Latest / The Paul Barron Crypto Show / Elizabeth Warren Exposed in Crypto Debanking Scheme!🔥U.S. Senate Hearing

Transcript

Elizabeth Warren Exposed in Crypto Debanking Scheme!🔥U.S. Senate Hearing · The Paul Barron Crypto Show

• 0:07
  Speaker 1: Let's dive into the d Banking hearing today that's happening
• 0:09
  Speaker 1: on Capitol Hill. We've got a lot for you. Stick around.
• 0:12
  Speaker 1: My name is Paul Barrel. Welcome back into tech Path.
• 0:14
  Speaker 1: We will be talking about this today because this is
• 0:16
  Speaker 1: the first hearing that we've had in a very long time,
• 0:19
  Speaker 1: and technically it's the first hearing of this administration related
• 0:23
  Speaker 1: to all of what's happening in crypto. So we're going
• 0:25
  Speaker 1: to give you a full rundown. Don't miss this episode.
• 0:27
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• 0:30
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• 0:57
  Speaker 1: Use the link down below to get started. Let's go
• 0:59
  Speaker 1: over to a couple of I want to hit on
• 1:00
  Speaker 1: right here. This was the company that was pretty much
• 1:04
  Speaker 1: the center of the attention around what was happening around
• 1:07
  Speaker 1: the d banking hearing, and this was Anchorage Digital. So
• 1:10
  Speaker 1: they give a full rundown on what happened to them.
• 1:14
  Speaker 1: I think you're going to like this. Take a look.
• 1:17
  Speaker 2: One day in June of twenty twenty three, we received
• 1:20
  Speaker 2: an urgent email from the bank saying they need to
• 1:22
  Speaker 2: speak with us. That day, they told us they were
• 1:24
  Speaker 2: closing our account in thirty days because they were not
• 1:26
  Speaker 2: comfortable with our crypto clients. They refused to provide any
• 1:29
  Speaker 2: further explanation.
• 1:30
  Speaker 3: I was shocked.
• 1:31
  Speaker 2: We had extreme difficulty finding new bank partners. We spoke
• 1:35
  Speaker 2: to about forty banks across the country and were rejected
• 1:38
  Speaker 2: by all of them, many telling us that they had
• 1:40
  Speaker 2: a blanket policy against serving crypto clients. I have at
• 1:43
  Speaker 2: least two employees that have de banked. I have spoken
• 1:46
  Speaker 2: to dozens of crypto leaders that have been debanked personally
• 1:49
  Speaker 2: or had their crypto companies debanked. To this day, our
• 1:52
  Speaker 2: clients lack the ability to send wire transfers to third parties.
• 1:55
  Speaker 4: We are community bank that does do character loans and
• 1:58
  Speaker 4: we would love to have your business. Nathan. We have
• 2:01
  Speaker 4: a program on being the on and off ramp for
• 2:03
  Speaker 4: crypto and we would love your business.
• 2:06
  Speaker 3: Do you have on you bet?
• 2:08
  Speaker 4: We've got.
• 2:10
  Speaker 3: All right.
• 2:11
  Speaker 1: So it's interesting to see all of this happen because
• 2:13
  Speaker 1: many people would look at the banks and say, hey,
• 2:15
  Speaker 1: it's you know, was it the bank's fault? Wasn't not
• 2:17
  Speaker 1: the bank's fault? And I just want to make a
• 2:20
  Speaker 1: statement here because this is something that you know, we've
• 2:22
  Speaker 1: had an experience too. Not that we got the bank,
• 2:24
  Speaker 1: but we were in a position where we were trying
• 2:27
  Speaker 1: to get a business license in a certain place here
• 2:29
  Speaker 1: in Florida, and because we were related to crypto, we
• 2:32
  Speaker 1: were denied a business license. That is the kind of
• 2:35
  Speaker 1: things in the debauchery that was going on inside of
• 2:39
  Speaker 1: all of this. I want to go to another clip
• 2:41
  Speaker 1: because this will get into was it the bank's fault
• 2:44
  Speaker 1: or not? Take a look.
• 2:45
  Speaker 4: You were simply part of a legal industry that banks
• 2:49
  Speaker 4: were told by regulators would be a problem for the bank.
• 2:55
  Speaker 5: Is that correct?
• 2:56
  Speaker 3: That's right?
• 2:57
  Speaker 5: Which banks?
• 2:58
  Speaker 4: Well, I think it's been publicly reporter that Bank of
• 3:00
  Speaker 4: America has certainly picked and choose winners as well. Else
• 3:03
  Speaker 4: I think Chase Ban, Cass, who else? I think City Bank, Cass,
• 3:07
  Speaker 4: who else? I think Key Bank, Cass, who else. I'm
• 3:11
  Speaker 4: gonna probably run out of names pretty soon, But I
• 3:13
  Speaker 4: think the megabanks are.
