Yeah, yeah, I think now there's not so much really there's not at all any kind of federal regulation right I feel like the New York Attorney General's kind of taken over the oversight of crypto and kind of the de facto like you know kind of coming from the side like if no one else is going to do it on the federal level then you know I'll be the leader in this kind of
of, you know, newest industry. I think that is, you know, interesting. I think she, and she's obviously taking an SEC type tone, right? We've seen her come out before and say, you know, certain types of points are securities. I believe they came out and said that the Ethereum was a security a couple of months ago. That kind of shocked a lot of people.
people I think. And yeah, it's just, it's, she definitely is taking a similar line to the Garries and, you know, the SEC's of the world in kind of her approach where she says, you know, I'm, I'm, I'm want to protect investors from these, you know, mass frauds. But, you know, she's kind of giving herself all these powers and, you know,
Is that you know should that be allowed should we you know should the industry be pushing back on that I just think it's another way of kind of coming at crypto You know an attack on the side and you know if she passes this this bill gets passed then it's gonna be you know more oversight for the industry obviously
But is it really going to help investors at the end of the day? Like are they are they going to catch these frauds? You know, I mean she's so big on catching these these bad actors, but the cracks ones before and so with that tx we saw it with you know the SEC missed Sam Bankman freed so at the end of the day you can you can put all these bills out there and say I want to be the regulator and I want to#
help people, but is it really going to help? It will be interesting to see how they approach this and how the industry responds as well. Yeah, it's a really good point. I mean, certainly she had been active to James in kind of pursuing a lot of the cases we've seen before, including those brought against the parent company behind Tether, as well as as you said, there's no
short list here in looking at the other one, Celsius, Kucoin, Nexo, people that she's taken actions against. And I guess the other thing to point out in your Abrams would be the bill, which of course, as Eleanor points out, would have to pass, but it would grant the AG jurisdiction to enforce violation of law issues of penis imposed civil penalties of 10
$10,000 per violation per individual or 100,000 per violation per firm. If you add that up, you're looking at some serious penalties they could be spanking these companies with. I like that bite because Machinsky is walking around. The old co-founder of Celsius is walking around at NFT and
I see like you did nothing wrong right and you got a lot of users really yeah he was out there just floating around of course Tiffany Fallon came up to and was was talking about him in front of him but I mean that's I think what's trying to be put out here is more bite in in this idea yeah there's some interesting parts
the bill that I'm not entirely sure how they would go about enforcing, like she characterized the bill as requiring crypto companies to refund customers who are victims of fraud as banks do now. I mean, the FDIC system could be what she's referring to, but it's not entirely analogous to crypto, and I'd be interested to see there
an actual mechanism for making that happen. Yeah, that was my issue with this too, or just kind of the idea. And we've seen this as we've profiled before, Kate and Long, kind of at the forefront of how do you regulate and I guess prevent bad things from happening when you're still dealing with a system where there is no lender of last resort, right? There is no one here can print more Bitcoin. What happens when you get
situations and it seems like people who are against this and there are some early on in the crypto community who are that does seem to be one of their main gripes is how do you fit this in and out or I mean I don't know that that's always kind of one of the problems when you look at regulation in the space is that it's it's an entirely different kind of framework to be dealing with
Yes, yes. And like, you know, we saw last week, right, with the, the, uh, foreign PF finalizing rule that the SEC came out with. I thought that was interesting. They, they had an original and I'm not sure if you touched on this earlier in the week. I'm not sure if like it was picked up by Lee. I know coin dust is something on it. But there was going to be an original definition for
or digital assets made up by the Securities and Exchange Commission in that original proposal for Form PF, which is basically better disclosures for private equity firms, hedge funds, that kind of thing. And for the final ruling, they went ahead and said, actually, we're not ready to put a definition to digital assets.
