WEBVTT - Bitcoin Policy Expert: These New Laws Change Bitcoin’s Future Forever | Dennis Porter 0:00:00.560 --> 0:00:04.440 Did the US government just guarantee to keep bitcoin legal? Well, 0:00:04.680 --> 0:00:06.600 one of the main things I hear from people that 0:00:06.640 --> 0:00:08.799 don't believe in bitcoin is that the government's just going 0:00:08.840 --> 0:00:11.800 to make it illegal. But things that just happen might 0:00:11.960 --> 0:00:14.280 actually tell you the opposites, which is why I am 0:00:14.360 --> 0:00:17.079 about to have on Dennis Porter. Dennis Porter is the 0:00:17.079 --> 0:00:19.760 co founder and chairman of Satoshi Action Fund. It's a 0:00:19.800 --> 0:00:24.840 nonprofit educational organization dedicated to informing policy makers and regulators 0:00:25.000 --> 0:00:28.760 in DC and around the country about bitcoin, about bitcoin mining, 0:00:28.840 --> 0:00:30.440 the benefits, how it can be used as a tool 0:00:30.480 --> 0:00:33.400 to support other public policy goals, and so much more. 0:00:33.720 --> 0:00:35.360 If you want to know what's going on with politics 0:00:35.400 --> 0:00:39.200 and what bills just got passed and potentially President Biden 0:00:39.280 --> 0:00:42.360 might try to veto overturn, then you want to hear 0:00:42.400 --> 0:00:45.040 this conversation. This is going to be an enlightening conversation 0:00:45.120 --> 0:00:47.559 with someone who is in the trenches working with policy 0:00:47.600 --> 0:00:49.800 makers lawmakers every day. Let's go ahead, just jump right 0:00:49.840 --> 0:00:52.480 into the interview with Dennis Porter. All Right, Dennis Porter 0:00:52.800 --> 0:00:55.600 the CEO and co founder of the Satoshi Action Fund, 0:00:55.840 --> 0:00:59.840 President and founder of Satoshi Action Education for Bitcoin advocacy. 0:01:00.480 --> 0:01:03.760 Dennis is regularly testifying in support of bitcoin and digital 0:01:03.760 --> 0:01:06.120 asset policy, developing. 0:01:06.080 --> 0:01:08.680 Really key, innovative. 0:01:08.160 --> 0:01:10.280 First of its kind of policy across the United States, 0:01:10.560 --> 0:01:14.280 advancing bitcoin, bitcoin mining, and the right to own digital assets. 0:01:14.480 --> 0:01:16.160 Dennis, thanks so much for joining me today. 0:01:16.640 --> 0:01:18.720 Market's an honored to be back on the show with 0:01:18.760 --> 0:01:20.880 you and excited to chat about all things bitcoin and 0:01:20.920 --> 0:01:21.640 digital assets. 0:01:22.280 --> 0:01:22.480 Yeah. 0:01:22.520 --> 0:01:24.920 Man, it's been a while and there has been a 0:01:25.160 --> 0:01:27.840 lot of stuff going on, so I'm super excited to 0:01:27.880 --> 0:01:28.280 catch up. 0:01:28.319 --> 0:01:31.440 But the first question, let's just dive right into this. Dennis. 0:01:31.640 --> 0:01:33.600 You know, one of the biggest things that I've heard 0:01:33.800 --> 0:01:35.720 for the last whatever it is now seven eight years 0:01:35.760 --> 0:01:38.039 I've been talking about bitcoin is like almost like the 0:01:38.080 --> 0:01:41.920 single biggest thing is like the government's gonna make it illegal. 0:01:42.400 --> 0:01:44.080 And so the first question I want to ask is 0:01:44.640 --> 0:01:46.200 did it just become legalized? 0:01:47.000 --> 0:01:49.720 I mean, that's probably a very good way to categorize 0:01:50.160 --> 0:01:53.960 what is taking place in Washington, DC. Even myself, I'm 0:01:53.960 --> 0:01:56.240 a little surprised by the amount of momentum that is 0:01:56.280 --> 0:01:59.800 picked up here for what we should call rightfully called 0:02:00.000 --> 0:02:03.320 digital asset policy in the United States. Although I care 0:02:04.080 --> 0:02:08.160 predominantly about bitcoin, it is good to see digital asset 0:02:08.160 --> 0:02:11.200 policy that will lift all boats. You know, rising tide 0:02:11.200 --> 0:02:14.000 lifts all boats in a space. We're very fortunate to 0:02:14.000 --> 0:02:16.400 see the progress we have