Latest / The Paul Barron Crypto Show / Meme Coin Ban for Politicians... but Stock Trading Still Allowed?🚫

Transcript

Meme Coin Ban for Politicians... but Stock Trading Still Allowed?🚫 · The Paul Barron Crypto Show

• 0:07
  Speaker 1: Congress is on the move to ban meme coins. They
• 0:09
  Speaker 1: were going to break it down for you. My name
• 0:11
  Speaker 1: is Paul Barre. Welcome back into tech path. Let's thank
• 0:13
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• 0:15
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• 0:18
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• 0:20
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• 0:21
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• 0:24
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• 0:28
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• 0:30
  Speaker 1: Custody is one of the steps in learning how to
• 0:32
  Speaker 1: use crypto the best. All right, let's get into the
• 0:35
  Speaker 1: topic today, and that is House Democrats are proposing a
• 0:38
  Speaker 1: bill to ban the presidential meme coins along with other
• 0:42
  Speaker 1: digital assets out there. And Sam leccardio is the guy
• 0:46
  Speaker 1: that's on this. It's an important name. I'll get to
• 0:49
  Speaker 1: that in a minute. And a couple of points within
• 0:52
  Speaker 1: the article. The it's called the Modern Emoluments and Malfeasance
• 0:58
  Speaker 1: Enforcement the Meme Act, which will prohibit how long did
• 1:02
  Speaker 1: it take them to come up with that? You know,
• 1:03
  Speaker 1: could they not be doing other things other than this?
• 1:05
  Speaker 1: And of course this is coming in from California representat
• 1:08
  Speaker 1: Sam leccardio. Other things to watch for, I think are
• 1:13
  Speaker 1: this right here, and he's saying, let's make corruption criminal again,
• 1:16
  Speaker 1: because this is a problem that happens in DC and
• 1:18
  Speaker 1: many other ways. Let's not forget many other ways do
• 1:22
  Speaker 1: we get corruption. One of the things I want to
• 1:25
  Speaker 1: pull out in this ABC News article right here, and
• 1:28
  Speaker 1: that is Lacardio says he has a dozen Democratic correspondents
• 1:32
  Speaker 1: as he prepares to introduce the legislation on Thursday. You
• 1:36
  Speaker 1: know that the anti crypto army leader, Senator Warren is
• 1:41
  Speaker 1: at the front of this list, probably along with mister
• 1:43
  Speaker 1: Brad Sherman and others that most likely are making up
• 1:47
  Speaker 1: this scenario because if they can get a small win,
• 1:49
  Speaker 1: this would be a big win if they could get
• 1:51
  Speaker 1: something like this going. But it is a problem. There
• 1:54
  Speaker 1: is a website out there that explains how profiting from
• 1:57
  Speaker 1: public office is real. And if you look at Trump,
• 2:00
  Speaker 1: he of course profited significantly in his real estate holdings,
• 2:05
  Speaker 1: and of course a lot of this is what kind
• 2:08
  Speaker 1: of compares to many people in Congress. Has they become popular.
• 2:12
  Speaker 1: Many of these people go in not millionaires, come out millionaires. Well,
• 2:15
  Speaker 1: the way they do it is usually through asset allocation,
• 2:19
  Speaker 1: and many people, of course don't like it because of
• 2:21
  Speaker 1: the insider trading side of things. But if their value,
• 2:24
  Speaker 1: like let's say Trump and his value and his real
• 2:27
  Speaker 1: estate goes up just because he's a president, that's the
• 2:29
  Speaker 1: brand value. And I think I would agree with that,
• 2:32
  Speaker 1: But I don't necessarily agree that they can single out
• 2:35
  Speaker 1: one asset class. They'd have to single out many asset classes.
• 2:39
  Speaker 1: And this is the one that I think they're picking on.
• 2:41
  Speaker 1: And if you look at, of course, mister Lecardio, one
• 2:44
  Speaker 1: of the things he has done is also was criticized
• 2:47
  Speaker 1: for failing to disclose real estate that was owned by
• 2:51
  Speaker 1: his wife prior to a marriage, and then the disclosure
• 2:55
  Speaker 1: all about what was a Google deal that was being
• 2:57
  Speaker 1: taken place, and he apologized that he didn't disclose this.
