WEBVTT 1 00:00:00.040 --> 00:00:04.879 Vladimir Putin. They signed their crypto legislation into law just yesterday. 2 00:00:04.960 --> 00:00:07.679 It's kind of surreal, like Russia's getting this done, but 3 00:00:07.759 --> 00:00:09.560 we can't get it done. I mean, what's happening. 4 00:00:09.800 --> 00:00:11.919 You would think that would put the pressure on, you know, 5 00:00:11.919 --> 00:00:14.720 because we all know President Trump doesn't like to be behind, 6 00:00:14.880 --> 00:00:18.079 you know, these other countries. And yeah, I keeps I 7 00:00:18.079 --> 00:00:20.160 don't know if that's clickbait, you know it's but it 8 00:00:20.199 --> 00:00:22.440 seems to be happening everywhere else but here. 9 00:00:27.600 --> 00:00:30.120 This episode is brought to you by I Trust Capital. 10 00:00:30.320 --> 00:00:33.159 I Trust Capital allows you to invest in crypto as 11 00:00:33.159 --> 00:00:36.079 well as precious metals like gold and silver via an 12 00:00:36.119 --> 00:00:39.640 IRA and this gives you huge tax advantages, so you 13 00:00:39.640 --> 00:00:45.159 can invest in over ninety crypto assets, including bitcoin, etherorem x, RP, Salana, 14 00:00:45.240 --> 00:00:48.039 and many more. 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Again, 52 00:02:41.199 --> 00:02:43.439 you can get one hundred dollars funding bonus by signing 53 00:02:43.479 --> 00:02:46.159 up via my link which is I Trustcapital dot com 54 00:02:46.199 --> 00:02:50.840 slash Go slash Thinking Crypto. Link will be in the description. Hey, folks, 55 00:02:50.879 --> 00:02:54.639 welcome into the Thinking Crypto podcast Crypto watercooler series where 56 00:02:54.639 --> 00:02:57.560 Amanda and I dive into the latest crypto news so 57 00:02:57.599 --> 00:02:59.919 you can have an update as to what's happening in 58 00:03:00.199 --> 00:03:02.599 this crypto landscape. Amanda, great to see you. 59 00:03:03.000 --> 00:03:03.639 Great to see you. 60 00:03:03.800 --> 00:03:07.599 Episode ten, Yeah, and it's a packed one. We have 61 00:03:08.000 --> 00:03:12.719 lots to talk about huge Tratify adoption news, but also 62 00:03:13.199 --> 00:03:17.080 lots of problem with the Clarity Act, Amanda. This bill 63 00:03:17.080 --> 00:03:19.439 seems stuck. It seems like it's not going to happen. 64 00:03:19.520 --> 00:03:22.719 We got one more day left the White House. Supposedly 65 00:03:22.759 --> 00:03:24.879 the reports are coming out that they're re engaging on 66 00:03:24.919 --> 00:03:29.080 those ethics talks for the updated bipartisan ethics language. But 67 00:03:29.120 --> 00:03:31.560 then Senator Josh Holly came out and said, I'm not 68 00:03:31.680 --> 00:03:35.719 voting for this bill until the bank stable coinyal situations resolved. 69 00:03:35.759 --> 00:03:37.120 So a lot of headwinds here. 70 00:03:37.680 --> 00:03:40.719 Yeah, there certainly is. And you know, the crypto industry, 71 00:03:40.919 --> 00:03:44.199 as you know, has spent years begging Washington for rules, 72 00:03:44.599 --> 00:03:48.159 and the second legislation became politically difficult, and I blame 73 00:03:48.240 --> 00:03:50.680 much of it to crypto twitter. You know, we stopped 74 00:03:50.680 --> 00:03:53.400 talking about the actual contents of the bill and we 75 00:03:53.479 --> 00:03:57.159 started arguing over Trump and ethics provisions and meme coins 76 00:03:57.199 --> 00:04:00.599 and partisan narratives, and you know, meanwhile, then tutions that 77 00:04:00.639 --> 00:04:04.080 actually need legal certainty, you know, your banks, your asset managers, 78 00:04:04.120 --> 00:04:06.080 your pension funds, they don't care about any of that. 79 00:04:06.120 --> 00:04:09.719 They just want the rules. And so the loudest boy 80 00:04:09.759 --> 00:04:12.319 I tweeted this this morning. It's like your loudest voices 81 00:04:12.520 --> 00:04:16.040 are accidentally making the legislation about personalities, and we need 82 00:04:16.079 --> 00:04:18.879 to get back to market structure. I just I worry 83 00:04:18.879 --> 00:04:20.680 because of the timeline. 