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Gary Gensler Fired Countdown💣Kamala's Final Chance?🔥 · The Paul Barron Crypto Show

• 0:06
  Speaker 1: Gensler going under fire from his fellow commissioners. We'll break
• 0:08
  Speaker 1: all that down for you guys today. You don't want
• 0:10
  Speaker 1: to miss that. The impact on elections and crypto is happening.
• 0:13
  Speaker 1: My name is Paulbara, Welcome back into tech path. I
• 0:16
  Speaker 1: do want to thank our sponsor today and that is Coinbase.
• 0:18
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• 0:20
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• 0:30
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• 0:32
  Speaker 1: get started. All right, let's go into a couple of
• 0:34
  Speaker 1: things today. I want to hit on what is happening
• 0:37
  Speaker 1: in the election around crypto voters. Of course you have
• 0:40
  Speaker 1: to look at polymarket, the one place where it is
• 0:44
  Speaker 1: driven off. Of course, Polygon a crypto platform out there.
• 0:48
  Speaker 1: It's kind of interesting how so many of mainstream media
• 0:50
  Speaker 1: is using this. But the key here is Trump is
• 0:53
  Speaker 1: now starting to edge outside the area of potential, you know, accuracy.
• 1:00
  Speaker 1: I think this scenario is going to play out not
• 1:02
  Speaker 1: good for Kamala Harris. I want to go to a
• 1:03
  Speaker 1: clip here with Tyt. This is Shank Kyueger. He's talking
• 1:07
  Speaker 1: about this very thing, and he's talking about poly markets.
• 1:09
  Speaker 2: So take a look.
• 1:10
  Speaker 3: But the reality is people are putting their money behind this.
• 1:13
  Speaker 3: So it's not like just knuckleheads going, oh, what's the
• 1:16
  Speaker 3: big deal. No, they're putting their money where their mouth is.
• 1:19
  Speaker 3: It's been right on a lot of things, and the
• 1:22
  Speaker 3: thing that it was most right about was Tim Walls.
• 1:24
  Speaker 3: And when I see something pretty, something better than I do,
• 1:27
  Speaker 3: I go, WHOA. Remember, everybody's in their bubble, and this
• 1:31
  Speaker 3: gives you the whole national bubble. And it's not rocket science.
• 1:34
  Speaker 3: You offer the average American things that they need and
• 1:38
  Speaker 3: things that they want. So when I saw that they
• 1:40
  Speaker 3: weren't doing the fundamentals right, I said, oh, now she's
• 1:43
  Speaker 3: going to lose the lead.
• 1:44
  Speaker 1: And she has the idea is everything that the Biden
• 1:48
  Speaker 1: administration is enforced, we're going to continue to see that
• 1:51
  Speaker 1: she isn't really implementing any different viewpoint or any change.
• 1:54
  Speaker 1: And of course, to Chenk's topic is that poly market
• 1:57
  Speaker 1: is sniffing this out right now. Holding in the fifty
• 2:00
  Speaker 1: four point four versus forty five point two, this has
• 2:03
  Speaker 1: been climbing pretty aggressively year, as you can kind of see.
• 2:06
  Speaker 1: Let me kind of zoom in on that for you
• 2:07
  Speaker 1: guys right there, you see the movement really that happened
• 2:10
  Speaker 1: around the fourth of October, and the split started to
• 2:14
  Speaker 1: occur over the past several days. So I want to
• 2:17
  Speaker 1: get to the tweet real quickly. This is on XRP,
• 2:20
  Speaker 1: and of course there's been so much activity within the
• 2:23
  Speaker 1: XRP community and a lot of the major capital behind
• 2:27
  Speaker 1: XRP trying to make this XRP ETF happen. And here's
• 2:31
  Speaker 1: just kind of a line list of things that are
• 2:33
  Speaker 1: going bit wise, Canary Capital, the swell event, all of
• 2:36
  Speaker 1: that's going to be happening around an XRP ETF. Now,
• 2:40
  Speaker 1: with that being said, while this is happening, you have,
• 2:44
  Speaker 1: of course the SEC still putting pressure on the industry
• 2:47
  Speaker 1: with Crypto dot Com. Of course, Crypto dot Com now
• 2:50
  Speaker 1: coming back in a cross file on a lawsuit against
• 2:52
  Speaker 1: the SEC. And I think this is only hurting the
• 2:55
  Speaker 1: Harris campaign in a big way because it shows government's
• 2:58
  Speaker 1: overreach problem that they've had for quiet sometime. This next
• 3:01
  Speaker 1: clip I want to go to. We'll get into some
• 3:03
  Speaker 1: detail and the detail is going around where Mark youu Ada?
