Crypto Critics' Corner

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Episode 160 – CBDCs are Dead; Long Live $TRUMP

CBDCs are Dead, Long Live Trump Coin! – Crypto Critics' Corner

Cas Piancey and Bennett Tomlin discuss the executive order signed by Donald Trump. You can read the executive order yourself here. This episode was livestreamed on January 24th, 2024.

Cas Piancey and Bennett Tomlin discuss Donald Trump’s cryptocurrency executive order.

This podcast was recorded on January 24th, 2025.

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English Transcript:

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welcome back everyone I am Cass PNC I'm

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joined as usual by my partner in crime

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Mr Bennett Tomlin how are you I'm doing

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well how are you about as good as I can

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be predicted I guess fair enough um it's

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been a couple years since we've done a

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live stream so for anyone who is

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currently um watching thank you thank

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you for joining us and um I'm glad we

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get to do this again it's been it's been

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a very long time uh we're starting this

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because we want to talk to everyone

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about Trump's executive order um which

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is called strengthening American

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leadership in digital Financial

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technology you can call things anything

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nowadays can't you you sure can and you

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can say whatever you want and just hope

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to God that um hopefully it's illegal or

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hopefully it's legal I guess um even if

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you're the president

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um legal you're the

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president I that seems to be the case

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it's like you don't even pay attention

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to Supreme Court cases Cass I know I

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know um we're getting carried away

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already I feel like um so I just want to

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quickly start I'll I'll let um Bennett

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dive into the beginning of this

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executive order in a moment I quickly

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just want to in case anyone is

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unfamiliar I don't know how many you

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know European or Asian or Foreigner you

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know foreign listeners that we have out

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there um right now who don't even really

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understand what an executive order is um

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and so I'm just going to go with the

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Wikipedia definition here um an

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executive order is a directive by the

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president of the United States that

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manages operations of the federal

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government basically it is a decree from

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the president

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saying this is a new

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rule we H we have to abide by this it

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pretty much exclusively covers the

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branches of the federal like he cannot

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say all citizens must do this or

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whatever like it's that's not or at

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least that's not how it's supposed to

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work um from previous executive orders

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there have been

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14,000 over

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14,000 executive orders issued um over

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the lifetime of America so a lot of them

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and they're all enforced unless they are

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proven to be illegal or rescinded by a

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new executive order which is going to

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play into this executive order as well

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um that we're talking about today so

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yeah an executive order is just a decree

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from a president um and you know it it

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it's been widely used uh this is not

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some new thing that that Donald Trump is

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doing that's not the scary part of this

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executive order um but yeah so now that

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we've gone over what an executive order

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is Bennett can you start us off on this

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um what what we'll just call a crypto

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executive order yeah might as well call

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it that that's what it's trying to be

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yeah uh and it does a few things let's

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let's go over I'm saving the worst of it

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for last and and I think Cass knows

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which part I think is the worst um I

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assume it's both for both of us but yeah

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there's a few things it's supposed to do

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the first thing it does is very basic

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Trump sets up his own president's

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working group on digital assets Biden

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had his own president's working group on

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stable coins and there was some other

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like the president's working group on

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Banking and finance also was delegated a

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bunch of like investigate crypto

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regulations and issue a report and I was

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one of the 12 people in the earth who

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read the report and um yeah pretty

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boring stuff so that's happening this

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working group is going to have a whole

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list of people including secretary

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treasury attorney general Howard lutnick

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assuming he gets approved uh Scott

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bassent assuming he gets approved and

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the head of the

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cftc uh they are told

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that they should within 30 days identify

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all regulations guidance documents

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orders or items that affect the digital

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asset sector and then within 60 days

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those same folks are supposed to assess

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whether each identified regulation

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guidance document order or other item

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should be rescinded or modified and

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within 120 days so we're a quarter from

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now so far or sorry 180 days excuse me 6

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months uh they are supposed to recommend

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a regulatory and legislative proposal in

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a report to the president uh that's

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pretty normal working group stuff some

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of the so hold

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on I so I just want to was stop you

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there for a second because actually one

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of the few questions that we did receive

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um for this live stream came from our

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buddy Nick day over at uh coindesk uh

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one of the great reporters covering

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cryptocurrency if you don't follow him

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on you know Blue Sky Twitter um where

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wherever he is I highly recommend it um

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he's an amazing reporter his question

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for us was that he uh I'm just going to

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quote him he said I'm still mulling over

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this entire thing but section 4B might

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actually be among the most interesting

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as aspects for me I'm curious if you

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guys have thoughts on it and I kind of

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pushed I thought he was talking about a

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different part of the bill because I for

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me other parts were scarier um but I

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think his question is that like can they

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do can like will these

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regulatory bodies be able to comply with

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this order of getting this done that I

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like this is I understand for you and me

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interesting question like Manpower like

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Logistics wise that's an interesting

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question and like that's what I was kind

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of leading into with the the all in this

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order feels challenging for these

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agencies to be confident they've really

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looked at every possible document um

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especially since the sec's stance for

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the last several years years has been

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these are all Securities and so that

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would mean all Securities regulations or

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almost all Securities regulations would

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need to be reviewed for how they affect

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digital assets which doesn't seem easy

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I'll say that much on that timeline um I

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think it's I think it's particularly

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vexing for us because um it's this it's

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almost this suggestion that I see happen

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from people like Elon Musk or Donald

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Trump or um basically these very wealthy

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capitalists where they're like

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government is dysfunctional it doesn't

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work get this done immediately we know

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it's easy just do it and I don't think

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that they're fully comprehending like

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you're just I understand you think

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you're just talking about a few years of

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regulatory policy but you're talking

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about decades and decades in different

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Realms that don't associate with one

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another anymore and just I like it's so

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much work and they don't have their

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nominees in place yet right like you you

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you Ada and Pierce can start some of the

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stuff over at SEC but you don't actually

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have your new chair in over there yet

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and I don't know who's left at cftc at

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this point to start whatever Trump's

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going to want to do over there and so

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like yeah like you're saying and that's

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not counting uh treasury or Commerce or

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all the other people in this working

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group who need to figure out if any of

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their regulations on the books May apply

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to crypto and that's within the 30 days

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and within the 60 days they need to

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figure out for each and every one of

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those if it needs to be rescinded

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modified whatever which is a lot of work

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that feels like a lot of work especially

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when you don't want to hire anyone you

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want to lay off like half the federal

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Workforce and like all those things that

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feels like it makes the work even harder

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but that's Logistics and we're in a post

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Logistics World

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um we're gonna find out we're still very

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much in a logistics world but that's

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that's later discussion we'll get to

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that in the reflection part of the

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episode um the other thing this working

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group is going to do is the thing crypto

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people have been hoping for the working

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group shall evaluate the potential

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creation and maintenance of a national

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Digi digital asset stockpile and propos

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criteria for establishing such a

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stockpile potentially derived from

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cryptocurrencies lawfully seized by the

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federal government through its law

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enforcement efforts which by the way is

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exactly what we predicted what he was

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going to eventually do is find some

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Bitcoins that they can come up with a

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pretext not to give back or give anyone

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and call that a uh crypto stockpile or

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whatever um this doesn't actually

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technically confirm it's going to happen

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or anything like that but um it's really

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interesting too because you and I have

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gone over so many scams and

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um not just scams sorry but like hacks

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and stuff like that

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where the government has ultimately been

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able to seize Bitcoins but

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they or other cryptocurrencies but they

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um they either sell them or they give

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them back to a party that had previously

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had them stolen from them or or those

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kind of

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situations this almost is posing like if

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we seize them we put them in a big pile

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and it is almost the opposite of this I

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also want to say shout out to um Nick

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Weaver a previous guest on our show who

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um was talking about the Ross Orrick

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case um and Ross just got uh pardoned a

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full pardon um which I think Bennett and

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I were both like oh this is good I I've

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since realized the problem is should

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have been a commutation it should have

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been a commutation and the reason I will

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say uh both fortune and Newsweek ran

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articles today where they reached out to

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like uh law professors and all the law

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professors they talked to said those

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Bitcoins are gone and Ross isn't getting

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them back is like 4 and stuff like that

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still stands even with a full pardon

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okay uh there might be like kind of

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Nicholas was talking about some weird

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lawsuits or things he could try but I

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imagine he may just take his donations

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and choose to uh avoid any more fights

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with the federal government well I

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believe it would still open him up to

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some lawsuits from victims of his so so

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that that's still a possibility if he

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especially if he's receiving donations

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from from crypto currency people and

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stuff um but sorry that got us a little

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off track I just I just just wanted to

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bring up like we're talking about this

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hey hey we're talking about this um this

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reserve and how it could be implemented

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and I'm just like we've never like that

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is not how we've ever done crypto in the

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government yeah and so my guess is my

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well and they're still Bound by law to

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do all the appropriate things with

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seizure that they're supposed to do and

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so I imagine like they're looking to get

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00:10:52,880 --> 00:10:57,639
some kind of exemption or some amount of

