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What could we potentially be seeing coming out of crypto regulation for the next year or so? There is a big announcement coming soon and today I am going to address one of the potential things it could be about and that is staking.
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Welcome to bitboy crypto my name is Ben Uh today I'm going to be talking about What we could potentially see that's Good and bad in crypto when it comes to Regulation over the next uh year or so Some concessions that we may have to Make Now there's a big announcement coming we Talked about it this morning on the live Stream tomorrow we don't know exactly What it's going to be but I thought this Is a great opportunity to address one of The potential things this could be about So uh my Uncle Brian uh he posted on Twitter uh he tweeted on twitter.com uh That he is hearing that the SEC wants to Go after staking call every single Altcoin and unregistered security and Destroy cryptos taking in America now It's very interesting I don't know if That's going to be the announcement or Not I doubt that would be the Announcement because it feels like I don't know it feels like this would be Very quick to just make this decision And move forward with however it does Come on the heels of FTX and Celsius and Gemini's earned program all these Staking platforms that had issues or uh You know block five was also a learning Platform that FTX and Alameda were Associated with so a lot of stuff in This space we had nexo move out of the Country bald Voyager obviously having
Issues as well so the point is this Is this something we're going to see are We going to see the end of staking uh at Least centralized taking in America and A ban on device taking in America that Really can't be enforced other than to Just say if you get caught you you face Consequences Um now of course you know that may be Jail for you or me for a bank if they Did it man I tell you what they get a Million dollar fine which is point zero Zero zero zero zero zero zero zero zero Zero one percent of the money they make Um so Here's the thing about staking if you Watch my channel last year all during 2022 if you watched it the year before All during 2021 second half of 21 on Until about the middle of uh last year We talked a lot about what was coming uh With staking Uh basically along the short of it is They want to come after stable coins and Stable coin regulation I don't think This is going to end up resulting in an Actual law that bans cryptos taking uh Here's one The reason The SEC and the government don't want Crypto overlapping with traditional Finance Especially in this area is because Stable coins and staking equals as long
As they're solvent guaranteed returns Okay the only guaranteed return that Exists pretty much in the world Is a Government Bond from the good old Us of a as long as the country still Exists and as long as we are still Taxing our citizens you will get that Promised return on your bond uh in Another if neither of those two things Are true Then I tell you we've probably got Bigger problems on our hands than Getting your return back from your bond So What if staking coin what if stable Coins equal one dollar at all times Are offering higher returns and higher Yields than those government bonds While a stablecoin isn't going to Fluctuate it's not going to be volatile So that means that essentially we're Looking at guaranteed returns higher Than government bonds now of course if You got to put it on a third party Exchange like Celsius we see what Happens you can lose all your money There's no point in earning and Appreciating asset uh that you don't Actually have not your keys not your Crypto uh we'll put a link down below to Ledger if you want to check out a ledger Hardware wallet Um and maybe a BC walk maybe we'll put That link Down Below in the description
As well we did a video on Ledger wallet If you want to check that out we will Put a card up at the top of the screen Here start driving around in the demon Like a bat out of hell because man when It comes to crypto We're like a bat out of hell we're mad We're mad about this taking stuff and We're gonna we're gonna we're gonna get Into What exactly is going to occur here in Just a moment so when you have uh these Uh when you have these potentially Guaranteed returns competing with Guaranteed returns of the government Bonds That's when the issues arise that's what They do not want so what are they gonna Do they're going to push out this Narrative they want to ban all staking Right It's Hot Topic the exchanges made Everybody look bad including politicians Including Garrett ginsler well let's Just write the Band-Aid off let's get Where it's taking that's not the end Goal though so let's talk a little bit About what Sam bankman freed wanted for Regulation he wanted everything to favor Centralizing changes Um and he wanted to create a federal bit License like the one in New York we've Talked about it a lot of times uh when He had when he was sitting on our bill Uh in August that's when he started
Really getting behind the scenes in the Senate specifically and trying to make Moves Now here's the thing when even has Political Manifesto The boozeman bill that's not going to Pass out most likely uh Almost Dead on Arrival The Bozeman bill would not have looked The same by the time it was done as when It started just I might build one these Things change over time and what happens Is There are concessions that are made The issue with Sam in his political Manifesto other than he was just an evil Super villain and a polycule Is that He wanted not only to favor Centralization But what he was really going for here Was kind of to create a world where only He could win right only Sam could win And that was something that uh you know Wasn't gonna ever be able to be Something that people were going to Accept but he thought they would So he put out on Twitter his whole Political Manifesto what he was looking For and the goal of that was to get Feedback really from Twitter uh he Didn't think he get the backlash he did But to give that feedback and go in and Probably tweak things and change things
But at the end of the day you know he Had some very specific things that he Wanted and he was willing to give up Everything that he didn't want Unfortunately uh for Sam the thing he Didn't want was decentralization the Thing he didn't want was peer-to-peer Transactions the thing he didn't want Was D5 he tried to say he did but Clearly the language of his Manifesto And the bill he was working on did not Reflect that that's what the community Was so outraged about well before we Knew about the insolvency or completely New about the insolvency so That is what he was going after there He was willing to give up everything the Crypto stands for in order to get his Idea of what crypto regulation Through that would help him out from a Centralized standpoint We should have a battle for concessions Okay there should be a battle that Occurs we should not just give Everything up like hand it over here Take this So what we're seeing right now is a Negotiating tactic basically from the SEC if this turns out to be true uh Which I told you last year and in 2021 We believe they would come after stable Coin staking so what they're doing here Is they're saying all right we're gonna Throw this out there all staking his
Band they know that's not going to stick Over the long term What they're wanting to do is say hey we Will concede Crypto staking on volatile assets that Are not guaranteed returns you might get A guaranteed percentage but that doesn't Mean that you're getting a guaranteed Amount of income or amount of return Because the price of the asset can be Appreciating or depreciating at any Given moment so This is going to end up be being a uh Whittling down if you will Of across the board regulation on all Coins to say okay well we just don't Want stable coins taking that that's What we want there's all kinds of Problems with usdt might mess up things With usdc moving forward as a digital Dollar in the future Um so that might be what they're going To ask for so this is a moment where we As the crypto Community say hey okay What are we willing to give up In my opinion I'm willing to give up stable coin Staking if that means that device taking And even centralized staking uh I Wouldn't use it but some people would Choose to do that still with everything That happened at your keys that's crypto Uh I think as long as we are able to keep
Volatile assets basically every coin in Crypto that's not a stable coin Keep that forsaking and make it legal Maybe a case-by-case basis even We would take that Over stable points thinking am I right Because at the end of the day one Bitcoin equals one Bitcoin we believe in This phase that Bitcoin and ethereum and Cardano and xrp over time they're Growing to grow in value so the Volatility in the shorter term it Doesn't matter that much that's actually What packs the punch and will allow it In the future to be able to go way to The upside so it's a game of give and Take and whether this is the Announcement tomorrow or not maybe by The time you're watching this video Maybe by the time you're watching this Video in fact This has already been decided maybe They've already leaked what the Announcement is tomorrow maybe it's not Relevant anymore but the fact is I do Believe there's a reason Brian Armstrong Said that because there are Conversations going on about this They've actually been going on since 2021. so I want to know when it comes to The world of crypto and regulation what Are you willing to give up and what are You willing to say this is a Non-negotiable for me we cannot give
This up in any in any way because the Fact is guys in the world of Regulation We are going to have to make concessions I don't know what you're willing to do When it comes to that that'll help me Find on your behalf because we are the People All right that's all I got be blessed Good boy out
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