Blockchain

BANKS BEGGING SEC FOR BITCOIN & CRYPTO. BULL RUN CONFIRMED. APTOS & MINUTES



Bank Policy Institute, American Bankers Association, Financial Services Forum and Securities Industry and Financial Markets Association pled their case in a letter to SEC Chair Gary Gensler to essentially let them custody BITCOIN & CRYPTO AT LARGE. This is not surprising.

MINUTES NETWORK – https://minutesnetworktoken.io/

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Hello everybody Welcome to the Friday’s live stream uh today quite interesting news I think uh there’s a little bit of price appreciation a little bit sludge coming back and forth but the thing that concerns me or actually could be uh the next thing for a bull run is this little

Piece that came out today it looks like the big banks are foming and at first glance you would look at this and go this is fantastic news but just stick with me because I think there’s problems on the horizon but here’s what we got so big banks are

Nudging the SEC for a slice I like this for a slice of sweet Bitcoin ETF action and I have to tell you right now for the ETF action it’s uh there’s nobody else to to really do it better then first of all James from vestan is doing a great

Job of tracking all the portfolios but also uh bitm research and they put out uh this little data graph which takes a look at just how well the ETFs are doing and I don’t know if you knew this but uh we are outpacing the gold ETFs by a

Major amount and there’s between seven and 14x demand for ETFs as opposed to what’s actually being produced every day which is 900 Bitcoin per day and we just see that uh we are actually this is from the 15th today is the 16th I can’t get the daily updates until everything gets

Closed but right now we’re up 96511 uh Bitcoin even though we’ve got quite a bit of a dump for Grays scale so what does this mean for for banks that’s what it means for Banks Banks are like this they’re like hey we want to piece that sweet action and uh we can’t

Believe we can’t get into it because the people that we trusted Gary and the SEC didn’t look out after us so this was actually a letter that uh they put out this is from the American Bankers Association the bank policy Institute Financial Services forum and Syma and

They State this and of course I love to read these things just to just to see just how much fomo it is and they say this we are writing to request that the the SEC considers targeted modifications to staff accounting bulletin number 121 and again I like to see

Uh exactly what is actually said to the SEC and where things are going and uh this is quite interesting they says there have been several relevant developments during this two-year period including the G the Gaal report issued in October GAO approval of certain spot Bitcoin etps and the sec’s proposed

Ruling on safeguarding advis client assets that would cover the custody of digital assets if finalized as proposed so they’re saying here essentially is like look this is what we see to be happening for some reason we weren’t included and then coming down here this is their two big gripes which

I I I honestly have to say I can understand why they would be H not too happy about this because they pretty much got aced out because essentially what happened was coinbase stepped in and go you know what we’ll be the custody service provider because we can

Do it and you guys can’t because thew that were passed to protect everybody so even though we got even though coinbase got sued by the SEC they actually are a beneficiary of the laws that were passed not by the SEC they only enforce laws but the laws that were passed by

Congress and the sec’s enforcing so here we go so they say this they like look spot Bitcoin etps the commission recently approved 11 spot Bitcoin etps allowing investors access to this asset class through a regulated product however notably absent from those approved products are banking organizations let me say that again

Notably absent from those approved products are banking organizations serving as the asset custodian a role they regularly play for most etps essentially they’re saying this look we’re running out of funds we have some Bank collapses we’re actually shutting down the brick and mortar stores across the globe because they’re

Not really needed as much so we’d like to have a sweet piece of this action and it looks like we’re being aced out so if you could just kind of change the rules or kind of Overlook some things or not be ringent maybe we could do better to

Finish up these etps have already experienced billions of dollars in inflows but it’s practically impossible for banks to service custodians for those etps at scale due to the tier one Capital ratio and other the reserve and capital requirements that result from the laws that were passed sa b221 then

They also say on top of this they say look the use of distributed Ledger technology to record traditional Financial assets is also something that we can’t get into banking organizations are increasingly exploring the use of distributed Ledger technology to record traditional Financial assets such as

Bonds the use of DT as the potential to expedite and automate payment clearing reconciliation and Settlement Services and multiple central banks outside the US are partnering with banks to explore the adoption of DT and the reason why it’s outside the United United States is because the SEC is overstepping their

Boundaries and we’ve talked about this many time on the show when you have enforcement through regulation you have problems because essentially the SEC is going we are going to stifle Innovation and we’re going to step in the on the throats essentially of of the progress that we could potentially make now when that

Happens what does it create it creates a vacuum then of course everybody everything can go across outside the states to other countries that are F friendly to crypto and of course we get passed up why was this allowed well it’s because the people that were in charge

And there’s nobody else to blame but the people that are that are above in those positions so again uh there’s a reason why the SEC is doing what they’re doing there’s also a reason why they keep losing in these court cases so thank you Ripple and then to finish this up uh

