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Ignition sequence start 6 5 4 3 2 1 zero Lift off we have a lift [Music] Off hey everybody this is the digital Asset investor and I was going to do I'm Doing another video now uh to kind of go Back through some of the eth gate stuff With you leading up to this xrp Unleashed documentary here's the first One see henman's comments but more Broadly do you feel like we're kind of At a place now where we're on the verge Of getting some important Clarity Regulations in the United States I think We've got a lot of pretty high quality Clarity in my opinion the SEC has been Very clear that I guess Jay Clayton Commercial Clayton indicated that U they Wouldn't Grant father anybody that uh Big surprise they're going to enforce Securities Law roughly like they have For many decades and there will be lots Of projects that sold Securities Unregistered Securities to Americans That have received Communications or Will receive Communications my thesis is That the SEC doesn't want to kill Blockchain for America and so they have To be very careful sort of have to Thread the messaging needle where they Present AE positive statements about Bitcoin about ethereum about uh consumer Utility tokens so I think we're still in That in other words they've got to he
Calls it threading the needle we they've Got to come up with enough BS and see if They can create some uh this was this Was after the two months after the Henman speech so he basically saying They just had to do that BS speech you Just heard to thread the needle and do Just enough BS to create this fourth Prong of the Howie test and see if we Can bull crap the American public into Getting Bitcoin and ethereum out from Under Securities laws pH where the SEC Is communicating that we understand this Is something new and it's going to be an Incredibly valuable technology but we Also have rules and all the projects out There need to pay attention to rules That are in place to preserve the Sanctity of markets and consumer safety So I'm pretty comfortable in this Country and in various countries around The world that uh the Securities Law Issues are pretty close to resolved and I do think that there are going to be Some bad times for some projects going Forward but uh I think that's going to Be a very good thing getting uh Clarity With respect to regulation is going to Really Kickstart or re Kickstart he Always seemed to act like he was working At the SEC here he is Again nobody in or nobody at the SEC Wants to kill blockchain for America um So um they also how does he know want to
Enforce the laws that they've been Enforcing effectively for remember to This day from what I can tell there's Only three guys that the SEC has let Come in and talk one's Joseph Luben two Is Aaron Kaplan from promethium and Three is Sam bankman freed from FTX Three of the most Shady characters that I've covered since I got in this it's Protecting cons consumers uh so they Need to take a balanced approach uh they Need to message things positively in my Opinion um but there's also I think Going to be uh even more of a reckoning Coming where um certain projects Obviously sold Securities um and who is Telling him that they're going to have a Reckoning see this was the problem is That the way he talked it always sounded Like they weren't just giving him a free Pass but they were also talking to him And saying look we're going to go after Ripple Maybe so Them contrary to secuity law um J Clayton they clear that nobody was going To be grandfathered yeah yeah absolutely So Jay Clayton said that bill when did Jay Clayton say nobody's going to be Grandfathered ethereum got grandfather Director of corporate finance at the SEC Um after he after they declared Bitcoin Sufficiently decentralized so that's It's not a security and uh put ether in
Category as well the token on ethereum Um in that same set of remarks about Ether uh he indicated that the SEC is Very aware that um uh there is a new Model they haven't talked about it since Now when I first started like looking Into this eth gate stuff and piecing This together I was doing searches on YouTube and I was looking for what I Learned was that a lot of these Attorneys who had been in these rooms And privy to these discussions they Began to talk because they thought it Was over they thought they didn't have To worry about uh letting people know What had happened before Nancy watas I Believe is one of the good guys in the Thing I think that she was in those Rooms but she thought they were working On behalf of the whole industry and Found out later that they weren't what They were really trying to do I think That's why she was pissed we've been Very much engaged with the SEC on a Number of fronts one of them being uh Andrees and Horwitz reached out to the Chairman when he made a speech at Stanford saying we're going to after the Lawyers we're going after the Accountants and sat down with him and What the chairman of the SEC said was Look form a small grp working sat down With Chris Dixon from andrewes and Horwitz group and come up with some
