WEBVTT

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<v Speaker 1>I've got breaking news for you all. The SEC has

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<v Speaker 1>appealed the Judge Taurus ruling Indie Ripple lawsuit. I'll give

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<v Speaker 1>you all the details and what the legal experts are saying.

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<v Speaker 1>Plus the SEC's director of Enforcement is stepping down. What's

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<v Speaker 1>happening here. Let's get into it. Hey, everybody, welcome into

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<v Speaker 1>the Thinking Crypto podcast. You're home for cryptocurrency news and interviews.

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<v Speaker 1>I'm your host, Tony Edward. On your way in. Please

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<v Speaker 1>sit that subscribe button as well as the thumbs up

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<v Speaker 1>button and leave a comment below. If you're listening on

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<v Speaker 1>a podcast platform such as Spotify or Apple, please leave

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<v Speaker 1>a five star rating and review. Folks. The breaking news.

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<v Speaker 1>The SEC has filed a notice of appeal of Judge

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<v Speaker 1>Trus's ruling in the Ripple lawsuits. Now, remember Judge Torres

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<v Speaker 1>rule that secondary market sales of XRP are not securities

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<v Speaker 1>and that the token itself intrinsically is not as security. However,

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<v Speaker 1>she said the institutional sales do count as securities transactions

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<v Speaker 1>because there's a contract. However, the ruling that the token

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<v Speaker 1>itself intrinsically is not a security and secondary market sales

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<v Speaker 1>like on exchanges are not securities was the big line's

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<v Speaker 1>share of the victory in this lawsuit for Ripple. Yes,

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<v Speaker 1>the SEC won part of it, but that not so

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<v Speaker 1>much because it didn't impact the broader markets. That was

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<v Speaker 1>institutional sales. Well, the SEC is definitely trying to appeal

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<v Speaker 1>Judge Taurus's ruling on the secondary market sales. Now we

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<v Speaker 1>had an idea that this may happen. I've been covering

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<v Speaker 1>it on the podcast, in my newsletter and so forth,

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<v Speaker 1>and there's a lot to cover here. So let me

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<v Speaker 1>share what different folks are saying. First up, Ripple CEO

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<v Speaker 1>Brad Garlinghouse. He tweeted, if Genser and the SEC were rational,

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<v Speaker 1>they would have moved on from this case long ago.

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<v Speaker 1>It certainly hasn't protected investors and instead has damaged the

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<v Speaker 1>credibility and reputation of the SEC. Somehow, they still haven't

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<v Speaker 1>gotten the message. They lost. On everything that matters Ripple,

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<v Speaker 1>the crypto industry and the rule of law have already prevailed.

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<v Speaker 1>While we'll fight in court for as long as we

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<v Speaker 1>need to, Let's be clear XRP status as a non

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<v Speaker 1>security is the law the land, and that does not

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<v Speaker 1>change even in the face of this misguided and infuriating appeal.

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<v Speaker 1>Remember when the SEC tried unsuccessfully to file an interlocatory appeal,

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<v Speaker 1>they made clear they had no intention of challenging XRP

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<v Speaker 1>status as a non security. So, folks, despite this appeal,

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<v Speaker 1>the law of the land today and until the court's

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<v Speaker 1>rule again is that XRP is not a security. So

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<v Speaker 1>I don't think this should cause any issues As far

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<v Speaker 1>as exchanges delisting XRP, I think it's just going to

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<v Speaker 1>remain as is because majority of the industry is in

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<v Speaker 1>a legal battle already with the SEC right and many

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<v Speaker 1>of the folks battling the SEC, like coinbase, crack and

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<v Speaker 1>so forth, are using Judge Taurus's ruling to fight back

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<v Speaker 1>the SEC. So I don't think we're going to see

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<v Speaker 1>any delisting of XRP like we saw in twenty twenty.

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<v Speaker 1>We are in a completely different environment. People are not

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<v Speaker 1>scared anymore. They've already got their wells notices and lawsuits,

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<v Speaker 1>and the industry is punching back countersuing as well as

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<v Speaker 1>proactively suing even if they haven't gotten anything from the SEC.