now. That being said, right like, 0:02:16.440 --> 0:02:19.000 we still have a lot of a lot of room 0:02:19.080 --> 0:02:21.640 to go, so to speak, with regards to passing this 0:02:21.760 --> 0:02:24.280 legislation into law. I mean, there's some major hurdles that 0:02:24.280 --> 0:02:26.120 we got to overcome. I'm sure we can get into it. 0:02:26.480 --> 0:02:28.960 But it's a very exciting time in the world of 0:02:29.000 --> 0:02:31.959 bitcoin and digital asset policy, and I'm looking forward to 0:02:32.000 --> 0:02:35.440 seeing the United States create these necessary regulatory guidelines we 0:02:35.480 --> 0:02:37.440 need in order to really benefit from this technology. 0:02:38.760 --> 0:02:40.679 You said a lot there that I'm ready to unpack into. 0:02:40.800 --> 0:02:43.320 So first of all, do we need these regulations to 0:02:43.360 --> 0:02:45.720 give us clear guidelines. We're going to come back to that. 0:02:46.280 --> 0:02:48.880 But let's stop. Let's just stop or start with. 0:02:49.160 --> 0:02:51.280 Did bitcoin just become legalized? So to the point that 0:02:51.320 --> 0:02:53.480 you made, there's still a lot that has to be done. 0:02:53.760 --> 0:02:56.680 So we had bills that just got passed by the House. 0:02:57.280 --> 0:02:58.880 They still have to get through the Senate, I believe, 0:02:59.520 --> 0:03:01.120 so that's probably a lot of the work show us 0:03:01.160 --> 0:03:04.600 to be done. There's another bill that has gotten overturned 0:03:04.639 --> 0:03:07.880 and now potentially the president could veto this. So I 0:03:07.880 --> 0:03:09.079 want to kind of dig into a little bit of 0:03:09.120 --> 0:03:11.320 the nuance. So I guess let's just start with at 0:03:11.360 --> 0:03:13.840 the top. In your opinion, you've been doing this now 0:03:13.880 --> 0:03:16.800 for a couple of years. You're deep in the belly 0:03:16.840 --> 0:03:19.640 of the beast. Let's just call it that. In the 0:03:19.639 --> 0:03:25.520 politics world, it seems like this has become very bipartisan. 0:03:25.600 --> 0:03:28.120 The sides are opposite of each other, although these latest 0:03:28.160 --> 0:03:31.560 bills seem to be I'm sorry, bipartisan. This latest bill 0:03:31.600 --> 0:03:33.840 seems like everyone's kind of together, but there's some stuff 0:03:33.840 --> 0:03:36.560 that seems more partisan where they're fighting. And so let's 0:03:36.560 --> 0:03:38.920 just frame it up from a top level. So, you know, 0:03:39.160 --> 0:03:41.320 at the Bitcoin conference last year, almost a year ago 0:03:41.440 --> 0:03:46.680 right now, we saw presidential candidates, Vivid Gramaswami RFK, even 0:03:46.720 --> 0:03:49.440 Tulsi Gabbard not a candidate but kind of a front 0:03:49.480 --> 0:03:52.520 running political figure, all coming out in support of bitcoin 0:03:52.600 --> 0:03:53.480 and digital assets. 0:03:54.600 --> 0:03:56.720 Just maybe a week ago or so, Donald. 0:03:56.440 --> 0:03:59.720 Trump sort of came out in support of digital assets 0:03:59.720 --> 0:04:03.400 and crypt currencies and bitcoin, even accepting donations, and it 0:04:03.560 --> 0:04:07.400 sort of maybe puts the opposition the Biden administration on 0:04:07.520 --> 0:04:10.520 the opposite side of this, So. 0:04:10.480 --> 0:04:11.160 Let me frame this up. 0:04:11.200 --> 0:04:12.760 Tell me if I'm wrong, But it seems like the 0:04:12.760 --> 0:04:16.600 Biden administration Elizabeth Warren, Gary Ginsler has been very, very 0:04:16.720 --> 0:04:19.800 very against cryptocurrency, is very harsh on them. But the 0:04:19.880 --> 0:04:23.720 tide seems to be turning. And now does Biden have 0:04:23.800 --> 0:04:26.120 to do you think he has to take the opposite 0:04:26.120 --> 0:04:28.720 side of Trump because they're competing, or do you think 0:04:28.760 --> 0:04:31.080 Biden's going to be the Biden admin will be forced 0:04:31.120 --> 0:04:33.719 to sort of capitulate and just realize that they're going 0:04:33.760 --> 0:04:35.760 to lose voting base if they do that. 0:04:35.760 --> 0:04:37.120 That's an absolutely great question. 