WEBVTT 1 00:00:00.160 --> 00:00:03.640 I'm also questioning where has Jamie Diamond been? Has anybody been? 2 00:00:03.839 --> 00:00:07.200 He's been pretty quiet, and I wonder what that's about, 3 00:00:08.039 --> 00:00:10.560 Especially with you know, a lot of these other big 4 00:00:10.599 --> 00:00:13.759 investment banks and asset managers coming out in favor of this. 5 00:00:14.480 --> 00:00:16.879 He's really taken a back seat. I find that to 6 00:00:16.920 --> 00:00:20.000 be His silence is the most deafening for me. 7 00:00:20.800 --> 00:00:21.039 Yeah. 8 00:00:21.160 --> 00:00:25.000 Remember his last public appearance on Fox. He cursed out 9 00:00:25.039 --> 00:00:27.640 Brian Armstrong. He says he doesn't like this bill. He 10 00:00:27.679 --> 00:00:28.399 was really angry. 11 00:00:28.559 --> 00:00:30.359 Maybe the pr folks said, hey, take a break. 12 00:00:36.159 --> 00:00:38.799 This episode is brought to you by go Mining. 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And 37 00:02:03.280 --> 00:02:05.400 you also have a great academy that helps you to 38 00:02:05.439 --> 00:02:09.520 get started and answers all your questions with courses, guidelines, 39 00:02:09.560 --> 00:02:10.560 and much much more. 40 00:02:10.960 --> 00:02:13.240 So you have to check out Go Mining go to 41 00:02:13.280 --> 00:02:15.039 the link in the description to learn more. 42 00:02:15.479 --> 00:02:18.840 Hey folks, welcome into the Thinking Crypto podcast Crypto water 43 00:02:18.879 --> 00:02:22.120 Cooler series where Amanda and I dive into the latest 44 00:02:22.120 --> 00:02:24.400 details around crypto and what you need to know. 45 00:02:24.840 --> 00:02:26.360 Amanda great to see you. 46 00:02:26.400 --> 00:02:28.039 Great to see you too. Happy Friday. 47 00:02:28.439 --> 00:02:30.199 Happy Friday, Amanda. 48 00:02:30.520 --> 00:02:33.879 Loads and loads of news to talk about, lots around 49 00:02:33.919 --> 00:02:36.240 the Clarity Act and much more. We got to talk 50 00:02:36.240 --> 00:02:41.240 about the ethics agreements, well, I should say disagreements, because 51 00:02:41.560 --> 00:02:44.719 there's a lot of negotiations still happening. The Republicans put 52 00:02:44.759 --> 00:02:48.599 forth some ethics language really great, but the Democrats are 53 00:02:48.639 --> 00:02:50.599 still saying we want a little bit more. 54 00:02:51.479 --> 00:02:53.840 Yeah, I think what was a six hundred and sixteen 55 00:02:53.960 --> 00:02:59.120 page you know, you know, revision and then you have 56 00:02:59.680 --> 00:03:03.159 I think it's six Democrats, if I'm not mistaken, who 57 00:03:03.199 --> 00:03:05.199 are are kind of like the make or break of 58 00:03:05.199 --> 00:03:08.840 getting this through. So I just I hope it can. 59 00:03:08.960 --> 00:03:11.080 You know, it's it's like Ron Hammond was telling us 60 00:03:11.080 --> 00:03:13.840 when we were on the trading floor of the New 61 00:03:13.919 --> 00:03:17.599 York Stock Exchange. It's the government and at the eleventh 62 00:03:17.639 --> 00:03:20.400 hour they can throw a wrench and so it's like 63 00:03:20.439 --> 00:03:22.759 you just don't know what they're going to do. You know, 64 00:03:22.879 --> 00:03:25.199 you and I were both such a champion and previous 65 00:03:25.240 --> 00:03:28.360 episodes of Also Brooks and all of a sudden she's 66 00:03:28.439 --> 00:03:31.599 kind of about faced and is singing a different tune. 67 00:03:31.680 --> 00:03:33.719 So I don't know, we shall see. 68 00:03:34.439 --> 00:03:36.919 Yeah, and some of this look, it's the sausage making 69 00:03:36.960 --> 00:03:39.840 process of I'm going to come heavy handed so that 70 00:03:39.879 --> 00:03:42.639 we can negotiate. I think, you know, they might be 71 00:03:42.639 --> 00:03:44.560 trying to play their cards that way because to your point, 72 00:03:44.759 --> 00:03:47.240 also Brokes, she helped get this bill out of the 73 00:03:47.319 --> 00:03:51.840 Senate Banking Committee. But the Democrats overall, including her, are saying, 74 00:03:51.960 --> 00:03:56.319 we want each state attorney general to enforce this, but 75 00:03:56.360 --> 00:03:58.719 they're all different states. How do you get all these 76 00:03:58.719 --> 00:04:01.120 people on the same page to be a mess? So 77 00:04:01.319 --> 00:04:03.400 I don't agree with that, but again, this could be 78 00:04:03.439 --> 00:04:06.280 a negotiation tactic. Okay, you want us to back off 79 00:04:06.280 --> 00:04:08.080 on this issue, well give us this issue. 