Latest / The Paul Barron Crypto Show / Operation Chokepoint 2.0🚨U.S. Crypto Hearing🔥Anti-Crypto Army Returns!

Transcript

Operation Chokepoint 2.0🚨U.S. Crypto Hearing🔥Anti-Crypto Army Returns! · The Paul Barron Crypto Show

• 0:07
  Speaker 1: More hearings on the choke point two point zero. We're
• 0:09
  Speaker 1: gonna break it down for You've got a lot of
• 0:11
  Speaker 1: clips that will give you a quick recap of what's
• 0:14
  Speaker 1: happening in DC and it's all good for crypto. Don't
• 0:17
  Speaker 1: miss it. My name is Pabera, Welcome back in a
• 0:19
  Speaker 1: tech path. I do want to thank our sponsor today.
• 0:21
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  Speaker 1: works for you and get your own crypto IRA. Let's
• 0:50
  Speaker 1: go over to a couple of points I want to
• 0:51
  Speaker 1: hit on. Yesterday, we did this video right here, which
• 0:55
  Speaker 1: was the US Senate hearing on crypto censorship basically choke
• 0:59
  Speaker 1: point two point zero. This was part one, very good.
• 1:02
  Speaker 1: If you haven't seen that video, go back and watch
• 1:03
  Speaker 1: it because it's a full rundown on everything that's going
• 1:06
  Speaker 1: on around Choke point two point zero. If you don't
• 1:09
  Speaker 1: know what that is, Basically it was where the FED
• 1:11
  Speaker 1: was putting all kinds of constraints on businesses if you
• 1:16
  Speaker 1: were in the crypto community. So go watch the whole video.
• 1:19
  Speaker 1: You'll get a good understanding where it's going. All right,
• 1:21
  Speaker 1: so let's go to the hearing. This is the first
• 1:25
  Speaker 1: big hearing coming out of the House now all based
• 1:28
  Speaker 1: on crypto, especially with this new administration. So we'll do
• 1:31
  Speaker 1: a full breakdown. You got coinbase in here and quite
• 1:34
  Speaker 1: a few others. I want to jump to the first clip,
• 1:36
  Speaker 1: and the first clip is going to get into basically
• 1:39
  Speaker 1: the Democrats looking at Choke point two point zero what
• 1:41
  Speaker 1: they think. Take a look.
• 1:43
  Speaker 2: The name Operation two point zero refers to a fake program.
• 1:48
  Speaker 2: The Biden administration did not prohibit banks from dealing with
• 1:53
  Speaker 2: crypto currency companies.
• 1:55
  Speaker 3: It's going to be about fake oversight over the crypto
• 1:58
  Speaker 3: policy of former President Biden. He isn't even in power anymore.
• 2:03
  Speaker 2: This hearing aids the Trump pro crypto agenda. He issued
• 2:08
  Speaker 2: what I called a money Trump mean coin investors may
• 2:15
  Speaker 2: be overpaying for something of dubious value.
• 2:18
  Speaker 4: The facts and evidence show that standing with crypto often
• 2:22
  Speaker 4: means standing with those who engage in high risk, if
• 2:25
  Speaker 4: not illegal, and criminal activities with a highly volatile product
• 2:29
  Speaker 4: that has no legitimate social use and could endanger the
• 2:33
  Speaker 4: entire financial system.
• 2:34
  Speaker 3: But saying that President Baden's policies discriminated against crypto firms
• 2:38
  Speaker 3: isn't a serious take. Raise your hand if you've been
• 2:41
  Speaker 3: overloaded this week with urgent calls from constituents worried about
• 2:45
  Speaker 3: how President Baden treated crypto firms. Okay, I didn't get
• 2:52
  Speaker 3: any calls about this this week.
• 2:54
  Speaker 1: All right, So this next clip we'll get into the
• 2:57
  Speaker 1: key lead council for Coinbase. This is Paul grat Well.