So the definition was pretty comprehensive. They mentioned ledger technology. They mentioned the token aspect. I forget the exact words of what the definition was. But it seemed pretty comprehensive. I don't think anybody could agree with what they had come up with, which is interesting because they're always the
that say digital assets aren't really that much different than securities. They might even be securities. And I almost wonder if that was kind of the point that we didn't want to pass, you know, put a definition in rule, you know, as precedent, to be able to separate that from a securities. So when you talk about, you know, you know, regulation, it's hard because no one wants to name what a digital asset
that is, nobody wants to be the first ones to put their name on a definition, which I think is interesting. You know, it's crazy. Either that or everybody wants to put the name on it that's going to benefit them and their agency, which I think is always what we've seen, right? And the CFTC battle with the SEC, is it a commodity, is it a security that we've seen back and forth, but also
interesting with this question this will be the last thing before we move on to other big things that people want to discuss like Pepe but on this one I do think it's interesting that you know this push would be coming from New York you know NYDFS which is the same person we heard from same agency we heard from in those house hearings from a couple weeks ago where you basically heard that agency we're
Feut point blank what Gary Gensner was saying around crypto being the cause of all these bank collapses and so I don't know as far as like a general 30,000 foot level of which agency you'd be rooting for at least New York DFS seems a little bit crypto-friendly or then maybe seating any land to the SEC or what have you so maybe not the worst idea right New York
status-long issue, bit licenses to certain companies to be able to operate in a clear regulatory framework. That's a difference in what we've seen at the federal level where Gensler is saying, "Look, I'm not going to write special rules for crypto companies. You have to come and play by my rules." Obviously, crypto business leaders are saying, "You're not
telling us what the rules are, we're not sure that we can operate our business under your rules. So it is interesting to watch the difference between the state level and the federal level, especially as both of them try to expand their influence and government companies that are outside the United States or outside New York City. Yeah. And we're going to get more into this later on as I said, looking ahead to Wednesday's house hearing, which on
or did break the list. So we want to definitely get your take on that. I'll know. But before we get into that one, there's also the big headline. And maybe this is why it's so hard to define what is a security and what is not because you got things like Pepe popping up all the time and over the weekend, you got one trader who is down a half a million dollars from when he came in here. And that's just because#
swing. At one point, as Avery was pointing out earlier, we had Pepe pass a market cap of $1 billion at least on paper. liquidity might challenge the idea of anyone actually being in betrayed that much of Pepe. And we have seen it come back a little bit. But Elinor, I don't know, I think the bigger thing here is just the return to altcoin craziness.
The return to the idea of people swapping these things on uniswap and passing, you know, and pushing gas fees up so high and speculation may be returning to the idea of what we saw in the last bull run. I don't know if it's a signal of things or just because people like the frog, but it could be both. Well, it's just the craze with meme
I mean, we saw this with with Doge, we saw this with the early meme coins that really took off people people just love memes and I say this like I'll say it again. We wouldn't be anywhere without meme culture, right? Like I spend a lot of my time sending memes to my friends on Instagram and Twitter and we have like conversations in memes. So I think because it's you know, it's
something attractive, something people can get on board with, it's something fun. But at the same time, I think it represents also a healthier market now, right? Because people say altcoin season has begun. And like, well, that's kind of a sign of the beginnings of a bull run again. Because no one's coming up with main coins, no one's investing in main coins in a bear market, but nobody's got any money. Everybody kind of flies#
quality to go to Bitcoin or something more reliable. But the fact that Pepe went up, I don't even know, I think in the last seven days, it's like over a thousand percent, that's a really, that's a show of confidence that people kind of have, maybe have that money to spend, but also kind of boring in a sense because people are hopping on this train and I'm
know from a regulatory standpoint that this is the kind of thing that Gary Gensler hates, right? This is the kind of thing that he would say, this is a casino, a chip in a casino kind of thing. So is that giving him more fuel for the fire to say, you know, people are making millions, but people are also losing money on this, we need to protect investors. I think it's a good sign that the market is a little
but healthier, but also a bit worrying for the regulation side of it. You know, we might need to just kind of helpfully rein in and just kind of, you know, act responsibly. I feel. Yeah, I mean, the cycle we've seen it before and you mentioned Doge and other meme clients like the cycle of people getting excited and the run up, the eventual listing, it's always when
listing and we saw Binance list Pepe and after that basically that's the cycle. It's like what comes next? Maybe you had more exchanges, but once you've made it to the promised land, that is Binance, which we'll get into in a second. Once you've made it to that, it's really hard to think about what's going to be the next big driver. I think that's why we've seen Pepe basically retreat 50%. I#
analysis, which I always think is funny when there are what like a handful of wallets that control so much of this token that it is funny to see people kind of drawing trend lines and the idea of support being broken could mean Pepe has further to fall. But you know, right that it did reach its all time high about 40 minutes after listening on Binance and then it's continued sliding since then. Yeah.