84 00:04:20.959 --> 00:04:23.199 Yeah, this is a really tough spot to be in 85 00:04:23.480 --> 00:04:27.600 because Amanda, if the August recess is coming up, supposedly 86 00:04:27.759 --> 00:04:30.759 the Senate is going out as of tomorrow or I 87 00:04:30.759 --> 00:04:33.240 should say August tenth, but tomorrow will be their last 88 00:04:33.279 --> 00:04:37.079 day in office. There are some rumblings that other bills 89 00:04:37.120 --> 00:04:39.680 like the Save America Act and some other items may 90 00:04:39.759 --> 00:04:41.560 spill over to next week. So could there be a 91 00:04:41.600 --> 00:04:45.560 delay before they head out. It's possible. But even if 92 00:04:45.600 --> 00:04:48.000 there is a delay, doesn't mean the claritiac is going 93 00:04:48.079 --> 00:04:50.680 to get passed because there's so many headwinds here. 94 00:04:51.000 --> 00:04:54.279 I know, and it's not very encouraging to read. You know, 95 00:04:54.399 --> 00:04:58.120 Senator Lummis, who has been the biggest champion of every 96 00:04:58.199 --> 00:05:01.120 update we've read over the past couple of weeks, who's 97 00:05:01.160 --> 00:05:04.120 pointing blame now, And that's kind of discouraging and disappointing 98 00:05:04.160 --> 00:05:07.639 at the Democrats. I was hopeful that they're working together, 99 00:05:07.720 --> 00:05:11.399 but now that the blame game is happening, I'm not encouraging. 100 00:05:12.360 --> 00:05:16.160 Yeah, and if this doesn't get done, the likelihood that 101 00:05:16.160 --> 00:05:19.560 it will get done in September is very low because 102 00:05:19.800 --> 00:05:22.879 we are in midterm election season and everybody's going to 103 00:05:22.920 --> 00:05:26.560 come back September ready to go campaign start their whole 104 00:05:26.560 --> 00:05:30.240 political mud slinging. But you know, fingers crossed, I mean, 105 00:05:30.480 --> 00:05:33.600 they come back September fourteen, they can do something. Get 106 00:05:33.600 --> 00:05:35.519 this bill out of the Senate, Senate to the House. 107 00:05:36.079 --> 00:05:38.279 I don't anticipate any issues in the House. We spoke 108 00:05:38.319 --> 00:05:43.439 to Representative Brian's Style about this, and hopefully it could 109 00:05:43.439 --> 00:05:45.319 go to President Trump design into law. You know, that's 110 00:05:45.360 --> 00:05:46.519 the ideal scenario. 111 00:05:46.800 --> 00:05:49.240 Yeah, And we've spoken to so many people over time. 112 00:05:49.800 --> 00:05:52.079 You know, it's the government, and I think anything can 113 00:05:52.120 --> 00:05:54.319 happen at the eleventh hour, and we just have to 114 00:05:54.360 --> 00:05:57.000 hope that that one day it changes on a dime. 115 00:05:57.120 --> 00:05:59.160 That's all we can really hope for at this point. 116 00:05:59.759 --> 00:06:03.079 Yeah, Yeah, the United States needs this bill. I mean, 117 00:06:03.120 --> 00:06:07.040 I think it was just announced Russia's President Vladimir Putin 118 00:06:07.120 --> 00:06:11.519 they signed their crypto legislation into law just yesterday. It's 119 00:06:11.639 --> 00:06:14.079 kind of surreal, like Russia's getting this done, but we 120 00:06:14.120 --> 00:06:15.639 can't get it done. I mean, what's happened. 121 00:06:16.000 --> 00:06:18.120 You would think that would put the pressure on, you know, 122 00:06:18.120 --> 00:06:20.519 because we all know President Trump doesn't like to be 123 00:06:20.519 --> 00:06:24.040 behind you know, these other countries. And yeah, I keep 124 00:06:24.199 --> 00:06:26.199 I don't know if that's clickbait, you know it's but 125 00:06:26.279 --> 00:06:29.120 it seems to be happening everywhere else, but here, you know, 126 00:06:29.160 --> 00:06:32.879 I think I just read France is doing something with 127 00:06:33.160 --> 00:06:36.720 a bitcoin treasury or a reserve, and then you have 128 00:06:36.839 --> 