269
00:10:55,519 --> 00:10:59,320
assets that like don't need to be

270
00:10:57,639 --> 00:11:01,360
returned and like aren't part of any

271
00:10:59,320 --> 00:11:02,480
realistic restitution or something but

272
00:11:01,360 --> 00:11:03,959
whatever that's the thing that's

273
00:11:02,480 --> 00:11:05,160
happening the government may or may not

274
00:11:03,959 --> 00:11:08,079
at some point in the future have a

275
00:11:05,160 --> 00:11:10,639
stockpile of crypto that it does things

276
00:11:08,079 --> 00:11:12,240
with uh bitcoiners at least so far

277
00:11:10,639 --> 00:11:14,120
haven't gotten what they really wanted

278
00:11:12,240 --> 00:11:16,399
which was like exchange stabilization

279
00:11:14,120 --> 00:11:19,000
funds to be deployed under like

280
00:11:16,399 --> 00:11:21,519
executive pretext to buy Bitcoin that

281
00:11:19,000 --> 00:11:23,279
hasn't happened yet um it's also not

282
00:11:21,519 --> 00:11:26,160
getting into like the fact that Donald

283
00:11:23,279 --> 00:11:28,000
Trump's cryptocurrency projects benefit

284
00:11:26,160 --> 00:11:30,440
from Donald Trump doing cryptocurrency

285
00:11:28,000 --> 00:11:32,600
[ __ ] but yeah might be a stockpile

286
00:11:30,440 --> 00:11:35,600
soon I also want to just point out that

287
00:11:32,600 --> 00:11:36,639
this almost goes against the like I

288
00:11:35,600 --> 00:11:38,200
can't imagine there's a lot of

289
00:11:36,639 --> 00:11:40,279
cryptocurrency folks out there who are

290
00:11:38,200 --> 00:11:42,120
like oh great so now the government has

291
00:11:40,279 --> 00:11:43,639
an excuse to basically steal your

292
00:11:42,120 --> 00:11:46,399
Bitcoin like they they have a great

293
00:11:43,639 --> 00:11:48,880
excuse now like oh just say he broke a

294
00:11:46,399 --> 00:11:52,519
he or she broke a law uh he she or they

295
00:11:48,880 --> 00:11:54,120
broke a law and they um and like now we

296
00:11:52,519 --> 00:11:56,839
get now we get their

297
00:11:54,120 --> 00:11:58,959
um 10,000 Bitcoin now we get their

298
00:11:56,839 --> 00:12:00,000
100,000 Bitcoin like they could Trump

299
00:11:58,959 --> 00:12:02,600
they could

300
00:12:00,000 --> 00:12:03,959
Trump up a charge and uh and just steal

301
00:12:02,600 --> 00:12:06,240
your Bitcoin so I don't think it I don't

302
00:12:03,959 --> 00:12:08,000
think the Strategic Reserve is happening

303
00:12:06,240 --> 00:12:11,320
the way they were hoping in that it's

304
00:12:08,000 --> 00:12:14,959
like a cart blanch rule to just buy as

305
00:12:11,320 --> 00:12:17,160
much as you want you know yeah uh they

306
00:12:14,959 --> 00:12:19,240
it's at least kind of what they want

307
00:12:17,160 --> 00:12:21,480
it's at least all the signals they want

308
00:12:19,240 --> 00:12:23,600
right like every single cryptocurrency

309
00:12:21,480 --> 00:12:25,399
exec is getting the flashing green light

310
00:12:23,600 --> 00:12:28,000
from Trump that go ahead do whatever you

311
00:12:25,399 --> 00:12:29,959
want you've got our full support and

312
00:12:28,000 --> 00:12:32,519
don't piss me off or you know I'll kill

313
00:12:29,959 --> 00:12:34,839
you um official acts of the office only

314
00:12:32,519 --> 00:12:36,560
of course uh the other part of the

315
00:12:34,839 --> 00:12:39,760
executive order

316
00:12:36,560 --> 00:12:41,320
is Central Bank digital currencies and

317
00:12:39,760 --> 00:12:43,800
as we all know Central Bank digital

318
00:12:41,320 --> 00:12:45,440
currencies are a real threat that's

319
00:12:43,800 --> 00:12:47,720
actually going to do some kind of harm

320
00:12:45,440 --> 00:12:49,600
eventually presumably maybe uh it's

321
00:12:47,720 --> 00:12:52,240
definitely not like 12 nerds at the

322
00:12:49,600 --> 00:12:55,680
Federal Reserve who issue like one paper

323
00:12:52,240 --> 00:12:58,240
every 18 months it's a real threat and

324
00:12:55,680 --> 00:13:00,160
yeah oh and let's also while we're while

325
00:12:58,240 --> 00:13:03,360
we're talking about this I think how

326
00:13:00,160 --> 00:13:07,040
many I think two or three cbdcs have

327
00:13:03,360 --> 00:13:09,120
been initiated globally so far and like

328
00:13:07,040 --> 00:13:10,079
what the Sand Dollar are we counting

329
00:13:09,120 --> 00:13:12,560
right right right yeah it's like the

330
00:13:10,079 --> 00:13:14,360
Bahamas and I like I don't know I don't

331
00:13:12,560 --> 00:13:16,000
remember exact maybe it was um the

332
00:13:14,360 --> 00:13:17,880
Central African republic too or

333
00:13:16,000 --> 00:13:20,279
something and like at least one of them

334
00:13:17,880 --> 00:13:23,519
like [ __ ] canned their project 12 months

335
00:13:20,279 --> 00:13:26,560
after it started or something cbdcs are

336
00:13:23,519 --> 00:13:28,600
like a nerdy thing and and most versions

337
00:13:26,560 --> 00:13:31,920
of cbdcs that actually exist are for

338
00:13:28,600 --> 00:13:34,920
like bank settlement like it is boring

339
00:13:31,920 --> 00:13:37,920
Central Banker [ __ ] it's not like Global

340
00:13:34,920 --> 00:13:39,440
surveillance panopticon [ __ ] and and I

341
00:13:37,920 --> 00:13:41,680
want to add this to like hopefully it

342
00:13:39,440 --> 00:13:46,079
can go into our um episode description

343
00:13:41,680 --> 00:13:49,360
once it goes up um uh is that uh we had

344
00:13:46,079 --> 00:13:52,000
Rohan gray on previously to talk about

345
00:13:49,360 --> 00:13:55,560
um the ecash ACT which was an attempt by

346
00:13:52,000 --> 00:13:57,399
Rohan to start talking about cbdcs in a

347
00:13:55,560 --> 00:13:59,600
way where we ensured that there were

348
00:13:57,399 --> 00:14:01,920
still privacy

349
00:13:59,600 --> 00:14:04,040
um measures put in place so that

350
00:14:01,920 --> 00:14:05,720
citizens didn't have to worry about the

351
00:14:04,040 --> 00:14:09,920
government constantly spying on them

352
00:14:05,720 --> 00:14:11,920
with digital cash and um nobody wanted

353
00:14:09,920 --> 00:14:14,440
to hear that it just yeah nobody wanted

354
00:14:11,920 --> 00:14:17,320
to hear and nobody cared um so there you

355
00:14:14,440 --> 00:14:19,720
go and so uh my Florida crypto Bros

356
00:14:17,320 --> 00:14:21,920
Samuel arms and all of them got their

357
00:14:19,720 --> 00:14:23,480
wish and cbdcs are banned he also got

358
00:14:21,920 --> 00:14:25,480
his wish and the proud boys are out of

359
00:14:23,480 --> 00:14:27,360
prison so like he's getting a lot of his

360
00:14:25,480 --> 00:14:29,399
wishes right now um which makes me

361
00:14:27,360 --> 00:14:30,800
deeply unhappy

362
00:14:29,399 --> 00:14:33,920
that's not the point of this the point

363
00:14:30,800 --> 00:14:36,279
of this is uh cbdcs can't exist and by

364
00:14:33,920 --> 00:14:38,040
the definition of cbdc this is the worst

365
00:14:36,279 --> 00:14:40,240
part of the order we're finally getting

366
00:14:38,040 --> 00:14:43,800
to that part I teased before the

367
00:14:40,240 --> 00:14:48,199
definition of a cbdc given in this

368
00:14:43,800 --> 00:14:51,959
executive order is uh oh [ __ ] digital

369
00:14:48,199 --> 00:14:54,120
money or monetary value denominated in

370
00:14:51,959 --> 00:14:56,720
the National unit of account that is a

371
00:14:54,120 --> 00:14:59,519
direct liability of the Central Bank and

372
00:14:56,720 --> 00:15:02,600
the obvious problem with this is about

373
00:14:59,519 --> 00:15:04,680
5,000 depository institutions have

374
00:15:02,600 --> 00:15:07,120
Accounts at the Federal Reserve

375
00:15:04,680 --> 00:15:09,759
containing monetary value that's noted

376
00:15:07,120 --> 00:15:11,720
on a digital Le Ledger denominated in

377
00:15:09,759 --> 00:15:13,920
the National unit of account that's not

378
00:15:11,720 --> 00:15:15,160
to mention the US treasury's own general

379
00:15:13,920 --> 00:15:17,199
account which is held at the Federal

380
00:15:15,160 --> 00:15:19,560
Reserve or any of the accounts of

381
00:15:17,199 --> 00:15:21,959
foreign Banks which are also held at the

382
00:15:19,560 --> 00:15:25,800
Federal Reserve all of these would seem

383
00:15:21,959 --> 00:15:27,560
to be under this definition AC BDC so

384
00:15:25,800 --> 00:15:29,519
Trump if this executive order were

385
00:15:27,560 --> 00:15:31,160
implemented exactly as written just

386
00:15:29,519 --> 00:15:33,279
fundamentally destroyed the entire

387
00:15:31,160 --> 00:15:34,680
banking system and more and I want and

388
00:15:33,279 --> 00:15:36,519
and to be clear more than the banking

389
00:15:34,680 --> 00:15:38,800
system the financial system the entire

390
00:15:36,519 --> 00:15:41,480
Financial system that we understand as

391
00:15:38,800 --> 00:15:44,160
it is and as it operates right now would

392
00:15:41,480 --> 00:15:46,160
come to a grinding Halt and not the

393
00:15:44,160 --> 00:15:48,279
United States would be paralyzed the

394
00:15:46,160 --> 00:15:49,639
entire world would be completely

395
00:15:48,279 --> 00:15:52,040
function like dysfunctional it wouldn't

396
00:15:49,639 --> 00:15:55,360
work anymore um and so that was that was

397
00:15:52,040 --> 00:15:58,120
their offe currency crisis multiple like

398
00:15:55,360 --> 00:15:59,959
countries defaulting on debt obligations

399
00:15:58,120 --> 00:16:02,199
like complete of the bank of

400
00:15:59,959 --> 00:16:03,639
international settlements in like you

401
00:16:02,199 --> 00:16:05,440
could you could go to the bank and get

402
00:16:03,639 --> 00:16:07,800
money tomorrow or use your debit card

403
00:16:05,440 --> 00:16:09,639
for anything it wouldn't happen is what

404
00:16:07,800 --> 00:16:11,639
I need people to understand under this

405
00:16:09,639 --> 00:16:15,240
under this guideline that Donald Trump

406
00:16:11,639 --> 00:16:18,639
issued hastily and vaguely with wrong

407
00:16:15,240 --> 00:16:21,480
