20:29,120 Speaker 1: ramps that pose these big problems. And so what we're 391 00:20:29,160 --> 00:20:31,080 Speaker 1: seeing is now Binance is saying, Okay, what we'll do 392 00:20:31,119 --> 00:20:35,000 Speaker 1: is we'll just shift back, get away from dollars, forget 393 00:20:35,000 --> 00:20:37,119 Speaker 1: about these fiat on offrams, forget about these regulations. 394 00:20:37,160 --> 00:20:37,840 Speaker 2: We'll just go back to. 395 00:20:37,800 --> 00:20:41,320 Speaker 1: A crypto only position. They've also said they're going to 396 00:20:41,359 --> 00:20:44,960 Speaker 1: step up regulatory compliance through measures such as, you know, 397 00:20:45,080 --> 00:20:50,159 Speaker 1: hiring X regulators, implementing stronger KYC, know your customer, and 398 00:20:50,320 --> 00:20:54,240 Speaker 1: AML anti money laundering measures. Like I said, going back 399 00:20:54,280 --> 00:20:58,600 Speaker 1: to a crypto only exchange. And somehow they think they 400 00:20:58,640 --> 00:21:02,399 Speaker 1: can distance themselves from financial services that put them under 401 00:21:02,440 --> 00:21:07,600 Speaker 1: this US jurisdiction and you know, more stringent regulatory bodies. Now, 402 00:21:08,119 --> 00:21:11,400 Speaker 1: what are the implications of that move? Well, one, if 403 00:21:11,400 --> 00:21:14,000 Speaker 1: they move away from the US, then the US has 404 00:21:14,080 --> 00:21:15,840 Speaker 1: less control. So it's kind of this game of cat 405 00:21:15,880 --> 00:21:19,520 Speaker 1: and mouse. You know, do you want to keep them 406 00:21:19,680 --> 00:21:22,639 Speaker 1: close so you still have some say some influencing regulations, 407 00:21:22,720 --> 00:21:25,720 Speaker 1: or do you want to kind of completely push them offshore. 408 00:21:27,400 --> 00:21:29,760 Speaker 1: So we'll see, and this is this is this is 409 00:21:29,840 --> 00:21:31,800 Speaker 1: yet to be seen. This is playing out in real time. 410 00:21:31,840 --> 00:21:32,000 Speaker 2: Now. 411 00:21:32,040 --> 00:21:36,680 Speaker 1: We know that Binance had come under fire years ago 412 00:21:37,640 --> 00:21:42,160 Speaker 1: for allowing US customers on the platform, and so they 413 00:21:42,200 --> 00:21:46,240 Speaker 1: put in a bunch of measures to prevent US customers 414 00:21:46,359 --> 00:21:48,960 Speaker 1: from using the platform, and they even spun off a 415 00:21:49,000 --> 00:21:53,560 Speaker 1: subsidiary called Binance US which was specifically just for US 416 00:21:53,640 --> 00:21:56,320 Speaker 1: based customers, and through that, US customers had to go 417 00:21:56,400 --> 00:21:58,760 Speaker 1: through all types of compliance, you know, back to what 418 00:21:58,800 --> 00:22:02,119 Speaker 1: I said, kyc am, et cetera. So you had Binance 419 00:22:02,400 --> 00:22:06,000 Speaker 1: US that was supposedly kind of falling in this US 420 00:22:06,080 --> 00:22:09,520 Speaker 1: jurisdiction and compliance, and then you had binance which was 421 00:22:10,160 --> 00:22:15,000 Speaker 1: international that didn't allow US customers. Now we also have Coinbase. 422 00:22:15,040 --> 00:22:18,080 Speaker 1: Now Coinbase is the largest exchange in the United States. 