00:06:39.959 London that is miles ahead of us with regard to 129 00:06:40.000 --> 00:06:43.120 stable coin legislation. So yeah, we got to get a 130 00:06:43.160 --> 00:06:43.439 move on. 131 00:06:44.639 --> 00:06:47.120 Yeah. And for folks who may not know, the EU 132 00:06:47.360 --> 00:06:50.399 pass their version of the Clarity accidents last year and 133 00:06:50.439 --> 00:06:53.399 they've been moving ahead, fine tuning it. The UK has 134 00:06:53.439 --> 00:06:56.759 been pushing their crypto legislation through the Parliament, so they're 135 00:06:56.800 --> 00:06:59.720 making progress and we feel stuck here. But my hope 136 00:06:59.759 --> 00:07:03.360 is that to your what you mentioned earlier, the eleventh hour, Uh, 137 00:07:03.439 --> 00:07:05.759 the members of you know, the government, they wake up 138 00:07:05.879 --> 00:07:08.560 and they get this done and we can celebrate and 139 00:07:08.600 --> 00:07:11.720 we can start doing more innovation here in the United States, 140 00:07:11.759 --> 00:07:13.199 create more jobs and much more. 141 00:07:13.680 --> 00:07:15.639 Yeah, And I hope this is a learning lesson too 142 00:07:15.759 --> 00:07:19.160 for you know, to untie political figures to these you know, 143 00:07:19.240 --> 00:07:21.480 these movements that they have nothing. I realize on a 144 00:07:21.560 --> 00:07:25.199 legislation perspective, they do. But to untie us from these 145 00:07:25.240 --> 00:07:28.079 political figures, it's not it's doing more harm than good. 146 00:07:28.839 --> 00:07:31.240 Whether it's President Trump or not. You know, we need 147 00:07:31.279 --> 00:07:33.639 to get a what there's no president who became the 148 00:07:33.720 --> 00:07:37.040 Internet you know zar or the Internet guy. When we 149 00:07:37.120 --> 00:07:40.560 keep saying, oh, Donald Trump is the is the crypto president, 150 00:07:40.600 --> 00:07:42.480 and now I'm hearing rumblings he will be in his 151 00:07:42.560 --> 00:07:45.879 second term the AI president. That's this is not good 152 00:07:45.879 --> 00:07:46.319 for us. 153 00:07:47.240 --> 00:07:49.879 Yeah, it absolutely should not be that way. There shouldn't 154 00:07:49.920 --> 00:07:53.480 be some leader of the crypto movement or whatever. It 155 00:07:53.480 --> 00:07:56.360 should just be this is a technology. Let's get it. Uh, 156 00:07:56.600 --> 00:07:59.720 regulations in place to protect consumers, but foster innovation and 157 00:07:59.800 --> 00:08:02.399 let's move forward, right, Uh, don't spin our wheels on 158 00:08:02.480 --> 00:08:06.160 personalities and these people, which really sucks. And look, this 159 00:08:06.279 --> 00:08:09.839 all started under the Biden administration with Elizabeth Warren. She's 160 00:08:09.879 --> 00:08:13.480 the one to blame for all this political nonsense because 161 00:08:13.480 --> 00:08:15.920 if she didn't go on the attack like that, then 162 00:08:16.000 --> 00:08:18.680 the crypto industry wouldn't have to be involved politically. But 163 00:08:18.920 --> 00:08:19.480 here we are. 164 00:08:19.720 --> 00:08:22.480 You it's it's so true. The culture wars all started 165 00:08:22.519 --> 00:08:25.920 under President Biden, and this is and Elizabeth Warren just 166 00:08:26.000 --> 00:08:28.920 feeds that beast. She she loves it because she really 167 00:08:28.959 --> 00:08:30.959 is one foot out the door here, you know, into 168 00:08:31.000 --> 00:08:34.279 her retirement. Why are you taking this stand? And I 169 00:08:34.279 --> 00:08:37.159 guess she's she too, probably has a diary like Fauci 170 00:08:37.279 --> 00:08:38.360 or she's loving the attention. 