0:04:37.680 --> 0:04:39.760 As someone who's been fighting for a long time to 0:04:39.839 --> 0:04:43.400 make sure that Democrats and progressives also see the value 0:04:43.520 --> 0:04:47.200 of bitcoin and digital assets, I couldn't you know more, 0:04:47.240 --> 0:04:50.000 disagree that, like the Biden administration needs to take this 0:04:50.320 --> 0:04:53.640 opposite stance, although that is just very stereotypically what we 0:04:53.720 --> 0:04:55.680 do see in politics, So I wouldn't be surprised if 0:04:55.720 --> 0:04:58.799 it does happen. But I'm really excited about this opportunity 0:04:58.839 --> 0:05:01.840 for both sides of the aisle to be fighting for 0:05:02.200 --> 0:05:04.159 the bitcoin vote. I see it very much like the 0:05:04.200 --> 0:05:07.160 same way as like, you know, who's best on the economy. Right, 0:05:07.200 --> 0:05:09.600 it's not going to be like like, oh, I'm pro bitcoin, 0:05:09.680 --> 0:05:12.960 your anti bitcoin. It is who's better on bitcoin? And 0:05:13.000 --> 0:05:15.600 we're moving towards that world. We're not quite there yet, 0:05:15.640 --> 0:05:18.039 So we could see the Biden administration take some missteps 0:05:18.040 --> 0:05:20.480 on this issue. But predominantly I really see it as 0:05:20.520 --> 0:05:25.680 as an Elizabeth Warren Gibby being given a mandate through 0:05:25.680 --> 0:05:28.120 the elections. This is actually like a well known DC 0:05:28.360 --> 0:05:32.520 secret that during the election process, when Biden was trying 0:05:32.560 --> 0:05:34.680 to win that's what trying to win the office of 0:05:34.680 --> 0:05:37.480 the presidency, he cut a deal with Elizabeth Warren to 0:05:37.520 --> 0:05:39.200 let her to like manage him in this banking and. 0:05:39.160 --> 0:05:42.400 Digital asset stuff. And obviously it's been very, very bad 0:05:42.440 --> 0:05:43.200 for the administration. 0:05:43.360 --> 0:05:45.440 So you know, we could see a pivot. There's to 0:05:45.440 --> 0:05:46.960 a lot of people talking about that there could be 0:05:47.040 --> 0:05:49.560 a pivot. And the reason why is because at the 0:05:49.640 --> 0:05:52.200 end of the day, everybody's going to be pro bitcoin 0:05:52.680 --> 0:05:54.720 and it's only a matter of time, and so both 0:05:55.160 --> 0:05:57.120 Democrats and Republicans are fighting to be. 0:05:57.080 --> 0:05:58.200 Number one on the issue. 0:05:58.400 --> 0:05:59.599 All right, I want to take a break just real 0:05:59.720 --> 0:06:01.680 quick and say that you know, as we're talking about 0:06:01.680 --> 0:06:05.480 bitcoin and digital assets, The question really comes down to, like, 0:06:05.520 --> 0:06:08.200 are you tired of the global elites robbing you blind 0:06:08.279 --> 0:06:11.240 through all this money printing that's happening, And if so, 0:06:11.640 --> 0:06:14.279 then you need to be holding your wealth outside of that, 0:06:14.320 --> 0:06:16.360 and more importantly, you should be coming to the Bitcoin 0:06:16.800 --> 0:06:19.840 Conference in Nashville. The twenty twenty four conference is happening 0:06:19.880 --> 0:06:22.640 in July twenty fifth through twenty seventh. It's the largest bitcoin, 0:06:22.880 --> 0:06:25.960 the largest fintech conference in the world. I've been going 0:06:26.000 --> 0:06:28.560 every single year. It's an amazing event, and Bitcoin twenty 0:06:28.640 --> 0:06:31.720 twenty four really stands as a beacon of monetary freedom 0:06:31.760 --> 0:06:34.040 if you care about that. If you care about freedom, 0:06:34.440 --> 0:06:37.760 all freedom sits at the freedom to transact, and really 0:06:37.839 --> 0:06:42.280 the darkening macroeconomic backdrop that's happening needs the bitcoin more 0:06:42.320 --> 0:06:42.640 than ever. 0:06:42.720 --> 0:06:42.880 Now. 0:06:42.880 --> 0:06:45.599 There's going to be top speakers there, companies, thought leaders 0:06:45.640 --> 0:06:47.839 from across the industry. They're all going to be in 0:06:47.960 --> 0:06:50.080 Nashville looking ahead for the future. 