423 00:22:18,880 --> 00:22:23,760 Speaker 1: They were founded in twenty twelve by Brian Armstrong and 424 00:22:23,840 --> 00:22:25,560 Speaker 1: they were just a bitcoin exchange and then they went 425 00:22:25,600 --> 00:22:27,679 Speaker 1: to cryptocurrency. And I really want to kind of just 426 00:22:27,720 --> 00:22:30,240 Speaker 1: stress that for a second that you hear me say, 427 00:22:30,280 --> 00:22:31,560 Speaker 1: and you hear lots of other people say all the 428 00:22:31,560 --> 00:22:35,040 Speaker 1: time Bitcoin not cryptocurrency. And the reason why we say 429 00:22:35,040 --> 00:22:38,159 Speaker 1: bitcoin not cryptocurrency isn't that we're saying that bitcoin is 430 00:22:38,320 --> 00:22:41,000 Speaker 1: not a cryptocurrency. We're just saying that when we talk 431 00:22:41,000 --> 00:22:43,000 Speaker 1: about bitcoin, we're talking about bitcoin, we talk about crypto, 432 00:22:43,000 --> 00:22:46,320 Speaker 1: we're talking about everything other than bitcoin. And the reason 433 00:22:46,359 --> 00:22:48,679 Speaker 1: why it's important to understand that is because bitcoin is 434 00:22:48,960 --> 00:22:53,520 Speaker 1: unlike it's completely different than every other cryptocurrency that's out there. 435 00:22:54,040 --> 00:22:59,320 Speaker 1: Bitcoin is a commodity, as has been told by head 436 00:22:59,320 --> 00:23:01,280 Speaker 1: of the SEC G against there now. The previous head 437 00:23:01,280 --> 00:23:03,560 Speaker 1: of the SEC J. Clayton, also said the same thing. 438 00:23:03,960 --> 00:23:07,320 Speaker 1: But we also know it's a it's a it's a commodity. 439 00:23:07,320 --> 00:23:09,359 Speaker 1: Not because they've said that, well, obviously they have. We 440 00:23:09,400 --> 00:23:11,520 Speaker 1: know that because they have, We know they consider that, 441 00:23:11,600 --> 00:23:13,960 Speaker 1: but also because the way that it's generated. A commodity 442 00:23:14,000 --> 00:23:19,920 Speaker 1: is something that is doesn't have a central issuer. So 443 00:23:20,119 --> 00:23:23,280 Speaker 1: a commodity might be wheat, it might be oil, it 444 00:23:23,320 --> 00:23:25,879 Speaker 1: might be oranges, it might be gold. Now, with gold 445 00:23:26,000 --> 00:23:28,639 Speaker 1: or oil or wheat, you go buy a piece of 446 00:23:28,720 --> 00:23:31,160 Speaker 1: land and you dig for oil, you dig for gold, 447 00:23:31,200 --> 00:23:34,160 Speaker 1: you plant seeds for oranges, and anybody in the world 448 00:23:34,200 --> 00:23:37,080 Speaker 1: can dig for oil or gold or plant oranges anywhere 449 00:23:37,080 --> 00:23:39,480 Speaker 1: in the world. There's no central issue or the earth, 450 00:23:39,800 --> 00:23:42,159 Speaker 1: the earth. They just grow. They're just there, right, so 451 00:23:42,240 --> 00:23:44,520 Speaker 1: I bring them up. And no matter where that orange 452 00:23:44,600 --> 00:23:46,520 Speaker 1: or that that wheat, or that gold or that oil 453 00:23:46,640 --> 00:23:51,320 Speaker 1: is produced in the world, it's fungible. Oil's oil, gold's gold, right, 454 00:23:51,680 --> 00:23:53,840 Speaker 1: and bitcoin is the same way. There's no central issuer. 455 00:23:54,160 --> 00:23:57,040 Speaker 1: There's no there's no company, there's no there's no governing body. 456 00:23:57,760 --> 00:23:59,760 Speaker 1: Anybody can buy a computer, hook into the network and 457 00:24:00,040 --> 00:24:03,000 Speaker 1: ring bitcoin into the ecosystem, just like you can with 458 00:24:03,000 --> 00:24:07,040 Speaker 1: oil or gold. All the other cryptocurrencies have this central issuer. 