• 3:01
  Speaker 1: But the point is is that all of these all
• 3:04
  Speaker 1: of these politicians have some sort of holding that is
• 3:07
  Speaker 1: going to benefit from their position, and that's kind of
• 3:11
  Speaker 1: the scenario that is playing out within the Memecoin band
• 3:14
  Speaker 1: that they're representing. If you look at Nancy Pelosia, course,
• 3:17
  Speaker 1: I mean, this is the best trader on earth, and
• 3:19
  Speaker 1: of course you compare her to inverse Kramer which is
• 3:22
  Speaker 1: usually pretty good. She's even out performing in Verse Kramer,
• 3:27
  Speaker 1: and that in itself is pretty dynamic. So why not
• 3:31
  Speaker 1: if we are going to do this, let's go ahead
• 3:34
  Speaker 1: and go to the level of holding stocks being part
• 3:36
  Speaker 1: of this sea so you get to see that that's
• 3:38
  Speaker 1: probably not going to happen. I think that's the kind
• 3:41
  Speaker 1: of scenario. If you look at what's happening in the
• 3:43
  Speaker 1: memecoin market right now and you look at pump dot fun,
• 3:47
  Speaker 1: what we have seen is nothing but an absolute falloff
• 3:50
  Speaker 1: here over here on Doune analytics, continuing to fall off
• 3:53
  Speaker 1: on daily active users. If you go down here on
• 3:55
  Speaker 1: transaction count, also a massive falloff. And this has been
• 3:59
  Speaker 1: pretty much up into the right. But now we are
• 4:01
  Speaker 1: seeing a different time for sure. So here was another
• 4:05
  Speaker 1: clip right here. This is a US senator pushing a
• 4:07
  Speaker 1: bill to combat crypto ATMs, and it was a well
• 4:10
  Speaker 1: intentioned I think the original, but what it resulted in
• 4:14
  Speaker 1: was completely something that was completely different, and I think
• 4:17
  Speaker 1: that might end up going to be the fact on
• 4:19
  Speaker 1: the meme coin bill. I want to go to a
• 4:21
  Speaker 1: clip real quick that'll explained a little bit more. Take
• 4:23
  Speaker 1: a look.
• 4:24
  Speaker 4: They are an easy and legitimate way to purchase cryptocurrency,
• 4:28
  Speaker 4: and some in Washington say it's time to do something
• 4:31
  Speaker 4: about it. When eighty year old Joseph Bintello received a
• 4:34
  Speaker 4: call claiming his son was in jail, he panied.
• 4:38
  Speaker 3: I was scared.
• 4:39
  Speaker 5: I hit the panic button, and I let my panic
• 4:42
  Speaker 5: take control of me, of my good judgment.
• 4:45
  Speaker 6: Right here, fraud warning, there's a scam warning before any transaction.
• 4:51
  Speaker 6: Most bitcoin ATMs display up to six screens alerting customers
• 4:55
  Speaker 6: to potential scams. Those protections for new users include a
• 4:59
  Speaker 6: transaction limit of two thousand dollars, requiring live verbal confirmation
• 5:04
  Speaker 6: for any transaction greater than five hundred dollars, in providing
• 5:08
  Speaker 6: full refunds if a new customer makes a fraud report
• 5:12
  Speaker 6: within thirty days.
• 5:13
  Speaker 4: These measures are common sense guardrails. So we reach out
• 5:17
  Speaker 4: today to nearly a half dozen bitcoin atm operators. In
• 5:21
  Speaker 4: the past, several have told this that they would support
• 5:23
  Speaker 4: efforts to curb fraud, but also noting that they believe
• 5:26
  Speaker 4: their current safety measures are sufficient.
