🚹ETHEREUM IS A SECURITY HINTS CFTC CHAIR & ONLY RIPPLE XRP CAN SAVE ALTCOINS! - Transcripts

December 02, 2022

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CFTC Chair Rostin Behnam flip flops and says only Bitcoin is a commodity therefore making Ethereum a security. A Ripple XRP win against the SEC would help Ethereum and altcoins. 🌟Sponsor - Signup with Uphold. https://uphold.sjv.io/gbED4X 🚀 Get the...

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welcome back to the thinking crypto podcast your home for crypto currency news and interviews if you're new here please hit that subscribe button as well as a thumbs up button and leave a comment below if you listen to podcasts platforms such as apple Spotify or Google please leave a five star rating this content is brought to you by a pulled which makes crypto investing easy you can buy sell trade and earn crypto currencies on up old we have ten plus million users two hundred plus crypto currencies and are available in a hundred fifty countries I've been using this platform since twenty seventeen if you'd like to learn more please visit the link in the description all right my friends big news today because we had the CFTC chief Rosten Benham who says big queen is the only commodity in the wake of the F. T. X. collapse now this is a complete one eighty from what he's been saying I just even two months ago even going back six months where he was on CNBC saying bitcoin and Ethereum are commodities now you saying only back quite so what changed well certainly a lot of scrutiny is coming down on him and the of course the SEC but we know Gary gan Sir since he's taken a position and as the chairman has not speckled the statements of Jay Clayton and bill him and his predecessors about if you're being and not a security he's only talked about big goin and now Rustin Benham is is on that train what he's saying only be quite so what's going to happen to you through the rest of the altcoins because remember a lot of altcoins live on the Ethereum blockchain as you your C. twenty tokens and so forth right there were a lot ICO's on the Ethereum back in the day there's an F. T. E.'s on Ethereum so this is very dangerous pretty altcoin market now I personally hold bitcoin ether

Graham XRP and other altcoins like Cardano al go and so forth this is not a good sign my friends and

one could say that the targets are now on the Ethereum because even the S. E. C. N. A. N. D. E. N. belina lawsuits on the influencer Ian believe that they said all transactions on the Ethereum blockchain are under our Jews jurisdiction now the CFTC chief is is kind of backing down saying you know what are the only one to handle the theorem I let the SEC do that now you gotta read between the lines right if he's gonna say you only pick one is a commodity what does that mean for you it's a security so this is a big time backtracking and what will save the altcoins guys what could potentially save you fear it's going to have to be ripple and XRP as we've been talking about since the time this lawsuit was filed against ripple this is an attack against crypto it is not just myself that it's been saying that it's been people in the XRP community attorney John Deaton and so forth and a lot of people ignored us a lot of people you know were laughing as a high is dated the ripple sucks XRP sense but it wasn't just about ripple and XRP it was an attack and it started you know primarily would ripple and XRP and and now look at what cancer is doing it he's going after exchanges lending platforms everything right and even the library case and E. he's he's going after everything so everything's on the table here including Ethereum and that's why I'm gonna say it for the millionth time we need rebel to win to break down that barrier that exists right now

where Gary cancer has the upper hand

and and we give these other altcoins in the market a chance to be able to fight their case because Gary doesn't care he's trying to slow this thing down as much as possible so a victory from ripple and XRP getting that non security status will help the rest of the market and and you could help me fear him here now hi John Deaton attorney John Deaton did call out Michael sailor here who was of course super happy to say that you know CFTC chair Rustin Benham said the only crypto currency that should be viewed as a commodities big point and and you know kind of highlighting that you see you thermos is security so John Deaton said do you see how these regulators work and think Rosten Benham didn't suggest either was a commodity he stated very clearly either was a commodity several times including a month ago Sam banking free Fridays and covered and a change in the air in DC and he flip flops no integrity these people so something change your I think certainly the pressure coming from the F. T. X. collapse because both the rust and Benjamin Gary Genscher met with Sam back man freed so they failed they did not do the extra due diligence to go look at what this guy was doing whether it be international on or not he's in your office he's trying to get regulation in the U. S. and he has a U. S. arm of his business here call F. T. X. U. S.

