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Hey everybody, good morning. Welcome back. It's the pleb underground. I'm your host, Phil,
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and we are going to take a look at why Bitcoin isn't acting like a risk asset anymore. That's
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right. New HopiM. Let's freaking go Bitcoin ETFs. We're going to talk about that. We're also going to
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talk about how Bitcoin is doing something no other asset has done in history. That's right. You
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wanted the HopiM. You got it. What else? We're going to take a look at some senators comments talking
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about the Bitcoin and crypto market structure bill. We're going to take a look at some FATFA guidance.
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That's right. The FATFA guidance. We know how they're friends of Bitcoin and they love Bitcoin.
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I'm kidding. MasterCard, acquiring a stablecoin infrastructure company. I'm not surprised,
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but we're going to take a look at that anyways. We've got some guys. We've got some solid strategic
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Bitcoin reserve news. Get ready. Big updates. The CFTC just told self-custodial wallet developers
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they don't need to register as brokers. Maybe the clarity is getting some clarity. Of course,
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we've got some SEC comments about the federal securities laws on crypto assets. Today is a day
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of the state. I guess it should be no surprise. It's Wednesday. The FOMC meeting is happening
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this afternoon at 2 or 2 30 PM Eastern. Probably going to be a giant nothing burger.
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Might even pull the markets down. But what the hell do I know?
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Anyways, let's get into it. Guys, here we go. Club Underground is sponsored by Archimedes
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Okay, so let's do this. Bitcoin, Fiat Exchange, 71,212 new all-time high on the block height,
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941,177 Sats per V-Bite. One Sats per V-Bite. Oh, say it ain't so. Total public lighting capacity
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down like 200 Bitcoin overnight at 2,057. Yeah, I got a lot of channel closures last night, so
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I guess some people took their liquidity and ran. Anyways, those are the numbers
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brought to you by time. Change stats. All right. Let's do it here. I gotta change
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change the focus on this. Give me a sec. There we go. Okay, guys, let's
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freaking do it. Some hope from the Rhino app, right? I think these guys are out of Europe, maybe.
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Anyways, shout out to the Rhino guys. Since the conflict with Iran broke out on February 28th,
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MSCI World Index minus 4% gold minus 5% Bitcoin plus 14. Look at that, guys. And there it is.
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Bitcoin isn't acting like a risk asset anymore. And the whole world is taking notice. I mean,
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look, I'd be lying if I said I wasn't somewhat happy about the fact that, you know, when this
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war news broke out that Bitcoin didn't just shit the bed. Yeah, you know, like that's one of those
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things where, you know, apparently we had failed the COVID test back in 2020, but look at what's
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happening here. Bitcoin ain't doing the same thing as it did before. Maybe this time it is different.
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Anyways, the performance gap since late February is staggering as crude oil surged 40% on supply
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fears. The MSCI World Index dropped 4% gold, the ultimate safe haven is actually down 5% for the
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month. The analog hedge is failing the stress test. And I appreciate that wording, the analog hedge.
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That's right. Because all of that stuff is analog, right? Gold. Whereas Bitcoin is digital. So
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and there you go. You get a nice little snapshot of the charts. Hey, look at Bitcoin. Go do
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and what it does. We appreciate it. Anyway, some solid hope. You're out of rhino.
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Always got to love that. Always got to love the rhino app. Hope you. So Bitcoin reclaimed 75,000
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this weekend. Now we're sitting at 71. That's okay with eight straight green daily candles. Okay,
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hold on a second. Hold on. This is where we got a, give me a sec. I just want to share this
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so I can move that. Oh, that windows just do.
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Sorry guys, this is what happens when you do stuff or when I do stuff live. Okay, let's somehow separate
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this. Yeah, okay, so there we go. Come on. Okay, so take a look, right? These are the daily candles.
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And that's what we got. We got our eight straight daily and then boom, boom.
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Look nice. I told you guys this yesterday, right? Like, look, you know, I get really excited.
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Obviously, you know, when the price goes up, get really happy, all that good stuff, right?
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Increasing your purchasing power, maybe in some cases, extending your runway, you know, whatever
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it may be, but the reality is is that there is so much resistance overhead. I'm just not so quick
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to cheer everything, but of course, right? You got to be happy for the good news. Why not? Why not?
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All right, let's continue on the US Bitcoin ETS recorded five consecutive days of inflows for
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the first time in 2026. I mean, guys, three months, three months, pretty decent.
