Welcome to bitboy crypto my name is Ben Today we're going to be talking about Operation choke point 2.0 we're going to Be talking about how this thing has Snowballed into a disastrous situation For exchanges and crypto holders all Across the United States and really when You look at their movements against Binance even beyond that and of course Here against our he can't even Define What a security is we got tons of clips Of him stumbling to answer whether even Ethereum is it security or not is ether A commodity Or security and again it depends on the Facts and the law and if there's a group Of it I'm asking about the facts on the Law or don't be dismayed as they've made These actions against coinbase and Against binance in the last few days There is a hero arising [Music] [Music] [Music] And that hero is called the digital Asset Market structure bill now right Now it's just a draft it is not actually A bill that is being voted on Congress The Republican Congress is stepping up To fight Gary ginsler now it's going to Be a hard battle ahead however I don't Think it's a coincidence that all this Is happening the same week but you see This bill what Congress has realized is
The garages or doesn't know what he's Doing he absolutely doesn't he's failed To give us Clarity and failed to give us Framework so what they've done is They've gone around him this is Confirmed the Department of Agriculture Okay that's who actually oversees all The financial markets believe it or not I guess because we farming money what They've done here is they've created a Structure that projects can follow to be Able to submit applications to figure Out are they Securities or are they Commodities and then they'll know which One of these commissions the SEC or the Cftc that they'll fall under now I'm Going to read you guys a quote from the Bill the act specifies that a digital Asset can be considered a digital Commodity if certain conditions are met This would be determined by the network Being functional and concerned are Decentralized the act includes Definitions for a decentralized network And a functional Network and provides a Certification process under which a Digital asset issuer May certify the SEC That the network on which the digital Asset relates is decentralized the SEC May object to the certification if the SEC determines the certification is Inconsistent with the ACT but must Provide a detailed analysis of its Reasons for doing so the long story is
Short if something is decentralized it Is a commodity if something is Centralized it is a security what a Coincidence the SEC right before this Comes out they're putting out all of These actions and while the Congress is Trying to sort this out Now the SEC puts out this Ambush against Binance followed up by an ambush against Coinbase trying to call everything they Do Securities right before we get some Framework very interesting isn't it so Of course this Finance goes they're Going after CZ I mean that's really what All this is about but there's actually Even a lot more to it than that one Thing they're trying to do through these Cases is create a basket of coins that They're accusing of being Securities Without actually having to put actions Against these coins of course these Coins include cardano Solana filecoin BNB Matic many many more this is a way To group all these in a basket call them Securities and do it through the back Door without having to go through the Front door and face the individual Lawyers of each of these projects Because the SEC doesn't have the Resources to fight all these people Alone Foreign [Music] [Music]
They try to do this in the insider Trading case but they couldn't because There was a settlement that came at the End and it did not include anything Begins to considered Securities it was Simply a wire fraud conspiracy charge Against the head of product of coinbase And so what we've seen is this angle Hasn't worked for them but yet they keep Trying it over and over and over again They try to do this with bittrex as well And now we look at some of the coins That they are saying which does include A list on the binance side of Solana Cardano Matic filecoin Cosmos Decentraland sandbox algorand axi Infinity and Cody It's a tough list cardano people Probably didn't see this coming try to Warn you that you were probably next not Because of the merits of cardano or the Blockchain but because the government's Corrupt but see remember the house Committee on Financial Services just put Out this framework for the digital asset Uh Market structure act right so what This means is according to that and the Level and barometer in litmus test of Decentralization of the coins named are Not Securities and of course very next Day after the finance case they go after Coinbase we you know how telegraphed we Saw this coming or choreographed you see Coinbase has tried time after time after
Time to talk to the SEC to no avail they Haven't been able to get any Clarity From them keep this in mind though There's a part that will blow your mind Coinbase is a publicly traded company The SEC has already basically okayed Them as a company and now they're coming On the back end and saying all Securities how asinine the coins Included in the coinbase accusation are Solana Ada Matic San filecoin actually Infinity Chili's flow ICP near protocol Voyager token Dash and Nexo and once again this is the back Door strategy the sec's try to use that Simply has not worked yet and it's not Going to work in the future now Charles Hoskin sent in a tweet we'll put up here Also had some comments about this Talking about this is a continuation of Chokepoint 2.0 and now this is actually The government's way of rolling out a Cbdc which I I personally just don't Think I don't agree with him here and For the standpoint of Guys they don't need a reason to roll Out of cbdc I don't think I don't think They have to set the stage forward I Think they could just do it if they Wanted to where you see Fed now we're Going to be rolling out here very soon I Believe in July Maybe I'm Wrong on that I think it is this summer government Doesn't need an excuse to do what it's
Going to do Um but there are some leaders rising up Against the cbdc so I guess maybe you Could make an argument there for that Here's the facts the SEC Rules by Enforcement they don't provide Clarity Gary ginsler is a fraud he's bribed by The Banks and he does not represent the Voice of the people which is what he's Supposed to represent we've got to get Dirty Gary ginsler out of office He was appointed and he's been able to Keep this position under the watch of Joe Biden and something has got to Change we have to demand we defund or Restructure the SEC we get rid of Gary Ginsler and it's time to put Innovation Capitalism first guys we all need to be Going to the SEC website and filing Complaints on the SEC itself you guys Also should be contacting your local Congressman your local senators and Demanding they fight back against the SEC That's all I got be blessed [Music] [Music] Okay [Applause] [Music]