459 00:24:07,080 --> 00:24:11,680 Speaker 1: So that's the big differentiator there. But basically coinbases under 460 00:24:11,680 --> 00:24:14,959 Speaker 1: fire as well, and they're saying that, you know, they 461 00:24:15,000 --> 00:24:17,440 Speaker 1: had this lend product, and this lend product offers yield 462 00:24:17,520 --> 00:24:19,960 Speaker 1: on a crypto deposits and that's the security, which is 463 00:24:19,960 --> 00:24:23,440 Speaker 1: the same thing they got block Fi on and Blockfi 464 00:24:23,520 --> 00:24:26,560 Speaker 1: had paid some massive fine on that because they're yield 465 00:24:26,640 --> 00:24:30,119 Speaker 1: product qualified as a security. They also said that Coinbase 466 00:24:30,200 --> 00:24:33,399 Speaker 1: is acting as an unregistered broker. They also said that 467 00:24:33,440 --> 00:24:40,520 Speaker 1: they're selling unregistered securities and Coinbase is ready to fight 468 00:24:40,560 --> 00:24:43,679 Speaker 1: this thing, and Brian Armstrong has been pretty upfront about this. 469 00:24:44,960 --> 00:24:49,640 Speaker 1: You know, I'm kind of conflicted on this viewpoint one. 470 00:24:49,920 --> 00:24:54,080 Speaker 1: You know, most of these cryptocurrencies are scams and they 471 00:24:54,200 --> 00:24:56,560 Speaker 1: shouldn't be out there scamming people. I'm not happy about that. 472 00:24:58,040 --> 00:25:02,120 Speaker 1: But we're seeing big lawsuits from XRP, Ripple and Coinbase 473 00:25:02,160 --> 00:25:03,439 Speaker 1: and they're going to go off to the sec and 474 00:25:03,480 --> 00:25:06,000 Speaker 1: so it's like, on one hand, I'm rooting for them 475 00:25:06,040 --> 00:25:08,240 Speaker 1: to defeat the SEC. On the other hand, I'd like 476 00:25:08,240 --> 00:25:09,560 Speaker 1: to see them to kind of shut down and stop 477 00:25:09,560 --> 00:25:12,159 Speaker 1: scamming people. So we'll see how this plays out. It's 478 00:25:12,200 --> 00:25:14,600 Speaker 1: sort of interesting. A lot of them are pointing to 479 00:25:14,600 --> 00:25:19,679 Speaker 1: the fact that there's no regulatory clarity, and it's the ambiguity. 480 00:25:19,720 --> 00:25:21,960 Speaker 1: It's the lack of clarity with the regulations that have 481 00:25:22,000 --> 00:25:24,600 Speaker 1: allowed all this to run rampant. Now, some might argue, 482 00:25:24,640 --> 00:25:28,080 Speaker 1: including myself, would say, well, it seems pretty clear to me. 483 00:25:28,840 --> 00:25:34,200 Speaker 1: There's four things. Does somebody give money with an expectation 484 00:25:34,320 --> 00:25:36,639 Speaker 1: of a return and are they giving it to a 485 00:25:36,680 --> 00:25:40,119 Speaker 1: common enterprise where the results are dependent on that common 486 00:25:40,240 --> 00:25:45,000 Speaker 1: enterprise And in most of the cryptocurrencies, the answer is yes. 487 00:25:45,400 --> 00:25:46,640 Speaker 1: So while everyone's saying we. 488 00:25:46,560 --> 00:25:49,560 Speaker 2: Need more clarity, we need more clarity, we need better. 489 00:25:49,359 --> 00:25:52,320 Speaker 1: Regulations, it's like you have the clarity, you just don't 490 00:25:52,320 --> 00:25:53,720 Speaker 1: want to accept it. You're hoping you can get a 491 00:25:53,760 --> 00:25:54,359 Speaker 1: different answer. 492 00:25:54,600 --> 00:25:54,919 Speaker 2: Anyway. 493 00:25:54,920 --> 00:25:56,880 Speaker 1: If youre just tune in you're listening to the Markmas Show. 494 00:25:56,920 --> 00:25:59,399 Speaker 1: We're talking about the decentralized Revolution and talking about the 495 00:25:59,400 --> 00:26:02,679 Speaker 1: way the crypto so industry is under attack. From the SEC. 496 00:26:02,840 --> 00:26:04,280 Speaker 1: I'm gonna take a quick break, but when I come back, 497 00:26:04,280 --> 00:26:07,200 Speaker 1: I'm going to talk about what to expect moving forward, 498 00:26:07,480 --> 00:26:09,239 Speaker 1: what to expect from the industry, what to expect from 499 00:26:09,240 --> 00:26:10,800 Speaker 1: cryptocurrencies and the SEC. 500 00:26:10,880 --> 00:26:11,760 Speaker 2: I'm going to cover that more. 