• 5:31
  Speaker 1: So if you look at this, the ATM bill was
• 5:34
  Speaker 1: a bit misguided. Many was looking at this because, just
• 5:37
  Speaker 1: like the Meme coin Act, it doesn't really hit the
• 5:39
  Speaker 1: root of the problem. The other thing is that scammers
• 5:41
  Speaker 1: can still go around this most likely, and that's a
• 5:44
  Speaker 1: problem that I think is going to proliferate regardless. And
• 5:48
  Speaker 1: then also you just have to kind of educate the
• 5:51
  Speaker 1: elderly because this is the best way to combat this.
• 5:53
  Speaker 1: I think this is a problem because it's not just bigcoin.
• 5:55
  Speaker 1: We see this fraud problem across all industries. There's been
• 5:59
  Speaker 1: a lot of social engineering that has gone this direction.
• 6:02
  Speaker 1: Then you've got, of course the ATM basically becoming a bank,
• 6:05
  Speaker 1: so that's a withdrawal problem. That's also getting into know
• 6:07
  Speaker 1: your customer issues, you know, anti money laundering, all those
• 6:11
  Speaker 1: kind of things, higher fees, you know, all those kinds
• 6:14
  Speaker 1: of things to offer refunds. Refunds would be abused, this
• 6:17
  Speaker 1: would cause more fraud, and then of course ATMs become
• 6:21
  Speaker 1: a data harvesting machine down the road. So you can
• 6:23
  Speaker 1: see that a lot of this starts to just build
• 6:27
  Speaker 1: on other problems and maybe we'll end up making it worse.
• 6:30
  Speaker 1: And I think that's what could be the scenario that
• 6:33
  Speaker 1: plays out right here. This is a clip here from
• 6:36
  Speaker 1: Matt Hogan talking about the meme coin cycle and where
• 6:39
  Speaker 1: it is. Take a look.
• 6:41
  Speaker 2: I think on the by Bit piece. I think the
• 6:42
  Speaker 2: killer piece there was that Lazarus tried to launder the
• 6:46
  Speaker 2: funds through Pump dot fund. That spells really the sort
• 6:50
  Speaker 2: of existential death of the meme coin craze. If you
• 6:54
  Speaker 2: have Milania and you have Libra and then you have
• 6:57
  Speaker 2: it being used as a laundering facility. And I think
• 7:00
  Speaker 2: people are writing that effectively to zero right now, and
• 7:03
  Speaker 2: as a result, we need another story. I think you
• 7:06
  Speaker 2: can see green shoots in DeFi I think you see
• 7:08
  Speaker 2: green shoots and stable coin growth, but they aren't as
• 7:11
  Speaker 2: present and as vibrant as meme coins. Of course they'll
• 7:15
  Speaker 2: be bumps, it'll come back, but I think people are
• 7:17
  Speaker 2: writing it to zero the same way we wrote icos
• 7:20
  Speaker 2: to zero in twenty eighteen.
• 7:22
  Speaker 1: So Matt Hogan right there, bit wise, and I think
• 7:25
  Speaker 1: the thing that mass getting on is that again we're
• 7:28
  Speaker 1: in a very interesting cycle right now, one that we
• 7:31
  Speaker 1: haven't really experienced before in how we see these ebbs
• 7:34
  Speaker 1: and flows of these different narratives that get pumped out there.
• 7:37
  Speaker 1: And memes were the narrative that seemed to be connecting
• 7:41
  Speaker 1: to culture. You look at Solana on the outflows over
• 7:44
  Speaker 1: on Wormhole Ethereum is taking most of it, but you've
• 7:47
  Speaker 1: got to look at also binancing. Their Arbitram suite also
• 7:51
  Speaker 1: taking large percentages. So we are seeing outflows that most
• 7:55
  Speaker 1: likely are pulling from the meme coin market. And of
• 7:57
  Speaker 1: course that has been the situation that you saw there
• 7:59
  Speaker 1: early on the Dune Data onto more hearings. This happened yesterday.
• 8:03
  Speaker 1: This was exploring bipartisan legislative frameworks for digital assets. A
• 8:08
  Speaker 1: lot of people in there on that, as you can see,
• 8:11
  Speaker 1: and light Spark was in there. You've got Jonathan Jacob
• 8:15
  Speaker 1: who is the CRACK and Digital Asset Exchange Council. So
• 8:19
  Speaker 1: the fact that they're moving in this direction is good.