171 00:08:38.960 --> 00:08:43.279 So yeah, well, you know she's I've said it many times, 172 00:08:43.360 --> 00:08:46.399 the facade she's put up over the years, I'm anti corporation, 173 00:08:46.480 --> 00:08:49.200 anti banks, She's really not. She's working for a lot 174 00:08:49.200 --> 00:08:51.399 of them. And she showed her cards when she teamed 175 00:08:51.440 --> 00:08:54.039 up with Jamie Diamond to bash Crypto. And of course 176 00:08:54.080 --> 00:08:55.720 she doesn't go after the banks the same way she 177 00:08:55.759 --> 00:08:58.799 does Crypto. But this is about the incumbents fighting back 178 00:08:58.840 --> 00:09:01.480 and there, you know pulling, this is pulling Elizabeth Warrens strings, 179 00:09:01.559 --> 00:09:03.679 you know, go attack the industry, Go put up these 180 00:09:03.759 --> 00:09:06.559 roadblocks so that they can't win. We need to catch up. 181 00:09:06.919 --> 00:09:09.120 Yeah, it was very weird to read that Wall Street 182 00:09:09.200 --> 00:09:14.320 Journal article that came out that was completely misinformed by 183 00:09:14.360 --> 00:09:17.000 their editorial team. By the way, like if someone paid 184 00:09:17.039 --> 00:09:19.159 for that, that's you know, that goes against the Federal 185 00:09:19.200 --> 00:09:22.600 Trade Commission. But I hope that they're better in formed now. 186 00:09:22.600 --> 00:09:24.279 I know there were a couple letters sent to them 187 00:09:24.320 --> 00:09:28.159 by people high up, but that was shocking by the 188 00:09:28.200 --> 00:09:29.720 Wall Street Journal to put that out. 189 00:09:30.919 --> 00:09:33.120 I believe that's a paid hit piece. It wouldn't surprise 190 00:09:33.159 --> 00:09:35.360 me if that came from like the Warren or Jamie 191 00:09:35.360 --> 00:09:38.360 Diamonds or whoever. I mean, it was to your point, 192 00:09:38.559 --> 00:09:41.840 it was just a mess, and I'm glad a lot 193 00:09:41.879 --> 00:09:43.840 of people called it out and send in letters and 194 00:09:43.919 --> 00:09:48.320 much more. But yeah, it was it didn't help. Yeah, 195 00:09:48.559 --> 00:09:52.440 but I mean with that backdrop right of the Claritiac debacle, 196 00:09:53.080 --> 00:09:57.960 you have some of the biggest crypto adoption happening. It's incredible. 197 00:09:58.000 --> 00:10:01.000 It's like these Wall Street guys, they don't care. They're like, look, 198 00:10:01.200 --> 00:10:03.159 we know eventually there's a bill that is going to 199 00:10:03.200 --> 00:10:05.639 get done, but we're going to build. So first off, 200 00:10:05.679 --> 00:10:09.799 Blackrock they expanded your tokenized products. They launch two new 201 00:10:09.960 --> 00:10:13.679 tokenized products and one is a tokenized money market or 202 00:10:13.720 --> 00:10:16.559 a should say, both are tokenized money market funds, and 203 00:10:17.159 --> 00:10:19.960 one is on etherorem and one is on multiple chains. 204 00:10:20.039 --> 00:10:22.879 And then B and Y Melon they partner with Galaxy 205 00:10:22.879 --> 00:10:26.960 to launch crypto staking. I mean huge institutions. Is incredible 206 00:10:26.960 --> 00:10:27.559 what they're doing. 207 00:10:27.919 --> 00:10:30.600 Yeah, I think with Blackrock it's important to these are 208 00:10:30.679 --> 00:10:34.720 cash products and that's really you know, cash is used everywhere, 209 00:10:34.720 --> 00:10:38.480 and so Blackrock, Blackrock isn't trying to tokenize memes, you know, 210 00:10:38.519 --> 00:10:42.120 they're tokenizing cash and I think that's really interesting. I 211 00:10:42.120 --> 00:10:45.960 think it's really smart because people, including myself, we all 212 00:10:46.000 --> 00:10:48.600 heard tokenization and this was the latest, you know, trend, 213 00:10:48.840 --> 00:10:51.039 and you thought stocks equities, you thought that was going 214 00:10:51.120 --> 00:10:53.480 to be the first, but actually it's it probably starts 215 00:10:53.519 --> 00:10:56.799 with more boring assets before we get to that bigger 216 00:10:57.159 --> 00:11:00.480 you know, the infrastructure has to exist and then everything 217 00:11:00.480 --> 00:11:01.960 else becomes a little bit easier. 