80 00:04:08.240 --> 00:04:09.759 Yeah, I agree with you. I was listening to the 81 00:04:09.800 --> 00:04:11.639 other episode that you do where it's just you and 82 00:04:11.840 --> 00:04:13.479 I totally agree with you. When you put it in 83 00:04:13.479 --> 00:04:16.519 the hands of the state, that's you know, first, can 84 00:04:16.560 --> 00:04:18.839 we get it past at the federal level and focus 85 00:04:18.920 --> 00:04:21.959 there before we start creating jurisdictions where it kind of 86 00:04:22.040 --> 00:04:25.639 muddies the water because to your point, different states can 87 00:04:25.680 --> 00:04:27.759 do things in different that's the beauty of putting it 88 00:04:27.759 --> 00:04:29.360 at the hands of the state, which I'm all for. 89 00:04:29.560 --> 00:04:31.399 But when it comes to something we don't even have 90 00:04:32.439 --> 00:04:36.639 regulation yet. As from a broader perspective, we can't start 91 00:04:36.639 --> 00:04:38.959 doing that, you know, we have to start somewhere. 92 00:04:39.439 --> 00:04:42.160 Yeah, and you can imagine each state attorney general has 93 00:04:42.199 --> 00:04:45.120 different perspective. Sure it may have some common ground things, 94 00:04:45.160 --> 00:04:47.600 but overall they may handle things different. We see it 95 00:04:47.680 --> 00:04:49.759 right now with different states. New York does things different 96 00:04:49.759 --> 00:04:51.839 from Florida and then Texas. So it's going to be 97 00:04:51.879 --> 00:04:53.680 a mess. So I don't think this is the way 98 00:04:53.680 --> 00:04:54.639 to go forward. 99 00:04:55.240 --> 00:04:58.399 I completely agree. It's like I said, it has to 100 00:04:58.439 --> 00:05:01.040 start at the federal level focus bring it back. But 101 00:05:01.079 --> 00:05:03.759 it seems to me like the Democrats keep kind of 102 00:05:03.759 --> 00:05:05.959 what's that turn, like filibuster when you're on the floor 103 00:05:05.959 --> 00:05:08.639 and somebody does something to distract from the actual point. 104 00:05:08.879 --> 00:05:11.399 That's how I feel it because first and foremost, like 105 00:05:11.600 --> 00:05:14.439 we have to get back to what this is the innovation, 106 00:05:14.680 --> 00:05:18.199 This is the future of capital markets. You know, tokenization 107 00:05:18.399 --> 00:05:21.439 like this is going to really broaden I pos and 108 00:05:21.439 --> 00:05:24.720 and bring trillions back into this country and and bring 109 00:05:24.759 --> 00:05:29.160 more people back to the States to to you know, 110 00:05:29.199 --> 00:05:32.399 empower them to create companies within this space. And all 111 00:05:32.399 --> 00:05:34.879 of a sudden it's taken a different turn now and 112 00:05:34.920 --> 00:05:39.560 we're more focused on politicians who are are benefiting from 113 00:05:39.639 --> 00:05:41.279 and I just feel like we need to get back 114 00:05:41.319 --> 00:05:43.079 to where we where we started. 