501 00:26:11,800 --> 00:26:12,560 Speaker 1: Don't go away, I'll be. 502 00:26:12,760 --> 00:26:15,360 Speaker 2: Back, all right, Welcome back. 503 00:26:15,359 --> 00:26:16,720 Speaker 1: If you're just tuning in and you're listening to the 504 00:26:16,760 --> 00:26:19,640 Speaker 1: Markmas Show, we're talking about, of course each and every week, 505 00:26:19,640 --> 00:26:23,240 Speaker 1: the decentralized revolution. We're talking about specifically today, we're talking 506 00:26:23,280 --> 00:26:28,399 Speaker 1: about the cryptocurrency market. We're talking about the historical parallels 507 00:26:28,960 --> 00:26:32,200 Speaker 1: of the SEC coming in heavy handed and shutting things down, 508 00:26:32,640 --> 00:26:35,000 Speaker 1: and now we're going to talk about where things are going. 509 00:26:35,080 --> 00:26:36,879 Speaker 1: If you've missed any of that previous conversation, I'm not 510 00:26:36,880 --> 00:26:38,399 Speaker 1: going to recap at all, but you can catch it 511 00:26:38,480 --> 00:26:40,919 Speaker 1: up on the podcast. Just search the Markromas Show on 512 00:26:40,960 --> 00:26:43,320 Speaker 1: your favorite podcast player. Now, let me ask you a 513 00:26:43,359 --> 00:26:45,760 Speaker 1: quick favor. Please, please, please, please please, if you can 514 00:26:45,840 --> 00:26:48,159 Speaker 1: while you're listening on your favorite podcast player, just like 515 00:26:48,240 --> 00:26:51,520 Speaker 1: the show. I'm sorry, just comment and rate on the show. 516 00:26:51,760 --> 00:26:55,400 Speaker 1: Really appreciate that. It's my one small ask if I 517 00:26:55,400 --> 00:26:57,520 Speaker 1: if I can please have that from you. All right, 518 00:26:57,560 --> 00:27:00,600 Speaker 1: Now back to what is the industry expect? What am 519 00:27:00,640 --> 00:27:03,280 Speaker 1: I expecting? What should you be watching and expecting? So 520 00:27:03,320 --> 00:27:06,399 Speaker 1: let's talk about that. So right now we're in the 521 00:27:06,480 --> 00:27:09,080 Speaker 1: thick of this. The SEC has come out full guns blazing. 522 00:27:09,359 --> 00:27:12,399 Speaker 1: They are coming super hard after all these cryptocurrencies and 523 00:27:12,440 --> 00:27:15,320 Speaker 1: they're trying to shut them down. Now you've heard me 524 00:27:15,359 --> 00:27:19,440 Speaker 1: talking many times about these warring factions in the country, 525 00:27:19,440 --> 00:27:21,639 Speaker 1: in the nation, in the United States, and even around 526 00:27:21,680 --> 00:27:22,520 Speaker 1: the world. 527 00:27:22,920 --> 00:27:23,960 Speaker 2: And really we can. 528 00:27:23,880 --> 00:27:26,919 Speaker 1: See that in the United States we have two warring 529 00:27:27,000 --> 00:27:29,040 Speaker 1: factions when it comes to this, and one of them 530 00:27:29,160 --> 00:27:36,199 Speaker 1: is very, very very anti tech, anti innovation, and that 531 00:27:36,400 --> 00:27:41,600 Speaker 1: is Senator Elizabeth Warren. That's Gary Gensler, all right, And 532 00:27:41,920 --> 00:27:43,960 Speaker 1: there's a few others there, and then we have those 533 00:27:44,000 --> 00:27:48,280 Speaker 1: that are very pro innovation and pro technology. Now I 534 00:27:48,320 --> 00:27:51,080 Speaker 1: would say that Elizabeth Warren and Gary Gensler are also 535 00:27:51,200 --> 00:27:53,840 Speaker 1: part of the Obama Biden administration, which is also I 536 00:27:53,880 --> 00:27:57,200 Speaker 1: would lump them together with the ECB Euro Davos Group. 537 00:27:57,840 --> 00:28:02,199 Speaker 1: None of them want innovation, none of them want change. 