definitions and total silliness um he

408
00:16:18,639 --> 00:16:23,759
would have ended Finance as we know it

409
00:16:21,480 --> 00:16:24,920
and so I like I just I know that it's

410
00:16:23,759 --> 00:16:26,800
not going to happen I know it was

411
00:16:24,920 --> 00:16:28,120
illegal I know that that like legally

412
00:16:26,800 --> 00:16:31,240
that is like the courts are going to be

413
00:16:28,120 --> 00:16:32,720
like this is so stupid um and financial

414
00:16:31,240 --> 00:16:34,759
experts will all say that too I'm sure

415
00:16:32,720 --> 00:16:36,959
that people at the regulatory bodies are

416
00:16:34,759 --> 00:16:39,000
going to be like you cannot do this um

417
00:16:36,959 --> 00:16:41,040
so I'm not I'm not that concerned with

418
00:16:39,000 --> 00:16:43,720
it being implemented I'm concerned that

419
00:16:41,040 --> 00:16:47,959
someone is willing to stamp their name

420
00:16:43,720 --> 00:16:49,720
on such a stupid rule um without

421
00:16:47,959 --> 00:16:52,079
thinking about it for like half a second

422
00:16:49,720 --> 00:16:54,319
or I know we've we've made it so that

423
00:16:52,079 --> 00:16:56,240
like asking experts anything is

424
00:16:54,319 --> 00:16:59,240
ridiculed but like maybe you should talk

425
00:16:56,240 --> 00:17:01,720
to anyone at the Federal Reserve anyone

426
00:16:59,240 --> 00:17:03,680
anyway yeah that might be helpful you

427
00:17:01,720 --> 00:17:05,240
know what's even funnier some of these

428
00:17:03,680 --> 00:17:07,959
guys love to [ __ ] talk the bank of

429
00:17:05,240 --> 00:17:09,280
international settlements right but do

430
00:17:07,959 --> 00:17:11,160
you want to know where they got their

431
00:17:09,280 --> 00:17:13,199
definition of cbdc from and where they

432
00:17:11,160 --> 00:17:14,880
thought they could just change a couple

433
00:17:13,199 --> 00:17:16,240
words and get away with it I'm going to

434
00:17:14,880 --> 00:17:18,280
read to you the bank of international

435
00:17:16,240 --> 00:17:22,079
settlements definition of a cbdc from

436
00:17:18,280 --> 00:17:24,360
their 2020 report on cbdcs they Define

437
00:17:22,079 --> 00:17:25,839
them as a digital payment instrument

438
00:17:24,360 --> 00:17:27,839
that's the part of the definition that's

439
00:17:25,839 --> 00:17:29,760
different denominated in the National

440
00:17:27,839 --> 00:17:31,960
unit of account that is a direct

441
00:17:29,760 --> 00:17:34,240
liability of the central bank so they

442
00:17:31,960 --> 00:17:35,640
change digital payment instrument which

443
00:17:34,240 --> 00:17:38,480
might narrow it down to something more

444
00:17:35,640 --> 00:17:41,360
like a cbdc to anything with monetary

445
00:17:38,480 --> 00:17:43,640
value and like blew it up it it almost

446
00:17:41,360 --> 00:17:45,320
feels like they asked chat gbt to like

447
00:17:43,640 --> 00:17:46,760
rephrase the bank of your National

448
00:17:45,320 --> 00:17:48,320
settlements God and I wouldn't put it

449
00:17:46,760 --> 00:17:50,039
past them I would put some the other

450
00:17:48,320 --> 00:17:52,360
executive orders people have accused

451
00:17:50,039 --> 00:17:54,440
them of using chat GPT and other ones

452
00:17:52,360 --> 00:17:57,320
have like massive formatting issues and

453
00:17:54,440 --> 00:18:00,200
like the it it is sloppy there's a lot

454
00:17:57,320 --> 00:18:03,200
of sloppiness in a lot of of these

455
00:18:00,200 --> 00:18:06,159
orders yeah this is uh I don't know that

456
00:18:03,200 --> 00:18:08,840
I I guess that to me is the most

457
00:18:06,159 --> 00:18:10,240
worrying part of this order it is not

458
00:18:08,840 --> 00:18:12,200
it's not that any of it's going to be

459
00:18:10,240 --> 00:18:14,080
implemented at scale the way Donald

460
00:18:12,200 --> 00:18:15,640
Trump hopes it's not even and you know

461
00:18:14,080 --> 00:18:18,240
what's funny is like a lot of it was

462
00:18:15,640 --> 00:18:21,159
almost um where they R we didn't get

463
00:18:18,240 --> 00:18:23,240
there yet but a big part of this um

464
00:18:21,159 --> 00:18:26,640
order is them making a big deal that

465
00:18:23,240 --> 00:18:29,200
they're resending Joe Biden's previous

466
00:18:26,640 --> 00:18:32,159
executive order which was uh executive

467
00:18:29,200 --> 00:18:34,280
order 1467 ensuring responsible

468
00:18:32,159 --> 00:18:37,480
development of digital assets and a lot

469
00:18:34,280 --> 00:18:39,480
of the things they say are identical

470
00:18:37,480 --> 00:18:41,320
identical we're forming a we're forming

471
00:18:39,480 --> 00:18:43,240
a president's working group they need to

472
00:18:41,320 --> 00:18:46,080
give me a report within the year or

473
00:18:43,240 --> 00:18:48,159
whatever about this issue it's identical

474
00:18:46,080 --> 00:18:50,039
but then the way the only difference is

475
00:18:48,159 --> 00:18:52,640
posturing right the posturing of the

476
00:18:50,039 --> 00:18:54,679
Biden of the Biden executive order is we

477
00:18:52,640 --> 00:18:56,080
want to protect consumers and the Trump

478
00:18:54,679 --> 00:18:58,159
one is we want to encourage

479
00:18:56,080 --> 00:19:00,360
cryptocurrency businesses we need

480
00:18:58,159 --> 00:19:01,880
innovation Freedom baby so like that

481
00:19:00,360 --> 00:19:03,720
that's the main difference in terms of

482
00:19:01,880 --> 00:19:05,960
like the real stuff that is going to be

483
00:19:03,720 --> 00:19:08,440
implemented from this order but the

484
00:19:05,960 --> 00:19:11,720
scary part is that Donald Trump is doing

485
00:19:08,440 --> 00:19:16,080
this with everything like crypto is such

486
00:19:11,720 --> 00:19:17,640
a small part of the global economy um

487
00:19:16,080 --> 00:19:21,159
and the fact that he was willing to blow

488
00:19:17,640 --> 00:19:23,280
up all of Finance to issue some Pro

489
00:19:21,159 --> 00:19:25,159
crypto executive order tells you that

490
00:19:23,280 --> 00:19:27,000
his priorities are so mixed up and

491
00:19:25,159 --> 00:19:30,159
stupid that he doesn't even know what

492
00:19:27,000 --> 00:19:32,720
hurts him and Elon mus musk and David

493
00:19:30,159 --> 00:19:34,679
Sachs and his best friends like that is

494
00:19:32,720 --> 00:19:37,080
terrifying to me and it tells me there's

495
00:19:34,679 --> 00:19:39,640
no one there to say we need to put the

496
00:19:37,080 --> 00:19:41,480
brakes on this stuff for a second at all

497
00:19:39,640 --> 00:19:43,760
well not putting the brakes on is a

498
00:19:41,480 --> 00:19:46,159
deliberate part of the strategy right

499
00:19:43,760 --> 00:19:48,120
like going back to this goes back to

500
00:19:46,159 --> 00:19:50,799
like project 2025 and the stuff that was

501
00:19:48,120 --> 00:19:53,400
in the work for this exact circumstance

502
00:19:50,799 --> 00:19:56,600
is they want to kind of Blitz Creek

503
00:19:53,400 --> 00:19:59,360
these first uh 90 or 100 days or things

504
00:19:56,600 --> 00:20:01,200
like that just to try to over M as many

505
00:19:59,360 --> 00:20:04,320
things as possible and that's why you

506
00:20:01,200 --> 00:20:06,080
also see them doing like in places where

507
00:20:04,320 --> 00:20:08,640
they don't have their appointments yet

508
00:20:06,080 --> 00:20:10,000
or where they uh haven't been able like

509
00:20:08,640 --> 00:20:12,039
they don't think they can do things by

510
00:20:10,000 --> 00:20:14,200
executive order they're trying to like

511
00:20:12,039 --> 00:20:15,440
cut off the flow of money to a lot of

512
00:20:14,200 --> 00:20:18,720
different things like you saw that with

513
00:20:15,440 --> 00:20:19,919
the NIH you see that with the um oh

514
00:20:18,720 --> 00:20:22,039
there was another big money thing

515
00:20:19,919 --> 00:20:23,760
there's a new aid aid restriction where

516
00:20:22,039 --> 00:20:26,400
they're they stopped all Aid to every

517
00:20:23,760 --> 00:20:29,159
country except Israel and Egypt yep yep

518
00:20:26,400 --> 00:20:31,679
uh Bob Menendez wins again

519
00:20:29,159 --> 00:20:34,360
yeah it's like the the the ramifications

520
00:20:31,679 --> 00:20:37,360
for these orders that he's doing are are

521
00:20:34,360 --> 00:20:39,039
like hurting so many branches of people

522
00:20:37,360 --> 00:20:42,280
that aren't that aren't the enemies that

523
00:20:39,039 --> 00:20:44,320
he's trying to F hurts the full faith

524
00:20:42,280 --> 00:20:45,679
and credit of the United States right

525
00:20:44,320 --> 00:20:48,320
like if the United States is not a

526
00:20:45,679 --> 00:20:51,600
reliable partner in transactions and

527
00:20:48,320 --> 00:20:55,039
you've spent the last uh since Reagan

528
00:20:51,600 --> 00:20:57,799
trying to convince everyone that like

529
00:20:55,039 --> 00:20:59,320
the solution to all these things is like

530
00:20:57,799 --> 00:21:01,640
public private Partnerships and

531
00:20:59,320 --> 00:21:03,480
privatizing these larger things then the

532
00:21:01,640 --> 00:21:06,720
government becoming not a reliable

533
00:21:03,480 --> 00:21:09,720
partner also blows that up like even in

534
00:21:06,720 --> 00:21:12,520
like the stated governing IDE ideology

535
00:21:09,720 --> 00:21:14,760
it's incoherent unless the goal is to

536
00:21:12,520 --> 00:21:20,159
like inflict harm and destroy the order

537
00:21:14,760 --> 00:21:21,720
as it exists right um apologies I I'm I

538
00:21:20,159 --> 00:21:23,559
got us a little bit off to or not not

539
00:21:21,720 --> 00:21:26,240
really I mean is that the next what's

540
00:21:23,559 --> 00:21:30,039
the is that the next part of this

541
00:21:26,240 --> 00:21:31,520
um this order yeah the re

542
00:21:30,039 --> 00:21:33,440
yeah that's most of the order there's a

543
00:21:31,520 --> 00:21:35,799
president's working group someday there

544
00:21:33,440 --> 00:21:38,159
might be an asset stockpile and [ __ ]