115 00:05:44.160 --> 00:05:44.600 Yeah. 116 00:05:44.639 --> 00:05:47.360 Absolutely, And the amount of jobs this is going to 117 00:05:47.399 --> 00:05:51.040 create is going to be exponential because this technology has 118 00:05:51.079 --> 00:05:54.120 so many applications. Obviously you have AI, you have robotics 119 00:05:54.160 --> 00:05:57.040 in these things, and they're all moving in parallel. But 120 00:05:57.680 --> 00:05:59.480 it's no longer I need to be in the United 121 00:05:59.480 --> 00:06:01.759 States because I need the infrastructure of the United States, 122 00:06:01.759 --> 00:06:03.720 the roads, the bridges and all that. No, this is 123 00:06:03.759 --> 00:06:07.120 all digital. I can go work in the Dubai or 124 00:06:07.279 --> 00:06:11.399 Australia and build the same company. May you know, could 125 00:06:11.439 --> 00:06:13.240 you could argue, Okay, well you won't get the same 126 00:06:13.319 --> 00:06:16.759 access to capital. Yes, but I can still get capital. 127 00:06:17.000 --> 00:06:19.879 It's just I can still build that business out if 128 00:06:19.879 --> 00:06:20.680 I want, because. 129 00:06:20.439 --> 00:06:21.160 It's all digital. 130 00:06:21.600 --> 00:06:22.560 Yeah, exactly. 131 00:06:22.800 --> 00:06:23.959 So we got to get this right. 132 00:06:24.519 --> 00:06:29.360 But what's surprising, Amanda Goldman Sachs CEO David Solomon came 133 00:06:29.399 --> 00:06:32.000 out yesterday and said, pass the CLARITIAC. 134 00:06:32.600 --> 00:06:36.040 This is a big contradition. Contradiction. 135 00:06:36.120 --> 00:06:39.199 Excuse me to what Jamie Diamond and the community banks folks, 136 00:06:39.199 --> 00:06:41.920 and the ABA, the American bankers Association have been saying 137 00:06:42.519 --> 00:06:43.759 huge photo confidence here. 138 00:06:44.199 --> 00:06:48.360 Yeah, I mean it's about time. I'm happy he sees 139 00:06:48.480 --> 00:06:52.120 the benefit to this. I'm also questioning where has Jamie 140 00:06:52.199 --> 00:06:55.240 Diamond been? Has anybody been? He's been pretty quiet, and 141 00:06:55.319 --> 00:06:59.439 I wonder what that's about, Especially with you know a 142 00:06:59.480 --> 00:07:01.959 lot of these other a big investment banks and asset 143 00:07:02.000 --> 00:07:05.519 managers coming out in favor of this. He's really taking 144 00:07:05.560 --> 00:07:08.639 a back seat. I find that to be His silence 145 00:07:08.720 --> 00:07:10.040 is the most deafening for me. 146 00:07:10.839 --> 00:07:14.839 Yeah, remember his last public appearance on Fox, he cursed 147 00:07:14.879 --> 00:07:15.920 out Brian Armstrong. 148 00:07:16.000 --> 00:07:18.439 He says he doesn't like this bill. He was really angry. 149 00:07:18.560 --> 00:07:20.720 Maybe the PR folks said, hey, take a break from. 150 00:07:21.600 --> 00:07:23.480 That's well, you have a good PR team at least 151 00:07:23.519 --> 00:07:25.360 they said take a step back. But I do find 152 00:07:25.360 --> 00:07:27.759 did he lose the argument? Does he think he won 153 00:07:27.839 --> 00:07:29.920 in some way? Or is he coming up with some 154 00:07:29.959 --> 00:07:32.160 sort of arsenal of he's going to come out that 155 00:07:32.199 --> 00:07:34.160 would work with something. I don't know. I just find 156 00:07:34.160 --> 00:07:35.720 his silence to be interesting. 157 00:07:36.279 --> 00:07:38.680 Well, his pitbull on the leash. Elizabeth Warren is on 158 00:07:38.720 --> 00:07:39.160 the attack. 159 00:07:39.199 --> 00:07:41.160 I don't know if you saw her video as she's 160 00:07:41.160 --> 00:07:43.759 saying this bill is just going to enriche Donald She's 161 00:07:43.759 --> 00:07:46.800 making all about Donald Trump. This is not about Donald Trump. 162 00:07:46.920 --> 00:07:49.120 Does he have some crypto exposure, Yes? Do I wish 163 00:07:49.480 --> 00:07:51.759 he doesn't he didn't have that, sure, But this is bigger. 164 00:07:51.800 --> 00:07:52.800 This is about America. 165 00:07:52.959 --> 00:07:56.079 It's getting jobs, leading in technological innovation. 166 00:07:56.399 --> 00:07:58.800 That's why I don't understand how you can be so 167 00:07:59.040 --> 00:08:02.319 against a press. You don't have to like President Trump. 