Ohh yo-yo, yo, what's up? What's up?
Good morning. Good morning, GFG.
What did I? What day is it?
Wednesday. Hump day.
Happy Hump day. January 10th, 202344444.
Look at that. Another beautiful day to have a
beautiful day. A big day.
Hopefully, hopefully today is the day we get a real a real 1A
real estate ETF approval. OK, the only ETF to ever be
approved twice in history. OK, per Michael Saylor, I got my
co-host in the house, Joseph Meadow.
How you guys doing today? Good.
How you doing? What a 24 hours?
I have to say, I had an immense migraine last night.
Like, it was really bad. Like really, really, really,
really bad. It's that's how intense it's
starting to get. It's a lot.
I I need, I I need the I need the CTF stuff to be finished.
Right now. I needed, I needed over with.
I I need it to be finished. I need I I'm.
I'm over it. I'm tired.
I wanna get. I I need this approval now.
What is it? I need prices to go up right
now. What's that?
What's that?
Pasta. I need approval now.
Every every day. I check Bloomberg every ratchet
prove Bloomberg ETF not approved.
I I refresh not approve I go to sleep.
I wake up not approve OK I go to bed I I I go I go to I go to I
go to sleep I wake up fake tweets you know it's a it's gone
it's gone a little bit intense it's gone a little bit intense
here for everybody but but it is what it is.
Hopefully today is the day that everything goes down and one of
the last days we we bother you all and break your ears with
ETF. However, although tomorrow we
have a massive yes when it comes to ETF stuff so I'll be great
because tomorrow's day that's supposedly going live trading.
Anyways today on the show today, today and it's yes if you were
here earlier on on the show you you heard us in the back studio
unmuted on purpose. So you guys can hear how I get
bullied by by Ovie and Mando everyday when it comes to my
trading today on the show, today, today.
So let's see what seems got for us today.
So market report updates and moves as usual.
It is ETF day, so exciting apparently 4-6 PM same as
yesterday. It should be the approval time
going up, SEC X account gets hacked, compromised.
Yesterday we got a tweet saying that the ETF was approved,
followed by a tweet by Gary Gensler saying that it was not
approved, uh followed by you know went on live on Twitter
spaces, blah blah and it went absolutely insane.
I mean you had the the Bloomberg boys actually fell for it too.
You had a quote tweet by Eric saying boom and I was like, no,
I was just waiting for them to to tweet it out because that's
like my sources to be safe, we all got fooled.
So when your sources get fooled you all get fooled.
NFT check-in there's an NFT another ex copy burn
unhappiness. A lot of stuff happened on the
Bitcoin eco Simpson node monkey like food and stuff happened on
the on the ordinal side there's a lot happening on the NFT so we
will do a check in because people like to check in
yesterday so let's keep it at that.
It was good it felt good and also talking coins getting
boring man I love I love NFT gaming checkup gaming check up I
saw that battle plan is live on art and there's a bunch of stuff
happening on the gaming side. Ohh wow.
Look at the market go OV must be Ovi is happy right now.
Movie is happy because he is right.
So we're gonna get to you first actually today with making you
highest just now and special guest on the show Today we have
the head of public policy at Ledger set Seth Heartline
joining us. Ledger who is of course our
title sponsor of this show formal hour that is powered by
Ledger. And so without further ado we
have a lot of stuff to catch up on.
We've had a hectic 24 hours when we go to office, The Market
report brought to you by Rogue Radio.
What's the word? Umm yeah the the the prophecy
was told and and now it seems to be playing out but yesterday I
think we got a taste of price action from like the fake
headline the whole thing was probably manipulated.
So it's tough to really judge but what's clear is that people
are the market is expecting a an approval today.
They thought they had it yesterday and the price reaction
to it is actually Bitcoin selling off and that seems like
lots of ultra selling off as well.
And Ed is the thing that's rallying in my opinion.
That is what I personally been talking about for the last few
days, which is I think once the Bitcoin ETF trade is done,
people will go for the ETF trade.
And you know, as we said, I think if there's tourist capital
in Bitcoin for that and for nothing else, it's only very
natural for them to then move to earth once that gets approved.
So I think that's what we're seeing right now play out.
It's a bit of a funny one because, you know, I personally,
I thought that you would see ETH Rally versus Bitcoin, but I
thought alts would also carry on doing well.
But it seems like it's just eh, that's doing well and also
selling off. So that tells me there isn't
really well, hasn't really been a lot of new at all enter crypto
yet. It's mainly people.
It's mainly all of us moving our funds around for me to Bitcoin
to Seoul. And it's just like this game of
hot potato, which isn't really a great sign to be honest with
you, because it means there's not enough capital encrypted
right now for the entire thing to rally.
It's just like different outperformance at different
times. Um, the hope is that when once
the Bitcoin ETF is approved and once it starts trading, that
will bring in a big slug of capital into crypto, starting
with Bitcoin, which I think will then trickle down elsewhere.
So that's our real hope. And you know, if volumes
disappoint, then I kind of think stuff's going to sell off.
I mean, obviously stuff volumes point, but if volumes you really
well, then that's our best chance of like everything
rallying in more of a unilateral fashion rather than just like
one thing going up and everything else going down.
But yeah, Etho's the the front runner today.
And as of last night, Really. Um ETH Bitcoin went from, I
think, the lows of 0.048 yesterday, now up to 0.054.
So that's almost like a 1213% swing.
That's a big swing in that even sole E like Sol ETH so 0.44 I
think yesterday that's now down to 0038 so that's had a big move
to the big question is like will you hold on to these moves like
we've had a couple of attempts of each for each of ETH trying
to break out and then it kind of just like fills out and if we go
back to normal again So it's still going to be a show me
story. I think people will still be
cynical of it, but you know the difference now compared to
before is you will have, you should have an A Bitcoin ETF
approved and then people will be looking at the ETF and can we
really see the whole thing play out for Bitcoin for Earth like
it did for Bitcoin all over again?
I think there's a good chance. The other thing to mention is
betas are also running as well, like optimism is up.
Yeah, it's all the top gainers. Last hour, All ten of them.
Meme coins are up like stuff like Pepe.
Probably the main ethos up and just as how you saw like soul
and soul pieces rally, you know at that time in like November
October you could see the same thing with ETH now as well.
Like it's natural for people to be like oh sure I want to be
it's going to go higher. But if you only have like you
know a small amount of capital capital to play with, you're
probably gonna be chasing some of the better because you know
you don't really care about making 20% on 500 bucks or
ground or whatever you're trying to.
You're trying like 3X or 4X that money.
So I think we'll start to see a bit of a deeper risk bid for
earth if this price action continues.
And my view has long been that that it will and this is the
timing for it And we always thought we would see the lows of
ETH Bitcoin on the day of approval.
While we may have seen it on the day of the fake approval, today
is the day three it seems to be playing out.
Questions for you OV how? What?
I know. I mean, yes, it was crazy.
Like we we we went into the sweater spaces right away.
I originally just made aware space to celebrate their
approval. Uh, quick 180.