• 3:07
  Speaker 1: Remember Mark you Ada, one of the commissioners at the
• 3:10
  Speaker 1: SEC right now, very pro crypto in case you guys
• 3:14
  Speaker 1: are brand new to that. Listen to what he said
• 3:16
  Speaker 1: on National TV.
• 3:17
  Speaker 4: But Crypto dot com is accusing the SEC of overstepping
• 3:20
  Speaker 4: its jurisdiction. Trying to me right now, is SEC Commissioner
• 3:23
  Speaker 4: Mark Uada? What is the SEC doing regarding crypto?
• 3:27
  Speaker 5: Our policies and our approach the last several years have
• 3:30
  Speaker 5: been just really a disaster for the whole industry. We've
• 3:34
  Speaker 5: done nothing to provide guidance on it. I think what
• 3:38
  Speaker 5: this wells noticed is and well, I won't comment on
• 3:40
  Speaker 5: the specifics of this litigation. What has gone on as
• 3:44
  Speaker 5: part of a broader frustration with the fact that we
• 3:47
  Speaker 5: have not provided interpretive guidance as to what you can
• 3:50
  Speaker 5: and cannot do. How you get regulator as a broker dealer,
• 3:53
  Speaker 5: how you get ready to exchange?
• 3:55
  Speaker 2: And I'm stunned and thrilled.
• 3:57
  Speaker 4: Mark, dear you say this an SEC commissioner, do you
• 4:00
  Speaker 4: feel within the organization that there has actually been overreach?
• 4:04
  Speaker 5: Well, as you say, I want to five commissions, so
• 4:06
  Speaker 5: I only get one vote and oftentimes I find myself
• 4:09
  Speaker 5: outvoted on these issues with my colleagues. You know, I
• 4:12
  Speaker 5: think within the agency, our agenda is directed by the Chairman,
• 4:17
  Speaker 5: Gary Gensler, and so the staff all follows his lead.
• 4:22
  Speaker 5: You know. The joke we have is we have about
• 4:24
  Speaker 5: five thousand ployets at the SEC. He controls four hundred,
• 4:27
  Speaker 5: four thousand, nine hundred ninety five.
• 4:29
  Speaker 2: I control five.
• 4:30
  Speaker 4: Wow, So so is that I mean, what's his motivation is?
• 4:34
  Speaker 5: You know, I won't speak for what Gary thinks as
• 4:37
  Speaker 5: his personal motivations are. He certainly has a perspective the
• 4:41
  Speaker 5: way I look at I've been with the agency for
• 4:43
  Speaker 5: eighteen years, done a lot of things involving regulation of securities,
• 4:47
  Speaker 5: and the approach work taking seems to be the wrong one.
• 4:50
  Speaker 4: Isn't that you speaking?
• 4:53
  Speaker 2: Oh my god, God bless you. Mark?
• 4:55
  Speaker 5: Well?
