Today, we have the SEC going directly against the U .S. court system, and I think it's going to be a good one for you guys. We'll break this down for you. There's a lot happening with Garrett Gensler, how they are strategizing against potentially some of the rulings already by the U .S. courts. You don't want to miss it. My name is Paul Baron. Welcome back into Tech Path. All right, let's get into it today. Before we start, I want to thank our sponsor, and that is Tangem. If you guys are looking at a secure way to do your own self -custody, one of the things you can do is get into these card wallets. Now, a card wallet is like a physical wallet. It in itself works in tandem with your software on the phone, and it does a great job in terms of your overall security and protecting your digital assets. If you like self -custody, this is one of the tools you can use. Just go over, go to tangem .com, click Get Tangem. You've got a couple of options here. They've got a brand new wallet coming out that will give you optional seed phrase capability, all of that happening in October. So jump in, use our discount code. It's going to give you some additional discounts. Make sure and get the three -pack, too, because it's a better deal. So use the discount code, click the link down below, and start your journey on self -custody. Let's get into the first thing. I want to go to the clip that explains Gensler's strategy here about the current status of our courts and their decisions so far and what he might do with that. Listen in. When you take collectively recent court decisions we have seen, how have they made you, Gary Gensler, think differently about regulating this space? I'll tell you. I think the same thing. It's about ensuring for compliance and protecting the investing public. And this is a field, it kind of reminds me a bit of the 1920s, where a lot of people were getting hurt. The securities laws apply to crypto security tokens, and there's nothing incompatible with those tokens, with the securities laws, and we've just seen so many people hurt and lost their money, and there's so many hucksters and fraudsters in this field. All right, so most of this has been, as you guys know, if you've followed our channel for very long, you understand where the problems had lied. Most of it is because of the lack of clarity, the lack of real legislative direction, and I think that's been the case. Gensler's position has pretty much been unchanged. He truly believes that all tokens are essentially securities and that they are the savior against protecting individuals' rights and hopefully their finances. The only problem is that we see just as much fraud and problems within the traditional finance markets as we do in any other markets that are speculative. So I think this is still Gensler's missed shot of really understanding what the future of innovation really means for crypto and blockchain. Let's go to another clip here. This is where maybe could the courts convince him because the rulings have been coming out pretty sequential here in and against, in favor of the blockchain industry and against the SEC. Listen to what he had to say. And so nothing any court would say would change your mind on that? I wish something a court could say which would actually bring the compliance sooner. Having said that, there are a lot of folks in this field that are trying to say, well, those don't apply to us. And I suspect you've interviewed one or two of them, too. You'd be right about that. First thing I want to say here is Gensler's selection of words. His pauses are getting further and further apart. Why is that? I mean, he seems to be so intrepid in the past. And now all of a sudden he's taken this role of just a very, very strategic way of answering questions. And I think it's an interesting concept, especially because of the fact that he's had what handed to him over the past few months in terms of court rulings by judges who are essentially following the law. And this is where I think it starts to rub with a lot of people about Gensler's kind of frivolous attempt at, hey, I don't really care what the courts have to say. They just need to give us the ability to litigate and execute our plan over the SEC or over these financial markets, including the crypto markets in general. Stuart Alderadi kind of jumped in on this on Twitter. Stuart Alderadi obviously coming in from the Ripple case, fresh off a fairly good win. But what's most concerning to me, let me zoom in on that, and should be to you in the full video clip, is shocking admission of an unelected bureaucrat that he won't respect the decisions of the court. This is the problem that the overreach of the SEC continues to dive into. But more important, I think it's more importantly around Gensler himself. Because there's enough dissent in the SEC, especially in most of these rulings here recently, that it does pose a very interesting position right now. Here's John Deaton coming in with it. Just watch the reaction of the question posed. Any court includes the Supreme Court, the Supreme Court of Law of the Land. These people are so inherently arrogant that they think they are above the law. Let me introduce you, everyone, to the real -life example of a megalomaniac right there. And I would agree. I think this interview alone started to really showcase how Gensler thinks about these things. And he's strategically lining up. I'm wondering if there is something big that Gensler - because remember, if you watched one of our other clips when we did the government shutdown video, part of that was in a clip here and there was a lot of nervousness around these government shutdowns. I don't know. Is there something brewing down there with the SEC? I want to go to this next clip because this is where Gensler is going directly against a decision that's already been made around ETFs, listening to what he had to say. I'm not going to ask you to comment specifically on what's next in the Grayscale case, but in part of that ruling it was about the distinction between futures and spot and it not being clear that really fundamentally they were differently in terms of the fraud and manipulation you often talk about. My question to you is, is there a world given those concerns you have about fraud and manipulation that the SEC could actually revoke approval of a Bitcoin futures ETF? We take into consideration any time a court rules and we consider it and think it through and deal with filings that are in front of us. And we have a number of open filings in the Bitcoin exchange traded product space. For spot products, sure, but could you rule out revoking the futures product? Again, I'm just not going to speak to the filings and you are absolutely right. There are a number of Bitcoin futures exchange traded funds and they've been live since about two years. All right. So there was some body language in there in that interview. Part of this was the smirk that Gensler has on his face when that question was asked. This concerns me because it does and has the ability to impact the markets in pretty much a catastrophic way. Traditional traders would see this as a very bad move by the SEC because this could put a lot of futures ETFs at risk. And I think for just him to even entertain that, as opposed to an unequivocal no, we would not do that, we've already put markets in motion, is very telling about the strategy and his grab of power that the SEC has continued to go after. So it's a very interesting situation right now brewing within the SEC. There is something up, there is something up with Gensler and his strategy in terms of these market conditions. I want to go to another clip here on Custodia Bank because this kind of starts to play into this because there are some other scenarios playing out with Custodia Bank and the Fed. I'll explain this in a couple of clips so you guys can catch up. You probably are not completely aware of it. Let me go to this first clip that kind of gives you an overview on Custodia.