Latest / The Paul Barron Crypto Show / Elizabeth Warren vs John Deaton Crypto Battle!🔥 with Meta Law Man

Transcript

Elizabeth Warren vs John Deaton Crypto Battle!🔥 with Meta Law Man · The Paul Barron Crypto Show

• 0:07
  Speaker 1: One of the most important races in crypto land right
• 0:10
  Speaker 1: now when it comes to politics is of course John
• 0:12
  Speaker 1: Deaton against Senator Warren. Will break that down for you
• 0:16
  Speaker 1: guys today. It's going to be a good one. We
• 0:17
  Speaker 1: have a special guest that you don't want to miss.
• 0:20
  Speaker 1: My name is Paul Barren. Welcome back into tech Path.
• 0:22
  Speaker 1: I do want to thank our sponsor, and that is Coinbase.
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• 0:52
  Speaker 1: a couple of clips here. Actually I've got one clip
• 0:55
  Speaker 1: I want to play and then we'll get into some details.
• 0:58
  Speaker 1: As you guys know, I've had James Murphy on before.
• 1:02
  Speaker 1: Metal law Man here of course, is James right there
• 1:05
  Speaker 1: with the infamous John Deaton on his win as the
• 1:10
  Speaker 1: Republican candidate that will be going had to head against
• 1:13
  Speaker 1: none other than Senator Warren. And I want to play
• 1:16
  Speaker 1: a clip on some podcasts. Now this is more of
• 1:18
  Speaker 1: the local news media there within Massachusetts, and I want
• 1:22
  Speaker 1: to play this clip to get into some framework of
• 1:25
  Speaker 1: where this race stands.
• 1:27
  Speaker 2: Right now, take a look.
• 1:28
  Speaker 3: Obviously you want to win. What's wrong with John Deaton
• 1:31
  Speaker 3: and John Deeton's politics?
• 1:32
  Speaker 4: Three maybe four crypto billionaires recruit him to run for
• 1:36
  Speaker 4: the Republican nomination, and they put two and a half
• 1:39
  Speaker 4: million dollars and adds to get him the Republican nomination.
• 1:43
  Speaker 4: The other two Republicans didn't have that kind of money.
• 1:45
  Speaker 4: So now he's got that seat, and now the crypto
• 1:48
  Speaker 4: billionaires are hoping maybe they'll have a chance to pick
• 1:51
  Speaker 4: me off, and that means that they will get rid
• 1:56
  Speaker 4: of someone who is not always on board with the
• 1:58
  Speaker 4: things that they want to be able to do. I
• 2:00
  Speaker 4: get what the crypto billionaires are trying to do here,
• 2:03
  Speaker 4: but understand if they get John Deaton elected, the consequence
• 2:08
  Speaker 4: of that will be in a fifty to fifty Senate
• 2:11
  Speaker 4: that the Republicans take control.
• 2:15
  Speaker 1: Right, So, I mean, you know, hey, elections have consequences,
• 2:18
  Speaker 1: and today we're going to discuss that with none other
• 2:20
  Speaker 1: than mister Metelawman himself.
• 2:22
  Speaker 2: James Murphy. Great to have you back in.
• 2:25
  Speaker 3: Great to be on with you, Paul.
• 2:27
  Speaker 1: Yeah, so thanks for coming in today. So, James, I
• 2:29
  Speaker 1: want to pick up a clip here. This is our
• 2:31
  Speaker 1: second clip that is showing Elizabeth Warren kind of giving
• 2:34
  Speaker 1: a little bit more heat on John Deaton.
• 2:37
  Speaker 2: Take a look.
• 2:38
  Speaker 5: When you think about greater regulation of cryptocurrency, is the
• 2:43
  Speaker 5: goal of that regulation to make it viable and thriving
• 2:47
  Speaker 5: or to disable it and eventually sort of drag it
• 2:50
  Speaker 5: into the bathroom and drown it in the bathtob.
• 2:53
  Speaker 4: No, no, no, no no, So Lork I don't have
• 2:55
  Speaker 4: any problem but want to buy and sell crypto, buy
• 2:58
  Speaker 4: and sell crypto. Concern is about how it's used by terrorists.
• 3:04
  Speaker 4: For example, you know the ransomware. Do you know what
• 3:07
  Speaker 4: portion of ransomware is paid off with crypto?
• 3:10
  Speaker 5: No?
• 3:10
  Speaker 4: One hundred percent. If you put restrictions in place on
• 3:15
  Speaker 4: crypto so that it can't be used in that way,
• 3:18
  Speaker 4: the whole business model for that kind of scamming literally
• 3:23
  Speaker 4: falls away, and now the question is can crypto buy
• 3:27
  Speaker 4: this seat?
• 3:30
  Speaker 1: So interesting statements there. I want to kind of get
• 3:32
  Speaker 1: your opinion on the way that Warren it appears to me,
• 3:36
  Speaker 1: and I'd love to get your opinion on this that
• 3:38
  Speaker 1: she seems to be softening slightly on crypto not necessarily.
• 3:42
  Speaker 1: I think she still has her agenda. But what are
• 3:44
  Speaker 1: your thoughts based on her statements there.
