Latest / The Paul Barron Crypto Show / Banks Demand Outrageous 60 Day Delay!🔥Wells Fargo Terrified of Crypto!🚨

Transcript

Banks Demand Outrageous 60 Day Delay!🔥Wells Fargo Terrified of Crypto!🚨 · The Paul Barron Crypto Show

• 0:00
  Speaker 1: The banks continue to delay and clarity is at risk
• 0:04
  Speaker 1: in a big way. We'll break it down for you
• 0:05
  Speaker 1: guys today. Before we get started, I want to think
• 0:07
  Speaker 1: our sponsor, and that of course is Tangum and self
• 0:09
  Speaker 1: custody is going to be one of the critical milestones
• 0:13
  Speaker 1: of doing anything in crypto. Jump over to tangum dot com.
• 0:17
  Speaker 1: You guys can get your own self custody wallet. These
• 0:20
  Speaker 1: are like credit cards, as you can see right there.
• 0:22
  Speaker 1: They work fabulously with your phone. Doesn't matter if you're
• 0:25
  Speaker 1: on Apple or Android. This is one of the best
• 0:28
  Speaker 1: solutions out there that is engineered for absolute security. I
• 0:32
  Speaker 1: can agree to that. You guys, check out tangum and
• 0:35
  Speaker 1: of course hit the get Tangum right there. It's going
• 0:38
  Speaker 1: to give you a little bit of a discount and
• 0:39
  Speaker 1: you guys can get the three card set. That's what
• 0:41
  Speaker 1: you want, pick a cool color and off you go
• 0:44
  Speaker 1: into self custom All right, let's lead off here with
• 0:47
  Speaker 1: a tweet and I want to lead off with this one.
• 0:50
  Speaker 1: And this is the ABA, the American Bankers Association sixty
• 0:56
  Speaker 1: more days to comment on rules tied to the Genius
• 0:58
  Speaker 1: Act stable Coin. Now I want to frame this for
• 1:00
  Speaker 1: a second. This was supposed to be resolving by May first,
• 1:05
  Speaker 1: so just literally just a handful of days away would
• 1:08
  Speaker 1: be the last comment period. They want to extend that now.
• 1:12
  Speaker 1: And you have all of the banking organizations that essentially
• 1:16
  Speaker 1: are tied to this that are trying to click this through.
• 1:19
  Speaker 1: And when you look at that, guys and understand really
• 1:22
  Speaker 1: what's happening, the delay model that they are using now
• 1:26
  Speaker 1: is actually pretty good strategy if you think about it.
• 1:29
  Speaker 1: Here's kind of a breakdown right here for major banking
• 1:33
  Speaker 1: trade groups, just as the US Treasury and the FDIC
• 1:37
  Speaker 1: to say, okay, ophak pause the Genius Act comment period,
• 1:42
  Speaker 1: And here's the way it goes. The ABA, BPI, CBA,
• 1:45
  Speaker 1: and the ICBA are among the most sophisticated, best resourced
• 1:51
  Speaker 1: advocacy organizations in DC. Their regulatory affairs teams have been
• 1:56
  Speaker 1: tracking stable coined legislations for years and I know some
• 2:00
  Speaker 1: of them. This is the guy that's sweeting this Bill Hughes.
• 2:03
  Speaker 1: They are really smart and hard working. They do not
• 2:06
  Speaker 1: need more time to understand these proposals when they need
• 2:09
  Speaker 1: a delay, and that's what they've dressed it up as
• 2:12
  Speaker 1: as a procedural request to of course the OCC and
• 2:16
  Speaker 1: you can't blame them for trying. I'm getting at it.
• 2:18
  Speaker 1: I look at this and I think this is a
• 2:19
  Speaker 1: pretty good strategy because it will get the situation delayed,
• 2:22
  Speaker 1: and the timing is right in line. That would pretty
• 2:27
  Speaker 1: much derail Congress from being able to get this done
• 2:30
  Speaker 1: because this is going to flow into the summer and
• 2:32
  Speaker 1: then we all know what comes after that, that, of course,
• 2:35
  Speaker 1: is the mid terms. Here, though, is the crypto industry saying,
• 2:40
  Speaker 1: wait a minute, we are ready to go. We're ready.