I don't have a silver bottle. I don't know where Pepe goes, but I think you guys are right in that. You know, it does bring... Pro and Con brings attention back to the space because a lot of people are like, "Oh, it is a casino. I can make some money on this one." And then I guess Con would be it drives more attention to the idea of, "Hey, maybe we should step in here and make sure#
see. But speaking of finance, and I don't know if there's anything else, we'll leave Pepe there because I don't know how much there is to chat about. I just think it would be funny to try to declare Pepe a security given that the test we use in the US is that there's a reasonable expectation of profits to be derived from the efforts of others. And like no one's working on Pepe
It's just degenerate gamblers, right? How can it be? Yeah, you see the other memecoin projects all hopping and now they saw people who were kind of pho-mode from then again into Pepe and time, "Well, let me offer you an altcoin that you know might do the same thing as Pepe." So you really do see the people kind of jumping on the bandwagon at this point saying,
get well, they're getting good. And who knows? Maybe that is a signal to what is to come. As we've seen a lot of optimism that this is the way it goes, the altcoins, the mean coins, they lead the way in the new cycle. So we shall see. But on that point, as we said, the main breakout was getting listed on finance, at least, you know,
top was getting listed on Binance and over the weekend we saw a bunch of different problems at Binance and this is where I think it is interesting to get into the effects of meme coins and the idea of gas fees being high of course, ordinals and the idea of inscriptions being written on Bitcoin also tied into this conversation but you heard that as the result and the reason that
finance gave for why they had to halt withdrawals two times, in less than 12 hours. And this used to be something that I think would have a lot of panic triggered in the crypto community anytime you saw a finance saying, oh, you can't withdraw from our platform. That would generally send shivers across the whole ecosystem. But now it happens almost so frequently. I feel like people don't really care about this stuff.
But you saw Binance blaming this all on the idea of gas fees, transaction fees on Bitcoin being so high because of that. And they said, give us some time to adjust these gas fees in Eleanor. I don't know if you buy it or if that seems to make sense to you. But you know, it's become, I think, increasingly frequent to see Binance have some issues.
Yeah, it's definitely not new, right? I feel like, you know, once every few years, you want some month, we see something, some kind of headline out of finance, whether it's, you know, pausing withdrawals or, you know, potential investigations into CZ. And I think you're right. Like, there's not as much hype now over that as there used to be not as much panic, I suppose. And I think that#
Maybe a good thing for Binance. Maybe people are just saying, "These things happen, Binance is dealing with it. They're still going. They've had scrutiny for the last few months and they've seemed to be okay. They've seemed to work out their issues." Lots of mean projects have started building on that new smart protocol.
now. So I think the network is congested and having to pause with draw fees for a little bit of time is not the end of the world. They're still making money on all those transaction fees. I think people withdraw $6 billion worth of their funds from Binance and they're still technically solving
as far as we know. As far as we know, you know, I don't have insight into their books or anything, but just from seeing what we've seen in the past with all this finance craze, I think maybe sometimes it's blown out of proportion, but
nobody saw FTX coming really so anything's possible is what I'm saying. I don't think there's anything to worry about necessarily but we will see. That's what happens with this meme porn. With it being I guess it's a bit of a black box and that's always the issue I think. They're proof of reserve situation where they try to set this up and
And that was after FTX's collapse, that was the cry I think from across the board. Just give us a way to know that everything's fine. And all that transparency is always a little bit murky. When you look at over the weekend, too, they were like, "Look, we see reports of large transaction volumes outflows from Binance, fret not.
