Latest / The Paul Barron Crypto Show / Cardano Wyoming Hearing Goes Horribly Wrong!!🔥

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Cardano Wyoming Hearing Goes Horribly Wrong!!🔥 · The Paul Barron Crypto Show

• 0:07
  Speaker 1: There are some breaking news within the cardino ecosystem. We
• 0:10
  Speaker 1: want to give it back to you guys. Think you're
• 0:12
  Speaker 1: gonna like it. My name is Paul Barrow. Welcome back
• 0:14
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• 0:43
  Speaker 1: If you guys did not know, we have been covering
• 0:46
  Speaker 1: the cardano I shouldn't say cardano, I should say the
• 0:50
  Speaker 1: Wyoming stable coin topic for quite some time. If you
• 0:54
  Speaker 1: look back at our channel, you can see we've done
• 0:57
  Speaker 1: this two weeks ago, ten months ago, a year ago.
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  Speaker 1: All of this this has been brewing for quite some time,
• 1:03
  Speaker 1: and really what we've been studying around the Wyoming stable
• 1:07
  Speaker 1: coin is, of course, we anticipated to select what chains
• 1:11
  Speaker 1: would be chosen for potentially the first state stable coin
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  Speaker 1: in the United States. That's a big deal. We are
• 1:18
  Speaker 1: also very accustomed to the comments, so we get a
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  Speaker 1: lot of comments negative, now very many positive ones from
• 1:24
  Speaker 1: the Cardono community. But hey, we're the number one Cardono
• 1:29
  Speaker 1: entertainment channel out there on the web. So I have
• 1:33
  Speaker 1: to give this guys. Give this to you guys in
• 1:35
  Speaker 1: terms of what's been happening today, because this is a big,
• 1:38
  Speaker 1: big deal, and this is where we dive into what
• 1:42
  Speaker 1: happened with the Wyoming bureaucrats. Now, the community has been
• 1:46
  Speaker 1: out there kind of talking about you know, we didn't
• 1:48
  Speaker 1: get a chance, all that kind of stuff. Well they
• 1:51
  Speaker 1: responded to it. Wyoming, the State of Wyoming actually held
• 1:55
  Speaker 1: a hearing and addressed all of this. I want to
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  Speaker 1: go to this first clip.
• 2:00
  Speaker 2: Wyoming companies applied and second, how did you reach out
• 2:04
  Speaker 2: and work interactively with them to see that they had
• 2:08
  Speaker 2: an honest, fair chance that to be included.
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  Speaker 3: If I may ask the senator's question a different.
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  Speaker 2: Way, thank you, My lawyer will speak for me.
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  Speaker 3: Did you provide any disparate treatment to Wyoming companies versus
• 2:20
  Speaker 3: other companies in order to make the bidding process arguably unfair.
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  Speaker 3: To be clear, blockchains are typically decentralized.
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  Speaker 4: There is one that is based in Wyoming that is
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  Speaker 4: called Cardono. It's run by a company called Input Output
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  Speaker 4: Global formerly Input Output Hong Kong. With this organization, I
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  Speaker 4: had a plurality of meetings with the founder, with the
• 2:44
  Speaker 4: former executive team, multiple meetings with the governor affairs representative
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  Speaker 4: of that blockchain, and also had several meetings with a
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  Speaker 4: team known as xsy, which was their stable coin startup
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  Speaker 4: that has since been spun out of the organization. Since
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  Speaker 4: I had sephal meeting with them, I think that counts
• 3:01
  Speaker 4: for about six or seven meetings over the course of
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  Speaker 4: the last year. To work with this Wyoming based organization
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  Speaker 4: to determine if they had the capabilities they were certainly
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  Speaker 4: included in our blockchain selection, we went and looked at
• 3:14
  Speaker 4: their capabilities. They met four of the five binary criteria
• 3:19
  Speaker 4: that we put forth. There is some incredibly interesting technology
• 3:22
  Speaker 4: that they have on test nets, but that is currently
• 3:25
  Speaker 4: on a test net. During our blockchain selection exercise, we
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  Speaker 4: were explicitly clear that we need existing and demonstrable technology.