so

this is not good guys and that those of you who are ether and maxi user and and you know bullish any Thurman whatever it is be careful be careful here this is not good

because you know if Gary was getting pushback from multiple other government agencies such as the CFTC saying Hey if there is not a secure security it's a commodity you know you we have a chance because there is not alignment with government agencies but wonders alignment like this it's not good and once again Big one's fine I whole big wine and and all that so this is why I diversify but Ethereum if retirement is meant or is set to be a security what do you think is going to happen to do all other altcoins so we need rebel to win this lawsuit guys and that I think is it will be the saving grace here for the rest of the altcoins now regarding F. T. acts you're awesome Benham he testified before Congress today talking about this F. T. X. the Bakul and some statements came came out from their way he said the F. T. X. directly during plan was nowhere close to being approved and he you know talk about the need for regulations and all that so it's pretty much the same all of you know talking points that we've been hearing over the past few weeks and a poly can hear more of it as there's more congressional hearings about this but you know that we'll we'll see what type of regulations they come up with hopefully it's not heavy handed or draconian and hopefully this will balance it out innovation is not killed and pushed overseas and moves away from the United States

speaking of F. T. X. surprisingly Mike Novogratz and I know many folks don't do not like Mike Novogratz

he was interviewed by CNBC and I'm I was surprised by the statements he made he said

it was delusional talking about Sam make me Freeads interviews let's be clear Sam was delusional about what happened and his culpability in it he needs to be prosecuted he will spend time in jail and it wasn't just Sam you don't pull this off with one person very strong statements coming from Mike Novogratz year and I look I'm in agreement these these people need to be prosecuted they committed a crime they committed fraud I don't care which conference you go speak out and whatever you do the crime you gotta pay the time L. I want to just talk about the SEC lawsuit here our SEC ripple lawsuit excuse me we're

hi James Kay Folland attorney James K. filing he tweeted out the timing of the potential bill him many documents being released he says I have some thoughts on timing regarding the regarding the Hinman documents the summary judgment motions and the outstanding ceiling issues rather than typing out a long thread I've written them out in the in the attached document he says there are three big outstanding are three big issues outstanding one summary judgment motions to expert challenges the Daubert motions and three ceiling issues regarding the expert reports to him in documents and other material relied on by the SEC and ripple in their motions what judge Torres relies on in making her decision on the summary judgment motions will likely dictate what she will unseal if the judge relied on a document in her decision that document is considered a judicial document and then it will be disclosed so what does that mean I think judge Torres will work backwards first she will drafters summary judgment ruling and identify any of those now sealed or redacted documents that she relied on if she relied on them they would be discussing her ruling and she would unseal them if she doesn't rely on a document in her decision then the question of whether that document needs to be written remain seal becomes moot the same with the expert motions if she doesn't rely on the expert in her summary judgment decision then there would be no need for her to address the motion to strike expert's testimony my point is why would judge Torreyes slog through the expert motions and a ceiling motions including the ceiling of him and documents separately before deciding what parts of them if any are relevant to deciding summary judgment motion I don't think she will

com he says there is exactly our this is exactly what she did in the case involving Goldman Sachs that had ceiling disputes challenges to the experts and motions for summary judgments when she decided those issues she did it at the same time in one ruling and in the footnote in that ruling she basically said if it's discussed here in my opinion it's a judicial document I relied on it and I it will be made public James says also I don't think we should expect a separate ruling on the ceiling of the expert materials the henchmen documents or other material relied on by the parties I believe that she will decide everything together and it won't be until she rules the on the summary are on the motions for the summary judgment and it will be one big written rule or ruling so interesting take here and this is once again very relevant I think every altcoin and the market needs to pay attention to this this is going to be critical I it could expose the SEC and and their conflicts of interest and if you know there were a lie is that there were you know a plan to to kind of just probably Thurman and XRP as a challenger and others were kinda you know gotten of the penalty here but we'll wait and see well when see what comes out from this but clearly there's something in these emails and documents that are very relevant to this case so we will have to wait and see