This is from their tweet. The outflower actually movements between finances hot and cold wallets due to the BTC address adjustments is what they were saying. I think that's always the cause of panic. I guess it's also happened in the terrorist situation. Everyone's like, "What money is moving where? What is really going on?" When you don't know, it's just easy to have that panic spiral out.
of control. Speaking of one year ago today, the terror collapse feels like, was it one year ago today and a million years ago? Somehow. Dude, I mean FTX was November. Yeah. Which not so long ago. No. Which is why I think, you know, I mean, this is, this is the subject of you. I haven't watched on our YouTube page. This is the last episode we just
put out was looking into is Binance potentially setting itself up to become an FTX and it gets right to the heart of what you're talking about Eleanor in terms of look there's a push for more transparency we haven't necessarily notched it yet and CZ for whatever you can say if you look at the CFTC complaint against Binance it's clear the man
has his hand in basically every piece of finances business, even approving what? It was a $60 expense transaction for a couch. I think he's top to bottom. He's involved. And whenever you have that, I think people are right to connect the dots to what SBF had. No board, no one challenging the idea of what he's doing at FTX and similar at Binance, I think. I think it's fair to say.
Yes, but also on finance I do feel like there is a team of kind of executives around CZ that have been there done that right? There's executive from Microsoft and executive from Uber. I'm not saying this is you know fireproof, but it is you know a little bit more comforting that it's not just a bunch of kids in the house in the room and
in the Bahamas doing drugs, right? I mean, at least there is some kind of structure here with their leadership. And also, I feel, you know, FTX, they were spending so much money, right? So much money on sponsorship deals, on stadium deals, and finances really seemed to be doing that in a sense where they're not, you know,
it's just a big red flag with FTX. Throwing money at everything that came their way. I'm also not saying that this is, that necessarily means that everything is fine at finance financially or anything, but it's another kind of, you ask if CZ is the next SPF. Well, he's
not doing those things that Sandbank and Freed did. And I think that's a positive sign if anything. That's a good point. I think it's also what we've always seen him point to. We've seen that from him even before. I think before FTX ran into all these issues, it was like, I don't know why they're spending so much on marketing and buying the heat arena naming rights, but we don't need to do that.#
and also made the point that they were hiring after all these layoffs last year. So yeah, so definitely CZ has played the marketing hand, I think pretty well in trying to distinguish himself and what finance is doing relative to what we saw from FTX. So I will at least give him that. And the idea you're right, Elinor, we were talking with Binance US is
VP last week on the show talking about she was at Uber, you know, has an experience background running Uber and you know what they've been trying to do to be regulatory compliant at least here in the US. And you know, seeing a count-skit shut off that might be attached to nefarious purposes is better than not seeing it. I suppose it's a step in the right direction.
And I was a tricky thing. Oh, this is a tricky thing. Yeah, one of the things that caught my eye upon reading the entire CFTC complaint is that a lot of the worst actions when it comes to evading regulatory compliance were made by their former chief compliance officer Samuel Lim who was charged in the complaint along with CZ real tough, but
To me, reading between the lines, it seems like he was set up to fail a little bit by CZ. He said multiple times. CZ wants this to happen. I'm going to be the guy that makes this happen. If that includes doing some sketchy things, onboarding some high profile clients off of the US platform onto the global platform.
or buy sometimes setting up shell companies and letting them trade in John Smith from the Cayman Islands name even though it's a bunch of traders in an office in New York. So yeah, the allegations in that CFTC complaint were pretty rough. Those are serious claims and we'll see what happens with them. But yeah, the idea of special rules for Wales and the
idea of, I think, you know, you said they're here for crime and so it's all pretty wild, which again, kids out there, be careful with your messages. That's always the takeaways. They'll come for those messages. Don't put it on paper. If you find yourself texting someone like, come on, they're here for crime. Just a direct quote. Maybe rethink that. Don't tweet things you'll regret later.