• 3:49
  Speaker 3: Well, it's interesting she really doesn't want to lose her power,
• 3:54
  Speaker 3: and that's I think what this is all about. She's
• 3:58
  Speaker 3: repeated a number of things that are actually not correct.
• 4:01
  Speaker 3: Talking about John being recruited. He was not recruited. It
• 4:06
  Speaker 3: was really the last thing he wanted to do is
• 4:08
  Speaker 3: to get involved in politics. He's a businessman and a
• 4:11
  Speaker 3: lawyer and successful, but he felt like he had no
• 4:15
  Speaker 3: choice with freedom really at risk in this election, and
• 4:22
  Speaker 3: Elizabeth Warren and Gary Gensler's policies have really set the
• 4:27
  Speaker 3: country back in terms of innovation. And it's interesting to
• 4:33
  Speaker 3: hear Senator Warren saying he has no problem with buying
• 4:36
  Speaker 3: and selling of cryptocurrencies. Well, her deputy and the anti
• 4:40
  Speaker 3: crypto army is doing everything possible to shut down the
• 4:43
  Speaker 3: trading of crypto on exchanges, and the evidence is clear
• 4:47
  Speaker 3: Coinbase Byinance Kraken, all of them, Batrix, every single platform,
• 4:53
  Speaker 3: Robinhood have been sued and now they're going on to
• 4:57
  Speaker 3: other targets. So it's clear that it is a whole
• 5:02
  Speaker 3: of government approach to choke off the crypto industry. I
• 5:06
  Speaker 3: think the good news, Paul is that this is not
• 5:10
  Speaker 3: a left right issue. Right. The thing that terrifies Elizabeth
• 5:15
  Speaker 3: Warren more than anything is that this group of crypto
• 5:19
  Speaker 3: for Harris is supporting Dalton, many of them, and so
• 5:24
  Speaker 3: you are finding a Kamala Harris voters who are recognizing
• 5:31
  Speaker 3: the damage the policies of Elizabeth Warren and Gary Gensler
• 5:36
  Speaker 3: has created in this country and they're voting for Deeton.
• 5:40
  Speaker 1: Do you think, James, that this is maybe the first
• 5:43
  Speaker 1: time that she has come to realization. Maybe it was
• 5:46
  Speaker 1: a situation where she did not think he would win
• 5:49
  Speaker 1: the nomination to go into the ballot. Is this maybe
• 5:53
  Speaker 1: her first realization, Oh, this is serious now.
• 5:58
  Speaker 3: It could be. It's really kind of a fascinating story, Paul,
• 6:04
  Speaker 3: that you know, John was completely unknown entering politics. He's
• 6:09
  Speaker 3: never held elected office in his life, and he was
• 6:13
  Speaker 3: running against the in the Republican primary, an elected official
• 6:17
  Speaker 3: on the Quincy City Council and another well known figure
• 6:22
  Speaker 3: in Republican circles in Massachusetts, and he came on and
• 6:26
  Speaker 3: won sixty five percent of the vote. I think that
• 6:30
  Speaker 3: I was optimistic. I think everybody was optimistic that John
• 6:34
  Speaker 3: would win, but the sixty five percent was quite a statement.
• 6:40
  Speaker 2: Yeah, it was.
• 6:40
  Speaker 3: Particularly the elect Yeah. I remember the elected official had
• 6:45
  Speaker 3: an endorsement from Senator Lumbus in Wyoming and he got
• 6:50
  Speaker 3: less than ten percent. So the people spoke. The grassroots
• 6:54
  Speaker 3: people in Massachusetts had heard John's message and his the
• 7:00
  Speaker 3: backstory of his life, and they've really embraced him.
• 7:03
  Speaker 2: Yeah, I think so.
• 7:04
  Speaker 1: The radio host who went after Warren but gave her
• 7:10
  Speaker 1: some hard questions, and of course Warren I think backed
• 7:12
  Speaker 1: off that position. I want to play the response because
• 7:15
  Speaker 1: they also invited John in to make some statements around this,
• 7:19
  Speaker 1: and he fact checks her, of course, as he often does,
• 7:22
  Speaker 1: but won't play this clip for you.
• 7:24
  Speaker 4: And now they think they're going to buy the seat
• 7:26
  Speaker 4: for him response.
• 7:27
  Speaker 3: She's focused on crypto.
• 7:28
  Speaker 6: Let me ask the viewers, the listeners out there, why
• 7:31
  Speaker 6: did the senior senator from Massachusetts when she announced her
• 7:35
  Speaker 6: re election focus on crypto and say she was building
• 7:38
  Speaker 6: an anti crypto army. Here's something else that your producer
• 7:41
  Speaker 6: can fact check. Less than one percent of bitcoin and
• 7:44
  Speaker 6: crypto is used for illicit purposes. You want to know
• 7:47
  Speaker 6: the number one illicit enterprise the banks. She didn't ask
• 7:51
  Speaker 6: Jamie Diamond those types of questions.
