Welcome to BitBoy Crypto!
My name is Ben.
Today, we're going to be talking about the imminent collapse of Binance
and why so many people want to see this happen.
It's so sad, if you ask me, to be honest with you.
Everybody wants things in this space to fall apart.
Why?
You know, the world loves chaos, I've told you guys this a lot of times,
but, you know, there's a lot of people out there that are in a lot of pain
and they really want to see a lot of pain inflicted on other people.
Bitcoin, after the big dump the other day, has been really flat, really steady.
It hasn't really been pumping or dumping.
So, you know, we're taking a look at some of the news that's going on
and, you know, some attempts to get the price maybe to go down further.
Let's talk about this situation with Binance because this is absolutely insane
what is going on with Binance.
We have the SEC has come out and said
that Binance US is an exchange selling unregistered securities.
Wow! Guys, this is quite the accusation that the SEC has made here.
Gary Gensler
Who would have thought Gary Gensler, my friend, my buddy,
Gary Gensler has said that an exchange in America is selling unregistered securities?
People are making a big deal about this on Twitter,
and I'm like dying laughing on the inside.
Guys, Gary Gensler said every altcoin is a security.
(chuckles)
Every altcoin outside of Bitcoin is a security.
That's what Gary Gensler has already said.
So since he's already said that,
of course, Binance US is selling unregistered securities, according to him.
But I told you guys that last week, you know, I was really astounded
to find out that people in Congress at the Capitol did not know about the LBRY case.
LBRY case is the most significant case in the history of cryptocurrency.
It's not even close.
It set a precedent so that secondary sales of altcoins are not securities,
which means Binance US is not actually selling unregistered securities.
There's not one thing on Binance US that has been considered to be a security.
Even if a token sale was a security,
the precedent now is that the secondary market sales are not securities.
So it's absolutely ridiculous what Gary Gensler is doing here
by trying to go after the exchanges.
Hey, Gary, how about you actually win a case and then win regulation over an altcoin?
And then maybe you can flap that lizard jaw, okay?
So, now, you have to think about what's going on with Binance here
because we have on one hand, we have Gary Gensler saying that
Binance is, you know, selling unregistered securities with the US.
We have more--
there was a document going around Twitter--
I think it was fake.
And I'll tell you why.
It might not be. It may be real, but I think it was fake--
saying that the Senate wrote a letter to Binance asking them to come talk
about what's going on within their exchange.
Now, first of all, Binance owes United States absolutely nothing.
Owes them absolutely nothing.
So Binance does not have to come here and talk about that by any stretch of the imagination.
But I do think that it is fake
because usually when you see a letter from the Senate,
that letter is going to have senators names attached to it,
and this one did not.
There were no senator names attached to it that I saw.
So have to confirm the authenticity of this.
But you're obviously getting a gigantic FUD campaign again against Binance.
And you just have all kinds of people out there that are wanting to see it fall,
wanting to see it collapse.
And I can't get inside of their mindset.
What I will tell you is,
there is a real effect going on on Binance from all this FUD.
And look.
FUD probably isn't the right word because this is a real thing that did occur,
but, obviously, we talked about stablecoin wars.
Circle
Remember this.
Circle snitched on Paxos.
Paxos mints BUSD.
We have seen the BUSD market cap drop now below $9 billion
as the BUSD is drying up.
Now, some people have said, "Well, when you see this happening,
you know, this means that the liquidity is about to get pulled."
No, absolutely not.
That's not true at all.
What's happening is Paxos is no longer minting it,
so people are then rushing in to trade their BUSD in case something happens.
Guys, the stablecoin wars are here.
They are happening.
It is what is going on in the greater world when it comes to the CBDC.
They're trying to get this--
they're trying to crush competitors of USDC.
And they're trying to set the framework and the patchwork for USDC
to become the world cryptocurrency, the world reserve currency.
USDC is going to become that.
So, you know, I think it's only a matter of time before we see more stablecoins gone after.
It's only a matter of time before we see USDT, BUSD banned from America.
This is coming.
You can go and bet your bottom dollar on this.
And we've been asked to create a survey of our users, our audience,
on what you guys want on stablecoin regulation.
So maybe we can play a hand in this.
One of these question is,
do you believe that there should only be one stablecoin in the United States that's tradable?
That's going to be one question we want to ask and see what you guys think about that.
If you guys have any other questions you think would be great,
go ahead and jot those down below in the comment section.
I would love to get the input of the BitSquad as we send out this survey here
probably by the end of next week.
And really excited to see what comes from that.
Really excited to see how we can impact change and impact regulation for the good,
not for the bad.
Alright, guys. That's all I got.
Binance, people want to tear it down.
It's still standing.
People are saying there's an imminent collapse.
I don't think it's going to happen.
I think they have the reserves.
That's all I got.
Be blessed.
BitBoy out.