I have to say the roller coaster of emotions that I personally
went through yesterday on a stage with 3000 people is
insane. I went from high like you see
that Bitcoin chart? That's my emotions.
If I had a whole band it would tell me to chill out.
But movie, I want to ask you because you were on there
yesterday and my question to you was and I guess maybe now we
have time to sleep on and see the market.
What do you make of it from a trading standpoint?
Someone, right, you saw Bitcoin go to nearly 48 but didn't go to
48, kissed it though down to 45 KA little below actually this
morning and eh on the back of that was just printing, got
candles in 50 minutes on the 15 minute chart.
What do you make of this price action versus today?
Has this kind of like ruined the ETF pump?
Do we think now that it's even more pricing or the other?
OK, now people are underestimating Bitcoin.
Like what? Where does that put us for the
ETF trade tonight? Because that's gonna happen
between 4:00 and 6:00 PM. It's it's definitely ruined the
surprise factor of it for sure. I think like you know when that
initial headline came and you were like, Oh my God.
And now that it's happened, when it written that now when it
comes, I think we're going to be like ohh well kind of already
went through that motion. But it it kind of depends on
like what your view is like maybe there are some people out
there who still don't think is going to happen and are taking
yesterday's actions as like oh it might be delayed or it may
still now I'm definitely won't happen.
And in that case I think it's going to be more powerful.
And the other thing is like I think it's kind of good like you
know Connor is falling from a high of 48 K but you know it was
around 47 for a long time, more way down to 45 K So it's kind of
good that we've already seen that price come off before the
approval like and you know that once again like we had a big
leveraged wipeout last week where we had another 200 million
or so in liquidations yesterday like both longs and shorts
probably. So like it's you know it's
really, really, really cleaned up positioning going into you
know tonight and tomorrow. So part of me wants to say the
market showing us hand in that umm you know it feels like it
wants wanted to sell the news. The other part of me thinks that
well we maybe we have sold the news and maybe there's a little
bit more to go. But I do really believe that we
will see a strong volume day tomorrow and I think whatever
gets sold down and maybe we go a little bit lower from here,
whatever gets sold out, I think it will consolidate very quickly
and I think we will bounce off that very quickly to new 12
month highs for Bitcoin and the rest of crypto.
OK that's uh that's that's that's a that's a that's a good
take. I mean look you know credit what
goes with credit is due. We do troll over a lot on this
show. But you know he he he laid down
the plane. He laid down the place since
since since ETH hit. Sorry Solana.
That 125 you know pico top there.
Not that's not gonna go back there.
But it's just like momentarily. You were talking heavily about
this this rotation towards ETH as we head into the the Bitcoin
stuff man. What do you what do you think
here? What's your, what's your, what's
your, what's your read here on the market today and what should
we be expecting here with with ETF approval coming in around
4:00 to 6:00 PM tonight. Um, I yeah, I think we are.
We described it well, like what? What happened?
We just got a taste of what would have happened if that had
actually been the the approval. And then once the cat was out
the bag, it like had to continue, even even if it was
all denied and all that sort of stuff.
Everyone kind of guessed now what?
What was going to happen? You've seen, I mean this time
literally yesterday ETH BTC was hitting A2 or 2 1/2 year low.
It's now moved 13% versus both Bitcoin and Solana in that
period. I mean, I said on the show a few
days ago that that, yeah, like if if we get good volume for the
ETF, then then people can really get behind that narrative.
At the same time, like, I still think everyone who's long EVE
doesn't even quite trust it yet. Like still think we need a
little bit more time to see this this gets sustained because.
So I'm not sure if I'm the sort of person, and this was even the
case yesterday, like I'd rather wait for the retest of that
trade and by that then maybe even by the initial one.
You mean? Like ETC.
Like I feel like it doesn't it doesn't just straight line up
right like I think you'll you'll see a retest that's why like
right now after that move I think I I think Bitcoin is going
to 50K like in that world does easily go to over 3K.
But I think yeah right this second I've been buying Bitcoin
but the but I I do think yeah that that you're starting to
see. What I do like about this is yet
ecosystem is rallying but really it's earth right.
Like yeah, Arbitrium's moved and but they've kind of moved not
that much dissimilar to how big earth moves.
So that's kind of what I wanted to see is that it wasn't just it
wasn't just ecosystem ETH itself.
Remember like 2021? It was like ETH actually rallied
and you like you were annoyed that you you spend your ETH on
anything else. Like it was like fuck, why did I
buy this or this. It was like it was like how you
felt with Bitcoin this cycle it or for the last like 6 months.
Is that like you fucking should just had Bitcoin?
Yeah No. And I feel like that's what is
one thing that is good about ETH right now is that suddenly
everyone's like yeah you could have bought Arbitrium today but
like really eh would have given you a similar sort of return.
So I yeah I like that right now and that it's not just the
ecosystem it is just ease that that that that is a good sign I
think for for FOMO like I said right this second after after a
move like that I've been buying Bitcoin because I think I think
if if right now you were to hear Bitcoin ETF approval I think
what might happen is ETH rallies and then dumps as people realise
that you know ohh fuck actually like that trade happened and
like you've just pushed it to like the edge but that could be
a temporary thing it could be a medium term thing.
I actually think that right now Bitcoin ETF approval is is
bullish for Bitcoin. If that was to come out right
now I do think that that that would that would be the move
here. So that's the trade I've put on
just as it migrated lower this morning.
And then I like Solana where it is right now.
This does feel like a bit like a it could be a wagging season.
But I I do, I do feel like. That Ohh, are we calling for
waggy season here today? Is that the call?
I like it. You know I'm here for it.
I'm just saying like I I think after this retraces some of the
big ones, we all needed earth to move.
Like we've all been like for fucks sake like this there was a
really good meeting yesterday which is the heaviest objects on
earth and like Earth was the most the heaviest.
It was like it's been frustrating.
It does a lot of things. Can rally eat them?
Rally Earth is. You know, is blockchain to a
large extent. Like is really the centre of
crypto for a lot of. People, he says.
The future of technology and everything.
Like it's it's literally like I'll always see it as such.
No matter how much I fought the price action, it doesn't matter.
It's the future world. Builder activity, it's
dominated. I think a lot of the ERC 20
world was all built on the back of it.
That has changed over the last few months, but to a large
extent like everyone came, lots and lots of people came up with
the ecosystem that ether built. So like to see it start to take
the lead I think feels good for everyone, everyone out there.
So yeah, I think this is this feels a little bit like wagging
season to me. I.
Feel like there is so much money locked on Heath, right?
I'm look, the TV out doesn't lie right.
We're on defi llama right now on screen by the way we're live on
video for those of you that usual suspects uh you know
there's 200 something people watching us on YouTube and on X
so we've posted broadcasting on formal hour myself in the
highlights everything and we're live on the rugby YouTube as
well as ex audio as usual. So you know like I was replying
to beating earlier like he's saying you know people are like
so people are are sobering 4% rise on ether.
I don't think some people don't realise that 4% of like a $200
billion asset for solves a lot. But there's also like mental
like there's a lot of money on you.
