2024 is going to be perhaps the most Important year in crypto's history not Only are we awaiting the Bitcoin having We are waiting for the approval of a Spot Bitcoin ETF which very well could Be the greatest Financial product to Ever exist all as we strive for Regulatory Clarity in the crypto Industry and that's going to completely Depend on the next presidency recently VI ramaswami spoke up about his three Crypto rules he is looking to implement If he were to be elected also known as The three freedoms of crypto this could Be the best approach we have seen to Crypto regulation it's time to discover Crypto as you can see yesterday VI Ramaswami laid out his three freedoms of Crypto policy framework this is going to Include number one protect code AS Freedom of speech number two self-hosted Wallets shall not be impaired or limited And number three the freedom to innovate Shall be protected and regulations Reduce here's what he had to say this New uh crypto framework is out I got to Ask you if you become president of the United States what changes from a crypto Perspective I think what changes is that Regulation by enforcement ends what does That mean that the rules are delineated Clearly in advance rather than you Having to wait for an enforcement action For the SEC to figure out whether or not
A given coin was a security or not that Gary Gensler refuses to say today for Example about ethereum what also changes Is that any unconstitutional regulation Not just as it affects crypto this is Part of a broader administrative State Reform for me but any regulation that Congress did not expressly given an Agency the power to pass is null and Void it turns out that applies to most Regulations governing the crypto Industry and I I put these into three Categories for the areas of reform that I've laid out one is the freedom to code It's my view that code is speech and While it's perfectly appropriate for the Government to go after Bad actors if you Take the tornado cache example going Upstream for the actual developers of The code that's wrong you got to draw The distinction between the code itself Which is protected versus people who Misuse it to steal that's something That's not happening today over the Years especially since 2020 with the Pandemic we have seen a robust amount of Censorship fled through our social media Freedom of speech has continuously been Centered and just used as a punching bag For our regulatory bodies and we saw This most recently in the crypto sector Where tornado cach the developers or Tornado cach were targeted by the United States government simply for developing
The code that was used by Bad actors to Money launder it'd be like taking the Federal Reserve and throwing them all in Prison because they're the ones that Print the money and letting the drug Addict on the streets who is actually Spending the money for illicit Activities completely Go free freedom of Speech is is principle number one is the Freedom to code principle number two is Financial self-reliance I'll give you The punch line here there's a lot that That's behind it I mean the AML statutes the know your customer Stuff a lot of this the bank secrecy act Has been weaponized but the punchline is Self-hosted wallets should not be Touched I mean that's part of the Jeffersonian Jacksonian vision of Financial self-reliance and Independence We can't have a regulatory apparatus That effectively creates self-hosted Wallets and prevents them from actually Being able to exist this is incredibly Important with what we just saw take Place with Ledger where one of their Latest updates allows governments to Access user seed phrases via a subpoena And that was coming directly from the Chief executive officer at Ledger the VC Believes that the government should have Absolutely no oversight against your Keys in your crypto within your self- Custody it's the exact reason why
Bitcoin was created to destroy that Middleman we don't want the banks having Control over our funds self- custody Complete self- Sovereign custody so That's Point number two and then point Number three is just the freedom to Innovate and I say this as somebody who Comes from multiple different regulated Industries in the past the wet blanket On American innovation isn't even Congress it's the regulatory State That's making up its own rules Regardless of the laws that actually Exist in this country and so we'll Resend all of those unconstitutional Federal Regulations we'll downsize the Federal employee headcount by 75% which I think is a good thing a lot of these Toxic regulation and enforcement action Come from the fact that if you have a Bunch of people showing up to work who Shouldn't have had that job in the first Place they find things to do we'll put An end to that and the good news about All of this is these are things I can Get done as the US president without Asking Congress for permission or for Forgiveness because this relates to the Executive branch of the government and He's completely right A lot of people Don't know that chairman Gary gender and These threel agencies are actually Appointed by the president himself they Aren't elected representatives from the
People they're not voted into power and They are completely separate from Congress so the could easily come in and Actually enforce that these Regulators Need to back down off their enforcement Policies they have been using to Approach crypto regulation now while This is the best framework I have Personally seen we still need to be very Cautious When approaching the regulation Because if we do see the enforcement and See that Stripped Away from the SEC and A lot of these cryptos immediately get Handed over to the cftc and labeled as Commodities this could just end up Hurting investors even more and the Reason is I believe we need to see an Entirely new committee set up for crypto And V believes so as well for some Context is going to be what Gary gendler Said about ethereum back in 2019 metallic wanted to raise money he Was maybe 19 years old he looped in with A venture capitalist from Canada Joe Luben who now runs uh Consensus uh Luen took about 10% or 9 And a half% of the offer in they put 92% In a foundation called the ethereum Foundation and the other 80% was sold to The public for $18 million Gary gendler Just lied right there you see the reason Why we shouldn't immediately classify Ethereum as a commodity or even as a Digital currency and perhaps maybe it
