They Want To DESTROY Crypto!! Here’s What It Means!

There's been a coordinated Crackdown on Crypto in the United States since the Start of the Year while many entities Have been involved in this Crackdown one Entity in particular has been front and Center and it's believed to be one of The key players in operation chokepoint 2 there's no shortage of evidence to Suggest this and the latest piece of Said evidence is an upcoming proposal to Apply ebanking laws to the crypto Industry as you might have guessed this This would not be good that's why today We're going to tell you everything you Need to know about this entity unpack What its director recently said about Crypto and explain what it could all Mean for the markets my name is guy You're watching the coin Bureau don't go Anywhere the Consumer Finance Protection Bureau or cfpb is an independent agency Of the US government now I'm using air Quotes because independent seems to be Codee for little to no government Oversight this is surprising considering That the cfpb Apparently has the power To implement and enforce Financial laws Similarly to the SEC the cfpb's purpose Is to quote ensure that markets for Consumer Financial products are fair Transparent and competitive in contrast To the SEC the cfpb has only been around Since 201 10 and seldom engages in rulle Making and enforcement at least compared

With the SEC if you watched our video About The Man Behind the crypto Crackdown you'll know that the cfpb was Created as part of the Dodd Frank act That was passed after the 2008 financial Crisis you'll also know that the cfbb Was proposed by Elizabeth Warren the Most anti- crypto politician in Washington DC you'll even know that the Cfpb gets its funding from from the Federal Reserve and makes up as much as 12% of the fed's entire budget Jerome Pal himself was asked about the fed's Funding of the cfpb back in March and Admitted he couldn't provide any Specifics because the FED has no Oversight of its operations on that note If you watch that video you'll know that The man behind the crypto Crackdown is None other than Michael bar the fed's Vice chair for supervision you'll also Know that he was one of the architects Of the Dodd Frank act and that it also Created the position at the FED which he Now holds big think now what's crazy is That something similar seems to have Happened with the cfpb as I just Mentioned Elizabeth Warren was the one Who proposed the cfpb but she wasn't the One who put it together that was Rohit Choa Elizabeth's Ally he created the Agency in 2010 and became its director In 2021 prior to becoming director of The cfpb Rohit was a commissioner at the

Federal Trade Commission or FTC where he Spent most of his time scrutinizing big Tech over its data practices not Surprisingly the first thing Rohit did As director of the cfpb was scrutinize Big Tech again this time for its Payment Systems what's interesting is that Rohit Doesn't appear to be inherently anti- Crypto per se rather he appears to be Pro bank which means he's against any Innovation that would disrupt the Traditional banking system note that This seems to be the case with Elizabeth And with SEC chairman Gary gendler as Well I think we can all guess who's Bankrolling them and if you like that Pun smash the like button anyway Speculation aside the cfpb has only made The crypto headlines a few times since Rohit became its director these are Articles have gone by mostly unnoticed Which is a bit scary considering their Contents back in October 2021 Pro crypto Senator Bill haggy warned Rohit not to Go Rambo on crypto for context the cfpb Has been warning about crypto since 2014 when President Biden signed that Executive order about crypto last March It essentially invited the cfpb to Scrutinize crypto along with the other Regulators now coin desk initially Speculated that the cfpb would be at Odds with the SEC when it came to crypto But it's clear that they are in fact on

The same page then last August Kathy Cringer the former director of the cfpb Warned the crypto industry to be careful About what they wish for when it comes To crypto regulations that's because the Result could be that Regulators will Apply trfy rules to crypto which would Effectively kill the real crypto Industry note that this is something We've been warning about in our videos About crypto regulations well Cathy's Prediction turned out to be correct last December crypto platform nexo revealed That a big part of why it decided to Exit the US market was because of Pressure from the cfpb it's safe to Assume that the cfbb has played a role In pressuring other crypto companies to The point that they left the us as well As for the cfpb's recent proposal to Apply ebanking laws to crypto that we Mentioned in the introduction it came From a passing comment that roit made During a recent event some crypto media Outlets picked up on this passing Comment but like all the others it seems To have gone by largely unnoticed not Only that but the broader context of Rohit's comment seems to have been Completely missed now when we watched His speech and the subsequent question Period at that event it made all all the Other videos we've done about crypto Regulations seem like puzzle pieces that

