37 Burst results for "Campbell"
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1415: Bitcoin Will Soon Hit $500,000 - Winklevoss Twins
"Welcome everybody to Crypto News Alerts, the number one daily Bitcoin pod. In today's show, I'll be breaking down the latest Bitcoin technical analysis as Bitcoin recaptures $27 ,000 and quoting Max Keiser, the high priest of Bitcoin, Bitcoin is the North Star guiding to the only safe haven asset in the world that protects against inflation, confiscation and censorship preach. Also in today's show, Ethereum futures ETFs can start trading as early as next week. According to top Bloomberg analysts, we'll also be discussing the SEC pushing back the deadline for spot Bitcoin ETF apps, definitely not a good look. And speaking of ETF apps, I'm also going to be sharing the five highlights of Gary Gensler's evasive testimony before Congress quoting Senator Warren Davidson. Gary Gensler's tenure at the SEC highlights two key problems. Number one, Gary Gensler's problem and number two, the SEC's structural problem. That's why I introduced the SEC Stabilization Act to fire Gary Gensler and restructure the SEC. Let's freaking go. Also in today's show, crypto analyst Michal van de Poppe predicts a very positive quarter four for 2023. I'll be sharing his targets in which he outlines. We're also going to be discussing the SEC's inaction on the spot Bitcoin ETF is a complete and utter disaster, according to the Winklevoss twins. And speaking of the Winklevoss twins, I'm also going to be sharing with you their $500 ,000 Bitcoin price prediction, which they say is coming soon. We'll also be taking a look at the overall crypto market. All this plus so much more in today's show. Yo what's good crypto fam? This is first and foremost, a video show. So if you want the full premium experience with video, visit my YouTube channel at cryptonewsalerts .net. Again that's cryptonewsalerts .net. Welcome everyone. This is pod episode number 1415. I'm your host JV. Today is September 28, 2023 and Bitcoin is finally back above 27 ,000 as we're pumping right when I hit the live button. We're currently above 27 ,100 up over 300 % today and we continue climbing. Welcome everyone in the live chat. I gracefully appreciate y 'all. Yeah, who knows? Maybe we'll hit 28 ,000 by the time today's live stream is over. Let's see. And make sure to let me know where you're tuning in from in that live chat as I'll be giving everyone a shout out towards the end of the show. And with that being shared, fam, now let's dive into today's market watch. As you can see here, every major crypto back in the green. Bitcoin above 27 G's. We got Ether up three and a half percent trading at $1 ,655 BNB, XRP, Cardano, you name it. And checking out coinmarketcap .com, we're currently sitting above $1 .07 trillion with about $26 billion in volume in the past 24 hours, Bitcoin dominance at 49 .1 % and even the Ether dominance on the rise today at 18 .5 % and checking out the top 100 crypto gainers of the past 24 hours, holy moly, compound up 20 % trading under 49 bucks, followed by Thor chain up 13 % trading at $1 .94, followed by Lido Dow up 8 % trading at $1 .59 and checking out the top 100 crypto gainers of the past week, massive gains, which we love to see, especially after a pretty bearish altcoin season to say the least. We got CompLead in the pack here as well up 20 % and Rune up 13 .4 % and RLB up 13 % and checking out the crypto greed and fear index, we're currently rated a 46 in fear yesterday at 44 last week, a 47 and last month, a 39 in fear. So there you have it, fam. How many of you are currently bullish on Bitcoin and how many of you took advantage of the recent dip? If so, let me know. It's good to see we pump in once again. So hopefully those positions are now in the green. Now let's break down today's Bitcoin technical analysis, check out the charts and why specifically the market is pumping right now. Here we go. Let's get it. Bitcoin hit new weekly highs after the September 28th Wall Street open as markets awaited fresh cues from the US Federal Reserve. And here you can see in the Bitcoin one hour Campbell chart, pretty freaking bullish to say the least. Data from Cointelegraph and TradingView showed Bitcoin price strength staging a comeback, having delivered what some referred to as a classic pump and dump 24 hours prior during the performance. Bitcoin hit a high of 26 .8, which appeared on Bitstamp as a result of 2 % daily gains before Bitcoin retraced all of its progress, then a slower grind higher than took hold with the bulls edging closer to 27 ,000, which we finally just recaptured here a few moments ago. Now GDP for quarter two grew by 1 .7 % year on year below the projected 2%, while the PCE index data for August came in in line with the expectations, quoting analyst Keith Allen, bring on the volatility. Now meanwhile, data from Binance's order book uploaded by Allen showed little by way of resistance standing in the way of the spot price under the 27 ,000 mark. So as you can see, just more bullishness for the king crypto, the macro data constituted just the prelude of the day's main event. Meanwhile, Jerome Powell, the chairman of the Federal Reserve due to the comment later on today, Powell, whose recent words failed to deliver noticeable volatility to the crypto markets was due to speak at the Fed's conversation with the chairman, a teacher town hall meeting event in Washington DC at 4 p .m. Eastern today. Now commenting on the state of play on Bitcoin markets, popular trader Dan crypto trades was a little more optimistic around the strength of the day's move compared to yesterday, September 27th, quoting him here back to yesterday's highs, but with considerably less open interests. No doubt there is longs chase in here, but it is less frothy than it was yesterday. Would still like to see longs chill out and not get to a full retrace later on. So there you have it. Let me know if you agree or disagree with the analysts. Meanwhile, quoting another analyst, right, capital Bitcoin is right back at the bull market support band cluster of moving averages, challenging to break out beyond them. Let's freaking go. Now, elsewhere in the day's analysis, he acknowledged that 29 ,000 could make a reappearance and still form a part of a broader come down for BTC. As he shares here, it's important to remember the Bitcoin could technically rally even as high as 29 ,000 to form a new lower high, which would be phase A and B. He explained alongside this chart. So there you have it. Let me know if you are currently more bullish or bearish on the King crypto and quoting the high priest of Bitcoin, Max Kaiser, Bitcoin is the North star guiding to the only safe haven asset in the world that protects against inflation confiscation and censorship preach. Now welcome to y 'all just joining us in today's podcast. As always, I appreciate everyone's daily support and means the world. And now let's discuss our next story of the day as Bitcoin continues to pump, shall we? We're going to be discussing the Ethereum futures ETFs, which can get approval. They say potentially as early as next week. So let's break this one down, shall we? Ether futures ETFs could start trading for the first time in the United States as early as next week. According to top Bloomberg analysts on September 28th, which is today, Bloomberg intelligence analyst, James Safart said in an ex post, it was looking like the sec is going to let a bunch of Ethereum futures ETFs go next week. Potentially. His comments were in response to fellow ETF analyst, Eric Balchunes, who said he was hearing that the U S SCC wanted to accelerate the launch of Ethereum future ETFs quitting him here. They want it off their plate before the shutdown, he said, adding that he's heard various filers updates on their documents by Friday afternoon so they can start trading as early as Tuesday next week. As outlined here on X. Now the U S S government's expected to shut down at 1201 a .m. Eastern on October 1st. If Congress fails to agree on or provide funding for the new fiscal year, which is expected to impact the country's financial regulators amongst federal agencies. Now neither specified their sources for the latest update on the long list of crypto ETFs in the queue. There are currently 15 ether futures ETFs from nine issuers currently awaiting approval. According to the analysts in a September 27th note, which is yesterday, companies proposing an Ethereum futures or hybrid ETF product include VanEck pro shares, grayscale volatility shares bitwise direction, as well as round Hill. The analysts gave ether future ETFs a 90 % chance of launching in October with Valkyrie's ether exposure on October 3rd, quoting them here. We expect pure Ethereum futures ETFs to start trading the following week, thanks to volatility shares actions. However, we don't expect all of them to launch. So do note that now as previously reported that ether futures ETFs may be approved in October causing the 11 % spike in ether prices and probably why the Ethereum dominance is up as it's been stagnant and down for quite some time. Ether prices are on the gain, currently just under $1 ,700 and we'll see how high we continue to pump, but do note crypto future products aren't as hotly as anticipated as their spot based alternatives. There are already been Bitcoin futures ETFs approved in the United States since 2021, which is a fact, which leads us to the million dollar question. Why have they approved a futures ETFs, but continue to deny and delay all the spot ETFs? We're going to be getting to that a little later as I share with you the highlights from Congress pressing the chairman of the SEC, Gary Gensler. It's going to get very interesting here in a little bit, but now let's dive a little deeper and discuss specifically the spot Bitcoin ETFs and what is happening and why they're being pushed back and the latest updates of where we're currently at. So here we go and welcome y 'all just tuning in. Make sure to smash that like fam. The US SEC has delayed deciding whether to approve or disapprove spot Ether ETFs. And like I said, we're going to be getting in October potentially get some approvals, but in separate notices filed September 27th, the SEC said it would designate a longer period on whether to approve or disapprove these proposed changes. The commission finds it inappropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised there within. The delay came the same day as the NASDAQ market filed the proposed rule change with the SEC for listing its mix ETH basically ETF, a combination of Ether holdings and futures contracts and also proposed rule changes with the New York Stock Exchange, ARCA for the Grayscale Ethereum Futures Trust, hashtag Bitcoin Futures ETF and the CBOE BXE exchange for the Franklin Bitcoin ETF were all filed. September 27th, that's right. If you're not familiar with Franklin Templeton, there are one and a half trillion dollar asset manager. They're also applying for an ETF. Now the SEC announced September 26th, it would designate a longer period to decide on these spot ETF applications. And as James Safart shares here, here's VanEx delay as expected. So another one, I mean, exactly what we were expecting from the SEC. Now