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Maybe this news would matter more if we didn't have the Jane Street stuff that came out two weeks ago.
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Maybe we'd care more because before it was like, yeah, the ETFs are buying Bitcoin, right? And I saw,
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I saw one of those big engagement accounts. It's like engagement sloped the Thomas Farer account.
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It's talking about how BlackRock has 741,000 plus Bitcoin. It's like pump the brakes, bro.
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They have less than 10 Bitcoin. This is just Bitcoin. They're holding for the ETFs. And as we've
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seen with the Jane Street shenanigans, it doesn't matter that they hold that Bitcoin. They're just playing
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paper games. That's it. Hey, good morning, shift happens. Good morning. So yeah, so BlackRock,
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no 741, but 741 K Bitcoin. They have like less than 10. Okay. Anyways, okay. So here's another
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interesting piece of Hopian, which is just what? Draw a line in the sand, huh? So gold took 52 years to
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hit a trillion market cap. In what world did gold take 52 years in the world where you decide to
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draw your line in the sand at like World War II? Okay. That's where you draw the line in the sand,
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right? Or you decide to pick when gold was pegged at $35 forever. Microsoft took 44 years. That's
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probably a little more accurate. Apple took 42. Bitcoin took 12. Now look, if we're actually going to
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compare Bitcoin to gold's adoption, okay? And I know that the gold bugs obviously, and I want to
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hear this, it took like four to 6,000 years for gold to actually get to a trillion dollar market cap.
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Okay. Now, of course, like I'm not saying like that's a failure of gold, but I'm just saying
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that's how long it took. Okay. I know that people want to do these mental gymnastics for 52 years,
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100 years. No, you're wrong. You're wrong. Okay. They were collecting gold way back in the day.
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Okay. They were collecting gold in ancient Egypt. They were collecting gold in ancient Samaria.
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Okay. So what is this? Like still 52 years? That's nonsense. This is total nonsense.
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6,000 years. You know what? Bitcoin. That's what it's about. It's about, yeah, exactly shiny boomer
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nuggets. You know what? Speaking of which, I put out this meme once upon a time, right? When like gold,
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I forgot like when it crossed like the 5K or the 4K mark or whatever it was. And what I did was,
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was that I took a picture of the pharaohs, right? In their tombs and right at the bottom,
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the caption is the first hotlers are cheering because yeah, that's what it is. You know,
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it took 5 to 6,000 years for gold to get to a trillion dollars. So yeah, Bitcoin to 12.
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But, but sure, but sure, gold outperformed Bitcoin. Here. Another line in the sand.
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Ah, yeah, here we go. Roark. Good morning. Been through this before. If it goes lower,
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just accept the fact it went wrong. Exactly. No, I need to do mental gymnastics, my friend.
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And keep these say eventually the trend will change and it'll go higher, much higher. Exactly. Exactly.
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Just don't get it. It's just so funny. No, it's so funny. I like this chart. You should, you know,
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if he wears it on ramp, bro, you could have made this so much more effective by putting 4 to 6,000
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years instead of 52. Like, but I know you probably didn't want to seem like you were nuts, but guess what?
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That's just what's real. It's not nuts. It's what's real. Anyways,
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all right, Senator Kevin Kramer, urges lawmakers to advance Bitcoin and crypto market structure
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legislation before Easter saying time is not our friend and it needs to get done.
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You're hearing a lot of pressure on this. You're hearing that they want to, right?
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Want the wheels to turn. I think the last time was like they said they wanted it by March.
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There's something like that like by March 1st. So again, there's, I don't know if there's a little
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bit of can kicking going on there, but it does. It does seem a little bit.
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Again, it goes back to my original point of the banks are just simply setting themselves up.
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They don't want all of this legislation to come through and you have all these like
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shit coin companies that are ready with their rails and infrastructure ready to go, right?
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The banks want to make sure you got to level the playing field. It's got to be made fair.
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Fair for the banks.
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Always. All right, let's talk about the fat for friend to Bitcoin, right guys? Friend to Bitcoin.
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Targeted report on stable coins and unhosted wallets. There's that bullshit language again.
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There it is. All right, financial action task force highlights the prohibiting or denying of licenses
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to platforms that allow transfers to unhosted wallets. Very dangerous language.