545
00:21:35,799 --> 00:21:39,919
cbdcs and all those nerds at the Federal

546
00:21:38,159 --> 00:21:41,960
Reserve who keep writing papers about

547
00:21:39,919 --> 00:21:44,720
them yeah I'm talking specifically to

548
00:21:41,960 --> 00:21:47,880
you you couple of nerds all 15 of you

549
00:21:44,720 --> 00:21:50,279
are a threat to our society um I think

550
00:21:47,880 --> 00:21:51,600
it's so and someone sorry someone I've

551
00:21:50,279 --> 00:21:53,080
been trying to keep an eye on chat from

552
00:21:51,600 --> 00:21:54,600
time to time so if you have a question

553
00:21:53,080 --> 00:21:55,880
you know feel free to um drop it in

554
00:21:54,600 --> 00:21:59,120
there and we'll try to get to it um

555
00:21:55,880 --> 00:22:00,880
someone asked uh what Donald Trump

556
00:21:59,120 --> 00:22:03,039
trying to do with this order and and and

557
00:22:00,880 --> 00:22:05,039
I think it's fair to say that he is

558
00:22:03,039 --> 00:22:07,440
trying to win the hearts and minds of

559
00:22:05,039 --> 00:22:09,520
the cryptocurrency industry um it's a

560
00:22:07,440 --> 00:22:11,279
it's a wish fulfillment executive order

561
00:22:09,520 --> 00:22:12,919
yeah yeah it's saying I'm coming through

562
00:22:11,279 --> 00:22:14,760
exactly the way that I said I was going

563
00:22:12,919 --> 00:22:16,679
to and uh I'm here to I'm here to make

564
00:22:14,760 --> 00:22:18,559
sure that you guys are protected um so

565
00:22:16,679 --> 00:22:20,440
is that that's what he is trying to do

566
00:22:18,559 --> 00:22:23,600
if the order again if the order

567
00:22:20,440 --> 00:22:26,640
was actually executed the way that

568
00:22:23,600 --> 00:22:29,080
he has termed it the financial system

569
00:22:26,640 --> 00:22:31,000
would collapse so it cannot be

570
00:22:29,080 --> 00:22:33,159
the the order cannot be justified the

571
00:22:31,000 --> 00:22:36,640
way he has worded it and with the

572
00:22:33,159 --> 00:22:38,200
vagueness that he's worded it um but uh

573
00:22:36,640 --> 00:22:39,760
yeah definitely it's just like a w

574
00:22:38,200 --> 00:22:41,480
trying to give a w to the um

575
00:22:39,760 --> 00:22:43,200
cryptocurrency Community sorry go go

576
00:22:41,480 --> 00:22:46,840
ahead Bennett well yeah it's exactly

577
00:22:43,200 --> 00:22:50,080
that um and some small contingent of the

578
00:22:46,840 --> 00:22:53,760
cryptocurrency community have been like

579
00:22:50,080 --> 00:22:55,520
getting pissed at him for cashing in uh

580
00:22:53,760 --> 00:22:58,159
in their little industry and doing a

581
00:22:55,520 --> 00:23:00,600
bunch of disreputable things with his

582
00:22:58,159 --> 00:23:03,799
cryp currency projects and so it's good

583
00:23:00,600 --> 00:23:05,760
you know buy them off by signaling you

584
00:23:03,799 --> 00:23:07,360
might use the federal government to pump

585
00:23:05,760 --> 00:23:09,480
assets that you have a personal interest

586
00:23:07,360 --> 00:23:12,679
in that's a good thing that's how this

587
00:23:09,480 --> 00:23:16,120
is supposed to work yeah um and you were

588
00:23:12,679 --> 00:23:19,279
you were going over um you were going

589
00:23:16,120 --> 00:23:21,200
over Trump's uh I believe the working

590
00:23:19,279 --> 00:23:22,480
group you were naming some of the people

591
00:23:21,200 --> 00:23:24,679
um it's going to be oh yeah I didn't

592
00:23:22,480 --> 00:23:26,799
name all of them it's a long list it's a

593
00:23:24,679 --> 00:23:29,279
very long list um of course almost all

594
00:23:26,799 --> 00:23:32,320
of the people that are being put on this

595
00:23:29,279 --> 00:23:34,559
um advisory committee are Trump allies

596
00:23:32,320 --> 00:23:38,039
uh and or or will be by the time he gets

597
00:23:34,559 --> 00:23:39,520
his nominees in exactly um so and and

598
00:23:38,039 --> 00:23:41,880
one of them and I think someone already

599
00:23:39,520 --> 00:23:44,279
pointed Kyle and uh our buddy Kyle in

600
00:23:41,880 --> 00:23:46,360
chat already pointed this out the secret

601
00:23:44,279 --> 00:23:49,000
Secretary of Commerce is Howard lutnick

602
00:23:46,360 --> 00:23:52,240
who is basically tether like this is

603
00:23:49,000 --> 00:23:54,039
basically a tether guy um so uh you know

604
00:23:52,240 --> 00:23:59,240
he he owns a Stak in tether did you see

605
00:23:54,039 --> 00:24:02,400
that reporting oh awesome gooder

606
00:23:59,240 --> 00:24:06,120
he is te he is actually te and he's

607
00:24:02,400 --> 00:24:08,559
divesting his trading business and caner

608
00:24:06,120 --> 00:24:10,840
Fitzgerald if he gets in but I don't

609
00:24:08,559 --> 00:24:13,480
think he said he'll divest his tether

610
00:24:10,840 --> 00:24:15,799
shares oh it doesn't what well why why

611
00:24:13,480 --> 00:24:18,039
would he why would um also it's worth

612
00:24:15,799 --> 00:24:20,679
point to in case anyone isn't aware um

613
00:24:18,039 --> 00:24:23,039
the crypto Zar who's overseeing order

614
00:24:20,679 --> 00:24:24,799
issue executive orders like this who's

615
00:24:23,039 --> 00:24:28,679
working with Donald Trump to help issue

616
00:24:24,799 --> 00:24:32,600
these orders is a um South African

617
00:24:28,679 --> 00:24:35,760
billionaire uh named David Sachs um so

618
00:24:32,600 --> 00:24:38,919
him and Elon besties PayPal Mafia boys

619
00:24:35,760 --> 00:24:41,919
back from the old days uh Peter teal

620
00:24:38,919 --> 00:24:43,880
Peter teal homies um are going to be

621
00:24:41,919 --> 00:24:46,760
deciding what rules and regulations

622
00:24:43,880 --> 00:24:49,799
Libertarians South African billionaires

623
00:24:46,760 --> 00:24:51,360
um are deciding what government rules

624
00:24:49,799 --> 00:24:55,360
and regulations are going to be

625
00:24:51,360 --> 00:24:56,360
acceptable in finance um so I like I

626
00:24:55,360 --> 00:24:59,960
it's just

627
00:24:56,360 --> 00:25:02,919
um it's pretty diso dystopian to me it's

628
00:24:59,960 --> 00:25:07,100
um everything and worse that I imagined

629
00:25:02,919 --> 00:25:08,720
so far is what I would say actually I

630
00:25:07,100 --> 00:25:13,640
[Music]

631
00:25:08,720 --> 00:25:16,120
am I have been struggling to figure out

632
00:25:13,640 --> 00:25:20,279
how to even appropriately like talk

633
00:25:16,120 --> 00:25:24,000
about address report on like conflicts

634
00:25:20,279 --> 00:25:27,080
of interest that are this deep this

635
00:25:24,000 --> 00:25:29,360
obvious and that's such a large swath of

636
00:25:27,080 --> 00:25:32,240
the like power structure and societal

637
00:25:29,360 --> 00:25:36,440
permission structure has decided they're

638
00:25:32,240 --> 00:25:38,159
not going to engage with yeah not and

639
00:25:36,440 --> 00:25:40,600
not just not engage with I almost think

640
00:25:38,159 --> 00:25:43,360
this is like a it's it's it's kind of a

641
00:25:40,600 --> 00:25:47,640
brilliant play by these guys um

642
00:25:43,360 --> 00:25:51,200
to bombard us with so much absolute

643
00:25:47,640 --> 00:25:53,679
nonsense at all at once that it be like

644
00:25:51,200 --> 00:25:57,000
it it actually becomes nearly impossible

645
00:25:53,679 --> 00:25:59,559
to decipher signal from noise because

646
00:25:57,000 --> 00:26:01,120
like it's all signal but it's all

647
00:25:59,559 --> 00:26:03,200
actually noise then like if it's all

648
00:26:01,120 --> 00:26:04,480
signal what are you even able to like

649
00:26:03,200 --> 00:26:06,399
are we supposed to be paying attention

650
00:26:04,480 --> 00:26:08,000
to the zig high are we supposed to be

651
00:26:06,399 --> 00:26:09,279
paying attention to the executive orders

652
00:26:08,000 --> 00:26:10,679
are we supposed to be paying attention

653
00:26:09,279 --> 00:26:13,159
how do you how do you pay attention to

654
00:26:10,679 --> 00:26:15,360
all of it and I assure you that when

655
00:26:13,159 --> 00:26:17,720
whatever your domain of expertise is I

656
00:26:15,360 --> 00:26:21,559
don't you know we have listeners and all

657
00:26:17,720 --> 00:26:25,720
and and viewers from every part of

658
00:26:21,559 --> 00:26:28,480
society when they come for your area of

659
00:26:25,720 --> 00:26:30,000
expertise you're going to be horrified

660
00:26:28,480 --> 00:26:31,799
by what they are willing to do to your

661
00:26:30,000 --> 00:26:33,200
industry you will be horrified it will

662
00:26:31,799 --> 00:26:35,360
be shocking and it will be horrifying

663
00:26:33,200 --> 00:26:37,200
for you um and we're seeing it play out

664
00:26:35,360 --> 00:26:39,159
time and time and time again if you're a

665
00:26:37,200 --> 00:26:40,919
rocket scientist Elon mus doesn't know

666
00:26:39,159 --> 00:26:42,720
anything about Rockets if you're a car

667
00:26:40,919 --> 00:26:44,960
engineer Elon mus doesn't understand how

668
00:26:42,720 --> 00:26:46,399
to make cars if you're a programmer he

669
00:26:44,960 --> 00:26:48,440
doesn't know how to code if you're a

670
00:26:46,399 --> 00:26:51,120
gamer he doesn't know how to play games

671
00:26:48,440 --> 00:26:53,080
like everything he touches he doesn't

672
00:26:51,120 --> 00:26:55,159
actually know anything about and I

673
00:26:53,080 --> 00:26:57,320
assure you that when Elon Musk and

674
00:26:55,159 --> 00:26:59,080
Donald Trump and David Sachs did this

675
00:26:57,320 --> 00:27:01,440
executive order

676
00:26:59,080 --> 00:27:04,880
I don't even know they they probably

677
00:27:01,440 --> 00:27:07,200
spoke to the biggest scammers in crypto

678
00:27:04,880 --> 00:27:09,960
to get their advice and Venture

679
00:27:07,200 --> 00:27:12,440
capitalists and that's it Dennis Porter

680
00:27:09,960 --> 00:27:17,200
and Cynthia lemus were the advisers for

681
00:27:12,440 --> 00:27:21,000
this one uh yeah it's

682
00:27:17,200 --> 00:27:24,760
um I I worry

683
00:27:21,000 --> 00:27:30,200
about how much damage is going to be

684
00:27:24,760 --> 00:27:31,919
done to like Broad ital consensus on

685
00:27:30,200 --> 00:27:34,640
what is acceptable for people in

686
00:27:31,919 --> 00:27:37,279
government to do what is acceptable for

687
00:27:34,640 --> 00:27:41,480
like advisers to the president to do

688
00:27:37,279 --> 00:27:44,600
what is the role of regulators I am

689
00:27:41,480 --> 00:27:47,240
unironically concerned that practically

690
00:27:44,600 --> 00:27:51,080
we may be going back to a pre Bora

691
00:27:47,240 --> 00:27:52,880
commission level of like and can you can

692
00:27:51,080 --> 00:27:56,159
you just expand on that for our audience

693
00:27:52,880 --> 00:28:00,519
like yeah after after black Thursday and

694
00:27:56,159 --> 00:28:03,960
all that the poror commission was set up

695
00:28:00,519 --> 00:28:05,240
with this one loudmouthed lawyer he's

696
00:28:03,960 --> 00:28:06,360
talking about the Great Depression just

697
00:28:05,240 --> 00:28:08,279
so everyone's clear like he's talking

698
00:28:06,360 --> 00:28:10,440
about it very very very very long time

699
00:28:08,279 --> 00:28:12,000
ago yes I know you say black Thursday

700
00:28:10,440 --> 00:28:13,320
that doesn't necessarily TR I just want

701
00:28:12,000 --> 00:28:14,559
to make sure everyone is totally on

702
00:28:13,320 --> 00:28:18,120
board with what's happening here yeah

703
00:28:14,559 --> 00:28:21,200
yeah yeah uh

704
00:28:18,120 --> 00:28:23,320
and over a like series of congressional

705
00:28:21,200 --> 00:28:25,720
investigations a bunch of wrongdoing by

706
00:28:23,320 --> 00:28:27,720
various Banks and other stakeholders in

707
00:28:25,720 --> 00:28:30,640
the financial markets were revealed

708
00:28:27,720 --> 00:28:33,600
event leading to the establishment of

709
00:28:30,640 --> 00:28:37,760
the SEC as we know it now following like

710
00:28:33,600 --> 00:28:40,320
the Securities acts of 33 and 34 um and

711
00:28:37,760 --> 00:28:41,880
before that existed uh we talked about

712
00:28:40,320 --> 00:28:43,080
this in a little bit we talked about

713
00:28:41,880 --> 00:28:45,519
this a little bit in an episode that's

714
00:28:43,080 --> 00:28:51,000
coming out in the next few days uh with

715
00:28:45,519 --> 00:28:54,120
Shan Tuffy where there was like fraud

716
00:28:51,000 --> 00:28:57,039
Securities fraud before this period was

717
00:28:54,120 --> 00:28:59,320
like a state byst state thing and this

718
00:28:57,039 --> 00:29:02,600
fact made it so many Securities

719
00:28:59,320 --> 00:29:06,640
fraudsters could get away with like

720
00:29:02,600 --> 00:29:08,679
blatant and untenable things and that's

721
00:29:06,640 --> 00:29:11,360
where we're going back to every single

722
00:29:08,679 --> 00:29:13,360
penny stock is going to have a meme coin

723
00:29:11,360 --> 00:29:16,080
just to be like Trump and what can the

724
00:29:13,360 --> 00:29:18,600
SEC do about that when Trump has his own

725
00:29:16,080 --> 00:29:20,399
meme coin every single penny stack is

726
00:29:18,600 --> 00:29:22,919
going to have their own like [ __ ]