Like you know how we say like Ohh bitcoiners have all the
money? You know, like when you go to
Solana? Like people like Ohh ETH whales
are coming. Like there's a reason why people
are say that like if people like there's a lot of money locked to
eat whether it's ETH and the ecosystem.
So like naturally when ETH runs and if it goes to 3K
everything's gonna go haywire. I think 2021 style.
I mean, ohh, you probably agree with that given that you've
been, you've been, you've been, you know, obviously like you
know, talking about that for a minute now and and I actually
have to say I love that tweet saying that you locked your
money on blast and you had no choice but to hold it, which
aged pretty well. So that's great.
But it seems like the top gainers right now are all
ethical. So you have Lido, outcome,
optimism, maker, synthetics, Ava, uh, even theorem.
Classic, even the classic is up eight points right now and a lot
of the other, a lot of the other stuff is going.
So I guess we'll see. One thing I have a question for
you both here is we can't really say we've seen the the ETF trade
go down because as soon as it pumped, we got the Gary Gensler
tweet saying it was false. So you didn't really, We didn't
really see the real legs it had. Yeah, that's that's true.
What I would say is what you saw, what people really took
away from that was what happened to the ratio.
Because once that was out, that cat was out of the bag.
Even on the denial, everyone was like, that's what's going to
happen when the real thing happened.
Even if the, you know, the the Bitcoin price moves up and down
like people were like, oh, people are going to rotate here.
And you've seen aggressive rotating like in terms of
futures, open interest. A lot of it has suddenly just
moved to eat, like if you go onto Cornelius for example, like
the you've seen a 20% rise in open interest and a 5% fall in
Bitcoin open interest. To put in perspective though
that that makes it 8th open interest kind of half of what
Bitcoin is right now which is wild given that you know Bitcoin
is is is 3 or just just under or just over three times it's it's
market cap so. It is literally half.
Yeah. So it's it's been a big move up
in that that's again that's something to think to be aware
of if you're now going to chase this like that's that is a big
move it one day move and he's BTC for these two assets a big
one day in a lot of these things.
So like be aware of, you know former FOMO going on something
like that but at the same time like it's also been down only
for a long long long long time. But yeah it's you've definitely
seen some some some money rotate which is which yeah it's maybe
it's healthy for everything you know it's good it's good to
probably is a bit of a wag me. Season I mean I think 45 K
Bitcoin going into a going into this ETF definitely better than
like if it was like already 48 K plus you cannot be worried here.
I don't know that's just how I see it.
But like very left curve trading here.
Ovi Any, I think. Did you want to chime in here?
No, nothing. Nothing to really add.
I think I do agree. I think like be careful.
I think ohh always tell this for work.
But I think like be careful about like chasing the next hot
thing in this bull market. Because I think you just want to
avoid like when something goes down you like and something else
goes up you're like oh fuck, like I need to get on the thing
that's going up. So then you sell what you have
at a loss to buy the next thing at when it's already rallied.
And then you just keep Because Right now.
Yeah, because right, right now it just feels like a hot potato
thing. It doesn't feel like everything
is moving up in one go. So when that happens, it just
means like capital moves from one thing to the other.
And unless you're early to it, it's kind of like it's not
really that different to like buying an NFT project because
you're just seeing it show by influencers and as soon as you
buy, it goes down because they all just dump and move on to the
next thing. Like that happens at a level of
like of crypto majors, It's just like in a different way.
So I think I'm, I'm wary of that and like my personal advice to
everyone out there, like find a few things that you really
believe in for this cycle and you know this cycle.
Everything will go up this cycle, like everything will go
up and you don't have to get like hell bent on chasing what
you think will be the best performer.
I think that's a tough thing. You just see you see something
go up when what you have goes down or stays flat and you're
just like fuck, like everyone making so much money on that
thing and then you know, inevitably you get and it
happens to everyone even. Honestly, yesterday I was like
looking at someone and I was about to like pull the trigger
on like selling some, selling some stuff.
And then I didn't. And I was like, fuck, like that
literally would have been absolute, like absolute lows.
Yeah, like and just like that's just so fucking classic.
Like when you're about to throw in the towel, something just
fucking, it just turns around like that.
And so I think, like, it's just a reminder like, you know this,
this cycle will be along, you know, cycles don't last a few
days. It will be for the pole year,
hopefully longer and just have to be a bit patient I think and
have some conviction in positions.
Absolutely agree with you. So with that, so yesterday
quickly the news then let's let's talk NFT.
We have the guests coming in about 15 minutes ish.
And I know we have to talk more stuff with with them about all
this stuff. So the SEC, that was a big
headline yesterday. Uh, the big headline yesterday
that that the SEC's account X account was compromised And
turns out not only that, the SEC.
You know, I think they used to they were using SMS Twitter,
which not supposed to use, but turns out they didn't even have
any two factor authentication on their account.
Ironically, you know X users dug out a bunch of tweets from the
SEC and Gary Gensler himself, notably from the Cybersecurity
Awareness Month back last October of the SEC teaching
people how to use two factor authentication with two a Google
authenticators and passkeys and hardwares.
And also you know, inviting people to be very careful with
some swaps. Ironically they're the ones who
were victim of that. Clearly proving that the
governing body responsible for protecting 100 million American
consumers was not so careful when it comes to protecting
these same consumers here, I I personally speaking, I was very
vocal on it. We ran a very big large Twitter
spaces yesterday while everything was going on and I
think it's pretty pretty poor form here on our Gary Gensler
and his teams form given that on the on the cusp of 31 of the
most important ETF approvals in the history of TF, if I'm not
mistaken. Right which is which also has a
lot of money involved. So you can read here decrypts
headline The SEC on Twitter announced investigations into
fake Bitcoin ETF tweet The Regulatory agency says it has
terminated unauthorised access to its Twitter account per Ryan
Ozawa here. So there's just one tweet spark
chaos that read the SEC has determined that there was no
sorry that's that's not the tweet that sparked chaos but
there was a it's Gary Gensler you know brought out a tweet
saying that you know that he was a was a compromised and I have
to say I invite everybody if you want to have a good laugh you
having a bad day just go to the quote tweets of that one Yeah.
I think you have a I think it's going to turn your day around.
Crypto Twitter does not stop. I mean trader SD coming in hot
with 300,000 views on the reply bro.
Forget worrying about crypto risks.
Sort out the two FA on your Twitter first, Greg at this
point is fairly obvious. Garry's just farming at Revenue,
You know, That was a great one too.
You have what, you know, Autism Capital with that.
Well, what is this clown world? You?
I mean, everybody was just your Joe.
Everybody just came. Everybody just came at it with
some pretty harsh words on Gary and his team.
But you know pretty rightfully so if you ask me and the quote
tweets are are really good for anybody who wants to have a good
laugh from. Of course I'm just gonna.
I'm just going to show some of y'all some of them here but it's
actually crazy and you really can't make this shit up.
There's some senators out there normally Bill Haggerty, Haggerty
calling for accountability on the SEC side.
So there are investigations launched on on that at the
moment, UM across the board, UH about regarding the the SEC and
what happened yesterday and we'll see what happens there.
