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I’m not a Licensed financial advisor. All videos on this channel are for educational purposes only.You should not buy,sell,or invest in any asset based on what I sayin these videos.You should know that investing
All right we're back with the one and Only it's perryan boring from the Chamber of digital Commerce Perry andne How you doing today hey Bradley it's Great to be here it is great to have you Here listen we're going to start off We're going to cover a few things today But the first thing I want to cover is Elizabeth Warren has created a bill well I wouldn't say she necessarily created It you actually exposed who did create It fill us in perryan yeah so Elizabeth Warren has introduced the digital asset Anti-money laundering act this is a bill That she is purporting would close the Gaps the regulatory gaps for Cryptocurrency this bill was actually Introduced in the previous Congress it Didn't go anywhere it died we didn't Want to give it the light of day we Didn't really talk about it because we Didn't want to give it any more Attention so it died in the previous Congress it has resurrected this year She has really doubled down on her Crusade of crypto she recruited Senator Roger Marshall a republican from Kentucky to be the bipartisan sponsor so They reintroduced the bill and now is Bipartisan so once a bill is bipartisan It's going to get a little bit more uh Attention and be taken a little bit more Seriously um and she they've recruited 17 other Senators so there's 19 senators
In total that are a sponsor of this bill So um what does the bill do um you can Read the text on congress.gov if you Would if you would like I'll summarize What's the most important part of it it Says that uh any Bitcoin miner any type Of node validator as well as a Self-hosted wallet would be redefined in Federal statute to be considered a Financial institution and therefore Subjected to the same type of reporting Requirements that banks are subjected to Do this would not work obviously if you Are self- custody in crypto you have no Way to report financial information to The government it doesn't work Bitcoin Miners or a node validator they they are Not able to uh know the identity of Attached to every transaction that's Being validated in the network that's The whole point of how you know having a Decentralized a peer-to-peer system Works Bitcoin miners their customer is Not the user so um it would be Impossible for a person like me or you Just an individual that wants to use Crypto it would be impossible for us to To do this to implement it it would be Impossible for any um for these crypto Businesses like a miner a node validator To implement this that's why it's it's Effectively a ban it can't technically Be achieved so it has been um reported As a as a light touch proposal to close
The regulatory Gap so Elizabeth Warren Has lied and misled not only the American people but almost 20% of the US Congress she has made them believe that Crypto has an AML problem that's a lie Crypto does not have an AML problem but She's she's been able to mislead them in That and then she misled them to sign on To this bill to address the AML problem But it actually bans cryptocurrency so We have been very concerned about this Bill for a long time uh a member of my Staff attended a private event um he has A a security clearance he gets invited To things that I don't get invited to uh Anyways uh Senator Roger Marshall Happened to be at this private event Invite only event and they recorded the Event and he's there and he sees Roger Marshall talking about this bill that Would ban Cryptocurrency and you got got to watch The video we released the clip um we got Permission to take what he was saying About the bill and sharing that publicly And uh we really appreciate you know the The congressman who put that event on For allowing us to um bring that Conversation into the public domain um But the sponsor of the bill uh says that Uh it's a light touch approach he said The American bangers Association wrote The Bill um and then you've got to watch It I mean it's just it's really damning
He he doesn't even know the name of the Bill he has to pick up his notes he's Looking at a sheet of paper he stumbles Through the name of it and then he Closes off his talk by saying well and That's about all I know about Crypto it's I mean it's it's really bad I mean his staff has got to be kind of Shaking their heads like why would you Know you're not supposed to say that out Loud that's you know he says the quiet Part out loud so uh we're really glad That that information is now available For the public to see uh and to Understand and expose you know the lies And the corruption that Senator with Warren has been Perpetuating about our industry it's it Is a horrible bill right and you touched On this uh as well about the self Custody uh uh portion of this so This Is Not Just Banning The Mining and stuff This sweeps across the idea of self- Custody it gets between the mining and Validating and self- custody you're Gutting the whole idea of really what Crypto is about in large part correct Yeah and it's really sad because Elizabeth Warren her entire political Career which spans decades she's really Ran on this platform of being the Advocate for the consumer and she's Really gone after the big Banks Previously in her career and you would