• 3:00
  Speaker 1: It gets into a lot about things that have already
• 3:03
  Speaker 1: been out there, but he reiterates it there in the house.
• 3:06
  Speaker 2: Take a look.
• 3:07
  Speaker 4: How has the regulation by enforcement approach hurt us leadership
• 3:11
  Speaker 4: in technology and financial innovation?
• 3:14
  Speaker 1: How hasn't it hurt us that denial was found to
• 3:17
  Speaker 1: be arbitrary, capricious, and the reasoning vacuous by US Court
• 3:20
  Speaker 1: of Appeals.
• 3:21
  Speaker 5: Now much over and over again, we were thwarted.
• 3:23
  Speaker 6: We were told, thank you and go away.
• 3:26
  Speaker 5: I thank you.
• 3:27
  Speaker 7: I'm sorry.
• 3:28
  Speaker 6: You see this in many of the FDIC pause letters
• 3:31
  Speaker 6: where they just say crypto is bad and you ask them, well,
• 3:33
  Speaker 6: why do you think crypto is bad? And they say
• 3:35
  Speaker 6: because it's risky, And you ask them, well, why do
• 3:37
  Speaker 6: you think it's risky? And they say because it's bad,
• 3:40
  Speaker 6: and they never really give any fundamental justification for why
• 3:43
  Speaker 6: it might be risky for say mister Teal's company to
• 3:46
  Speaker 6: make payroll right or pay their rent all right.
• 3:50
  Speaker 1: So a lot happening there. Yes, we established some of
• 3:53
  Speaker 1: this around yesterday's video, but it does get into the
• 3:57
  Speaker 1: premise of why this is so important. This is where
• 4:01
  Speaker 1: we go into Rashida Talib and her breakdown.
• 4:04
  Speaker 5: Take a look, what would you say to a family
• 4:07
  Speaker 5: member that came up to you super excited to invest
• 4:10
  Speaker 5: in crypto or digital assets.
• 4:12
  Speaker 4: To encourage them to go to a traditional bank.
• 4:15
  Speaker 5: I raised the question because in coin bases, and it's
• 4:19
  Speaker 5: in consultants complaint against the FDIC. What actually happened around
• 4:24
  Speaker 5: twenty twenty two. I mean, they were going to play dumb,
• 4:26
  Speaker 5: but we're not. We know what happened. Investors lost two
• 4:30
  Speaker 5: trillion during what we call what crypto Winter. They failed.
• 4:34
  Speaker 5: I mean, this is two trillion dollars.
• 4:37
  Speaker 2: True, but they.
• 4:38
  Speaker 5: Act like poof who just like picking on them. True,
• 4:41
  Speaker 5: so I were picking on them. They messed up.
• 4:47
  Speaker 1: It's called a bear market. That's how those things work.
• 4:50
  Speaker 1: Those markets work across all markets. In fact, whether you're
• 4:53
  Speaker 1: in commodities, securities doesn't matter, real estate, almost any market
• 4:57
  Speaker 1: out there. And of course, if you look at where
• 4:59
  Speaker 1: crypto has gone since then, it has completely done a pivot.
• 5:04
  Speaker 1: So this is kind of getting getting interesting. They go
• 5:06
  Speaker 1: a little bit further into the situation with Silvergate Bank,
• 5:10
  Speaker 1: and I know you probably don't know everything about what's happened.
• 5:13
  Speaker 1: Here here's a clip to kind of explain what was
• 5:15
  Speaker 1: going on with Silvergate and Signature, the two banks in question.
• 5:18
  Speaker 8: Take a look.
• 5:19
  Speaker 2: Silvergate Bank and Signature Bank, two key crypto firms, failed
• 5:26
  Speaker 2: in part due to their involvement with the digital asset sector.
• 5:31
  Speaker 5: All of a sudden, you guys all got the knock
• 5:33
  Speaker 5: on the door. Something was happening.