• 8:21
  Speaker 1: But I think the other thing that we're dealing with
• 8:24
  Speaker 1: is still a direction that isn't necessarily pointing to what
• 8:28
  Speaker 1: can solve a lot of digital asset regulation. So this
• 8:31
  Speaker 1: is a big one that could hit the market in
• 8:33
  Speaker 1: a very interesting way for sure. Now I want to
• 8:36
  Speaker 1: go to the Senate hearing recap here because this will
• 8:39
  Speaker 1: give you a little bit more of an insight. Take
• 8:40
  Speaker 1: a look.
• 8:41
  Speaker 7: Stable coins in many ways are a step change better
• 8:44
  Speaker 7: than a lot of other assets.
• 8:46
  Speaker 3: Right, But if we're.
• 8:47
  Speaker 5: Saying this is better than bags of cash. I would agree.
• 8:50
  Speaker 5: I grant you that, and I want to get the yes.
• 8:52
  Speaker 5: So I want to be clear. I want to get
• 8:53
  Speaker 5: the yes, but I need further and I get the
• 8:57
  Speaker 5: intermediary role going in, going out to help those of
• 9:01
  Speaker 5: us who want to get there on how we can
• 9:03
  Speaker 5: not get rid of the innovation, not slow and bring
• 9:06
  Speaker 5: this back to America. Clearly having it on shore is
• 9:08
  Speaker 5: better than offshore, and Anthony's like tether would be to
• 9:11
  Speaker 5: bring them back. You got to help us fill this out.
• 9:14
  Speaker 5: I'll keep listening to it.
• 9:15
  Speaker 8: I'm sure and think you so let me see if
• 9:17
  Speaker 8: I can help you get the yes. So let's always
• 9:19
  Speaker 8: start with the things that we agree on. There should
• 9:21
  Speaker 8: be certainty correct, Okay, look at that. We'll see progress.
• 9:25
  Speaker 3: The regulation matter, how are you defining certain well, certainly
• 9:30
  Speaker 3: meanings like you know what the rules are.
• 9:31
  Speaker 8: They're also transparent in other words, you don't find out
• 9:34
  Speaker 8: through an enforcement action like for example, I guess I
• 9:36
  Speaker 8: would use a car analogy.
• 9:37
  Speaker 3: You're driving down ninety five.
• 9:39
  Speaker 8: You don't know what to speed them it is until
• 9:41
  Speaker 8: a cop pulls you over and tells you that's stupid.
• 9:43
  Speaker 8: We can agree on that, right, there's signs tell you
• 9:45
  Speaker 8: what to speed them. It is so we agree on that.
• 9:48
  Speaker 8: And then most importantly, and this is where I think
• 9:50
  Speaker 8: we're having problems here. Government has this total, complete desire
• 9:55
  Speaker 8: to control things, and it feels like if something is
• 9:59
  Speaker 8: not perfect, the government's role is to make something perfect.
• 10:03
  Speaker 8: There can never be a problem because if there's ever
• 10:05
  Speaker 8: a problem, the government's got to stop.
• 10:07
  Speaker 3: Would cars be allowed? I mean cars have caused hundreds
• 10:11
  Speaker 3: of not millions of deaths. We should have never allowed
• 10:14
  Speaker 3: the car to exist.
• 10:16
  Speaker 8: That, obviously today would seem like an idiotic comment because
• 10:19
  Speaker 8: there's no way any of us know today what's going
• 10:22
  Speaker 8: to grow out in the next four or five years.
• 10:25
  Speaker 3: Am I crazy? Should we ban the automobile?
• 10:27
  Speaker 7: You know what is the automobile doing? So? For example,
• 10:30
  Speaker 7: in nineteen hundred, the potted roads may have required automobiles
• 10:34
  Speaker 7: to go at twenty miles an hour. Now that we
• 10:37
  Speaker 7: have smooth highways, you don't have automobiles still going at
• 10:39
  Speaker 7: twenty miles an hour. You change the rules to adapt
• 10:42
  Speaker 7: to the situation. And I think with digital assets we
• 10:44
  Speaker 7: do the same thing. Is there anything that you wish
• 10:48
  Speaker 7: you had been asked but were not? I also just
• 10:53
  Speaker 7: say quickly. We didn't talk about real world assets, but
• 10:55
  Speaker 7: it's a very important topic.