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  Speaker 4: This is not something that we can burn budget waiting
• 3:36
  Speaker 4: for technology to be built, completed, etc. We need things
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  Speaker 4: that are available now. We also reached out following the
• 3:43
  Speaker 4: completion of our blockchain selection exercise. We released this data
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  Speaker 4: a week before our monthly Commission meeting in November. We
• 3:50
  Speaker 4: did reach out to the team at Input Output Global, all.
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  Speaker 1: Right, so you can see they are defending that as
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  Speaker 1: course as mister Apollo, he's defending the response that I
• 4:00
  Speaker 1: think has probably come in from the Cardono community, and
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  Speaker 1: I think you know, he kind of put it out
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  Speaker 1: there as a fair shake. We met with them. They
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  Speaker 1: didn't meet all the criteria. That was the primary thing.
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  Speaker 1: I know. There's been a lot of pushback from Cardono
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  Speaker 1: in general that maybe there wasn't enough time. And to
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  Speaker 1: his point, he even talks about the startup, the stable
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  Speaker 1: cooint startup, which is xs why here was xsy, which
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  Speaker 1: is this is just a general analysis of what is
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  Speaker 1: trying to do. And if you look at what they're
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  Speaker 1: talking about right here, the specifics of the project, shrouded
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  Speaker 1: in available marketing terminology are challenging to decipher. Despite the
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  Speaker 1: abundance of promotional jargon. It appears the project will involve
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  Speaker 1: a creation of a new stable coin, basically not ready yet.
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  Speaker 1: The point is is that Apollo is pretty much a
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  Speaker 1: one man show there in the state of Wyoming, a
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  Speaker 1: handful of probably research assistants and helpers. But the point
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  Speaker 1: is they got to get something that is ready to go.
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  Speaker 1: It's in the box, ready to go. That's the speed
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  Speaker 1: to market that they are trying to meet. And if
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  Speaker 1: you look at where Cardono has been, even if you
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  Speaker 1: look at xsy website, there's just nothing there. I mean,
• 5:02
  Speaker 1: if you click to learn more button, all it does
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  Speaker 1: is go down to the bottom of the page. So
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  Speaker 1: I don't get it. Why is everybody in such an uproar?
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  Speaker 1: It just what's the big deal? You know they don't
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  Speaker 1: meet the criteria, So let's move on and get past it.
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  Speaker 1: Well you have to hear more. Let's go to this next.
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  Speaker 2: Clip, and it looks pretty rush to me at this point.
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  Speaker 2: Why are we in this immediate rush to try to
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  Speaker 2: get a stable token run out the door by January one?
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  Speaker 2: Am I being misled or or is it actually been rushed?
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  Speaker 5: As much?
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  Speaker 4: Six or seven meetings over the course of a year,
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  Speaker 4: with multiple executive teams, multiple build teams, meeting with the
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  Speaker 4: founder in person. I would reject the premise that the
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  Speaker 4: interaction has been non existent in terms of rushing this.
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  Speaker 3: Out in the next thirty days. I would reject that
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  Speaker 3: premise as well.
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  Speaker 4: The timeline we have is to get proposals in by
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  Speaker 4: January thirtieth, followed by a month of interviews of those
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  Speaker 4: organizations that that we deem should be interviewed based on
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  Speaker 4: the proposals that we review and receive through an evaluation
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  Speaker 4: committee which will be established, tracting done throughout the first
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  Speaker 4: half of May, and look to roll out an initial
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  Speaker 4: blockchain a wiling stable token on a blockchain test net
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  Speaker 4: by the end of Q one. If again we're talking
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  Speaker 4: specifically about IOG, this is a company that reports to
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  Speaker 4: have four hundred plus people as a members of its
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  Speaker 4: organization across fifty countries and has a I think forty
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  Speaker 4: billion dollar market cap, is a top ten blockchain. I
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  Speaker 4: would expect an organization like that to have the ability
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  Speaker 4: to turn around the answer rather quickly.