Think that she would see this technology Of a peer-to-peer money system to be the Ultimate tool for Consumer privacy Security and choice and freedom and and It is and that's exactly what it is um And she's turned she's really sold out On all of her campaign Promises to the Retail investor and that's who really Are her biggest supporters or who were Her biggest supporters who elected her Into federal office um and she's um you Know she's she's now protecting a legacy Industry um she had uh all the CEOs of The big Banks come and testify in front Of her Committee just a couple of weeks Ago you all may have seen that hearing As well um in Elizabeth Warren talked About her bill and asked all the banks You know their position on the bill and All the banks say it said that they Support this bill uh and then jamy Diamond the CEO of JP Morgan went so far As to say that he believes Bitcoin is Evil and that if he was in charge he Would quote shut it down um so I think It's also really important for people Just to understand what blockchain Technology um how that will impact Banks Uh o today we spend over $2 trillion do Every year in transaction fees uh this Is a big business for the banks there's Other companies uh like remittance Companies that that that charge Transaction fees uh but uh JP Morgan is
A correspondent bank and charging Transaction fees these are the fees we All pay to move our money around that is A big part of their business and when You have an open source technology uh Like cryptocurrencies where you can move Money in a peer-to-peer way where you Don't have to pay those transaction fees Anymore it's going to change the nature Of that business um it's you know I Don't necessarily think it's going to Completely obviate Banks I do believe There'll be role a role for the banks in The future it's not like we're blowing Up you know the banking industry that's That's not at all what this is about but Financial infrastructure is changing Because we have new and better Technology And so it's I think it's just important For people to understand that Dynamic That what we're really seeing play out Here and at the end of the day this is All political theater we're seeing the Banks that want to protect their Business and if you're the CEO of a bank I you know I guess that's your job and That's kind of who your duty is to so That behavior is predictable but where We have a problem is where you have a Member of the US Senate who's taken an Oath of office and who is not upholding That um and is Mis leading and lying to The US Congress as well as the American
People that crosses a whole another line And we've got to hold our elected Officials accountable and that's why we Put forward a pledge we're asking Everyone to sign our pledge to oppose This bill um and also to bring the you Know to the light of day the real story Which is that crypto does not have an AML problem it's actually a better tool For uh for for law enforcement than it Is for criminals and and it's important That consumers have choice and Government shouldn't be picking the Winners and losers uh it's such a great Point and you know there's such a Contrast between the Senate and the House right it just seems like there's More advocacy to get proper legislation To allow the United States to remain a Leader in this fourth Industrial Revolution as opposed to what's Happening with Senator Warren's uh Approach in the Senate could you speak To that for a second yeah I'll give you A little bit of just like behind the Scenes by play and part of our like Political strategy and advocacy strategy Behind exactly what we're doing here so This bill the digital asset anti money Laundering act it's not going to become Law this Congress uh in order for it to Become law it has to pass the house uh We have successfully implemented a Blockade in the house we are 100%
Confident it will not pass the house Because the people that control the House are Advocates of the Cryptocurrency industry and they have Told us um that they will not not allow This bill to move forward in the house I Mean I guess they could break their word Technically but there we we don't we Don't believe that that's a likely Outcome at all so we're confident in This Congress this bill is not going Anywhere however there's an election Next year the Congress will change um we Can all kind of predict what direction It's going to go next year but we don't Necessarily know um and we don't know Where it's going to be in uh 2026 or 2028 that the Congress changes every two Years so you know what if the the the System is set up to where a legislative Pathway would be possible for a bill Like this our goal is to make sure this Bill not only dies in this Congress but It never sees the lie to day again and The way we do that is not by convincing Elizabeth Warren to change her position She's not going to change her position There's no amount of Education or Information you could provide her or her Staff um because this isn't about the Substance this is about political Theater and that's that's where she Stands what we need to do as a community Is make sure those 17 other Senators