• 5:38
  Speaker 7: We banked with Signature, and when the FDIC shut them
• 5:43
  Speaker 7: down and Flagstar took over the accounts, none of the
• 5:46
  Speaker 7: crypto accounts were allowed to be part of those assets acquired,
• 5:50
  Speaker 7: and we were forced to immediately seek accounts with other banks.
• 5:54
  Speaker 7: We were able to open an account with another bank,
• 5:58
  Speaker 7: deposited seventy million dollars after going through all the approval processes,
• 6:02
  Speaker 7: and six days later we're told we have to shut
• 6:04
  Speaker 7: down the accounts because our bank no longer will bank
• 6:06
  Speaker 7: crypto companies.
• 6:08
  Speaker 8: And what did they say?
• 6:10
  Speaker 7: A policy decision by the bank that they would no
• 6:12
  Speaker 7: longer serve as crypto companies period. And we were asked
• 6:16
  Speaker 7: to withdraw our money. And I think it was twenty
• 6:18
  Speaker 7: four hours or seventy two hours, no explanation, just by FIAT.
• 6:23
  Speaker 6: Yes, because some actors in a space are bad, we
• 6:27
  Speaker 6: will therefore dbank all of the actors in a space,
• 6:30
  Speaker 6: which you will notice is was the rationale behind redlining
• 6:33
  Speaker 6: and the denial of banking services to minorities in the past.
• 6:38
  Speaker 1: Welcome to what's happening in crypto out there. This is
• 6:41
  Speaker 1: where it gets kind of crazy, because it's still not
• 6:45
  Speaker 1: yet completely understood I think by Congress in general when
• 6:49
  Speaker 1: you look at DC. And this will give a little
• 6:51
  Speaker 1: bit more clarity. Here's Green going in a little bit
• 6:54
  Speaker 1: about the complexity of crypto.
• 6:56
  Speaker 2: Take a look at some points has to act. I've
• 7:04
  Speaker 2: seen Chairman Waters. She and mister McHenry work to try
• 7:10
  Speaker 2: to give us the guard reels, but it's difficult to
• 7:14
  Speaker 2: satisfy enough members to get something done. So I thank
• 7:27
  Speaker 2: you for your testimony, and I assure you I'm going
• 7:30
  Speaker 2: to do what I can to make sure that you're
• 7:32
  Speaker 2: being treated fairly. But I if I'm going to air,
• 7:36
  Speaker 2: it will be on the side of regulating and not deregulating.
• 7:41
  Speaker 1: All right, So you can see the direction of the
• 7:43
  Speaker 1: dams are pretty much drawn the line in the sand.
• 7:46
  Speaker 1: It is going to be a little bit of a fight,
• 7:47
  Speaker 1: I think, but in general, I think this is going
• 7:50
  Speaker 1: to continue to be a juggernaut through DC in terms
• 7:55
  Speaker 1: of getting a lot of this stuff relieved of what's
• 7:57
  Speaker 1: been happening in the crypto community. All right, So as
• 7:59
  Speaker 1: you know, you know, with what's been happening around the
• 8:02
  Speaker 1: DEMS and also the shift in DC in terms of
• 8:04
  Speaker 1: the administration, they still haven't got the message here. And
• 8:09
  Speaker 1: I think it's clear because they think that it's not
• 8:11
  Speaker 1: hurting businesses, and in fact it is, and you've got
• 8:14
  Speaker 1: an administration who's very pro business here. Scott Besson basically
• 8:18
  Speaker 1: kind of echoing that.
• 8:19
  Speaker 9: Take a look it appears as if this administration might
• 8:23
  Speaker 9: be unfriendly to businesses.
• 8:25
  Speaker 8: Is that right?