168 00:08:02.839 --> 00:08:06.439 You know, we've had multiple presidents in recent years that 169 00:08:06.480 --> 00:08:09.519 I have been not in favor of. But you can't 170 00:08:09.519 --> 00:08:11.600 be such you can't take such a hard line to 171 00:08:11.639 --> 00:08:13.879 the point where now you're going to stall innovation in 172 00:08:13.920 --> 00:08:17.240 this country. You still have to be pro America, right, 173 00:08:17.439 --> 00:08:20.800 It's like otherwise I don't understand what you're doing. Like there, 174 00:08:20.839 --> 00:08:23.720 we have to separate. But Elizabeth Warren seems to be 175 00:08:23.920 --> 00:08:27.120 very emotional and all of her reactions, everything she does. 176 00:08:27.480 --> 00:08:30.240 I think it's time for her to retire. Yes, it's 177 00:08:30.279 --> 00:08:31.000 too emotional. 178 00:08:31.519 --> 00:08:33.879 And a funny thing is, you know, she's very loud. 179 00:08:33.960 --> 00:08:35.960 She puts on this great show, but she doesn't actually 180 00:08:35.960 --> 00:08:38.480 get any legislation pass. Don't get me wrong. She has 181 00:08:38.519 --> 00:08:42.240 influence on the Democratic Party. But the good thing is 182 00:08:42.279 --> 00:08:45.559 that her bark is louder than her bite is more, 183 00:08:46.919 --> 00:08:51.440 you know what I mean. Yeah, but not everybody is 184 00:08:51.440 --> 00:08:53.879 a fan of what David Sachs is, or excuse me, 185 00:08:53.960 --> 00:08:56.360 David Solomon. You know, Goldman Sachs has been saying the 186 00:08:56.399 --> 00:08:59.360 community banks came out and called Goldman Sacks of failure 187 00:08:59.519 --> 00:09:04.080 at doing banking and deposits, which is ironic. It's so funny. 188 00:09:04.960 --> 00:09:06.679 That is interesting to me. I don't know what the 189 00:09:06.759 --> 00:09:09.399 community banks have in their back pockets there, but I 190 00:09:09.399 --> 00:09:13.639 don't understand that statement at all. I don't know if 191 00:09:13.639 --> 00:09:16.720 they're just trying to insert themselves into the media cycle 192 00:09:16.840 --> 00:09:17.759 or what is that. 193 00:09:18.480 --> 00:09:19.240 Yeah, that's weird. 194 00:09:19.320 --> 00:09:22.360 Like Goldman Sachs is one of the most successful banks. Yes, 195 00:09:22.399 --> 00:09:26.159 they don't handle like the commercial you know, retail banking, 196 00:09:26.360 --> 00:09:30.600 but they're hugely successful. And it goes back to, you know, 197 00:09:30.840 --> 00:09:34.320 the falsehood of well this is going to cause deposit flights. 198 00:09:34.960 --> 00:09:37.000 I'm telling you, I don't think there were average Joe 199 00:09:37.039 --> 00:09:39.399 and Jane going to the community bank, right, Not the 200 00:09:39.399 --> 00:09:42.360 big commercial banks and the federal credit unions overnight are 201 00:09:42.399 --> 00:09:44.879 about to go. Oh let me put all my money 202 00:09:45.000 --> 00:09:47.159 in stable coins so I can earn yield. No people 203 00:09:47.200 --> 00:09:50.000 have bills to pay Like I'm a crypto native user, 204 00:09:50.240 --> 00:09:52.480 been here since twenty sixteen. I put a little bit 205 00:09:52.519 --> 00:09:55.320 of my money in stable coins, and my money I 206 00:09:55.399 --> 00:09:58.120 use the everyday normal processes. 207 00:09:58.559 --> 00:10:01.080 Yeah, I wonder what will become the community banks. So 208 00:10:01.240 --> 00:10:05.200 I didn't even think of that until now that they're 209 00:10:05.799 --> 00:10:09.000 you know, hollering about Goldman Sachs. I do wonder what 210 00:10:09.039 --> 00:10:12.759 will as you know, traditional finance becomes more and more 211 00:10:12.840 --> 00:10:15.440 un chain and you already have, as you pointed out, 212 00:10:15.480 --> 00:10:18.000 the community banks, not a lot of Joe Schmoser going 213 00:10:18.039 --> 00:10:21.039 there already, and now with the rise of tokenization, what 214 00:10:21.120 --> 00:10:22.360 will become of them? 215 00:10:23.039 --> 00:10:26.279 I think kind of what we saw in the banking crisis, 216 00:10:26.320 --> 00:10:29.600 I believe early twenty twenty three, where some of them 217 00:10:29.679 --> 00:10:32.679 got absorbed by the bigger banks like Jamie JP Morgan 218 00:10:32.679 --> 00:10:34.399 and so for I think that's the end goal. 219 00:10:34.480 --> 00:10:36.360 These bigger banks are going to become more powerful. 