0:06:50.320 --> 0:06:51.280 And I'm going to be there. 0:06:51.400 --> 0:06:53.159 Lots of other people, my friends are going to be there, 0:06:53.160 --> 0:06:56.320 and ticket prices keep going up, so the longer you wait, 0:06:56.360 --> 0:06:57.840 the more you're going to pay. But I don't want 0:06:57.839 --> 0:06:59.200 that to happen to you. I'd love for you to 0:06:59.240 --> 0:07:01.640 come hang out, meet me, hang out with me and 0:07:01.680 --> 0:07:04.160 all the other speakers there. And you can save ten 0:07:04.200 --> 0:07:07.160 percent on your ticket by using code mark Moss at 0:07:07.240 --> 0:07:08.880 check out. So get your tickets now. Like I said, 0:07:08.880 --> 0:07:11.200 the price is just keep going up. Use Mark Moss 0:07:11.200 --> 0:07:13.080 at check out to save ten percent on your tickets 0:07:13.160 --> 0:07:14.520 and hit me up let me know if you're coming. 0:07:14.560 --> 0:07:16.040 So I want to meet you. And also, while we're 0:07:16.040 --> 0:07:19.040 talking about bitcoin, we're talking about laws being changed to 0:07:19.240 --> 0:07:23.800 basically guarantee your rights of self custody. The whole piece 0:07:23.800 --> 0:07:26.160 about bitcoin that's so revolutionary is that we can custody 0:07:26.200 --> 0:07:28.560 our own digital asset, and so you should certainly do that. 0:07:28.800 --> 0:07:31.720 But how I've been using this device, it's called a 0:07:31.800 --> 0:07:34.520 Treasure hardware wallet. I've been using it for about seven 0:07:34.560 --> 0:07:36.400 eight years now. It's been my go to device. Basically, 0:07:36.440 --> 0:07:38.440 it's a little hardware device like this that hold your 0:07:38.440 --> 0:07:40.800 private key and you plug it into your computer when 0:07:40.800 --> 0:07:43.240 you want to send a transaction. I like Treasure because 0:07:43.240 --> 0:07:46.080 it's open source. Unlike some of the security flaws you've 0:07:46.120 --> 0:07:48.200 seen in other devices. I don't want to name them 0:07:48.280 --> 0:07:50.040 right now, but it's open source, so you know, that 0:07:50.080 --> 0:07:52.400 it's safe, it's the easiest to use, which we'll have 0:07:52.520 --> 0:07:55.280 used it forever. They have new devices that make it 0:07:55.440 --> 0:07:57.920 much easier than ever before. There's no excuse for you 0:07:58.000 --> 0:08:00.679 not to secure your own bitcoin with the Treasure hardware 0:08:00.680 --> 0:08:03.080 wallet or something else like that. And more importantly, when 0:08:03.120 --> 0:08:06.160 you're holding your Treasure hardware wallet or any hardware wallet 0:08:06.160 --> 0:08:09.080 for that matter, you need to back up your private keys. Now, 0:08:09.160 --> 0:08:10.400 you want to make sure that you back up your 0:08:10.400 --> 0:08:13.280 private keys and put them somewhere they don't get destroyed. 0:08:13.280 --> 0:08:14.960 And they've come up with this new device where I 0:08:14.960 --> 0:08:17.600 can put my private key on this metal device that 0:08:17.640 --> 0:08:21.080 could withstand flat fire, flood or war, whatever it may be. 0:08:21.320 --> 0:08:23.880 So check out Treasure what they're doing. You can save 0:08:23.920 --> 0:08:27.160 ten percent on these things by using codemark moss. But 0:08:27.360 --> 0:08:30.120 either way, make sure you secure. 0:08:29.720 --> 0:08:30.480 Your own bitcoin. 0:08:31.040 --> 0:08:33.080 I like how you frame that, how we should just 0:08:33.280 --> 0:08:35.559 argue who's better on it, as opposed to trying to 0:08:35.559 --> 0:08:38.640 take opposite sides of that. I just I you know, 0:08:38.760 --> 0:08:41.640 there's the never trumpers, and no matter what he wants, 0:08:41.760 --> 0:08:44.000 he wants to secure the border, they don't want to 0:08:44.040 --> 0:08:46.880 secure them. It's like, unfortunately we're in this bipolar world. 