• 8:26
  Speaker 1: I really I want to jump to this tweet right
• 8:30
  Speaker 1: here justin Elon Musk states the US Treasury should be
• 8:33
  Speaker 1: put on the blockchain, and of course yes, is where
• 8:36
  Speaker 1: this came from in terms of Elon. And this is
• 8:39
  Speaker 1: a big deal because it's going to open up an
• 8:40
  Speaker 1: opportunity I think for a lot of blockchains that are
• 8:43
  Speaker 1: kind of going in that direction. And Bessett goes on
• 8:46
  Speaker 1: to say a little bit more around how this could
• 8:49
  Speaker 1: be effective in saying saving taxpayers money.
• 8:53
  Speaker 2: Take a look.
• 8:54
  Speaker 9: It is almost impossible to overstate how important the work
• 8:58
  Speaker 9: that is done in this building is the US financial system.
• 9:01
  Speaker 9: Yet right now there is widespread concern about the DOGE
• 9:04
  Speaker 9: team's access to sensitive payment systems.
• 9:08
  Speaker 8: So Leiah, thank you for asking me about that, because
• 9:10
  Speaker 8: there's a lot of misinformation out there. First of all,
• 9:13
  Speaker 8: when you say the DOGE team, these are Treasury employees,
• 9:17
  Speaker 8: it are two Treasury employees. There is no tinkering with
• 9:21
  Speaker 8: the system. They are on read only. It is an
• 9:25
  Speaker 8: operational program to suggest improvement. So we make one point
• 9:30
  Speaker 8: three billion payments a year. And by the way, the
• 9:33
  Speaker 8: ability to change the system sits over at the Federal Reserve,
• 9:36
  Speaker 8: so it doesn't even lie in this building. We don't
• 9:40
  Speaker 8: even run the system.
• 9:41
  Speaker 9: And if they ask for if they request the ability
• 9:45
  Speaker 9: to change the system, would you grant that.
• 9:47
  Speaker 8: No, Again, they have no ability to change the system.
• 9:51
  Speaker 8: I have no ability to grant that change. They can
• 9:54
  Speaker 8: make suggestions. Then it would go to the Federal Reserve,
• 9:57
  Speaker 8: and just like any large erp system, there would be tests.
• 10:02
  Speaker 8: There would be this, there would be that, and then
• 10:04
  Speaker 8: the Fed will determine whether these changes are robust or not.
• 10:08
  Speaker 8: Elin and I are completely aligned in terms of cutting
• 10:12
  Speaker 8: waste and increasing accountability and transparency. I believe that this
• 10:17
  Speaker 8: dose program in my adult life, is one of the
• 10:21
  Speaker 8: most important audits of government or changes to government structure
• 10:25
  Speaker 8: we have seen. And I think that there are gigantic
• 10:28
  Speaker 8: cost savings for the American people here. And I think
• 10:31
  Speaker 8: it's unfortunate the way the media wants to land poom.
• 10:34
  Speaker 8: What is going on. This is methodical and it is
• 10:38
  Speaker 8: going to yield big savings.
• 10:41
  Speaker 1: This is going to be a big event happening for
• 10:43
  Speaker 1: the next four years. I think we are going to
• 10:45
  Speaker 1: see an unbelievable amount of government waste and it's going
• 10:50
  Speaker 1: to be exposed. Obviously, this is just part of it.
• 10:52
  Speaker 1: That of course was Scott Bessen's the Treasury secretary, and
• 10:55
  Speaker 1: if you look at Treasury Direct, because this is part
• 10:58
  Speaker 1: of where some of this is stems from, and you
• 11:00
  Speaker 1: look at the need for blockchain, I want to just
• 11:02
  Speaker 1: kind of flow down in here into some of the
• 11:05
  Speaker 1: processing times for you guys out there. You know, you
• 11:08
  Speaker 1: guys can get your own treasuries out there on this site,
• 11:11
  Speaker 1: but right now, transactions require at least two weeks of
• 11:14
  Speaker 1: processing a time. If bonds and or Treasury Direct accounts
• 11:17
  Speaker 1: are in your name, two weeks, four months. If you
• 11:20
  Speaker 1: have any kind of missing savings, bonds four months to process,
• 11:23
  Speaker 1: four months, six months, if you have any anything that's
• 11:27
  Speaker 1: including trust, that may require six months to process. So
• 11:30
  Speaker 1: this is the problem that we continuously see where blockchain
• 11:33
  Speaker 1: can resolve this literally overnight.