• 7:53
  Speaker 5: Jamie Diamond is JP Morgan Chase CEO. The Senator looking
• 7:57
  Speaker 5: at the bill that she has out is looking at
• 8:00
  Speaker 5: reducing anonymity and providing the same financial regulations or strict
• 8:04
  Speaker 5: fun sac.
• 8:05
  Speaker 6: Now what that bill does, By the way, I can
• 8:06
  Speaker 6: come back and I can tell you what that bill
• 8:08
  Speaker 6: actually does. It's a ban on self custody of bitcoin.
• 8:13
  Speaker 6: I have a Coinbase account and my campaign accepts crypto,
• 8:17
  Speaker 6: just like Vice President Harris is doing now as well. Yes,
• 8:20
  Speaker 6: through the Coinbase platform. Do you know I had to
• 8:22
  Speaker 6: wait four days for them to do all of their
• 8:25
  Speaker 6: akyc AML on me and my campaign, even though I'd
• 8:28
  Speaker 6: already had a previous And you.
• 8:30
  Speaker 5: Don't think you think it should be looser than that.
• 8:32
  Speaker 6: No, what I'm saying is that Hamas had actually issued
• 8:35
  Speaker 6: a directive to not use crypto because it was too traceable.
• 8:39
  Speaker 6: The NSA, the FBI, the CIA have all come out
• 8:43
  Speaker 6: and said that they hope criminals use bitcoin. It's a
• 8:46
  Speaker 6: open distributed ledger, okay.
• 8:50
  Speaker 1: So you know, he's kind of preaching to the choir there.
• 8:52
  Speaker 1: I think John is on his soapbox, so he's definitely
• 8:54
  Speaker 1: got a position, you know. But there are a lot
• 8:56
  Speaker 1: of things that Senator Warren is going to go at
• 8:59
  Speaker 1: him again in the debate which is coming up, and
• 9:02
  Speaker 1: of course I know he's calling for a lot of
• 9:04
  Speaker 1: single issue debates to cover that. And if you look
• 9:08
  Speaker 1: at that, along with just the amount of money that
• 9:12
  Speaker 1: both are in a position with right now, what is
• 9:15
  Speaker 1: your position right now? When you look at both what
• 9:18
  Speaker 1: John Deaton has been able to do and also the
• 9:21
  Speaker 1: war chest of Senator Warren, whether or not she can
• 9:24
  Speaker 1: hold off this attempt to take that seat.
• 9:29
  Speaker 3: Well, it's clearly a tough road for John in a
• 9:32
  Speaker 3: long shot, but anything worth doing is often very difficult,
• 9:38
  Speaker 3: and this is going to be very difficult. But the
• 9:40
  Speaker 3: momentum is certainly on John's side. Elizabeth Warren has a
• 9:44
  Speaker 3: huge war chest because she's in charge right now and
• 9:49
  Speaker 3: has the power, and so the lobbyists, banks and all
• 9:52
  Speaker 3: of them understand that they need to feed her campaign
• 9:57
  Speaker 3: dollars to make sure she's still in there fighting for them.
• 10:02
  Speaker 3: Whereas John is fighting for the poor and the working
• 10:06
  Speaker 3: poor who have been devastated by two things. Immigration, illegal
• 10:11
  Speaker 3: immigration into Massachusetts and the incredible level of inflation, and
• 10:17
  Speaker 3: Massachusetts is particularly hard hit. So he's fighting for the
• 10:22
  Speaker 3: people at the bottom who are fighting to get a
• 10:25
  Speaker 3: piece of the American dream, which is what John represents
• 10:28
  Speaker 3: and what his life represents. I don't know if you've
• 10:30
  Speaker 3: read his book, Food Stamp Warrior, but it's amazing the
• 10:34
  Speaker 3: difficulties extreme poverty, violence, abuse in his household that he overcame,
• 10:41
  Speaker 3: became a United States Marine, became a successful businessman and lawyer.
• 10:45
  Speaker 3: It's a remarkable story and when you read it, you
• 10:48
  Speaker 3: think American dream. And John does not want the American
• 10:52
  Speaker 3: dream to die for people who are coming up in
• 10:55
  Speaker 3: the same kind of circumstances that he lived in. And
• 10:58
  Speaker 3: so I would say this is a very very different
• 11:01
  Speaker 3: kind of Republican.
• 11:02
  Speaker 1: So with that being the case, because this is going
• 11:05
  Speaker 1: to be a much closer race, and I think a
• 11:07
  Speaker 1: lot of people think, and you look at the debates,
• 11:10
  Speaker 1: do you feel like John could win over some of
• 11:12
  Speaker 1: those voters that could typically fall on the side of
• 11:17
  Speaker 1: supporting Warren. What do you think is shot is right there?