• 10:57
  Speaker 1: So from that glipping kind of see, it's the overreach,
• 11:00
  Speaker 1: it's just ban everything we want to make it. I
• 11:02
  Speaker 1: would agree with Moreno, there is this is kind of
• 11:05
  Speaker 1: a knee jerk reaction to scenarios that don't need to
• 11:07
  Speaker 1: be banned, which of course we're talking about mean points
• 11:10
  Speaker 1: here when you look at what is actually happening though,
• 11:14
  Speaker 1: when you think about the Bibit haack for instance, this
• 11:17
  Speaker 1: is a good analysis. This is the Lazarus bounty. Look
• 11:20
  Speaker 1: at the amount of openness and transparency that is being
• 11:25
  Speaker 1: traced on these wallets, almost made it impossible for these
• 11:29
  Speaker 1: bad guys to act. And of course they put out
• 11:31
  Speaker 1: what was it, one hundred and hundred and forty million
• 11:33
  Speaker 1: on the bounty, almost four million nine bounty hunters right now, this.
• 11:37
  Speaker 3: Would remember those guys.
• 11:38
  Speaker 1: This all happened less than a week ago, okay, and
• 11:41
  Speaker 1: this is already in play. If you look at how
• 11:44
  Speaker 1: the government typically goes about on this, well, this is
• 11:47
  Speaker 1: a public service announcement from the FBI, and this was them.
• 11:50
  Speaker 3: Asking to help. There's the whole list.
• 11:53
  Speaker 1: Now, first of all, this was done in cash, which
• 11:55
  Speaker 1: most of these kind of things are done in cash
• 11:58
  Speaker 1: never even get this kind of data. This actually is
• 12:00
  Speaker 1: a transparent footprint that happens on blockchain and shows this
• 12:05
  Speaker 1: kind of scenario playing out. So I think that people
• 12:08
  Speaker 1: have to understand that the benefits of this technology is
• 12:11
  Speaker 1: really where this grows from. So putting more bands on
• 12:14
  Speaker 1: this stuff is going back to the statement there is
• 12:17
  Speaker 1: that it just is not necessarily the right way. Let's
• 12:20
  Speaker 1: take a look at other categories that might be coming,
• 12:23
  Speaker 1: and of course you look, memes have been one of
• 12:26
  Speaker 1: the biggest narratives. I'll zoom in on that a little bit.
• 12:28
  Speaker 1: Memes right there, biggest narratives you can kind of see
• 12:32
  Speaker 1: dot B and b USA tokens, But really the one
• 12:36
  Speaker 1: that you should be watching.
• 12:37
  Speaker 3: Is real world assets.
• 12:39
  Speaker 1: And real world assets is the category that I think
• 12:42
  Speaker 1: has the most opportunity here. And just look at the
• 12:45
  Speaker 1: movement that we've seen just overall in terms of real
• 12:49
  Speaker 1: world asset growth. And also look at some of the
• 12:52
  Speaker 1: projects that you guys will recognize right there that are
• 12:55
  Speaker 1: pretty much seeing the most RBA value e Avalanche, polyg On, etc.
• 13:01
  Speaker 1: That are playing most of that at zek sink obviously
• 13:03
  Speaker 1: part of heat so you can see there are potentials
• 13:06
  Speaker 1: here that I think Congress needs to really understand. This
• 13:10
  Speaker 1: is a new technology. We're going to see a complete
• 13:13
  Speaker 1: revolution in the financial sector. Hopefully they don't continue to
• 13:17
  Speaker 1: put these thwarting efforts on how this stuff goes forward.
• 13:21
  Speaker 1: All right, If you guys are not part of the
• 13:22
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• 13:24
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• 13:27
  Speaker 1: just at Paul Baron. We'll catch you next time right
• 13:30
  Speaker 1: here on tech Path