• 4:55
  Speaker 1: This is interesting because for him to do this on
• 4:57
  Speaker 1: national TV, even though it was Fox. I mean point
• 5:00
  Speaker 1: was is that the scenario might be shifting underneath Gesler
• 5:04
  Speaker 1: in terms of a position for the SEC itself. Now,
• 5:08
  Speaker 1: remember the SEC on Friday dropped this bomb and that
• 5:11
  Speaker 1: wassuing crypto marketmaker Cumberland DRW. I think this just goes
• 5:16
  Speaker 1: in alignment with what Mark you Ada was saying is
• 5:19
  Speaker 1: that they've taken the wrong approach around this. He knows
• 5:21
  Speaker 1: that DRW came in Cumberland, came in to register and
• 5:26
  Speaker 1: what the SEC simply said was, yeah, you can do everything,
• 5:29
  Speaker 1: but you can only do the bitcoin and Eth scenario,
• 5:32
  Speaker 1: even though Eth was not necessarily deemed a security at
• 5:36
  Speaker 1: the time. So the amount of side stepping and you know,
• 5:42
  Speaker 1: basically indecisiveness coming in out of the SEC, I think
• 5:45
  Speaker 1: is what Metalawman is hitting on. So the good thing
• 5:49
  Speaker 1: is is they're going right at them, so on a
• 5:51
  Speaker 1: counter suit, so that'll that'll be I think a good thing.
• 5:53
  Speaker 1: And that's the point is everybody's fighting back now, a
• 5:55
  Speaker 1: lot of people fighting back. You've got coin, crypto, dot
• 5:59
  Speaker 1: com now d all fighting back. I think this is
• 6:02
  Speaker 1: a big one for sure. Stuart Alderatti, who of course
• 6:05
  Speaker 1: has been at the forefront of this. Importantly, the SEC
• 6:08
  Speaker 1: already said they're not appealing the routing on XRP itself,
• 6:11
  Speaker 1: that it isn't a security, So that's done. They apologize
• 6:15
  Speaker 1: in the other case suggesting the token it self could
• 6:17
  Speaker 1: be a security. That's the law and the appeal on
• 6:19
  Speaker 1: these other issues doesn't really change it. So even if
• 6:21
  Speaker 1: they were to win the appeal, which unlikely that they will,
• 6:24
  Speaker 1: on the other scenarios, the fact that XRP is not
• 6:28
  Speaker 1: a security is still going to be the case. So
• 6:30
  Speaker 1: when you look at the XRP situation, they're now coming after,
• 6:33
  Speaker 1: Butnomial all based on the XRP futures contract, so again
• 6:37
  Speaker 1: they've also countersued. So the amount of lawfare that seems
• 6:42
  Speaker 1: to be going on right now with especially around XRP,
• 6:46
  Speaker 1: but even more importantly is the acceleration into crypto with
• 6:51
  Speaker 1: what's happening right now with the election, is mind boggling
• 6:54
  Speaker 1: to me because it really does put I think the
• 6:58
  Speaker 1: Harris campaign in a bad position here versus Bitnomial talking
• 7:01
  Speaker 1: about their going in and suing the SRC are SEC
• 7:04
  Speaker 1: over the XRP future situation, and they just challenge it, Hey,
• 7:08
  Speaker 1: XARP is already a security, You've already admitted that, we've
• 7:11
  Speaker 1: already had a ruling on this. Why are we doing
• 7:13
  Speaker 1: and going throughout these scenarios. I want to get into
• 7:16
  Speaker 1: two back to back clips here, and these clips will
• 7:18
  Speaker 1: go into a little bit more detail on where Yuada
• 7:22
  Speaker 1: thinks the future of the SEC should be going take
• 7:25
  Speaker 1: a look look.
• 7:26
  Speaker 4: Politico is reporting that robin Hood's chief legal officer, Dan Gallagher,
• 7:31
  Speaker 4: is emerging as a leading contender to head these Scruities
• 7:33
  Speaker 4: and Exchange Commission if former President Donald Trump is reelection
• 7:37
  Speaker 4: re elected. Gallagher is also a former SEC commissioner. Do
• 7:40
  Speaker 4: you believe that a Dan Gallagher or someone like that
• 7:43
  Speaker 4: would change the direction?
• 7:45
  Speaker 5: I've been fortunate to knowe Dan for nearly twenty years.