in August, ARK investment manager, founder and CEO Kathy Wood speculated that should the SEC move forward with the spot ETF approvals, it would allow multiple listings simultaneously to avoid giving any single company an advantage over another in the market. Her remarks came before Grayscale Investments won a court battle with the SEC over its spot Bitcoin ETF app, which will likely be reviewed in which they're trying to turn their GBTC product into a spot ETF. So hopefully it happens. To date, the SEC has never approved the spot crypto ETF in the United States, but has allowed the listing of crypto linked futures ETFs and a leveraged Bitcoin futures ETF. Manipulation, fam. The next deadlines for the spot crypto ETF apps from firms, which include the largest asset manager in the world, BlackRock, Wisdom Tree, Invesco, Galaxy, Valkyrie, Bitwise and Fidelity are all scheduled for October. So we'll see how this is likely to play out considering October is now only three days away. Are we going to get some ETF approvals by then? Who knows? I think more than likely they're going to push it back again. However, Congress right now is pressing Gary Gensler to approve a spot Bitcoin ETF and ETPs immediately. So now let's break this down. If you missed Gensler, he was pressed by Congress just yesterday. And I know it's on everyone's mind. So let's break down some of the highlights from this recent hearing with Congress and the chairman of the SEC, Gary Gensler. Let's break it down, shall we? Here we go. Blame for kneecapping capital markets in the U .S. and slam for dodging questions around Bitcoin and Pokemon cards. SEC chair Gensler appears to have had one hell of a grilling from Congress this week. September 27th, the U .S. SEC chief again found himself in front of lawmakers in a scheduled hearing to discuss his agency's oversight of the markets. Here are some of the highlights. First and foremost, you are the Tonya Harding of security regulations. We should create a Gary Gensler diss track, right? One of the more colorful analogies came from U .S. Representative Andy Barr, who accused Gensler of kneecapping the U .S. capital markets with regulatory red tape. Barr referred to the old testimony from Gensler where Gensler argued that the U .S. is the largest, most sophisticated and innovative capital market in the world and that shouldn't have been taken for granted as even gold medalists must keep training. With all due respect, Mr. Chairman, if the U .S. capital markets are gold medalists, you are the Tonya Harding of securities regulations. Ouch. You are kneecapping the U .S. capital markets with an avalanche of red tape coming out of your commission. Preach. Barr is presumably referring to a scandal where U .S. ice skater Tonya Harding, I'm sure you all remember the story, I was a kid when this happened, and an assailant to attack her rival Nancy Kerrigan in the lead up to the 94 U .S. Figure Skating Championships and Winter Olympics. Kerrigan ended up not competing in the U .S. Championships and here is John Dickens who shared it here. Mr. Barr to Gensler, it's hilarious, you gotta watch these clips for yourself if you haven't seen them. So the next highlight, I wish the Biden administration would say, you are fired. That's right, shout out to Warren Davidson who also ripped into Gensler saying he hoped that the Biden administration would fire him. Powerful words. Davidson accused Gensler of pushing a woke political and social agenda and abusing his role as the SEC chairman. Preach. Massive shout out to the senators here doing their job. Damn good job. The U .S. Representative added that he hopes that the SEC Stabilization Act he introduced with fellow representative Tom Emmer could make it happen. Quoting him here, you're making the case for this bill, which is the SEC Stabilization Act. Every day you're acting as a chairman, he concluded, and Gensler wasn't even given a chance to respond. Now next highlight, Gensler reiterates Bitcoin isn't a security. That's right. When asked by U .S. House Committee Financial Services Chair Patrick McHenry whether Bitcoin is a security, Gensler eventually relented stating the Bitcoin didn't meet the Howie test. Quoting him here, it does not meet the Howie test, which is the law of the land. Then McHenry suggested Bitcoin must be a commodity, which Gensler avoided answering. Mr. No Clarity Gary, hence how he got the nickname, saying the test for that is outside the scope of U .S. security laws. Mr. Gensler, we're living in a clown world with this guy. Henry also suggested that Gensler try to choke off the digital asset ecosystem facts and refuse to be transparent with Congress about the SEC's connections with the FTX and former CEO SBF facts. Gensler also wasn't given the chance to respond to the claims made by McHenry. Next highlight, are Pokemon trading card securities? Gensler says it depends. Can't make this stuff up. Quoting Representative Richie Torres, I cross -examine SEC Chair Gensler about the term investment contract, which is key to determining his authority over crypto. Gensler struggled to answer basic questions like whether an investment contract requires a contract. His evasions are defeating and damning. Suppose I was to purchase Pokemon card. Would you constitute a security for this transaction? Gensler responded, well, I don't know the context before eventually concluding it isn't a security if you purchased it in a store. And then Torres asked if I were to purchase a tokenized Pokemon card on a digital exchange via the blockchain. Is that then a transaction? And then Mr. No Clarity Gary said, I'd have to know more because I don't know anything. Yeah, you can't make this stuff up. Gensler then explained to it when it's investing the public can anticipate profits based upon the efforts of others. Then the core of the Howie test, which it is, Torres called Gensler's evasions as damning to say the least. And the next highlight, a sign of defiance. Meanwhile, amongst the back and forth cross examinations between Gensler and representatives, the eagle eyed observers noticed a Coinbase stand with crypto logo behind the SEC chairman. Isn't that interesting? The Coinbase led initiative is a 14 month long campaign that launched back in August aiming to push crypto legislation in the United States. Coinbase also ran a stand with crypto day, which took place in Washington, D .C. September 27th to advocate for better cryptocurrency innovation and policy. So again, shout out to Warren Davidson, Tom Emmer, all the senators for holding Gary Gensler accountable. Hopefully they do something about it. What's your thoughts, fam? Do you think Gary is likely to listen to them and follow their instructions and approve a Bitcoin ETF immediately? Or do you think he'll continue kicking the can down the road as long as possible until he leaves his position as the chairman of the SEC? Let me know your honest thoughts in the comments right down below. Now let's break down the latest prediction coming from crypto analyst Michael Vanay Pop for some price actions for Bitcoin for the fourth quarter, which we are currently in for 2023. Then we'll break down the latest from the Winklevoss twins and their five hundred thousand dollar Bitcoin price action as the price action of Bitcoin continues to pump, baby. Let's go. Here we go. Let's break this baby down. Crypto trader Michael Vanay Pop is expressing bullish sentiment on Bitcoin in the coming months. Despite the recent struggles in a new video, he says that Bitcoin is on the cusp of reaching levels that offer accumulation opportunities per inch. According to the analyst, the trader Bitcoin could subsequently start an uptrend. Ultimately, Bitcoin is into an area of consolidation here, which makes it very likely we're going to have to retest here at twenty five, six and twenty five eight. If we are having a recess in that region, then there is this zone where I want to start buying my entries because of the recess, which is the ultimate recess. And if we're not going to get that, the flip to twenty six thousand five hundred, that is going to be the area where I think I want to activate my positions as well. And then we can start targeting twenty eight thousand. And then we can also start targeting the higher numbers, thirty thousand dollars plus or even more in the projection of quarter four. That is going to be very positive overall. Let me know if you agree that we'll have an overall positive quarter as we about to enter October. Let's go. Vanay Pop also says Bitcoin's current price action is similar to what was witnessed in the prior pre halving year, quitting him again. As long as we stay above the 200 week exponential moving average, we most likely are going to continue to the upside. And it starts to be very comparable to the period that we witnessed in 2015 and 2016. In this case, we needed it, but we started to consolidate and start to trend up afterwards. It is very likely to this period to slowly but surely the price starts to crawl up. And then we are going to have a case of the upside in the markets overall. And to watch this video analysis, the analyst did check the show notes below the video in the description. It's entitled Bitcoin price. I am looking to buy. So there you have it. And let me know if you agree or disagree with the analysts and are you currently bullish on the King crypto or do you think we're going to dip and test the lower levels? Let me know your honest thoughts, fam. And now let's break down our next story of the day. And the Winklevoss twins on the spot, Bitcoin ETF continuously being basically denied and kicked back and pushed back for the past decade. And then we're going to dive into their half a million dollar Bitcoin price prediction and why they're so confident that the Bitcoin price is going to hit their big target. So here we go. Let's discuss them with the SEC first. This was a story which was, let's see when their tweet was actually, let's scroll down. This is Cameron Winklevoss. This was actually on July 1st, it got 1 .1 million views. Now let me read the tweet. Today marks 10 years since Tyler and I filed for the first spot Bitcoin ETF. That's right. Over a decade ago, the SEC governor's refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates how the SEC is a failed regulator. Here's why. They protected investors from the best performing asset of the last decade. They pushed investors into toxic products like the Grayscale Bitcoin Trust, GBTC, which trades at a massive discount to NAV and charges astronomical fees. They pushed spot Bitcoin activity offshore to unlicensed and unregulated venues. They pushed investors into the arms of FTX, subjecting them to one of the largest financial frauds in modern history. Preach. Maybe the SEC will reflect on its dismal record and instead of overstepping a statutory power and trying to act like a gatekeeper of economic life, it'll focus on fulfilling its mandate of investor protection, fostering fair and orderly markets and facilitating capital formation. This would have led to much better outcomes for US investors. Preach. In the meantime, best of luck to all those fighting the good fight to bring the US spot Bitcoin ETFs to life onwards. So much respect. I mean, 10 years of denying this