Suggestions uh pretty much saying look We're tired of talking to people about The Howe test uh put some real practical Suggestions together so Andre and Horowitz together with uh Union Square Ventures sat down with three law firms Mcder will and Emy Perkins Koy and kolie All of whom had a fairly significant Crypto practice uh together with two Academics Joe gruntfest and Adam uh as well as nvca and we sat down And came up with a Safe Harbor that we Felt we could in fact suggest to the SEC That they start their thinking in that Direction and we submitted that Perkins Coy did a memo you know and if any of You don't have those materials just let Me know I can email them to you they Were supposed to be confidential and Submitted to the SEC within days they Were public they were public somebody Leaked them because they knew that what Was going on wasn't right uh effect is The newspaper reporters were calling me I'm going oh my God you know how did That get out uh and all of us were Immediately reaching out to andrees and Horwood saying we didn't send it honest Uh so but the really valuable uh work Product at this point because and the Reason I mentioned that Is uh director hinman's speech that I'm Sure everybody at least is familiar with Or has heard about most of what he says
In there came out of the Safe Harbor as Well as the meetings that we had with Him and the Safe Harbor only mentioned AUM here is ethereum's attorney LEL Ness Describing that same thing you you got To understand when this was all Unfolding we were finding these things And these were like groundbreaking Videos um campus made his way over to See andrees the next morning and this is The part that now not a lot of people Know Um and he invited um Chris Dixon to Round up the sort of the the industry um Players who were really kind of trying To do it the right way um and asked for A couple of things one essentially you Know lay out in a very detailed written For you know footnoted memo um what Existing law says about utility tokens Um and two give us a proposal for What From here um and So uh uh Andre I've been representing Andre and all of their crypto um Investments since the since the Beginning and so um so I got the chance To be the one to write all that stuff so Uh and I pulled in uh kolie and I pulled In a couple of law firms so we we've now Got a nice little working group of uh Law firms that are in the space they're Doing this um the uh the general uh Reception I think we got when we visited The SEC back in April um was actually
Really positive and uh it was an Interesting dichotomy between their Public facing sort of um incredibly Inative you know statements that they Were making and this interesting Um sort of welcome that we got privately And and uh and so I think they're hungry For some some help and some some Industry players to really kind of Leverage they're underfunded and Everything else uh and so I think They're looking for industry to help Solve this problem and hopefully that is What is happening now so the reason real Reason I tell you this story is because It affects our playbook for 2018 and so Um while 2017 there were not get any Rules of the road in coming soon and and You know we're okay so that was low nest And see it wasn't eth gate when you Think about eth gate eth Gate's not just It's not not just that they're they were Working with Regulators behind the Scenes and having these secret closed Door meetings it was the people that Were tied to the people that were having The closed door meetings and what they Were doing at the same time you got These guys from multicoin Capital to Char Jane and this guy right here in This video I'm going to show his name is Kyle Simone they're the partners at Multicoin Capital they're out they're Going on the shows and bragging about
How they're shorting xrp specifically Because they think that the SEC will Eventually come after xrp well just so Happens that their two two of their Limited partners are inuries and Horwitz And uh Union Square Ventures both Venture Capital firms that are in the Meetings behind closed doors with the SEC to get the ethereum free pass doing The Presentations and they're out running Around doing this there was some other News this week too we have Andre Horowitz one of the leading Silicon Valley venture capital firms opening Their first cryptocurrency fund uh $300 Million they put into it it's the first Major VC firm to open a crypto fund you Also have a crypto this was another one Of the bombshell videos and I mean does This industry need more competition in The fund world is this make make it Harder for you to raise money uh I think It's super good thing for the ecosystem Chris Dixon who's one of the GPS there And I think Katy hans's the other Chris Is an LP in our Fund in multicoin so Know them for a while overall it's a Great thing for the ecosystem a lot you Know we're talking to a lot of Endowments today who are looking at the Crypto ecosystem and there's just a real Challenge for them in kind of career Risk because unknown space a lot of
Unknown fund managers and being able to Take a top tier firm with a you know a Well very well-known General partner There who's been there for five or six Years now and to kind of launch a Dedicated vehicle it's a very good way For existing institutional LPS to be Able to invest in crypto through a known Entity or known vehicle um so I think It's kind of the trickle of opening the Floodgates of institutional capital is Starting to come in through um Chris and Katie's new fund tell us which coins are You shorting we're definitely very long Biased and it is our general bias is to Be fully deployed or close to fully Deployed um that's where we want to be We are not fully deployed at the moment And we are not fully long right now we Have a few shorts open that's largely a Reflection of Market cycle and then a Few idiosyncratic views about certain Assets um so right now we have for Example shorts open on Ripple and Litecoin like Litecoin in might VI as no Reason to exist um it was a fork of Bitcoin it's just been sitting around It's a harsh assessment um the only Investment thesis I've ever heard for Litecoin is it's a test net for Bitcoin But that's not an investment thesis uh And so you know it it trades it's got a Two three four billion market cap Whatever the number is uh but it doesn't