It's also very true. You got to delete those things. But no, Eleanor, tweets are a good transition to get to you. What we were excited to talk with you about because you've been kind of always the first to cover anything out of DC, anything on the regulatory front. And you pointed out, first, the people who are going to be there on Wednesday, this big house digital assets hearing and
We've seen, you know, I don't know how this is going to differ from what we've seen before. So maybe we just start there with what you're looking forward to seeing on Wednesday. Of course, always interesting when we see Republicans who have increasingly, I think, latched on to the freedom aspect of crypto and the idea that Biden's White House is hostile now to this industry. What do you
looking forward to and what should people know about this one? Well, this one's taking place on Wednesday. It's called the future of digital assets, measuring the regulatory gaps in the digital asset markets. And it's a joint committee hearing between the one of the subcommittees of the House Financial Services Committee and the House AG. And I
Was it Friday? Yeah, Friday. I tweeted the preliminary list of the witnesses. It's always interesting to know like who's opinion they want to hear from and who's take they want to hear so It's Andrew Durge of Republic of crypto. He's the head of Republic crypto. It's Matthew Culkin. He's the former director of the division
of Swap dealer and intermediary oversight at the CFTC. Marco Santori, chief legal officer of Kraken and Daniel Schoenberger, chief legal officer of Web 3 Foundation. I'm interested because it's all the regulatory players. It's the chief legal officer. It's the GCs.
It's the people who really have the most to give and the most to kind of educate these lawmakers on how to really regulate the space and all their experience. And then you've got potentially Dan Berkowitz. I heard that he was going to be the minority's witness. He's former GC.
the SEC and he's also a former CFTC commissioner. Now they haven't announced him formally yet. I'm going to see if they do that today or tomorrow. But he's an interesting one too because he kind of left the SEC under the whole SBF cloud. So he was, you know, he left his own accord, I believe, but that was around the time that we kind of figured out that there
some connections between S.B.F. and the CFTC, the SEC, there were some kind of meetings and everything going on in Washington. So that will be, if he's up on the stand, that'll be interesting. And I wonder if any of the lawmakers are going to kind of ask him about that. Because I don't believe he's really spoken out about anything to do with FTX and S.B.F. since he
left. So that will be interesting, definitely looking for that. But also just, like I said, the chief legal officer, the law people and the really smart people who can help the lawmakers understand this. Will anything come of it? I don't know. These were all hearings we saw Gary Genswell's hearing a couple of weeks ago. It was a great opportunity for
or GOP lawmakers to pound their chests and say, "We're really unhappy with the job that you're doing." But at the end of the day, Gary's still here. Gary's still making decisions and he's still ahead of the SEC. So what will change? I can't say. But it'll be another interesting hearing and I'm definitely going to live tweet it if you guys want to follow me on that. No, for sure. We'll be ret#
I think, you know, from the last hearing, we also saw big whipping from Tom Emmer on Gary Gensler. So sometimes it's just like a cathartic release, I think, for a lot of people in the crypto industry to watch some of these. But particularly, you had a great write-up on Fox Business, which shout out to, you know, people who want to read a little bit more about this. Kind of looking at the idea#
Polititization maybe of it of the issue and particularly kind of the interest from House Republicans in getting more information about Biden's Council of Economic Advisors and why they are taking such a strong stance in leading this quote-unquote crypto crackdown and of course if you're in the crypto ecosystem you've heard talk for the past few weeks of this
so-called chokepoint 2.0 in terms of basically eliminating banking access from all these crypto companies and the idea that they're trying to shut this down. And if you listen to all this stuff, Illinois, I think it's fair to say that Alistair Republicans are leaning more on the idea of, hey, this might not be legal, or at least it's to use their word hostile again.