But it's crazy. I don't think you guys have any
different takes and I have, unless you want to double down
on that, but it's a it's a pretty poor form here on the SEC
side. He just looks like an idiot,
right? He's just like such an idiot.
And they might like there's going to be civil lawsuit I'm
sure now against this stuff like this is this is kind of bad for
the SEC to have this happen like I have any any single agency you
could be like oh if a company had this happen it's bad but if
like the the thing that's meant to be regulating the things to
not to to have this sort of two FA on like they can get sued
pretty easily I think here. So I don't know, I think.
I think this could be this could be really bad for.
Him. I read, I read something about
how when there's like a breach that like moves Bitcoin, all
that kind of stuff like it has to like be investigated.
It has like there has been a SEC investigation.
Yeah. Like they have to like, like
investigate securities laws. We're talking about.
There's basically have to like, have a mandated investigation on
themselves, yeah. That's literally it.
I mean I put a poll out
yesterday. I'm going to pin it to the top
for people. There's 1000 people took it
already. What would you have done if you
were the SEC hacker? I wanna ask you guys Approval
tweet plus long rejection tweet plus short attack the odds.
So like you know, OV style, say like yo we're coming after
Solana and all the other alts and short them and then uh post
a drainer link. What would you have picked?
I'll go to a first Which one of the four here would you have
picked? I think I would have posted
drain link because just like it would have been so funny, would
be like here is like the SEC is like inaugural NFT meant to
celebrate like the upcoming victory.
Question for you, How many how many board have sort of been
lost in the transaction? Then hurry up.
There's only a limited supply of 300.
Head over to sec-gov.org. Do you know what though?
That would be. The best.
Celebrate to celebrate their BTC ETF approval we're launching an
ordinal collection right. And so Amanda, I mean, OK so
over what was the trainer link, Amando, which one of the four
would you have picked had you been the the the the EC hacker,
SC hacker? I mean, if you posted a
rejection, I don't even know where Bitcoin would have gone,
like it could have hit like 30 K like it would have been wild.
So I think in terms of money, that one.
But yeah, in terms of just for the fun shit Coin, a shitcoin
would have been pretty funny launching Gary Coin.
Get involved. Like, send it to this wallet.
Address this OK, you're full. Bend dot E takeover.
Yeah, it's so good. I mean, look, you know, I have
to say people's Everyday yesterday was spot on.
I mean people are so good at this.
He has the nose and the puppets on there.
I'd love to see it. But you know he has Gary.
Vee. Gary.
Sorry Gary. Gas.
Wrong Gary. Wrong Gary.
By the way, do you guys know any other Garry's?
The other day I was looking at I was trying to make a list of
Garry's. I know don't ask me why.
And I only could pinpoint 2. Garry's Gensler and V Do you
know any other Garry's? Gary Neville.
Yeah, Gary Neville. There's quite a few footballers
there. I mean you guys from In Your End
there's a lot of Garry's, it's very British name though.
Yeah, it's very, very British. It was, but it's it's famously
like get it becoming. Extinct.
Yeah, I have to say another credit.
Kudos here to the bank intern. Pinch me two FA always
hilarious. Love that.
And then and then this was really the tweet funny Jack
Dorsey on Monster went and post that there was no way this is a
hack. Obviously I was farming on that
had to. It was big farming day for me
yesterday. And then, but then this was the
tweet that really I find hilarious.
Here let me find it was this one.
Careful what you read on the Internet.
The best source of information about the SEC is the SEC.
Clearly not. Clearly not.
And I think that this is one of those situations where like the
ECB deserves to get clowned. And I sent you guys this earlier
today, but there is definitely some people, some Congress
people, congressmen and women, uh, looking into that.
And again just is how much longer is Gary Gensler do you
think going to be in, in, in, in, in position here?
Is Senator Vance here breaking centres JD Vance, Senator Tom
Tillis demand explanation for the SEC's errant announcement of
the approval of Bitcoin ETF. It is unacceptable that the
agency entrusted with regulating the epicentre of the world's
capital markets, while local error like this is arguably one
of the most the worst mistakes. It it be like if if like the
White House Twitter account got hacked, like they maybe even
more because these guys are entrusted with like money,
right? Like they're entrusted with.
Trillions of Huge, huge market. Millions.
Right. Yeah, yeah, easily.
So the concept that they they wouldn't have two FA on like I
like I have two FA on it's like I have like I'm sure people with
no money have two FA on the fact that they're entrusted with that
is just is wild that they didn't.
Yeah, I mean, she had to ask for kind of like bringing that light
and confirming that the SEC does not have two FA.
For what it's worth, X also has many flaws.
So I do want to point that out when it comes to security and I
don't understand why when you have a great badge which is the
government badge, you don't have a force USB key authentication.
You know, I mean like they should make it that like if your
government body of any country, you know they have a great badge
right Gary Gensler and DC and stuff on Twitter, they should
enforce security on there. Yeah, they should.
They should have at least enforce authenticated 2FA, at
least in enforced. What the fuck is this?
Hold on, what is with this like MacBook Mac OS update anyways?
Um, so it's just crazy to me that on the X side a governing
bodies and forced staff to FA. So it really goes both ways here
and SMSF should be removed from all social media platforms as a
whole. They should just remove the
option for even you guys me to have SMS twice.
So last reminder here, God damn it, stop using SMS to FN like or
else you're just going to be made fun of and your goofball.
Anyways moving on to the next. Sorry for the harsh words but
it's just true, you know, it's just shouldn't be doing it.
Moving on here to the next topic today that we have is NFT
check-in, NFT check in and then we had a good conversation about
NFT yesterday. The people seemed to like it and
I think we need to talk about it more.
I haven't been following really what's happening on the on the X
copy side. He opened a quick little burn
window not long ago, closed it. I think it was very quick for
the what's his open edition called again?
Movie. Max Payne Max.
Payne and now seems like there's another burn window that had
opened clear for an EX copy piece for three hours, which you
know obviously is now closed. So there was a window to open to
burn certain NFT's and pay a price.
So it's one Max Payne in Friends and You Pay and and for a total
of addition of 250. So it seems like xcopy has been
playing burn games with the Max Payne for like smaller additions
the second time. I don't know if you followed
that though. Yeah, he does this a lot.
I think he's. Second time he's done it for Max
Payne already. I mean, remember how much money
he made from Max Payne? Was 26 mil.
It was something insane. So I think he does, he does feel
like he, he wants to protect that as a collection.
I think that's great. Like I remember someone spoke to
him directly after he did that and he was like, I don't really
need to work again. Like I'm just going to put out
one of ones I like and and like do this sort of stuff to
protect. I like that.
I think it's great. I think it's really awesome and
and it's it's really good to see.
In other news, I have to say, OK, Open C launched the wallet
yesterday and not a soul, not a single individual in NFT.
Twitter talked about it. I understand it was SC stuff
going on. But it's man.
I know dude, that's where I just found it.
But but, but, but point being like it should go to Shelly the
fumble on that front from that company.