• 11:22
  Speaker 3: Well, we know that is happening. I was in Boston
• 11:26
  Speaker 3: wearing a Daton for Senate shirt and people were coming
• 11:29
  Speaker 3: up to me and saying, I have never in my
• 11:31
  Speaker 3: life voted for a Republican, but I'm for Deeton. We
• 11:35
  Speaker 3: really need to get Elizabeth Warren out because she is
• 11:38
  Speaker 3: out of touch with the challenges we're facing. And most
• 11:43
  Speaker 3: of them talk about how immigration, illegal immigration has disrupted
• 11:48
  Speaker 3: their communities so thoroughly, and they bear the brunt of it. Remember,
• 11:55
  Speaker 3: it's not the one percenters who are hurt by illegal immigration,
• 12:00
  Speaker 3: it's the people at the bottom who depend on help
• 12:04
  Speaker 3: from the government and you know, use the facilities provided
• 12:09
  Speaker 3: by state and local government that are now being taken
• 12:13
  Speaker 3: over a community after community in Massachusetts by illegal immigrants.
• 12:17
  Speaker 3: So your question about the debates, We're all just looking
• 12:21
  Speaker 3: forward to it. These are two really, really smart lawyers.
• 12:25
  Speaker 3: So I think we're going to have a real great
• 12:27
  Speaker 3: debate at hopefully a high level of sophistication, where we
• 12:32
  Speaker 3: really hear a about the issues.
• 12:36
  Speaker 1: Well, I don't think that's going to happen, James. I mean,
• 12:39
  Speaker 1: Warren is notorious for never really getting to the point
• 12:42
  Speaker 1: and often has an agenda that is so set in
• 12:45
  Speaker 1: stone that it's pretty much, you know, oblivious of any
• 12:49
  Speaker 1: real fact. Okay, so two things potentially have to happen
• 12:53
  Speaker 1: here for John. One is most likely he's going to
• 12:56
  Speaker 1: have to get a support from fair Shake. Do you
• 12:58
  Speaker 1: think that's likely to happen for an endorsement?
• 13:02
  Speaker 3: I don't know. I think that now that John won
• 13:07
  Speaker 3: the nomination so resoundingly, I think they need to take
• 13:12
  Speaker 3: another look at it. But I don't know what they're
• 13:15
  Speaker 3: going to do. And you know, I don't think John's
• 13:17
  Speaker 3: counting on it. He's counting on the grassroots people of
• 13:21
  Speaker 3: Massachusetts understanding what is at stake here, because freedom is
• 13:26
  Speaker 3: really on the ballot. You know, Elizabeth Warren is pro censorship,
• 13:31
  Speaker 3: she's pro government surveillance, she's pro bigger government. In every
• 13:36
  Speaker 3: instance where there was a contest between growing government power
• 13:41
  Speaker 3: and siding with the regular American, she always sides with
• 13:46
  Speaker 3: growing government power. And that's a real problem because as
• 13:53
  Speaker 3: the government grows, it gets more powerful, we slowly, hopefully
• 13:59
  Speaker 3: just slowly use our rights that are that are God
• 14:03
  Speaker 3: given but guaranteed by the United States Constitution. And that's
• 14:06
  Speaker 3: really I think a primary motivator for John getting into
• 14:11
  Speaker 3: this race and exposing himself and his family to the
• 14:14
  Speaker 3: attacks that he is seeing. He's a marine, he can
• 14:17
  Speaker 3: take it, but still at the same time, it isn't fun.
• 14:21
  Speaker 1: And I know, you know, it looks to me like, well,
• 14:24
  Speaker 1: it's clear. I think that the Republican side of Massachusetts
• 14:28
  Speaker 1: is going to be voting in Obviously, this is a
• 14:29
  Speaker 1: blue state, so he is going to have to turn
• 14:32
  Speaker 1: a lot of Democrats onto his way of thinking and
• 14:35
  Speaker 1: get him into a position where he can go head
• 14:37
  Speaker 1: to head with Warren. So that is yet to be
• 14:40
  Speaker 1: seen though that we will now see an open election
• 14:43
  Speaker 1: on this and I think the question will be the debate.
• 14:45
  Speaker 1: Do you think the debate is going to be the
• 14:47
  Speaker 1: pivotal point for him to win?
• 14:50
  Speaker 3: I think so. I mean, right now, he's way behind
• 14:54
  Speaker 3: in fundraising and so he cannot fund the of commercials
• 15:01
  Speaker 3: that Elizabeth Warrant will be funding against John. So these
• 15:06
  Speaker 3: debates are really really critical. We're all looking forward to it.
• 15:10
  Speaker 3: You you made a good point about Elizabeth Warren's ability
• 15:14
  Speaker 3: to kind of dodge and not be pinned down. But
• 15:17
  Speaker 3: remember we have a warrior here who's skill set includes
• 15:21
  Speaker 3: cross examined.
• 15:22
  Speaker 1: Maybe the one thing on his side right there is
• 15:25
  Speaker 1: that I understands the examination.
• 15:28
  Speaker 3: That's right.
• 15:30
  Speaker 2: It's like Josh Holly.
• 15:31
  Speaker 1: He usually is a pretty good, uh you know, griller,
• 15:34
  Speaker 1: even though he has his own agendasm. Not a Josh
• 15:36
  Speaker 1: Holly fan, but I like his his attack often as
• 15:39
  Speaker 1: he tries to set up it's very lawyer like. So
• 15:41
  Speaker 1: we'll see how this, if anything, is it's going to
• 15:43
  Speaker 1: be great entertainment for how this is going to play
• 15:47
  Speaker 1: on a political standpoint. US senators now urging this. I
• 15:51
  Speaker 1: want to get your opinion on this. The US senators
• 15:53
  Speaker 1: urged the CFTC to finalize the ban on election betting.