ETF. I mean, you can't make this stuff up. I think they shared perfectly some of the reasoning. It's to hurt the investors and keep you poor and keep you wrecked and keep you desolate and dependent upon a broken government that threw us overboard so frickin long ago. So much respect to the Winklevoss twins. If you didn't know, they're the owners of the Gemini exchange and they were the very first ever to submit the spot Bitcoin ETF app to the SEC over a decade ago. And obviously they're sick and tired of Gary Gensler, his no clarity and his shenanigans. Just like the rest of us, it's time to fire Gensler. If you think Gensler should be investigated and potentially fired, let me know in the comments right down below and I'll be reading your comments out loud here in a little bit. Now for our breaking story of the day, let's discuss the Winklevoss twins and their case for a $500 ,000 Bitcoin price, which they believe is coming soon. So let's break this down, shall we? And welcome to y 'all just joining us in the live chat. Much love and much respect. So here we go. Winklevoss twins' prediction, Bitcoin will soon hit $500 ,000 per coin. And why? And again, shout out to Tyler and Cameron. Let's get, we already know their background, early Bitcoin investors, OGs, early investors as well with Facebook. Some claim that they're the real creators of Facebook and Zuckerberg stole it. But nonetheless, in a recent interview with the National News, the twins explained they remain convinced of the future of crypto. The main reason is the revolutionary and technical properties as well as the potential of Bitcoin to act as a store of value similar to gold. And in addition, crypto has many other advantages, mainly through programmability. Hence, the Winklevoss brothers believe that Bitcoin could even replace the precious metal. In the long term, Tyler Winklevoss shared the following. If you look at the properties that make gold valuable, Bitcoin matches each attribute or does better. The gold disruption story of Bitcoin is super powerful. We believe in it. Tyler Winklevoss explained his reasoning for the $500 ,000 Bitcoin price action, quitting him here. If you do the math, 21 million in the supply of Bitcoin, the market cap of gold, let's say it's 10 trillion, maybe it's 11 trillion, somewhere in that ballpark, that puts one Bitcoin if it disrupts gold and gets that market cap at $500 ,000 per coin. The two brothers did not want to give specific investment tips. However, Cameron reveals the strategy that they use, which is generally the simplest, which is simply HODL. Hold on for dear life, quitting him here. Generally speaking, if you subscribe to Bitcoin being a store of value type investment, then that strategy is HODL. The same way you would HODL gold is you buy and HODL long term investments. So according to the Winklevoss twins predicting the Bitcoin price will hit $500 ,000, they say predictions are difficult, but they believe that Bitcoin will hit the milestone within a decade. And when they were more recently interviewed and asked, where do you see Bitcoin in five years time? Here's what Cameron Winklevoss responded. We usually take a decade view on it. When we wrote a piece on the value that predicted it being $500 ,000 Bitcoin, we said within the decade. And I believe they wrote that in 2020. So they're basically saying by the year 2030, they're anticipating a $500 ,000 plus Bitcoin price with Bitcoin overtaking that of gold as far as the market cap. Now is that in three years from now or nine years? The timing part is hard, but I think the Bitcoin created $1 trillion worth of value in under a decade. That is fact. I believe back in November of 2021, Bitcoin's market cap surpassed a trillion dollar milestone and the total crypto market cap surpassed $3 trillion. But as of today, we're closer to a $500 billion Bitcoin market cap with the entire crypto market cap down to a trillion. Now, it also spawned many huge productions such as Ethereum and the entire asset class. He continues. If you look at the value increases in Bitcoin, it is this punctuated equilibrium where it is steady, steady, steady, and then boom, it reaches a new price level. This is the new normal. So it can happen very quickly. So there you have it, fam. Ultimately saying when Bitcoin takes off, it explodes quick and vast. And especially considering that two of the most bullish catalysts in Bitcoin history were on the cusp of. Six months away from a Bitcoin halving, we all know the Bitcoin cycles every four years, it drives the Bitcoin price up as it increases the scarcity as well as increase demand, basic stock to flow, numbers must go up. And we also have the approval of a Bitcoin ETF likely to take place in 2024, especially with Congress on Gensler's. But we also have the ETF experts such as Eric Balchunes given a 95 % chance probability that a spot Bitcoin ETF likely get approved in 2024. Those two catalysts will absolutely make Bitcoin rip to new all time highs entering price discovery mode like we have never seen before. So how high do you think the Bitcoin price will likely climb by the time of this next halving? Roughly six months out, scheduled to take place sometime in April of next year. Let me know your thoughts in the comments right down below. And don't forget to check out cryptonewsalerts .net for the full premium experience with video and to participate in the live Q &A. And I look forward to seeing you on tomorrow's episode. HODL.
Morning News with Manda Factor and Gregg Hersholt
Fresh update on "campbell" discussed on Morning News with Manda Factor and Gregg Hersholt
"The Comerford Weather Center, meteorologist Kristin Clark. In Seattle right now have we cloudy, rainy conditions and it's 57 degrees at 1206. Prosecutors have filed the first round charges of against a group of robbery suspects accused of targeting Asian families in Seattle. Six defendants face burglary and weapons charges in connection with a series of home invasions in South Seattle over the summer. Casey McNerthy in the County King prosecuting attorney's office tells KOMO4 it's not clear yet if they're going to eventually file hate crime charges too. State law around hate crimes is very specific and what we're going to do is look to see if we can prove that if we get that additional information. Police recovered $31 ,000 in cash, fentanyl, cocaine, find out. Thanks for watching! The city alcohol, of New York is 69. That was sent back in 94. On Friday night someone was stabbed to death near T -Mobile Park. the violence The with these people on alert part close. I mean, just kind of stay in groups, try to come up with more policeMusic Stay together. I'm uncomfortable at different hours of the day roaming around And I It's think about like being and putting yourselves in non -confrontational situations. It doesn't feel like it's just an area. It's You can't be sure of kind of any area when you're walking around because people go off at any point. Come before reporting that in the month of September there were 12 homicides in Seattle in September 2022. There were four and just three the year before that in September 2021. A state lawmaker says that she's been receiving death threats for her position on Iran. We get more from Northwest News Radio's Pojala. Jeff Representative Daria Farivar is herself Iranian American born to parents who fled the country's oppressive Islamic regime, but her opposition to sanctions have led many to believe she supports the government of Iran. Farivar tells the Seattle Times she opposes sanctions because they only hurt the Iranian people and have little effect on the American's leadership. She says she's also received death threats for not overtly supporting protests over the death of Masha Amini, a young woman killed in Iranian police custody for allegedly violating the country's hijab law. Farivar even penned an op -ed in The Stranger outlining her positions and calling for the threats of violence to stop. Jeff Poggio, Northwest News Radio. Republicans and Democrats disagree on how to fix a gerrymandered legislative district. This summer a federal court found that the 15th legislative district, that's near Yakima, parts of Pasco, had been illegally drawn to dilute the power of Latino voters. According to Crosscut, Democrats are okay with a judge deciding on a new map, but Republicans want the redistricting commission to decide. However, having the redistricting commission draw a new map would require a special session of the legislature, which would in turn require action by the governor or a two -thirds vote of lawmakers. After the 2020 census, the 15 legislative district was re -drawn, but was found to be especially gerrymandered as commuters driving from Yakima to Pasco would have to leave the district and pass through to others before returning to the Washington State ferry rates just went up. According to the State Transportation Commission, the increase in prices the to meet department's revenue requirements for 2023 right through 2025. The rate hike means this it'll cost riders just over 4 % more that goes for passenger and vehicle fares this year and there is more. The price of those sailings will also go up again. Look for another 4 % hike the same time next year. The state of Washington is helping Spokane County recover two from deadly wildfires to the tune of four million dollars. In August, the Gray and the Oregon Road fires killed two people and destroyed 366 homes. They are the most devastating fires in Spokane County's history. The money is going to pay for case managers who will help people who lost their homes to find temporary places to to live. Northwest News Time 12 10. Time for an update on sports from the Beacon Plumbing Sports Desk at Air Kynes. When the Seahawks kick off their prime time game tonight in East Rutherford, New Jersey against the Giants, they'll bring a 70 % win percentage in games on Monday night football with them. But linebacker Bobby Wagner says, despite the glitz and glamour of Monday night, they have to treat this as just one of 17 regular season games. Obviously, growing up as a kid, you watch Monday night football. Then it turns like Sunday night and Thursday night is just a game. It's going to be a fun game, a lot of people watching and you just your want to best put foot forward. Safety Jamal Adams will play his first game since he tore his quad muscle last season. However, cornerback Trey Brown is expected to miss the game because of a concussion. Kickoff is 520 on ABC. Mariners The closed out the season with the victory, blanking the Texas Rangers 1 -0. George Kirby earned his 13th win after tossing six innings, giving up three hits and striking out seven. Isaiah Campbell earned his first save of the season. However, the M's fall short in qualifying for the playoffs. The playoffs begin tomorrow with the wild card round. Toronto at is Minnesota, Texas is at Tampa Bay in the American League. In the National League, Arizona's at Milwaukee, and Miami is at Philadelphia. And the Kraken host the Oilers in a preseason game tonight. Sports at 10 and 40 past the hour, Eric Heintz, Northwest News Radio. Northwest News Time 12 11. A massive search continues for a nine year old girl who disappeared from a New York campground over the