Because anything Magic Eden does, even if it's during the
SEC fake tweets someone's talking about and right now the
open sea launched a whole set self custody wallet right for
its for its users look some major news which still news from
the biggest marketplace in NFT Well I guess next biggest market
but technically speaking normally facing the biggest one
right? But But yeah so anyways, just an
open centre S custody while it aimed at easier onboarding
guests. Started with just an e-mail
address by crypto with her credit card and purchase an FTA
with about yesterday. You know, stuff could sort of
wallets. I think we're gonna see this
become more popular as mass adoption comes in.
You know, Kraken has their own NFT marketplace.
There are sponsors for a couple of months and we're talking
about that which seemed to work pretty well for them thus far
and I've I've seen the numbers for the Williams racing
collaborations huge 10s of thousands of people have gotten
the first NFT out there and then you have a magic heading that
has been beta testing the wallets as well of self custody
wallet as well And now open sea launching.
You look only wish the best for open sea cause open see the
world from space but you know I just you know I just I just wish
there was a little more coming out from that side.
Don't mean to be too harsh on there, but that's that another
news also picked up from my favourite minutes, the Kazama
Ones. Uh, speaking minutes from the
right Ohh, right, Right in the gut.
Right in the gut. I take that from the Mando
minutes. Make sure and subscribe if
you're not yet But Liga? La Liga entering the space with
Arbitrium, it seems with our our favourite out too with our
fellow partners meant Arbitrium is it?
Not only is it flying every time he flies, but Arbitrium is just
working hard. Man.
You absolutely love to see speed at which we got to get the
founder, cofounder of Arbitral on the show.
That would be a banger. I'm going to reach out to him.
Super supportive person. So La Liga, for all the football
fans here and soccer on this show is football, it says,
launching on Arbitrium. You'll have to see.
It looks like they're gonna be doing some stuff.
I mean, what? What exactly is this?
Have you looked into that? No, I mean, they've tried
before. They've been a few different
attempts. It's gonna be a game.
Obviously so rare have their own
game as well. But yeah, League is coming out
with their own. Doesn't mean, it doesn't mean a
pin to it, doesn't mean it's gonna work out.
But again signals, right, just looking for signals.
There was a point in time in Q3Q4 where all the big brands,
the web, two brands cut their budgets out for any media and
marketing. You know, we know that cause
like we saw it happening in person like all the calls you
had in 2022 and 23 people were like we don't have any budgets.
They located from like the parent Co into the wet through
endeavours facts, right. And now you're seeing them
slowly but surely you're just like pile back in into the
space. And again like I just want
people to know there's a lot of people to see on spaces today.
Like this is signals that I personally as someone
immediately look for and we tend to see the signals come in.
So it's really good and you absolutely love to see it on the
NFT front as well here. Bring up DJ's now and it's
beautiful. Now I'm going to bring up DJ's
right now, so I need to get back in that we know what we didn't
do NFT for so long that I lost the habit of of DJ.
Look at this tab right. We can do everything now like on
the first page you can see across.
The first page. You can see across each Solana
Bitcoin you can see the price changes what's what's been going
like you can see right now only really Saga Monkeys has moved
higher over the last 24 hours and Bitcoin puppets again.
But yeah, yeah, it's all dollar price in terms of the floor but
and dollar price in terms of volumes.
But yeah, you should be able to be able to see now across Solana
Bitcoin ordinance at least and and.
That's that is right. So let's go for DJ and quickly
just do a little rundown and see our guests in the audience in
the studio. So it's over the rundown.
So let's start with here. I mean just right across the
board, right. Nothing to add from yesterday I
don't think nothing, anything you know really moved since I
saw quick crypto punk sweep this morning.
So someone that thinks like a few sales on the floor like
really just pure floor sweeps on the punks, great.
This is a great sale in my opinion.
The purple hair like with the with the beard punk clean 71 E
here seems to be the the highest trading NFTS over the last week.
Here have all been crypto punks aside from the rings fidenza.
So that's getting some momentum here on there with a huge
Moonbird dump. I saw Van Goya tweet about it,
but someone sold I think half $1,000,000 worth of numbers and
I think it was a farmer. Now I could, I would love to
stand corrected, but it seems as such it was it.
Someone had dumped 2018 members for $596,000.
Probably a farmer I guess at this level was, but Moonbird is
now on the cusp of umm on the cusp of going under underneath
here. Hard to say.
Surprising the gods now under threes.
It hadn't really broken under threes.
It was really stapled to that bored apes, you know, with
everything happening. Also seeing some major uh,
drawdown to 22 E it held 25 line for a long time.
So that ecosystem is really losing a lot of momentum here in
price action with a not my words, but per what I've read,
underwhelming Other Side trailer.
I don't know. Let's see it for ourselves.
So you know, I saw, you know, a bunch of people, well bunch of
people meaning thread guy and and a bunch of people on the
timeline seems to think that was a bearish trailer.
Ohh bias aside, I don't see this first battle seems bullish
either. It's just cool it's coming.
Something's coming out, you know?
I mean, they've been talking about this forever.
It's gonna happen. You're buying based on the
cinematic trailer? Then I think you're gonna, yeah.
You're buying but I'm also not selling based on the trailer
right. That was 2021 activity and
behaviour we'd leave that behind hopefully.
So that happened on on earth. I think that's that's all we've
seen and then we I'm gonna move on quicker here.
The bigger news as it was on sale on on on originals I saw
this tweet here. It was one of the actually main
contributors to ordinals like one of the guys that like help
really create order laws. From what I'm understanding and
no CB Spears here, this person is one of the main contributors
to ordinals. Like one of the top guys wrote a
whole tweet out about Rock Toshi who is the founder of Behind
Node Monkeys, and immediately immediately saw huge retrace in
Node Monkeys going from point like a 50% drawdown.
So I went to about .14 Bitcoin from a high point, 28 Bitcoin
and then, you know, pump back up to about .17 five Bitcoin where
it's sitting at right now, mind you, which is still a lot of
money with Bitcoin at $45,000. That tweet garner 250,000 views
and talking about allegedly, right?
We haven't checked any of these news sources, but this is what's
being claimed for about 1/2 a year.
Roche has been harassing me, attempting to blackmail me, and
threatening to sue me. He claims to blackmail me with
throttle exposing me, but is vague and won't elaborate.
Look, rather claims are being made here.
I invite everybody to make their own assumptions when it comes to
that. I think we're all grown adults,
so you can go right through South from looking to make your
own decisions based on that. But that happens.
So that is the reason why on DJ ends again you saw this this
drawback to .17 Bitcoin hash things and you meant that was
yesterday I believe went back up and of course the puppets just
garnering all the attention in the in the space right now which
there's just so fun I have to say just they just they just
crack me up And then the Bitcoin frogs which have flipped they
flipped the again and on Solana which is what Manda was talking
about planned thrusters on Solana phones.
Staying rushing it. Crushing it.
Fucking phone.
I mean, dude, wasn't height saying that doesn't be crazy
trade. I didn't buy any really bothered
about that. But you know, I'm happy for the
people who did. I have a lot of friends who
ended up doing it, so I'm really happy to see that.