0:08:46.880 --> 0:08:49.000 Where we have to, but hopefully, hopefully you're right on that. 0:08:49.520 --> 0:08:52.000 I find it odd that in the land of the free, 0:08:52.080 --> 0:08:55.760 in the United States, any politician could run on a 0:08:55.800 --> 0:08:58.320 platform to take away our freedom of choice. 0:08:58.440 --> 0:09:00.560 I just find it hard. How could somebody run on 0:09:00.600 --> 0:09:02.120 that platform? And it amazes me. 0:09:03.080 --> 0:09:04.640 So I want to dig deeper into that. Let's start 0:09:04.679 --> 0:09:08.720 on some of these specifics here. So a big news 0:09:08.720 --> 0:09:10.680 for you and the Satoshia Action Fund was what happened 0:09:10.679 --> 0:09:14.959 in Oklahoma. So Oklahoma took the I believe. I want 0:09:14.960 --> 0:09:16.320 you to break this down for me, but it appears 0:09:16.320 --> 0:09:20.720 that Oklahoma basically sort of put the rights in two 0:09:20.920 --> 0:09:23.280 man to make sure that the Oklahoma citizens, I guess 0:09:23.280 --> 0:09:26.560 at least have the right to have bitcoin, own it, custody, 0:09:26.720 --> 0:09:27.160 et cetera. 0:09:27.280 --> 0:09:27.960 Is that what happened. 0:09:28.120 --> 0:09:29.440 Yeah, that is what happens. 0:09:29.800 --> 0:09:31.520 For those that might be new to the work that 0:09:31.559 --> 0:09:34.319 we do at Satoshi Action, we are a bitcoin digital 0:09:34.360 --> 0:09:38.720 asset advocacy organization. We work to pass pro bitcoin bills 0:09:38.800 --> 0:09:42.400 into law. After we go through the education process with lawmakers, 0:09:42.520 --> 0:09:45.160 we help them understand the value of the technology, and 0:09:45.240 --> 0:09:46.800 then we move and say, hey, now that you like 0:09:46.800 --> 0:09:49.120 bitcoin as much as we do, here's some ideas for 0:09:49.160 --> 0:09:51.719 how you can attract this new technology to your jurisdiction. 0:09:52.240 --> 0:09:54.520 Last year we passed our two bills into law in 0:09:54.559 --> 0:09:56.800 Montana and Arkansas called the Right to Mind Bill. 0:09:57.120 --> 0:09:58.000 And this year we. 0:09:57.960 --> 0:09:59.839 Took decided to say, hey, we got a couple of 0:10:00.160 --> 0:10:02.880 on the board. Bitcoin is about to go on and run. 0:10:03.320 --> 0:10:06.600 The sentiment is changing dramatically, and we should really take 0:10:06.600 --> 0:10:08.360 advantage of that and try to expand the scope of 0:10:08.400 --> 0:10:10.600 the policy. So now not only are we protecting bitcoin 0:10:10.679 --> 0:10:13.360 mining with our legislation, we are also protecting the right 0:10:13.400 --> 0:10:15.840 to self custody, the right to run a node, and 0:10:15.880 --> 0:10:17.880 the right to buy, sell, and trade. 0:10:17.559 --> 0:10:19.600 And use digital assets broadly. 0:10:19.679 --> 0:10:22.120 And so the first state in the country to actually 0:10:22.200 --> 0:10:24.600 enact that bill into law is Oklahoma. It did it 0:10:24.679 --> 0:10:27.240 just a little over a week ago, so very excited 0:10:27.240 --> 0:10:28.040 about that news. 0:10:28.280 --> 0:10:30.440 But there are other states as well that are right behind. 0:10:30.480 --> 0:10:32.720 We have Louisiana passing it in the House and the 0:10:32.760 --> 0:10:34.440 Senate and we're just waiting for it to go to 0:10:34.480 --> 0:10:37.200 the governor's desk now, so very very exciting things happening. 0:10:37.880 --> 0:10:38.880 By the way, it's a. 0:10:38.880 --> 0:10:40.560 Little bit of breaking news too, because that hasn't been 0:10:40.760 --> 0:10:43.320 that hasn't been widely reported, so excited to share that 0:10:43.360 --> 0:10:45.520 with your audience here today. But yes, the right to 0:10:45.559 --> 0:10:49.079 self custody and use bitcoin is now protected in Oklahoma, 0:10:49.320 --> 0:10:52.480 and real quickly because people oftentimes they say, well, why 0:10:52.520 --> 0:10:55.880 do why should we care about state law when you 0:10:55.960 --> 0:10:57.760 have the federal law going on? Is in federal law 0:10:57.800 --> 0:11:02.600 sort of the ultimate sort of power in the USA, 0:11:02.640 --> 0:11:03.760 And to some extent. 