• 3:14
  Speaker 6: We need to get those banks in here, mister charm
• 3:18
  Speaker 6: we need to get all those CEOs in here, I
• 3:20
  Speaker 6: would agree.
• 3:21
  Speaker 7: Et.
• 3:22
  Speaker 2: Actually, I actually don't think that they did that. Many
• 3:24
  Speaker 2: of the large banks in the country were actually in
• 3:27
  Speaker 2: active conversations with Anchorage to add crypto as an offering.
• 3:31
  Speaker 2: They were looking to maybe become crypto custodians themselves or
• 3:34
  Speaker 2: expand into that business line, which makes it so clear
• 3:37
  Speaker 2: that this was not something that they wanted to do. Rather,
• 3:39
  Speaker 2: they wanted to embrace crypto.
• 3:42
  Speaker 8: All right.
• 3:42
  Speaker 1: So I think it's still up in the area as
• 3:44
  Speaker 1: to how much involvement the banks had or were they
• 3:48
  Speaker 1: trying to appease regulators. Just remember that City Bank was
• 3:52
  Speaker 1: the bank that d banked Ripples individual CEO, Brad garling House.
• 3:58
  Speaker 1: This wasn't Ripple, the company was him personally. So those
• 4:02
  Speaker 1: are a little bit different kind of scenarios when they
• 4:05
  Speaker 1: start coming after your personal accounts. And this is something
• 4:08
  Speaker 1: that happens within a major banking ecosystem that is regulated
• 4:12
  Speaker 1: by the federal government so much including the FDIC. I
• 4:16
  Speaker 1: want to go to another clip. This will get into
• 4:17
  Speaker 1: where Senator Lummis gets into hard proof about this and
• 4:22
  Speaker 1: how it's going to change.
• 4:23
  Speaker 7: Take a look internal memo within the FAT. It says
• 4:29
  Speaker 7: Reserve Bank staff generally should consider the conduct of the
• 4:33
  Speaker 7: institution and its leadership, and whether association with the institution
• 4:39
  Speaker 7: poses undue reputational risk to the Reserve Bank. Is the
• 4:45
  Speaker 7: institution's leadership associated with controversial commentary or activities? What is
• 4:53
  Speaker 7: a controversial comment or activity?
• 4:56
  Speaker 3: What is that, Senator, I have no idea.
• 4:58
  Speaker 7: Is it in the eye of the beh.
• 5:00
  Speaker 3: It's completely in the eye of the beholder.
• 5:02
  Speaker 4: Yes, I feel like that was written for me.
• 5:07
  Speaker 1: That's the kind of thing you see in countries that
• 5:10
  Speaker 1: appear on o fact.
• 5:11
  Speaker 3: Lists, and that chart puts my hair on fire. This morning,
• 5:15
  Speaker 3: FDIC Acting Chairman travisil released one hundred and seventy five
• 5:20
  Speaker 3: documents relating to its supervision of banks who are attempting
• 5:24
  Speaker 3: to engage in crypto related activities.
• 5:26
  Speaker 2: I've actually printed out one of the documents that came
• 5:29
  Speaker 2: from the FDIC dropped this morning. It's right there in
• 5:31
  Speaker 2: plane letters quoting we respectfully ask that you pause all
• 5:35
  Speaker 2: crypto asset related activity.
• 5:37
  Speaker 7: What I would call this is hard proof of operation
• 5:41
  Speaker 7: choke point.
• 5:44
  Speaker 1: I'm just blown away by the continuation in this hearing
• 5:46
  Speaker 1: of what they're revealing. This next clip is where Elizabeth Warren,
• 5:51
  Speaker 1: one of our biggest you know, I won't say enemies,
• 5:54
  Speaker 1: but one of the biggest anti crypto people out there,
• 5:57
  Speaker 1: goes a little bit further in gaslights crypto companies. Take
• 6:01
  Speaker 1: a look.
• 6:01
  Speaker 9: For me, this is straightforward. It doesn't matter who you
• 6:04
  Speaker 9: voted for, what you believe in, or the origin of
• 6:07
  Speaker 9: your last name. People shouldn't be arbitrarily denied access to
• 6:12
  Speaker 9: their banks, locked out of their accounts, or stripped of
• 6:16
  Speaker 9: their banking privileges.
• 6:18
  Speaker 4: SAD one twenty one. I don't know how that passed
• 6:20
  Speaker 4: the Laft test. To think that if you're holding a
• 6:23
  Speaker 4: customer's crypto, that you've got to book that as a
• 6:25
  Speaker 4: liability and then put capital against it is ridiculous, and
• 6:28
  Speaker 4: thankfully that's been rescinded.