• 7:48
  Speaker 5: He certainly has a lot of experience in this area
• 7:50
  Speaker 5: as a former commissioner, and now what he's been doing
• 7:52
  Speaker 5: at Robinhood, he knows firsthand exactly the challenges of someone
• 7:57
  Speaker 5: who's trying to operate within our rules and what happens
• 8:01
  Speaker 5: when it's really unclear where the lines are on those rules.
• 8:05
  Speaker 5: He testified a couple of weeks in Congress. I think
• 8:07
  Speaker 5: you did a really good job of explaining just how
• 8:10
  Speaker 5: frustrating it has been to deal with the SEC for
• 8:12
  Speaker 5: the past several years.
• 8:14
  Speaker 1: You ate it is exactly right. Is his position is
• 8:17
  Speaker 1: unique because he's been on the other side to see
• 8:19
  Speaker 1: what is the problem and how can they solve that?
• 8:22
  Speaker 1: So that would be a good thing. Now here's Mark Cuban.
• 8:25
  Speaker 1: He basically says the same thing, but in a little
• 8:28
  Speaker 1: different way.
• 8:28
  Speaker 2: Take a look.
• 8:30
  Speaker 3: You think Gary Gensler routinees this title regardless of who
• 8:33
  Speaker 3: wins on the in November.
• 8:34
  Speaker 6: So you've got millions of primarily men whose entire future
• 8:38
  Speaker 6: in their mind and in their net worth is tied
• 8:41
  Speaker 6: up in an app and Gary Gensler is saying fuck
• 8:44
  Speaker 6: you to each and every one of them individually. He gone,
• 8:47
  Speaker 6: he gone, he donated the Mavericks, he gone.
• 8:51
  Speaker 1: All right, So if you look at it, that was
• 8:52
  Speaker 1: a scary face by Cuban there. If you think about
• 8:56
  Speaker 1: how long before we get a new potential missioner, well
• 9:00
  Speaker 1: you got six hundred and one days for his current tenure.
• 9:03
  Speaker 1: But I think it bears down more to this day
• 9:07
  Speaker 1: right here, which of course is when the election in
• 9:09
  Speaker 1: twenty five days, maybe eleven. Maybe that's the real counter
• 9:13
  Speaker 1: going forward. So we'll see how all plays out here,
• 9:16
  Speaker 1: that's for sure, all right. I want to go to
• 9:18
  Speaker 1: another clip. Here's metal law man talking about what is
• 9:20
  Speaker 1: this chances of getting fired this year or next?
• 9:23
  Speaker 2: Take a look two We could see one and two things. One,
• 9:26
  Speaker 2: Gary Gensler resigns or is fired and is replaced by
• 9:30
  Speaker 2: somebody who is not looking to kill crypto, and they
• 9:36
  Speaker 2: want no part of it. They're going to do what's right,
• 9:38
  Speaker 2: and what's right would probably be to settle or dismiss
• 9:42
  Speaker 2: these cases. You know, it's silly to ask judges to
• 9:47
  Speaker 2: make these decisions when there's already legislation percolating that would
• 9:52
  Speaker 2: say the SEC does not have authority over this industry.
• 9:57
  Speaker 2: You know, a number of things could happen, and I
• 9:59
  Speaker 2: think there's probably better than a fifty percent chance that
• 10:03
  Speaker 2: something happens to change the dynamics such that we could
• 10:07
  Speaker 2: see these cases come to a close before the first
• 10:11
  Speaker 2: quarter twenty six.
• 10:13
  Speaker 1: All right, So cases coming to a close before twenty
• 10:17
  Speaker 1: six can only mean that the likelihood of a new
• 10:20
  Speaker 1: commissioner would be in play or a regulatory framework would
• 10:24
  Speaker 1: be in play, which either would be a good position
• 10:27
  Speaker 1: for crypto in general. There's another point that is playing
• 10:30
  Speaker 1: out right now, and that is the Senate races and
• 10:33
  Speaker 1: the importance of these races. Here's a clip by the
• 10:36
  Speaker 1: Blockchain Association's president CHRISTA Smith talking about this.