Had suddenly come together the result Was a clear picture of the roles all These different anti- crypto Regulators Are playing and when they're supposed to Play them I can tell you right now that The cfpb's sudden focus on crypto seems To be a consequence of the fact that the SEC is being humiliated in court in its Crypto related cases as most of you will Know the judge in the sec's case against Ripple ruled that xrp and its secondary Sales were not Securities more recently The judge in grayscale's case against The SEC ruled that the regulator had not Provided sufficient justification for Denying grayscale's Bitcoin trust to Spot ETF conversion the result is that The cfpb has been called in as backup And it may be more effective than we Think Now rohit's recent comments about Applying ebanking laws to crypto were Made during an event about digital Payments at the Brookings institution Note that the Brookings institution is a Very influential Think Tank based in Washington DC that has hosted many of The most powerful people in the world in This case the event featured multiple High-profile speakers including fed Governor Chris Waller I won't go into What they said for the sake of time but I will point out that there were a few Familiar faces from the pro crypto side

Namely yesha yadav a professor at Vanderbilt University who's testified Before as for Rohit though he started His speech by talking about the Monopoly On payments that WeChat and alipe have In China and how the US needs to avoid This same outcome with its own big tech Companies he recounted how Facebook's Libra digital currency failed but how Big Tech is still working on similar Technologies Rohit went on to underscore The fact that non-bank entities are not Subject to the same rules as Banks and This could be dangerous for consumers he Then said that consumers need to be Protected from quote private currencies Which presumably includes crypto since Regulators consider it to be private to Ensure consumers are protected from These evil private currencies Rohit said That the cfpb will do five things first It will request extensive data from Big Tech and fintech about their payment Systems to understand exactly where the Dangers are particularly around data and Digital currency issuance second quote To reduce the harms of Errors hacks and Unauthorized transfers the cfpb will Explore the applicability of the Electronic fund transfer act with Respect to private digital dollars and Other virtual currency CES for Consumer And Retail use now logically this means Stable coins and cryptos in general

Naturally the electronic fund transfer Act is supposed to protect consumers When making digital payments of any kind The act includes a long list of Provisions including protecting against Fraud refunding defrauded users Resolving transaction disputes and Reporting directly to the cfpb if you're Wondering why the this is such a problem For stable coins and crypto consider That it's technically impossible to do Things like reverse transactions at the Blockchain level put simply the parts of The crypto ecosystem that are truly Crypto would not be able to comply and Would likely be banned news flash that's The entire purpose of expanding this Rule we will know if and when it will go Into effect when the cfpb publishes its Regulatory agenda for the winter of 2023 Sometime in early December so mark your Calendars and you'll never guess who is In the Car hello and welcome back to GM crypto Now we have so much fun and exciting Stuff coming up for you on today's show But first we need to talk about the coin Bu deals page guy that's right Jessica Because it really is the place to find The very best deals in crypto for Starters you can find bonuses of up to $40,000 at some of the best crypto Exchanges and that's not all Jessica Because you can also get discounts on