weekend. The day turned into every this nightmare. Officials say Charlotte Senna simply vanished from Moreau Lake State Park north of Albany. She was last seen Saturday riding bikes with friends around dinner time. She's finally go around one more time by herself. That figure I'll do it by herself. When she hadn't returned 15 minutes later, her parents knew immediately something was up. They called her name. People started mom, calling 911 to report her missing multiple agencies combing Moreau Lake State Park from the air and the ground using dogs and drones. Authorities issuing an amber alert. After that exhaustive search, when we couldn't find her here, it was quite possible that an abduction had taken place. Charlotte's family describing her as a joyful fourth grader who had just been elected to student council. We continue to dedicate all resources that we can find that we can to find Charlotte and bring her home safely. Officials are deploying wide a range of resources in this massive search, including underwater rescue teams, along with a boat equipped with sonar. new camera camera. We also know that aircrafts are searching as well. More than 100 people involved in this massive effort. We're also hearing from the family. They say, quote, We just want her returned safely. They add no tip is too small. ABC's Morgan Norwood, a rare murder conviction in a death related to fentanyl. She's Jim Ryan reports from Texas where a 22 year old man has been handed a 45 year prison sentence for killing a person with fentanyl on July 15th of last year, 21 year old Andres Diaz ground up and snorted a Percocet pill laced with fentanyl. He'd be dead within hours. The latest in a string of overdose deaths in in Wichita Falls, Texas, where John Gillespie is district attorney. This community wanted to see action. We've taken action and now our jury has said we are going to convict and we will give strong justice. 21 year old Jacinto Jimenez becomes the first person in Texas convicted of murder in a fentanyl case. Wichita Falls police say fentanyl arrests have declined since word got around that murder charges were being handed out. Jim Ryan ABC News Dallas. A star clerk in California continues to recover after he was set on fire trying to stop a man from stealing at a convenience store for the third time in the same day. The happened incident on September 22nd in El Sabrente, California. Surveillance video shows the moment the suspect poured lighter fluid on the worker and then set him on fire. The clerk suffered second and third degree burns on his face, neck and and shoulder Contra Costa County Sheriff's Department said they've arrested 38 year old Kendall Burton and he's facing charges including assault with a deadly weapon, battery, arson and robbery. He's currently being held without bail. I'm Michael Kastner. Northwest News Radio is your home for breaking news and traffic
The Breakdown
A highlight from Chokepoint Across the Pond: Chase UK Says No Crypto Transactions
"We've got election season coming up, remember? And if the Dems win and Gensler comes back to the same office, he doesn't care because he has the wind at his sails. And if he loses, he also doesn't care because he's out of the job. I would expect, in other words, for every court decision that goes against the SEC to be answered not with a rational shift in policy and approach, but instead two blazing middle fingers from a bureaucrat potentially on his way out the door. Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Wednesday, September 27th, and today we are talking about this crazy, strange Chase UK letter banning people from accessing crypto from their bank accounts. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find the link in the show notes or go to bit .ly slash breakdown pod. Well, friends, I have to start the show by eating some crow. In the morning yesterday, a letter started going around that people were, of course, breathlessly posting as fact long before it was confirmed, and it just did not read right to me. So much so that as more and more people started tweeting about it, I actually posted it saying, I think this letter is fake. Let me just read the whole thing to you. So it's not long, so you have a sense of why I was skeptical. The header says Chase, and it says our policy around crypto is changing. Here's what it means for you. Hi. To help keep your money safe from fraud and scams, we're changing the type of payments you can make from Chase. From 16th of October, 2023, if we think you're making a payment related to crypto assets, we'll decline it. If you'd still like to invest in crypto assets, you can try using a different bank or provider instead, but please be cautious as you may not be able to get the money back if the payment ends up being related to fraud or a scam. Please head to our website for more info about how to protect your money. We've made this decision because fraudsters are increasingly using crypto assets to steal large sums of money from people. Declining these payments is one of the ways we're help keeping you and your money safe. All the best, the Chase team. So a couple of things that really stood out to me. One was the tone in general non -professionalism of the letter. The use of the word fraudsters seemed very, very strange from an official corporate communication. This is obviously quite a colloquialism and so the idea that it was being used as a formal explanation for why a bank would be denying an entire category of payments options to its users seemed a little crazy. Continuing that questionable tone was the ending, all the best. That's how I sign off my emails. That's not how a major bank signs off its emails. Now, of course, there was also the general grossness of the policy if it were to become real, but that really wasn't even what I was thinking about initially. And yet, shockingly, it was confirmed to be real. I was wrong and somehow a bank associated with Chase had sent out that letter. Now, later in the day, it became clear that the policy was for Chase UK rather than the broader US or international banks. But even if it was only a domestic UK policy, the aggressive move still rubbed many people, perhaps most people, I would say, in the industry the wrong way. Coinbase CEO Brian Armstrong tweeted, Now, Andrew Griffith is the UK Economic Secretary to the Treasury and Minister for the City of London and Rishi Sunak is, of course, the Prime Minister who was formerly the Chancellor of the Exchequer who said while he was at that post that he wanted to make the UK a crypto hub. LightSpark CEO and former head of the Libra project at Meta, David Marcus, added, Now, UK commenters were surprisingly quiet and that's perhaps because Chase is a relatively minor player in the UK despite being a major global banking brand. Chase has, in fact, only had a presence in the UK for around two years and has less than two million customers. They're also limited to offering online services, so are, in practice, a lot closer to a fintech platform than a traditional bank. Just by way of comparison, relative to the population, Chase UK has a similar footprint to Huntington National Bank in the US. Now, if Huntington banned crypto transactions in the US, you can bet we would be chattering about it, but it wouldn't ultimately be seen as that big of a deal which perhaps explains the lack of outrage from UK crypto investors. That said, of course, Chase isn't Huntington. Regardless of whether they have a large customer base, Chase UK is still a subsidiary of the largest western bank in the world and because of that, the important part of the policy change is unpacking whether this is an idiosyncratic decision of an insignificant bank or speaks to a broader policy outlook at JPMorgan Chase. Now, the reason given in the letter for this policy change was, of course, to prevent fraud. When fielding questions from media throughout the day, a Chase spokesperson doubled down, saying, Austin Campbell rightly points out, quote, Bitcoin attorney Crypto Hat responded, Austin, eminently reasonable as he always is, responded, and other financial institutions to fight said fraud, not turtling. Now, of course, even if this policy change only affects a couple of million Brits, it still matters in the broader fight to ensure crypto investors and firms have fair access to banking services. This has, of course, been one of the biggest themes throughout this year. The pushback from the US crypto community matters in order to ensure that banks can see that these sort of blanket bans are simply not an acceptable way to deal with issues around fraudulent transactions. And for a place that said it wants to be a crypto hub, the UK in particular has had a string of larger banks rejecting crypto payments over the past year. In February, a group of CEOs from major UK banks appeared at a parliamentary hearing. Multiple CEOs said their banks were blocking crypto payments, and although they listed fraud as a major concern, they also mentioned the volatility of crypto investments. The problem became so large that the UK's Financial Conduct Authority published a report on de -banking earlier this month. The report stated that the regulator had facilitated conversations between banks and crypto firms to ensure that they would be able to open and maintain accounts. Still, some large UK banks, including NatWest, are currently refusing to service crypto firms across the board. Now, one alternative opinion came from Francis Pulio, the founder at Bull Bitcoin. He said, via video chat, and essentially interrogate them to make sure they aren't being sucked into a yield, cloud mining, or other crypto ponzis. Still, as you might imagine, even among Bitcoiners who share Francis's disgust with crypto scams, this wasn't the primary opinion out there. Indeed, by and large, the sentiment was, and this is the end -then -they -fight -you phase. So what to do? Well, some, like dGen Spartan, basically say vote with your feet. They write, but getting banks to open accounts for crypto individuals and companies is another. Just vote with your money. My crypto -friendly banks get my highest share of account. The others? Meh. Now, another response is the entrepreneurial opportunity. Rama Lawalia, the CEO of Lumida Wealth, said, Although, indeed, later he tweeted, I don't know, man. All in all, it feels a little choke pointy to me. Remember, the whole point of Operation Choke Point and why it's problematic is that it creates a scenario where government and regulators don't have to ban anything because they just make it so economically untenable and politically risky for big service providers like banks to work with crypto companies that a de facto ban is the natural response. And speaking of de facto bans, let's turn now to the intransigent SEC, a bipartisan group of House Financial Service Committee members have written to SEC chair Gary Gensler calling for the regulator to immediately approve spot Bitcoin ETF applications. Mike Flood, Tom Emmer, Willie Nickel and Richie Torres penned the letter, which asserted that, The SEC's current posture is untenable moving forward. Following the Court of Appeals decision, there is no reason to continue to deny such applications under inconsistent and discriminatory standards.
