PRESIDENT BIDEN CALLS FOR GLOBAL CRYPTO REGULATIONS IN WAKE OF FTX COLLAPSE - Transcripts

November 21, 2022

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Joe Biden Leads ‘Critical’ Call For Game-Changing, Global Bitcoin And Crypto Rules After Shock FTX Collapse. 120 firms affiliated with FTX are filing for Bankruptcy. 🌟Sponsor - Signup with Uphold. https://uphold.sjv.io/gbED4X 🚀 Get the Ledger Nano X...

Transcript

welcome back to the thinking crypto podcast your home for cryptocurrency news and interviews if you're new here please hit that subscribe button as well as the thumbs up button and leave a comment below if you're listening on a podcast platforms such as apple Spotify or Google please leave a five star rating this content is brought to you by pulled which makes crypto investing easy I've been using a pole since twenty seventeen you can buy sell trade and crypto on up hold they have ten plus million users two hundred plus crypto currencies and they're available in a hundred and fifty countries but as with all exchanges you can buy and sell on them and use them but you want to store your crypto on a hardware wallet or self hosted digital wallet right you want to self custody my friends especially in the current climate that we're in with the crypto market and there's a lot of dominoes that have been falling so always self concedes the best way it'll help you sleep at night because we just don't know what the additional fall outs are going to be from the F. T. X. collapse so appalled once again I recommend them but I also recommend you self custody your crypto all right my friends on the notes of F. T. acts we continue to get bad news here we got a hundred and twenty firms affiliated with F. T. X. are filing for bankruptcy now this should come as no surprise after the ex was working with a lot of companies whether be they were offering lines of credit like for example to block fired they were in the process of building out companies like Voyager or you know friends have their fun stopping objects in the can access them so what are you going to do great many of them are gonna have to file for bankruptcy or D. ed you know to have some sort of

partnership from a technological standpoint with certain firms and you know it's it's a bad place to be you know if your start your funds or stock and F. T. acts in a lot of hedge funds a lot of big investment firms have their fun stuck there so this this you know collapse is still spreading this contagion is still spreading I don't think we've seen the dust settle yet and you know really it was really great I'm glad CZ did this binance CEO tweeted out the corn is not dead we are still here so this is after absolutely true the crypto markets here to stated technology is here to stay yes it's a painful time yes it's about time no one will say it's a great time but you know this is my second rodeo as far as bear market and I've seen the headlines crypt those dad crypt those going to zero and does you know par for the course when it's time of bull markets in euphoria the headlines flip and it's you know put those going to be the

that going to a million dollars a big points going a million dollars and it's the most you know it's sensationalized headlines the says sensationalize ation I happens both on the top and the bottom so don't let the mainstream media get you play on your emotions but you want to look at the charts and here's a great try to want to show you guys some stock money lizards they do great technical analysis you know the highlight here we're very close to the bottom those of you listening on a podcast it just shows

you know the the bottom compared to previous bear markets is very close and in twenty eighteen you know with the charts look the same twenty fifteen is charged with the same twenty eleven and so forth and the our side he's really really low right now so we're certainly in a oversold area but it's all market cycles it's a boom and bust and it happens in the stock market and real estate so it's happening crypto markets don't go up forever but we're seeing continual continued adoption and growth and you got to have a macro perspective but I at one thing that the folks at stock money losers highlighted is the potential and I say potential now the collapse of the gray scale

company you know and their trust and so forth because genesis trading which is under the digital currency group banner is having problems and one of the things I've been mentioning okay on the podcast over the past week or so is that tomorrow November twenty first Monday November twenty first they were looking genesis were was looking to grab a one billion dollar line of credit

wave they don't get that they're I think they're gonna be in trouble and that could have a cascading effect Greg a domino effect and of the and bring down a lot of companies under the digital currency group banner I don't want it to happen I'm just reporting the facts so you guys can be prepared mentally and emotionally that if it's gone that's going to happen is going to be a rough week so just heads up once again I don't want it to happen I hope it doesn't happen but this is a potential scenario that could happen I know folks to suck more money the you know with the Ciardi tweeted out they said is the next black swan GBTC already around the corner GBTC holds approximately six hundred and forty eight thousand big points great skill discount off to a record forty three percent as F. T. express uncertainty lots of hysteria in the market and everyone is looking for the ten K. big coin reason keep calm bear markets and in the winter so bear markets won't last forever just like bull markets don't last forever guys it's all market cycles and when you learn that and you put your emotions aside you look at the charts you look at the market cycles will help you to understand when to take a position want to sell and you know that's how you make money I had to learn that I learned it and I made money so I'm trying to pass that knowledge down to you guys in as always go do your own research you know go look at these charts when we look at back at the historic patterns and what is happening and how markets well played out in that and how the mainstream media aligns with the narratives for the top and the bottom so you gotta understand these things and it happens in the stock market too so this is not a crypto specific thing now here's the big news that I want to share with you guys Joe Biden leads critical call for game changing global bitcoin and crypto rules after shock F. T. X. collapse show this week the White House released some notes and Joe Biden the property to