That were misled by Elizabeth Warren Into thinking this was a light touch Approach to address the gaps in the AML Regime make sure it is as as Uncomfortable as absolutely possible for Those 17 members so they regret signing On and that they they don't want to do Business with this uh fraud of Elizabeth Warren ever again and the way we do that Is we make our voices heard we contact Those offices and we don't need to be Hostile we don't need to be rude but we Do need to make sure that they Understand that they are on the wrong Side of the people they're on the wrong Side of the 40,000 Americans that have Choose to use crypto in the United States and that um this bill it would Ban the technology we've met with every Single one of those offices our team has At the chamber um we A lot of those offices We Believe were Truly misled by Elizabeth Warren and her You know her cronies behind this um I Don't think most of those offices truly Understand if this was implemented at a Technical level how that's impossible to Do it doesn't work with the technology Which means it would effectively ban the Technology in the United States so one I Don't think the offices understand that Two Elizabeth Warren has misled the Congress and the American people that This is an unregulated industry um we've
Met with offices and we told them that Are you aware that these cryptocurrency Businesses the places where you go and You buy and sell crypto and like an Exchange like coinbase for an example Are you aware that that is an entity That is already regulated as a money Service business they're registered with Fsen and they are already doing the type Of Reporting uh that b do and a lot of Offices uh didn't know that either um It's because they were misled into Thinking this is the wild west so a lot Of people think well crypto is Unregulated that's not true either there Are laws that apply to cryptocurrency And cryptocurrency businesses but what We want to protect is that Individuals can still interact in a Peer-to-peer way because that's Absolutely fundamental to the whole Purpose of this technology and we can't Let the Congress take that away from us No we cannot let that happen and in fact I will encourage everybody to go Underneath of this video as I've done The last couple videos and click the Link for stop the ban you have a great Name for it stop the ban sign the Petition make a nice donation to the Chamber of digital Commerce and we're Going to talk about some other ways you Can contribute and participate as well
To having your voice be heard in just a Second and you know I also want to say Quickly to the point you made about JP Morgan you know a lot of people don't Understand JP Morgan is a gatekeeper as You said for payments for especially Global Payments right so they are s and When we when we say to the audience that They're a gatekeeper they're not a Gatekeeper for you and I they're a Gatekeeper for 99% of the other banks in The world so it's important to Understand that this king of the Mountain is very scared of this Innovation and technology and it's quite Clear that they're backing someone like Senator Elizabeth Warren to override What the people actually want and give Them what they're paying for and that is Despicable okay let's talk about this It's Bitcoin spot or is it Bitcoin spot ETFs or is it spot Bitcoin ETFs what's The right way to say that I say a spot Bitcoin ETF I say spot Bitcoin ETF too Most of the time when I get it right so Uh let's talk about that and let's talk About the excitement that is really Building behind this thing perryan that You're look I saw a tweet and I think You tweeted about about where this price Could go over the next several years but Let's talk about where it is today and Your thoughts on that yeah so I think It's important just to fully understand
Just the journey we've all been on with The pursuit of bringing a Regulated crypto product to market for Retail yeah um it's it's been 10 years So the Winkle boss Twins were the first To apply to bring a spot Bitcoin ETF to The market in 2013 that was denied um Since then there's been I think 16 Companies that have filed applications Uh to bring a spot Bitcoin ETF to Market Um and they've all been denied and it It's been a it's been a 10year history Um in 2022 our team did a very deep dive Into like why we looked at every single Application and rejection and we Documented exactly what happened like What was in the application why was it Denied what did the SEC say how did the Industry respond what did the next Application look like did they meet what They were told to do last time yes they Did the SEC comes up with another excuse And they keep moving the bar and they Keep moving the goalpost of what is the Requirements to bring a spot Bitcoin ETF To Market and so we we documented and What ended up being a very damning Report to the SEC how they were Discriminating against cryptocurrency Because they're holding it to a Different standard than any commodity ETF that's currently in the market today And that their actions this discrimin Discriminatory um approach is arbitrary