0:11:03.640 --> 0:11:04.520 That is true. 0:11:04.960 --> 0:11:06.920 But the most important thing to keep in mind is 0:11:06.960 --> 0:11:10.559 that when you have a lack of federal action, state 0:11:10.640 --> 0:11:13.600 law reigns supreme. But let's say, even for instance, the 0:11:13.640 --> 0:11:16.280 federal law decides to come in and say, well, we're 0:11:16.280 --> 0:11:19.000 going to ban self custody, if the state of Oklahoma 0:11:19.040 --> 0:11:22.120 protects self custody, then it's on the otus is on 0:11:22.160 --> 0:11:26.079 the federal government to come in and enforce that policy. 0:11:26.360 --> 0:11:29.480 And just throughout history we have seen the federal government 0:11:29.600 --> 0:11:34.520 is unwilling to enforce granular types of individual policies like 0:11:34.520 --> 0:11:36.640 that where they'd have to come and knock on everybody's doors. 0:11:37.000 --> 0:11:39.679 The really clear line example of this is the cannabis industry. 0:11:39.920 --> 0:11:42.720 The cannabis industry is legalized in about seventy five percent 0:11:42.720 --> 0:11:45.120 of the country, we do not see the federal government 0:11:45.160 --> 0:11:47.720 coming and knocking on doors and taking out every individual 0:11:48.160 --> 0:11:52.640 user and cannabis industry business participant. 0:11:53.200 --> 0:11:55.160 They just aren't doing it. And so we're following that. 0:11:55.120 --> 0:11:57.000 Same strategy, and so far it has worked for the 0:11:57.040 --> 0:11:59.240 cannabis industry, and we believe that it will work. 0:11:59.320 --> 0:12:00.000 For us as well. 0:12:00.000 --> 0:12:00.200 Well. 0:12:00.440 --> 0:12:02.480 Yeah, that's a really good example, a good analogy. 0:12:03.400 --> 0:12:05.760 So the way that I see this bill and I 0:12:05.880 --> 0:12:07.439 like it, and going back to I said, we'll come 0:12:07.440 --> 0:12:09.840 back to do we need the government to give us 0:12:09.920 --> 0:12:12.720 laws to give us clarity on this. And so you know, 0:12:12.840 --> 0:12:17.120 I'm under the again, being an American, I'm under the 0:12:17.120 --> 0:12:19.880 belief that we are free and we're free to do 0:12:20.000 --> 0:12:22.400 whatever we want unless there's laws that tell us we 0:12:22.440 --> 0:12:26.240 can't do those things. And so the Constitution is really 0:12:26.280 --> 0:12:29.120 a set of laws that prohibits the government from taking 0:12:29.160 --> 0:12:32.960 away our freedoms, encroaching our freedoms. And so rather than saying, hey, 0:12:32.960 --> 0:12:34.800 please give us a law that tells us what we 0:12:34.840 --> 0:12:37.360 can do with our digital assets as a slave mindset, 0:12:37.880 --> 0:12:40.760 instead we pass laws that prevent the government from encroaching. 0:12:40.800 --> 0:12:42.880 And that seems sort of what this Oklahoma bill is. 0:12:43.200 --> 0:12:45.280 It's like Hey, we're putting a law into place that 0:12:45.360 --> 0:12:49.360 guarantees your right to keep these freedoms and doesn't allow 0:12:49.400 --> 0:12:51.040 the government to encroach it. Is that a way to 0:12:51.080 --> 0:12:51.840 sort of look at this. 0:12:51.960 --> 0:12:54.520 Yeah, I mean absolutely, the work that we do, I 0:12:54.559 --> 0:12:57.200 oftentimes tell people, you know, if you like the Constitution, 0:12:57.400 --> 0:12:59.199 then you should like the bill that we passed in 0:12:59.240 --> 0:13:01.440 a law in Oklahom. You should like the bills that 0:13:01.480 --> 0:13:04.040 we passed in a law in Montana, in Arkansas, and 0:13:04.080 --> 0:13:05.520 you should love the bills that we're going to pass 0:13:05.520 --> 0:13:07.800 in the law in Louisiana and others coming up here 0:13:07.840 --> 0:13:09.480 in the future. But at the end of the day, 0:13:09.559 --> 0:13:11.400 like let's