Welcome to BitBoy Crypto!
My name is Ben.
Today, we're going to be talking about Operation Choke Point 2.0.
We're going to be talking about how this thing has snowballed
into a disastrous situation for exchanges and crypto holders all across the United States.
And, really, when you look at their movements against Binance,
even beyond that.
And, of course, Gary Gensler, he can't even define what a security is.
We got tons of clips of him stumbling to answer whether even Ethereum is a security or not.
Is Ether a commodity or a security?
And again, it depends on the facts and the law
- and if there's a group of individuals in the middle-- - I'm asking about the facts and the law,
But don't be dismayed.
As they've made these actions against Coinbase and against Binance in the last few days,
there is a hero arising.
And that hero is called the Digital Asset Market Structure bill.
Now, right now, it's just a draft.
It is not actually a bill that is being voted on.
Congress, the Republican Congress is stepping up to fight Gary Gensler.
Now, it's going to be a hard battle ahead.
However, I don't think it's coincidence that all of this is happening the same week.
But, you see, this bill, what Congress has realized is that
Gary Gensler doesn't know what he's doing.
He absolutely doesn't.
He's failed to give us clarity and failed to give us framework.
So what they've done is they've gone around him.
This has come from the Department of Agriculture, okay?
That's who actually oversees all the financial markets, believe it or not.
I guess because we're farming money.
What they've done here is they've created a structure that projects can follow
to be able to submit applications to figure out are they securities or are they commodities
and then they'll know which one of these commissions,
the SEC or the CFTC, that they'll fall under.
Now, I'm going to read you guys a quote from the bill.
The Act specifies that a digital asset can be considered a digital commodity
if certain conditions are met.
This would be determined by the network being functional and considered decentralized.
The Act includes definitions for a decentralized network
and a functional network and provides a certification process
under which a digital asset issuer may certify to the SEC
that the network on which the digital asset relates is decentralized.
The SEC may object to the certification
if the SEC determines a certification is inconsistent with the Act,
but must provide a detailed analysis of its reasons for doing so.
The long story short,
if something is decentralized, it is a commodity.
If something is centralized, it is a security.
What a coincidence.
The SEC, right before this comes out, they're putting out all of these actions.
And while the Congress is trying to sort this out,
now, the SEC puts out this ambush against Binance,
followed up by an ambush against Coinbase,
trying to call everything they do securities right before we get some framework.
Very interesting, isn't it?
So, of course, as Binance goes,
they're going after CZ.
I mean, that's really what all this is about.
But there's actually even a lot more to it than that.
One thing they're trying to do through these cases is create a basket of coins
that they're accusing of being securities without actually having to put actions
against these coins.
Of course, these coins include Cardano, Solana, Filecoin, BNB, MATIC, many, many more.
This is a way to group all these in a basket,
call them securities,
and do it through the back door without having to go through the front door
and face the individual lawyers of each of these projects
because the SEC doesn't have the resources to fight all these people alone.
Of course, they tried to do this in the insider trading case.
But they couldn't because there was a settlement that came at the end
and it did not include anything being considered securities.
It was simply a wire fraud conspiracy charge against the head of product of Coinbase.
And so what we've seen is this angle hasn't worked for them,
but yet they keep trying it over and over and over again.
They tried to do this with Bittrex as well.
And now we look at some of the coins that they are saying,
which does include a list on the Binance side,
of Solana, Cardano, MATIC, Filecoin, Cosmos, Decentraland, Sandbox, Algorand,
Axie Infinity and COTI.
It's a tough list.
The Cardano people probably didn't see this coming.
I tried to warn you that you are probably next.
Not because of the merits of Cardano or the blockchain,
but because the government's corrupt.
You see, remember, the House Committee on Financial Services just put out this framework
for the Digital Asset Market Structure act, right?
So, what this means is,
according to that and the level and barometer and litmus test of decentralization,
all of the coins named are not securities.
And, of course, the very next day after the Binance case,
they go after Coinbase.
We, you know, how telegraphed.
We saw this coming.
Or choreographed.
You see, Coinbase has tried time after time after time to talk to the SEC to no avail.
They haven't been able to get any clarity from them.
Keep this in mind though.
This is the part that will blow your mind.
Coinbase is a publicly traded company.
The SEC has already basically okayed them as a company,
and now they're coming on the backend and saying all securities.
How asinine.
The coins included in the Coinbase accusation are Solana, ADA, MATIC, SAND, Filecoin,
Axie Infinity, Chiliz, FLOW, ICP, NEAR Protocol, Voyager Token, DASH and NEXO.
And, once again, this is the backdoor strategy the SEC tried to use
that simply has not worked yet and it's not going to work in the future.
Now, Charles Hoskinson in a tweet, we'll put up here, also had some comments
about this, talking about this is the continuation of Choke Point 2.0
and how this is actually the government's way of rolling out a CBDC,
which I personally just don't think--
I don't agree with him here.
And for the standpoint of,
guys, they don't need a reason to roll out a CBDC.
I don't think they have to set the stage for it.
I think they could just do it if they wanted to,
where you see FedNow going to be rolling out here very soon, I believe, in July.
Maybe I'm wrong on that.
I think it is the summer.
The government doesn't need an excuse to do what it's going to do.
But there are some leaders rising up against the CBDC.
So I guess maybe you could make an argument there for that.
Here's the facts.
The SEC rules by enforcement.
They don't provide clarity.
Gary Gensler is a fraud.
He's bribed by the banks.
And he does not represent the voice of the people,
which is what he's supposed to represent.
We've got to get dirty Gary Gensler out of office.
He was appointed.
And he's been able to keep this position under the watch of Joe Biden.
And something has got to change.
We have to demand,
we defund or restructure the SEC,
we get rid of Gary Gensler,
and it's time to put innovation capitalism first.
Guys, we all need to be going to the SEC website and filing complaints on the SEC itself.
You guys also should be contacting your local congressman, your local senators,
and demanding they fight back against the SEC.
That's all I got.
Be blessed.
BitBoy out.