Evening News with Art Sanders
Fresh update on "campbell" discussed on Evening News with Art Sanders
"Basically pivots the bridge to open and close position. The bridge will be closed to cars and trucks starting Saturday, October 7th until the following Saturday. There will be detours for cars and trucks as well as buses and water taxis for pedestrians and cyclists to and from West Seattle and Harbor Island. If you have an outstanding federal student loan you will need to start making payments again this month. As Como4's Lee Stoll explains the three -year pandemic pause on payments is now over. In Washington more than 800 ,000 people have federal student loan debt the average amount due $36 ,000. If you have debt you really want to face it head -on and figure out a plan for it. So what can you do to get a handle on your debt? Get your finances in order. See where you can trim now to handle that additional monthly expense. Research and sign up for a repayment plan. So an income -based plan that will make sure that your payment doesn't exceed a certain percentage of what you're making. Make the necessary adjustments to make on -time payments and avoid delinquencies. The good news late payments will not be reported to credit bureaus or affect your credit score for a year. And it is now 4 .40. Time to check the Beacon Plumbing Sports Desk. George Kirby Kirby allowed only three hits in six innings as the Mariners beat the Texas Rangers yesterday 1 -0. That allowed Houston to win the American League West title, the Rangers end up with a wildcard birth, and the Mariners season has come an to end. Kirby struck out seven and needed just 75 pitches to get through those six innings. Isaiah Campbell in his first big league save. Manager Scott Service in the club finishes 88 -74, two -inch shy of getting into the playoffs. For me, it's the most miserable day of the season, the final day of it. and you know it doesn't get any easier the longer you do this or the longer you've been in the game. Major The League Baseball playoffs begin tomorrow. The Seahawks visit the New York Giants on Monday Night Football at MetLife Stadium. Head Coach Pete Carroll is 5 -0 all -time at MetLife, including three of the five wins against the Giants. Kickoff is 5 -20 on ABC. The UW Huskies remain seventh in the AP College Football poll after beating Arizona 31 -24 on Saturday. The Sounders battle to a 0 -0 draw with Nashville on Saturday. They can clinch an MLS playoff berth when they host the LA Galaxy at Lumen Field on Wednesday night. Sports at 10 and 40 past the hour, coming up in three minutes. Another check on traffic. It's now 4 -41. Finally, a vasectomy technique for everyone, and people everywhere are thanking Dr. Snipp and Laurelhurst. Thank you, Dr. Snipp, for no more worries. Appointments are quick, easy and offered on Saturdays. Find out more at drsnipp .com. That's drsnipp .com. One more time, find more out at drsnipp .com. Thank you, Dr. Snipp .com. Thank you, Dr. Snipp. We'll be right back. It always comes down to this. If Wayscar and Ford can pay you the same or more for your vehicle, pay you upfront, and then when they resell your car, share their profit with you 50 -50, why sell your car anywhere else, go to wayscarford .com. That's wayscarford dot com, Wayscar Ford in Auburn. Car insurance? Check. Home and office security system? Check, check. Home and office fire protection? Honey, do we have fire protection? You're prepared for any emergency, but don't forget fire protection. Contact Red Hawk Fire Protection today. Red Hawk Fire Protection vigilantly installs, repairs, retrofits, and monitors their systems for your 100 % protection and peace of mind. If you don't have it, you don't have Red it. Hawk FP dot com. Jumping in puddles was fun when I was a kid. Big splash! But now that I've grown up, yeah, puddles are a big problem, especially back in my day. Thank you. You need some ready right now relief. Yeah. Apollo Plumbing. You
The Hugh Hewitt Show: Highly Concentrated
A highlight from Rep. French Hill and Sen. Tom Cotton on opposing the shutdown
"Welcome back, America. I'm Hugh Hewitt, another gold bump in honor of Senator Goldbars Menendez. I'm joined by Representative French Hill from Arkansas. Representative Hill is one of the smart guys because he's on the Intel Committee. That's handpicked and the Republicans are always serious about that. He's also on foreign affairs and financial services. Our old friend John Campbell used to serve on financial services. That's one of the smart committees. So Representative Hill, welcome back. Good to have you. But you are a Vanderbilt grad, so we're not going to talk about football. Seriously, you lost to Wake Forest and the University of Las Vegas. Does that, how does that go down with the Commodore Nation? Well, it's we're always waiting for golf season. Congressman, the House is going to come up with a solution or the government's going to shut down. What's it going to be? Look, Hugh, if we want to be strong, if we want to lock in the wins that we got in the debt ceiling negotiation, when we put forward a plan that actually cut spending year over year, change the regulatory focus, encourage more people back into the workforce, we need to pass these 11 remaining appropriations bills. And that was not gotten to over the summer, even though now think about this, Hugh, even though each of those bills is written at a spending level below the debt ceiling deal and each one locks in conservative policies. It's really so frustrating to me that those have been delayed from coming to the House floor, including twice over the last week by a handful of members when they're missing this big picture. Lock in the wins, cut spending, reduce regulations, get more people back in the workforce, get the spotlight back on Joe Biden's failures and off of the House. Congressman Hill, I don't expect you to speak ill of a colleague, but I can. Congressman Gates wants to be governor of Florida. Congressman Maryland native Matt Rosendale wants to be senator from Montana. Ralph Norman, Congressman Ralph Norman wants to be senator from South Carolina. Going to run against Lindsey Graham. And Congressman Dan Bishop wants to be the attorney general of North Carolina. So I understand self -interest. Those guys have no interest in governing. But do they really want to bring down the Republican majority? Because they're going to get crushed if they do this. Right. But by this kind of of tactic, you're going to end up with a Biden Schumer clean debt ceiling deal and with spending levels, certainly at the Biden McCarthy level, but weaker policy, weaker policies. Because in order to be the strongest negotiator, get the most conservative win, we need to pass the appropriations bills. That's why McCarthy's plan this week of trying to get the rest of the bills across the floor, at least 70 percent of discretionary spending, plus plus a four week short term stopgap spending measure measure that cut spending, repeat cut spending for that one month and put border in the spotlight by putting H .R. two on. There is no conservative that should vote no on that. And this is just arguing against ourselves. It's a huge mistake. Now, Congressman Hill, I call him now St. Kevin. I've known the speaker for a long time, and now I'm going to have him nominated to be considered for sainthood because that is a difficult caucus to deal with. When you've got four members who are leading the Nuckelhead caucus and my buddy Ken Buck wants a CNN contract, there really isn't any appeal to their self -interest. How do you move them? I mean, are you going to have to use Democrat votes? And can and can Speaker McCarthy remain speaker if he uses Democrat votes? Well, I think that's what we have to try every single day to put a bill on the floor and find out that, as you say, this small group is the tyranny of the tiny, as I describe it, is violating the majority of the majority because they're going to hurt the conservative cause. They'll cause us to lose the House. And that's certainly not in the interest of the conservative cause when we're on the cusp, potentially of beating Biden in the presidential election and winning the Senate back. It's ridiculous. You know, if former President Trump gets reelected and the House switches to Democrats, they will impeach him in the first week. Do these allegedly Trump supporting congressmen. And it's Norman. It's Maryland native Matt Rosendale is running for Senate in Montana. It's Ralph Norman and it's Matt. Have they heard from the former president that he wants to be impeached again because they sure are acting like they want him impeached again? Well, look, they don't even they spend what he says now. President Trump last week said use the power of the purse to get control of Joe Biden's two trillion dollars of extra spending. I agree. That's what the debt ceiling does. And that's what these spending bills do. And that's why we have to get them across the House floor. He did not say he Trump did not say shut the government down and act like knuckleheads. He said, use the power of the purse to get the most conservative deal. Get this country back on track. I agree. That's what we could do if we had those four people assist us get these bills across the floor this week. Well, I just their their incentives are to get ink. And I mean, their incentives are not the incentives to govern. And I don't know how hot it gets in the caucus. Can you tell us that our members of the caucus about had it with these guys? There's nothing you can do because they're running for statewide office. But if they had it and expressed it. Well, I think they have had it and expressed it in blunt terms, including calling them out that if you vote against the rule on the House floor, you're working with the minority party. You're working with Democrats when you do that. That is not acting as a member of the majority. And I think you're seeing the country respond to look at Moody's comments yesterday, look at the VIX up to day three percent. Look at the 10 year Treasury rate up over four point five percent. This is going in the wrong direction when we should be taking a win right now of cutting spending 24 over 23, getting better rules and regulations in place, countering Joe Biden's bad policies. And as I say, encouraging more people back to work through our welfare reforms. These are classic conservative Republican wins. And we're squandering the opportunity. Snatching defeat from the jaws of victory is kind of a Republican specialty in the House. So let's let's focus on that for a moment. When do you get a test vote today or tomorrow on whether or not the four will move or they will stay for? They've got more than four right now, but you've got serious people like Chip Roy are not playing these games. Will the Freedom Caucus bring whatever persuasive influence they have to bear on them? Well, we're going to bring a rule. The rules committee met Friday and all day Saturday, so we'll be bringing a rule up either tonight or early in the morning. That will be the first test case to see if we can move these spending bills, which includes state and foreign operations spending, which is at one point seven billion below twenty nineteen levels.