Hardware wallets sign up bonuses for Some of the top exchanges and trading Fee discounts of up to 60% amazing guy where can people find This deals page well just head on over To coin.com Deals or use the link in the Description now the third thing that the Cfpb will do to ensure that consumers Are protected from private currencies is To investigate non-banks which likely Includes crypto platforms Rohit Highlighted that the cfpb can grant Itself the power to supervise these Entities especially if they work with Big Banks fourth the cfpb will recommend That the financial stability oversight Council or fso exercise its power to Deem certain non-bank entities as Systemically important this would Automatically give Regulators like the SEC jurisdiction over crypto exchanges And that's just the tip of the iceberg If you watched our video about Bank Bailin you'll know that systemically Important Banks can use customers Deposits to bail themselves out the next Time there's a banking crisis you'll Also know that members of the FDIC Explicitly contemplated expanding this Definition to crypto exchanges besides The fact that this could mean that any Coins tokens or cash you have on a Crypto exchange could be used to bail it

Out designating a crypto exchange as Systemically important means that it Could be legally acquired by a mega Bank Like JP Morgan if it goes down note that Rohit is also part of the FDIC speaking Of whom Rohit didn't actually say that Crypto exchanges should be designated as Systemically important rather he he said That stable coin issuers should be Designated as systemically important This would make them subject to what I Just told you potential bailin and Potential Mega Bank Acquisitions now the last thing that the Cfpb will do to ensure that consumers Are protected from private currencies is To expand laws related to data use in Finance Rohit concluded by saying that This is because he doesn't want the US Payment system to consolidate like it Did in China and wants to protect Financial Freedom this is pretty Hypocritical considering that Rohit has Been an advocate of fed now since his FTC days for reference fed now appears To be the first step towards a central Bank digital currency or cbdc if you've Watched any of our videos about cbdcs You'll know that they result in total Financial control from our perspective Then Rohit doesn't truly care about Financial Freedom he just hates the Private sector now I can't stress enough How passive rohit's comments about

Crypto were the second and last bullet Points about how the cfpb plans on Protecting consumers were basically the Only times he mentioned crypto in his Speech thankfully though he elaborated On his comments in the question period First Rohit explained that he doesn't Want the US Financial system to be a Private sector Monopoly like China's but That he doesn't want it to be a public Sector Monopoly like in Europe instead He wants the public sector to provide The core payments infrastructure while The private sector makes the Innovation Believe it or not but the interviewer Asked Rohit if it's better to have a Chinese style system considering how Advanced it is Rohit said no because Even he knows that public and private Don't exist in China it's all the CCP Unfortunately Rohit can't see that he's Been advocating for something much worse And if that wasn't insane enough the Interviewer then asked Rohit if the Treasury Department could issue a cbdc In lie of the FED Rohit started by Saying that it's complicated but under Pressure he admitted that this is Theoretically possible the treasury Could issue a cbdc let's remember that One shall we now Rohit also answered a Few questions from the audience and one Of them was about the fso designating Stablecoin issuers and other such

Entities as systemically important Rohit Was asked whether the fso was on board With this since it was a pretty bold Declaration to make roit smiled and Explained that the dodf Frank act gave The fso the power to designate Financial Entities as systemically important for Financial stability reasons he then Reminded everyone that us Regulators had Already announced that they would step In with enforcement actions in the Absence of Regulation we immediately Realized that this was a reference to a Report published by the president's Working group on financial markets or Pwg way back in 2021 we summarize that Report and if you watch that video you Might remember that the pwg said the Fsock will crack down in the absence of Regulation here's the direct quote in The absence of of congressional action Which is urgently needed to address the Credential risks inherent in payment Stable coins the agency's recommend that The financial stability oversight Council consid steps available to it to Address the risks outlined in this Report now for those unfamiliar the fso And the pwg consist of the same Regulatory Agencies fso is just bigger They're both led by the Secretary of the Treasury This suggests that Janet yelen is Another key player in the regulation by