• 10:40
  Speaker 7: Take a look, is that one in five voters in
• 10:46
  Speaker 7: swing states, and all of you represent Swing states, considers
• 10:51
  Speaker 7: cryptocurrency an important issue. But we also have two really
• 10:54
  Speaker 7: big enemies, and that is Gary Gensler and Elizabeth Warren.
• 10:58
  Speaker 7: It is very clear that if the report Republicans control
• 11:00
  Speaker 7: the Senate, we will be clear to never get people
• 11:04
  Speaker 7: like Gary Gensler elected the SEC ever again. And we'll
• 11:07
  Speaker 7: also diminish Elizabeth Warren's ability to influence the Senate Banking
• 11:12
  Speaker 7: Committee agenda. So I think you know of the presidential election,
• 11:16
  Speaker 7: the House elections, and the Senate elections, the Senate elections
• 11:19
  Speaker 7: are uniquely important.
• 11:21
  Speaker 8: Do the race very quickly.
• 11:23
  Speaker 7: We just had a poll come out last week. I'm
• 11:24
  Speaker 7: five points ahead of my opponent.
• 11:26
  Speaker 8: Got the Farm Bureau endorsement for really, I'm over thirty years.
• 11:30
  Speaker 2: I know that was going to get you out of
• 11:31
  Speaker 2: your chairs.
• 11:32
  Speaker 8: I see that, I see how excited you were.
• 11:33
  Speaker 7: We love commodities. What's a crypto joke?
• 11:36
  Speaker 8: Nobody got it. Built fifteen dealerships over ten years, sold
• 11:41
  Speaker 8: those to start my blockchain company. As we went to
• 11:44
  Speaker 8: state governments and said, let us get rid of your
• 11:46
  Speaker 8: legacy systems, let us build you a blockchain based digital
• 11:51
  Speaker 8: titling system that uses blockchain to keep track of car ownership.
• 11:55
  Speaker 8: We're now in nine states. About a year and a
• 11:58
  Speaker 8: half ago I made the tough decision to run for Senate,
• 12:01
  Speaker 8: and I'm running for one simple reason. Look, my opponent
• 12:05
  Speaker 8: is Sharon Brown. He's not Elizabeth Warren, but he's Elizabeth
• 12:08
  Speaker 8: Warren's henchman. He's actually the chairman of the Banking Committee.
• 12:12
  Speaker 8: Take a football, throw it into the stadium, and whoever
• 12:15
  Speaker 8: caught that ball is more qualified to regulate crypto than
• 12:18
  Speaker 8: Sharon Brown. This guy has no idea. He's been an
• 12:22
  Speaker 8: elected office for fifty years, never had a job in
• 12:27
  Speaker 8: the private sector ever, and we put him in charge
• 12:29
  Speaker 8: of the United States banking system. What could go wrong?
• 12:32
  Speaker 8: My wife has made it clear that she's with me
• 12:34
  Speaker 8: for two terms or a third term is with a
• 12:37
  Speaker 8: second wife. I've been married for thirty five years, so
• 12:40
  Speaker 8: this is two terms.
• 12:42
  Speaker 9: I like it.
• 12:42
  Speaker 1: I like this guy's attitude too. I mean, he's These
• 12:45
  Speaker 1: are kind of people we need in our regulatory framework
• 12:49
  Speaker 1: in DC. Problem is that you have people like guess
• 12:53
  Speaker 1: who the leader of the anti crypto army, and that
• 12:56
  Speaker 1: is Elizabeth Warren, who, by the way, is going head
• 12:58
  Speaker 1: to head with our I think the industry's hero are
• 13:02
  Speaker 1: one of them, and that is mister John Deaton, who
• 13:04
  Speaker 1: is going head to head in a debate coming up
• 13:07
  Speaker 1: this week, so be on the lookout for a pretty
• 13:10
  Speaker 1: heated debate. I'm going to be watching this one very closely.
