Hello this is Matt on the moon family Sedan Channel and I think this is a Pretty damn cool story look at this Headline from the crypto basic U.S Senator invites Pro xrp attorney to Testify to First crypto policy for Maine State Now this is pretty incredible John Deaton's done some amazing things you Know a regular xrp Community member at The end of 2022 who just got absolutely Infuriated absolutely pissed off ended Up writing a writ of mandamus ultimately Uh it ended up jumping in the secv Ripple case represented over 76 000 xrp Holders and has seen multiple times on National television and now you see Attorney John Deaton being personally Invited by a sitting United States Senator to testify on crypto topics I just think it's a cool story uh so I'm Going to share with you the specifics on This and uh then also give you a heads Up that it looks like some more Cryptocurrency exchanges in the United States having some hard times on the Legal front but yeah and I'm not talking About coinbase by the way I'm sure most Of you are aware of coinbase yeah the SEC is gonna Sue coinbase now Technically yeah it was just a Wells Notice they received but just a Wells Notice no no no A Wells notice indicated that the sec's
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Intent to sue all that has to happen for That to occur is for there to be a vote With the Commissioners they have to vote Yes and you know they have the votes With getting with Gins are in charge Absolutely they have the votes that's a Formality the coinbase is getting sued Son and uh it's not just them but before Going further I do want to be clear I do Not have a legal or financial background Of any kind I'm not offering legal or Financial advice and you definitely Should not buy or sell anything because Of anything I say it right I'm just an Enthusiast who enjoys making YouTube Videos about crypto related topics but Just as a hobby and just for fun all Right so into this first story we go Xrp Community says attorney Deaton is Most suited to testify at the hearing And by the way another thing that I Thought was cool I just want to mention Here before we dig in is that the reason That um this Senator uh ended up Inviting Attorney John Deaton is Specifically because of xrp community Members on Twitter on social media I Just think it's cool as hell what an age We live in anyway Senator Eric brakey Has invited Pro xrp Attorney John Deaton To testify to a bill that will authorize Main State financial institutions to Accept cryptocurrency deposits in a Tweet today Senator breakey said he
Would present a bill LD 990 to the Maine State Financial Service committee According to senator brakey the bill is Modeled on Wyoming laws and advanced by Two digital Pioneers custodia Bank Founder Caitlin Long and Tyler Lindholm The state director for AFP Wyoming and By the way Caitlin Long that name should Sound familiar at this point along with Custodia bank because well for a number Of reasons she's been in headlines Especially lately Caitlyn long warned The SEC about what was going on with Sam Bankman freed that little butt nugget With a fro and a cucumber love and some Of which that man loves him some Cucumbers all in and around his mouth Region she warned the SEC about what That little asshat was doing and um and And they took no action of course then Everything falls apart uh crypto bad of Course we all know the whole story on That and also more recently with the Bank collapses well we've been talking a Lot uh you know about it you know crypto In general crypto communities in general Talking about the fractional Reserve Reserve banking system uh that was well It's commonplace throughout the modern World including in the United States But without that system you wouldn't Have this class because if you just had Every damn thing every damn dollar Actually available for withdrawal upon
Request you wouldn't have this uh this You know House of Cards Financial system Where if everybody wants to withdraw Their money they can't and then you say You have a run on if you have a run of The bank that everything just falls Apart and so Caitlyn long of custodia Bank she just wanted to have um a bank Where everything's backed completely and The FED turned her down so I already Covered all the specifics on that but That's uh that's who they're talking About here Anyway peace continue Senator brakey Added that the event would be held Tomorrow so that'd be Tuesday at 10 15 A.m eastern time and is open to the Public via Zoom Um quote this will be the first ever Public hearing on cryptocurrency in the Main legislation said Senator breaking And so here I'll just pull up the Official thread and I don't feel the Need to read the whole thing just a Small part that's understanding right Here Senator Breaky wrote The Following The bill is modeled after law in Wyoming Advanced by digital Pioneers uh Tyler Lindholm and Caitlin long ld990 would Authorize private financial institutions In Maine to accept deposits of Cryptocurrencies like Bitcoin with 100 Reserve requires now folks that would be Cool as hell
I would love I would love to see that Adopted on a national level though not That I I'm in the United States I don't Want the federal government to actually Decree that I think that these decisions I prefer them to be made state by state But I would love to see every state at Least talk about this and hopefully Becomes an order and every state would Pass something like this I just don't Like the federal government cramming Anything down really you know anything Not expressly you know intended you know By the the Founding fathers are you know Expressly written in the you know the Constitution If there weren't special powers provided Then my firm belief on that topic is That it should just be left to the States and so anyway this is a state Issue here that's cool anyway uh senator Brakey says I am still working to line Up experts to present testimony and take Questions from the committee to all my Bitcoin and blockchain followers is There anyone you think I should be Inviting to speak To the committee if so tag them with a Reply and this is what happened by the Way a number of xrp community members Actually responded to this but this is The one that got the attention of the Senator there's somebody who goes by the