538 00:28:02,320 --> 00:28:07,720 Speaker 1: Why well, because innovation and change threatens their monopoly. So 539 00:28:08,320 --> 00:28:11,320 Speaker 1: there's something called creative destruction. Creativestructure is when when something 540 00:28:11,400 --> 00:28:15,320 Speaker 1: new is created, it destroys the old way, like Kodak. 541 00:28:15,520 --> 00:28:17,880 Speaker 1: Codek had been making film for one hundred years, over 542 00:28:17,920 --> 00:28:21,960 Speaker 1: one hundred years, and then just like that, digital cameras 543 00:28:22,040 --> 00:28:24,080 Speaker 1: put them out of business, or digital photos put them 544 00:28:24,080 --> 00:28:26,320 Speaker 1: out of business. Really, it was when when the average 545 00:28:26,359 --> 00:28:28,920 Speaker 1: Nokia coaphone could take a picture, and so. 546 00:28:29,160 --> 00:28:30,520 Speaker 2: They didn't want that to happen. 547 00:28:31,440 --> 00:28:35,320 Speaker 1: Kodak did not want innovation to happen because it eventually 548 00:28:35,320 --> 00:28:38,320 Speaker 1: put them out of business. Christine Laguard, formerly of the IMF, 549 00:28:38,560 --> 00:28:42,000 Speaker 1: currently with the ECB European Central Bank. Christine Leaguard said 550 00:28:43,160 --> 00:28:48,600 Speaker 1: innovation is a threat to our financial stability. That's her quote. 551 00:28:48,680 --> 00:28:51,320 Speaker 1: Innovation is a threat to our financial stability. 552 00:28:51,640 --> 00:28:52,480 Speaker 2: Well it is. 553 00:28:52,800 --> 00:28:58,720 Speaker 1: She's not wrong. It's a threat to their financial monopoly. Right, 554 00:28:59,080 --> 00:29:03,920 Speaker 1: Innovation is a good thing. Innovation only only happens because 555 00:29:03,960 --> 00:29:07,840 Speaker 1: it's better. If it wasn't better, you wouldn't go to it. Right, 556 00:29:08,960 --> 00:29:11,760 Speaker 1: It's only it only happens if it's better. We should 557 00:29:11,800 --> 00:29:14,959 Speaker 1: all want a better product, We should all want better service, 558 00:29:15,000 --> 00:29:19,520 Speaker 1: better prices, better products. But just like Kodak, they didn't 559 00:29:19,520 --> 00:29:21,360 Speaker 1: want digital photos because it put them out of business. 560 00:29:21,400 --> 00:29:24,440 Speaker 1: Just like Christineleguard. The ECB doesn't want cryptocurrency because it 561 00:29:24,520 --> 00:29:29,480 Speaker 1: threatens their financial stability or their financial grip, which is 562 00:29:29,480 --> 00:29:32,520 Speaker 1: the same with Gary Gensler at the SEC and Elizabeth Warren. 563 00:29:32,880 --> 00:29:36,520 Speaker 1: They don't want this. Now we can see that the SEC, 564 00:29:36,680 --> 00:29:40,960 Speaker 1: even within themselves, has in fighting. So Gary Gensler is 565 00:29:41,040 --> 00:29:44,800 Speaker 1: very anti tech, very anti innovation, but there are people 566 00:29:44,880 --> 00:29:48,560 Speaker 1: in the SEC that are pro innovation as they should be, 567 00:29:49,360 --> 00:29:53,760 Speaker 1: as they should be. Hester Pierce, I think was given 568 00:29:53,800 --> 00:29:56,960 Speaker 1: the nickname like Crypto Grandma or something like that. She 569 00:29:57,080 --> 00:30:01,440 Speaker 1: came out with with fangs, going after garigans. They're saying, basically, 570 00:30:01,520 --> 00:30:06,800 Speaker 1: you are destroying innovation. You're destroying the US's position as 571 00:30:06,840 --> 00:30:09,520 Speaker 1: an innovator. So we've seen that and we can see 572 00:30:09,520 --> 00:30:11,920 Speaker 1: that there's a lot of this infighting happening. One of 573 00:30:11,960 --> 00:30:14,800 Speaker 1: the biggest cases in the cryptocurrency space is with Ripple 574 00:30:15,200 --> 00:30:20,680 Speaker 1: and the XRP token, and again I think crypto I 575 00:30:20,720 --> 00:30:24,280 Speaker 1: think I think Ripple is. Forgive me for saying this, 576 00:30:24,320 --> 00:30:27,240 Speaker 1: you're going to hate it, but I think Ripple's unneeded, 577 00:30:27,280 --> 00:30:29,360 Speaker 1: It's unnecessary. I don't think it's going to go anywhere. 