Hey! What's up, everyone?
Ajwritescrypto here.
I am filling in for Ben as he is currently on an airplane to Estonia.
Let's hope he gets there safe.
And thank you to Stake for sponsoring this video.
Let's get it!
So I woke up this morning and it was just a complete red day in the markets.
I wasn't that surprised to see that.
You know, Bitcoin is kind of at a weird little double top there on the charts.
It can't get over $30,000.
I hope it can turn around to retest that level again.
But even if Bitcoin falls because of the channel it's in that started at the beginning of the year,
even if it falls to, say, $24,000,
Bitcoin's technically still in an uptrend.
So keep a close eye on Bitcoin.
Keep a close eye on Bitcoin dominance moving forward trading this weekend.
Also, there's always a lot of momentum volatility in one way or the other
Sunday night, Monday morning,
so if you're a trader out there,
be sure to have your eyes peeled Sunday night, Monday morning.
So what we're--
what I'm really getting into tonight is a little piece of crypto legislation
proposed by New York's Attorney General on Friday, Letitia James,
and it's really--
it's not that bad.
It's not that bad.
I mean, it--
the thing is, is that I hope too many states don't follow their lead.
I mean, New York is always kind of the guinea pig for state to state regulation.
But, basically, my gut instinct here is saying that they are doing this,
this bill,
as to protect Wall Street.
And that's what New York has always done.
Protect. They protect Wall Street.
They are protecting the status quo that is lining their pockets.
And this entire year,
this entire year,
all the FUD, the fear of regulation, "Operation Choke Point 2.0"
is to protect the status quo,
to protect the legacy system that is lining their pockets.
That's what it is.
That simple.
It is that simple.
Cut and dry.
So, basically, I just kind of dive into the bill.
I had a chance to read it really fast.
We will put it in the description if you want to read it yourself.
But, basically, it's some common sense stuff.
It's some common sense stuff.
Like, basically, if--
you know, a crypto exchange,
they shouldn't be mismanaging money.
They shouldn't be trading with your money.
You know, if they--
if you got frauded in crypto,
they're going to require them to pay your money back like at a real bank.
And that makes sense.
But crypto is not a real bank, but they're treating it like one.
And they're overregulating it like one.
And that's--
it makes complete sense.
Listen. New York--
trading crypto in New York is already next to impossible.
It's impossible.
I shared an office at the HIT Network with Frankie Candles for quite some time.
And he told me all his qualms, all his difficulties by trying to trade crypto
with his New York driver's license.
Shout-out to Frankie Candles.
Love that guy.
But it was impossible for him to trade crypto with a New York driver's license.
And now it's going to be even harder.
Especially for the exchanges.
Like, they're already requiring a BitLicense.
They already banned Bitcoin mining.
I know that New York hates KuCoin.
New York hates KuCoin.
So, basically, what I'm saying here is that if you live in New York,
I'm sorry.
But, basically, and, also,
it's a surprise to me that the New York Department of Financial Services
is giving the Attorney General's Office this much power.
Why is the New York Attorney General's Office making rules about crypto
that other states are probably going to follow.
And that's the part of this whole thing that is really just kind of like hurting my brain.
But, basically, we're going to post the 30-page legislation that was proposed Friday
in the description.
I want to hear what you think about it.
I want to know if you like it or if you hate it
or what your thoughts are so we can start a conversation.
That's what this is all about.
That will be in the description of this video.
But, basically, I'm having a great weekend.
The Supercross race is about to start pretty soon.
Jayda and I, we went to a farmers' market.
And we got this caricature done.
And she even got my Bitget hat.
If you like this, let me know in the comments.
My name is Ajwritescrypto.
I will be at Bitcoin Miami two weeks from now.
So if you're there, come say hello.
Would love to meet you.
That's all I got.
Be blessed.
AJ out.