as in the United States is calling for G. twenty countries to come together form crypto regulations now we know

earlier this year

the he had passed the executive order for crypto regulations and for different regulatory bodies and government agencies to go do their investigations bring back their reports so we've been waiting to see if he's going to take actions obviously had the mid term elections a lot of things going on so critter was on the back burner for the most part however the F. T. X. collapse has brought it to the forefront now and remember there's going to be a bipartisan congressional hearing in December with Maxine waters as well as congressman Patrick McHenry are there going to be talking about the F. T. X. collapse and we know Maxine waters is blowing kisses to sandbag me freed at the hearing last year and you know he said make a movie made a lot of donations to Democrats so they were all buddy buddies but you know obviously things have changed and we'll see if they actually hold him accountable or will politics play out here will do with the money that was donated them play out here what we'll we'll see what's going to happen but there's always the high level call for a crypto regulations and this was part of the following that was posted on the White House website called G. twenty Bali leaders declaration and discovered a lot of different things so it wasn't just crypto specific but let me highlight here on the White House article about it

where they highlight things about crept up here to White House called for a quote will here's what they said we also welcome the crypto asset reporting framework any amendments to the common reporting standard both of which we consider to be integral additions to the global standards for automatic exchange of information now let's go down there's more here

oops it looks like it jumped okay we welcome on going work with a work by the F. S. B. an international standard setters to ensure that crypto assets ecosystem including so called stable coins is closely monitored and subject to robust regulation supervision and oversight to mitigate potential risks to financial stability we welcome the FSB's propose approach for establishing a comprehensive international framework for the regulation of crypto asset activities based on the principle of same activity same risk same regulation we welcome the FS be consultative report on the review of its high level recommendations for the regulation supervision and oversight of global stable coin arrangements and we also welcome the FSB consultation report on promoting international consistency of regulatory and supervisory approaches to crypto assets activities and markets it is critical to build public awareness of risks to strengthen regulatory outcomes and to support a level playing field while harnessing the benefits of innovation we welcome the final guidance by the B. I. S. C. P. M. I. N. the I.

O. S. C. O. which confirms that the principles of financial market infrastructures apply to systematically important stablecoin arrangements and it goes on and on guys but notice the key word there international framework this is on the way White House website guys Andy out for Forbes in fact you know they they they are highlighted this mention and it's a group of G. twenty countries and so forth so let me highlight some things here from the Forbes article article

calls for stricter regulatory controls have grown over the last week as the amount of money thought to have been lost by F. T. X. and its sister company Alameda research reaches I popping levels and threatens to engulf the wider crypto market now following the leaders gathering of the group of twenty G. twenty industrial industrialized countries in Indonesia the leaders of the attending countries cold the need for international rules to govern a fast growing bitcoin crypto space critical and said potential risks to financial stability needed to be mitigated so my friends

you know what's coming global crypto regulations M. majorities countries are gonna follow the same framework eyes I've tweeted out I don't know how many of you follow me on Twitter but I said this F. T. X. collapsed the the scam what will the fraud done by Sam Baker free has opened the door for the traditional financial players to come take over crypto and own it and rule it and that includes block five excuse me LAFC blackrock fidelity Citadelle and so forth that's the unfortunate thing here and let's hope there's not going to be draconian laws come out which is going to stifle innovation and and that this is the whole problem with this F. T. acts same make me freed situation it really sucks it it just says now okay government you gotta come protect all these people look at the Billings of dollars lost well it's not a crypto technology issue it was just a bad actor like a burning man offered to traditional financial world like an Enron in the corporate world right

these things happen but the governments are gonna uses use it as an excuse to come in and bring a heavy handed regulations and I hope I hope they get it right I do believe cryptos here to stay I'm bullish on it but I am also you know a big concern by these governments because they often don't get things right but we'll see what we'll see what happens so that's the big news guys I think it's important for us to know about this so at using the narratives form here once again Congress will be meeting in December bipartisan meeting here to talk about crypto N. F. T. exes collapse so we'll have to wait and see we gotta stay tuned on this let's once again hope they get it right let's hope grayscale or my god does not collapse it's going to be really bad remember they're suing the FCC they apply for bitcoin Spidey TF if they were to go under this would give Gary cancer in the SEC you know more ammo to say see see I told you guys rape and we don't want Gary Ganser getting wins here don't get me wrong the SEC should go out and stop scams but hurting legitimate companies to protect incumbents is not is not what we want obviously so let's see you guys this is gonna be a big week not just because it's thanksgiving here in the United States but fingers crossed grayscale genesis trading you're going to be okay and we guys let me know what you think leave your thoughts and comments below hit the thumbs up and share this video and I'll talk to you all

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