578 00:30:30,400 --> 00:30:31,920 Speaker 1: But they have a lot of money in their fighting 579 00:30:31,920 --> 00:30:33,640 Speaker 1: the SEC, and so I'm kind of rooting for him 580 00:30:33,640 --> 00:30:35,520 Speaker 1: in that standpoint because I'd like to see the SEC 581 00:30:35,560 --> 00:30:37,520 Speaker 1: shut down. But what they have is they have something 582 00:30:37,520 --> 00:30:40,280 Speaker 1: called the Henman documents, and William Henman is a former 583 00:30:40,320 --> 00:30:43,440 Speaker 1: director at the SEC, and in twenty eighteen he gave 584 00:30:43,480 --> 00:30:45,920 Speaker 1: a speech where he suggested that cryptocurrencies like Bitcoin and 585 00:30:45,920 --> 00:30:51,280 Speaker 1: ethereum were not securities. Now, the SEC deny their involvement 586 00:30:51,280 --> 00:30:53,440 Speaker 1: in that speech. They said, no, no, he was acting alone. 587 00:30:53,720 --> 00:30:56,280 Speaker 1: That that was his, that was his opinions. That wasn't 588 00:30:56,920 --> 00:30:59,680 Speaker 1: that wasn't reflective of the SEC. But now we have 589 00:30:59,680 --> 00:31:02,840 Speaker 1: the docs and now we see that many SEC officials 590 00:31:02,880 --> 00:31:05,360 Speaker 1: actually weighed in on the speech and believe that the 591 00:31:05,440 --> 00:31:09,440 Speaker 1: goal was to provide market guidance by delivering the speech. 592 00:31:10,800 --> 00:31:12,920 Speaker 1: So what does that mean, Well, some say it is, 593 00:31:12,960 --> 00:31:14,720 Speaker 1: some say it isn't, But we have the documents and 594 00:31:14,760 --> 00:31:15,200 Speaker 1: say it is. 595 00:31:15,400 --> 00:31:17,720 Speaker 2: And what it does. What it does for sure. 596 00:31:17,560 --> 00:31:20,880 Speaker 1: Is it discredits the SEC and shows they have no 597 00:31:21,000 --> 00:31:23,440 Speaker 1: idea what they're doing when they're regulating a crypto. They're 598 00:31:23,480 --> 00:31:26,240 Speaker 1: literally making this up as they go along. 599 00:31:26,720 --> 00:31:27,640 Speaker 2: And they can't do that. 600 00:31:27,720 --> 00:31:30,160 Speaker 1: They can't give to two different decisions, they can't give 601 00:31:30,160 --> 00:31:31,080 Speaker 1: two different ways to do that. 602 00:31:31,440 --> 00:31:33,880 Speaker 2: And like I said, we can see this really kind. 603 00:31:33,760 --> 00:31:36,960 Speaker 1: Of this division in the United States of the people 604 00:31:36,960 --> 00:31:39,280 Speaker 1: that are pro innovation and the ones that are anti 605 00:31:40,320 --> 00:31:42,000 Speaker 1: and I think about it, I would even take at 606 00:31:42,000 --> 00:31:46,000 Speaker 1: another level further than that. Let's forget about the innovation 607 00:31:46,040 --> 00:31:50,320 Speaker 1: for a second. We're in the United States. This is 608 00:31:50,600 --> 00:31:54,080 Speaker 1: the land of the free. The land of the free 609 00:31:54,120 --> 00:31:57,880 Speaker 1: means I am free to do what I want unless 610 00:31:58,560 --> 00:32:01,400 Speaker 1: unless there's a law that prevents me from doing that. 611 00:32:01,640 --> 00:32:03,200 Speaker 1: So a lot of times, you know, I got in. 612 00:32:03,280 --> 00:32:05,560 