• 15:58
  Speaker 1: Now this is coming in after we've seen a lot
• 16:00
  Speaker 1: of movement on poly market. Let me zoom in on
• 16:04
  Speaker 1: that so you can see some of the statements there.
• 16:05
  Speaker 1: But a letter was signed by these senators, including Elizabeth Warren,
• 16:09
  Speaker 1: going after poly market, which again is it. You know,
• 16:13
  Speaker 1: it's a predictive market out there. We've seen everybody from
• 16:16
  Speaker 1: CNN to TYT, both left leaning you know, broadcasts organizations
• 16:21
  Speaker 1: starts to jump in this in terms of analyzing this.
• 16:23
  Speaker 1: But this gets into the CFTC, and this is something
• 16:27
  Speaker 1: that I want to pay attention to because we look
• 16:30
  Speaker 1: at the CFTC in our research quite a bit, and
• 16:34
  Speaker 1: I'm beginning to feel that this may be a dark
• 16:37
  Speaker 1: horse in the race that may be a lot more
• 16:41
  Speaker 1: anti crypto than we have anticipated in the past.
• 16:44
  Speaker 3: What is your opinion, Well, in general, I've liked the
• 16:50
  Speaker 3: testimony that I've heard from the Chairman of the CFTC,
• 16:54
  Speaker 3: you know, particularly when he goes against Gary Gensler. I
• 16:59
  Speaker 3: think has been a very effective advocate. I think some
• 17:04
  Speaker 3: of these recent enforcement actions are a little disappointing, and
• 17:07
  Speaker 3: that's why you see dissents from the other CFTC commissioners,
• 17:11
  Speaker 3: just like you see on the other side of the
• 17:13
  Speaker 3: sec Hester perce, you know, with those brilliant, brilliant descents
• 17:18
  Speaker 3: that that she submits. So the CFTC is going to
• 17:22
  Speaker 3: be a player, and I think, you know, if you
• 17:25
  Speaker 3: think about that Market Structure bill that was passed in
• 17:29
  Speaker 3: the House, that gave a lot of power to the
• 17:33
  Speaker 3: CFTC over digital assets, and I generally think that that
• 17:38
  Speaker 3: is a good thing. So as far as them outlawing
• 17:46
  Speaker 3: a predicted market you know, my view is that Congress
• 17:51
  Speaker 3: should be deciding issues like this. It certainly shouldn't start
• 17:56
  Speaker 3: off with an enforcement action to prevent this from happening.
• 18:01
  Speaker 3: They have no rules to apply to this question, and
• 18:05
  Speaker 3: so you know, regulation by enforcement is not good by
• 18:09
  Speaker 3: any agency. The SEC has kind of mastered it, and
• 18:13
  Speaker 3: we don't want to see at the CFTC either.
• 18:16
  Speaker 1: Interesting, I have a clip here. This is CNN officially
• 18:19
  Speaker 1: using Polymarket, which blows my mind to see this, but
• 18:22
  Speaker 1: let me play this clip.
• 18:24
  Speaker 7: Polymarket is one online prediction market where people can use
• 18:28
  Speaker 7: cryptocurrency to place bets on sports, politics, and more. Ahead
• 18:32
  Speaker 7: of Tuesday showdown, twenty percent of people think the two
• 18:35
  Speaker 7: candidates will shake hands, and as for what the candidates
• 18:39
  Speaker 7: will say, abortion and Project twenty twenty five are among
• 18:43
  Speaker 7: the top words or phrases people are betting Harris will
• 18:46
  Speaker 7: bring up. And there's also McDonald's of course. Along with
• 18:50
  Speaker 7: borders are Marxist and Comrade Kamala, all titles Trump has
• 18:55
  Speaker 7: used to attack Harris on the trail.
• 18:59
  Speaker 1: It's the interesting to see CNN showing stats on a
• 19:04
  Speaker 1: crypto related betting facility out there from these predictive markets,
• 19:10
  Speaker 1: and you've got one of the most left leaning media
• 19:13
  Speaker 1: outlets out there, and of course tyt same thing. I mean,
• 19:15
  Speaker 1: we've seen Chank out there doing the same thing in
• 19:19
  Speaker 1: terms of promoting what's happening. Do you feel like this
• 19:22
  Speaker 1: has become so bipartisan in the sense that we're getting
• 19:25
  Speaker 1: so much activity from both left and right that this
• 19:28
  Speaker 1: really could put Senator Warren at risk and that's why
• 19:31
  Speaker 1: we're seeing her a little bit sensitive to this whole issue.