220 00:10:36.480 --> 00:10:40.399 Yeah, well that's why they're yelling. Yeah, they're treading water. 221 00:10:41.399 --> 00:10:44.120 Now on the topic of ethics real quick, because we 222 00:10:44.240 --> 00:10:48.120 interviewed Congressman Brian's Style yesterday. That interview was published this morning. 223 00:10:48.879 --> 00:10:51.559 He was able to get his bill passed, which bans 224 00:10:51.639 --> 00:10:54.039 congressome trading stocks in the House. We don't know if 225 00:10:54.039 --> 00:10:55.679 it's going to pass the Senate, but this is a 226 00:10:55.720 --> 00:10:58.120 huge win. It seems like there's a larger theme here 227 00:10:58.159 --> 00:11:01.120 of ethics and cleaning up cong Yeah. 228 00:11:01.360 --> 00:11:04.320 I love this because it really is about restoring trust 229 00:11:04.360 --> 00:11:07.000 in the American people too, which has been lost for 230 00:11:07.159 --> 00:11:11.080 various reasons. I mean, you've even seen President Trump's latest speech, 231 00:11:11.120 --> 00:11:14.559 which unfortunately he didn't touch on our geopolitical climate. But 232 00:11:14.679 --> 00:11:16.759 now we're going down the rabbit hole of election fraud 233 00:11:16.840 --> 00:11:19.600 in this country, and I just think there are a 234 00:11:19.679 --> 00:11:21.759 lot of things that need to be restored, and this 235 00:11:21.840 --> 00:11:24.519 is one of them. I think Nancy Pelosi really kind 236 00:11:24.519 --> 00:11:27.759 of blew the lid. It's been on both sides of 237 00:11:27.759 --> 00:11:31.240 the aisle, but specifically her for the years of successful 238 00:11:31.320 --> 00:11:35.000 investing that she and her family had. And it's just 239 00:11:35.080 --> 00:11:37.480 you hear the salaries of some of these people and 240 00:11:38.080 --> 00:11:40.919 who are in high office, you know, positions in our government, 241 00:11:41.360 --> 00:11:44.039 and the salaries are not huge, but yet they own 242 00:11:44.240 --> 00:11:47.759 multi million dollar homes, you know, with motes around them, 243 00:11:48.120 --> 00:11:50.960 and you do question that. So I'm happy to see 244 00:11:50.960 --> 00:11:52.840 and I did ask him yesterday, you know, as this 245 00:11:52.879 --> 00:11:56.399 complimentary in terms of the ethics issue with clarity, and 246 00:11:56.519 --> 00:11:59.200 he did say yes, So I hope that that's a 247 00:11:59.240 --> 00:12:00.279 step forward. 248 00:12:00.759 --> 00:12:04.320 Absolutely, and I hope it doesn't get indoors doesn't die. 249 00:12:04.559 --> 00:12:05.919 You know, by the time it gets to the Senate. 250 00:12:05.960 --> 00:12:08.600 You know how the game is, right, it's yea fairly 251 00:12:08.639 --> 00:12:10.799 easy to move bills in the House, but the Senate 252 00:12:10.879 --> 00:12:13.799 is always the big hurdle. But hopefully they can do 253 00:12:13.840 --> 00:12:16.240 this and get it right because it's time for a change. 254 00:12:16.960 --> 00:12:19.919 It's ridiculous what they've been doing. And I mean, Nancy 255 00:12:19.960 --> 00:12:24.039 Pelosi is the I mean the rock star of insider trading, right, 256 00:12:24.240 --> 00:12:25.720 the greatest trader of all time? 257 00:12:25.799 --> 00:12:30.320 Am Yoh yeah. You know what's wild to me, Tony, 258 00:12:30.399 --> 00:12:33.919 is that people who work in finance, who aren't even 259 00:12:34.039 --> 00:12:36.799 on the trading side right there, may be in the 260 00:12:36.960 --> 00:12:42.159 equity research part. They have huge clauses in their contracts 261 00:12:42.200 --> 00:12:45.600 of they are not allowed to invest, they're not allowed 262 00:12:45.600 --> 00:12:48.320 to play the stock market because they do have access 263 00:12:48.759 --> 00:12:53.120 to research reports, to analysts reports. And it's crazy how 264 00:12:53.600 --> 00:12:56.279 many restrictions are in place for an employee of an 265 00:12:56.279 --> 00:12:59.200 investment bank but not our politicians. 