727
00:29:20,399 --> 00:29:24,880
def5 project with a governance token and

728
00:29:22,919 --> 00:29:26,720
what is the SEC supposed to do about

729
00:29:24,880 --> 00:29:28,760
that when the president has his own

730
00:29:26,720 --> 00:29:33,240
[ __ ] def5 project with a governance

731
00:29:28,760 --> 00:29:37,000
token like the cash in from every like

732
00:29:33,240 --> 00:29:38,840
huster is going to be terrifying well

733
00:29:37,000 --> 00:29:40,519
and I and I do want to yeah like I want

734
00:29:38,840 --> 00:29:42,039
to meet the Libertarians here halfway

735
00:29:40,519 --> 00:29:45,039
because I feel like a lot of Li

736
00:29:42,039 --> 00:29:47,279
Libertarians and people who are anti

737
00:29:45,039 --> 00:29:50,080
like who simply want the smallest

738
00:29:47,279 --> 00:29:54,080
government imaginable um I think their

739
00:29:50,080 --> 00:29:58,039
belief runs in that more freedom is

740
00:29:54,080 --> 00:30:01,760
better like period And I understand why

741
00:29:58,039 --> 00:30:06,080
on a surface level that sounds correct

742
00:30:01,760 --> 00:30:09,600
but that's freedom from and not freedom

743
00:30:06,080 --> 00:30:11,679
for like or or Fe freedom for not for

744
00:30:09,600 --> 00:30:14,080
not freedom from right and I think

745
00:30:11,679 --> 00:30:16,279
introducing and allowing scammers to do

746
00:30:14,080 --> 00:30:17,880
to have full reign of a financial system

747
00:30:16,279 --> 00:30:20,559
and take advantage of people who are

748
00:30:17,880 --> 00:30:24,039
financially illiterate is taking freedom

749
00:30:20,559 --> 00:30:26,480
from them you are taking freedom from

750
00:30:24,039 --> 00:30:28,840
the financially illiterate from the

751
00:30:26,480 --> 00:30:32,080
people who haven't necessar earned a

752
00:30:28,840 --> 00:30:34,559
savings yet who have never had $1,000

753
00:30:32,080 --> 00:30:38,679
paycheck get it and then get scammed out

754
00:30:34,559 --> 00:30:42,200
of it by by meme coin huers and and like

755
00:30:38,679 --> 00:30:45,320
those giving those meme coin you know

756
00:30:42,200 --> 00:30:47,600
like people creating [ __ ] garbage

757
00:30:45,320 --> 00:30:49,279
and selling it to people um by giving

758
00:30:47,600 --> 00:30:51,080
them that freedom you are hurting other

759
00:30:49,279 --> 00:30:52,880
people and that is what that is like why

760
00:30:51,080 --> 00:30:54,960
we have rules and laws and regulations

761
00:30:52,880 --> 00:30:56,960
in a society that is why you establish

762
00:30:54,960 --> 00:30:58,760
these things you see them happen you we

763
00:30:56,960 --> 00:31:00,279
saw this happen the people losing their

764
00:30:58,760 --> 00:31:02,880
shirts in the Great Depression wasn't

765
00:31:00,279 --> 00:31:04,399
just rich people it was everybody it was

766
00:31:02,880 --> 00:31:06,039
it was everybody it was particularly

767
00:31:04,399 --> 00:31:08,399
poor people and middle class people

768
00:31:06,039 --> 00:31:09,840
proportionately poor people and like and

769
00:31:08,399 --> 00:31:12,760
like a lot of the people who blew up on

770
00:31:09,840 --> 00:31:14,960
the stock market like uh JP Morgan and

771
00:31:12,760 --> 00:31:16,320
Co made it through the Great Depression

772
00:31:14,960 --> 00:31:18,720
the people who were blowing up were a

773
00:31:16,320 --> 00:31:20,320
lot of like the upper middle class like

774
00:31:18,720 --> 00:31:22,639
doctors and lawyers who for the first

775
00:31:20,320 --> 00:31:24,600
time had access to like security

776
00:31:22,639 --> 00:31:26,799
collateralized lending and you want to

777
00:31:24,600 --> 00:31:28,799
know what I bet one of the targets of

778
00:31:26,799 --> 00:31:31,000
like their anti regulation thing is

779
00:31:28,799 --> 00:31:33,039
going to be security collateralized

780
00:31:31,000 --> 00:31:35,120
lending right and I think they're going

781
00:31:33,039 --> 00:31:37,480
to like try to do that to up leverage

782
00:31:35,120 --> 00:31:41,480
even more and again we're

783
00:31:37,480 --> 00:31:44,679
1928 you know like we did this game we

784
00:31:41,480 --> 00:31:46,720
played this people people died people

785
00:31:44,679 --> 00:31:49,639
like families were ruined businesses

786
00:31:46,720 --> 00:31:51,919
collapsed the economy was shuttered like

787
00:31:49,639 --> 00:31:54,039
and there was a whole Coalition of like

788
00:31:51,919 --> 00:31:56,200
debts and trade things that went into

789
00:31:54,039 --> 00:31:58,200
the Great Depression it wasn't just the

790
00:31:56,200 --> 00:32:04,039
stock market like bubble that came

791
00:31:58,200 --> 00:32:04,039
before it but like fundamentally it is a

792
00:32:04,080 --> 00:32:09,679
like void of anything like a coherent

793
00:32:07,320 --> 00:32:11,760
philosophy it's like a philosophy of

794
00:32:09,679 --> 00:32:13,880
absence it's a philosophy of

795
00:32:11,760 --> 00:32:15,639
exploitation that's exactly what it is I

796
00:32:13,880 --> 00:32:17,200
mean that's exactly what it is yeah and

797
00:32:15,639 --> 00:32:19,960
I yeah

798
00:32:17,200 --> 00:32:22,600
so uh I'm seeing a few okay I I'm seeing

799
00:32:19,960 --> 00:32:24,039
a few people say repeatedly that stable

800
00:32:22,600 --> 00:32:25,519
coins are Central Bank digital

801
00:32:24,039 --> 00:32:28,559
currencies I need them to understand

802
00:32:25,519 --> 00:32:31,399
that that is not true okay um coins are

803
00:32:28,559 --> 00:32:33,080
not cbdcs maybe under the Trump like

804
00:32:31,399 --> 00:32:35,440
maybe under the vague Trump term of a

805
00:32:33,080 --> 00:32:37,919
cbdc they could fall under that um but

806
00:32:35,440 --> 00:32:40,799
the reality is that tether does not have

807
00:32:37,919 --> 00:32:42,880
um access and uh Circle does not have

808
00:32:40,799 --> 00:32:44,960
access to the Central Bank of America or

809
00:32:42,880 --> 00:32:47,240
any other Nation for that matter right

810
00:32:44,960 --> 00:32:49,000
this is a private entity that is issuing

811
00:32:47,240 --> 00:32:51,039
something that is supposed to represent

812
00:32:49,000 --> 00:32:53,600
a dollar and is not necessarily even

813
00:32:51,039 --> 00:32:55,039
backed with currency like it doesn't

814
00:32:53,600 --> 00:32:57,480
have a one toone backing with currency

815
00:32:55,039 --> 00:32:59,760
it has a Ono one backing with assets so

816
00:32:57,480 --> 00:33:02,320
this is not like this is like a a money

817
00:32:59,760 --> 00:33:03,559
market fund maybe our our viewers are

818
00:33:02,320 --> 00:33:05,039
familiar with a money market fund it's

819
00:33:03,559 --> 00:33:07,720
like a money market fund it's it's like

820
00:33:05,039 --> 00:33:09,519
a it's like it's it's it's a an offering

821
00:33:07,720 --> 00:33:12,000
that you keep in your brokerage account

822
00:33:09,519 --> 00:33:16,159
or whatever in your crypto account that

823
00:33:12,000 --> 00:33:18,760
replaces a normal dollar because there

824
00:33:16,159 --> 00:33:20,159
for a number of complicated reasons

825
00:33:18,760 --> 00:33:21,880
there could be any number of reasons

826
00:33:20,159 --> 00:33:23,279
that this is that this is a a choice

827
00:33:21,880 --> 00:33:24,399
that someone makes but I need people to

828
00:33:23,279 --> 00:33:27,000
understand that they are not the same

829
00:33:24,399 --> 00:33:28,960
thing they are not the same thing yeah

830
00:33:27,000 --> 00:33:31,039
Central Bank did currencies are

831
00:33:28,960 --> 00:33:33,000
obviously issued by the central bank and

832
00:33:31,039 --> 00:33:35,159
they are like as we mentioned a direct

833
00:33:33,000 --> 00:33:37,760
liability of the Central Bank Central

834
00:33:35,159 --> 00:33:40,279
Bank is obligated to pay you for them

835
00:33:37,760 --> 00:33:42,320
tether canot pay you for them at their

836
00:33:40,279 --> 00:33:44,440
discretion the the way to the way to

837
00:33:42,320 --> 00:33:46,840
reflect on this is like a stable coin is

838
00:33:44,440 --> 00:33:48,639
is a derivative a central bank digital

839
00:33:46,840 --> 00:33:51,000
currency isn't a derivative it's a

840
00:33:48,639 --> 00:33:53,080
dollar it is the dollar it's the dollar

841
00:33:51,000 --> 00:33:54,919
so it is not a Federal Reserve Note

842
00:33:53,080 --> 00:33:56,960
basically right it's still backed by

843
00:33:54,919 --> 00:33:59,399
Federal Reserve assets but it's now a

844
00:33:56,960 --> 00:34:04,919
digital represent of the Federal Reserve

845
00:33:59,399 --> 00:34:08,599
Note um yeah so that's regulations are

846
00:34:04,919 --> 00:34:11,000
going to be gutted secc FTC uh treasury

847
00:34:08,599 --> 00:34:12,520
is told to pull back on like all their

848
00:34:11,000 --> 00:34:13,760
some of their sanctions enforcement and

849
00:34:12,520 --> 00:34:17,040
the sanction stuff they're doing with

850
00:34:13,760 --> 00:34:20,440
crypto so uh that's going to become more

851
00:34:17,040 --> 00:34:24,879
of a thing um

852
00:34:20,440 --> 00:34:26,560
y yeah um the the Trump meme coin is bad

853
00:34:24,879 --> 00:34:28,800
I I know I put it in the title so we

854
00:34:26,560 --> 00:34:31,560
should mention it the Trump meme coin is

855
00:34:28,800 --> 00:34:34,159
bad presidents shouldn't have meme coins

856
00:34:31,560 --> 00:34:37,440
no one should have meme coins meme coins

857
00:34:34,159 --> 00:34:38,919
are breast of any value and this is uh

858
00:34:37,440 --> 00:34:40,839
this is going to bring up one last point

859
00:34:38,919 --> 00:34:43,800
from me in terms of like relatively

860
00:34:40,839 --> 00:34:46,599
recent news is that vitalic butterin who

861
00:34:43,800 --> 00:34:49,359
is the founder of one of the founders of

862
00:34:46,599 --> 00:34:52,520
ethereum um and uh as far as I know runs

863
00:34:49,359 --> 00:34:55,639
the ethereum foundation uh put out a

