In a shocking majority vote new Pro Crypto legislation has just passed in The House of Representatives this is Historic legislation it's called fit 21 Act today the house set to vote for the Very first time on comprehensive crypto Legislation called the financial Innovation and technology for the 21st Century act or as it's known for short Fit 21 it aims to simplify crypto Regulation in the US it does this by Clarifying regulatory responsibilities Essentially allowing the cftc to take Control of Regulation over the SEC this Legislation which house Financial Services chair Patrick McKenry has been Pushing for the better part of a year What establish the commodi future and Training commission as the leading Regulator of digital assets there would Be clear divisions for what the cftc Will regulate and what would fall under The purview of the Securities and Exchange Commission which has vly Cracked down on the crypto industry with A Litany of enforcement actions and how This affects you under the proposed Legislation the cftc would regulate Digital assets if the associated Blockchain or digital Ledger is both Functional and decentralized on the Other hand the SEC would oversee assets As Securities if the blockchain is Functional but not decentralized and
That's fair if a blockchain is Decentralized it should be a commodity Like Bitcoin decentralization according To the bill means no single entity Controls more than 20% of the digital Asset or its voting power this Legislation would also establish Consumer protections and borrow the sort Of co-mingling of customer funds that Played a role in the undoing of the Crypto exchange FTX now Gary Gensler is Not happy about this he wants to retain Power in a rebuke SEC chair Gary Kinsler Put out a lengthy statement this morning On the legislation saying quote it would Create new regulatory gaps and undermine Decades of precedent regarding the Oversight of investment contracts Putting investors in capital markets at Immeasurable risk yet President Biden Who appointed Gary Gensler years ago Just in President Biden will not veto Fit21 crypto Bill if passed today and in This direct statement even though the Administration the White House does State they're opposed to the passage of The bill which would affect the Regulatory structure for digital Assets In the United States they would not veto The administration looks forward to Continued collaboration with Congress on Developing legislation for digital Assets that includes adequate guard Rails for consumers and investors while
Creating the conditions needed for Innovation and further time will be Needed for such collaboration so Actually that was a little ambiguous he Is obviously opposed but typically you Would come out and say hey this is Important to me I'd veto it President Biden does not threaten veto against House crypto Bill and now that this Passed in the house it goes to the Senate if passed by the Senate then it Moves into law we have an opportunity to Determine whether the next iteration of The internet will be designed by Americans or if it will Le instead Reflect the values of some other nation And if we've learned anything is that Gary Gensler SEC chair is not really in Charge he's there to do Biden's bidding Yeah I'm not a fan of any other Cryptocurrency outside of Bitcoin but I Think there is a hilarious story as to Why this is happening I mean I was Laughing out loud it looks like someone Went to Gary gendler and said hey buddy You're not in charge anymore and you'd Have to think why that was it's because Banks and Wall Street are making money And in an update from yesterday to's Video the real reason cryptocurrency is Going up it's happening we have at least Five of the potential ethereum ETF Issuers that have submitted their Amended 19 b4s in the last 25 minutes
And SEC approved ethereum ETF is coming And you'd have to think why that was It's because Banks and Wall Street are Making money right Banks get a really Bad deal in today's market is they have To buy bonds that are performing awfully And all of a sudden they get a free Market in this independent crypto thing And they're actually making money these Markets have life these markets go up When governments to base their currency These things perform well and they got a Taste of Bitcoin and it was the best Performing product that they've ever had And they're like oh man how many other Pieces of crap are there out there that We can list as ETFs and I literally Think that's what's happening it's a way Better business to launch crypto ETFs Than it is to buy bonds right now uh Based on the macro environment so I Think someone said hey Gary sorry buddy Uh despite you thinking that these Things are securities we need to make Money and that's what happened so Obviously Jack MERS is a Bitcoin Maximalist meaning he's always going to Trash anything that's not Bitcoin but I Loved how these Bloomberg news anchors Finally pushed back Jack let's go back To basics here there will be members of The bloomberry technology audience that Push back on and Paraphrasing a spot e ETF being the next