I don't know if that signals anything to you because it seems kind of on the margin, maybe not that big of a deal, but I feel like this is increasingly setting up to become, I don't know what's going to happen, but the idea that this attention has been applied to it means, I mean, you're really attached to these congressmen. I think you've had chats with them.
seem different to you now. I think it's definitely ramped up in the last few months. I think they've seen really actions from not just the SEC, but also like you said, the Council of Economic Advisors changing their sort of stance on on digital assets from, you know, year ago, two years ago.
where they said, remember the president's working group report? And I remember everybody in the crypto industry was so excited for that to come out because they said, finally, the Biden administration is giving some credence to this space. And let's see what he recommends. And is he going to say, this is a potential for a great new technology. Go away.
ideas and come back on how we can implement it and regulate it, which is what the outcome was. And then what happened? They went away, maybe gave some opinions, and then we saw the President's Economic Report where they did the 180. It was a little bit more negative. It painted crypto as the bad guy.
and blaming crypto and kind of crypto players for a lot of problems in the space. And I think that was what Warren Davidson and Mike flood were calling out in that letter was just saying, hey, like what's the change? And does it have anything to do with the seemingly approach from the White House and the SEC that you
cracking down on crypto and trying to push it overseas and try and get it out of the country is that something that you're doing. So I think they really focused on that. But yeah, they call it a coordinated attack from all angles. And I do believe that they think that and they want that to change. They want to say, "This can't happen."
quote from Congressman Davidson and he was also one of those House Republicans who was really hitting Gary in the testimony from a couple of weeks ago and I'll just read the quote that you had in your write-up. Congress plays a critical role in the regulatory framework for digital assets which are not up to the discretion of unelected bureaucrats who retain inconsistent viewpoints and I do think that that that piece on inconsistencies
consistency is the thing that pisses off everyone in the industry the most is just hey and we've heard it from an it's only a kovanko an r-interview with him still up on coinage dot media kind of the idea of look we just want to follow god damn rules give us the rules man and it can't get anything clear and tough to build in the us and we're already seeing that with coin bases they explore a number
of locations outside the US to start building beyond just what they have here in this country because it doesn't look good. And I think we've seen that battle between them and the SEC get worse and worse over the last few weeks. Yeah, well, I was going to ask you both Coinbase reported pretty favorable earnings last week. Their stock is currently up 15% in the past five days. We saw some
headlines as Brian Armstrong, the CEO of Coinbase went around and said, "Look, we do want to fight the SEC, the anti-crypto SEC in the US." In some interviews, he kind of walked back earlier statements he made about relocating the company. Though in other interviews, he also talked about Dubai, the UAE, as a potential international
HUB. Clearly investors in the company don't think that the government is going to come in and shut it down tomorrow, given that it stock prices up. So how do you think Brian Armstrong is feeling right now with this regulatory environment? I mean, I don't know where you think I don't think he's feeling good. I wouldn't feel good until it's all behind him.
No, I don't think he's feeling good. I mean, it's one thing to kind of, it's one thing for like your investors to feel confident, but also, you know, it's interesting though, you bring that up because the stock price is doing well. Although I do think earnings kind of, you know, will give a quick boost to the investor confidence, but at the same time, we're also way
for anything to happen, right, with regulation, with Congress. So I do think people kind of think, well, is this happening right now? Like, are they going to move right now? Is this something we have to worry about in the near future? There's probably some kind of uncertainty whether, you know, is it going to happen tomorrow? And I think that is probably like contributing to the jump in share price as well. But I think, you know,#
He said, "I think Brian Armstrong cannot be feeling good right now." He's probably, you know, I mean, he's got a plan and I think he's got a lot of the crypto space behind him, most of the crypto space behind him because no one else has stood up to the SEC except for Ripple, you know, we're going to fight back. You know, it's a long road, but there are strong fundamental companies.