• 6:30
  Speaker 3: All right.
• 6:30
  Speaker 1: Just to remember that Warren was the one who essentially
• 6:33
  Speaker 1: kind of came in with that last minute administration power
• 6:37
  Speaker 1: to continue to withhold or not to extend SAB one
• 6:41
  Speaker 1: twenty one, and that came down from White House, the
• 6:43
  Speaker 1: administration itself. That was Biden. So just remember that was
• 6:46
  Speaker 1: a big factor. Here, here's a clip that goes the
• 6:49
  Speaker 1: other way in a confession by Warren, and they explained
• 6:52
  Speaker 1: it a little bit more.
• 6:53
  Speaker 9: Here, take a look that Elizabeth Warren sided with Scott
• 6:57
  Speaker 9: and with President Trump when it came to the issue
• 7:00
  Speaker 9: of debanking.
• 7:01
  Speaker 1: What did you make of that exchange with her?
• 7:03
  Speaker 6: In that exchange, I guess Elizabeth Warren had to come clean.
• 7:06
  Speaker 6: And I guess because those twenty eight letters came out
• 7:10
  Speaker 6: the FBI c directly told banks do not do business
• 7:13
  Speaker 6: with crypto companies. She had to confess that what they
• 7:17
  Speaker 6: were doing was wrong.
• 7:20
  Speaker 1: All right Now, I just don't think that that's a
• 7:22
  Speaker 1: win just yet, all right, because Warren has her ways,
• 7:26
  Speaker 1: and this clip will show you that she's continuing her antics.
• 7:30
  Speaker 3: Take a look.
• 7:31
  Speaker 8: I think the bank regulators are trying to react to
• 7:35
  Speaker 8: a relatively new phenomena. Crypto is about a decade.
• 7:39
  Speaker 4: It shouldn't take ten years, respectfully.
• 7:42
  Speaker 8: No, but North Careera makes a lot of money through
• 7:45
  Speaker 8: crypto operations. It was terrorist groups shoes it too, So
• 7:49
  Speaker 8: I think there has to be a heightened awareness both
• 7:52
  Speaker 8: in the industry and also within the regulators. And that's
• 7:58
  Speaker 8: a factor that's not current that it's not as prominent
• 8:01
  Speaker 8: in other banking institutions that don't deal with crypto.
• 8:04
  Speaker 3: Dictators in North Korea being empowered by crypto.
• 8:08
  Speaker 4: What type of cryptocurrency did al Capone use?
• 8:11
  Speaker 2: Primarily the privacy coin known as the US dollar, gotcha?
• 8:14
  Speaker 3: Okay, So I'll look that one up, see if we
• 8:16
  Speaker 3: can ban that one.
• 8:17
  Speaker 4: How about Pablo Escobar gave a lot of reputational risks
• 8:20
  Speaker 4: to fellow Colombians and what he did.
• 8:22
  Speaker 6: What kind of crypto did he use?
• 8:24
  Speaker 2: I don't think he used any crypto, gotcha?
• 8:26
  Speaker 4: So maybe money laundering wasn't invented by digital currencies?
• 8:32
  Speaker 5: Would that be fair to say?
• 8:33
  Speaker 3: Very fair to say.
• 8:34
  Speaker 1: Okay, I'm telling you, man, the stuff we're going through
• 8:37
  Speaker 1: here is ridiculous. All right, here's Kevin Wasaki. He's talking
• 8:40
  Speaker 1: about a movement here from Anchor's digital Let me to
• 8:43
  Speaker 1: zoom in on that right here is now of course,
• 8:45
  Speaker 1: is going to be the co chair of both the
• 8:46
  Speaker 1: stable coin and the government relations working groups at the
• 8:49
  Speaker 1: Blockchain Association. So I'd love to see this because finally
• 8:53
  Speaker 1: we're getting people starting to move into a space where
• 8:57
  Speaker 1: crypto is appreciated, blockchain is appreciated, and we're going to
• 9:01
  Speaker 1: see this start to shift, I think in the media
• 9:03
  Speaker 1: narrative more so than just the talking heads coming out
• 9:06
  Speaker 1: of DC. There's a big movement here, guys going forward.
• 9:09
  Speaker 1: So I'm looking forward to this. All right, on to
• 9:11
  Speaker 1: another news And this was happening kind of in the
• 9:13
  Speaker 1: hearing itself because they were trying to figure out, well,
• 9:16
  Speaker 1: you know, this is how blockchain could be utilized. One
• 9:18
  Speaker 1: of the things that is being considered right now Eel
• 9:21
  Speaker 1: and Musk supporting putting the US Treasury transactions on a
• 9:24
  Speaker 1: blockchain for full transparency. And again this is still complicated.