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<v Speaker 1>So very different environment, and I don't expect XRP to

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<v Speaker 1>be delicted. I don't anticipate any major effects on the

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<v Speaker 1>price unless once again there's some new ruling from the courts.

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<v Speaker 1>But this thing looks like it's just going to continue

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<v Speaker 1>on and on into another year or years. It could

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<v Speaker 1>certainly be that way, and I'll give you some details here.

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<v Speaker 1>Ripple's chief legal officers Stewart al Aarady said they are

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<v Speaker 1>thinking about cross appealing. So he says the SEC's division

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<v Speaker 1>to appeal is disappointing but not surprising. This just prolongs

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<v Speaker 1>what's already a complete embarrassment for the agency. The court

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<v Speaker 1>already rejected the sec suggestion that Ripple acted recklessly and

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<v Speaker 1>there were no allegations of fraud, and of course there

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<v Speaker 1>were no victims or losses. Instead of faithfully applying the law,

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<v Speaker 1>the agency under this chair continues to engage in litigation

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<v Speaker 1>warfare against the industry. We are evaluating whether to file

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<v Speaker 1>as appealed either way, the SEC's lawsuit has been irrational

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<v Speaker 1>and misguided from the start, and we're ready to prove

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<v Speaker 1>that yet again in the appellate court, once again taking

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<v Speaker 1>the lead for the industry. Number Three, he says coincidence

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<v Speaker 1>that the SEC's enforcement director announced his resignation about an

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<v Speaker 1>hour before this. I'll get to that later in the podcast.

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<v Speaker 1>Let me highlight something else here. Eleanor Tarota Fox Business

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<v Speaker 1>says Ripple is considering a cross appeal. This means Ripple

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<v Speaker 1>could choose to file an appeal on Judge Taurus's ruling

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<v Speaker 1>on institutional sales or on the penalty of one hundred

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<v Speaker 1>and twenty five million dollars. Both appeals will stay wrapped

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<v Speaker 1>up in one second circuit case. If Ripple does file

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<v Speaker 1>an appeal, it has fourteen days to do it and

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<v Speaker 1>the clock starts tomorrow. So the SEC wants to play

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<v Speaker 1>these games. Ripple will play the game as well and

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<v Speaker 1>appeal either the penalty amount or the institutional sales. So

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<v Speaker 1>once again, this thing is not going to wrap up

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<v Speaker 1>in a month. So this thing is going to go

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<v Speaker 1>for a long haul again. But I think the SEC

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<v Speaker 1>lost the majority of this. The optics are bad for

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<v Speaker 1>Ginza in the SEC, with all these congressional hearings, all

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<v Speaker 1>these lawsuits, and the election is right around the corner.

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<v Speaker 1>So I am not concerned about this appeal because I

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<v Speaker 1>anticipated it might happen. And as stated, we are in

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<v Speaker 1>a very different environment than we were in twenty twenty.

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<v Speaker 1>What is a cause for concern is that the SEC

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<v Speaker 1>will most likely block the XRP ETF. Bit Wise, just

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<v Speaker 1>yesterday we talked about it. They filed for an ETF

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<v Speaker 1>that's then on arrival, just like the Salona ETF. Solana

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<v Speaker 1>is mentioned in many of these lawsuits such as Coinbase

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<v Speaker 1>cracking and so forth, and that's why it was withdrawn

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<v Speaker 1>by the folks at van X. So one thing I

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<v Speaker 1>wanted to highlight Eleanor Tarott to Fox Business found another

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<v Speaker 1>ETF filing done by Canary Capital. I mentioned to you

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<v Speaker 1>guys yesterday Canary Capital launch and Hbar Trust for institutional investors.