266 00:13:00.159 --> 00:13:02.759 Big hypocrisy, and they need to fix it and maybe 267 00:13:02.960 --> 00:13:05.919 part of it is taking blockchain tech, and I think 268 00:13:05.919 --> 00:13:09.039 Elon had this vision of putting government spending and all 269 00:13:09.039 --> 00:13:12.559 this information even if you put campaign donations on chain. 270 00:13:13.039 --> 00:13:14.840 I don't think this is going to happen tomorrow or 271 00:13:14.879 --> 00:13:18.320 next year, but maybe in the next lifetime that all 272 00:13:18.360 --> 00:13:22.120 of these informations and things are on the chain, so 273 00:13:22.159 --> 00:13:25.840 it's more transparent, you get real time information. Well, oh, okay, 274 00:13:25.919 --> 00:13:29.720 Nancy Pelosi got donation from this corporation. Okay, let's watch 275 00:13:29.720 --> 00:13:32.080 what she does with the laws around that industry, right, 276 00:13:32.480 --> 00:13:34.679 those type of things. I think it will help fix it, 277 00:13:34.720 --> 00:13:36.480 but we got ways to go, of course. 278 00:13:36.559 --> 00:13:36.879 Yeah. 279 00:13:37.039 --> 00:13:40.559 I do think it's interesting that they still allow for ETFs, 280 00:13:40.759 --> 00:13:44.399 so they're still allowed with regard to mutual front funds, 281 00:13:44.720 --> 00:13:50.080 retirement funds, you know, they're still allowed exposure through a 282 00:13:50.120 --> 00:13:53.799 regulatory entity, but they're just not allowed to invest in 283 00:13:54.360 --> 00:13:57.000 a stock. I do think that's interesting, and I'll have 284 00:13:57.039 --> 00:13:59.559 to do more research there. But I wonder if there 285 00:13:59.639 --> 00:14:03.159 are there eventually will be loopholes as we get more regular, 286 00:14:03.519 --> 00:14:08.200 you know, regulatory clarity, how that still gives them kind 287 00:14:08.240 --> 00:14:11.440 of insider trading just simply having access. 288 00:14:12.000 --> 00:14:14.360 But one of the questions I asked Congressman style was 289 00:14:14.840 --> 00:14:17.759 what about other assets? Because they could trade oil, they 290 00:14:17.759 --> 00:14:20.279 could trade other commodities. Right based on if you know 291 00:14:20.320 --> 00:14:21.720 a war is going to happen, or you know some 292 00:14:21.919 --> 00:14:24.519 the trade of horror moves is about to close, there's 293 00:14:24.559 --> 00:14:28.080 still other assets and things that can be traded here 294 00:14:28.159 --> 00:14:29.120 outside of stocks. 295 00:14:29.320 --> 00:14:30.519 So I think it may. 296 00:14:30.399 --> 00:14:33.600 Be a crawl walk run approach where he's probably like, look, 297 00:14:33.799 --> 00:14:36.639 I know I can't get all assets in every iteration 298 00:14:36.759 --> 00:14:39.639 of these things, but let's start with a baseline and 299 00:14:39.679 --> 00:14:42.360 a foundation to get this going right. 300 00:14:43.960 --> 00:14:46.639 Now, Amanda, time is running out, man. 301 00:14:46.960 --> 00:14:49.399 August seventh is the hard date. I don't think we're 302 00:14:49.399 --> 00:14:51.320 gonna get anything done later this year because of the 303 00:14:51.320 --> 00:14:54.279 midterm elections. I could be wrong, but if it misses 304 00:14:54.279 --> 00:14:57.279 the August window I saw, I think Center Tuon was 305 00:14:57.279 --> 00:14:58.320 saying it won't happen. 306 00:14:58.440 --> 00:15:02.039 Now that's one man's opinion, but I don't know what 307 00:15:02.080 --> 00:15:02.480 do you think. 