Listing of a piece of crap there's a Standard tagline in our Bloomberg C Coverage which is that ether is a native Token of ethereum and ethereum is the Most widely commercially used Blockchain what would be your response To that standard line sure okay and and I I apologize to all those I offended Here's my point Bitcoin is the only Money within the cryptocurrency space It's designed and treated as a monetary Asset so then what do I think ethereum Is I think ethereum is a technology Which you actually just displayed in Your introduction and definition of it Ethereum appeals to developers they Change the monetary policy in the rules All of the time however the market often Conflates it as a money conflates it as A commodity strike is a technology Nvidia is a technology these things are Regulated by the SEC these things have Cash flows these things have Founders Directors people that set the road mapap And so when I say a piece of crap maybe I'm being a bit aggressive but I think It's distinctly different from Bitcoin I Think Bitcoin can be the world Reserve Asset the one money that we use to store Our time and energy and I think ethereum Can be a technology which competes with Nvidia but then it gets confusing it's Like well what's their cash flows who Founded it who sets the direction why
Does it change so much and when it does Change why does it change I think that There's a lot of intentional confusion Going on in the story and as a bitcoiner It frustrates me because I'm trying to Fix the money fix the world and so so in Solana news Solana Dev hospitalized with Third degree burns trying to pump mcoin The Solana mcoin Dev had fireworks shot At him while DED in alcohol on live Stream as an attempt to pump his token The token was called is called Truth or Dare and do not try this at home I Cannot share with you this video it's Too graphic for this channel for YouTube But the last half of the 30 minute live Stream is hard to watch the dev screams Out in pain claims he can't feel his Hands and tells the others that he needs To go go to the hospital it burns bro my Body Burns in crypto gaming news star Hero season 1 airdrop campaign is now Live meaning the game is now live this Is the number one Esports space shooter With over 400,000 pre-registered players Meaning over 400,000 potentially playing This game now probably all that signed Up won't actually play but if you want To earn some token earn some money join The fight and earn your cut of the $5 Million prize pool in our play to Airdrop campaign up to $200,000 for the Winner the top 2,000 players on the Leaderboard are eligible and it's for
The next 8 weeks that star Heroes and in Artificial intelligence news AI Focus Tokens Edge higher ahead of Nvidia Earnings results AIT protocol AI Protocol AIT made a big announcement Calling all AIT stakers I am a Staker Listen up in preparation for nvidia's Quarterly earnings report we will be Conducting an airdrop of our investment In sharp labs to AIT stakers meaning Every eligible Staker those staking in The 56-day pool will be getting an Airdrop of some sharp Labs token here Was that exact tweet from the COO in Preparation for a key Milestone at AIT Protocol the team at AIT Venture funds Has decided to allocate and distribute Our investment in sharp Labs a notable AI project with thousands of users to The AIT Community meanwhile a buyback Burn of approximately 319,000 AIT tokens Worth over $130,000 has been complete and again Speaking of AI speaking of AIT the final 7 days left to be part of our stake drop Campaigns this is for Leica AI I am an Investor in this token just for the Folks at home Leica Leica Leica is the First web 3 AI super app backed by Google startups and the news today join Our stake drop campaigns and claim your Share of over 30 million lki tokens Valued at around $210,000 with fully diluted value of 7
Million at launch and again they're Collabing with AIT we dedicated 3% of Our supply to Holders of these Pioneering AI projects AIT protocol zali Octavia and more I do know we have a lot Of AIT stakers in this audience so I did Just want to make you aware also paid Network and Commonwealth are making big News I am advisers to both projects and Paid as many of you know connecting Highly vetted ideas and projects with Passionate communities in order to Crowdfund their Visions to life it's Essentially like a Launchpad and the News today attention paid Community it's Time to make your move we are delighted To announce that the highly anticipated Commonwealth early pool is now open on Ignition that's paid ignition this is Your exclusive opportunity to get in on The ground floor of a web 3 investing Revolution meaning the project is Launching off paid who's eligible those Who staked at least 75,000 paid tokens Before the snapshot this is your chance To secure your allocation before the Rush I have an altcoin daily affiliate Link down below for those of you that Qualify live outside the US want to take Advantage and early pool perks are Guaranteed allocation secure your wealth That's Commonwealth tokens before the Rush and again what is Commonwealth well It's early stage VC access for the 99%
Fully decentralized fully onchain the Way it was meant to be [Music] So it does have an All-Star team the Early pool is live now just for the next 36 hours is and this is an ongoing story So click subscribe for one video per day Keeping you informed about crypto see You tomorrow