Speaker 1: I had to kind of set mister wonderful Kevin O'Leary 613 00:32:05,560 --> 00:32:08,200 Speaker 1: straight at the Bitcoin conference last year because he's like, 614 00:32:08,280 --> 00:32:10,960 Speaker 1: we need regulations to give us clarity, and I said, 615 00:32:11,000 --> 00:32:12,680 Speaker 1: hang on, hang on, hang on, hanging on. I said, 616 00:32:13,040 --> 00:32:15,280 Speaker 1: I understand you're from Canada, so you don't get this, 617 00:32:15,560 --> 00:32:16,640 Speaker 1: But we're in the land of the Free. 618 00:32:18,240 --> 00:32:20,920 Speaker 2: Everything is free. We're free people, so we're allowed to. 619 00:32:20,920 --> 00:32:23,600 Speaker 1: Do everything unless there's a lot of tales not to. 620 00:32:24,280 --> 00:32:25,760 Speaker 1: We don't get laws. 621 00:32:25,520 --> 00:32:27,360 Speaker 2: To tell us what we can do. 622 00:32:28,640 --> 00:32:31,320 Speaker 1: So being as I'm from the land of the free, 623 00:32:31,480 --> 00:32:33,160 Speaker 1: being as I grew up in this country, that I 624 00:32:33,160 --> 00:32:36,080 Speaker 1: was allowed to do whatever I wanted. We should be 625 00:32:36,240 --> 00:32:39,560 Speaker 1: able to innovate, we should be able to invent, we 626 00:32:39,560 --> 00:32:42,120 Speaker 1: should be free to do that. So anything that's anti 627 00:32:42,280 --> 00:32:46,640 Speaker 1: innovation is actually anti freedom in my opinion. Now we 628 00:32:46,680 --> 00:32:50,680 Speaker 1: saw Senator Bill Hagerty. He said the SEC is weaponizing 629 00:32:50,720 --> 00:32:54,520 Speaker 1: their role to kill an industry, allowing a company to 630 00:32:54,560 --> 00:32:57,600 Speaker 1: list publicly and then stonewalling their attempts to register. He 631 00:32:57,600 --> 00:33:01,840 Speaker 1: said it's indefensible. Senator Cynthia Loomis said the SEC's continued 632 00:33:01,920 --> 00:33:06,960 Speaker 1: reliance on regulation by enforcement continues to harm consumers. Again, 633 00:33:07,040 --> 00:33:10,000 Speaker 1: like I said, they're trying to protect consumers, but all 634 00:33:10,040 --> 00:33:14,320 Speaker 1: these consumers that bought all this cryptocurrency are now getting 635 00:33:14,360 --> 00:33:18,240 Speaker 1: wrecked because the SEC is shutting it down. As a 636 00:33:18,280 --> 00:33:21,280 Speaker 1: matter of fact, I had an SEC attorney on the 637 00:33:21,320 --> 00:33:24,280 Speaker 1: show a couple months ago, and he was talking about 638 00:33:24,280 --> 00:33:27,080 Speaker 1: how a lot of the people that are holding the 639 00:33:27,160 --> 00:33:31,520 Speaker 1: ripple XRP token were actually signing documents telling the SEC 640 00:33:31,560 --> 00:33:33,520 Speaker 1: they did not want them to do it because they 641 00:33:33,520 --> 00:33:38,160 Speaker 1: were causing them harm. We can see the CEO of coinbase, 642 00:33:38,200 --> 00:33:41,240 Speaker 1: Brian Armstrong, in regards to the SEC complaint, said that 643 00:33:41,280 --> 00:33:43,560 Speaker 1: they are proud to represent the industry in court to 644 00:33:43,600 --> 00:33:45,960 Speaker 1: finally get some clarity around the crypto rules. So again 645 00:33:45,960 --> 00:33:48,200 Speaker 1: they're taking the fight to them. He said that the 646 00:33:48,240 --> 00:33:51,560 Speaker 1: SEC reviewed their business and allowed them to become a 647 00:33:51,600 --> 00:33:57,360 Speaker 1: public traded company. Now back to the XRP ripples. XRP 648 00:33:57,480 --> 00:34:01,480 Speaker 1: Brad Garland House said it wasn't already clear, it should 649 00:34:01,480 --> 00:34:05,960 Speaker 1: be now CHERR Gary Ginsler's laughable pro innovation stance, as 650 00:34:05,960 --> 00:34:09,200 Speaker 1: he said today, is exactly the opposite. That's what I'm saying. 