308 00:15:03.159 --> 00:15:06.039 I hope it sounds like they're working through this weekend, 309 00:15:06.759 --> 00:15:10.480 and I am very I have to remain optimistic until 310 00:15:10.679 --> 00:15:13.639 we see it fall through. I just have to. I 311 00:15:13.679 --> 00:15:16.879 saw recently on Twitter, right before we got on here, 312 00:15:17.000 --> 00:15:20.799 that Patrick Witt is optimistic. I've been behind him the 313 00:15:20.799 --> 00:15:25.120 whole time. I hope, I hope he's right. But we 314 00:15:25.159 --> 00:15:28.399 shall see because once, you know, Congress leaves for recess, 315 00:15:29.200 --> 00:15:29.519 that's it. 316 00:15:30.519 --> 00:15:34.080 Yeah, And when comes September, when they're back or late 317 00:15:34.559 --> 00:15:38.159 early October, it's going to be election season, musslinging focused 318 00:15:38.159 --> 00:15:39.600 on campaigning and all that. 319 00:15:39.759 --> 00:15:45.000 Right, Yeah, I really hope. I mean, businesses hate uncertainty 320 00:15:45.200 --> 00:15:48.000 more than regulation. So right now, this is a very 321 00:15:48.039 --> 00:15:52.480 strange time for this industry. And I'm hopeful that, you know, 322 00:15:52.919 --> 00:15:55.720 end of July. I know we're July twenty fourth right now, 323 00:15:56.240 --> 00:15:59.360 so I'm hoping beginning of next week we'll have more 324 00:15:59.679 --> 00:15:59.919 up to date. 325 00:16:01.320 --> 00:16:04.879 Yeah, and fingers crossed for big upbates next week because 326 00:16:04.879 --> 00:16:06.960 I think next week is a critical week. To your point, 327 00:16:07.200 --> 00:16:09.080 we're going to be at the end of July and 328 00:16:09.799 --> 00:16:11.960 this thing has to be voted out of Senate because 329 00:16:12.000 --> 00:16:13.440 then it has to go to the House to be 330 00:16:13.519 --> 00:16:15.399 voted on, and we got to get out of the 331 00:16:15.399 --> 00:16:18.159 House whenever President Trump sciens it is not a big deal. 332 00:16:18.200 --> 00:16:21.720 It's just getting it through these hurdles right exactly. 333 00:16:22.159 --> 00:16:26.159 Now, Moving ahead, the Digital Chambers sued the State of 334 00:16:26.200 --> 00:16:31.480 Illinois regarding their ridiculous digital asset crypto tax. Now, I 335 00:16:31.480 --> 00:16:35.399 did some sleuthing here and the governor's buddy buddies with 336 00:16:35.480 --> 00:16:39.360 Elizabeth Warren, So he's a crony, and you know, Elizabeth 337 00:16:39.399 --> 00:16:41.120 Warren is the one who gave him the idea for this. 338 00:16:41.240 --> 00:16:43.960 But glad to see the chambers suing them to get yes. 339 00:16:44.039 --> 00:16:48.159 Same Sam. I think it was zero point two tax 340 00:16:48.559 --> 00:16:52.799 specifically targeting this industry. And I think it's ridiculous because 341 00:16:52.840 --> 00:16:56.879 again you have mostly Democrats right criticize, criticizing, and and 342 00:16:57.039 --> 00:17:03.279 Republicans the ethical side of politicians, specifically President Trump on 343 00:17:03.879 --> 00:17:07.559 his you know, insider knowledge of crypto and the benefits 344 00:17:07.599 --> 00:17:09.920 that he and his family have received and a lot 345 00:17:09.920 --> 00:17:12.480 of the money he's made, let's face it. But now 346 00:17:12.519 --> 00:17:16.480 you have a state who sees an opportunity here who 347 00:17:16.559 --> 00:17:20.440 could potentially make you know, million, tens of millions of 348 00:17:20.440 --> 00:17:23.720 dollars for their state. So they're targeting this industry. They 349 00:17:23.799 --> 00:17:27.079 see regulation coming, they see the future, and they're going 350 00:17:27.119 --> 00:17:31.519 after it. And that's branded as sound policy, but it's 351 00:17:31.759 --> 00:17:35.079 don't you think that that also blurs into ethical It's 352 00:17:35.160 --> 00:17:38.119 just to me, it's so hypocritical. 353 00:17:37.960 --> 00:17:41.480 Big time, big time hypocritical and at first I was like, 354 00:17:41.559 --> 00:17:43.599 you know, where the hell did this come from? And 355 00:17:43.720 --> 00:17:47.720 I started, you know, googling the governor's name, and I decided, 356 00:17:47.799 --> 00:17:49.400 let me put Elizabeth Warren's name next. 357 00:17:49.960 --> 00:17:51.119 See their campaigning. 