go to the heart of that question, like 0:13:11.760 --> 0:13:16.000 why do we need regulations? Ultimately in the United States, 0:13:16.120 --> 0:13:18.760 given the current dynamic that we're in, it is really 0:13:18.800 --> 0:13:21.920 important to have clear rules of the road so that 0:13:21.960 --> 0:13:24.280 people can know how to operate. I mean, think about it, 0:13:24.320 --> 0:13:26.720 like quite literally, like the road right when we're all 0:13:26.760 --> 0:13:29.120 driving around. If there was no speed limits, you'd have 0:13:29.200 --> 0:13:33.160 just this like very wide range of different driving habits, 0:13:33.840 --> 0:13:36.120 and that would be make driving on the road much 0:13:36.160 --> 0:13:38.760 more difficult. And although it does, you know, in some 0:13:38.800 --> 0:13:42.600 ways slightly restrict our freedoms to create regulations. What the 0:13:42.640 --> 0:13:44.599 most important part for people to keep in mind is 0:13:44.640 --> 0:13:48.120 it creates a super highway for good behavior, a super 0:13:48.160 --> 0:13:50.320 highway for people to know, Okay, this is what I 0:13:50.360 --> 0:13:52.079 can do, and I know that I can do it, 0:13:52.160 --> 0:13:53.520 and I'm not going to mess with me, and I 0:13:53.520 --> 0:13:56.120 can go as fast as I possibly can, and I 0:13:56.120 --> 0:13:58.560 can you know, move fast and break things, so to speak. 0:13:59.080 --> 0:14:02.520 Similar to the tech and right when we create regulatory 0:14:02.520 --> 0:14:05.080 guidelance for the tech industry, we've seen a super highway 0:14:05.120 --> 0:14:07.480 of good behavior. And obviously, of course we're trying to 0:14:07.520 --> 0:14:09.280 limit that bad behavior, and we're trying to do it 0:14:09.320 --> 0:14:11.840 in a way where we don't limit to the e 0:14:11.840 --> 0:14:16.160 step that actually crushes innovation or crushes freedom. Obviously, on 0:14:16.200 --> 0:14:18.000 the edges you're going to see a little bit of that. 0:14:18.640 --> 0:14:20.320 But the most important part to keep in mind is 0:14:20.320 --> 0:14:23.040 that it really does create this mega highway for people 0:14:23.080 --> 0:14:26.200 to be able to go and pursue certain businesses that 0:14:26.240 --> 0:14:28.120 they know for sure are going to last and be 0:14:28.200 --> 0:14:30.160 here to stay for good in the United States. 0:14:30.480 --> 0:14:33.480 Great, let's dig into a couple of specifics, because it's 0:14:33.520 --> 0:14:35.640 been a busy week. There's a lot of stuff going 0:14:35.680 --> 0:14:37.480 on So the first thing I want to talk about. 0:14:37.600 --> 0:14:40.840 My opening question was did bitcoin just become legalized? Obviously 0:14:40.840 --> 0:14:43.280 in Oklahoma you've already kind of covered that piece, but 0:14:43.360 --> 0:14:46.840 there's a fit twenty one, right, And so this just 0:14:46.880 --> 0:14:49.640 went through the House past. It hasn't gone through the 0:14:49.680 --> 0:14:53.360 Senate yet, but it seems like this big watershed moment, 0:14:53.440 --> 0:14:57.280 if you will, congressional validation for the crypto industry, digital 0:14:57.320 --> 0:15:00.520 asset industry, if you will. And it seemed pretty by partisan. 0:15:00.560 --> 0:15:02.600 It was like two seventy nine to one, thirty six 0:15:03.240 --> 0:15:07.320 Democrats and Republicans together. Some say the odds in the 0:15:07.320 --> 0:15:11.720 Senate remain low. Before I get into the details of that, 0:15:11.840 --> 0:15:14.680 I mean, what's the word on the street, is the 0:15:14.720 --> 0:15:15.920 odds of getting through the Senate low? 0:15:15.920 --> 0:15:17.360 And if so, why, yeah? 0:15:17.360 --> 0:15:21.360 Absolutely, I mean you'd sort of need to keep your 0:15:21.520 --> 0:15:25.000 I think, perspectives and your expectations in check with regards 0:15:25.000 --> 0:15:25.320 to this. 0:15:25.240 --> 0:15:27.040 Thing going through the Senate. I think your right to 0:15:27.080 --> 0:15:27.440 