And capricious and it violates the law And it turns out we were right that Report was was uh was one in a court of Law so the company grayscale uh sued the SEC for not allowing them to bring a Spot Bitcoin ETF to Market they went to Court they won and now the SEC is forced To bring a spot Bitcoin ETF to market The the the court system is making them So we're getting one um we don't know The date we're hearing January 8th um But we don't know nobody actually knows And um we don't know um I think there's 12 companies that are all um pending uh To bring one of these products forward So anyone can come forward but the Reason why a spot Bitcoin um ETF is Important is because this is a product ETFs are very very popular investment Products part particularly for retail Investors and um they allow greater Transparency in the markets they allow For greater price Discovery um and uh Because of the competitive nature um the Cost uh you know the fees around them it Helps bring the cost down of of Participating in uh in the markets so uh That's kind of one set but the other set Is is if you're a retail inv investor And you want to invest in cryptocurrency Today you are not able to go to your Broker dealer or to your financial Advisors and ask them to help you like You do with all your other Investments
Because there are no Regulated cryptocurrency products at Least of this nature in the market today So what has transpired over the past 10 Years is people have had to Leave their relationship with their Finan advisor and then go navigate the Crypto ecosystem totally on their own um And there's you know there are great Companies out there there are regulated Companies but it's a very different you Know nature uh where most people they Prefer to have their financial advisors Like manage their portfolios for them That hasn't been possible with Cryptocurrency because of this arbitrary And capricious and discriminatory Blockade um and so it really exposes the Double speak that we are seeing out of Washington about crypto where they're Saying well cryptocurrencies aren't safe You know there's illicit Activity um that we need better consumer And investor protections before we're Going to be comfortable because the best Way to provide investor protections for Retail investors and investors of all Types is to allow regulated product to Come to Market and they've prevented That so that's why this Is this is one of the reasons why this Is getting so much news coverage is Because it has taken so long and it has Been such a journey for the whole
Industry and then once you know these Products are listed it's going to open Up the floodgates because there's Trillions of dollars that are managed by Financial advisory firms where they will Now be able to help their clients in Invest in cryptocurrencies in Bitcoin uh And there's going to be a whole new set Of investors that are going to have Access to to cryptocurrencies for the First time and that I think this will be A Game-changing um Market opportunity for Our community oh I do too uh you know This is and the community Beyond us Right like as you said you know people That wouldn't dare do the things that we Do every day to buy the asset open an Account on exchanges are now going to Have the opportunity to invest through Their own Brokers for the first time in History of this asset class it is a Remarkable moment that we are in front Of there's no question there's another Remarkable moment we're in front of too Perryan it's xrp Las Vegas so let's talk About that that is a remarkable moment May 3r and 4th it is going down in Las Vegas and we are going to have so many Incredible conversations and by the way These conversations are going to be Developing and ongoing because we're Going to see a pretty busy q1 as far as Crypto regulation and policy and things
Of that nature go according to Congress Right so there is a lot for us to talk About in May and I hope it's all good to Be honest with you but let's talk about The fact that you'll be there you're Going to be on stage and you're doing a Fundraiser and look I want people to Understand how important the work that Of what you're doing is and how you're Nonprofit and I want to highlight Senator Warren just targeted another Nonprofit Association by basically Accusing them of doing some kind of Nefarious Communications and support Revolving door revolving door with Terrorists right I mean it's crazy or or Information about it or whatever it was She came out and she attacked a couple Nonprofits as well as coinbase and said You know you guys employee lobbyists Used to work for the federal government You have a revolving door pattern but You know that came out I think on Monday It came out early this week and then our Video came out right after that it's Like okay Elizabeth Warren saying the Industry has a revolving door problem And then and then Senator Marshall says Well actually our bill was written by Was written by a bank Lobby so it's like Plot twist um so that you know that was Fun yeah plot twist is right yeah so so Let's look you know it would be even Funnier if it wasn't someone in with