However Sab 1221 has proven to be a barrier to banking organizations’s ability to meaningfully engage in dt-based products due to the breath of the definition of crypto assets in sab1 121 And there’s some more information here but it gets pretty dry so I’m just

Going to leave it up to you I link this in the description you can check it out for yourself but here’s the concern to me and we’ve talked about this a couple of times there’s a way things that should be and the way that things are

Going to be and the way things that should be is that we should all use some type of cold stage device because it’s not hard it’s not hard to essentially be your own bank it’s very simple especially with tangum you can use Ledger or La pal ases a matter to me

But uh for people to use this it’s actually quite simple they just don’t want to take the extra step and learn new things because they’re so indoctrinated to actually use the banks what will probably happen is the banks will start to custody Bitcoin and crypto and other digital assets for everybody

Else because they think that that’s the ones to actually put it there then what’s going to happen is we’re going to have some type of fractional Reserve or some kind of fractional Reserve lending just like what they do with the money that you put in there for every dollar

That you put in excuse me for every $100 they put in it’s between $97 $99 they can actually lend out and then you just have a massive amount of of these digital assets that were finite now become lent out and there’s a problem there so I see this as an issue moving

Forward for other people not for us because we understand the limitations of what is happening in the traditional markets so I think this is just it’s great for fomo and it’s great for stories and it’s great to push The Narrative of the bull run I’m just kind

Of shuddered to think about what’s going to happen in the future especially with people allowing Banks to custody anyhow I could be wrong and I don’t really mind if people want to do it that way everybody’s different I just think that we’re not that stupid and we can learn

How to do it ourselves anyhow let me you think about that in the comments section and then to finish up now because pretty quick day I want to do a little Q&A is uh this is a good piece I’m gonna break two rules today I’m G to break two

Rules today and uh actually it’s the same rule for two projects and the rule is that I don’t talk about things unless I own them I don’t own any aptose but I thought this was very interesting and it’s just a it’s just a it’s just a interesting piece aptose joins crypto

Smartphone race with Jambo phone partnership and this is what we got I always like to see you know real world uh functionality especially uh from throughout other countries here’s what we have there’s a collaboration the collaboration that’s going on will build on the launch of the Jambo phone which

Is a it’s a a smartphone that’s less than a hundred bucks it’s pretty good $9 $99 smartphone that’s designed to unlock the digital economy for users in Africa southeast Asia and Latin America that’s a major bulk of people throughout the world we’re sitting at like I think

Around 8.1 billion people in the world correc me the comment section so you’re talking about Africa southeast Asia and Latin America that’s billions right there this was launched in January and available in more than 40 countries the Jambo phone comes bundled with pre-installed applications including apos compatible

Wallet Petra now I found this great this is good for aptose if you own aptose I’m sure you’re rejoicing I’m glad for you I’m happy for you but just remember there’s a lot of apps that come with your phone when you buy your phone do you use all of those apps potentially

And I’m just saying this is great for rtos because you know the more things that you can get out there because if you if you if you’re talking about cost per acquisition like a CPA numbers that’s the hardest part in any business it costs a lot of money to get customers

If you can just be on a phone and you have your access to billions of people congratulations you just won a major war so the pre-installed Jambo app offers a comprehensive introduction to web 3 that’s fantastic that’s good for the markets I like that there with Jambo earn and Jambo Academy educational Suite

With Jambo promising to offer income opportunities through the apps quests feature which is what you’re kind of seeing right now with the airdrop so again I don’t own uh any aptose but I know people love it and uh we’ll see how that turns out but I think that’s a

Positive for the market I’m happy for that so there I’m breaking my rule I talked about something I don’t own now I’m going to talk about another thing I don’t own well actually I do own this uh World mobile so we’ve we’ve talked about this on the channel every so often we

Need to do another dive with uh with Mickey Watkins to come in here the founders or co-founder of world mobile but again it’s uh bringing telecommunications to different parts of the world that uh is underserved and underutilized especially with different places that you cannot get service as

Far as uh talk text and data uh throughout these different areas and of course it’s it’s actual real world uh infrastructure I to me I think it’s like one of the first deepins the first decentralized physical infrastructure Network would be World mobile token and they they proved this in

Zanzibar anyhow so I was actually talking to Mickey over on the on where were we was the not text message it was one of the mobile apps I forgot there’s so many out there and he goes hey just so you know uh we’re bringing out bringing to markets uh we’re partnering

Up with uh minutes and minutes is going to help us with the um uh calling procedures essentially what it what it comes down to is this is did you know that there is a market for calls international and and domestic calls like when you when I call you on my

Phone apparently it’s a $250 billion doll industry and it’s gonna well that’s what it’s suppos to be projected in 2024 I think it’s like 247 billion for this year going to cross over 250 in 2024 and what they’re trying to looking to do is World Mobile in this company minutes are