do that. 0:15:28.360 --> 0:15:30.480 First of all, there's just there's no companion bill in 0:15:30.520 --> 0:15:33.440 the Senate. Typically, what you will see if you have 0:15:33.520 --> 0:15:35.320 a really really good effort going is you will see 0:15:35.320 --> 0:15:37.800 a companion bill where there's a matching bill on the 0:15:37.800 --> 0:15:41.080 opposite side and the other chamber. So if it's the House, 0:15:41.120 --> 0:15:42.760 you have a companion bill in the Senate. If it's 0:15:43.040 --> 0:15:44.640 going through the Senate, you have a companion bill in 0:15:44.640 --> 0:15:47.200 the House. There is no companion bill right now. And 0:15:47.240 --> 0:15:49.880 also there's just really no constraints on when the Senate 0:15:49.920 --> 0:15:52.040 has to act, So the Senate could just sit around 0:15:52.080 --> 0:15:54.720 and there's no there's no forcing mechanism to make them 0:15:54.800 --> 0:15:59.160 actually take this bill and run it through their side. 0:15:59.800 --> 0:16:02.560 And also, one really key thing to keep in mind 0:16:02.600 --> 0:16:05.560 here is that you have the Lumbas and Jillibrand effort 0:16:05.680 --> 0:16:08.200 right on the Senate side, and they have been working diligently. 0:16:08.200 --> 0:16:12.400 I mean Senator Lummas has been putting in a significant 0:16:12.480 --> 0:16:16.280 portion of her time. She's the ultimate bitcoin champion in Washington, DC. 0:16:16.840 --> 0:16:18.920 And you know, typically when you've spent that much time 0:16:18.960 --> 0:16:20.640 on a policy, you're not just going to be like, oh, yeah, 0:16:20.680 --> 0:16:22.480 let's go with the other guy's policy, like you're going 0:16:22.560 --> 0:16:24.360 to want some piece of the action. You're going to 0:16:24.400 --> 0:16:27.920 want to feel like your work was included. And that's 0:16:28.000 --> 0:16:31.480 Fit twenty one unfortunately, does not encompass all of the parts. 0:16:31.480 --> 0:16:32.720 I think that Senator Lummas. 0:16:32.440 --> 0:16:35.800 Would really want included in her bill. But but sticking 0:16:35.800 --> 0:16:39.200 to the sticking to the odds here, you know, it's 0:16:39.240 --> 0:16:42.080 not a it's a non zero chance, right like it's 0:16:42.120 --> 0:16:45.640 it's not zero, but it's not also probably fifty percent 0:16:45.760 --> 0:16:48.040 or higher that it's going to get through. And then again, 0:16:48.040 --> 0:16:49.680 at the end of the day, you also have to be, 0:16:50.000 --> 0:16:54.280 you know, considered that President Biden is in opposition to 0:16:54.320 --> 0:16:56.720 this legislation. He did not announce that he was going 0:16:56.720 --> 0:16:58.880 to veto it, but he did say that he would 0:16:58.880 --> 0:16:59.880 be opposed to the legislation. 0:17:00.880 --> 0:17:02.400 So some of the key points that I like, and 0:17:02.480 --> 0:17:05.159 going back to did bitcoin get legalized? I mean, obviously 0:17:05.160 --> 0:17:09.120 we talked about Oklahoma, but in this specifically, I put 0:17:09.119 --> 0:17:10.600 out a pretty long tweet thread on this the other 0:17:10.720 --> 0:17:13.480 day because I, along with a lot of other people, 0:17:13.520 --> 0:17:16.439 seem to think that the probably the most likely attack 0:17:16.600 --> 0:17:20.520 vector on bitcoin will be self custody, and of course 0:17:20.520 --> 0:17:23.240 this is what Oklahoma law entrines that right to do that. 0:17:23.480 --> 0:17:25.879 But in this bill specifically, there was a protection of 0:17:25.920 --> 0:17:29.120 self custody and so basically protecting the rights of individuals 0:17:29.200 --> 0:17:32.120 to use hardware, software, wallet, stora, digital assets, things like that, 0:17:32.960 --> 0:17:35.360 and so that was sort of the like, Man, if 0:17:35.359 --> 0:17:39.840 this goes through, it's basically legalizing bitcoin. The one thing 0:17:39.920 --> 0:17:42.640 that it just seems insane if most people don't really 0:17:42.720 --> 0:17:44.760