358 00:17:51.519 --> 00:17:55.920 They they're going after the folks who are being supported 359 00:17:55.920 --> 00:17:58.200 by the crypto industry, those who are pro crypto, and 360 00:17:58.240 --> 00:18:00.279 I'm like, yeah, okay, I get it. This guy just 361 00:18:00.319 --> 00:18:02.160 wake up randomly. It is like, you know what, let's 362 00:18:02.400 --> 00:18:05.759 tax crypto transactions and all that. Elizabeth Warren se did 363 00:18:05.759 --> 00:18:08.440 the idea and and of course, of course she did, of. 364 00:18:08.319 --> 00:18:10.680 Course, and I could see that being a domino effect. 365 00:18:11.200 --> 00:18:13.359 I fear that Illinois will be the first of many 366 00:18:13.400 --> 00:18:15.880 dominoes to fall because they're going to say, okay, you're 367 00:18:15.880 --> 00:18:17.400 going to get this pass. We're going to figure out 368 00:18:17.400 --> 00:18:21.440 a way to also, you know, benefit from this, and 369 00:18:21.480 --> 00:18:23.599 this will be what they do. And it's and it is. 370 00:18:23.640 --> 00:18:27.400 I think the Digital Chamber is saying this is unconstitutional 371 00:18:27.759 --> 00:18:31.440 based on you know, their their laws in the state, 372 00:18:31.480 --> 00:18:33.960 and I agree with that. While that's that hasn't been 373 00:18:34.480 --> 00:18:37.240 you know, made firm by the court yet, like that 374 00:18:37.319 --> 00:18:41.759 hasn't been a reality, it is it seems very unconstitutional. 375 00:18:41.480 --> 00:18:46.119 Absolutely singling out at excuse me, a specific asset class. 376 00:18:46.640 --> 00:18:49.279 And I'm glad the Digital Chamber is suing them. We 377 00:18:49.359 --> 00:18:51.960 got to get maybe Cody Carbone back on the podcast 378 00:18:52.319 --> 00:18:54.680 to talk about this, plus the Clarity Act and much more. 379 00:18:55.279 --> 00:18:56.799 But I think they're going to lose this at the 380 00:18:56.799 --> 00:19:01.079 State of Illinois for sure, because this is draconne and 381 00:19:01.160 --> 00:19:04.400 just ridiculous. And it goes back to our point earlier 382 00:19:04.480 --> 00:19:08.359 that the Democrats want every state attorney general to handle. 383 00:19:08.079 --> 00:19:08.680 Some of these things. 384 00:19:09.039 --> 00:19:13.440 So let's say Illinois is doing this, but Indiana is not, right, 385 00:19:13.599 --> 00:19:17.680 you have this hodgepodge madness confusion. So it goes back 386 00:19:17.720 --> 00:19:21.319 to Democrats, the idea of having East state handle this. 387 00:19:22.119 --> 00:19:22.920 No, it can't work. 388 00:19:23.359 --> 00:19:25.839 Isn't that so interesting? You know, Democrats as a whole, 389 00:19:25.920 --> 00:19:29.720 for all their agendas, have always wanted big government. They 390 00:19:29.759 --> 00:19:32.400 want the government involved, they want it at the federal level. 391 00:19:32.599 --> 00:19:35.359 And I find it's so interesting now that they're against this. Now, 392 00:19:35.480 --> 00:19:37.799 let's put it in the hands of the states. Every 393 00:19:37.880 --> 00:19:41.599 other huge issue, education, you know, Rob Wade, all these 394 00:19:41.640 --> 00:19:45.400 things they have pushed into the government like federal hands. 395 00:19:46.640 --> 00:19:50.319 And it's become Republican philosophy. Now used to be democrat 396 00:19:50.839 --> 00:19:53.400 to keep it at the hands of the state, and 397 00:19:53.440 --> 00:19:57.119 I just I find that very ironic that now they're like, okay, now, 398 00:19:57.160 --> 00:20:00.119 let's let the states handle this. It's like, oh, okay, 399 00:20:00.200 --> 00:20:02.759 because you're going to profit in a way that you can. 400 00:20:02.960 --> 00:20:07.799 Fits your agenda. Yes, so so annoying, but yeah, more 401 00:20:07.839 --> 00:20:10.359