• 13:12
  Speaker 1: We might get a Hail Mary here to displace Senator Warren,
• 13:15
  Speaker 1: but we'll see how that one plays out. Don't forget
• 13:18
  Speaker 1: stand with crypto heating up. They are going out with
• 13:22
  Speaker 1: early voting, you know what to do. And the way
• 13:24
  Speaker 1: that they're doing is that they're doing it with a
• 13:26
  Speaker 1: bus that they're coming around with. And this is the
• 13:28
  Speaker 1: cool thing. It's kind of in conjunction with chainsmokers with
• 13:31
  Speaker 1: this purple bus. Great bus by the way, But the
• 13:34
  Speaker 1: key here is it's educating a lot of Americans on
• 13:37
  Speaker 1: what crypto, blockchain and this industry digital assets are really
• 13:40
  Speaker 1: doing for a lot of people who are just trying
• 13:43
  Speaker 1: to level up their lives. So that's the good thing.
• 13:45
  Speaker 1: The coinbase is trying to get to. Very cool. Good
• 13:47
  Speaker 1: job there. On the other hand, you've got mister Genesler
• 13:50
  Speaker 1: going out to NYU and saying, hey, nope, there's still
• 13:54
  Speaker 1: a lot of bad actors. There's still this fraught problem
• 13:57
  Speaker 1: with fraud. You know, all of this is happening, changing
• 14:00
  Speaker 1: his script at all, and it's kind of interesting when
• 14:03
  Speaker 1: twenty percent of Americans owner use crypto and tens of
• 14:06
  Speaker 1: thousands of developers and builders, and we're continuing to lose
• 14:10
  Speaker 1: innovation a landscape I think here in the US to
• 14:14
  Speaker 1: a lot of countries, a lot of other regions because
• 14:16
  Speaker 1: of our actions that we're seeing out of DC and
• 14:19
  Speaker 1: the SEC. But Guessler's staying true to his form here.
• 14:23
  Speaker 1: I want to go one more clip here. This is
• 14:25
  Speaker 1: talking about the Stand with Crypto efforts and the Crypto
• 14:30
  Speaker 1: Army instead of the anti crypto army.
• 14:32
  Speaker 9: Listening as investors in this space, do you feel protected
• 14:35
  Speaker 9: by Gary Gensler? Seriously, who wants to raise a hand
• 14:39
  Speaker 9: and stand up behind that proposition? Zero people in this
• 14:41
  Speaker 9: room just raise their hands. It's preposterous. I'm still waiting
• 14:46
  Speaker 9: to meet members of the anti crypto army. If you're
• 14:48
  Speaker 9: out there, if you're here, come up to me afterwards.
• 14:51
  Speaker 9: I'd love to buy a coffee and talk things out.
• 14:53
  Speaker 9: But instead what I see are one point five million
• 14:56
  Speaker 9: Americans have now signed up as crypto advocates with Stand
• 14:59
  Speaker 9: with Crypto. Fifty t million Americans have now bought or
• 15:01
  Speaker 9: sold a digital asset, give or take, and we're going
• 15:04
  Speaker 9: to vote and participate in the election in November. Accordingly,
• 15:08
  Speaker 9: in ways that I think we're going to take people
• 15:10
  Speaker 9: by surprise.
• 15:11
  Speaker 1: I would have to agree with that. I think that
• 15:14
  Speaker 1: the misunderstanding of digital assets crypto by the executive administration
• 15:21
  Speaker 1: that we have right now is absolutely it's almost unfathomable
• 15:27
  Speaker 1: because of the fact that we and would be such
• 15:29
  Speaker 1: an easy opportunity for Harris to really kind of go
• 15:32
  Speaker 1: in this direction to show change innovation because it does
• 15:36
  Speaker 1: offer a lot of uniqueness to bringing people in the
• 15:38
  Speaker 1: middle class up, and I think that has been kind
• 15:41
  Speaker 1: of one of her positions. So the fact they're missing
• 15:43
  Speaker 1: this and missing it in a big way is what
• 15:46
  Speaker 1: is still surprising to me. So anyway, if you guys
• 15:49
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• 15:52
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