• 19:37
  Speaker 3: That's a good question. As I was seeing your list there,
• 19:40
  Speaker 3: I was thinking about the fact that it is legal
• 19:43
  Speaker 3: in the United States to bet on how long it
• 19:47
  Speaker 3: will take to sing the national anthem at the Super Bowl,
• 19:50
  Speaker 3: as well as is the opening flip gonna come up
• 19:54
  Speaker 3: heads or tails? You know, we don't have to place
• 19:58
  Speaker 3: our money on this, you know, have to place money
• 20:01
  Speaker 3: on the lottery. But should we be making it illegal
• 20:04
  Speaker 3: that polymarket obviously is not available to US residents at
• 20:09
  Speaker 3: this time. But you know, is Elizabeth Warren concerned? She
• 20:14
  Speaker 3: should be concerned. And again I go back to you
• 20:17
  Speaker 3: have no idea, or maybe you do, how terrifying it
• 20:21
  Speaker 3: is for her to see all of these crypto for Harris,
• 20:24
  Speaker 3: people like Anthony Scaramucci who is you know, a powerful
• 20:30
  Speaker 3: advocate for Kamala Harris saying I'm for Deton. He was
• 20:34
  Speaker 3: one of the first people to contribute to Deeton's campaign.
• 20:37
  Speaker 3: I think on the day of the website opened. He
• 20:40
  Speaker 3: was there because he sees the damage that Warren has
• 20:45
  Speaker 3: done to this country and that it needs to end.
• 20:48
  Speaker 3: And there's a lot of them like that, and this
• 20:51
  Speaker 3: is this is what terrifies her.
• 20:53
  Speaker 1: Yeah, well, one of her henchmen we'll call, or partners
• 20:58
  Speaker 1: in crime, of course, is against learn and the construction
• 21:02
  Speaker 1: I think and destruction that he's done. But the construction
• 21:05
  Speaker 1: of a position against Crypto has been pretty significant. Here's
• 21:09
  Speaker 1: a clip talking about what's about to happen in the Senate.
• 21:12
  Speaker 1: This is actually the first time we'll get a chance
• 21:14
  Speaker 1: to see this, but take a look.
• 21:16
  Speaker 8: Hopefully he's gone a step too far. A definition that
• 21:20
  Speaker 8: we've been using at the Chamber as consumptive use and fts.
• 21:24
  Speaker 8: They tending to be used like baseball cards, like pokemons
• 21:28
  Speaker 8: that can collect and trade and hold and play with
• 21:31
  Speaker 8: and hanging up on their wall. They are not financial products.
• 21:34
  Speaker 8: They do not look anything like a financial product or security.
• 21:37
  Speaker 8: And Gary Gensler just wants to chill innovation. I think
• 21:40
  Speaker 8: crypto will be a big part of the hearing. September
• 21:43
  Speaker 8: twenty fourth in the House is what we're hearing, and
• 21:45
  Speaker 8: September twenty fifth in the Senate. I think we're going
• 21:48
  Speaker 8: to see more bipartisan calls forever for the SEC to
• 21:51
  Speaker 8: change its stance. And there was a whole congressional hearing
• 21:53
  Speaker 8: on this where if you haven't seen it, Congressman Richie
• 21:56
  Speaker 8: Torres goes through, do you think this a Pokemon card
• 21:59
  Speaker 8: is security? Do you think a baseball card is security?
• 22:03
  Speaker 8: I think we will see more and I think we'll
• 22:04
  Speaker 8: see them in the Senate as well, which we have.
• 22:06
  Speaker 8: You know, those conversations have really been dominated by Elizabeth
• 22:09
  Speaker 8: Warne in the past.
• 22:10
  Speaker 1: So Cody Carbone there of the Digital Chamber talking about uh,
• 22:14
  Speaker 1: mister Gary Gensler putting in a Well's notice over to
• 22:17
  Speaker 1: open sea and what they're referencing, of course, for those
• 22:20
  Speaker 1: of you out there maybe don't even know about that case,
• 22:22
  Speaker 1: is that we're dealing with something that is into digital
• 22:26
  Speaker 1: collectibles which reside on open seam, very similar to.
• 22:29
  Speaker 2: That of real world collectibles.
• 22:31
  Speaker 1: And if you look at that position and also that
• 22:34
  Speaker 1: statement there the Wells notice in your opinion, James, was
• 22:38
  Speaker 1: this just another fishing expedition or was this a strategic
• 22:42
  Speaker 1: you know, shot across the bout.
• 22:45
  Speaker 3: It's interesting, you know, there's so much talk about a
• 22:48
  Speaker 3: reset of cryptopolicy by the Biden Harris administration, and uh,
• 22:57
  Speaker 3: we're not seeing it. This is a this is going
• 23:00
  Speaker 3: out to the outer limits of even Gary's imagination of
• 23:04
  Speaker 3: what could possibly be a security. And you know what's
• 23:08
  Speaker 3: interesting what Cody was talking about of collectibles. Sec lawyers
• 23:16
  Speaker 3: have said in court to federal judges, we have no interest,
• 23:21
  Speaker 3: no intent to go after the collectibles market. Because the
• 23:25
  Speaker 3: defendants were saying, the logic of what they're saying here
• 23:29
  Speaker 3: in court, your honor is it applies equally to collectibles
• 23:33
  Speaker 3: and digital collectibles, and they're like, that's ridiculous. You don't
• 23:37
  Speaker 3: have to worry about us going after Pokemon cards. But
• 23:40
  Speaker 3: now what you have on open Sea is the digital
• 23:43
  Speaker 3: representation of collectibles. And so they're doing exactly what they
• 23:48
  Speaker 3: told federal judges they would not do. But this isn't
• 23:52
  Speaker 3: the first time, of course. So yes, I think there
• 23:55
  Speaker 3: are going to be a lot of good questions in Congress.
