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My name is Ben.
It's another Sunday drive video,
where I drive to church and tell you what's going on in the world of crypto.
A lot of people ask why my family's not with me when I drive to church.
It's because they're already there.
I run light. They don't.
So, anyways, the point here is,
I want to talk about this thread I put out on Twitter the other day, on Friday.
It had to do with a conversation I had with a politician
who's got all the connections,
knows what's happening in the world of regulation when it comes to crypto,
what they're targeting next.
And is the SEC going to be dismantled very soon?
It's a great question a lot of people are asking.
Now, let's start with what's going on right now in the world of politics.
In crypto regulation, specifically.
So, basically, what you have is
you have two bills going on right now.
You have one, the Cynthia Lummis bill,
which-- and Kirsten Gillibrand bill.
And this bill is attempting to reshape the landscape of crypto.
It's a very important regulation.
That we're going to get into in just a moment.
The second bill is another Senate bill.
And what is it going to do?
This bill is trying to make sure the CFTC is in charge of Bitcoin and Ethereum
because they're commodities.
Now, we could, over time, see more coins get moved over to the commodities list,
but what would be interesting is that, if they move over there,
is that a sign that they've made it?
Like I told you, I don't think Ethereum's an altcoin.
Technically, by the definition,
you know, you have Bitcoin,
and then you have all other coins,
and they're all altcoins.
But Ethereum has become its own thing.
In my opinion, you have Bitcoin and Ethereum, and everything else is altcoins.
Are we going to see that change if we start seeing some of these whipping over to commodities?
Very interesting.
So we've got those two things going on right now.
We also have the SEC trying to push forward a lot of enforcement,
trying to go after American crypto exchanges,
doing a lot of things to really add pressure to the crypto space
and make sure that they can manage as many as they can.
Gary Gensler, dirty Gary Gensler wants every single coin under his purview.
That's what he wants.
Is he going to get it?
No, he's not going to.
Well, is he going to get it?
Yeah, he's about to get it here pretty soon.
Well, we'll follow up with that in just a second.
But when it comes to these bills,
the important, the most important piece of regulation in any of this
is in the Lummis bill
that talks about stablecoins.
Stablecoin regulation.
I've been telling you that for years.
That's going to be the thing they go after.
And we're starting to see,
according to my contacts there,
this is actually happening.
We have kind of a two-step process here.
We're going to have the stablecoin regulation put in.
I don't know when that bill gets passed.
I assume in the next year.
They probably will not vote on it before midterms.
But once that is done,
this is the big news.
This is the big news, guys.
This is the news that I've been waiting, honestly, years to hear.
Years!
I've been saying this on my channel since I started in 2018.
Guys, we can't have people that don't know about crypto regulating crypto.
It makes absolutely zero sense.
What we need,
and it looks like we're going to be getting,
I've got a very interesting way on how I think it's going to happen as well,
an independent crypto regulation entity.
Like the SEC.
Like the CFTC.
Except people who know crypto and blockchain would be on it.
And, of course, you know, hopefully, we don't get the corruption.
I'm sure there will be some.
There's always some corruption in politics, but-- in government agencies.
That is what we're looking at.
Can you imagine if we don't have to sit and wait for the SEC to enforce
and make rules after they enforce?
This is what needs to happen.
This is the direction that we need to go in.
So,
the whole thing is,
how does this relate to the CFTC?
How does this relate? This independent agency?
Well, it looks like, to me, that what we're potentially going to see
is another kind of process
where you're looking at this regulation coming in
and then they're looking at going ahead and making this independent agency,
but it's going to be a while before that actually happens.
What they're going to do
is they're actually going to most likely create an independent arm of the CFTC.
They're the ones that's laid the groundwork
for a lot of the positive things that we've seen in crypto.
With Chris Giancarlo, also known-- or Christopher Giancarlo,
also known as Crypto Dad from the CFTC several years ago.
It was sad when he left.
But Caroline Pham now is doing a great job with the CFTC.
All the politicians love her.
They think she's great.
They think that she is going to be able to basically really govern the space in a positive way
instead of always looking to just get people in trouble.
She wants innovation. She doesn't want to stifle it.
And that is really, really good news.
So, once this arm is created inside of the CFTC,
then, a few years later maybe,
we see this underneath the CFTC agency become its own independent agency.
And I believe we are looking at the death of the SEC.
I'm not the only person that thinks that.
I'm not sitting out here spouting stuff that, you know.
Smarter people than me,
like, the two of them are out there,
they both think this is definitely a possibility.
I think it was John Deaton that tweeted.
Or maybe it was--
Ugh! I can't remember who it was actually.
Maybe it wasn't John Deaton.
But he basically said,
whoever this person was,
that there's a great chance that Ripple has already killed the SEC.
It's over for the SEC.
They're dead men walking.
They know that at this point.
This is why they're grabbing control, trying to grab power.
There is a strong chance.
I was told by this politician,
everyone knows,
all the senators know,
Gary Gensler and William Hinman are as corrupt as the day is long.
There's a chance that after all this is over,
the Ripple case,
William Hinman actually gets charged.
I don't think Gary Gensler will get charged in this, but maybe for something else.
John Deaton actually agrees.
He tweeted out, by the way, that he agreed with me that he believed
that Gary Gensler has a great shot to be out of his commissioner spot
by the end or, you know, Quarter 1 next year possibly.
Maybe January.
He does believe, in the next year, Gary Gensler will be forced to step down.
And I think that's definitely true as well.
This is what he's known for.
Losing the Ripple case.
So Gary Gensler continues to land grab,
continues to try to do all these things,
but the politicians absolutely do not like him.
They cannot stand him.
And so this is a very positive thing
that we could be seeing him moving out sooner rather than later.
They know about the corruption.
All these politicians, they know about the corruption.
Cynthia Lummis
Kirsten Gillibrand
Tom Emmer
I think there was one more off the top of my head.
These are actual bullish people for crypto.
These are people that actually--
Caroline Pham
These are actually people that care and want the space to move forward.
You may not agree with their politics,
but these are good people in crypto right now.
This is a behind-the-scenes talk.
And look.
This person also told me everybody hates Brad Sherman,
which I love.
I love that everybody hates Brad Sherman because he sucks.
I was getting the real tea.
So go check out the thread.
It's on Twitter.
I posted it Friday night.
There's many more details than I gave you right here
because I really tried to organize it perfectly to where I got all the information out
in an easy to digest way.
Things are happening in crypto that people don't even know are happening.
They're happening behind the scenes.
I hope I can give you a little peek in there.
Alright, guys. That's all I got.
Be blessed.
BitBoy out.