Such power right I mean that's the That's it's really not it's not it's not Funny at all it's it's sad it's it's It's it's very sad for the state of our Nation it is that's why I I do what we Do I worked in government um and I Worked in the media and um and then I I Started the chamber in 2014 and I've Been doing this for almost 10 years We'll be celebrating our 10-y year Anniversary in July of next year wow and I'm very dedicated and passionate about The promise and the potential of Blockchain technology I think this is Going to have the potential to fix a lot Of the systemic issues in our financial System and our monetary system for the Good and for the better and that that Change is going to be I think hard for Uh you know for many uh because there Will be winners and losers during that Transition um but the winners are going To be the people and we fight for the People we're with the individuals we're With you know the people like my mom and Dad who you know didn't inherit anything You know worked full-time jobs did the Best they could but inflation has really Prevented them from being able to uh Fully realize the the fruits of their Labor and uh so many people are feeling That today uh we have big problems in Our monetary system and our financial System and I truly believe the technolog
Is going to improve that for the better Um and that's why we do this out of a Nonprofit so I can't wait to be with you Guys in Vegas it's going to be a great Time to celebrate there's going to be a Lot to celebrate we're going to be in The perfect place to uh really celebrate Just the amazing things that we know are Going to be happening over the next Couple of months um can't wait to Continue these conversations at xrp Las Vegas and then we're hosting a dinner Friday night it'll be at um well Actually we're not announcing the venue Yet sorry I almost like broke our own News there we'll announce wow I thought I was gting ready to find something out We're working on a we're working on a Really fun venue um for everyone to have Dinner but it'll be a private dinner um We're selling tickets um to the din Denner all all of the proceeds go to the Chamber of digital commer foundation so We operate a C3 501c3 so it's fully tax Deductible I know we're up at the end of The year here so if you're looking to You know um get the tax advantages of Making donations to C3 this is you know One great opportunity come to the event And those resources are used to you know To fight for you and to protect um the Digital asset industry in the United States well I think you guys to wrap This thing I think you guys are going to
Have some special guests that are pretty Amazing uh Brad Garling house correct Yeah we have some we have some amazing People coming to to support us and to Support the work work Brad will be there Michael Arington who's the founder of Tech crunch uh it's going to be there as Well John Deon who's you know probably One of the most well-respected lawyers For the people of the crypto party he Really went to bat just for the the Users of our community and that um Ripple versus SEC case and was very Successful at that uh we have Chris John Carlo AKA crypto dad is going to be There um as well and many others um so We appreciate everybody's support coming Out and uh you know helping us fight for The future of of the industry we really Do appreciate their support and I want To remind people that your support has Been behind us the entire time too you Helped write xrp's not of security with Christian Carlo and that legal firm if I Memory serves me correctly did you not Well we've been very involved with u you Know with the case um that paper was Written by um Christian Carlo and and His law firm uh wilky far and Gallagher That's their paper um we're not authored On the paper but we certainly support The work that they did um that was Chris Told me that was the most down loaded Paper ever from that um that legal
Journal that it was published in um and He may be working on another piece uh But I'll let him share his own news but Uh we've been very fortunate to have the Former chairman of the Cftc Come out do the hard legal work to show How cryptocurrencies are not Securities And ensuring that they don't get caught In you know the churn of Washington's You know special interest groups uh to Ensure that we have you know a Flourishing community that you know is Is best for the people not necessarily Other interests yeah how about that uh You know uh look we're going to leave it Right there but obviously we'll get you Back on as things develop to really Inform the audience and what what is Going on and more importantly the Actions they can take to really help Support the calls it's not enough to Just go retweet something or make a post That you're upset take action click the Link underneath the video go support the Chamber of digital Commerce get on that Petition because it really shows the Volume of numbers to these other Senators and congressmen alike to let Them know that there is a real populace Out here that they better start paying Attention to if they want to stay in Congress at All thanks so much Brad hey thank you
Perry and don't go anywhere make sure You click the link underneath the video And we'll catch you on the next one