218 00:11:02.799 --> 00:11:04.679 Yeah, and black Rog has been leading the way in 219 00:11:04.720 --> 00:11:08.759 many fashions or sectors of the crypto industry. They were 220 00:11:08.799 --> 00:11:11.279 the first to tokenize a product on as far as 221 00:11:11.279 --> 00:11:14.000 the major Wall Street firms, and then we saw Fidelity 222 00:11:14.039 --> 00:11:17.559 and Franklin, tamphany the others follow. So they're not slowing down, man, 223 00:11:17.639 --> 00:11:21.240 they are expanding, they're building, they are all of course 224 00:11:21.399 --> 00:11:23.919 they have crypto etf products. And then would be n 225 00:11:24.080 --> 00:11:27.639 Y Melon that's America's oldest bank. It's the largest custodial 226 00:11:27.639 --> 00:11:31.279 bank in the world, and they are allowing institutions to 227 00:11:31.320 --> 00:11:35.679 stake their crypto assets, so Eth Salon and others, which 228 00:11:35.720 --> 00:11:37.440 is mind blowing when you think about it. But they 229 00:11:37.519 --> 00:11:40.639 also already offer crypto custody exactly. 230 00:11:40.759 --> 00:11:44.399 Yeah, custody plus yield for institutions. That's huge because custody 231 00:11:44.440 --> 00:11:46.919 wants sat in one place, and then you had staking 232 00:11:46.919 --> 00:11:49.960 that happen completely somewhere else. So now that these two 233 00:11:50.000 --> 00:11:53.279 things are merging, you know, that gets rid of compliance 234 00:11:53.320 --> 00:11:56.399 headaches all these other operational risks. So this is this 235 00:11:56.519 --> 00:11:59.080 is really really major. And again b n Y Melan, 236 00:11:59.399 --> 00:12:02.039 this is one of your oldest institutions on this earth, 237 00:12:02.440 --> 00:12:04.279 you know, so two hundred and forty, two hundred and 238 00:12:04.279 --> 00:12:07.600 fifty years old. Again, that's that's speaking volumes. 239 00:12:08.120 --> 00:12:10.159 Yeah, it's almost like they're not even paying attention to 240 00:12:10.159 --> 00:12:14.080 what's happening in DC, you know whatever, We're just gonna 241 00:12:14.080 --> 00:12:17.559 good people launching, keep building. And even there was news 242 00:12:17.799 --> 00:12:22.120 yesterday MasterCard they're partnering with like borderless xyz to do 243 00:12:22.200 --> 00:12:25.679 some stable coin pilots in different countries. There's so many 244 00:12:25.879 --> 00:12:28.240 trad fi adoption news items it's hard to keep up 245 00:12:28.240 --> 00:12:32.200 with now you can clearly see we got game theory 246 00:12:32.200 --> 00:12:34.240 playing out here. No one wants to get left behind. 247 00:12:34.279 --> 00:12:36.679 They're all in the race trying to build and launch 248 00:12:36.720 --> 00:12:37.200 your product. 249 00:12:37.679 --> 00:12:40.320 Yeah, I think it's great. It does show that innovation 250 00:12:40.440 --> 00:12:43.120 won't stop because, as as I mentioned too, you have 251 00:12:43.240 --> 00:12:45.480 people coming out of the woodwork, as we're seeing kind 252 00:12:45.519 --> 00:12:49.279 of more the discouragement of clarity becoming realistic who are 253 00:12:49.320 --> 00:12:52.960 saying with or without clarity, innovation will continue. And you 254 00:12:53.039 --> 00:12:54.919 do have to thank the banks for that. You have 255 00:12:54.960 --> 00:12:57.759 to thank the institutions for adopting this because it's not 256 00:12:57.879 --> 00:13:00.679 going anywhere. You know, the genie is out of the bottle. 257 00:13:01.639 --> 00:13:04.960 Yeah. And one of the conversations I had with Austin 258 00:13:05.039 --> 00:13:09.360 Campbell of Zero Knowledge Consulting, I remember months ago he said, look, 259 00:13:09.440 --> 00:13:12.399 even if the Claritiact doesn't pass, what's most important is 260 00:13:12.399 --> 00:13:15.919 that the regulatory agencies like the SEC and CFDC are 261 00:13:15.960 --> 00:13:19.559 providing the rulemaking and guidance that these institutions want. Because 262 00:13:20.200 --> 00:13:22.840 those agencies already enforcers. They're the ones that are going 263 00:13:22.879 --> 00:13:25.759 to send lawsuits in wells notices, right, So if they're 