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Welcome to Bitmore crypto my name is Ben And today I'm going to be talking about The three things that I learned in Washington DC uh today that I thought Were extremely interesting so if you Guys know we've been getting involved in Legislation we've got a build we've been Working on Um and we came out to Washington DC this Week Um to have some discussions I had some Meetings yesterday with some with some Key players today I had uh office or Meetings at the offices Congress from Like 9 30 all the way until about 4 30 Somewhere thereabouts uh and and I Learned a lot of interesting things so The first thing that I learned today Is that The reason why criter regulation has Really got stalled here is definitely Because of FTX but not necessarily for The reason that you think uh the reasons The regulation has really stalled out Um that's why it's been really hard like Pushing our bill right now is that uh Did you guys hear that it was it was a War knock Um but the number one thing is that the Politicians are scared to move they're They're scared to be the first to push a Crypto regulation right now everybody's Kind of looking at each other and They're like who's going to do it are
You going to do it it's not going to be Me I don't want the criticism Um if Well what if what they're working on Ends up like similar to what happened to The people that were working with Sam Um where basically you get lambasted Down the road because the people that You were working with were dishonest and Of course all these politicians they put Their neck out there for FTX and now you Know it's a lot of their necks on the Line so to speak and so I think that What you have to understand is one of The effects is that just nobody wants to Move you guys know that the meme of the Guy holding the stick and he's like Looking at this thing and it's like move Move dummy move you know You're trying to trying to make it move But it's not moving and that's what's Happening with crypto regulation it's Like you're gonna try poking it with a Stick but right now hardly anybody wants To put themselves out to make themselves Vulnerable in an industry where Everybody who is vulnerable was Basically Um you know a really hurt over the last Year due to a lot of different uh losses Of exchanges and solvencies and whatnot So that's the first thing is that Basically there is a paralysis of moving Into crypto regulation
Second thing I learned is there's one Area of criter Regulation that there is Not paralysis and this is where we will Be getting the next bill and this bill Has to get through before our bill or Any other builds Um in crypto are going to be moving Forward And that is the stable coin bill they Talked about it last year and I was told Last year and we talked about it certain Times that I was told that nothing would Happen until we got that stable coin Regulation deal done Over the next several months after that You know that kind of seemed to fade Nobody thought that was really true uh The bill sputtered Um at the end of last year and now it's Going to get new life now we don't know Exactly what form it's going to take Um is it going to include the two-year Ban on out of the stable coins in America we're not 100 uh sure of every Single thing uh that it is going to Contain but there's a good chance it has A lot of the previous iteration of the Bill in it just a good chance Um so one thing we're going to be doing Actually is we're going to be sending a Survey to you guys we were asked to do This to get data on what you guys want For stable coin regulation we're going To actually play a role of bitcoin's
Actually going to get a seat at the Table here to be able to show our Opinion Um you know consensus am I right with a Poll on what we think needs to happen I Mean a survey is not technically a poll It's a survey uh so we'll be putting That together in the next week so make Sure to look for that so number one Thing I learned people are there's Paralysis to move a crypto regulation The number two thing obviously Um is that stablecoin bill will be Coming through at some point maybe by The end of this year and then the third Thing that I learned is that not one Person we talk to today knew about the Library Credits case uh this is where the token Lbry or now it's lrc I believe was Accused to be a security by the SEC Um it obviously uh you know it's a video Platform Is what the actual Um you know Library platform was it was A video platform YouTube competitor Right Um but they had a token for their Internal economy the SEC sued him said That yes you are a security went to Trial the case or the case went to court The judge says yes secure right this is A security there's a second part of this Case where now they have determined what
Happens from here with the library token Well Basically what's happening from here is The secondary sales are not considered To be Securities so even though Gary Ginsburg won the case and the SEC said It's a security and the judge agreed Secondary sales aren't so that means That he today is still not actually Regulating even the case that he won and So I think what needs to happen is People need to understand everything That's going on with that Um because I I just couldn't believe that nobody That we talked to today for meetings all Day knew about this case it has direct Impact on what's going on Um with crypto regulation so what I've Seen is there's a big disconnect and This is one role we're trying to help Phil is that to make sure that people up Here in Congress in the Senate that They're not just getting stuff from Their staffers on what's going on for Crypto but where they're getting like a Monthly or a quarterly update from the Crypto community and the retail side on What is happening in this industry where Is the sentiment going what is the Narrative right now so we were actually Asked to put some of that stuff together As well Um so we're going to be sending that out
Um you know we don't know monthly Quarterly something like that uh to Several people in Congress Um several very important people and Very important you know key committees Um so you know just know this if you're In a bit Squad you're part of what we're Doing and we are pushing crypto we are Going further than just talking about Coins and price go up price go down We're doing more than complaining you Guys are out here I'm representing you But we are all out here doing this Together it's been an awesome day Culmination of a long time trying to get Up here and have these meetings Um maybe having some more here in a few Weeks Um but definitely appreciate all the Support we're doing this together we're Changing crypto forever hopefully for The good not for the bad that's all got To be less
