The Future Of Crypto In The US!! You NEED To See This!!

Which cryptocurrencies are safe from the SEC this question has been top of mind For crypto investors in the US and Elsewhere and it's a question that U.S Politicians tried to answer in a recent Hearing about crypto regulation the list Of witnesses included former Regulators Current crypto lawyers and even someone From polkadot What was said could have a profound Impact on crypto in the United States Especially on icos so today I'm going to Summarize what was said during this Hearing reveal which crypto projects Could be safe from the SEC and tell you Exactly what it could mean for the Crypto Market The hearing I'll be summarizing today is Titled quote the future of digital Assets measuring the regulatory gaps in The digital asset markets In contrast to other crypto hearings This was a joint hearing between two Different subcommittees this underscores Its importance so pay attention note That the link to the full hearing will Be down in the description now the Hearing began with opening statements From the top-ranking politicians present The first to speak was Dusty Johnson Great name he said that most countries Are ahead of the US on crypto Regulations and that the U.S needs to Stay in the lead he also applauded the

Eu's recent crypto regulations more About those in the description The second politician to speak was Yadira caraveo she said that crypto's Complexity means that it's not enough For one committee to be involved hence The joint hearing She also said that there needs to be More collaboration between the SEC and The cftc and called for the cftc's Funding to be increased for context the Crypto industry has been trying to pass Regulations that put the cftc in charge Of crypto this is primarily because the Cftc is a principle-based regulator Which makes it easier to comply by Contrast the SEC is a rule-based Regulator and its lack of guidance has Made compliance impossible This ties into French Hills opening Statements French proclaimed that what U.S politicians decide to do about Crypto this year will shape upcoming Crypto regulations hence why I keep Summarizing these hearings French said that the collapse of FTX Can't Cloud their judgment about crypto Regulations well said The fourth politician to speak was Stephen Lynch and he struck a different Tone Stephen insisted that existing Regulations are enough for crypto and The only issue is non-compliance he also Warned that creating new rules for

Crypto would incentivize other Market Participants to use them as a loophole Stephen went on to say that some Participants in the crypto Market have Decided to sue the SEC He warned that this isn't a smart move Because the SEC has won every case it's Brought against a crypto company so far Now obviously this was a not so subtle Reference to coinbase which recently Sued the SEC Ironically coinbase is suing the SEC to Force it to explain how the exchange can Comply with its rules the fifth and Sixth politicians to speak were Patrick McHenry and Maxine Waters Patrick Reiterated his colleagues call for the SEC and cftc to work together Maxine said that she wants the SEC to Have more power so that can go after Offshore crypto companies they didn't Say much else worth mentioning on that Note you should know that SEC chairman Gary Gensler confirmed in another recent Hearing that the SEC already has the Power to go after offshore crypto Companies it's just more difficult and More expensive you can hear what else Gary said about crypto regulation using The link in the description now once the Politicians were done it was time for The witnesses to speak and there were Six Andrew dergey the head of compliant Ico platform Republic crypto Matthew

Culkin who used to work at the cftc Marco santori Chief legal officer at the Kraken cryptocurrency exchange Daniel Schoenberger Chief legal officer at the Web 3 Foundation which coordinates polka Dots development Timothy Massad who also used to work at The SEC and Michael blaugrund the CEO of The New York Stock Exchange an Interesting set of speakers to say the Least the first to go was Andrew he said That the laws around compliant icos in The United States aren't clear and this Is limiting millions of Americans from Making life-changing gains basically he Also pointed out that the adoption of Crypto isn't technological anymore it's Purely regulatory The second to speak was Matthew he said That BTC and eth are Commodities and Therefore subject to oversight by the Cftc not the SEC He also said that the cftc has authority Over certain stable coins and called for The expansion of the cftc so that it can Properly regulate the crypto commodities For reference Gary Gensler has stated That BTC is the only crypto that's a Commodity he believes that all other Cryptos including stable coins are Securities many current and former cftc Officials have stated that eth and Stablecoins are Commodities not Securities a tug of war over oversight