• 23:58
  Speaker 3: We now have chance the ends at both the House
• 24:01
  Speaker 3: and the Senate. Who really will hold Gary's feet to
• 24:05
  Speaker 3: the fire. But this is just a real overstepping of
• 24:11
  Speaker 3: authority to make a statement. And by the way, there
• 24:14
  Speaker 3: may be just a little bit of a political play
• 24:17
  Speaker 3: here as well. In the event Gary is removed as
• 24:22
  Speaker 3: chairman and removed from the Commission, if there's a change
• 24:25
  Speaker 3: in administration, he will have already started up all of
• 24:29
  Speaker 3: these cases, you know, and left them in the lap
• 24:32
  Speaker 3: of the successor administration to deal with. So that's going
• 24:37
  Speaker 3: to be going to be interesting. And you know, my
• 24:42
  Speaker 3: view is that this open sea thing is way beyond
• 24:46
  Speaker 3: anything imagined in the securities laws and is not fairly
• 24:52
  Speaker 3: deducible from the Howie test in my view.
• 24:57
  Speaker 2: Yeah, for sure.
• 24:58
  Speaker 1: Well, we only have fifty six days left here before
• 25:02
  Speaker 1: the election, so we'll get a chance to see how
• 25:04
  Speaker 1: a lot of things are playing out. There's a couple
• 25:06
  Speaker 1: of tweets I wanted to get to this. Of course,
• 25:08
  Speaker 1: is you out there talking about Kymlin Harris here in
• 25:13
  Speaker 1: her policy position on our website or lack there? I
• 25:16
  Speaker 1: should say, when it comes to digital assets, when you
• 25:19
  Speaker 1: look at this right now, do you think that Harris
• 25:22
  Speaker 1: will even mention crypto in the debate, or I'm sure
• 25:26
  Speaker 1: that Trump is most likely going to mention what do
• 25:29
  Speaker 1: you think she will?
• 25:31
  Speaker 3: I don't think she will. My guess is spontaneously. But
• 25:34
  Speaker 3: if Trump brings it up, I have the belief he's
• 25:37
  Speaker 3: prepared with some kind of answer. But what we're dealing
• 25:41
  Speaker 3: with now is the Official Democratic platform was ninety one
• 25:45
  Speaker 3: pages long and did not mention crypto or digital assets.
• 25:48
  Speaker 3: And last night on Sunday evening, she posted for the
• 25:52
  Speaker 3: first time her policy positions on a number of important
• 25:56
  Speaker 3: issues and crypto, digital assets, bitcoin, blockchain mine. None of
• 26:02
  Speaker 3: that was anywhere to be found, And so those who
• 26:05
  Speaker 3: have been assuring the crypto community that there's really a
• 26:09
  Speaker 3: pivot happening among the Harris part of the Biden Harris
• 26:14
  Speaker 3: administration really have no evidence now to support that idea.
• 26:19
  Speaker 1: With if she were to pivot, do you think there
• 26:22
  Speaker 1: would be enough support from the crypto community that would say, Okay,
• 26:26
  Speaker 1: she's going to pivot, now I'm gonna I'm gonna go
• 26:28
  Speaker 1: ahead and vote this direction, or do you think that
• 26:31
  Speaker 1: it is not necessarily going to be the case.
• 26:35
  Speaker 3: I think she she has some voters who are in
• 26:40
  Speaker 3: the crypto industry or familiar with the crypto industry. But
• 26:44
  Speaker 3: I think to say something in terms of a policy
• 26:48
  Speaker 3: is not going to move votes to do something.
• 26:52
  Speaker 9: You know, she could she she could tell her, she
• 26:57
  Speaker 9: could tell President Biden to ask Gary Gensler for his resignation.
• 27:04
  Speaker 3: It's not a firing. If you ask for a resignation,
• 27:09
  Speaker 3: the person in a heading, an agency or cabinet secretary
• 27:14
  Speaker 3: doesn't get to say no, I'm good, I think I'll stay.
• 27:17
  Speaker 3: When the President says, give me your resignation, they submit
• 27:20
  Speaker 3: their resignation. So that could be done. A number of
• 27:24
  Speaker 3: other things could be done. They could simply recognize that
• 27:26
  Speaker 3: there is an Operation Show two point zero trying to
• 27:30
  Speaker 3: strangle the crypto industry and apologize for it and explain
• 27:34
  Speaker 3: how they're going to reverse that. The Caitlin Long denial
• 27:39
  Speaker 3: of a master account for her Custodia Bank is crazy
• 27:44
  Speaker 3: and it's in litigation now and makes no sense. Her
• 27:49
  Speaker 3: business model is the safest banking business model you or
• 27:52
  Speaker 3: I have ever heard of, and you don't lend out
• 27:55
  Speaker 3: the deposits at all, and you cover the deposits for
• 27:59
  Speaker 3: more than hundred percent in reserves.