I think they have that going for them. And they're also the SEC registered, which is the whole other thing, right? Like the SEC let them go public two years ago or a year ago. And then they come around two years later and they say, here's a Wells notice. Your business model is not up to scratch. Yeah. Right. And we are still waiting on that other shoe to drop.
in the form of the Wells notice, which is the SEC basically giving warning to Coinbase saying there's an enforcement action coming. I think the way the stock responds to when that finally comes out. I mean, it's so coordinated or at least core graphed, right? People know what's happening there. I think the market has had time to digest at least some of the risks tied to what we've seen play out in
public now, it's happened for a better part of a few months. I think everyone's had a bit of a chance to digest these things, but I think you're right, I don't know. Even for us, right? The idea we saw where this shoe was going to start dropping against, and I've been signaling it for a while. For us as a community on show, we tried to get ahead of some of this by seeking out our Colorado
R&FT holders can call in the show with us because I think all this stuff is going to start to be explored from regulators. And I think what we have here, it's been fun to build out as a community on crypto outlet and it's been fun to highlight people like you on or in the space that have been covering a lot of this stuff at the forefront of headlines and
breaking news to bring it all to our community. And of course today we're excited to be opening up the first chance to be colon and coinage with us right now. You can buy one and Ft and get one free. You can mint one right now on our site. It's finally open. And I had of next week's big opportunity by a caucus pass. Once you have a subscriber pass, you'll be able to go and coinage at a discount,#
But we're super excited to see our community growing, more people coming in and raising what we should be covering as well as co-hosting the show by the way. It ain't just me no more. We've got a lot of other people who are interested in co-hosting and this vote's now live on our snapshot. On Cornage.Media you can go there to explore whether it's going to be Chad Bareford from Thor chain Wendy O'#
So from the O show or Carly Riley from over fresh JPEGs, I mean, Eleanor, we could have thrown you into the mix. Honestly, we should have been talking to you earlier, but hopefully at some point we can figure this out, but having you on the show today, always fun. So yeah, so if you have a coin, NFT, you can go to coin.gov media to explore the vote right now and figure out who's going#
But yeah, I don't know. I mean, you know, outside of what we've covered thus far, I think every time we have you on, we learn more about what's happening behind the scenes. And I think increasingly we've seen the American people in this industry kind of caught flat footed in figuring out what the hell's going on. So it's always nice to have you explaining some of this stuff. And I think, you know, out
side of Wednesday, always nice to ask you the question of what else you're watching for where these answers are going to be coming from next or what might be the thing to keep our eyes on this week? Well, goodness, aside from the hearing, I feel like I'm very focused on that Wednesday hearing. Let me see. Well, actually, let me, yeah,
Let me go down the ripple root for a second. Yeah, because you were there. Were you? Yeah. Yeah. So I was over in Las Vegas this weekend for the XRP Army conference. I was moderating a panel between John Deaton and Jeremy Hogan who were the two securities lawyers who kind of like the Twitter lawyers. They answer everybody's questions to do with the case.
And it was a great time. I mean, I was only there for about 30 hours. My flight was delayed on Friday. For about six hours, JFK. So I ended up getting to my hotel room at two in the morning on Friday night. It's Vegas for you. That's just when it's starting actually. You just you got there just in time. Exactly. But no, it was, you know, it was a really nice
event put on by Brad Cymes and it was cool to meet a lot of different people who were very passionate in this community and you know every every crypto community I believe is very passionate about their you know about their coin about their blockchain and their you know their their family I guess they kind of you know they feel like they're family and I really got that vibe from the people this weekend but just you know
you know, talking about the riblocase for a second, that's really, you know, for them obviously that's that's the big thing they're waiting on is is some rejudgment from judge Torres and it could come any day now. I think there was some speculation that there might be something on May 6th and just kind of based on what, you know, the judges passed rulings and kind of
how she's done it time-wise in the past. But now we're still waiting. It's past me sick. It's May 8th. So that is definitely, I'm watching for that waiting for that every day because when that comes out, that is going to be the precedence that we think for secondary market sales. Are they securities? Are they not? It's going to be a big deal. So that could happen any day.
side of that one. I mean, I feel like this year there were two cases that a lot of people were attached to that's this one, the SEC case, as well as what we saw last week was it? I'd never know what day is what crypto. Yeah, last week we saw from Nate Chastain, the former OpenC manager convicted in his case for NFT the first so called from the DOJ.