264 00:13:26.080 --> 00:13:30.320 providing the guidance saying, hey, tokenization totally cool, staking not 265 00:13:30.399 --> 00:13:33.320 a security and all these things. It gives the confidence 266 00:13:33.399 --> 00:13:36.519 for these institutions to build and do these things. The 267 00:13:36.799 --> 00:13:39.600 only thing that Claritiact would be ideal for is before 268 00:13:39.679 --> 00:13:43.320 the next president comes in that it solidifies what the 269 00:13:43.320 --> 00:13:46.799 agencies have done and puts it into law. So but 270 00:13:46.840 --> 00:13:50.120 in the meantime, if the sec says, hey, black Row, 271 00:13:50.399 --> 00:13:54.120 totally cool, bny Mellon, no problem, They're going to keep building. 272 00:13:54.159 --> 00:13:56.759 And they have those relationships you know already because of 273 00:13:56.799 --> 00:13:59.440 all the compliance that they already have existing with their 274 00:13:59.440 --> 00:14:02.279 current produm so that that to me would be a 275 00:14:02.320 --> 00:14:05.240 shoe in for this next you know, for modern digital 276 00:14:05.240 --> 00:14:07.200 assets to come in and all these products that they 277 00:14:07.240 --> 00:14:11.480 will continue launching. Uh. That's that makes me feel better. 278 00:14:11.720 --> 00:14:14.840 I just hope eventually clarity does happen because I think 279 00:14:14.879 --> 00:14:18.159 for our industry at large, not just trad fy but 280 00:14:18.240 --> 00:14:21.360 like crypt natives like, they also need some sort of 281 00:14:22.240 --> 00:14:23.759 like to get out of this gray area. 282 00:14:25.039 --> 00:14:28.240 And I think a good segue into a news item 283 00:14:28.399 --> 00:14:30.799 which has been making the rounds. It's pretty bad, and 284 00:14:30.840 --> 00:14:32.600 I feel sorry for the people who lost their crypto. 285 00:14:32.639 --> 00:14:36.519 But the cold card hardware wallet exploit where folks lost 286 00:14:36.519 --> 00:14:41.200 their bitcoin, it's self custodial set up. But this situation, 287 00:14:41.279 --> 00:14:43.639 I think Amanda will lead people to the black Rocks 288 00:14:43.639 --> 00:14:45.159 and the b and y Melon's like, you know what, 289 00:14:45.320 --> 00:14:46.799 I don't want to deal with this. I'm going to 290 00:14:46.879 --> 00:14:49.840 go to an ETF And it feels like we're at 291 00:14:49.879 --> 00:14:51.799 a turning point where that's going to happen. 292 00:14:52.279 --> 00:14:54.759 Yeah, that was that was wild. You know, a secure 293 00:14:54.799 --> 00:14:59.759 wallet should generate a combination that effectively effectively is impossible 294 00:14:59.799 --> 00:15:02.759 to guess this was and it's it's you couldn't even 295 00:15:02.759 --> 00:15:05.399 catch the attacker because it's not like they used a 296 00:15:05.399 --> 00:15:10.080 mathematical equation that was just that easy to hack and 297 00:15:10.440 --> 00:15:14.480 attack people. So that's yeah, that's not a vote of 298 00:15:14.480 --> 00:15:17.759 confidence for for trust and security in this industry for sure. 299 00:15:18.519 --> 00:15:22.399 Yeah, this is a tough one because there's gonna be 300 00:15:22.440 --> 00:15:25.759 a lot of critics coming out and saying, look, cold Storage, 301 00:15:25.919 --> 00:15:29.919 excuse me, self custody. Uh maybe not the go to 302 00:15:30.480 --> 00:15:33.399 and look I personally self custode. I use like a treasure. 303 00:15:33.480 --> 00:15:35.960 I've used Ledger. I believe those companies are in a 304 00:15:35.960 --> 00:15:39.960 better position than Cold Card. But unless uh, this situation 305 00:15:40.600 --> 00:15:44.759 really really puts a damper on you know that ethos 306 00:15:44.799 --> 00:15:46.879 of crypto that you can be your own bank. And 307 00:15:46.919 --> 00:15:49.639 I'm not saying all self custody is bad or going 308 00:15:49.720 --> 00:15:52.159 to have problems, but this, this is a tough one. 309 00:15:52.480 --> 00:15:53.559 It's a big one. 310 00:15:54.000 --> 00:15:56.840 And a lot of the bitcoiners again, you know, they're 311 00:15:56.840 --> 00:16:00.120 already kind of under attack because of sailor and strategy. 