Looking to disrupt the whole IND industry I did not know this until I was talking to Mickey and and Josh who’s the founder of Min Network this is what happens when you make a call essentially right here this is the caller the person on the other side that’s the receiver in

The middle there’s a bunch of these these third-party processors and essentially they take a cut of everything from like Verizon and T-Mobile and everything else and it gets expensive and what these guys going to are going to do essentially is they’re going to disrupt the whole market and

They’re going to actually put a couple of lines of code in different apps that you normal everyday apps that you would see on your phone and it’s going to cut everything down by like 80% essentially it’s going to cut out the middleman and you’re going to be able to get paid with

That in the token itself now I will just say this this is a very new company and uh I’ve heard Rumblings that they’ve this is just here toay that they’ve already ink the deal with a company with 1.2 billion users don’t uh get too excited until that actually

Comes out but they’re already doing it there’s an Explorer and they’ve already got incoming calls 23,000 right now I mean this is like a thing that actually works right now and I’m just uh interested in it I’m going to do a deep dive on it but to me it’s all about the

Goldilock Zone because I think well this is actually proven around this time for around the having is when some pretty big projects usually get up and running you got Sheba in August 2020 sand in 2020 Gala avac axi salana madic and yeah Luna was in July 2019 that was of course

Right before actually no excuse me that was right after the having matter of fact and uh yeah it did collapse but I mean a lot of people made a fortune on that thing so I’m always looking for the next the next thing that’s out there but

It’s risky but uh if this proves to be what it is could be pretty big that’s it for today so I can’t give too many more details because I can’t really talk about it that’s it for right now so look you like today’s video give it a thumbs

Up consider subscribing me talk about his time sensitive

34 Comments

  1. @elecron200
    0 seconds ago
    KASPA seems today like a healthy GREEN healthy tree on a barren RED Martian land, drinking blood off the ground. Further nurturing itself Ha!!! 🌳

  2. I agree that people "aren't that stupid," but would argue it borders on impossible to similarly argue that they aren't lazy. I don't think it's necessarily that they "don't want to learn" per se, that just takes time, effort, and risk to do so. I suspect this won't change.

  3. BTC is not going to over through the centralized banking because they are going to use BTC to prop up their Fiat ponzi scheme. Crypto needs to cute ties with BTC it's going to collapse Crypto

  4. What if they pass a law or make it so that the only way you can have a crypto is through an exchange. Ran through a bank and you don't actually get the keys but.
    You get something saying that the bank has your crypto for you. What if that happens

  5. The SEC can manipulate Bitcoin by simply allowing failed Bitcoin companies to settle/ release as needed. MT Gox, FTX, Celsius, Genesis. How many more such failed corps exist? How much are they holding?

  6. Great report thanks! And yeh World Mobile is crazy, building so much real world stuff. Not aware of any other DePin project that has it's own spectrum licence (as opposed to partnering with someone that does). Looking forward to deep dive!

  7. You have been talking about endless amount of shitcoins over the last 4 years and not a single one got a real world usage. Only bitcoin offers that as a store of value yet you continue to promote news shitcoins.

  8. One thing i'd like to point out is that the quicker and more steep this parabolic run goes (probably because of fomo.. even from banks), it is likely the pull back will happen in the same manner. Be careful not to get too greedy and miss out on profits. Set your goals and make sure you pull some profits along the way.

  9. Rob I dont think allowing bank to custody is all that much different than allowing a centralized exchange to custody. What is important here is that they aren't allowed to take our right to self custody. Although if you watched Charles Hoskinson's recently videos he makes the case for why we shouldn't custody our crypto in any centralized entity and also the case against using asset backed stable coins.. the more crypto the traditional finance industry takes custody of the more we are giving them power over us and this industry.

  10. ZERO CHANCE BLACKROCK CAN DESTROY BITCOIN.
    BITCOIN BELONGS TO THE DECENTRALIZED USA CRYPTO CITIZENS PRIVATE PROPERTY HUMAN RIGHT. (blackrock has no right to own bitcoin till US CONGRESS RECOGNIZES Bitcoin as a legal tender us COIN CURRENCY)
    (I BELIEVE ONLY BITCOIN FORCES GOLDSTANDARD TO BE REINSTATED AS IT WOULD FORCE THE DOLLAR OUT OFF BITCOIN to BUY US MINTED GOLD OR SILVER) CENTRALIZED INFLATION is independent from DECENTRALIZED DEFLATIONARY CRYPTO LIKE BITCOIN — BITCOIN PULLS MONEY OUT OFF INFLATIONARY MARKETS THUS LOWERS INFLATION BY CAUSING MORE RARITY OF DOLLARS IN CIRCULATION
    Only GOLDSTANDARD Functioned like Bitcoin, to pulling money out off circulation when gold was hoarded FORCING PRICES LOWER.

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