864
00:34:52,520 --> 00:34:58,480
tweet and a post on Blue Sky where he

865
00:34:55,639 --> 00:35:00,400
said basically like oh I'm just not sure

866
00:34:58,480 --> 00:35:02,240
these meme coins are good for democracy

867
00:35:00,400 --> 00:35:04,320
like if I'm summing it up as best as I

868
00:35:02,240 --> 00:35:08,200
can

869
00:35:04,320 --> 00:35:11,920
um which as a cryptocurrency Critic and

870
00:35:08,200 --> 00:35:16,359
skeptic to have somebody who basically

871
00:35:11,920 --> 00:35:18,920
founded the ultimate shitcoin Casino

872
00:35:16,359 --> 00:35:22,440
until salana arrived like the only place

873
00:35:18,920 --> 00:35:24,560
you could do this for many years to be

874
00:35:22,440 --> 00:35:26,720
like oh maybe this isn't great is like

875
00:35:24,560 --> 00:35:29,160
maybe this is bad for society and for

876
00:35:26,720 --> 00:35:33,000
democracy it's like it's just so rich

877
00:35:29,160 --> 00:35:35,119
and so um disheartening to see that

878
00:35:33,000 --> 00:35:37,119
happen where it's like I I mean I it's

879
00:35:35,119 --> 00:35:40,720
better than not saying anything but it's

880
00:35:37,119 --> 00:35:42,800
still just like um a day late and a

881
00:35:40,720 --> 00:35:46,599
dollar short a day late and an ethereum

882
00:35:42,800 --> 00:35:50,680
short or whatever it really bugs me at a

883
00:35:46,599 --> 00:35:53,200
certain level that Trump is almost

884
00:35:50,680 --> 00:35:56,000
without argument a cryptocurrency

885
00:35:53,200 --> 00:35:58,599
scammer and a bunch of cryptocurrency

886
00:35:56,000 --> 00:36:01,640
execs who have in the past pretended

887
00:35:58,599 --> 00:36:04,200
that they can self-regulate self-govern

888
00:36:01,640 --> 00:36:08,200
and do things like that are totally

889
00:36:04,200 --> 00:36:10,680
happy to embrace this scammer and will

890
00:36:08,200 --> 00:36:13,960
suffer very few repercussions in their

891
00:36:10,680 --> 00:36:17,720
own industry for that Association and I

892
00:36:13,960 --> 00:36:20,200
think that is primas evidence that

893
00:36:17,720 --> 00:36:22,880
self-regulation is a lie that

894
00:36:20,200 --> 00:36:23,920
cryptocurrency executives are telling to

895
00:36:22,880 --> 00:36:26,480
rob

896
00:36:23,920 --> 00:36:28,920
you um another thing I realized recently

897
00:36:26,480 --> 00:36:30,440
this is a nonse but another regulation

898
00:36:28,920 --> 00:36:33,119
they're going to be targeting is

899
00:36:30,440 --> 00:36:36,319
accredited investor laws uh the Black

900
00:36:33,119 --> 00:36:39,440
Rock CEO was talking about how we need

901
00:36:36,319 --> 00:36:42,119
to tokenize stocks and bonds in order to

902
00:36:39,440 --> 00:36:44,400
democratize access to stocks and bonds

903
00:36:42,119 --> 00:36:46,359
okay this is something I did a little

904
00:36:44,400 --> 00:36:48,040
message about so I have at least some

905
00:36:46,359 --> 00:36:49,720
information on it and I do want to talk

906
00:36:48,040 --> 00:36:51,880
to everyone about this that there is

907
00:36:49,720 --> 00:36:54,720
this ongoing myth now I think I think

908
00:36:51,880 --> 00:36:57,200
there's a real myth that Financial

909
00:36:54,720 --> 00:37:00,400
education and or not sorry not a real

910
00:36:57,200 --> 00:37:03,680
myth a reality in America that there is

911
00:37:00,400 --> 00:37:07,160
a lack of financial education and a lack

912
00:37:03,680 --> 00:37:09,079
of access to proper Banking and the

913
00:37:07,160 --> 00:37:10,560
ability to be advised on what you're

914
00:37:09,079 --> 00:37:13,319
getting involved in and that kind of

915
00:37:10,560 --> 00:37:15,319
thing that I that is a real problem in

916
00:37:13,319 --> 00:37:16,920
America you know what's not a problem it

917
00:37:15,319 --> 00:37:20,319
turns out is how many people are

918
00:37:16,920 --> 00:37:22,480
invested in stocks 62% of Americans are

919
00:37:20,319 --> 00:37:24,760
invested in stock well that doesn't S oh

920
00:37:22,480 --> 00:37:26,640
that's not that much I guess only 62% of

921
00:37:24,760 --> 00:37:28,359
adults I mean it could be a lot more

922
00:37:26,640 --> 00:37:31,599
right well no like when you look at the

923
00:37:28,359 --> 00:37:36,119
rest of the world I think it's um 16% of

924
00:37:31,599 --> 00:37:39,160
Germany 20% of China and like 133% of

925
00:37:36,119 --> 00:37:41,079
Japan are invested in stocks most

926
00:37:39,160 --> 00:37:43,599
countries they understand that there is

927
00:37:41,079 --> 00:37:45,319
a huge risk return ratio here like the

928
00:37:43,599 --> 00:37:47,640
risks to doing these Investments to

929
00:37:45,319 --> 00:37:50,200
putting all your money into the stock

930
00:37:47,640 --> 00:37:51,800
market is they understand it so they

931
00:37:50,200 --> 00:37:53,920
don't dump all of their money into the

932
00:37:51,800 --> 00:37:57,680
stock market they don't think oh I'm so

933
00:37:53,920 --> 00:38:01,839
much smarter than my pension fund I'm so

934
00:37:57,680 --> 00:38:05,920
much smarter than a mutual fund um and

935
00:38:01,839 --> 00:38:08,800
so I think uh it's it's a fake crisis

936
00:38:05,920 --> 00:38:10,720
being created by these these rich people

937
00:38:08,800 --> 00:38:12,240
and why would they do that you ask why

938
00:38:10,720 --> 00:38:14,560
would they care about all of us

939
00:38:12,240 --> 00:38:16,160
investing our money obviously they want

940
00:38:14,560 --> 00:38:18,000
more money in the the market but the

941
00:38:16,160 --> 00:38:19,520
real thing they want is you to trade

942
00:38:18,000 --> 00:38:21,720
that's all they really care about they

943
00:38:19,520 --> 00:38:23,520
want you to trade over and over and over

944
00:38:21,720 --> 00:38:26,560
again that's they want to make money on

945
00:38:23,520 --> 00:38:28,680
fees well that's part of it I think so I

946
00:38:26,560 --> 00:38:31,800
think they went to make money on fees

947
00:38:28,680 --> 00:38:34,680
because democratization is a fake thing

948
00:38:31,800 --> 00:38:37,240
it is incredibly easy to open up an

949
00:38:34,680 --> 00:38:39,839
account at Robin Hood or something

950
00:38:37,240 --> 00:38:42,800
similar and the biggest barrier the

951
00:38:39,839 --> 00:38:46,079
remaining 38% of adults have is not

952
00:38:42,800 --> 00:38:48,319
having income or having assets to do it

953
00:38:46,079 --> 00:38:49,640
right for most of them it's not an issue

954
00:38:48,319 --> 00:38:51,160
some percentage of that there's going to

955
00:38:49,640 --> 00:38:53,960
be literacy issues or other things

956
00:38:51,160 --> 00:38:55,359
around it but for most of that 35 38%

957
00:38:53,960 --> 00:38:57,440
whatever they just don't have the money

958
00:38:55,359 --> 00:38:59,040
to invest in stocks and bonds and that

959
00:38:57,440 --> 00:39:00,880
number is so high because of our the

960
00:38:59,040 --> 00:39:02,319
failure of our national pension system

961
00:39:00,880 --> 00:39:05,000
but that's a tangent we're not going

962
00:39:02,319 --> 00:39:07,240
down right now the thing they want to do

963
00:39:05,000 --> 00:39:09,040
I think is go after accredited investor

964
00:39:07,240 --> 00:39:13,680
laws because right now there's a bunch

965
00:39:09,040 --> 00:39:15,720
of Investments that are too shitty for

966
00:39:13,680 --> 00:39:18,000
most people to get access to them and

967
00:39:15,720 --> 00:39:19,560
that's the truth listen listen to me I'm

968
00:39:18,000 --> 00:39:22,599
not a financial adviser this is not

969
00:39:19,560 --> 00:39:24,560
Financial advice but listen to me most

970
00:39:22,599 --> 00:39:29,040
Investments available to accredited

971
00:39:24,560 --> 00:39:31,720
investors are not better they are very

972
00:39:29,040 --> 00:39:34,599
often worse and are serving very

973
00:39:31,720 --> 00:39:37,400
specific functions for very specific

974
00:39:34,599 --> 00:39:39,839
investors and what they want is to be

975
00:39:37,400 --> 00:39:43,200
able to take all of their private Market

976
00:39:39,839 --> 00:39:45,880
[ __ ] all their [ __ ] that can't IPO and

977
00:39:43,200 --> 00:39:48,359
they want to tokenize it they want to

978
00:39:45,880 --> 00:39:50,560
sell those tokens to you and they hope

979
00:39:48,359 --> 00:39:52,839
that in so doing they will avoid

980
00:39:50,560 --> 00:39:55,079
accredited investor laws they will avoid

981
00:39:52,839 --> 00:39:57,560
securities disclosure laws they will

982
00:39:55,079 --> 00:39:59,440
avoid like regulations on probably

983
00:39:57,560 --> 00:40:02,319
dealing and wash trading and things like

984
00:39:59,440 --> 00:40:05,240
that that is black Rock's goal with

985
00:40:02,319 --> 00:40:08,280
tokenized Securities plus as people in

986
00:40:05,240 --> 00:40:11,040
my replies helpfully pointed out on Blue

987
00:40:08,280 --> 00:40:13,920
Sky it makes it easier to do smart

988
00:40:11,040 --> 00:40:15,240
contract based lending of these assets

989
00:40:13,920 --> 00:40:17,200
and I said that that's against

990
00:40:15,240 --> 00:40:19,800
regulations and this person said but we

991
00:40:17,200 --> 00:40:22,880
can just gut regulations and I said yes

992
00:40:19,800 --> 00:40:26,079
that's my fear that's oh my God yeah my

993
00:40:22,880 --> 00:40:28,280
brain uh and so that's that's the target

994
00:40:26,079 --> 00:40:29,480
of like the tokenized St ta and bouns

995
00:40:28,280 --> 00:40:31,040
which you're going to be hearing from

996
00:40:29,480 --> 00:40:32,040
the Wall Street people more than you're

997
00:40:31,040 --> 00:40:34,359
going to be hearing from like the

998
00:40:32,040 --> 00:40:36,000
Bitcoin people over the next four years

999
00:40:34,359 --> 00:40:39,079
but Wall Street is going to be pushing

1000
00:40:36,000 --> 00:40:42,400
that and it's so they can sell you [ __ ]