312 00:16:00.240 --> 00:16:01.559 This does not help them either. 313 00:16:02.720 --> 00:16:05.000 Yeah, and you know, I wonder, Amanda, I'm gonna put 314 00:16:05.000 --> 00:16:08.399 my tinfoil hat on if you know somebod these tratify 315 00:16:08.480 --> 00:16:11.159 guys are like, hey, let's get our uh you know, 316 00:16:11.600 --> 00:16:13.960 developers or engineers to go and try to hack these 317 00:16:13.960 --> 00:16:17.320 things and exploit them and you know, show the weakness 318 00:16:17.440 --> 00:16:19.679 because that's going to benefit all our business. Wow. 319 00:16:19.960 --> 00:16:23.480 Can you imagine I could see it? 320 00:16:24.240 --> 00:16:27.799 Yeah, Look, I mean there's nothing it is unnecessarily well, 321 00:16:28.120 --> 00:16:30.960 obviously trying to hack something is illegal, right and stealing funds. 322 00:16:30.960 --> 00:16:34.519 But it wouldn't surprise me if there's like, because we've 323 00:16:34.519 --> 00:16:37.440 talked about private tiers, what if there's bad actors who 324 00:16:37.480 --> 00:16:40.120 are private tiers right going out and like, hey give 325 00:16:40.120 --> 00:16:43.840 me a million, I'll go crack this hardware wallet And 326 00:16:43.840 --> 00:16:47.480 then it doesn't if there's no attachment to anybody it justs. 327 00:16:47.039 --> 00:16:50.279 True, and security is definitely one of those conversations that 328 00:16:50.360 --> 00:16:53.120 keep there's more and more things that this industry is 329 00:16:53.240 --> 00:16:56.440 having their eyes open to. Because the bitcoin community in particular, 330 00:16:56.519 --> 00:16:59.799 it was always don't trust verified, that was their big thesis. 331 00:16:59.799 --> 00:17:05.039 And and yet nobody verifies how their hardware wallet generates entropy, 332 00:17:05.319 --> 00:17:07.880 no one. So that's how this was. You know, every 333 00:17:07.920 --> 00:17:11.599 everyone is ultimately placing trust in the manufacturer's firmware. And 334 00:17:11.680 --> 00:17:13.000 I think that's a huge loophole. 335 00:17:14.079 --> 00:17:16.519 That's such a great point, such a great point, because 336 00:17:16.640 --> 00:17:19.000 there needs to be some sort of industry standard where 337 00:17:19.000 --> 00:17:22.640 all these guys are audited to a certain degree. And 338 00:17:23.240 --> 00:17:25.480 maybe it's in partnership with the government. Right, I'm not 339 00:17:25.519 --> 00:17:27.119 trying to set a big brother or anything, but just 340 00:17:27.240 --> 00:17:30.279 rather just to have the make sure everybody's doing what 341 00:17:30.279 --> 00:17:34.640 they need to do and that Ledger is audited, cole 342 00:17:34.720 --> 00:17:37.640 cart is audited, right, and they're on a quarterly basis. 343 00:17:37.680 --> 00:17:39.759 Are you doing the right things? Is there a gap 344 00:17:39.759 --> 00:17:43.720 in your security set up and infrastructure? Right, there's nothing 345 00:17:43.799 --> 00:17:46.519 like that, So how do you benchmark? How do you 346 00:17:46.599 --> 00:17:47.319 rate these guys? 347 00:17:48.160 --> 00:17:53.960 That's there's no that's the thing. Accountability is not there Yeah, so. 348 00:17:54.119 --> 00:17:56.359 I think I don't know that this is going to 349 00:17:56.440 --> 00:18:00.400 lead a lot of people to Blackrock, ETF Fidelity ETF more. 350 00:18:00.880 --> 00:18:03.559 Yeah, and it's ETFs for sure. You have the exposure, 351 00:18:03.599 --> 00:18:05.720 but you don't necessarily you're not locked in. I mean 352 00:18:05.759 --> 00:18:08.680 that to me is very appealing for all generations. 