now Warren Davidson who is part of the Republican Party and party committee that oversees the SEC and so forth he was on fox business and he said I look forward to the house financial services hearing next month dancers selective enforcement and the DOJ's lack of U. S. criminal investigations into Sam back man freed leave many open questions the world is stunning he's not in custody and we want answers so Tom emmer and these guys will be ramping up their efforts and in fact one of the folks who is part of that committee representative bill hi Zynga I will be interviewing him next week guys if you have questions for me to ask him please

leave your leave them in the comments section or email them to me and you know I can certainly get to them and and include him in my list now guys despite all this nonsense that's happening with S. P. F. F. T. acts

layers continue to set up shop here some huge news at eight U. K. the world's biggest inter Beeler broker TP ICAP approved to launch institutional bitcoin and crypto exchange in the UK wow you know what guys I've been saying it

people don't like that I'm saying it but I I I I said this after the X. collapse Sam making free to open the door for these big players like you're black rocks your fidelity's Charles Schwab and so for to come in and build in the crypto market and take it over it's kind of like kicking out the kids and the adults are coming into the room because as I've said they have the money the power the they're already regulated in the traditional financial market they've got the connections they got the infrastructure the only have the existing customer database so they're going to do it guys and I think that's what's going to take to market to the next level so these crypto startups and exchanges there were born or birth it out of the crypto indeed market

they need to up their game because the big players are coming and you know we've talked about over the past four months we have Black Rock BNY Mellon nasdaq Google adopt crypto MasterCard launching crypto services

so we're seeing these big players launching and and getting setting up their shoppers even talks of fidelity Charles Schwab and Citadelle building your own crypto exchange so the building continues from these traditional financial heavy weights entering the market this is huge future news and here's another big one guy's rushes spritzer bank if I'm saying that right integrates metamask into its blockchain platform Russia's largest lender is moving into defying web three by integrating its blockchain platform with the the E. three on blockchain

guys banks stock exchanges hedge funds institutional players payment companies they're all jumping in so on November thirtieth Sir Sir and this is S. B. E. R. that's how it's spelled some streaming it to be silent but

move my Russian listeners you know let me know

sure officially announced new opportunities for its proprietary blockchain platform including the capability with smart contracts and applications on the Ethereum network this would allow developers to move smart contracts and entire projects between servers blockchain and public blockchain networks the bank said service leaders editions also bring in an integration with major software cryptocurrency wallet metamask which is used to interact with the Ethereum blockchain the integration allows users to make operations with tokens and smart contracts place on surge blockchain platform the announcement notes

pretty amazing guys this is a bank doing this we're gonna see a lot of banks doing different applications with different blockchains and you know we had talked about I believe a couple weeks ago but JP Morgan

they started defy testing on poly gone and Underwood Ave so something big is in the works here these banks are building your testing and it's happening in the bear market when there's a lot of fear and a lot of confusion and anger you know obviously after the exam actor freed and so forth here's some not so good news and this is specifically with apple and and the iOS app store right apple is a bit of a monopoly E. lawns been complaining about them well apparently they blocked NFC transfers on the Coinbase wallet on the iOS app so not good and Brian Armstrong of Coinbase CEO Coinbase he waited he said good example of the kinds of discussions we have with apple on a monthly basis to deal with their app store monopoly it's gotten pretty absurd at times so apple trying to I think cutting to some of the fees here apple is clean it claims is that the gas fees required to send an F. T. E.'s need to be paid through their in app purchase system so they can't collect thirty percent of the ghastly this is ridiculous the gas fees are not collected by queen bases on the blockchain like what the hell so they they clearly don't know what the hell's going on recently you on when to apple's headquarters like to sort out some things with Tim cook so hopefully they can get this right because this is stupid

the pay as they gas res as though Coinbase is the one

collecting gas fees on the on the email whatever you think I'm network or whatever it is so really really silly silly move here by apple and hopefully they get this right alright guys that's the news let me know what you think leave your thoughts and comments below hit that thumbs up button sure this video Anil talk to you all later

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