Should be labeled a security is because Of the LIE Gary gendler just presented In this video you see the CEO of Consensus Joseph lubben who he just said Bought 10% of ethereum's Ico actually Disagrees with this percentage claiming He never owned more than half a percent Of ethereum Supply so if Joseph Luben Didn't fund ethereum who did I'll be Dropping an entire video on something Known as E Gate in just a week so make Sure you smash that like button and turn On those post notifications cuz you are Not going to want to miss out on this You see a Chinese Auto giant Wang Jen Group plans $50 million blockchain fund This was from September 29th of 2015 and the managing director at Wong Jan own subsidary data yes confirmed That the company had completed a Purchase of 416,000 ethereum the Native Token on the ethereum blockchain in a Total investment of $500,000 so again Gary gunzer who just Told his class at MIT that they bought 99.5% of ethereum and help funded it There's the proof that that was a Complete lie and very well could have Been fabricated you see at the time that Gary gender was speaking at MIT just a Few months before the Strategic partner In joint development agreement which we Can find on the sec's website shows that Shanghai Wang xen blockchain Inc has
Partnered up with a company known as Prometheum for you guys that don't know Promethium is the crypto industry's Favorite punching bag as shown by this Coin death article and founder is Aaron Kaplan who claims that he was going to Apply the federal Securities laws uh in An extremely vague way mind you and Launch an alternative trading system for Crypto that smug face just says it all He's a punching bag for a very good Reason you see there's not actually any Regulatory Clarity by the SEC Gary Gendler was using Aaron and promethium As a way to enforce regulation and take Control and power away from the cftc and Is why today Republican lawmakers are Demanding gender to tell them how Promethium got SEC approval specifically Patrick McKenry who's the chairman of The house Financial Services committee Quoting the timing of the approval Raises concerns that it was aimed at Demonstrating that legislation is not Needed because there is a workable Regulatory framework for the custody of Digital asset Securities which again There is no clarity as we've seen in the Ripple lawsuit with the SEC but it gets Worse you see now that we know through The SEC filings that vitalic butterin With the long Jane blockchain Labs who He is by the way the chief scientist for If you click on the English version of
Their website you can simply scroll down And see that the chief scientist for This blockchain group is vitalic Butterin he helped found it and even Though Wong Jane blockchain Labs is a Nonprofit research institution well they Go on to develop a $50 million fund Known as fushi which I'll get to in just A second and I promise you're going to Want to stick around to see those Cryptos so ethereum founded by vitalic Was invested into by W chain blockchain Labs which is part owner in promethium Mink which is giving regulatory Favoritism by multiple Financial Regulators also ends up partnering with MIT to develop a strategic cooperation Again right before Gary gendler spoke at MIT to his students so what does this Prove well it proves the is right the SEC should have no regulatory oversight Over this industry as there are multiple Conflicts of interest not only is there Regulatory favoritism G G gendler the Chair of the SEC has been getting his Hands dirty with ethereum for years but This also proves that a lot of these Altcoins including ethereum maybe Shouldn't fault to a commodity is it Actually decentralized does proof of Stake actually become more centralized Over time is decentralization just a Masquerade this is why we need an Entirely new committee that has no
Conflicts of interest no lobbyists no Government oversight a nonpartisan Committee that can come together and Find the proper regulation for these Retailers whether that's a safe harbor For 3 years of financial Innovation Meaning a system has 3 years to become Provably decentralized at scale to be Considered maybe not a security because If we choose the wrong path and we Regulate all of these cryptos as Commodities just like the etherum Ico Might lean more towards the security at Least in its Beginnings a lot of these Other cryptos push through fenbushi Capital which is the $50 million Blockchain fund that was set up and has Since received even more funding well it Can turn out that a lot of of these Other cryptos whether it's bitd vchain Maker graph flow Stacks you name it by The way there is 13 pages of these Cryptos they're invested into almost Every single major asset it could very Well turn out that we actually allow Bad Actors to operate in this industry and Retailers to just simply be taken Advantage more over time so shout out to V because we need more industry thought Leaders like this because it's obvious That current administrations have Allowed things like the EPA or the SEC And even the FTC to operate and enforce At their own will and that's why we
Bitcoin crypto is here to allow us to Express the rights of Freedom individual Sovereignty it allows us to separate our Money from State and is why we know Crypto is inevitable and is how I know That I'm going to see you at the top of This next Bowl [Music] Market [Music]