• 2:43
  Speaker 1: In fact, we're going to all jump in on this,
• 2:45
  Speaker 1: sign a petition or a paper and say we're ready
• 2:49
  Speaker 1: Congress get this done. And you can kind of see
• 2:51
  Speaker 1: everybody in here, from coinbase to Ripple to one End
• 2:55
  Speaker 1: to Jump to Crack, and I mean it's all They're
• 2:58
  Speaker 1: all in here, guys. Every organization out here, whether it's
• 3:01
  Speaker 1: block Blockchain Association or the Crypto Council, are all pushing
• 3:06
  Speaker 1: for this now. And I think this is a last
• 3:09
  Speaker 1: ditch effort to try to get this across the line.
• 3:13
  Speaker 1: The banks, though, are playing political ping pong with a
• 3:16
  Speaker 1: lot of these issues, and that I think is going
• 3:20
  Speaker 1: to be the biggest one that we're going to face yet. Here, though,
• 3:23
  Speaker 1: after all of that. Here, of course is Patrick Witt.
• 3:26
  Speaker 1: He is the executive director of the President's Council of
• 3:29
  Speaker 1: Advisors for Digital Assets, and he retweeted this twice. So
• 3:36
  Speaker 1: my guess is that he's fed up with the banks.
• 3:39
  Speaker 1: And I think we are at the point of no return.
• 3:43
  Speaker 1: And this is our prediction here on our research team,
• 3:45
  Speaker 1: is that the White House is about to drop something
• 3:49
  Speaker 1: major on this to offset these banks and get Congress
• 3:53
  Speaker 1: back on track. So I want to lead off with
• 3:55
  Speaker 1: a series of clips here around the Wells Fargo and
• 3:58
  Speaker 1: I think this goes for the banking industry in general
• 4:02
  Speaker 1: and what they're really afraid of. And I think in
• 4:06
  Speaker 1: this clip, I think they're afraid of Ripples banking license,
• 4:11
  Speaker 1: Robin Hood, Coinbase and the likes take a look.
• 4:15
  Speaker 2: And now they're trying to get a US banking license.
• 4:17
  Speaker 2: Does that worry you as a potential competitor to Wells
• 4:20
  Speaker 2: Fargo and other banks like yourself, No, hey, don't worry
• 4:25
  Speaker 2: about it.
• 4:26
  Speaker 3: No, we think about the competitive advantages that we have,
• 4:29
  Speaker 3: which is we have trust. We have the FDIC insurance,
• 4:35
  Speaker 3: we have a huge customer base.
• 4:38
  Speaker 1: All right, so we have trust. No, no banks have
• 4:41
  Speaker 1: trust right now? Every consumer out there do not trust
• 4:44
  Speaker 1: their banks. FDI CE insurance that's government regulated. Okay, every
• 4:49
  Speaker 1: bank has that. That's not a big advantage. And then
• 4:52
  Speaker 1: of course you have a customer base that is I
• 4:54
  Speaker 1: think likely to start to move around now. Granted, I
• 4:57
  Speaker 1: think the old banks will be in here for a
• 5:00
  Speaker 1: very long time. The problem though, is they are way
• 5:03
  Speaker 1: too lazy to compete in this sector.
• 5:06
  Speaker 3: Watch this, and then when you go to one of
• 5:08
  Speaker 3: those companies. You look at a company like US and say,
• 5:10
  Speaker 3: they have seventy million customers. Wow, And if they were
• 5:14
  Speaker 3: to get some of these things right, think about how
• 5:16
  Speaker 3: hard it's going to be for us to compete with them.
• 5:18
  Speaker 3: So it puts a huge amount of pressure on us
• 5:21
  Speaker 3: to have to deliver things in different ways.
• 5:24
  Speaker 1: Oh man, I feel so bad for these guys with
• 5:26
  Speaker 1: them having to actually compete for customers business. Imagine a
• 5:30
  Speaker 1: world in that stature right now with the bank's happen
• 5:34
  Speaker 1: to compete with us. And I'm talking about crypto in
• 5:37
  Speaker 1: general because I think he is dead on there is
• 5:40
  Speaker 1: that you're talking about major companies like a coinbased Robinhood
• 5:44
  Speaker 1: and many more that will have an innovative advantage. It
• 5:48
  Speaker 1: is very clear so it boils down to maybe stable coins.
• 5:52
  Speaker 1: What is the use case. Well, here's Wells Fargo talking about.
• 5:55
  Speaker 2: That, Jeremy a Layer who started company called circle yep.