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  Speaker 5: The rush is because the greatest predictor of market success
• 6:30
  Speaker 5: is who's first in the market. That's the rush. The
• 6:33
  Speaker 5: opportunity to be a significant part of this market that
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  Speaker 5: door may be closing rapidly.
• 6:39
  Speaker 1: Yeah, I think they hit on a lot there, And
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  Speaker 1: of course I think Apollo you can kind of tell
• 6:43
  Speaker 1: his sensitivity there. This is a regular bureaucrat that probably
• 6:47
  Speaker 1: has not been subjected to the kind of you know,
• 6:52
  Speaker 1: communities that are out there within the crypto scenario, and
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  Speaker 1: I think he's just kind of putting it out on
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  Speaker 1: the line. Listen, we've been doing this for a long time.
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  Speaker 1: We've had all these meetings throughout the year, and we've
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  Speaker 1: been reporting on this for over a year about what
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  Speaker 1: Wyoming is trying to do and for them to get
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  Speaker 1: to that date which is now narrowing down. And he
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  Speaker 1: kind of just threw Cardono under the bus in the
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  Speaker 1: sense they have all this people, all these experts, all
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  Speaker 1: this technology, Why can they not just address what we're
• 7:17
  Speaker 1: looking for? And that to me is a very simple
• 7:20
  Speaker 1: request from anybody that's I think reasonable. If you look
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  Speaker 1: at their Request for Qualification Information Center, this is all
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  Speaker 1: of the companies that can start filling out forms and
• 7:30
  Speaker 1: kind of basically making your case as a company, whether
• 7:33
  Speaker 1: you're a centralized exchange, custodio, wallets, mobile apps, customer support
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  Speaker 1: marketing all that available. This is over on their notion site.
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  Speaker 1: We've showed this before. They're very effective on being able
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  Speaker 1: to roll this out and very open as well, which
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  Speaker 1: is extremely cool to see that, at least at the
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  Speaker 1: state level. I want to go to another quick video
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  Speaker 1: because this is where Apollo talks a little bit more
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  Speaker 1: about the challenge from the Cardinal team and community and
• 8:01
  Speaker 1: how he responds.
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  Speaker 2: Take a look anything else. One last, I have a letter.
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  Speaker 2: This is very specific about where they think it's been wrong,
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  Speaker 2: and to the best of my knowledge, that hasn't been
• 8:12
  Speaker 2: an answer to them yet. I'd kind of like to
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  Speaker 2: see in writing what your answers to them are, but
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  Speaker 2: I also feel like they need to be answered at
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  Speaker 2: an honest basis before you move forward.
• 8:22
  Speaker 3: Would you be referring to clarify?
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  Speaker 4: Would you referring to the letter dated November twenty of
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  Speaker 4: the twenty twenty four through the chair Sota Riscal to
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  Speaker 4: quickly read this page two middle of the page. Cardono
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  Speaker 4: has not yet deployed a solution that meets the working
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  Speaker 4: groups specific criteria signed off by Gerald Maroney, chief Operating Officer,
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  Speaker 4: and Karen Wheeler of Government Affairs.
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  Speaker 3: I don't know how much more there is to say
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  Speaker 3: beyond that.
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  Speaker 1: What really is happening is that a there's a bidder
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  Speaker 1: who was upset that they didn't.
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  Speaker 3: Get it, okay, anything else.
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  Speaker 2: I think you guys have done a phenomenal job between
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  Speaker 2: you and I, and I'm talking with part of the
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  Speaker 2: people that were losers and are not very happy about it.
• 9:00
  Speaker 5: So mister Poulla, best of luck to you, and I
• 9:04
  Speaker 5: feel for you being hectored by the vendors that feel
• 9:06
  Speaker 5: they should have got the work. Now you know what
• 9:09
  Speaker 5: it's like to be mayor in a small town.