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The fact that this language isn't being argued. That's a red flag. We should not be engaging
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in this language. At the very least, we should be requesting that language to be changed. However,
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this is the problem. If you request the language to be changed, you're shifting the overton
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window. There is no winning except completely opting out and it's just it's insane.
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Anyways, the report recommends that identifying verification will be required before any
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unhosted wallet can transact and the issuers proactively monitor the location and use of
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their stable coins in the secondary market, meaning after they leave the issuer entirely.
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Just tracking you everywhere you go because you have an unhosted wallet but who or what is hosting
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that unhosted wallet? Do you see what happens when really stupid people come up with terminology
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and then push it into the public? It doesn't mean anything. Words don't mean anything, okay?
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It's insane. Anyways, if further recommends, this kind of actually kind of reminds me of
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discordianism. Discordianism is a belief, a very interesting type of belief. It's a religion
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designed as a joke or a joke designed as a religion. But essentially, one of the premises is that
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no words actually exist and every word has an equal weighting when it comes to meaning and severity.
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So essentially, it's a giant troll on authority and it's a giant troll on authoritarian language.
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It's very interesting and fun. Anyways, if further recommends,
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governments require stablecoin issuers to embed blacklist, whitelist, and freeze functions
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directly into their smart contracts. Can somebody say Bitcoin? Yeah, Bitcoin fixes this crap.
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Unhosted wallets. These guys are crazy. Right? Right shift happens. I'm hosting my wallet just fine.
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Like, what are they talking about? Look, I am holding on to this signing device right here, okay?
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Am I not hosting this? Everybody who has a signing device, if you hold, if you own it, right?
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You're hosting it. So what is this nonsense? All nonsense. Anyways, good morning, Phil.
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Good morning. Yep, exactly. Only cucked wallets are allowed to transact that.
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You look, it's for our protection, Roark, okay? It's for our protection.
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The system is there to make sure nothing bad happens to us. What it's there for, okay?
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You have to abide by that. Anyways, anyways, back to the walled gardens.
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Here we go. MasterCard is partnering with some shit coin rail. Here we go. MasterCard to
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acquire stablecoin infrastructure company, BVNK. I guess that's just bank for up to 1.8 billion dollars.
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Yay. Deal adds on-chain payment rails for stablecoins, tokenized deposits, tokenized assets across
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130 countries to masterCard's existing network. Not a Bitcoin thing. Not a Bitcoin thing at all.
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But the reason why I'm talking about this is just because, of course, guys, as all of this
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legislation, just keep in the back of your mind, right? Keep in the back of your mind.
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Visa just went and did a move like this. MasterCard is doing a move like this. The banks are all
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getting ready with their rails and yet somehow legislation is stalled. Again, I don't care
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about the legislation. I don't care about bureaucratic red tape. I am just focusing on the story.
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I'm focusing on the show that we're watching and I'm enjoying my popcorn.
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Okay, Rork, if the Bitcoin network is hosting your UTXOs, that means it's hosting my UTXOs and that
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means we're in trouble. Wait till you tell them stats don't exist, right? Wait till you start
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telling them that only UTXOs exist, they're going to be like, what? That meme of the guy getting
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angry, right? It's the smiling face with the angry guy behind it. That's what that is. All right,
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let's move on, guys. Big news. So big. So big, everyone's going to freak out.
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We've got an actual update on the strategic Bitcoin reserve. Are you guys ready?
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That's right. The US Treasury set to buy back 15 billion today. Look at that. 15 billion dollars
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of debt. Not Bitcoin. Why are they buying Bitcoin, though? They're going to have so much more
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money than actually buying back that debt. I mean, look at the Bitcoin Treasury companies,
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right? I mean, sailors out there issuing debt just so that he can buy more Bitcoin and yet
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the US government that can just create money out of thin air,
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buying back their own debt and not buying Bitcoin. Do they not see the long game or just maybe,
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just maybe they haven't dragged the Kool-Aid like a lot of us, just maybe.
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This is why for me, I'm more interested in the individual stacking Bitcoin. I'm more interested
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in the individual being able to increase their purchasing power instead of sitting there
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in fluffing government balls, hoping to God that the government pumps the bugs. They're not buying
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Bitcoin, guys. The US government does not have to. They don't. Okay? Just lip service.
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All it is, just lip service. Sorry. All right. So let's dive into the CFTC stuff. Oh, wait, before
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the CFTC stuff, let's see. Yeah, exactly. Shift happens. This is going back to the hosted versus
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unhosted wallets. The wording is just bad and prone to misinterpretations, wallet, mining,
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exactly correct. That is the point. And that in my estimation is done on purpose. Okay?