1001
00:40:39,079 --> 00:40:45,520
for sure um 100% uh I'm going to quickly

1002
00:40:42,400 --> 00:40:48,839
address um some questions I got on Blue

1003
00:40:45,520 --> 00:40:50,440
Sky um and uh and then if anyone does

1004
00:40:48,839 --> 00:40:51,800
have questions please keep you know

1005
00:40:50,440 --> 00:40:54,000
throwing them out there I'm I'm glad

1006
00:40:51,800 --> 00:40:56,560
people are asking questions uh about

1007
00:40:54,000 --> 00:40:58,319
this because this is such political

1008
00:40:56,560 --> 00:41:00,160
noise and like it it is actually

1009
00:40:58,319 --> 00:41:03,000
important for

1010
00:41:00,160 --> 00:41:04,920
financial people involved in finance and

1011
00:41:03,000 --> 00:41:06,680
or people just interested in this stuff

1012
00:41:04,920 --> 00:41:08,319
to have an idea of what this is going to

1013
00:41:06,680 --> 00:41:10,680
look like with the president um but yeah

1014
00:41:08,319 --> 00:41:12,680
let me get to this uh someone on Blue

1015
00:41:10,680 --> 00:41:14,319
Sky asked me how concerned should I be

1016
00:41:12,680 --> 00:41:17,200
as a person who has just a regular

1017
00:41:14,319 --> 00:41:20,119
checking savings account um at a normal

1018
00:41:17,200 --> 00:41:22,480
FDIC insured Bank about about all this

1019
00:41:20,119 --> 00:41:26,040
crypto stuff right now um and about this

1020
00:41:22,480 --> 00:41:27,560
executive order and I think for now I

1021
00:41:26,040 --> 00:41:29,079
like I don't I'm not I don't want anyone

1022
00:41:27,560 --> 00:41:30,680
to panic like you shouldn't be pulling

1023
00:41:29,079 --> 00:41:32,599
your money out of your bank account I

1024
00:41:30,680 --> 00:41:35,040
like that is not my intention right now

1025
00:41:32,599 --> 00:41:36,720
with this um live stream and with with

1026
00:41:35,040 --> 00:41:38,560
basically us explaining this executive

1027
00:41:36,720 --> 00:41:40,720
order there is no emergency for you in

1028
00:41:38,560 --> 00:41:43,280
your you know FDIC insured bank account

1029
00:41:40,720 --> 00:41:45,000
you're okay you're fine um nothing's

1030
00:41:43,280 --> 00:41:46,720
happening even like even places that I

1031
00:41:45,000 --> 00:41:48,960
don't necessarily like like Robin Hood

1032
00:41:46,720 --> 00:41:51,520
brokerage like you don't need to

1033
00:41:48,960 --> 00:41:54,400
necessarily be freaking out about that

1034
00:41:51,520 --> 00:41:57,760
right now um I think the broader

1035
00:41:54,400 --> 00:41:59,400
question is this is going to be a as you

1036
00:41:57,760 --> 00:42:03,040
kept terming it a blitz treg this is

1037
00:41:59,400 --> 00:42:04,359
going to be a president and a team of

1038
00:42:03,040 --> 00:42:07,400
billionaires who are going to be

1039
00:42:04,359 --> 00:42:09,560
throwing so much [ __ ] at the wall all at

1040
00:42:07,400 --> 00:42:11,240
once that it's going to be hard to sit

1041
00:42:09,560 --> 00:42:13,040
back and be like uhoh how is this going

1042
00:42:11,240 --> 00:42:15,079
to affect me uhoh is this going to hurt

1043
00:42:13,040 --> 00:42:16,560
my financials uh oh is that like you you

1044
00:42:15,079 --> 00:42:19,760
would have to spend all day watching

1045
00:42:16,560 --> 00:42:22,400
this stuff and no one has that time um

1046
00:42:19,760 --> 00:42:24,400
so I would just start I would just start

1047
00:42:22,400 --> 00:42:26,359
considering what you think the future

1048
00:42:24,400 --> 00:42:27,880
holds and how you can protect yourself

1049
00:42:26,359 --> 00:42:29,319
it doesn't mean pan it doesn't mean any

1050
00:42:27,880 --> 00:42:30,760
of that stuff and these are things

1051
00:42:29,319 --> 00:42:32,319
everyone should do with their finances

1052
00:42:30,760 --> 00:42:33,839
anyway but just how can you protect

1053
00:42:32,319 --> 00:42:35,960
yourself in the future how can you make

1054
00:42:33,839 --> 00:42:37,400
sure that like whatever weird things

1055
00:42:35,960 --> 00:42:39,720
that they Implement with this stuff with

1056
00:42:37,400 --> 00:42:41,640
this crypto stuff or with this digital

1057
00:42:39,720 --> 00:42:43,240
asset stuff or with the way that they're

1058
00:42:41,640 --> 00:42:45,119
just treating the fin the entire

1059
00:42:43,240 --> 00:42:47,680
Financial system how can you try to

1060
00:42:45,119 --> 00:42:51,839
protect yourself it's worth reflecting

1061
00:42:47,680 --> 00:42:54,240
on yeah especially since uh wasn't there

1062
00:42:51,839 --> 00:42:56,440
reporting that they want to gut the FDIC

1063
00:42:54,240 --> 00:42:58,960
they want to eliminate Deposit Insurance

1064
00:42:56,440 --> 00:43:01,440
like God they hate functioning Financial

1065
00:42:58,960 --> 00:43:03,480
systems they hate functioning systems

1066
00:43:01,440 --> 00:43:05,720
period they just want to [ __ ] on every

1067
00:43:03,480 --> 00:43:08,040
functioning institution or system so

1068
00:43:05,720 --> 00:43:09,640
that it can never be repaired but like

1069
00:43:08,040 --> 00:43:11,920
I'm not taking my money out of the bank

1070
00:43:09,640 --> 00:43:13,280
what's the [ __ ] alternative gold in

1071
00:43:11,920 --> 00:43:15,599
my mattress

1072
00:43:13,280 --> 00:43:16,760
and I I see they're in chat right now

1073
00:43:15,599 --> 00:43:18,000
yeah I know that they weren't saying

1074
00:43:16,760 --> 00:43:20,000
they were panicking I just want to make

1075
00:43:18,000 --> 00:43:21,680
sure that nobody like I don't want I

1076
00:43:20,000 --> 00:43:24,280
don't want us saying like uh oh this

1077
00:43:21,680 --> 00:43:26,079
stuff is not looking good and politics

1078
00:43:24,280 --> 00:43:29,079
is effed and the way these politicians

1079
00:43:26,079 --> 00:43:33,520
are are treating the US economy and the

1080
00:43:29,079 --> 00:43:36,119
US dollar is not good um I do think it's

1081
00:43:33,520 --> 00:43:38,200
a time of reflection and concern I don't

1082
00:43:36,119 --> 00:43:39,720
think it's a time for like uh oh I got

1083
00:43:38,200 --> 00:43:41,040
to do some I got to do something with my

1084
00:43:39,720 --> 00:43:45,160
money right now you're going to be like

1085
00:43:41,040 --> 00:43:47,800
you're going to be fine um and

1086
00:43:45,160 --> 00:43:50,160
uh and then this is something I I I we

1087
00:43:47,800 --> 00:43:52,359
kind of touched on um someone pointed

1088
00:43:50,160 --> 00:43:56,559
out that David sax who is now the crypto

1089
00:43:52,359 --> 00:43:59,760
and aiar um won't have to do Financial

1090
00:43:56,559 --> 00:44:01,440
disclosure probably um and whether or

1091
00:43:59,760 --> 00:44:04,040
not that's something to be concerned

1092
00:44:01,440 --> 00:44:05,240
about yes like of course yeah none of

1093
00:44:04,040 --> 00:44:07,040
these guys are going to do Financial

1094
00:44:05,240 --> 00:44:09,480
disclosures Elon Musk is going to be

1095
00:44:07,040 --> 00:44:11,319
doing all I'm sure all kinds and anyone

1096
00:44:09,480 --> 00:44:12,960
who does get forced to do a financial

1097
00:44:11,319 --> 00:44:16,040
disclosure is going to [ __ ] lie and

1098
00:44:12,960 --> 00:44:18,079
then what right like I or the Senate's

1099
00:44:16,040 --> 00:44:20,079
going to come after them in six [ __ ]