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  Speaker 1: All right, Guys, I think this is one thing that
• 9:15
  Speaker 1: if you are a Carno fan out there or anybody
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  Speaker 1: within the Cardono community, this is a to me, this
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  Speaker 1: was a great opportunity to learn from what was going
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  Speaker 1: on there in state of Wyoming and kind of move
• 9:28
  Speaker 1: forward with it. Drawing this back out in it to
• 9:30
  Speaker 1: where the State of Wyoming had to address it in
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  Speaker 1: this way, I think is embarrassing and it's embarrassing for
• 9:36
  Speaker 1: blockchain in general. That's just my opinion based on this,
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  Speaker 1: and it appears to be the opinion of the lawmakers
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  Speaker 1: there in Montana as well or Wyoming as well, but
• 9:48
  Speaker 1: the thing that really kind of hits home here is
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  Speaker 1: how Charles responded. Charles Hoskinson and I think this is
• 9:55
  Speaker 1: interesting to watch. Take a look.
• 9:57
  Speaker 6: We are this close greatness, and it's not my intent
• 10:02
  Speaker 6: to allow personal feelings, ego, or rivalries or strife from
• 10:06
  Speaker 6: the past get in the way of what we have achieved.
• 10:11
  Speaker 6: I've tried really hard in the last few months to
• 10:13
  Speaker 6: skew the drama and to heal old wounds and to
• 10:16
  Speaker 6: let things go. I'm fully prepared for any necessary reset
• 10:22
  Speaker 6: in twenty twenty five because this is not about Charles Hoskinson.
• 10:26
  Speaker 6: So in twenty twenty five, judge us not by what
• 10:29
  Speaker 6: we say, but by what we do, where we spend
• 10:31
  Speaker 6: our money, and where we spend our time.
• 10:33
  Speaker 1: All right, So what Charles is getting at there, I
• 10:35
  Speaker 1: think he's trying to put everything behind him. First of all,
• 10:38
  Speaker 1: I think that's a good move by any executive if
• 10:41
  Speaker 1: when you're in a position like this where you're competing,
• 10:45
  Speaker 1: you know, in a position to try to win something.
• 10:47
  Speaker 1: And I understand it because there's a lot of pressure
• 10:49
  Speaker 1: from the community to kind of get Cardono in there,
• 10:52
  Speaker 1: but to be able to understand, hey, we just took
• 10:54
  Speaker 1: an l. Let's go on, let's move from this. Maybe
• 10:57
  Speaker 1: Charles is coming down to the understanding they just simply
• 11:01
  Speaker 1: lost this opportunity. Let's move on from here and try
• 11:05
  Speaker 1: to get something beyond this and start to build some
• 11:07
  Speaker 1: really cool stuff, which you know, I believe that they
• 11:10
  Speaker 1: can possibly do if they really put their mind to
• 11:13
  Speaker 1: it and actually go out and do some things. So again,
• 11:16
  Speaker 1: we've done this many times. We've invited Charles Costkinson on
• 11:20
  Speaker 1: our show before. We're going to do it again. Anytime
• 11:23
  Speaker 1: he wants to come on the show. This venue is
• 11:26
  Speaker 1: available for him and any one of his executives. I'd
• 11:29
  Speaker 1: rather have Charles of course. In fact, that would be
• 11:31
  Speaker 1: the person that I think would help bring the Cardinal
• 11:35
  Speaker 1: community maybe to an understanding of they still have a
• 11:38
  Speaker 1: lot going. So hopefully that will be a thing that
• 11:41
  Speaker 1: we'll kind of move Cardono in the right place at
• 11:44
  Speaker 1: the right time. We'll see how it goes. Anyway, if
• 11:46
  Speaker 1: you guys are not part of the Diamond Circle, get
• 11:47
  Speaker 1: in on that. It's our own private email group. It's
• 11:50
  Speaker 1: very easy to jump in. We do additional content podcast
• 11:52
  Speaker 1: over there. Of course, if you guys want to reach
• 11:54
  Speaker 1: me out there on X as you always do. It's
• 11:57
  Speaker 1: just at Paul Barron. I'll catch you next time.
• 11:59
  Speaker 5: Right here, Amath