Really have a reason to exist it's it's Clearly more risky than than Bitcoin Just listen to this part closely because The question you need to be asking Yourself is of all the digital assets There were thousand thousands as as he's Sitting here of all the digital assets Out of the thousands how did he know to Pick xrp to short with the premise being That he thought the SEC would come after Them how did he know in terms of brand And everything else when we look at Ripple um you know R Ripple just they Keep selling into the market um based on Kind of the sec's guidance from a couple Weeks ago about ether being not a not Being a security it's quite clear to us That that uh Ripple is security we don't Know when that news is going to drop uh But the Catalyst seem to have kind of Gone Gone Away from Ripple and um we we We have very high conviction that it is A security and so as kind of the system Plays out over time we think that short Will uh will you know deliver ID and CTIC returns so the security label is Kind of a a designation that kind of Dooms these cryptocurrency think it's Kind of a fatal uh you get the gist of It there's a lot of smoke coming off off Of that one just like there was on this Classic Joe Luben video from E so we are Big friends and fans of uh of that Organization I think they're they're
Really understanding the space well uh They are applying uh this thing called Securities Law uh to uh to business in America and other places as they have Done for for many decades uh Successfully they're identifying Fraudulent projects they're identifying Obvious transgressions of Securities Law Um but they they haven't had a heavy um Touch really um they've been gathering Information they've been taking some Actions they've been very clear that They're they understand there is this New construct um this uh protocol based Open platform so you think they get it Uh yeah we believe they get it um They've introduced a new construct Decentralization into their thinking uh So I haven't heard about that lately I Don't hear the SEC talking about that at All now to the Hoy test uh they have This new construct uh that they're new Construct to the Hoy test how come the SEC is not talking about this now things In so they consider the Bitcoin network Uh and token um and issuance mechanisms They consider the ethereum network token And issuance mechanisms to be uh Decentralized and uh therefore no Transactions involving those particular Assets are considered to be oh bet you Bill Henman the SEC cringed every time They saw this guy go on stage and start Talking about this
Decentralization prong of the hoe test After they made that speech the Transactions of Securities they have not Uh said the same thing about other Tokens the the Ripple token for instance And they uh were clear that they were Going to come out with statements clear To who where when to uh to Sort of assess these different tokens uh And I believe they've made all the Statements about decentralization that That they're going to make and so you Believe Bill hman director of corporate Finance has been very clear uh about uh What you can do and what you can't do And uh decentralization is a a new Element that they're working with a new Element to the Howie test I'm not going To play this but this is metalic but Describing when he sold 70,000 ethereum At the top of the market the ethereum Foundation did to double his Runway Okay and then um let's see this one Right here do we I'm I'm I don't want to Make this video too Long and then this is later this is like Fast forward a couple of years later and L NES is talking about this is the Andrees and horwood attorney talking About how he sat across the table from Bill Henman I and I just my playbook These days in fact honestly ever since Uh I sat across from Billy hman and he
Sort of said you know I'm going to we're Going to accept your proposal to give Some guidance here I stopped giving Guidance I said let's be consistent with The sec's handwave approach here he Stopped Andre and wh none of them were Worried about regulation after that Because they had gotten a free pass for Bitcoin and ethereum that's all they Wanted and now Chris Dixon's out making His rounds with his book acting like he Cares about inclusiveness in this Industry give me a break now I'm not Going to play this CU you've seen it a Thousand times but it's necessary to Show it because this is one of the Classics I think Wheezy is the one that Originally uncovered this video it's the Clip of Joseph Luben talking about Disguising the whales from the Ico it's a classic and it is a very Important part of eth gate I'm going to Go into aixr p.com and we're going to go Further into this we're going to talk I'm going to lay out what happened with Money Graham and just how Shady all this Is I'm the digital asset investor I'm Not an investment advisor this is for Entertainment purposes only Please Subscribe hit the like button and tell Your friends and Family here we [Music] Go
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