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Transcript

Banks Unite Against Crypto Yields!😠$3 Billion Skyscraper Built on Fees!🔥 · The Paul Barron Crypto Show

• 0:00
  Speaker 1: The banks are coming for your yields today and they're
• 0:02
  Speaker 1: building skyscrapers to the gods on top of you. Today.
• 0:06
  Speaker 1: We'll break it down. Let me thank our sponsor today,
• 0:08
  Speaker 1: and that is coinbase, where you can actually get some yields.
• 0:10
  Speaker 1: So go over to coinbase dot com use our link
• 0:13
  Speaker 1: down below. If you're a business or an individual, does
• 0:15
  Speaker 1: not matter if future money is here and you get
• 0:18
  Speaker 1: a bit of a bonus when you do sign up
• 0:19
  Speaker 1: and make your first trade. So get active in crypto
• 0:22
  Speaker 1: if you have not done it, what are you waiting on, guys? Well,
• 0:25
  Speaker 1: one thing that is happening right now out there in
• 0:29
  Speaker 1: the market. You would think we'd be out there earning trades,
• 0:32
  Speaker 1: doing business deals, all those kind of things, but instead
• 0:35
  Speaker 1: we got JP Morgan building new buildings. They have a
• 0:38
  Speaker 1: three billion dollar skyscraper that's opening up a twenty four
• 0:42
  Speaker 1: to seven coffee shop. I can't make this stuff up, guys.
• 0:47
  Speaker 1: Let me go to a clip that kind of explains
• 0:49
  Speaker 1: this and it ties in to crypto. So take a look, Katie.
• 0:53
  Speaker 1: You're there in the new shiny buildings. What do they
• 0:56
  Speaker 1: look like?
• 0:57
  Speaker 2: And we assume hopefully no cockroaches to be found.
• 1:00
  Speaker 3: It is big it is grant. I have not seen
• 1:02
  Speaker 3: any cockroaches. Ten thousand JP Morgan employees, will have sixty
• 1:08
  Speaker 3: store stories, and it will also have a pub on
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  Speaker 3: the thirteenth floor that is called Morgan's.
• 1:14
  Speaker 4: And if it has a gym, it has a pub,
• 1:16
  Speaker 4: if it has restaurants. It seems like you could live
• 1:18
  Speaker 4: your life in the new JP Morgan headquarters.
• 1:21
  Speaker 3: And I don't think Jamie Diamond would necessarily be opposed
• 1:24
  Speaker 3: to that. Actually, right across the street now, they've planned
• 1:26
  Speaker 3: to spend a billion dollars renovating that building as well.
• 1:30
  Speaker 3: That will open in twenty twenty seven.
• 1:33
  Speaker 1: If you look at Jamie Diamond's network, two point eight billion.
• 1:35
  Speaker 1: So again, this is all being built on fee structures
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  Speaker 1: that are usually collected by these banks. Clearly they're making
• 1:42
  Speaker 1: a little bit of profit here. Let me go to
• 1:44
  Speaker 1: a clip. This goes into the extravagance around this building
• 1:48
  Speaker 1: and kind of this point of this is all about
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  Speaker 1: Jamie Diamond. Take a look.
• 1:54
  Speaker 2: Wow, JP Morgan, Really you Jamie demonstrated tram tremendous courage.
• 2:02
  Speaker 4: Jamie, thank you.
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  Speaker 5: As Rob said, he was courageous. More importantly, his courage
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  Speaker 5: is contagious. I'm usually scared of everything. The building of
• 2:13
  Speaker 5: this building was significant to us, but to him it's small.
• 2:16
  Speaker 5: In his achievements, he was generous with his time and effort.
• 2:21
  Speaker 5: Jamie was the spirit that illuminated the building. Jamie was
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  Speaker 5: the de facto architect, and Jamie was and is the
• 2:30
  Speaker 5: de facto developer. If the banking thing doesn't pan out,
• 2:34
  Speaker 5: he'd make a great developer. He's selfless, selfless, He made
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  Speaker 5: ego list decisions. He didn't have to move. He was
• 2:41
  Speaker 5: comfortable where he was. He gave this city back a
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  Speaker 5: little swagger. This was not about him. He didn't want
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  Speaker 5: it to be about him. It's about the future of
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  Speaker 5: this firm. A patriot, the greatest CEO of the modern age,
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  Speaker 5: mister Jamie Diamond, Thank you, Thank you.