• 5:59
  Speaker 2: Is that a concern that they can basically do some
• 6:01
  Speaker 2: of the things you do at less costs?
• 6:03
  Speaker 3: I think stable coins are. It's not clear. So the
• 6:07
  Speaker 3: question is what's the use case in the US cross
• 6:10
  Speaker 3: border payments? Beyond that, it's not clear to me that
• 6:18
  Speaker 3: there's a winning app there or winning edge. By the way,
• 6:22
  Speaker 3: it doesn't mean that we're not going to partake in it.
• 6:24
  Speaker 3: In case what I said is wrong.
• 6:27
  Speaker 1: In case what you said, this guy had no answer there.
• 6:30
  Speaker 1: This was a terrible take on his point. This is
• 6:33
  Speaker 1: a CEO of a major bank, top five bank that
• 6:36
  Speaker 1: should be chopping at the bit for innovation in the
• 6:40
  Speaker 1: financial sector. You've got moon Pay right here launching their
• 6:43
  Speaker 1: virtual accounts in New York, letting businesses turn ach wire
• 6:48
  Speaker 1: and swift deposits into stable coins and while that can
• 6:53
  Speaker 1: be sent to wallet. So this is a good example
• 6:55
  Speaker 1: of use case, very very easily done, and I think
• 6:59
  Speaker 1: banks that are going to allow this, and there's already
• 7:01
  Speaker 1: been a handful of banks that have already said they're
• 7:04
  Speaker 1: getting into SOFI just announced they're doing some things in crypto.
• 7:08
  Speaker 1: I think they'll accelerate faster, but that's that's more of
• 7:10
  Speaker 1: an online neo bank. I understand where these big guys
• 7:13
  Speaker 1: are coming from. I think they are done if they
• 7:15
  Speaker 1: do not innovate going forward. So let's get into what
• 7:19
  Speaker 1: would make you stay as a customer on to Wells Fargo.
• 7:23
  Speaker 1: Well it would probably be the brand, right, because that's
• 7:25
  Speaker 1: what most customers do. They love these brands. Listen to
• 7:30
  Speaker 1: this one.
• 7:31
  Speaker 2: Your symbol is a stage coach, remember.
• 7:34
  Speaker 3: So when you think about like what's going on in
• 7:36
  Speaker 3: the world, the speed of change, the rapid movement, we
• 7:40
  Speaker 3: still use it. It's kind of in the background a
• 7:42
  Speaker 3: little bit.
• 7:43
  Speaker 2: Who is mister Wells and who is mister Fargo? That
• 7:45
  Speaker 2: they started Wells FARGI.
• 7:47
  Speaker 3: They did Henry might was getting wrong Henry Fargo and
• 7:52
  Speaker 3: William Wells think they.
• 7:55
  Speaker 1: If you just go over to the website, you can
• 7:56
  Speaker 1: learn you can learn more about who they are. Maybe
• 7:59
  Speaker 1: the CEO should just check what they're actually doing. But
• 8:04
  Speaker 1: this I think if you look at branding, the stagecoach
• 8:08
  Speaker 1: was an icon of America innovation. It was doing something
• 8:12
  Speaker 1: that was on the leading edge of communication of travel transport.
• 8:17
  Speaker 1: This was the element. This is exactly where we are
• 8:20
  Speaker 1: in crypto right now. Imagine a bank that had that
• 8:22
  Speaker 1: kind of history. So a lot of policy institute tweets
• 8:25
  Speaker 1: this right here. Stable point payments can't scale if America
• 8:29
  Speaker 1: and Americans are still required to report a gain and
• 8:32
  Speaker 1: fractions of a penny every time they tap their wallet. This,
• 8:35
  Speaker 1: of course, is getting into the tax issue. The tax
• 8:38
  Speaker 1: issue again goes back to our lovely people in Congress
• 8:41
  Speaker 1: where they're getting together and they're meeting, and they're meeting
• 8:45
  Speaker 1: so much so that they have what is that? What
• 8:47
  Speaker 1: is that in the background there? What is that? I
• 8:49
  Speaker 1: don't know? Oh, okay, it's playoff appearances great, and so
• 8:53
  Speaker 1: they're watching more sports than are tax benefits. Thanks a lot,
• 8:57
  Speaker 1: Congress doing another fantastic job.
• 9:00
  Speaker 2: All right.