But the Saga monkeys, which is a what, a 20,010 thousand supply,
they're like what claim for, for for Saga phone holders, which is
called the Saga monkeys. And you know those are 7 1/2, so
on. So which is really the price of
the phone? So.
It's wild. It is wild.
Even if you bought a phone at $3000, you're literally in the
money right now with everything you got like Ben and new friend.
I have a friend that bought it for three Ki think this past
week and I was like, you're crazy.
I $5 No brainer. Set at 3-4 cows like, well, I
don't know like should I just buy $4000 Solana or like 4000
worth of like Vagos or whatever the fuck collections on there or
like a phone and plants or whiff or bunk you know, I mean like
but clearly plant thrusters and dip buyers staying rewarded on
the worst phone of 2023. If you want to hear more on
that, we had a great episode on December 29th.
Raj Gokal, co-founder Solana who came on and also gave us a lot
of alpha, both Solana going into this year but also we talked a
lot about the phone as well. So last, last, last last thing
before we go to global head of policy at Ledger here who is
joining us in the studio was also on the gaming side.
So Pixel Vault thanks a lot. They had a huge burn over the
holidays with the planets which seemed to have been received
very well for their like early you know, community members.
They've released their battle, which is a game dude, that was
loud, Sorry, which is their game that went live on Arbitrium.
Ohh, let's see how that happens, what what happens with that and
how that goes. But there seems to be that which
is also related to NFT's, You know, given that a lot of people
have been, you know, holding these NFT since. 20 other big
one Is I right? 5 billion.
He's soaked millionaire. I don't know but.
Like today, Yeah. Explore that.
I was like, wow. There we just see like one of
our very own, uh, you know, friends, creators of the Night
Show contributors just launch something that went to 1 1/2
billion dollars. Is that is that does that really
happen? I haven't been able to really
like, yeah, take it. Back.
I mean they remember we we said it on the show a a month ago.
We've been and there's the node sale, right?
Like this could be a very big thing.
It's right at the peak of the gaming cycle.
Like notes, this is how they build up your gaming ecosystem.
I think, I think everyone in that node ecosystem basically
already did a 10X right or something crazy I saw, I mean
obviously knows that there's a difficult one to like PV, but I
think we have, we know people who got involved who like
crushed that trade. So yeah, we have, we have a a
fellow team member of ours. I'm not going to because they're
like get into details but made a serious amount of money buying
notes during Art Basel and just trust their plan Any ohh I
didn't tell him you'll go buy nose like bought notes told me
fucking like two later and yesterday the AirDrop that they
received and it not only paid for the notes but they also got
like an extra like $20,000 on top of it.
So it's it's really cool to see. It made me really genuinely
happy to see something like that and even happier knowing that
it's a friend of ours that has just worked so hard to do
something like that. So we should do an episode with
Sophie and Toby. Sophie and Toby.
Toby Tobias was obviously co-founder of Populous and and
because everybody hears a lot about Sobi but I think having
his co-founder was like actually a gaming founder.
Chad could be pretty cool obviously like we're all
advisors to expose always have been since like 2022 as a matter
of fact. So for me personally, like, I
love like having that time stamp of like believing in Sobi and
like June 2022, I went back yesterday on purpose just to see
when I was like, let's fucking go and look at back at in
January 2024, four and just. Like what was happening in June
Fucking 22 as well, like. 20/22 was at $800.
I think we we were brought on autumn, which is like literally
around the week that FDX happened, I remember.
Thinking you guys were brown and the year and we were born with
these beginning of like mid year.
Next e-mail we got from them was being like, FTX just happened,
We're not going to do this on sale anymore guys.
That was that was the next that was the next thing that I got.
I was like. Wow.
He's open about it, right? I mean.
Oh my God. Oh my God.
You're not classic, Sophie is.
I had done that. I would have been off the show
cancelled. Yeah, but you cancelled ground
out. Are you in brown Dow?
You're not in brown down, so you can't say it.
But you know, I have to, I have to say like, you know he
literally talks about how they lost almost everything.
You all all saw him florist punk, so that he could like
sustain his fucking self during FTX.
That's what was comic story. So bear markets are meant to not
only book like double down on people like that you think will
be building through it, but also double down on your conviction
beds. Some of it was a theorem Bitcoin
a lot of people bet on. Solana got rewarded heavily
1000%. Congratulations.
But for us for example, it's like betting on something soft
and I think it's really cool to see that.
So we'll have more. Anyways, Um, that's great.
This was a really good conversation.
Let's go to our special guest today.
You know also you know our show sponsors, Ledger, longtime
collaborators. We've worked with them a lot
over the last three years as a matter of fact and and glad to
see that we have a lot coming. We have set hurt line joining us
Global Head of Public Policy at Ledger.
Seth, how you doing today? Good morning.
When I got there, I How are you guys today?
Doing well, doing well. We're little.
No, it's it's a big day. And anything going on today that
we should talk about it? On the public policy side,
anything. Yeah.
Anything happened in public, don't know.
It's something going on public policy.
I mean, damn, it's been a it's been a it's been absolutely
insane what went down. I mean what from from your
perspective. I mean Seth, let me let me just
kick to you. I mean you're you're head of
public policy at a very important company with crypto.
You've had to deal with your fair share of stuff over the
holidays. What do you make of what
happened yesterday with with the SEC?
Well, you know, what is there to say?
I mean, it's just a fuck up, you know?
And I know, I know you guys covered the, you know, the the
account takeover and the and the false tweet and and and all of
that circus, you know, it's not really a policy issue.
It's sort of fun to watch. Not when you're when, not when
you're long. Well, you know, an interesting
thing I saw and I can't take credit for this, someone else
had a great thought and I saw, I saw the tweet the the spike and
then the crater immediately after the the false tweet wiped
out all of the leverage longs and leveraged shorts and it's
sort of cleared the deck for you know, I think what everyone
still expects to be to be the approval today.
So it you know in a sense it couldn't have gone better for
for Hodlers just to to to clear out a lot of that you know a lot
of that volatility out of the way and so now we now we have a
sort of a clean market to to to launch from.
No. Yo, I I, I absolutely love that.
And so being like that you work you know at at Ledger and and
you you probably have a, you know I'm assuming you have a
deep understanding of like US and like global regulatory
framework. I kind of wanna ask you right
it's funny because in the fake tweet yesterday announcement
there was a fake obviously now quote from the reason why I
totally fell for it. Even the quote from Gary Gensler
was so well written like the way this was executed I got to give
the hacker his kudos like that was really well done.
There was a quote saying I'm proud.
I'm happy to see you know the US investors protected within the
regulatory framework. Do you want to talk about the
importance of having a regulatory framework in the
United States of America with regards to crypto?
Sure. And you know the and this is a
very common misconception right. The sort of crypto opponents and
public policy and and and Congress and and and throughout
the administration various places including Chair Ginzer
frequently you commonly hear this refrain of you know crypto
is the Wild West. It's it's unregulated, right?
That that couldn't be further from the truth.