353 00:18:09.400 --> 00:18:11.759 Yeah, and I think the majority of the people out there, 354 00:18:11.759 --> 00:18:13.359 if you walk up to them on the street, Amanda, 355 00:18:13.440 --> 00:18:16.400 you walk into hey, would you be comfortable and going 356 00:18:16.440 --> 00:18:20.279 to coinbase buying crypto, moving into a self custody hardware wallet, 357 00:18:20.720 --> 00:18:23.240 storing your sea phrase or would you rather go to 358 00:18:23.559 --> 00:18:25.599 where do you bank? Who do you investor with? 359 00:18:25.680 --> 00:18:25.839 Oh? 360 00:18:26.000 --> 00:18:30.680 Fidelity? Would you just buy their bigcoey TF Yeah, towards. 361 00:18:30.319 --> 00:18:33.920 The big twenty Exactly. It's all convenience the minute. Even 362 00:18:34.000 --> 00:18:36.519 like in your first proposition, you have a million who 363 00:18:36.519 --> 00:18:38.599 are like, wait, what did you just say? Break it 364 00:18:38.640 --> 00:18:41.039 down for me what you just said. You still have 365 00:18:41.079 --> 00:18:43.279 a lot of people, remember, who don't even understand like 366 00:18:43.359 --> 00:18:46.359 what a cold wallet is or what you know these 367 00:18:46.480 --> 00:18:49.799 products are who are maybe somewhat interested in this industry 368 00:18:49.799 --> 00:18:53.640 and exploring it, but they they don't want that type 369 00:18:53.640 --> 00:18:56.440 of responsibility to even understand what that meat. They don't 370 00:18:56.440 --> 00:18:58.599 want that. They want someone else handling it for. 371 00:18:58.480 --> 00:19:01.839 Them, absolutely, because that's how they've been trained, that's what 372 00:19:01.880 --> 00:19:03.920 they're used to, right. They get the white glove service, 373 00:19:03.960 --> 00:19:06.839 with the black rocks of fidelities and much more. Even 374 00:19:06.880 --> 00:19:11.160 if you're investing via Robinhood, it's all taken care for you. You know, 375 00:19:11.200 --> 00:19:13.880 you don't have to think of any twice about is 376 00:19:13.920 --> 00:19:16.160 this secure? Do I need to have seed free? You 377 00:19:16.319 --> 00:19:17.880 just buy it right? Yeah? 378 00:19:18.279 --> 00:19:20.880 And I think it was really interesting that this particular 379 00:19:20.960 --> 00:19:25.119 company had already done a huge kol campaign, you know, 380 00:19:25.200 --> 00:19:28.240 with the Natalie Brunels and the Jack Mullett and had 381 00:19:28.279 --> 00:19:32.400 paid them spot like huge sponsorship money to endorse this product. 382 00:19:32.640 --> 00:19:35.319 So after this and this happened shortly after so back 383 00:19:35.359 --> 00:19:38.400 to your Tinfoil had. I think that's interesting that they 384 00:19:38.400 --> 00:19:41.000 got all these people to endorse their product and then 385 00:19:41.160 --> 00:19:44.359 boom went the dynamite. So and there was a lot 386 00:19:44.400 --> 00:19:46.640 of backlash because I think some of these people were 387 00:19:46.640 --> 00:19:48.680 coming out against it, but they're like, oh, yeah, after 388 00:19:48.680 --> 00:19:50.559 the fat, how much did they give you? You know, 389 00:19:50.680 --> 00:19:52.960 so it's kind of public knowledge. 390 00:19:53.200 --> 00:19:57.240 Yeah. Such a bad situation, man. I feel bad for 391 00:19:57.240 --> 00:19:59.200 the people lost their funds. But we got to figure 392 00:19:59.240 --> 00:20:01.960 out something here, you know, like you mentioned earlier, some 393 00:20:02.000 --> 00:20:06.240 sort of accountability, some sort of association organization that audits 394 00:20:06.279 --> 00:20:10.039 all these self custodial platforms. Obviously they don't get to 395 00:20:10.039 --> 00:20:11.920 see the seed phrases, right, but they get to see 396 00:20:11.920 --> 00:20:15.920 the infrastructure are their gaps And maybe it's like they 397 00:20:15.920 --> 00:20:19.480 have their own privateiers who are testing the and and 398 00:20:19.519 --> 00:20:21.839 you know, looking for bugs and looking for exploits. 399 00:20:22.079 --> 00:20:22.960 Yeah, I agree. 400 00:20:24.480 --> 00:20:30.079 Now speaking of bitcoin and losing bitcoin strategy, Michael Saylor's 401 00:20:30.079 --> 00:20:33.839