Enforcement that we've seen then again Most of the other Regulators are anti- Crypto too for the fso you have the Treasury secretary who is anti crypto The FED chairman who is anti- crypto the Controller of the currency who is anti- Crypto the director of the cfpb who is Anti- crypto the chair of the SEC who is Next level anti- crypto the chairman of The FDIC who is anti- crypto I think you Get the point and the only thing these Regulators hate more than crypto is Stable coins that's simply because Stable coins are direct competitors to Cbdcs and therefore threaten their Control of the financial system now when The interviewer asked Rohit if it was Ironic that a bank collapse caused Circle usdc to deeg he just scoffed Rohit said that there have been many Cases of stable coins dep pegging under Completely different Circumstances this inspired the Interviewer to ask RIT how the hell Tether is still standing Rohit seemed to Dodge the question which is fascinating Considering tether's peculiar political Connections you can learn more about Those using the link in the description Anyway I digress this brings me to the Big question and that's what all of this Means for the crypto Market the answer Ultimately depends on whether Congress Can pass reasonable crypto regulations

Before The Regulators themselves go Rogue as it so happens a stablecoin bill Is currently in play but it's not moving Very quickly the clarity for payment Stable coins bill was passed by the House Financial Services committee back In July but has yet to be voted on by The house at the time of shooting this Video this is partially because other Things have kept them preoccupied and Partially because the house currently Doesn't have a speaker based on our Understanding the house doesn't actually Need to have a speaker for bills to be Passed but it makes things a lot more Complicated without one and funnily Enough the speaker prot temporary The Substitute speaker so to speak is Currently Patrick McKenry the pro crypto Politician who tabled the bill this has Led to hopes that the house will manage To approve the stable coin Bill even Without without a permanent speaker but Even if that happens the bill will have Two more Hoops to then jump through These are the Senate where the Democrats Have a majority and President Biden who Is himself a Democrat now if you've Watched any of our summaries of Congressional crypto hearings you'll Know that Democrats appear to be largely Anti-crypto whereas Republicans appear To be largely Pro crypto although it's True that there are pro crypto voices on

The Democrat side as well there don't Seem to be enough of them to get the Bill passed meanwhile anti- crypto bills Such as Elizabeth Warren's digital asset Anti-money laundering Act of 2023 have Started to gain traction due to the Reports that crypto is being used to Fund certain militant groups of course Elizabeth has been working closely with All the anti-crypto Regulators too given These and other circumstances like Wars For example it seems unlikely that a Stable coin bill will be approved before These anti- crypto Regulators act Realistically it won't be until after The next election that any crypto bills Are approved and this assumes a Republican majority in the House and Senate what this means is that there's a Real risk that we'll see a stable coin Crackdown in the US in the coming months And if you watched our video about the Fed's warning to Banks you'll know that They're already Gathering the info they Need finding out which banks are working With which stablecoin issuers now the Silver Lining is that not all stable Coin issuers are based in the United States tether being the obvious example The fact that its usdt stable coin is Used for almost all crypto trading means That a stable coin cracked down by Anti-crypto Regulators in the US may not Affect the crypto Market all that much

From what we've seen us-based stable Coins such as as cires usdc are used Primarily in defi in circle case its Close affiliation to large trefi Institutions like Black Rock could Protect it from the worst of what's Potentially coming the caveat is that Equally large trafi institutions clearly Want stable coins gone so then this begs The question of which of the two has More influence when it comes to crypto Regulations asset managers like Black Rock or Mega Banks like JP Morgan well we'll find out in the coming Months when we either see a spot Bitcoin ETF approved or us-based stable coins Put out of business let's just hope that Being focused on stable coins Keeps The Regulators away from actual crypto Projects and that's all for today's Video if you found it informative be Sure to smash that like button to let us Know if you want to to make sure you Stay informed subscribe to the channel And ping that notification Bell if you Want to help inform others take a second To share this video with those who you Think should see it and if you've been Trading or accumulating crypto Regardless of the regulatory fud well Just make sure you're maximizing your Gains Andor keeping your crypto safe the Coin Bureau deals page has up to $40,000 In bonuses on the best exchanges and the

Biggest discounts on the best wallets The link to that page will be down in The description thank you all for Watching and I'll see you next [Music] Time