If you will the third to speak was Marco He revealed that Kraken has over 10 Million users and over 4 000 employees He highlighted the fact that different Jurisdictions around the world including The UK and the EU are introducing Crypto-specific rules and argued that The US should follow suit before it Falls behind The fourth to speak was Daniel he said That dot was originally sold as a Security but it's no longer a security Because polkadot has become Decentralized this argument is based on A statement from former SEC director Bill Hinman who said that eth wasn't a Security because ethereum is Sufficiently decentralized for those who Don't know the web3 foundation has Repeatedly stated that dot is not a Security in recent months now this could Be a sign that dot could be facing Regulatory scrutiny from the SEC Regardless it's something to watch Closely because it could have profound Implications for other cryptocurrencies Daniel then argued that having two token Categories commodity and security isn't Enough he explained that other Jurisdictions like Switzerland have Multiple token categories for crypto he Also said that there needs to be a clear Pathway for coins and tokens to become Decentralized AKA not securities

The fifth to speak was Timothy he said That he was concerned about creating new Laws and definitions for crypto but Acknowledged that existing laws are Outdated he said that a simple solution To this problem would be to allow crypto Exchanges to create their own Organization that answers to Regulators Notably Timothy said that the SEC should Still be allowed to argue that some Exchanges listed Securities however the Exchanges should not be punished for This since the regulations are not clear Instead they should simply be required To delist the offending coins or tokens An approach far too sensible for Gary Anyway the sixth to speak was Michael he Started by saying that the New York Stock Exchange has been around for 200 Years and although the technology has Changed the markets have not as such Crypto exchanges should be subject to The same rules as sent neutralized Exchanges for stocks and other assets Michael went one step further and argued That there is already a process in place For crypto exchanges to comply but they Have just refused to do so that's Because these exchanges provide all the Different Services in-house custody Clearing Etc These processes are typically segregated For safety reasons Michael also said That traditional centralized exchanges

Should be allowed to list Cryptocurrencies too this begs the Question of whether scrutiny of crypto Exchanges is coming from the lobbying Being done by traditional exchanges Which fear going out of business due to Their outdated trading methods I think We all know the answer anyways once the Opening statements were done the Question period began the first question Came from Dusty He asked Matthew how we can tell whether A crypto has become decentralized enough To count as a commodity Matthew's answer Was when it's listed on a Futures Exchange like the CME now to be honest This doesn't make much sense because it Means that the CME would essentially Have the power to anoint a crypto as a Commodity if this somehow turns out to Be the Criterion for a crypto to become A commodity then it looks like Ada and Seoul are on the list the CME wants to List them both in any case the second Question came from Yadira She asked Timothy if it was possible for The cftc to regulate crypto given the Small size of the agency Timothy said no and then made a random Comment about how tether's usdt isn't a Commodity and that quote we want to see It regulated as a security now this is Odd for two reasons first it's not clear Who We Are Timothy currently works at

Harvard and I don't think they care much About usdt's classification Second usdt is only listed on a handful Of exchanges in the United States and Isn't used all that much a security Classification wouldn't do much damage Oddities aside the third question came From French he asked Marco if the sec's Existing disclosures captured the Disclosures you'd want from a crypto Project such as the number of developers Nodes Etc Marco said no and that Exchanges can provide these disclosures For decentralized crypto projects makes Sense The fourth question came from Stephen he Spent most of his time talking about how The crypto industry is purposely picking The regulator with the least resources For oversight the cftc In his exchange with the witnesses Michael implied BTC and eth could still Be Securities which is pretty scary Makes sense considering he's the CEO of A Trad fire exchange now the fifth Question came from Glenn Thompson he Asked Matthew whether the Self-regulatory organization or SRO Proposed by Timothy in his opening Statement would work Matthew said yes But said it would take too much time Giving more Authority and power to the Cftc would be faster something tells me That talking point Didn't appeal to the