bringing it up to trial, the first insider trading case in NFT land. And I think that one was, again, pretty key in probably, I think the parallel is easy to draw there in terms of connecting, you know, ripple to anything that could or could not be a security, but also what they were trying to do on the NFT front in pursuing what, you know, could be
tried as insider trading for other NFT projects now as well. And it sends a pretty strong signal, you know, a trial and a jury convicting someone like that does send a strong signal to you other people in the space to say, look, you know, this is real. He's facing a 40 year maximum sentence. And so we'll see in August what he gets. But I mean, that's that's no
slap on the wrist, right? And so it sends a pretty strong, like, we're watching signal to the entire NFT space, which may be good, maybe bad, but I think opens the door to the idea of overreach now when it comes to regulating NFTs. Yeah. And there's another suit that's still pending against Stopper Labs, who are the critters of NBA Top Shot about whether or not they're
there are moments, NFTs, our securities, which could bring even more clarity to that question. So it will be interesting to see when that comes up. There's so many presidential presidents coming up. And then also you say August back, but then you've got San Benchman, Fried's trial in October. So I think the fall is going to be quite an interesting time for the cryptic
If it gets to it, I do wonder. That's one of the things, too. I was kind of surprised that the OpenC trial, when they chastained, actually made it to trial, there were, I think, opportunities for it not to go that far. With SBF, I feel like, I don't know what the betting market is. I'm sure there is a betting market question, too. Is it going to go to trial? I#
that exists. But I do wonder if it I don't think it's going to make it. I don't know. Is there a bold call you want to make Elmer? Because I think we could start opening this bet right now. I don't see it going to trial. Well, it's interesting. You say that I someone retweeted a piece by coin desk from a couple of weeks ago about just the shrinking size of
embankment-free in spell bond right so it was this when it came out it was a historic like 250 what was it 250 million that he had to pay for yeah to secure his you know his his his place at his parents house until trial but you dig a little deeper into that and he actually didn't pay anything nobody's paid a cent it's all you know it's
It's all guaranteed by people that have those means, have that money if he's a flight risk, which is not because I'm not sure about this, but I believe they've got his passport and everything. So he's not going anywhere. The only reason anyone would have to pay up that much is if he doesn't show up for trial. And I do feel that he's been in New York the last two times he showed up for trial on time.
time and he's been there so I don't see him as a flight risk. I don't see him not showing up. But it's interesting that $250 million was such a headline and it really, you know, Bernie made off pay more. Yeah. I mean, the flight risk thing, yeah. That's, I don't know. Obviously, if you hold someone's passport, it doesn't stop them all the time. They can always make another, I#
it's good enough or not. But always interesting to see where these ones go. And of course, you know, you throw out the playbook because it's crypto. So we never really know what's going to happen. But I think it is definitely something to look forward to at least in terms of the broader goal of getting some clarity or maybe that one falls under the category of just maybe
entertainment. It might be. It might just be something that everybody kind of wants to watch. And so I don't know. That could be what we see there. But Elinor, I appreciate you coming on. And like I said, I want to put the article everyone should go to Fox Business and read this one and look ahead to Wednesday. We'll retweet whatever you're able to live tweet from that hearing because I think it is rather important. And as#
this out, it's kind of the community to spotlight the best reporting and news that everyone needs to know. That's why we do these shows Monday, Tuesday, Thursday, Friday. It's kind of highlight all this stuff. So on Coindage.media, we'll be putting that one up there for everyone to check out as well. But Eleanor, Tara Fox Business Journalist and Producer, thanks again for coming on. We've got to have you back#
me if I can't get you to come back on because this is always fun. We always learn something. Anytime you want me, I'll be here. Awesome. Eleanor Tara, appreciate it for Zach Abrams, our head writer here. That'll do it for us here on this coinage chat on Monday. And again, if you want to co-own what we're building here at coinage, feel free now live at coinage.media. Buy#
on the show and weigh in on everything we do, including who's going to be co-hosting coin edge moving forward. Thanks again. Have a great Monday, everybody.