• 28:01
  Speaker 1: So if he makes no sense that that breaks the
• 28:04
  Speaker 1: banking industry. If that gets through, you know that.
• 28:09
  Speaker 3: Well, so she will make revenue through fee for services,
• 28:17
  Speaker 3: you know, so to saraed wires or whatever, and they'll
• 28:21
  Speaker 3: compete on price, you know, because she is not getting
• 28:24
  Speaker 3: a net interest margin between the interest she pays on
• 28:28
  Speaker 3: deposits and interest she receives on lending out those deposits.
• 28:33
  Speaker 3: So the banks will have a fair opportunity to compete.
• 28:37
  Speaker 1: Right, I love that, a fair opportunity. Here's another tweet
• 28:41
  Speaker 1: by you, in a surprise absolutely to no one. It
• 28:43
  Speaker 1: turns out humor is not interested in passing crypto legislation
• 28:48
  Speaker 1: this year. So ignore what they say, watch what they do.
• 28:51
  Speaker 1: You know, we saw Schumer do a cameo I feel
• 28:54
  Speaker 1: like was his position on the crypto for aras event
• 28:58
  Speaker 1: that was held, and I I wasn't a believer that
• 29:01
  Speaker 1: he would even have done it. I'm assuming that was
• 29:03
  Speaker 1: done as a favorite to Mark Cuban. Is my only
• 29:05
  Speaker 1: thinking that that was even why I was mentioned. But
• 29:09
  Speaker 1: obviously this gets a big zero. Again, do you think
• 29:13
  Speaker 1: we're going to get any regulation passed this year? I know,
• 29:16
  Speaker 1: we only have like another forty five days of you know,
• 29:20
  Speaker 1: the House and the Senate to be in you know
• 29:23
  Speaker 1: in session, But what are your thoughts. Do you think
• 29:25
  Speaker 1: we'll get one?
• 29:26
  Speaker 3: Possibly extremely unlikely. I mean this Senator Schumer is the
• 29:34
  Speaker 3: traffic cop for what goes through the Senate and what
• 29:38
  Speaker 3: gets considered and what gets voted on. So he's saying
• 29:42
  Speaker 3: that's not going to happen. That he's put out a
• 29:45
  Speaker 3: letter with his priorities, and there's not much time left anyway,
• 29:49
  Speaker 3: And it's a very complex issue. A market structure bill
• 29:53
  Speaker 3: for a new market is a very complex undertaking. So
• 29:58
  Speaker 3: I think what we need to do is think about
• 30:01
  Speaker 3: how the House and the Senate are going to be
• 30:03
  Speaker 3: constituted next year, and hopefully there's enough people who are
• 30:09
  Speaker 3: sensible and knowledgeable about how crypto works and blockchain works
• 30:14
  Speaker 3: that we can have legislation that protects customers and gets
• 30:19
  Speaker 3: the fraud out of crypto, because we all know there
• 30:23
  Speaker 3: is fraud in crypto. That's why we want regulation. Sure,
• 30:28
  Speaker 3: Elizabeth Warren opposes regulation. She wants Gary Gensler to just
• 30:35
  Speaker 3: pick and choose victims and bankrupt them or force them
• 30:38
  Speaker 3: out of the United States and so and it.
• 30:42
  Speaker 1: Just creates such a disarray in the market, you know,
• 30:45
  Speaker 1: lack of regulation, which starts to weaken the system. The
• 30:48
  Speaker 1: infrastructure of the businesses that supported all of that starts
• 30:52
  Speaker 1: into play listen. If you guys want to change that,
• 30:55
  Speaker 1: there's one way to do it. You can go over
• 30:56
  Speaker 1: to John Deaton for Senate and of course contribute to
• 31:01
  Speaker 1: John's effort in his attempt to dethrone the leader of
• 31:06
  Speaker 1: the anti crypto army. And that's of course with Elizabeth Warren.
• 31:10
  Speaker 2: Listen, James. It's always fun to have you on the show.
• 31:12
  Speaker 2: Thank you.
• 31:13
  Speaker 1: We do appreciate your insights and really understanding this market.
• 31:17
  Speaker 1: So thank you again for all the work you're doing
• 31:19
  Speaker 1: and support. We do appreciate it. Thanks for stopping in.
• 31:23
  Speaker 3: Thanks Paul, it's always great being on with you.
• 31:25
  Speaker 1: You bet all right, So you guys are tuned in
• 31:27
  Speaker 1: maybe on the podcast side of things, make sure and
• 31:29
  Speaker 1: jump in over on the YouTube channel. And by the way,
• 31:31
  Speaker 1: go ahead and subscribe right now. All you have to
• 31:35
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• 31:37
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• 31:39
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• 31:41
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• 31:43
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• 31:45
  Speaker 1: so check that out and of course follow me on X.
• 31:48
  Speaker 1: It's just at Paul Barron. We'll catch you next time
• 31:50
  Speaker 1: right here on Techpath.
• 31:52
  Speaker 3: Thank