Politicians After a long anti-crypto rant from David Scott Warren Davidson pressed Marco on Whether crypto wallets should require Kyc given that Kraken had apparently Implied this at some point Marco Clarified that crypto wallets should not Require kyc for the same reason that Most regular transactions don't Warren Then asked an alarming rhetorical Question and that's quote when will Filecoin stop being a security This is alarming because Phil is Currently listed on major U.S exchanges The fact that Warren asked this question Could therefore mean that filecoin is Facing regulatory scrutiny from the SEC I for one can't say I've seen any Headlines about that anyhow the eighth Question came from Bill Foster who is Obsessed with digital ID Repeated his Spiel that the only way to Stop illicit activity in crypto is to Connect every crypto wallet to a Government-issued digital ID Bill Revealed that Matthew had noted in his Written testimony that wallets should Have kyc yikes the truly terrifying Thing is that none of the Witnesses were Able to explain to Bill how crypto crime Could be prevented in the absence of a Government-issued digital ID in their Defense they were there discussing Specific Securities and commodities

Regulations not digital ID even so it Wasn't a good look more about digital ID In the description I digress Then after a few pointless questions From John Rose Nikki budzinski revealed That her constituents don't seem to care At all about crypto regulations to her Credit she asked the witnesses how the Conversation can be framed so that it's Relatable to the average person I Presume this means she's pro-crypto Unfortunately the witnesses again failed To give any convincing answers here the Only one who came close was Timothy who Correctly said that constituents care a Lot about crypto during bull markets When they're feeling the fomo he said That regulations need to be set up in Advance so that they're safe The 11th question came from Frank Lucas Frank asked Marco how the eu's recent Crypto regulations make things harder For the United States a very revealing Question Marco said that Kraken has been Hesitant to expand its operations in the U.S and is investing heavily in the EU And the UK bad news for the U.S The 12th question came from Maxine the Only thing worth mentioning is a comment She made about how stablecoins face run Risks like money market funds this is Timely considering the U.S debt ceiling Debate could cause issues for money Market funds and tether has money with

Them probably nothing The 13th question came from Brian stale He asked Andrew how the eu's crypto Regulations are different from those in The US Surprisingly Andrew said that it would Be a mistake for the US to only watch The EU He said that there are lots of crypto Regulatory developments in Dubai and Singapore as well you can learn more About those and how they could cause the Next crypto bull market using the link In the description Now the 14th question came from Don Davis he essentially asked Marco about Some of crypto's use cases Marco made a Not so subtle reference to live peer a Crypto project that transcodes video I couldn't help but laugh when he said Quote some of us watch videos on our Phone from time to time The 15th question came from William Timmons he asked Marco whether it was Possible for a Securities Exchange to List BTC given that it's been classified As a commodity Marco said no now this is Fascinating because it effectively means That only crypto exchanges can list BTC Not regular ones The 16th question came from Sean Caston He spent most of his time grilling Andrew about the supposed gains Associated with crypto and cited a bis

Report which found that 80 percent of Crypto investors had lost money note That the bis is the bank for International settlements the bank for Central banks Sean also slammed Marco for making Claims about Kraken that sound eerily Similar to what Sam bankman freed had Claimed about FTX he said that existing SEC regulations would force crypto Exchanges to disclose the truth and Slammed the industry for trying to Cozy Up to the cftc specifically he said Quote if this industry is going to be so Big and so great and create so much Wealth why is it asking to be regulated By the smallest Financial regulator Of course he didn't have the decency to Wait for the answer which is that the SEC has refused to provide clear Regulations Then after some more pointless questions From Mark Molinaro Greg kasar asked Marco if any of the cryptos Kraken lists Have registered with the SEC Marco said Zero because there is no registration Process Greg then turned to Timothy and asked Him how exchanges decide to list cryptos Timothy said it's not clear I have to Agree with him on that one after even More pointless questions from Mike flood Andrea Salinas asked the witnesses about Crypto's impact on the climate believe