1100
00:44:18,079 --> 00:44:21,880
years or whatever what the [ __ ] are you

1101
00:44:20,079 --> 00:44:25,280
talking about I well I need I need

1102
00:44:21,880 --> 00:44:26,800
people to not be so we all like you can

1103
00:44:25,280 --> 00:44:29,559
TR I think it's fair to say like you

1104
00:44:26,800 --> 00:44:32,359
don't need to be cynical about your

1105
00:44:29,559 --> 00:44:34,400
neighbor intentions or the local

1106
00:44:32,359 --> 00:44:35,760
grossers intentions and stuff like that

1107
00:44:34,400 --> 00:44:38,839
like you don't need to be cynical about

1108
00:44:35,760 --> 00:44:40,800
that these guys Elon Musk David Sachs

1109
00:44:38,839 --> 00:44:42,680
these Venture capitalists these

1110
00:44:40,800 --> 00:44:45,599
billionaires they don't deserve your

1111
00:44:42,680 --> 00:44:47,520
trust they deserve you to be questioning

1112
00:44:45,599 --> 00:44:49,200
literally every [ __ ] word out of

1113
00:44:47,520 --> 00:44:51,440
their mouth they're lying to you all the

1114
00:44:49,200 --> 00:44:53,880
time they're lying to you so they're bad

1115
00:44:51,440 --> 00:44:55,839
it's always bad faith always see and the

1116
00:44:53,880 --> 00:44:57,440
only way sex could avoid a conflict of

1117
00:44:55,839 --> 00:45:00,119
interest here would be like complete

1118
00:44:57,440 --> 00:45:01,960
divestment from Craft Ventures and like

1119
00:45:00,119 --> 00:45:03,920
complete divestment across his personal

1120
00:45:01,960 --> 00:45:05,559
portfolio and he's fundamentally not

1121
00:45:03,920 --> 00:45:07,079
going to do that there's no secret on

1122
00:45:05,559 --> 00:45:08,880
that Financial disclosure thing that's

1123
00:45:07,079 --> 00:45:10,359
going to shock anyone right he's got a

1124
00:45:08,880 --> 00:45:12,520
bunch of shitcoins he owns a bunch of

1125
00:45:10,359 --> 00:45:15,040
salana he trades tokens that are

1126
00:45:12,520 --> 00:45:17,319
supposed to be vested like we know the

1127
00:45:15,040 --> 00:45:20,240
guy he's a

1128
00:45:17,319 --> 00:45:23,520
[ __ ] um yeah yeah I I agree with

1129
00:45:20,240 --> 00:45:24,720
that um uh sorry what else is there

1130
00:45:23,520 --> 00:45:27,079
anything else you wanted to touch on in

1131
00:45:24,720 --> 00:45:28,760
regards to the actual executive order

1132
00:45:27,079 --> 00:45:31,119
know i' I've tried to like hit every

1133
00:45:28,760 --> 00:45:34,040
question that I think we've gotten we we

1134
00:45:31,119 --> 00:45:35,720
we went over the Executive Order uh some

1135
00:45:34,040 --> 00:45:37,599
people in chat asked us about Ross we

1136
00:45:35,720 --> 00:45:39,720
mentioned it briefly at the beginning

1137
00:45:37,599 --> 00:45:42,359
both Cass and I broadly were in favor of

1138
00:45:39,720 --> 00:45:46,319
him being commuted because

1139
00:45:42,359 --> 00:45:48,079
of the way the case was conducted uh you

1140
00:45:46,319 --> 00:45:49,800
can listen before before people get mad

1141
00:45:48,079 --> 00:45:52,680
at us like we yeah we've done an episode

1142
00:45:49,800 --> 00:45:54,160
with Nick Weaver about this like I

1143
00:45:52,680 --> 00:45:57,000
understand what he did I do understand I

1144
00:45:54,160 --> 00:46:00,599
totally get it I like I'm not supporting

1145
00:45:57,000 --> 00:46:03,280
putting out hits on people it's not okay

1146
00:46:00,599 --> 00:46:05,400
but I agree with the sentiment of if

1147
00:46:03,280 --> 00:46:08,599
that is what he is being held in prison

1148
00:46:05,400 --> 00:46:11,079
for essentially really then you should

1149
00:46:08,599 --> 00:46:14,079
have tried him on those charges and made

1150
00:46:11,079 --> 00:46:15,599
sure he was guilty so and still even

1151
00:46:14,079 --> 00:46:18,839
then I'm

1152
00:46:15,599 --> 00:46:21,280
like how much time do you do for six

1153
00:46:18,839 --> 00:46:23,240
unsuccessful I like I guess that's a I

1154
00:46:21,280 --> 00:46:25,440
like that's a question for a broader a

1155
00:46:23,240 --> 00:46:28,200
broader um that's a broader discussion

1156
00:46:25,440 --> 00:46:30,680
not not one I want to have um um but I I

1157
00:46:28,200 --> 00:46:32,160
do I do think that uh you know they

1158
00:46:30,680 --> 00:46:34,240
should have tried him for those charges

1159
00:46:32,160 --> 00:46:36,440
if they wanted to get him and keep him

1160
00:46:34,240 --> 00:46:39,280
in prison for the amount of time that he

1161
00:46:36,440 --> 00:46:41,160
was sentenced to so um but a pardon was

1162
00:46:39,280 --> 00:46:43,319
bad a pardon was bad and he probably

1163
00:46:41,160 --> 00:46:45,480
should have been commuted not pardoned

1164
00:46:43,319 --> 00:46:47,160
because like the fundamental charges he

1165
00:46:45,480 --> 00:46:49,720
was found guilty of the evidence was

1166
00:46:47,160 --> 00:46:51,680
strung on the prosecution was strung on

1167
00:46:49,720 --> 00:46:54,079
those were not the parts that had like

1168
00:46:51,680 --> 00:46:55,839
the FBI agent or the DEA agent whichever

1169
00:46:54,079 --> 00:46:57,640
when it was that like stole the Bitcoins

1170
00:46:55,839 --> 00:46:59,160
or things like that

1171
00:46:57,640 --> 00:47:01,079
uh it wasn't like the part of the case

1172
00:46:59,160 --> 00:47:02,800
that required parallel reconstruction or

1173
00:47:01,079 --> 00:47:04,319
anything like that and so those charges

1174
00:47:02,800 --> 00:47:06,480
were like solid and valid and so a

1175
00:47:04,319 --> 00:47:08,280
commutation would have made more sense

1176
00:47:06,480 --> 00:47:09,079
than a pardon but a pardon plays it up

1177
00:47:08,280 --> 00:47:12,000
to the

1178
00:47:09,079 --> 00:47:14,400
bitcoiners and so here we are and again

1179
00:47:12,000 --> 00:47:16,720
that like you have to assume he didn't

1180
00:47:14,400 --> 00:47:18,559
speak to experts when he did that

1181
00:47:16,720 --> 00:47:21,839
because an expert would have said give

1182
00:47:18,559 --> 00:47:24,839
make it a com commutation right like or

1183
00:47:21,839 --> 00:47:27,800
yeah like you you you don't um pardon

1184
00:47:24,839 --> 00:47:29,760
this guy um under those circum es so but

1185
00:47:27,800 --> 00:47:33,200
I mean why

1186
00:47:29,760 --> 00:47:35,119
not well for all the reasons that we

1187
00:47:33,200 --> 00:47:37,240
we've discussed I also lastly I did I

1188
00:47:35,119 --> 00:47:39,440
did see that um somebody uh had

1189
00:47:37,240 --> 00:47:40,680
mentioned that China has a CB uh cbdc

1190
00:47:39,440 --> 00:47:41,839
which is a good point I want to

1191
00:47:40,680 --> 00:47:43,400
acknowledge that great point I thought

1192
00:47:41,839 --> 00:47:45,440
it was a pilot one that never went into

1193
00:47:43,400 --> 00:47:47,319
production it is a pilot one it did go

1194
00:47:45,440 --> 00:47:51,800
into production and it has largely been

1195
00:47:47,319 --> 00:47:53,319
unsuccessful like over over a time frame

1196
00:47:51,800 --> 00:47:56,839
um

1197
00:47:53,319 --> 00:48:00,839
where uh alipay did 17 trillion invol

1198
00:47:56,839 --> 00:48:03,240
volume uh the CBD cbdcs did 260 billion

1199
00:48:00,839 --> 00:48:06,760
so um 260 billion is more than I would

1200
00:48:03,240 --> 00:48:08,559
expect that is again over a over a time

1201
00:48:06,760 --> 00:48:10,520
frame when when I understand for

1202
00:48:08,559 --> 00:48:13,520
interbank settlement in China That's

1203
00:48:10,520 --> 00:48:16,559
comparatively small but I I can do the

1204
00:48:13,520 --> 00:48:18,319
math uh yeah it's it's I know a billion

1205
00:48:16,559 --> 00:48:21,040
is a thousandth of a trillion I can do

1206
00:48:18,319 --> 00:48:23,200
the math I know how numbers work I just

1207
00:48:21,040 --> 00:48:25,040
want to acknowledge that the um viewer

1208
00:48:23,200 --> 00:48:26,160
was right that they it was fair to call

1209
00:48:25,040 --> 00:48:27,599
that out and I just want to make sure

1210
00:48:26,160 --> 00:48:30,520
that they also understand that even

1211
00:48:27,599 --> 00:48:32,640
though China has this it isn't a widely

1212
00:48:30,520 --> 00:48:35,079
used thing in China and it is not some

1213
00:48:32,640 --> 00:48:36,640
like they've already got the Spy network

1214
00:48:35,079 --> 00:48:38,839
available like if they need to spy on

1215
00:48:36,640 --> 00:48:41,040
their citizens they can rely on alipay

1216
00:48:38,839 --> 00:48:44,559
they don't need to worry about um having

1217
00:48:41,040 --> 00:48:45,800
a cbdc so um yeah uh hopefully I like I

1218
00:48:44,559 --> 00:48:48,880
think we've addressed everything I think

1219
00:48:45,800 --> 00:48:50,640
we've gone um gone over everything if

1220
00:48:48,880 --> 00:48:51,720
there is any more questions please get

1221
00:48:50,640 --> 00:48:53,040
them in like right now because I think

1222
00:48:51,720 --> 00:48:57,079
we're just going to we're going to call

1223
00:48:53,040 --> 00:48:58,760
it a night here um and uh and log off I

1224
00:48:57,079 --> 00:49:02,079
hopefully there aren't 10 more of these

1225
00:48:58,760 --> 00:49:04,000
emergency live streams this year um but

1226
00:49:02,079 --> 00:49:05,400
who knows I like I genuinely don't know

1227
00:49:04,000 --> 00:49:07,079
the only other times we've done these

1228
00:49:05,400 --> 00:49:10,040
are generally when something really

1229
00:49:07,079 --> 00:49:12,440
crazy happens and

1230
00:49:10,040 --> 00:49:14,680
um it seems like it's going to be a bad

1231
00:49:12,440 --> 00:49:17,440
year for that so when when Juan Carlo

1232
00:49:14,680 --> 00:49:20,079
davini gets clapped in handcuffs in a

1233
00:49:17,440 --> 00:49:22,720
day Justin's son didn't even show up for

1234
00:49:20,079 --> 00:49:24,880
the inauguration I was like I was doing

1235
00:49:22,720 --> 00:49:26,720
won speculation and then he didn't even

1236
00:49:24,880 --> 00:49:30,000
show I was a little surprised

1237
00:49:26,720 --> 00:49:32,440
considering how much um Justin son for

1238
00:49:30,000 --> 00:49:33,359
what it's worth everyone Justin son is I

1239
00:49:32,440 --> 00:49:36,599
I don't know what to call him other than

1240
00:49:33,359 --> 00:49:38,440
a con man um a cryptocon man who

1241
00:49:36,599 --> 00:49:41,319
basically donated $30 million to the

1242
00:49:38,440 --> 00:49:44,680
Trump uh what was it more like 70

1243
00:49:41,319 --> 00:49:47,599
million now okay anyway um donated to

1244
00:49:44,680 --> 00:49:49,559
Trump he invested in a very legitimate

1245
00:49:47,599 --> 00:49:51,680
Trump Enterprise that technically isn't

1246
00:49:49,559 --> 00:49:53,720
even a trump Enterprise Trump just gets

1247
00:49:51,680 --> 00:49:56,319
75% of the revenue in almost all the

1248
00:49:53,720 --> 00:49:58,599
tokens it's not even a trump company

1249
00:49:56,319 --> 00:50:00,079
yeah and that is we've also changed how

1250
00:49:58,599 --> 00:50:02,079
C coin is working and that is going to

1251
00:50:00,079 --> 00:50:03,119
be the new system so just wanted to

1252
00:50:02,079 --> 00:50:04,599
throw that in at the very end of the

1253
00:50:03,119 --> 00:50:06,240
episode have a good one everybody thank

1254
00:50:04,599 --> 00:50:08,520
you for joining us before we close it

1255
00:50:06,240 --> 00:50:12,079
out before we close it out I do want to

1256
00:50:08,520 --> 00:50:15,400
say like we've been very down in this

1257
00:50:12,079 --> 00:50:18,319
episode and I do want to say that it is

1258
00:50:15,400 --> 00:50:22,440
still important for all of us audience

1259
00:50:18,319 --> 00:50:25,280
and podcasters here to over the coming

1260
00:50:22,440 --> 00:50:28,400
period be honest about what we are

1261
00:50:25,280 --> 00:50:30,880
seeing be honest about the griffs and

1262
00:50:28,400 --> 00:50:33,839
things these folks are participating in

1263
00:50:30,880 --> 00:50:38,880
in the future I hope there will someday

1264
00:50:33,839 --> 00:50:40,559
be a coalition that is unwilling to deal

1265
00:50:38,880 --> 00:50:44,960
with this level of

1266
00:50:40,559 --> 00:50:46,839
corruption CFT and just outright crime

1267
00:50:44,960 --> 00:50:50,319
and that is a time I look forward to and

1268
00:50:46,839 --> 00:50:53,559
that time comes if we all collectively

1269
00:50:50,319 --> 00:50:55,480
like make it come and there's a limit to

1270
00:50:53,559 --> 00:50:57,280
how much we each can do in that don't

1271
00:50:55,480 --> 00:50:59,040
like imagine yourself self some person

1272
00:50:57,280 --> 00:51:01,319
who can fundamentally change the course

1273
00:50:59,040 --> 00:51:04,680
of the world but it's all right to be

1274
00:51:01,319 --> 00:51:06,920
like oh no that guy actually is really

1275
00:51:04,680 --> 00:51:08,280
corrupt and super important to call them

1276
00:51:06,920 --> 00:51:11,119
out you know while you while you have an

1277
00:51:08,280 --> 00:51:12,440
opportunity to um it's like if you can't

1278
00:51:11,119 --> 00:51:15,440
fight in any other way that's a good way

1279
00:51:12,440 --> 00:51:15,440
to

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