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Hello this is Matt on the moon Lambo Channel today's obviously been rather Bonkers in the world of crypto obviously With what's happened with binance and Assuming you're not living under a rock At this point you have to have heard That binance is paying a $4.3 billion Fine uh CZ might end up going to prison For uh upwards of 18 months as he did Plead guilty to at least one felony I've Covered that thoroughly in recent videos So not get not to get into that further But that's actually not that's that's Not all that's worth talking about not Even on the cryptocurrency exchange Front there was already news yesterday Having to do with Kraken uh I've got Some more for you on that in fact uh Ripple's Chief legal officer Stuart Aldera uh was talked about that and gave His take on what happened with binance But ended up calling the SEC a petulent Child which I thought was both hilarious And spot on uh and then we also have Bitrix shutting down now bitrix in the United States like they had already left That that news broke earlier this year Which was a shame cuz they' been around Forever and bitrix uh was one of Ripple's on demand liquidity Partners They were among the first actually to Hop on board with that and now they're Just going to no longer exist so they Left the United States uh and now
They're just shutting down everything They will cease to exist so I'll give You the specifics on that but what a News heavy day man before we going Further though I do want to be clear I Do not have a financial background of Any kind I am not offering Financial ad And you definitely should not buy or Sell anything because of anything I say Or right I'm just an Enthusiast who Enjoy is making YouTube videos about Crypto related topics but just as a Hobby and just for fun all right and so This afternoon we got some perspective From Stuart aldera Ripple's top in-house Lawyer and he wrote The Following the Binance resolution of anti-money Laundering Etc violations is a necessary Step to bring the crypto industry into Compliance with these important C Important laws and safeguards big Banks All went through some version of this Years ago importantly nowhere does the Doj suggest that binance committed Securities Law violations or even Suggests that the assets traded on its Platform are Securities the treasury and cftc joined The doj in the binance deal the SEC did Not and was glaringly absent from the Stage today folks think think about that For a second if they were on the same Page they would be standing there Together you would have the doj you'd
Have the CFC and you'd have the SEC but The SEC wasn't present H let's go Forward here there's more on this check This out steart already continues this Sends a clear message that the agency Under guinsler has not only become an Outlier globally but an outlier within Its own Government the SEC like a petulent child Who can't stand being ignored tweeted Its misguided suit against Kraken at 300 P.m. eastern time today the exact time The doj press conference regarding Binance was scheduled to Begin truly secondhand embarrassment at This juvenile behavior and Folks I you know I'll just show you this Right now this is true so here you can See this is this is the post he's Talking about right here obviously time From the SEC to be announced at the same Time the binance news was going down and Here you can see it says 1:59 p.m. be U Uh because that's my time zone I'm I'm Central time uh but here it is from the US SEC official site uh official um Account rather on social media platform X we charged payward Inc and payward Ventures Inc together known as Kraken With operating kraken's crypto trading Platform as an unregistered Securities Exchange broker dealer and clearing Agency So look when when Stuart Al says the
Sec's behaving like a petulant child You're damn right this is an awful Disgusting despicable organization full Stop and then steuart aldr writes Remember the sec's fabricated term Crypto asset Securities is nowhere to be Found in the doj case against binance Because it has no meaning under the law The courts have been very clear that Tokens themselves are not securities and So folks I think the suspicion here Might just be that the cftc and the doj Do not agree with the sec's approach to Crypto is it okay if I Hazard that guess That's not that's not too far on the Left field right wacky stuff Right and then you had this and this is Funny because this around the same time That the SEC made their announcement the Binance news all that was going down uh Here you can see 1:57 p.m. central Time That's that's my time zone uh kraken's Official account here on X wrote just in Business as usual so there you go so From their perspective yes there's the The new Lawsuit but uh hasn't changed anything In terms of their operations that's what They're pointing out here and it's just Ridiculous because as I pointed out Yesterday Literally this was settled they had There was a separate lawsuit separate Charges paid $30 million earlier this
Year and now here we are the end of 2023 New charges from the SEC and so check this out there's this Headline from the crypto basic Congressman pushes to fire SEC chair Guinsler amid critique by Pro xrp Attorney Now where's this stem from I'm Not going to read the article I'm just Going to go straight to the source and Tell you what they were talking about Because it's absolutely newsworthy and Very interesting because it leads from This post from uh co-founder of Kraken Jesse Powell there's this and then There's comment from Attorney John Deon On this and then there's a comment from What John Deon said from Warren Davidson Who is a sitting Congressman who's Trying to get Gary guinsler fired so he So Warren Davidson reposted what Attorney Deon said which I'll show you In just a second here but it all started With what's on your screen right here From Kraken co-founder and former CEO Jesse Pal USA's top D cell is back with Another assault on America the Masochists haven't been happy with the Beatings they've been taking in New York And are shopping for a different flavor Of rodom in California I thought we Settled all their concerns for $30 Million in February now they're back for Seconds and folks what to be clear what