Crypto is is regulated in a variety of different ways by a
variety of different agencies at a variety of different levels in
in this country all of anything that touches Fiat, anything you
might call an on ramp is is regulated in every single state
in which they operate as well as having to to register with the
Treasury Department. Lots of other activities that
that touch crypto in various ways are are are regulated.
What is lacking is a comprehensive market regulatory
structure the same way that we have for securities.
And and you know, so if you want to, you know if you want to take
that specific slice and sort of say you know, because we don't
have a comprehensive, you know, market structure regulation in
place that the whole thing is unregulated like you know, OK, I
don't think that's, I don't think that's big genuine, you
know, but you know but I think that's where it comes from.
Now there is a bill in Congress called the the FIT Act that was
passed out of the House Financial Services Committee at
the end of July that would provide a a comprehensive
regulatory framework for digital asset markets.
Getting out of of the House Financial Services Committee is
the farthest that a bill like that has gotten in in the US
Congress. It's likely, I would say likely
to get a floor vote in the House this year, but then that's
probably as far as it's going to go unfortunately.
So the the the politics still aren't ripe for a bill to
actually get through. So I think you know that the
outlook is status quo more of the same and I think the only
thing that could really change that outlook is, is the November
election. So what does the November
election in your opinion bring towards like regulation around
like cryptocurrencies in general do you think are you looking
into it like in a positive light like obviously Bitcoin, TASCO,
obviously, sorry after yesterday you don't know but looks like
it's gonna be approved today within by 6:00 PM Eastern
Standard Time potentially for trading tomorrow for Valkyrie.
And So what do you think that means for the other products
within cryptocurrency? Right.
ETH has been talked about us mostly as commodity not even
security which is good within I think it was the New York judges
and then but however a lot of the been talked about you know
putting the bag of like securities.
What? What do you think happens this
year with like a coming election and everything?
Well, I mean there's a lot of time between, you know, between
now and November and you know the the in in Inside the
Beltway, you know what we refer to as political silly season
really hasn't quite started yet. So that.
Political silly season. I like that.
Political silly season. So, you know, I I to me that
really starts sort of after, you know, after Super Tuesday when
most of you know the the the state's presidential delegates
are assigned and so you pretty much know who you know who the 2
presidential candidates are going to be going into the fall.
That's really when it starts. What that means is we have a few
months left of, you know, of sort of viable legislating time
in Congress that that things can actually get done after
political silly season starts. You know, no real attempts at
legislating will will be successful.
You'll see a lot of messaging bills that are designed to help
you know people's campaigns and and then everyone's just sort of
in wait and see mode, you know until after the election.
So we've got a few months left for something to get done.
There's a lot of sort of heavy lifting must pass legislation
totally unrelated to crypto that is going to take up most of the
congressional calendar. So I mean my personal view is
that the time, the clock is more or less run out for this
Congress. You know, I I don't think
there's a lot of opportunity for for for bills of any consequence
to to really be considered. There's maybe a few scenarios we
could talk about. But, but my general outlook from
you know, the start of the year is is that times up and and
we're not going to see, well, we'll have to see the outcome of
the election before we can see if if if any crypto bills have a
real chance in the next Congress.
And and let's say we have a let's say, I mean the odds are
are now looking like it could be Republican, maybe even Donald
Trump. Again.
He, during his last cycle, wasn't really that crypto
friendly. No, I mean he dropped NFTS this
cycle though. The.
Reflections. Week he's doing NFT Shield
videos. What's your sense of like the
Republican Party in general? Like do you think that there is
more a softening of an approach to crypto?
Do you think this could be a A1 where we actually see some
comprehensive regulation with, or do you think it's still too
early for even even the Republican Party to come forward
with something? So I, you know you you talked
about, you know the presidential and then and also Congress and
there are two very different things in in terms of what what
they mean for you know for crypto and policy.
I think the most important thing that the sort of the crypto
community should wish for and and should you know by through
their through their votes attempt to make happen is is a
change in the administration. That's that's the White House
that's the presidency and then all of the executive agencies
they're under the the administration has become
outwardly hostile to crypto to digital assets to all of it
right and and and it's not just rhetoric anymore they're they're
taking actual steps in a variety of different ways.
It's not. It doesn't seem real organised
or or you know sort of thought out.
It's each each agency sort of doing things on their own
schedule in their own way. But it's but it's uniformly
hostile, right. So the the best thing for crypto
is would be for a change in the administration.
Even if that means going back to a Donald Trump who is no friend
right, but is is certainly less bad, less of an enemy than than
the current the current administration.
Congress is a different matter. It's a bit more complicated.
There are sort of friends and enemies among both parties in
Congress, But if you had to sort of weigh them on balance,
Republicans tend to be more open to digital assets than than
Democrats. There are notable exceptions,
again, on both sides. And, you know, we don't have the
luxury of of sort of picking one side or the other.
We, you know, we have to celebrate our friends wherever
they wherever they are because they're they're few and far
between. But in Congress, my base case
right now is that both chambers flip, meaning that Republicans
take over the Senate and Democrats take over the House.
That that would be basically a reversal of of where we are
right now, where Democrats hold the Senate and Republicans hold
the House both by very, very slim margins.
That doesn't change a whole lot. A Republican Senate, I guess, is
helpful if the current administration hangs on because
their administrative appointees have to be confirmed by the
Senate, and so a Republican Senate would force them to
moderate who they nominate for key positions.
That could be helpful aside from that because because there's
still a filibuster in the Senate, meaning you have to have
a 60 vote threshold to overcome a a filibuster.
It would still mean that any lone Democrat, you know think
Elizabeth Warren could still block essentially any pro crypto
bill that that that might start to to get traction or come over
from the House. It's still a recipe for
gridlock. It it's it's really To see
meaningful legislation get done, you almost have to have a
trifecta, meaning one party holds all three, both chambers
of Congress and the White House. That's rare.
And and and the American public doesn't typically like trifectas
when they happen. They usually only last one
election cycle, which is 2 years, and then something
breaks. So I, you know, I'm not
optimistic that we're going to see significant crypto
legislation in the immediate future.
OK. OK.
So that, I mean that means, I'm assuming that's something that
we have to wait, right, quite a long time after there's a new
governing body. Government in place.
So it's a it's it's gonna be it's gonna be an interesting
next cycle right for after the elections.
I mean what, what do you think, what can you expect, right.
Do you think next this coming bull cycle, I guess if I had
something else to ask you like regarding like regulation in
general, we we think in the United States could.
I just want to. Yeah, like globally as well.
Like legends of French company, they met with full regulation
like producing assets the UK has.
Like it's a how, how, how is legit thinking about this like
globally developing? Is it the UK is going to be left
US is going to be left behind here.
I mean 2024 is going to be a fascinating year politically
speaking. You know, we just talked about
the US with with a big upcoming election, but there are very,
very meaningful elections also scheduled to take place in the
EU in May and June that will that will sort of reset the
parliament and give a new mandate to the Commission and
there'll be a lot of personnel changes there.