• 3:04
  Speaker 1: I don't know if I could step up after that.
• 3:06
  Speaker 1: I would have to probably leave on that one. But
• 3:11
  Speaker 1: here's what's happening in New York. When you think about
• 3:13
  Speaker 1: all of this pressure and the elites going a little
• 3:17
  Speaker 1: bit overboard. Here with this, we have the mayoral election
• 3:21
  Speaker 1: rolling in and it pretty much is a slam dunk.
• 3:24
  Speaker 1: And this of course is Zorn Mandani, who is going
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  Speaker 1: to become the new mayor of New York and this
• 3:31
  Speaker 1: is the kind of thing that is pressured New Yorkers
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  Speaker 1: into voting for Mundamis Now I want to go to
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  Speaker 1: another clip. This will get into Diamond actually kind of
• 3:40
  Speaker 1: gas lighting us a little bit around being involved in
• 3:44
  Speaker 1: the government.
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  Speaker 4: Take a look, there's a New York City mayor race happening.
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  Speaker 6: What are your thoughts in Mandani for probably becoming the mayor.
• 3:54
  Speaker 7: Oh, this is wrong. We're about to say JP Morgan
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  Speaker 7: cannot get involved in local politics because we have pay
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  Speaker 7: to play rules and multiple rules. By the way, and
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  Speaker 7: I've asked my general counsel. I ask your all the time,
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  Speaker 7: like doesn't that violate my First Amendment rights? And it's wrong.
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  Speaker 7: There's something wrong with that. There's somehow I can't speak
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  Speaker 7: up and I can't fight for what I believe in
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  Speaker 7: New York City because we do business with the government.
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  Speaker 7: It's a sick system and it's why we all question government.
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  Speaker 7: If you're gonna make it a fight, make it a
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  Speaker 7: fair fight.
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  Speaker 4: All right, you want fish topics, they'll let you offer.
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  Speaker 7: By the way, if he becomes mayor, I will call
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  Speaker 7: him an or for my help. It may be the
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  Speaker 7: ask for help in a way I refuse to do it.
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  Speaker 2: Love it.
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  Speaker 4: That is great leadership, Thank you. I think we need
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  Speaker 4: more of that.
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  Speaker 1: Just so we're clear. They are involved a lot. And
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  Speaker 1: if you look at the Bank Policy Institute, this is of
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  Speaker 1: course one of the biggest lobbyists out there. You can
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  Speaker 1: kind of see there's Jamie Diamond right there in the
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  Speaker 1: middle of it. So they're already active. And let's not
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  Speaker 1: forget that the ABA is also being supported the ABA,
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  Speaker 1: you know those good guys, the American Bankers Association. They
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  Speaker 1: want to take your yield from your cold dead hands.
• 4:59
  Speaker 1: We well, they're also involved in there. Mary Anne Lake,
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  Speaker 1: who is the Consumer and Community Banking the over at
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  Speaker 1: JP Morgan Chase involved as well on that board. And
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  Speaker 1: we're continuing to go further into this because this is
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  Speaker 1: all about yields, guys. This is about taking yields from
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  Speaker 1: the crypto community who has been basically fighting for this
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  Speaker 1: for the last multiple years, and we're finally at that
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  Speaker 1: point where we can get these and they're now trying
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  Speaker 1: to take the Genius Act and turn it inside out
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  Speaker 1: so it appeases the bankers. Well, this is the bankers
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  Speaker 1: talking about that very point. Take a look.
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  Speaker 8: I think we're making a great headway actually, and this
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  Speaker 8: is not about re litigating something that's settled. This is
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  Speaker 8: about ensuring banks continue to be in a position to
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  Speaker 8: support their communities, and a detriment to that would be
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  Speaker 8: allowing the likes of coinbase or crack in to pay
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  Speaker 8: interest on payment stable coins. How do you feel, Jess,
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  Speaker 8: I mean, there's lots of good mental.
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  Speaker 6: Questions here, Like I totally agree, who are these people's
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  Speaker 6: This is a problem that I think is going to
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  Speaker 6: continue to swelter, and it might be the issue that
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  Speaker 6: we're dealing with on the Clarity Act right now, where
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  Speaker 6: there's a lot of pressure going on both sides.