• 11:35
  Speaker 2: All right.
• 11:35
  Speaker 1: If you guys remember this was back in twenty twenty,
• 11:38
  Speaker 1: twenty twenty one when you were getting the stimulus, where
• 11:40
  Speaker 1: people were getting the stimulus checks and the IRS was
• 11:42
  Speaker 1: having problems tracing and tracking it. This is the kind
• 11:45
  Speaker 1: of thing that could be alleviated going forward, especially if
• 11:48
  Speaker 1: we start to implement blockchain into the future. Now, let's
• 11:51
  Speaker 1: remember that there's been an attempt on this. It was
• 11:54
  Speaker 1: fed now. You guys, remember that utilizing banks to be
• 11:57
  Speaker 1: able to use this, speed up the system, all that
• 11:59
  Speaker 1: kind of stuff. Right, Well, fed NOOW has now been
• 12:03
  Speaker 1: enacted and around nine hundred financial institutions have connected the
• 12:07
  Speaker 1: fed now network. This is a fraction of the eight
• 12:10
  Speaker 1: thousand firms that are out there. That was the goal.
• 12:13
  Speaker 1: And of course you look at smaller banks, regional banks,
• 12:16
  Speaker 1: et cetera. Being able to go into a system like
• 12:19
  Speaker 1: that this has the kind of flexibility is very difficult.
• 12:23
  Speaker 1: That's one of the reasons I think uptake on it
• 12:25
  Speaker 1: continues to be low. The last thing I want to
• 12:28
  Speaker 1: hit on is just some of the things that the
• 12:30
  Speaker 1: blockchain is community is trying to do to get some attention.
• 12:33
  Speaker 1: Here's Avalanche doing ten hours of a logo spinning. What's
• 12:37
  Speaker 1: that going to be, Well, it's going to put it
• 12:38
  Speaker 1: at the top live stream on x for a while.
• 12:41
  Speaker 1: Guess who that's going to get noticed from? Of course Elon.
• 12:45
  Speaker 1: Guess what Elon is doing trying to figure out how
• 12:47
  Speaker 1: to implement blockchain into doze and into government. So good,
• 12:51
  Speaker 1: move on. Avalanche. I think that was an interesting little trick.
• 12:54
  Speaker 1: There other things you got to watch for. Is this
• 12:57
  Speaker 1: hearing right here. This is the first one that we're
• 12:59
  Speaker 1: going to get past some of the things that have
• 13:01
  Speaker 1: been going in the past and actually going forward, and
• 13:05
  Speaker 1: that is a Golden Age assets. This is charting a
• 13:08
  Speaker 1: path forward. All this is going to be happening next
• 13:11
  Speaker 1: looks like next week we're going to see a whole
• 13:13
  Speaker 1: new host of characters coming in to talk about the
• 13:15
  Speaker 1: future of blockchain and how government can get out of
• 13:18
  Speaker 1: the way of innovation and start to make this the
• 13:21
  Speaker 1: next innovation, as they say, Golden age of digital assets.
• 13:25
  Speaker 2: So a lot.
• 13:25
  Speaker 1: Happening in DC. I don't think it's going to slow down, guys,
• 13:28
  Speaker 1: So make sure and stay tuned right here on PBN.
• 13:31
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• 13:33
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  Speaker 1: leave a link to our Telegram group. Get in on
• 13:38
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• 13:41
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• 13:43
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• 13:44
  Speaker 1: there on X at Paul Baron. We'll catch next time
• 13:47
  Speaker 1: right here on Tech Path