• 9:28
  Speaker 1: We haven't seen a blockchain being selected out of DC yet,
• 9:31
  Speaker 1: but I imagine doose is going to be moving pretty
• 9:33
  Speaker 1: quickly in this direction. This is the other clip I
• 9:36
  Speaker 1: wanted to play because this is just another people they
• 9:38
  Speaker 1: don't understand this. I understand, I get this. We're not
• 9:41
  Speaker 1: making fun of anybody, but it shows you why and
• 9:44
  Speaker 1: how this is going to change in the future.
• 9:47
  Speaker 3: Take a look.
• 9:48
  Speaker 5: This is about the kind of payment system we're going
• 9:50
  Speaker 5: to have in our country. I believe that would cause
• 9:53
  Speaker 5: reputational risk. We don't know if the dog crowd. We
• 9:59
  Speaker 5: have no fricking idea. We have no idea, and we're
• 10:06
  Speaker 5: gonna sit silently by client. I believe their reputation we
• 10:13
  Speaker 5: go straight to hell. And we don't know for sure
• 10:16
  Speaker 5: whether this is a read only ability or read and write.
• 10:19
  Speaker 1: The Treasury we just put this out currently Treasury staff
• 10:22
  Speaker 1: members working with Tom Krass, a Treasury employee, will have
• 10:26
  Speaker 1: read only access.
• 10:27
  Speaker 5: Just to mister Chairman, you know, mister Truman, I just
• 10:31
  Speaker 5: liked it. So you you are saying that is read
• 10:34
  Speaker 5: only and not read and write.
• 10:36
  Speaker 3: That's what the treasure is.
• 10:37
  Speaker 1: And I hate it when they get fact checked right
• 10:42
  Speaker 1: in the middle of their their rant. Don't you hate that?
• 10:44
  Speaker 3: I love it? Actually all right.
• 10:46
  Speaker 1: Other things that are happening out there is hash fire
• 10:49
  Speaker 1: right here. Today's dose payment controversy shows how fragmented records
• 10:52
  Speaker 1: breed confusion. This is the problem that we're going to
• 10:54
  Speaker 1: continue to see, possibly resolved by blockchain within the federal government.
• 10:59
  Speaker 1: Further in to that, this is where John wu is saying, hey,
• 11:02
  Speaker 1: Dosee needs Avalanche, and there's some interesting things here because
• 11:06
  Speaker 1: he points out something that is very critical. You got
• 11:09
  Speaker 1: to remember who's running Doze, the government efficiency company, and
• 11:12
  Speaker 1: who is behind Doze as a blockchain and as a
• 11:16
  Speaker 1: meme coin. But if you go down here at the bottom,
• 11:19
  Speaker 1: it says fee customizability. You don't have to hold they've
• 11:22
  Speaker 1: acts for gas if you don't want to. In fact,
• 11:24
  Speaker 1: you can use whateverever you want for gas, even doze
• 11:27
  Speaker 1: coin or a totally abstract to get away from your users.
• 11:31
  Speaker 1: So that's interesting because if we are going to see
• 11:34
  Speaker 1: a blockchain that could possibly be in a variety of
• 11:37
  Speaker 1: these government's very possible. We're going to see a lot
• 11:39
  Speaker 1: of blockchains being utilized across the network array that we
• 11:43
  Speaker 1: see out there in the industry, but this would be
• 11:45
  Speaker 1: one for sure. So I'm keeping an eye on Avalanche
• 11:48
  Speaker 1: going forward. Just so you guys know, there is another
• 11:52
  Speaker 1: kind of part two of this choke point hearing that's
• 11:54
  Speaker 1: coming up, and we will get this one out to
• 11:56
  Speaker 1: you as well, a full run down on it. I
• 11:59
  Speaker 1: think you guys will lie. It's you know, I guess
• 12:02
  Speaker 1: the season for hearings We're going to see more of
• 12:04
  Speaker 1: them for sure. I want to go to one more
• 12:06
  Speaker 1: clip and kind of in this off take a look, man,
• 12:41
  Speaker 1: I'm telling you, even though coy basis our advertiser, in
• 12:44
  Speaker 1: this episode, they get right to the point about this
• 12:47
  Speaker 1: and these are the things that are changing now in DC.
• 12:50
  Speaker 1: And I don't know that this would have happened and
• 12:52
  Speaker 1: we not got Trump in the office. So there's a
• 12:54
  Speaker 1: big deal, a lot of things going on over the
• 12:56
  Speaker 1: next four years crypto. I believe blockchain is a to explode.
• 13:00
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• 13:03
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