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<v Speaker 1>So you're seeing these different institutional investors seated demand for XRP,

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<v Speaker 1>and it was a great find by Eleanor. Another investment

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<v Speaker 1>firm was trying to get this XRP ETF going. Now

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<v Speaker 1>Attorney fred Rispoli, who I will have on the podcast

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<v Speaker 1>tomorrow to talk about all this. He's obviously a legal

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<v Speaker 1>experting and he can break all of this down better

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<v Speaker 1>for all of us, He says, SEC appeals, Ripple will

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<v Speaker 1>cross appeal SEC's company. Ending district court cases against Coinbase

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<v Speaker 1>and Kraken continue. Life continues, don't freak out. But if

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<v Speaker 1>you are a crypto single issue US voter, you absolutely

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<v Speaker 1>cannot vote for the Harris Waalds ticket. There is no

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<v Speaker 1>reset can argue with him there, folks, And once again

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<v Speaker 1>I'll have him on tomorrow. Break down this appeal and

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<v Speaker 1>what may happen next. Now, in a very surprising move,

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<v Speaker 1>gerbier gro Wall, he's another scumbag against their crony director

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<v Speaker 1>of the Division of Enforcement will depart the agency effective

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<v Speaker 1>October eleven. That is very strange and it's akin to

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<v Speaker 1>what Jay Clayton did. Make a scumbag move right, file

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<v Speaker 1>this appeal and then run out the door. Jake Clayton

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<v Speaker 1>filed the lawsuit next day, I'm out of the door,

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<v Speaker 1>and that is what could be happening here. So he's

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<v Speaker 1>probably trying to save himself and I don't know who's

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<v Speaker 1>going to replace him and whatever it is. But actually

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<v Speaker 1>they said here upon mister Growal's departure, san Jay Wadhua,

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<v Speaker 1>the Division's deputy director, will serve as the acting director.

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<v Speaker 1>So they don't really have anybody lined up here. So

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<v Speaker 1>something is just strange. Once again, it's like the Jake

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<v Speaker 1>Clayton situation. Tom Ember says SEC, Director of enforcement growall

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<v Speaker 1>encourage lawlessness and chaos at Gary Gainster's SEC. He even

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<v Speaker 1>admitted it to us on record in twenty twenty two.

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<v Speaker 1>Good to see him packing his bags. Let's hope Gary

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<v Speaker 1>Gainster will be out of there soon now. Jake Trawirski

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<v Speaker 1>gave some great thoughts on the director leaving. He says,

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<v Speaker 1>it's not normal for an SEC enforcement director to get

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<v Speaker 1>disappeared like this, gone on nine days notice with no

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<v Speaker 1>repat placement lined up. Perhaps the inevitable end to a

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<v Speaker 1>campaign of unlawful harassment and misrepresentation resulting in many embarrassing

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<v Speaker 1>defeats in court by peace. But look, I don't trust Gary.

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<v Speaker 1>We got to wait and see. But this is very

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<v Speaker 1>strange and maybe, like I said, it's a kin to

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<v Speaker 1>Jay Clayton's move, Right, do do a scumbag move and

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<v Speaker 1>then run out the door. Now, guys, I know a

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<v Speaker 1>lot of negative news there right, not great news. But

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<v Speaker 1>we got some positive things happening in Congress. More Democrat

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<v Speaker 1>members of Congress are supporting crypto. Representative Rocanna, one of

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<v Speaker 1>the top Democrats who I've had on the podcast. He's

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<v Speaker 1>the first Democrat congressman to endorse a strategic bitcoin reserve.

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<v Speaker 1>He says, bitcoin has been seized by the US government

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<v Speaker 1>should be used as a strategic reserve asset given its

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<v Speaker 1>potential for appreciation. And this is really great to see,

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<v Speaker 1>but we need to hear it from who Kamala Harris,

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<v Speaker 1>But things are not looking good for her from a

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<v Speaker 1>cryptos stamp point. I'm happy you have folks in the

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<v Speaker 1>House and the Senate that are embracing crypto and the

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<v Speaker 1>Democrat side, But until the head of the snake says it,

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<v Speaker 1>I don't. I can't you know fully support the Harris

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<v Speaker 1>camp on this stuff because look, you're I mean, come on,

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<v Speaker 1>You're attacking the hell out of crypto and trying to

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<v Speaker 1>stifle innovations. So pretty crazy. But once again, guys, I'm

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<v Speaker 1>optimistic that things are going to move into Congress where

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<v Speaker 1>we can get legislation through Remember to fit twenty one

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<v Speaker 1>bill move out of the House with the support of

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<v Speaker 1>seventy one Democrats. Dennis Porter, who heads up the Satoshi

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<v Speaker 1>Act Fund, tweeted out today big things coming for bitcoin

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<v Speaker 1>in the USA this month is going to set the

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<v Speaker 1>foundation for Americans to witness the true bipartisan and unifying

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<v Speaker 1>nature of bitcoin. Bitcoin is winning in the United States,

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<v Speaker 1>so we could see some legislation go through. I don't know.