Name zero latency manifestation member Of the xrp community wrote to Senator Brakey here and said yes please invite Attorney John Deaton of crypto law Who was representing over 77 000 plus Xrp holders in Maine and worldwide as Amicus kiryai and the secv Ripple case Xrp holders would appreciate the time to Share our story thanks And then he also tagged attorney Jeremy Hogan now this is where the senator Responded and wrote thank you for the Recommendation and then the senator Tagged John Deaton and wrote John Deaton Would you be able to testify this Tuesday morning to the first proposed Cryptocurrency policy for Maine LD 990 Special purpose depository institutions For digital assets Now um at the time I'm recording this it Is 3 58 a.m that tweet was last night at 9 31 PM so again 9 31 PM that was Tweeted it's now 3 58 a.m uh Central Standard time so that's my time zone uh Both of those times are my time zone and Attorney John Deaton to this point Hasn't responded but I'm guessing that He hasn't seen this yet but I'm sure That he's going to um so I don't know What his answer will gonna be so this is Where this particular story ends for now But I'll be happy to update you uh once Attorney John Deaton responds and Undoubtedly he would spending to a
Senator he probably just hasn't seen it To this point because it happened late Last night and you know he's on the East Coast so you know 9 31 PM my time that Would have been 10 31 PM uh you know his Time And uh and again it's you know it's been You know a little over six hours since That was tweeted out so this is a newer Story that's kind of breaking here but Uh it would be really cool if he's got The time I bet I bet that he'd be Willing to do this because he jumps all Over stuff he's just got a fire at his Belt he's got the he's got the the drive I wouldn't be surprised if he does it if There's not something where he's already Booked Um and if so it'll be interesting to see What's covered there Um and then Attorney John Deaton also Shared this there's this tweet from uh Whale chart on Twitter Who wrote Breaking Crypto exchange crypto com is under says Crypto.com of course is under Investigation by U.S and government Agencies and may collapse or stop Operating in the United States Ah man things just keep getting worse And worse and worse so again like I said At the end of the video yeah there's the Issue with coinbase and you know the SEC Is suing them it's it's a
99.999999999 repeating percent chance That uh that they don't get their asses Sued and they should not have uh Delisted xrp but that's a different Story a little bitter about that but It's okay but anyway Attorney John Deaton retweeted that and he said if you Believe coinbase was the only exchange To receive a Wells notice You are likely mistaken ain't that the Damn truth there's been a lot of bad News regarding exchanges lately and in Fact Um you may have heard of this this story Is actually a couple days old I um I Actually haven't had an opportunity to Mention this on my channel yet although On Twitter I actually tweeted about this Probably about an hour after the news Broke and I actually got the scoop not From crypto Media or from social media I Got it from an email but bittrex the in The United States shutting down because Of the damn government And so I got an email and so these days When I get an email from any exchange I I open all of them I didn't used to do That but with the the state of things Now because you know they're mostly spam And you know users But now I just open them all because I Want to see if there's you know Horrendous news and in this case yeah There was horrendous news bitrix is
Leaving it's a shame you know I've been Using them um well I haven't used them In over half a decade but so I kind of Should have worded that differently but I I signed up to use them and I did use Them in late 2017 and early 2018. uh no Complaints whatsoever I was actually Really happy the layout was fine of Their exchange Um I just happened to not have used them Since there are a lot of different Cryptocurrency exchanges and then we all Kind of just end up living mostly on one Or two exchanges and then you go to some You know less commonly used ones if There's a particular coin that might Only be available there or something Like that but uh but no I thought they Were good and they were also A uh an on-demand liquidity partner with Ripple by the way bittrex was Um I don't know what the current status Of their relationship is given what's Happened with the SEC and everything and You know the shutdown of on-demand Liquidity in all corridors touching the United States uh but that was the thing Well bittrex is shutting down in the United States here's the headline from The daily huddle uh crypto Exchange Bittrex in the process of winding down U.S operations amid Regulatory and Economic uncertainty Seattle-based crypto exchange bittrex
Will soon stop serving U.S customers as Federal Regulators clamp down on the Digital asset industry bittrex Co-founder Richie Lai says the company Has made the decision to shut its doors In the U.S as the crypto exchange Believes it is no longer feasible to Continue operating in the country given The current regulatory conditions quote Today is a Bittersweet day this month we Turned nine years old and while I am Excited and proud that we've come this Far I am also very sad today bittrex is Beginning the process of winding down Its U.S operations end quote Lai highlights that the lack of a Regulatory framework in the country has Made it difficult for the crypto Exchange to remain competitive he said Quote When the three of us built bittrex it Was about technology Nine years later the crypto ecosystem is Very different regulatory requirements Are often unclear and enforced without Appropriate discussion or input Resulting in an uneven competitive Landscape end quote So it's just another unfortunate end so You know we'll see what happens with Crypto.com here bittrex is leaving The United States they're shutting down Here uh who knows what the hell is going To happen with coinbase what an s-word
Show man Yay United States what that I mean it's Just from a regulatory perspective what A freaking joke It's talk about just Squandering an incredible opportunity From an economic perspective for the United States it's just being absolutely Squandered by this Administration Not that the previous one was doing much Better but but this one's doing much Worse that's for sure there's a Coordinated active effort against crypto Holy freaking hell I just I would not have guessed this Half a decade ago if you'd ask me would There be more or less regulatory Clarity If you asked me that in 2017 say you Know a little over five years from now It would be more or less regulatory Clarity I understood more clarity that Would have been the guess that I would Have put out there into the world and I Would have been wrong Son of a I'm not a financial Advisor you should not buy or sell Anything because of anything I say right That would be a very very very bad idea Until next time to the Moon family sedan