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The language is vague on purpose for entrapment, right? It's about casting the net. It's just too bad.
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Which is remember, the government is always looking out for our best interests, right?
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The baseless public. All right. So here we go. The CFTC just sold self-custodial wallet developers.
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Hey, there we go. A little bit of ray of sunshine compared to the fat far.
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They don't need to register as brokers. Phantom wallet received a no action letter stating
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the CFTC will not pursue enforcement against self-custodial wallet developers who connect users
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to regulated trading venues as long as they don't custody user funds. First time the agency has
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formally drawn a line. Pretty good. So the CFTC's position was if your wallet software connects users
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properly registered futures commission merchants introducing brokers or designated contract
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markets and you don't custody user funds. You are not a broker. You're a software provider.
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The timing is not coincidental. A week ago CFTC chairman Mike Selig, which we reported on said at
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FIA, Boca Raton conference for too long. There's been an open question as to whether software
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providers trigger the CFTC's registration requirements. We intend to address that question
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head on and they absolutely did yesterday, right? The SEC clarifies the application of federal
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securities laws to crypto assets. So they issued an interpretation clarification. How the federal
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securities law apply to certain crypto assets and transactions involving crypto assets.
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So the commission's interpretation provides a coherent token taxonomy addresses how a non-security
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crypto asset, which is a crypto asset that is itself not a security may become subject to and how
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it may cease to be subject to an investment contract and it clarifies the application of federal
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securities laws, the air drops protocol mining protocol staking and the wrapping of non-security
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crypto assets. Yeah, let's listen to the SEC chairman. Here we go.
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So today I'm pleased to announce that the SEC's persistent failure to provide clarity on this
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question is over. As we speak, the commission is implementing a token taxonomy and investment
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contract interpretation and you should find that in your inbox or if you look on the website when
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you get home. Our interpretation, which is grounded in existing law and informed by extensive
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public input, establishes four asset categories that are not deemed to be securities. So digital
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commodities, digital collectibles, digital tools, and payment stablecoins under the Dean Genius Act.
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With these categories in place, the interpretation then clarifies that only one crypto asset class
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remains subject to securities laws, namely digital securities, which are traditional securities
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that are tokenized. This distinction returns the SEC to its core mission and statutory authority
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of protecting investors involved in securities transactions. We're not the securities and everything
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commission anymore. So that's great. Okay, I mean that's good stuff in terms of them actually
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providing clarity, but I think that what they just did was give the green lights to should coins,
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didn't they? And that's fine. I mean, look, this is part for the course, right? This is just part
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for the course. I am really not surprised by any of this. Thank God. Nox, man. Look, I was afraid.
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I didn't want to bring that up. I'm glad you did, okay? I'm just glad that like the digital
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girlfriend is no longer going to be a security. Yeah, exactly, right? That's a liability bill.
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This is going to be hilarious. And yes, Rourke, to your point, it is total bureaucratic bullshit.
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But look, you know, you need kindling to light a fire. And before you do the kindling,
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right, what do you do? Right before you add the kindling, you know, you put the, you know,
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you put the paper, you crunch up the paper at the bottom, you know, maybe you've got to,
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maybe you got to set up some rocks around the fire, right? To make sure you keep the fire
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in, right? You don't want it spreading the same difference, right? So they're just making sure,
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they're just making sure that there's not, there's not going to be any, any spill over into
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their sandbox, right? They, it's like the SEC wants to be clear. You guys have your own little
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shit coin sandbox. You go play in that, you know, we're going to, we're going to stick to our stuff.
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Anyways, I'm sure that this ends well. I'm sure.
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Speaking of ending, guys, that is the end of the show. Please consider signing the petition if
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you haven't yet. Even if you sign it, I'm still going to be annoying and mention it again,
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because these guys are in jail for, sorry, in prison, for writing code, privacy, preserving code.
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If you feel so inclined, please make a donation, Samurai wallet, re Samurai, guys,
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that is going to do it for today. I hope you have a great rest of the day, and I will catch you all
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tomorrow. Take it easy. Yeah, please. Thank you. Yeah, I never asked for that stuff.
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Like the video, and if you find value, maybe, maybe consider subscribing.
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But if you don't, that's okay too. Anyways, take it easy, guys.