The Breakdown
A highlight from The Senate Doesn't Seem to Care About Crypto Anymore
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Wednesday, September 13th, and today we are talking about news that Binance US CEO has left the company. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Well, friends, last night I had assumed that today's show would be some combination of Gary Gensler testifying before the Senate with maybe a little side of CPI. But then last night, new Binance news broke that had the whole community chattering. So that's where we're going to start. According to anonymous sources, Binance US CEO Brian Schroeder has left the company. Chief legal officer Norman Reed will step into the role on an interim basis. Alongside the resignation, Binance US announced internally that it will slash around one third of its workforce, laying off approximately 100 employees. This is the second round of layoffs for the US -based exchange as they dig in to fight legal battles against the SEC and the CFTC. Binance US said in a statement, Now, if you are paying attention, not even closely, just at all, you will know that this is the latest in a series of high -profile departures across the Binance empire. At least 11 executives have now resigned across all Binance companies. Three key personnel left on the same day in July, including front -facing Chief Strategy Officer Patrick Hillman, amid rumors of dissatisfaction with how Binance CEO CZ handled rumors of a DOJ investigation. Five more executives quit earlier this month, with the headline resignation coming from Leon Fung, the head of Asia -Pacific operations. In all cases, the resignations have been officially explained by a range of personal reasons, probably capstone by former compliance officer Steven Christie's extremely weird Twitter thread, which included the statement that, Now, the wide -ranging lawsuits against Binance have largely come home to roost for their US subsidiary. Both the SEC and CFTC cases include allegations that reach deep within the international Binance empire. However, regulators have been careful to focus their attention on Binance US to ensure that they have clear jurisdiction. A key focus of litigation so far has been the flow of funds between Binance US and the international organization. All of this means that the focus on the domestic exchange has led to the US subsidiary taking the brunt of the consequences so far. More acutely, Binance US was essentially cut off from all access to onshore banking, forcing them to operate as a crypto -only exchange. This shutdown of financial services has led to a dramatic collapse in trading volume. Binance US captured around 22 % of US market share in April, but this figure has now dropped below 1 % as traders quite reasonably flee to safer shores. Schroeder is now the third Binance US CEO to walk away from the role. Both Kathryn Coley and Brian Brooks, who earlier served as CEOs for the exchange, have provided extensive testimony to regulators and law enforcement. Schroeder joined the firm as president in September 2021, well into the company's claimed attempt to clean up their operations. One consequence of that could be that he has significantly less scandalous information on how the exchange functioned than other former executives. So what are the community's takes on this? Well, as you would expect, the anti -crypto folks are cheering. They see Binance as the next and perhaps ultimate shoe to drop. However, many folks in the industry, regardless of what they think of Binance, view it as a sad episode that shows just how problematic the SEC's approach really is. Wolf of All Street's host Scott Melker said, The SEC killed Binance US without proving a single thing, without due process. It simply took accusations to scare away customers and partners. This is the legacy of Gary Gensler. Another take which I resonate with strongly comes from folks like Byzantine General who wrote, I don't know why people are up in arms about this. I thought it was quite obvious already since the SEC lawsuit that Binance was just going to wind down operations of their US branch. It's so small and completely inconsequential to Binance anyway. Or more crisply from Icebergi, just closed down Binance US already. It has seemed untenable for quite some time and this only seems to reinforce that point of view. Now the other big generator of conversation was investor Adam Cochrane. He tweeted, I've been saying if Binance blows up, we'll be fine in no time. Got a tip that I've not yet been able to fully verify, but I would lean towards it being true on, and if it's true, it'll be a longer, more painful ride than I thought. Life behind bars would be the good outcome for CZ. I've sent that tip to some journalists I think can confirm if it's real and will keep folks updated if I get anything back. But in good faith I had to redact my will be fine stance and replace it with, we'll probably be okay unless this other part is real, in which case holy eff we're really going to zero and going to have to rebuild up again over time. Anyway, fun times in crypto. Now this certainly got people chattering, but not always in a good way. Zero Knowledge consulting partner and founder Austin Campbell quote tweeted it and said, If you have a financial interest in an outcome and post that you have a rumor without saying what the rumor is, you are part of the problem in this space. This would have been prohibited conduct in most regulated markets. I certainly would have gotten in trouble for this at JPM. Now, interestingly, however, 4Lex4Shaw had a different take. They wrote, It's all so tiresome. Binance had the support of dozens of governments from Singapore to UAE to every corner of the global south, and Tether too. The U .S. can't cut the UAE, Caymans, Bahamas, and Singapore out of Eurodollar markets, so it can't de -dollarize Binance. Any successful prosecution of Binance has to cut off Binance's access to USDT, cut Binance off from access to UAE, Singapore, etc., Eurodollars, or prove beyond a shadow of a doubt a huge hole in Binance's balance sheet, i .e. accounting fraud. Everything else is just low -budget theater. If the U .S. can accomplish one of those things, Binance is dead. If the U .S. can't, CZ doesn't have to give a crap about what the U .S. government says, indicts, or cajoles. The latter possibility breaks a lot of people's brains, but I don't make the rules. The interesting take here is, of course, that in many ways the Tether and Binance stuff going on is kind of just a proxy war for the U .S. about the U .S. government trying to exert sovereignty over the Eurodollar market that they simply don't control. I think it's a really interesting lens through which to look at these prosecution efforts, as well as questions around USD stablecoins. Anyways, who knows what happens next with Binance, but it continues to be the biggest open question in the entire space. Now, moving back over more officially to the U .S. government side of things, SEC Chair Gary Gensler appeared before the Senate Banking Committee on Thursday at a routine oversight hearing. Now, coming into the hearing, Gensler reinforced his well -worn position on crypto and written testimony. He stated that, quote, Given this industry's wide -ranging noncompliance with the securities laws, it's not surprising that we've seen many problems in these markets. We've seen this story before. It's reminiscent of what we had in the 1920s before the federal securities laws were put in place. Brushing off the recent Ripple decision, Gensler asserted that, quote, The vast majority of crypto tokens likely meet the investment contract test. Given that most crypto tokens are subject to the securities laws, it follows that most crypto intermediaries have to comply with securities laws as well. Now, the hearing itself was kicked off by opening statements from Chairman Sherrod Brown. As the leading Democrat dealing with financial issues, any crypto legislation being moved forward in the near future would likely require Brown's seal of approval to become law. Judging from his comments about the state of the industry, that seems unlikely. Brown said, quote, The FTX collapse showed how dangerous crypto can be. But FTX wasn't a lone bad apple. It was just the most explosive example of the problems in crypto. The problems we saw at FTX are everywhere in crypto. The failure to provide real disclosure, the conflicts of interest, the risky bets with customer money that was supposed to be safe. FTX was just the biggest and the ugliest. For consumers, it adds up to billions of dollars gone. Bad actors keep flocking to crypto. They use it to launder money, to evade sanctions, to fund crime and human trafficking and terrorism. We need to protect workers and families in these markets. We need to clean up the scams and fraud. As Congress considers digital asset legislation, I'm glad the SEC is using its tool to crack down on abuse and enforce the law. Now, of course, a casual observer might suggest that 1. FTX was distinct, given that its former CEO is on trial for perpetrating fraud against his company, investors, partners and the public at large. And an observer might note that the SEC didn't use its tools to do anything about that or any of the other big examples of actual fraud and problems happening. Instead, it's wrote in after the fact to win settlements against projects too small to defend themselves and chalk it up as victories, which might, to some, be seen as much more politically motivated than actually driven by consumer protection. But that's just one take. Now, ranking Republican member Tim Scott used his opening comments to drag Gensler for his lack of engagement with congressional oversight. Scott noted that the Senate hasn't heard from Gensler since last September, despite the FTX collapse and several bank failures occurring in the interim. He said, complete and timely attention to congressional inquiries is critical to ensuring independent agencies remain transparent and accountable to the American people. Yet, sadly, your agency has fallen short in this obligation to be transparent and responsive to congressional oversight. Without pro -growth regulations, we are limiting opportunities for our kids and our kids' kids from being able to take control of their own financial futures. The American people have a right to know what their government is doing, and your agency's blatant refusal to respond to our constitutionally mandated oversight represents a dereliction of your duties to the American people. And yet, still, when all was said and done, the most striking thing about the hearing was just how much crypto had faded as a front -of -mind issue in Congress. Gensler didn't mention crypto at all in his brief oral testimony, and lawmakers had numerous more pressing concerns to discuss. Based on the questions, climate reporting rules and AI use and financial services ranked as much higher priority than crypto enforcement, even for previously fervent Democrats. We didn't even get the customary anti -crypto soundbite from Senator Elizabeth Warren, who instead used her time to rail against a perceived lack of toughness in new private equity disclosure rules. The crypto discussion, to the extent there was any, touched on pending crypto ETFs. Senator Bill Hagerty brought up the point that the SEC's rejection of the Grayscale Bitcoin Trust had been labeled arbitrary and capricious by a federal judge. He asked what the SEC would need to see in order to approve a spot Bitcoin ETF, to which Gensler responded that the agency is, quote, "...still reviewing that decision and reviewing multiple filings around Bitcoin ETPs. I'm looking forward to staff's recommendations." Now, on top of some of those specifics, many GOP senators had more general criticisms for how Gensler's SEC had conducted itself. Senator Steve Daines, for example, complained that the SEC has frequently overreached its mandate in attempts to expand its jurisdiction. He suggested that 80 % of the SEC's rulemaking efforts under Gensler were not required by legislation. Daines said, "...this means that the vast majority of the agency's rulemaking agenda has been voluntarily undertaken. Chairman Gensler, you are not an elected official that is beholden to your constituents. You are an unelected bureaucrat who has taken it upon himself to reshape American markets to your liking, to the detriment of innovation, of investors, and small businesses." What's more, it seems like many in the Washington establishment are not just concerned about Gensler when it comes to the crypto markets. Earlier this week, for example, the Wall Street Journal published an op -ed article penned by former U .S. Attorney General Bill Barr. Specifically, the article warned of Gensler encroachment into regulating the use of AI. But Barr was scathing in his attack of Gensler's leadership at the SEC more broadly. He wrote, "...this is only the latest example of Mr. Gensler's grandiose regulatory style. He takes on airy theoretical issues and attacks them with broad prophylactic regulations that are long on speculation and paternalism, short on evidence and rational analysis, and heedless of Congress and the Constitution. He claims these measures will head off speculative evils, but they are more likely to throttle the dynamism of U .S. markets." So how are we to sum this all up and make sense of it? To me, this was very clearly the first hearing of the next election cycle. Crypto is now an afterthought for Congress. Or maybe better put, it is an exhibit and an example of a broader narrative which is around SEC overreach. It seems fairly clear that people aren't that interested in getting regulation done for the industry and even on the GOP side are more interested in defeating a broader political agenda embodied by Gensler. The big themes were agency overreach, major questions doctrine, and the role of unelected bureaucrats, not crypto per se. But to the extent that anyone is looking for good news as relates to the election cycle, as finance lawyer at Davis Polk Scott Johnson pointed out, for those keeping count, Senator Sherrod Brown's odds are about 60 % chance to lose his seat next year as of now. Change isn't always necessarily good, but it certainly opens up new possibilities. But gear up, because we are definitely in the election part of the cycle. Thanks as always for listening, and until next time, be safe and take care of each other.