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  Speaker 1: We put out a tweet yesterday, this, of course, was
• 6:16
  Speaker 1: the Federal Reserve Governor Waller kind of talking about this
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  Speaker 1: very point, and he was again talking about the banks
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  Speaker 1: that you couldn't intermediate them, you couldn't dis intermediate the bank.
• 6:27
  Speaker 1: So this is not a security kind of scenario. This
• 6:30
  Speaker 1: is the FED talking this stuff now, guys, So I
• 6:34
  Speaker 1: get very upset about this. This of course goes a
• 6:36
  Speaker 1: little bit further. This is a clip on the FED
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  Speaker 1: Crypto summit where banks were lobbying, lobbying to get these
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  Speaker 1: yields dropped.
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  Speaker 2: Take a look, well, I should or shouldn't we have
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  Speaker 2: regulated yield bank stable coins in the United States. Well,
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  Speaker 2: the answer is we do.
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  Speaker 1: They're called tokenized money market funds.
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  Speaker 8: We think the Genius Act got it right.
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  Speaker 1: Paying out interest that obviously introduces more risk.
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  Speaker 4: At circles, always taking the position that it's a security, it's.
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  Speaker 2: Clear to me that the intention behind the law was
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  Speaker 2: to prevent stable coins from earning interest. If stable coins
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  Speaker 2: are allowed to pay interest, they pose a threat that
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  Speaker 2: is equivalent to, but potentially far greater than money market
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  Speaker 2: mutual funds did. We should just get about prohibiting people
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  Speaker 2: from paying interests, whether they call it rewards or anything else.
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  Speaker 9: Right, the banking system is not at all ready for it,
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  Speaker 9: like in New York is certainly one of the largest
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  Speaker 9: institutions that's like the gold standard where and I don't
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  Speaker 9: actually see like a use case today for like stable
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  Speaker 9: coins in consumer wallets, because we also are having this
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  Speaker 9: intersection of FED now that actually works today. Adoption isn't
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  Speaker 9: that great, but that actually does exist.
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  Speaker 10: So I can almost guarantee you that when you open
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  Speaker 10: the floodgates for people to get that type of yield
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  Speaker 10: on the US dollar. I mean the you will go down,
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  Speaker 10: but it'll still be high, so she'll be very high.
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  Speaker 2: It's good.
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  Speaker 6: It's good that I'm a moderator, not a panel.
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  Speaker 1: This is going to get really nasty, guys, because it
• 8:07
  Speaker 1: will put some pressure, I think, on the crypto markets
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  Speaker 1: in general, because it will look as though you have
• 8:12
  Speaker 1: been rug pulled. I know I would feel that way.
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  Speaker 1: And as we see right now being able to get
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  Speaker 1: yields on USDC in almost every account out there. The
• 8:21
  Speaker 1: other likelihood is this starts to push things into DeFi,
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  Speaker 1: which really kind of repositions the finance market anyway. The
• 8:27
  Speaker 1: only problem is that's going to be a slower uptake
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  Speaker 1: versus being able to go into banks and get USDC
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  Speaker 1: and yields on that.
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  Speaker 7: Now.
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  Speaker 1: I think this is a problem that the banks are
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  Speaker 1: trying to understand and how to deal with it. They
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  Speaker 1: are not ready, unfortunately, as usual, and that's where we
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  Speaker 1: are right now. Well, Eric Trump has been fighting this
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  Speaker 1: fight for a while, and here is a clip where
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  Speaker 1: he's talking about these monopolies and how they're trying to
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  Speaker 1: reposition against them.
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  Speaker 4: Take a look, why does a bank get to hold
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  Speaker 4: my money and earn interest on it, you know, for
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  Speaker 4: seventy two hours over the course of a weekend. Under
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  Speaker 4: my father interest rates at the time, we're like two percent, right,
• 9:02
  Speaker 4: I mean, who wouldn't take two percent money from a bank?
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  Speaker 4: And I'll never forget going through one hundred and twenty
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  Speaker 4: days of know your customer with a bank that I
• 9:08
  Speaker 4: had been doing business with for twenty five years. The
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  Speaker 4: battle I'd like to win against the big banks is
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  Speaker 4: I'd like to see them gone in such a big way.
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  Speaker 4: I would like to see them totally irrelevant. There's no
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  Speaker 4: reason these big banks need ten thousand people in a
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  Speaker 4: skyscraper with lavish executive offices. Guess who's paying all those expenses?