He's referencing there is that there's Obviously all sorts of lawsuits filed in The world of crypto in New York but Specifically this case filed in California and the reason that this is Happening and because you can look at All sorts of different circuits that the SEC is filing various litigation in and Not just against Kraken they're Spreading out the risk Because they don't know for sure what Types of Judges they're going to be Getting in various circuits they're just Spreading out the risk and uh and if It's not going so well in New York hey Who knows file this one file this In California maybe maybe we'll get some Better responses there huh in favor of What we ass at Pricks that the SEC want That's basically It and so then he says and this is again Jesse Pow co-founder of Kraken message is Clear $30 million buys you about 10 Months before the SEC comes around to Extort you again lawyers can do a lot With $30 million but the SEC knows that A real fight will likely cost $100 Million plus and valuable Time if you can't afford it get your Crypto company out of the United States War zone spot on now that was reposted By Attorney John Deon and he wrote The Following not mencing words here Gary
Guinsler is a Despicable and Dishonorable Regulator he knew that Kraken believed It was buying peace for the $30 million I know some people are critical of its Choice to settle and pay the $30 million I wanted them to fight as well but when You decide to fight $30 million takes You only so far like maybe only onethird Of the way if you're lucky ask Ripple in Brad garlinghouse who spent $150 million Plus so far and is still paying millions In legal fees I wasn't in the room with The Kraken leadership when the decision Was made to settle but I guarantee you Things like the permanent layoffs of Good loyal employes were discussed when The belief is $30 million buys you peace And keeps good people employed I Understand why a company makes it Unfortunately guinsler doesn't give a Swword about those same employees or Investors he's a disgrace and I can't Wait to see him go down now that is spot On Gary guinsler is a freaking monster Freaking Mr Burns look Alik all up in His now Warren Davidson sitting Congressman reposted that from John Deon And wrote The Following now would be a Great time to pass my SEC stabilization Act and fire Gary guinsler and I'd Covered this in the past uh Warren Davidson uh not exactly a fan of the Mr
Burns look Alik ready to get him the Hell out of Here look I I I I think the good news is What is most probable by a lot is that Eventually Congress gets I shouldn't it Sounds like a bad sentence because I Don't it I was going to say congress Gets its act together I don't literally Mean that I don't literally mean that Eventually at a snails pace something Will happen within Congress that results In there being actual Clarity in the World of crypto in the United States That's what I actually mean gets its act Together ain't gonna happen it's Congress you kidding me this is the the Federal government we're talking About uh but but anyway that was almost The biggest blunder of my YouTube career Right um but no he he really does want To get rid of uh of gin and I I I I Think that you're going to I think it's Very clear what's most probable is you Are going to have that type of clarity It just takes time um but people look Back on this time period and it will not Like history history will not smile upon Gary gunzer that is for damn sure this Is going to be studied for decades to Come and then we have this bitri Global Unveils plan to wind out operations Shortly after SEC battle and so again Former Ripple partner going kaput very Sad to see vitrix global has run its
Course and has unveiled its plans to Wind down all operations by December 4th As bitrix detailed it will halt all Trading activities at the set date but Its platform will remain accessible to Users who plan to withdraw their funds The woes of the exchange range from the Harsh impacts of the crypto winter to The unfavorable regulatory landscape in The United States bitrix allayed all its Users fears noting that their assets Remain safe while users can withdraw Their funds freely from now until December 4th The Exchange said withdraws On this state will follow the winding Down process one important note to users Is that they cannot withdraw USD Holdings directly from the platform The Exchange advised its customers with any USD Holdings to First convert them to Another crypto or E before making Withdrawals The Exchange said users have To make the USD conversion before the December 4th deadline as a part of the Winding down of operations bitri said All forms of referral programs and Promotions have stopped stopped and that Users should not attempt to deposit Money into their accounts as it has no Guarantee it can safely receive the Funds bitrix has a rich history of Supporting unhindered funds movement Including those heavily linked to whale Activities this winding down remained
One of the key aftermaths of the sec's Enforcement actions according to members Of the crypto community and so it is sad To see them go Now I'm not going to pretend like it's Like like I I mean it could be but I'm Not going to pretend like for sure it's The SEC solely that caused this there's Also intense competition I mean it's It's an industry with real players yes Real competition uh but the SEC in Getting attack like that obviously Didn't help the government situation Obviously did not help um to the point Where you know even before they reach This regrettable point where like They're literally not going to exist They jumped earlier this year out of the United States that that was the best Decision they could have made they Believed and they're probably right Frankly just a lot of it's just crazy Man life comes at you fast you know what I mean bro Jesus so that's that's the latest so Again it's not just what's happening in The markets which I covered in a video It's not just what is uh you know it's Happened with binance which I covered in A a separate video there's a lot of Stuff in general happening today there's Just there's never enough time in the Day especially in days like this uh to Cover everything that's going on but I
Just tried to give you a little taste Here that's a little diverse cuz man This is living in the world of crypto is Absolutely Insane I'm not a financial adviser you Should not buy or sell anything because Of anything I say or right that would be A very very very bad idea until next Time to the Moon Lambo