The Hugh Hewitt Show: Highly Concentrated
A highlight from Energy Secretary Granholm and NPRs Excellent EV Adventure
"The US border patrol has exciting and rewarding career opportunities with the nation's largest law enforcement organization earned great pay with outstanding federal benefits and up to $20 ,000 in recruitment incentives or more online at cbp .gov slash career slash USB P. Good morning, America. This is a special edition of the highly concentrated Q iTunes show. You get to today because over the course of Monday, Tuesday and Wednesday on our subscription only podcast, the grand old pod. I have been talking with Dwayne, my senior producer, and he has been talking with john Campbell, former congressman, former car dealer and automobile enthusiast extraordinaire about Secretary Granholm and NPR is excellent adventure that came out over the weekend, the fiasco of the EV drive from Charlotte to Memphis. And I want you to be able to hear this as to why, as a journalist that defends me as a government person, it offends me as a citizen, it offends me and why automobile enthusiasts are left scratching their head saying what did that prove? So this is a special behind the paywall that usually the the grand old pot is behind the paywall of the universe, which you ought to belong to anyway, because we do it every day. It's a lot of fun. And it's different and very, very different from radio, because radio has certain requirements, you got to make got to make your ad, you got to make your marks, you had a new sports weather. But the grand old pot lets me go wherever I want to go. Let's Dwayne go wherever he wants to go when he does it. And for the last three days, we've gone on Secretary Granholm and NPR is excellent adventure. So settle back and enjoy this special for out from behind the paywall edition of highly concentrated you which is really the grand old pod made public for the first time. Take it away.
The Breakdown
A highlight from The IMF Finally Realizes You Can't Ban Crypto
"Welcome back to The Breakdown with me, N .L .W. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Friday, September 8th, and today we are wrapping up the week with a little bit of discussion of some new guidance about how crypto is not going to be successfully banned, as well as a new paper on privacy that's generating a lot of conversation. But before that, if you are enjoying The Breakdown, please go subscribe to it. Give it a rating, give it a review. Or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello friends. Happy Friday. Today we are rounding out the week with a number of different stories across the industry and we're kicking off with something that I think everyone who is in this industry knows intuitively, but which is finally being recognized from the outside in as well. The International Monetary Fund and the Financial Stability Board have just released a new paper called Policies for Crypto Assets. The abstract reads, crypto assets have been in existence for more than a decade and have displayed significant volatility. Alongside their volatility, crypto asset activities have also grown in complexity. So far, direct connections between crypto assets and systemically important financial institutions, core financial markets, and market infrastructures have been limited. Nevertheless, they have the potential to emerge as a source of systemic risk in specific jurisdictions if they gain traction for payments or retail investments. This is something we've heard from this set of international institutions quite a bit. Basically that crypto isn't that risky now because it's not really fully integrated into the existing financial system, but that should it get integrated into that system, it could indeed create a number of risks. We've seen this language, for example, quite a bit from the Bank for International Settlements and particularly around areas such as stablecoins. Now, this is a big overarching paper. Back to the abstract again, it reads, at the request of the Indian G20 presidency, the IMF and the FSB have developed this paper to synthesize the IMF and the FSB's policy recommendations and standards. The collective recommendations provide comprehensive guidance to help authorities address the macroeconomic and financial stability risks posed by crypto asset activities and markets, including those associated with stablecoins and those conducted through so -called decentralized finance. As you heard from that, the paper was commissioned by the G20. Currently, the leadership of that organization is India and is set to be presented at a meeting of the G20 this weekend. The headline taken away by CoinDesk and many of the other crypto outlets out there is that the paper basically says that blanket crypto bans just will not work. According to the report, quote, imposing blanket bans that make all crypto activities, including trading and mining, illegal in one jurisdiction is not only expensive and technically challenging, but could also lead to activity migrating to other jurisdictions, creating spillover risks. This is, again, something that we know really intuitively. When you ban mining in one place, you're really just saying you're banning companies in your jurisdiction from mining. Now, this language echoes things that we've heard from the IMF before. In June, in a blog post about central bank digital currencies in Latin America and the Caribbean, the IMF wrote, Now, hold aside any cynicism. I do think the world would look a lot better if governments were recognizing why people wanted to get out of their monetary systems and try to address those issues. And yet I believe many of us here don't really think that that is a particularly plausible thing to happen. So what does this new report suggest instead of these blanket bans? Well, it says that the first line of defense against the macroeconomic and financial risks posed by crypto assets are robust macroeconomic policies, credible institutional frameworks and comprehensive regulation and oversight. That said, quote, Coinbase sums up the IMF and FSB say jurisdictions might consider targeted and temporary restrictions to manage some risk factors in stressful times or while countries find better internal fixes. The examples that the paper gave included targeted restrictions on privacy coins in places like Dubai, as well as a ban on Nigerian banks servicing crypto firms. Now, once again, as we've seen before, these international institutions are really concerned about stable coins. The paper says rapid capital flight or reversals could materialize if foreign currency denominated stable coins became easier and cheaper to hold in large quantities relative to foreign currency bank accounts. They say that global stable coins that are adopted by multiple jurisdictions, quote, may transmit volatility more abruptly than crypto assets and may cause significant risk to financial stability. So overall, there is nothing shocking or crazy new in this paper. Instead, I think it's a reflection of where the discourse is with these big international institutions right now. Grudgingly, they are accepting that crypto is here to stay and are recognizing that their time is probably better spent trying to help member governments figure out how to mitigate the worst risks rather than entertaining some fantasy of blocking it out entirely. Now, of course, as you heard, one of the ways in which they might look to do that, or at least one of the examples that was given, was targeted restrictions on things like privacy coins. Privacy in the crypto asset space has been particularly contentious, especially as global regulations and the fad of travel rule get more deeply implemented. And in general, the more that crypto comes into the Bank Secrecy Act sort of regulatory apparatus. Obviously, one of the things that we have talked about a huge amount on this show has been the tornado cash sanctions and then criminal accusations against the founders. And I think that that's part and parcel of this process of figuring out how crypto integrates with the larger system. On that front, a really interesting paper came out this week that was notable in part for who wrote it. One of the authors being Ethereum creator Vitalik Buterin, and for its exploration of this particular question, i .e. whether you can bring privacy to a protocol without it just becoming another tornado cash. The paper was titled Blockchain Privacy and Regulatory Compliance, Towards a Practical Equilibrium. Its authors include Vitalik Buterin, who I just mentioned, Jacob Ilham of Chainalysis, as well as supporting authors including Fabian Schar, and Matthias Nadler, as well as Amin Soleimani. It proposes a similar system to existing mixers like tornado cash, but that have built -in protections against money laundering. The proposed protocol would allow users to deposit funds to be mixed within a shared pool. Users could then withdraw funds to a fresh wallet, severing the link between wallets — in other words, basic mixer functionality to provide privacy to users. The twist is that the protocol would use zero -knowledge proofs to allow users to prove that their funds came from a particular set of deposits. By restricting the ability to deposit into these pools to users who can provide a known legal source of funds, the protocol can ensure that no illicit funds are mixed. The paper's abstract says that The paper goes on to explain that Now, the proposal builds on prior comments from Vitalik where he stated that tornado cash was a good privacy solution, but had limited options to disassociate between deposits from good actors and bad actors on the network. Vitalik's opinion is that the regulatory crackdowns on the illicit use of crypto networks are inevitable, and so the industry should be proactive in demonstrating that compliant privacy tools can be built. The paper argues that if the privacy -enhancing protocol enables its users to prove certain properties regarding the origin of their funds. Introducing the paper, Amin wrote, The importance of this paper is difficult to overstate. As crypto builds toward a world where financial intermediaries are optional, it is also our responsibility to engage regulators and implement new compliance tools designed for self -custody. So what were people's responses to this? Dragonfly managing partner Haseeb Qureshi says, They could still generate low -quality or stale whitelist proofs. Is that enough to satisfy the DOJ's bar for compliance? Note that tornado cash had a compliance tool that allowed any user to prove their chain of custody to a third party, such as to an exchange or law enforcement. They also blocked sanctioned addresses from the front end. Even when blocking OFAC -sanctioned addresses from the front end and implementing this ability for depositors to prove their provenance, the DOJ concluded that they were nevertheless liable for how tornado was being used by Lazarus Group. All that said, obviously there are other facts to the tornado case. And I'm not a lawyer, so this is not legal advice. And there are a lot of cool ideas in this paper. But I'm not sure this is going to be a sufficient improvement from the perspective of the DOJ. So basically Haseeb is saying lots of cool stuff in here. But if the question is whether the US government is cool with this, he remains skeptical. Interestingly, Austin Campbell responded and said, Now, another line of conversation is that this is way too much compromise when it comes to critical issues of privacy. Matt Corallo tweets, Now, Matt's post did a great job of pinpointing a key critique and getting people to respond to that. A lot of the discussion in the comments then becomes about what compromise people should be willing to take. Masari's Ryan Selkis responds, Scott Lewis writes, I think it makes more sense to go halfway first. The next best competitor is a CBDC run on one computer by the government. Isolating crypto too aggressively will leave the entire global citizenry in a much worse place. We have to be pragmatic if we want to win. Rainier Stiles Grant toes a middle line saying, Now, there is a ton to debate in here, and debate the community certainly has. Some questions are extremely political. Whether one thinks there should be any compromises in this area, or whether cypherpunks need to keep fighting for true privacy when it comes to transactions. Some are really excited and engaged that there are pragmatic solutions being offered by people from within the industry. Others are pointing out specific technical problems, and in some cases recommending different approaches. Ultimately, I find myself agreeing with Bill Hughes when he writes, However, that is going to do it for today's episode. I appreciate you guys listening as always. Until tomorrow, be safe and take care of each other.