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<v Speaker 1>I'm going to try to get him on the podcast

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<v Speaker 1>to get details. Now. Before we go further, be sure

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<v Speaker 1>to check out our sponsor, bitgo, which is one of

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<v Speaker 1>the top tier crypto custodians and the market guys. Bitco

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<v Speaker 1>They helped to custody some of the assets for the

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<v Speaker 1>Bitcoin ETFs and Etherem ETFs, and they have a lot

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<v Speaker 1>of great services, you know, wallet services and much more.

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<v Speaker 1>In fact, Nike uses bitgoes wallet services for their NFTs

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<v Speaker 1>and they have a self hosted wallet for retail so

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<v Speaker 1>have great security and once again a lot of big

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<v Speaker 1>companies and exchanges use them. So if you'd like to

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<v Speaker 1>learn more about bidgo, go to bitgo dot com link

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<v Speaker 1>in the description. Now, going back to the topic of

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<v Speaker 1>crypto regulations, Tom Emmer tweeted out, the lame duck isn't

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<v Speaker 1>out of play. What is he talking about. Well, he

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<v Speaker 1>was recently interviewed by decrypt where he said the FIT

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<v Speaker 1>twenty one bill could make it out of the Senate

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<v Speaker 1>or get through the Senate during the lame duck session.

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<v Speaker 1>Later here fingers crossed that happens, folks, that would be

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<v Speaker 1>a big win because if you can get it out

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<v Speaker 1>of the Senate, then it can make its way to

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<v Speaker 1>a new president and be put into law. So let's

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<v Speaker 1>hope this happens. This could really help in building momentum

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<v Speaker 1>for the bullmarket guys. And here's another big win Calshi,

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<v Speaker 1>which is a prediction market crypto based they won their

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<v Speaker 1>appeal where US presidential election markets are legal. Remember polymarket

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<v Speaker 1>is doing the same thing. So this is a big

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<v Speaker 1>win and it's something Elizabeth Warren was trying to shut down.

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<v Speaker 1>So you guys know what to do. If you're in

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<v Speaker 1>the state of Massachusetts, vote for John Deaton, kick out

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<v Speaker 1>Elizabeth Warren. If you're not in the state of Massachusetts,

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<v Speaker 1>donate to John Deeton. Guys. That's the news, I know.

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<v Speaker 1>The XRP news regarding the SEC's appeal really sucks. It's

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<v Speaker 1>bad news, but I once again I'm not worried because

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<v Speaker 1>it's a very different environment. I don't believe any companies

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<v Speaker 1>are going to delist XRP, especially you had Grayscale just

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<v Speaker 1>launch a trust of other companies trying to get et

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<v Speaker 1>aps and so forth. But I do think the et

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<v Speaker 1>apps are not going to make it on the sea

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<v Speaker 1>because of what's happening. But this shouldn't affect XR feez

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<v Speaker 1>trading unless there's some massy listing, which I don't think

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<v Speaker 1>is going to happen. All right, guys, be sure to

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<v Speaker 1>leave your comments below hit the thumbs up button. Be

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<v Speaker 1>sure to sign up for my free email newsletter one

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<v Speaker 1>percent free, includes crypto insights and knowledge. Also grab a

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<v Speaker 1>copy of my book Rethinking Crypto and Amazon. If you

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<v Speaker 1>bought a copy ready, please leave a five star rating

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<v Speaker 1>and review. It will really help me out. Thank you

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<v Speaker 1>so much. I appreciate you all, and I'll talk to

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<v Speaker 1>you all later