It or not but the Witnesses were dead Silent After multiple seconds of awkward Silence Timothy reminded Andrea that This was about financial regulation not Climate issues note that you can get the Facts about crypto's impact on the Environment using the link in the Description Now after yet another round of pointless Questions this time from Sam Nunn Richie Torres asked Timothy whether there are Only two kinds of assets after calling Out his Democrat colleagues for having Quote anti-crypto derangement syndrome This is a reference to something I won't Repeat here but it's pretty based Timothy said that there are two kinds of Assets and that an asset can be a Commodity and a security at the same Time I didn't understand something Related to assets being listed on Futures exchanges he also implied eth Was a security during his explanation And clarified that he wasn't saying eth Is a security strange indeed The 23rd question came from Aaron Houchin She asked Marco how the issue of crypto Disclosure can be solved Marco said that The U.S should follow in the footsteps Of the eu's crypto regulations which Include such disclosures Erin also Revealed that U.S citizens want to

Invest in crypto in a compliant way The 24th question came from Wiley nickel He started by saying that 100 year old Laws aren't appropriate for crypto the Howie test used by the SEC He asked Marco what registering with the SEC looks like Marco said he has no idea What it means for exchanges or crypto Projects because it's not currently Possible The 25th question came from Jonathan Jackson he started by saying that he's Concerned about all the pro-crypto Regulations overseas Andrew jumped in And literally said quote if you're Scared of Micah then you're going to be Terrified about the UK's upcoming crypto Regulations meaning they will be good Now if you watched our video about the UK's upcoming crypto regulations you'll Already know their initial draft was Looking good Andrew's exchange with Jonathan seems to confirm that their Final version will look just as good if Not better Andrew seemed to suggest that He could only reveal so much about it After another anti-crypto rant by Al Green Brad Sherman went on an Anti-crypto rant of his own in his rage He revealed that quote all the money and Power is on the side of the crypto Bros Implying that the recent lobbying by Crypto projects and companies is working If that ain't bullish I don't know what

Is So this brings me to the big question And that's what all of this means for The crypto Market well the short answer Is that politicians on both sides of the Aisle are starting to take crypto Regulations seriously this is probably Because they realize their political Future ultimately depends on them being Pro-crypto The caveat is one I've mentioned many Times before and that's that we may not See any crypto regulations come into Force in the United States until after The next election still it's starting to Look like the initial draft of these Regulations will be ready by the end of The year possibly even a final draft not Only that but it's starting to look like The us is going to follow in the Footsteps of places like the EU and the UK This means crypto-specific regulations Or at least clear boundaries on the SEC And cftc's authorities this alone would Go a long way to making crypto projects And companies more comfortable that said It's important to remember that the Politicians taking the time to sit down And discuss crypto are mostly pro-crypto As amazing as it is to see the number of Pro-crypto politicians growing in all These different committees the fact of The matter is that most of their

Constituents don't care about crypto Again this will change when the crypto Market starts to Rally again and America Starts to feel the fomo but this might Not happen for months possibly years it Fundamentally depends on how much money Will flow into crypto from pro-crypto Jurisdictions like Hong Kong when their New rules Come into Force now for what It's worth I'm confident that these Inflows will be sufficient to move Crypto prices to the point that they Pique the interest of the average American The only thing I'm not confident about Is exactly when this could happen Hong Kong's crypto rules will come into force On the 1st of June which is very soon However that doesn't guarantee that There will be a flood of inflows on the First day it could take weeks if not Months for investors to start allocating For Price momentum to grow for new Market makers to step in for new Exchanges to set up shop Etc then again Hong Kong has really hit the ground Running In some then the next few months are Going to be crucial for the crypto Market and for crypto regulations in the United States with a bit of luck the US Will see the success of all the Pro-crypto regulations overseas and Replicate them at home if it does then

The next crypto Bull Run will be a rally Unlike any other And that's all for today's video my Friends if you found it informative Smash that like button to let me know Also be sure to subscribe to the channel And ping that notification Bell so you Don't miss the next one while you're at It share this video with your crypto Friends and family to ensure they're Informed too and if you're looking for The best bang for your sets then you Have to check out the coin Bureau deals Page there are currently exchange Discounts and bonuses of up to forty Thousand dollars available exclusively For the viewers of this channel link is In the description for you folks So as always thank you so much for Watching and I will see you next time [Music]


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