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  Speaker 4: You and me know. Guess what they're paying an extra
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  Speaker 4: one or two percent in terms of interest fees to
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  Speaker 4: fund these buildings, to fund these antiquated systems, to fund
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  Speaker 4: people pushing paper all over the country and all over
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  Speaker 4: the world. It's not fair. And the virtual monopoly that
• 9:38
  Speaker 4: four or five banks have over all of America, I
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  Speaker 4: think that's going to come crashing down in a very
• 9:43
  Speaker 4: large way. And it's coming. It's right there, and I
• 9:45
  Speaker 4: can see it with every aspect of my heart and soul.
• 9:49
  Speaker 4: I can see it right in front of me, and
• 9:50
  Speaker 4: we are going to win this race. The people who
• 9:52
  Speaker 4: believe in this right now, we are going to win
• 9:54
  Speaker 4: this race.
• 9:55
  Speaker 1: I hope Trump is right in the point of you know,
• 9:58
  Speaker 1: they fight you, because this is the kind of the
• 10:00
  Speaker 1: scenario that has been played out here. We are dealing
• 10:02
  Speaker 1: with a very formidable foe here, and that is the
• 10:05
  Speaker 1: banking lobby, one of the largest and the most aggressive
• 10:09
  Speaker 1: when it comes to DC. The crypto lobby getting their
• 10:12
  Speaker 1: ground under them, but they're not there yet, and I
• 10:14
  Speaker 1: think this still has a lot of ways to go.
• 10:16
  Speaker 1: So it is going to push people into alternatives. One
• 10:20
  Speaker 1: of them will be DeFi. Here's a good example right
• 10:23
  Speaker 1: here over on Doppler RLUSD vaults available at what is
• 10:27
  Speaker 1: right now seven to ten percent coming soon. You've got
• 10:30
  Speaker 1: not only that, but you've got this playing into it
• 10:33
  Speaker 1: as well, where we are seeing ridiculous amounts of yield
• 10:37
  Speaker 1: being paid out there in DeFi. So this eventually becomes mainstream,
• 10:41
  Speaker 1: and once people understand it and they start to really
• 10:45
  Speaker 1: activate on it, you're going to see gen Z moving
• 10:47
  Speaker 1: this direction, I think in a big way, and that
• 10:49
  Speaker 1: I would agree with Eric Trump. There is that this
• 10:52
  Speaker 1: is just a matter of time. It all eventually changes.
• 10:56
  Speaker 1: One thing that I want to get to is this
• 10:58
  Speaker 1: scenario right here. This is the OCC review of Ripple's
• 11:02
  Speaker 1: banking license. The statutory deadline for the OCC this is
• 11:05
  Speaker 1: ending at the end of the month, so October thirty first,
• 11:08
  Speaker 1: that's when all this ends. Our October thirtieth, when all
• 11:11
  Speaker 1: this ends. And if you look at the statement here
• 11:13
  Speaker 1: is up on approval. Ripple could quickly operational operationalize the
• 11:18
  Speaker 1: Ripple National Trust Bank immediately, so this would be a
• 11:21
  Speaker 1: huge hit and begin to tear down these traditional banking
• 11:26
  Speaker 1: titans like a JP Morgan. And that's not where it stops.
• 11:30
  Speaker 1: This right here is one of the reasons JP Morgan
• 11:33
  Speaker 1: and brag carling House they got beef. Brad garling House
• 11:37
  Speaker 1: basically said JP Morgan coin would miss the point of crypto,
• 11:40
  Speaker 1: no one would use it in other banks. So clearly
• 11:43
  Speaker 1: Diamond is not a fan of Brad garling House. Neither
• 11:46
  Speaker 1: is Brad of Jamies. So this could get pretty tense
• 11:50
  Speaker 1: over the next little bit. Let's watch closely because we
• 11:52
  Speaker 1: are at the point right now where all of this begins.
• 11:56
  Speaker 1: You guys don't want to miss all of this here
• 11:57
  Speaker 1: on the show. Of course, the way you do that
• 11:59
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• 12:01
  Speaker 1: link down below, follow me on x at Paul Baron.
• 12:03
  Speaker 1: We'll catch you next time, right here on the Paul
• 12:05
  Speaker 1: Baron Show.