• 9:00
  Speaker 1: So when you think about what the banks are doing,
• 9:03
  Speaker 1: which is this massive delay tactic, the attacking as well
• 9:07
  Speaker 1: as going in on the occ to try to dictate policy,
• 9:10
  Speaker 1: slow things down, which it gets into the whole point
• 9:13
  Speaker 1: of all of this leaning toward clarity. The last line
• 9:16
  Speaker 1: of defense, of course is bessent, and Bessent is asked
• 9:21
  Speaker 1: that question right here take a look.
• 9:23
  Speaker 2: As the Genius Actor is implemented. I want to make
• 9:26
  Speaker 2: certain that you'll ensure that the Treasury Department works with
• 9:28
  Speaker 2: my staff on any necessary fixes as rulemaking is carried out.
• 9:32
  Speaker 1: Okay, So, as you can see right there, the last
• 9:35
  Speaker 1: line of defense really for not the occ but I
• 9:38
  Speaker 1: think in general to fight off the defense tactics that
• 9:42
  Speaker 1: the banks are saying is bessent. And they there he was.
• 9:45
  Speaker 1: Maybe that is at least some relevance of him saying, yeah,
• 9:49
  Speaker 1: we're going to make sure that you guys are fully
• 9:51
  Speaker 1: aware of what's going on. Maybe that is happening right now.
• 9:54
  Speaker 1: And if you look at what Garland House said a
• 9:56
  Speaker 1: few weeks ago in reference to what Trump tweeted, which
• 10:00
  Speaker 1: was a big deal at the time, all zoom in
• 10:02
  Speaker 1: on that. If you guys don't remember it, it was
• 10:04
  Speaker 1: him going right at the bank saying, hey, we need
• 10:07
  Speaker 1: to get this done. Stop screwing around. Let's get it
• 10:10
  Speaker 1: taken care of because China is going to beat us
• 10:13
  Speaker 1: to the punch here. And of course Garland Coun's kind
• 10:15
  Speaker 1: of hit it on the head. Yeah, those are poignant
• 10:17
  Speaker 1: words and they're very striking. But the reality, guys is
• 10:21
  Speaker 1: we're not there yet. Here's Bernie Roreedo, though says that
• 10:24
  Speaker 1: he expects the market structure to be end of May.
• 10:27
  Speaker 1: This is I mean, how many more times are we
• 10:29
  Speaker 1: going to hear this? End of April, end of March,
• 10:32
  Speaker 1: end of January, end of February. First it was we
• 10:35
  Speaker 1: need it done by May. Now it's going to be
• 10:37
  Speaker 1: end of May. It's two hundred and seventy days of delay,
• 10:40
  Speaker 1: and they're running out of time before midterms, and it's
• 10:43
  Speaker 1: getting serious. And I think that's the face that we
• 10:47
  Speaker 1: are dealing with right now, and it's going to be
• 10:50
  Speaker 1: a big one for sure. So what happens to the
• 10:53
  Speaker 1: market if clarity doesn't come in? You got to look
• 10:56
  Speaker 1: at a few things. Here's Ranny's talking about selling make
• 10:59
  Speaker 1: go away. Not necessarily in some cases, you could look
• 11:01
  Speaker 1: at this. There has been some performance in May in
• 11:05
  Speaker 1: the past, where you had some nice up months in
• 11:08
  Speaker 1: June even July, But there are some differences with this
• 11:12
  Speaker 1: particular timing. The timing is this right here, and this
• 11:17
  Speaker 1: is midterms and you look at it twenty eighteen, twenty two,
• 11:21
  Speaker 1: twenty six, all of which have been a little different
• 11:24
  Speaker 1: in terms of performance. Now does that hold through to
• 11:29
  Speaker 1: this year. I don't know. Let me know in the
• 11:31
  Speaker 1: comments down below. Do you think summer is going to
• 11:34
  Speaker 1: be the pullback that Tom Lee and others are anticipating,
• 11:38
  Speaker 1: or do you think this is going to be a
• 11:40
  Speaker 1: continued run into the market. So as you can see, guys,
• 11:43
  Speaker 1: we are running out of time. It is down to
• 11:45
  Speaker 1: the wire. Banks are pulling their typical cards, and of
• 11:49
  Speaker 1: course Congress is now caught in a catch twenty two.
• 11:53
  Speaker 1: Let's see what happens. If you liked this video, like
• 12:02
  Speaker 1: and subscribe, drop a comment down below, and also join
• 12:05
  Speaker 1: our free private member group the links in the description