The way that that is looking is the polls suggest a rightward
shift toward more sort of nationalist political
candidates, away from sort of Eurocentric, which means sort of
sort of returning more power to the national capitals versus to
Brussels. I think that's probably good for
crypto given the the way that the last mandate went for us in
a number of ways. There's also a big upcoming
election in the UK in in 2024 that is likely to see the Labour
Party take over from the Tories for the first time in in a very
long time. Um, UK remains the most
interesting to me, actually, because it's the it's the least
certain. It could go a number of
different ways. What?
What does seem certain is a Labour takeover.
But crypto seems very low on on Labour's priority list, right?
They've been out of power for a long time.
They've got a very long wish list.
Crypto just isn't on it. Generally, I think that's OK.
You know, you know, sort of leave us alone, let us build
that. That's fine.
I'm OK with that. The only thing that gives me a
little bit of pause is, you know, while the government and
parliament has been largely open and friendly toward crypto, some
of the UK regulators, including the FCA have not been.
And so one of my question marks, one of the things that I'm going
to be watching in the UK is you know with a with a Labour
takeover of the government does that embolden the FCA to be sort
of more you know more hostile or take stronger actions against
the the crypto industry and and and and players.
But all three of those elections like I said are gonna be
fascinating to watch They they will all have significant
implications for for the crypto community globally.
So this is going to be a big year.
Baker, I like that. I like.
I like hearing Baker the You're talking my language now Seth.
So it's something I I really like.
So I guess like last thing for you here you know it's you know
what do we what should we expect, what should we expect
actually, no. I wanna ask you about what's
happening currently because we talk about a lot about the SEC
we talked about Mando actually was mentioning earlier this week
on the show. They have their hands full right
now with a lot of different cases, right you have you have
Wells notices sent out to a bunch of empty projects for the
scores over the last two years. You have What is the coin base
case, which is Major tracking Binance.
What do you think happens with with everything that's dealing
with at the? Moment.
I mean, they're, you know, they're still fighting with
Ripple. Ripple, yes.
You know it's it's a it's a great point to raise.
It's one that I've raised myself which is you know the the the
SEC is a very powerful agency but they have they have limits
right there. You know they they only have so
much budget. They only have so much staff and
you know the the enforcement section there from what I can
tell is is up to their eyeballs in in major crypto cases with
well funded defendants that are fighting back.
That takes a lot of of staff resources and time and and
everything you know. But crypto is a small little
piece of what the SEC has to think about right.
If you look at, just think about it in terms of market cap versus
all the other securities that exist in the in, in the US
markets, the SEC still has to police all of that, all the
public companies, all of all the stock exchanges, all the bond
markets, right? And so there has to be a limit
to the enforcement section's ability to continue to harass
crypto companies, right? And the more the fight back, you
know, I think the more they have to be judicious with who they
target in the 1st place because they're they're they're gonna
reach a capacity for doing this sort of thing if they haven't
already. OK.
Yeah, that makes sense that that that's aligned with like
everything we've been kind of talking about here.
It's just good that we have you because you're obviously better
positioned to to confirm everything.
It looks like they have a lot of work on on on their hands.
I guess last question, fun question, what happens today,
Seth? What happens after what happens?
What's your cheeky little prediction for us on the Bitcoin
ETF approval or what? Look, I, you know, I don't know
anything that you guys don't know.
You know what? What I will say is that you know
for me if I was, if I was a betting man I'd, I'd, I'd say
it's approved. You're reading the the courts
decision in in the grayscale case the, you know, the court
was very explicit. It was a very, very well written
decision and and they really painted the SEC into a corner.
They did not give them a lot of wiggle room here.
And and I think that's, you know, when you saw the SEC
choose not to appeal that decision, that was them waving
the white flag. That was them saying OK you, you
beat us, right. I I think for me that was the
moment when, you know, I thought the approval was was locked in.
And then everything that we've seen since then from the level
of activity between the staff and the applicants, getting the
files ready even to, you know sort of a lot of the social
media that you've seen coming out of the SEC official account
and coming out of Garry's account, you know is sort of
prepping the market for FOMO, right.
You don't do that unless you know what's coming.
So I I would be, I would be shocked if we don't get an
approval today. I think that would be a very,
very ballsy move on on the part of the SEC's.
You know that's basically a a burn it down take us to court
like we're going to fight to the bitter end.
Not that I think they're beyond that but I thought I think if
they were going to do that they would have appealed the the
grayscale decision in the 1st place.
So I'm, I'm fully expecting approval.
They they like I said at the top they they gave us that help with
the with the fake tweet that sort of cleared the you know
cleared the the leverage out of the markets for us.
So I think we're, I think we're all set.
All right, well, there you go. You know, there you go.
It's as if, as if Y'all didn't get enough confirmations in the
audience over the last few days. We can go out Weaving got a fake
one. Weaving got a fake one.
We're gonna get a proof twice today.
So that's sad, says Hurtling. Here, global head of policy at
Ledger. Thank you so much for for coming
on today. I appreciate you when you're
insight. Yeah.
Thank you guys. Thank you, Sir.
Have a good one. All right.
Well, Mando, Mando, Mando, Mando Looks like we're about to have
an exciting and an exciting, an exciting afternoon today.
Looks like we're gonna have a late night of a late.
Night, I think. What do you think back on earth?
Ohh, by this time tomorrow. Like Showtime like 10:30.
Showtime. Showtime both higher for sure I
think. I mean, because we flushed out,
right? Fuck like that.
Sell the news things like almost like we already sold it.
So I wouldn't be surprised if we would.
Tomorrow we're like, I'd say 47 to 48 range on Bitcoin.
I'll say 4748, so call it 475. And if if that happens, I I
wouldn't be surprised to see Ethan like 25 to 26, so I'll
call 2550 Wow 47525 Fifty. Umm, OK Yeah, I think.
I think we're gonna be higher. I think 46 1/2 and then I think,
yeah 202450 I think high a little bit but but.
What do you what do you say 40 what?
46, 1/2 and then 2450. OK, so you're just a tad bit on
there. Cool.
So you're 1000 under on Bitcoin, About 100 under.
Watch it belittled in between us.
It's gonna be like 4725. Yeah, you know, if you have
something you would have assumed so it's perfect.
You know, I wrote them down in the chat.
Well. It's lower.
You know, with with we're screwed.
Yeah, but it's not going to be right.
I mean, dude, you. Got more?
Yeah, you know what would that would that would that will sit
tomorrow. Yeah.
We have a massive show tomorrow. We have Eleanor Terrett coming
on from Fox to talk to us more about the aftermath I guess.
So tomorrow's gonna be one last one last heavy ETF day, but but
an important one. And then on Friday we have booty
coming on. So that'll be a whole different
vibe. It'll be a whole different vibe.
Some people asking for sole price tomorrow.
But The thing is, Solana is running with Bitcoin.
So whatever Bitcoin goes up, you can assume that Salon goes up
almost as much. And sold 97.
There you go. Just, but I was pinning 97 with
you. Alright, would that would that
would that would be tomorrow morning, 10:30 AM Eastern
Standard Time, 7:30 AM Pacific Standard Time for another
episode of Full Hour on Rock Radio.
Let's go.