651 00:34:09,840 --> 00:34:11,880 Speaker 1: What this also tells me is that the SEC istorian 652 00:34:11,920 --> 00:34:14,680 Speaker 1: lawsuits at the wall and hoping they distract from the 653 00:34:14,719 --> 00:34:18,560 Speaker 1: agency's FTC debacle. They have egg on their face. So 654 00:34:18,800 --> 00:34:22,760 Speaker 1: you know what do we take away from all this? Well, again, 655 00:34:23,120 --> 00:34:26,359 Speaker 1: bitcoin not crypto. As I said months ago, you saw 656 00:34:26,400 --> 00:34:28,479 Speaker 1: me on the radio talking about this on my YouTube channel, 657 00:34:28,520 --> 00:34:31,080 Speaker 1: Mark Moss talking about this. I was on many other shows, 658 00:34:31,080 --> 00:34:33,719 Speaker 1: Fox Business and Stansbury talking about this, and I. 659 00:34:33,640 --> 00:34:35,000 Speaker 2: Said that crypto has a category. 660 00:34:35,040 --> 00:34:37,080 Speaker 1: I don't think we'd see another bull run because of this, 661 00:34:37,160 --> 00:34:40,359 Speaker 1: but bitcoin will be the big beneficiary. And here we are, 662 00:34:40,880 --> 00:34:43,680 Speaker 1: we're seeing bitcoin become the big beneficiary. Now we're seeing 663 00:34:43,680 --> 00:34:46,160 Speaker 1: black Rock launch a Bitcoin ETF, We're seeing Fidelity, all 664 00:34:46,160 --> 00:34:48,480 Speaker 1: these other big players get into bitcoin, and bitcoin is 665 00:34:48,719 --> 00:34:51,680 Speaker 1: rallying off the news, and so bitcoin is kind of 666 00:34:51,680 --> 00:34:54,880 Speaker 1: free and clear. Bitcoin's a commodity. It's free, it's clear. 667 00:34:55,080 --> 00:34:56,880 Speaker 1: The big dogs are coming in. You can buy it, 668 00:34:56,880 --> 00:34:59,480 Speaker 1: you can own it, you can hold it. No problem, crypto, 669 00:35:00,239 --> 00:35:03,440 Speaker 1: we're gonna find out what's happening. My bet, as I 670 00:35:03,480 --> 00:35:05,800 Speaker 1: already made the case months ago, we won't see another 671 00:35:06,400 --> 00:35:10,160 Speaker 1: bull run as a category in the cryptocurrency space. Most 672 00:35:10,200 --> 00:35:12,160 Speaker 1: of them are going to have to be registered securities, 673 00:35:12,200 --> 00:35:14,239 Speaker 1: and most of them won't do that, probably ninety eight 674 00:35:14,239 --> 00:35:16,640 Speaker 1: percent of them won't. The few that will are going 675 00:35:16,680 --> 00:35:18,839 Speaker 1: to have to go through the regulation process and they're 676 00:35:18,840 --> 00:35:20,080 Speaker 1: gonna have to do full disclosures. 677 00:35:20,120 --> 00:35:21,920 Speaker 2: And once they have to do full disclosures. 678 00:35:21,480 --> 00:35:22,879 Speaker 1: Are going to be able to compare them against every 679 00:35:22,960 --> 00:35:25,799 Speaker 1: other stock that's out there. And I just don't think 680 00:35:25,800 --> 00:35:28,040 Speaker 1: as many people are going to want them once you 681 00:35:28,160 --> 00:35:30,719 Speaker 1: have to look at it that way. That's just my opinion. Now, 682 00:35:30,760 --> 00:35:32,279 Speaker 1: if you're just tune in, you're listening to the Mark 683 00:35:32,360 --> 00:35:35,600 Speaker 1: Mos show talking about the Decentralized Revolution, talking about what's 684 00:35:35,640 --> 00:35:38,120 Speaker 1: going on in the bitcoin cryptocurrency space and what you 685 00:35:38,160 --> 00:35:40,919 Speaker 1: can expect moving forward. That's what I got today Thanks 686 00:35:40,920 --> 00:35:41,600 Speaker 1: so much for listening