The Breakdown
A highlight from How Big A Deal Are The Changes to Crypto Accounting Standards?
"Welcome back to The Breakdown with me, N .L .W. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Friday, September 8th, and today we are wrapping up the week with a little bit of discussion of some new guidance about how crypto is not going to be successfully banned, as well as a new paper on privacy that's generating a lot of conversation. But before that, if you are enjoying The Breakdown, please go subscribe to it. Give it a rating, give it a review. Or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello friends. Happy Friday. Today we are rounding out the week with a number of different stories across the industry and we're kicking off with something that I think everyone who is in this industry knows intuitively, but which is finally being recognized from the outside in as well. The International Monetary Fund and the Financial Stability Board have just released a new paper called Policies for Crypto Assets. The abstract reads, crypto assets have been in existence for more than a decade and have displayed significant volatility. Alongside their volatility, crypto asset activities have also grown in complexity. So far, direct connections between crypto assets and systemically important financial institutions, core financial markets, and market infrastructures have been limited. Nevertheless, they have the potential to emerge as a source of systemic risk in specific jurisdictions if they gain traction for payments or retail investments. This is something we've heard from this set of international institutions quite a bit. Basically that crypto isn't that risky now because it's not really fully integrated into the existing financial system, but that should it get integrated into that system, it could indeed create a number of risks. We've seen this language, for example, quite a bit from the Bank for International Settlements and particularly around areas such as stablecoins. Now, this is a big overarching paper. Back to the abstract again, it reads, at the request of the Indian G20 presidency, the IMF and the FSB have developed this paper to synthesize the IMF and the FSB's policy recommendations and standards. The collective recommendations provide comprehensive guidance to help authorities address the macroeconomic and financial stability risks posed by crypto asset activities and markets, including those associated with stablecoins and those conducted through so -called decentralized finance. As you heard from that, the paper was commissioned by the G20. Currently, the leadership of that organization is India and is set to be presented at a meeting of the G20 this weekend. The headline taken away by CoinDesk and many of the other crypto outlets out there is that the paper basically says that blanket crypto bans just will not work. According to the report, quote, imposing blanket bans that make all crypto activities, including trading and mining, illegal in one jurisdiction is not only expensive and technically challenging, but could also lead to activity migrating to other jurisdictions, creating spillover risks. This is, again, something that we know really intuitively. When you ban mining in one place, you're really just saying you're banning companies in your jurisdiction from mining. Now, this language echoes things that we've heard from the IMF before. In June, in a blog post about central bank digital currencies in Latin America and the Caribbean, the IMF wrote, Now, hold aside any cynicism. I do think the world would look a lot better if governments were recognizing why people wanted to get out of their monetary systems and try to address those issues. And yet I believe many of us here don't really think that that is a particularly plausible thing to happen. So what does this new report suggest instead of these blanket bans? Well, it says that the first line of defense against the macroeconomic and financial risks posed by crypto assets are robust macroeconomic policies, credible institutional frameworks and comprehensive regulation and oversight. That said, quote, Coinbase sums up the IMF and FSB say jurisdictions might consider targeted and temporary restrictions to manage some risk factors in stressful times or while countries find better internal fixes. The examples that the paper gave included targeted restrictions on privacy coins in places like Dubai, as well as a ban on Nigerian banks servicing crypto firms. Now, once again, as we've seen before, these international institutions are really concerned about stable coins. The paper says rapid capital flight or reversals could materialize if foreign currency denominated stable coins became easier and cheaper to hold in large quantities relative to foreign currency bank accounts. They say that global stable coins that are adopted by multiple jurisdictions, quote, may transmit volatility more abruptly than crypto assets and may cause significant risk to financial stability. So overall, there is nothing shocking or crazy new in this paper. Instead, I think it's a reflection of where the discourse is with these big international institutions right now. Grudgingly, they are accepting that crypto is here to stay and are recognizing that their time is probably better spent trying to help member governments figure out how to mitigate the worst risks rather than entertaining some fantasy of blocking it out entirely. Now, of course, as you heard, one of the ways in which they might look to do that, or at least one of the examples that was given, was targeted restrictions on things like privacy coins. Privacy in the crypto asset space has been particularly contentious, especially as global regulations and the fad of travel rule get more deeply implemented. And in general, the more that crypto comes into the Bank Secrecy Act sort of regulatory apparatus. Obviously, one of the things that we have talked about a huge amount on this show has been the tornado cash sanctions and then criminal accusations against the founders. And I think that that's part and parcel of this process of figuring out how crypto integrates with the larger system. On that front, a really interesting paper came out this week that was notable in part for who wrote it. One of the authors being Ethereum creator Vitalik Buterin, and for its exploration of this particular question, i .e. whether you can bring privacy to a protocol without it just becoming another tornado cash. The paper was titled Blockchain Privacy and Regulatory Compliance, Towards a Practical Equilibrium. Its authors include Vitalik Buterin, who I just mentioned, Jacob Ilham of Chainalysis, as well as supporting authors including Fabian Schar, and Matthias Nadler, as well as Amin Soleimani. It proposes a similar system to existing mixers like tornado cash, but that have built -in protections against money laundering. The proposed protocol would allow users to deposit funds to be mixed within a shared pool. Users could then withdraw funds to a fresh wallet, severing the link between wallets — in other words, basic mixer functionality to provide privacy to users. The twist is that the protocol would use zero -knowledge proofs to allow users to prove that their funds came from a particular set of deposits. By restricting the ability to deposit into these pools to users who can provide a known legal source of funds, the protocol can ensure that no illicit funds are mixed. The paper's abstract says that The paper goes on to explain that Now, the proposal builds on prior comments from Vitalik where he stated that tornado cash was a good privacy solution, but had limited options to disassociate between deposits from good actors and bad actors on the network. Vitalik's opinion is that the regulatory crackdowns on the illicit use of crypto networks are inevitable, and so the industry should be proactive in demonstrating that compliant privacy tools can be built. The paper argues that if the privacy -enhancing protocol enables its users to prove certain properties regarding the origin of their funds. Introducing the paper, Amin wrote, The importance of this paper is difficult to overstate. As crypto builds toward a world where financial intermediaries are optional, it is also our responsibility to engage regulators and implement new compliance tools designed for self -custody. So what were people's responses to this? Dragonfly managing partner Haseeb Qureshi says, They could still generate low -quality or stale whitelist proofs. Is that enough to satisfy the DOJ's bar for compliance? Note that tornado cash had a compliance tool that allowed any user to prove their chain of custody to a third party, such as to an exchange or law enforcement. They also blocked sanctioned addresses from the front end. Even when blocking OFAC -sanctioned addresses from the front end and implementing this ability for depositors to prove their provenance, the DOJ concluded that they were nevertheless liable for how tornado was being used by Lazarus Group. All that said, obviously there are other facts to the tornado case. And I'm not a lawyer, so this is not legal advice. And there are a lot of cool ideas in this paper. But I'm not sure this is going to be a sufficient improvement from the perspective of the DOJ. So basically Haseeb is saying lots of cool stuff in here. But if the question is whether the US government is cool with this, he remains skeptical. Interestingly, Austin Campbell responded and said, Now, another line of conversation is that this is way too much compromise when it comes to critical issues of privacy. Matt Corallo tweets, Now, Matt's post did a great job of pinpointing a key critique and getting people to respond to that. A lot of the discussion in the comments then becomes about what compromise people should be willing to take. Masari's Ryan Selkis responds, Scott Lewis writes, I think it makes more sense to go halfway first. The next best competitor is a CBDC run on one computer by the government. Isolating crypto too aggressively will leave the entire global citizenry in a much worse place. We have to be pragmatic if we want to win. Rainier Stiles Grant toes a middle line saying, Now, there is a ton to debate in here, and debate the community certainly has. Some questions are extremely political. Whether one thinks there should be any compromises in this area, or whether cypherpunks need to keep fighting for true privacy when it comes to transactions. Some are really excited and engaged that there are pragmatic solutions being offered by people from within the industry. Others are pointing out specific technical problems, and in some cases recommending different approaches. Ultimately, I find myself agreeing with Bill Hughes when he writes, However, that is going to do it for today's episode. I appreciate you guys listening as always. Until tomorrow, be safe and take care of each other.
Ultraflex Football
A highlight from 41: 2023 Predictions!
"Welcome to the Ultra Flex Football Podcast where we have fun with our friends while we talk about football and any anything else we wanna talk about. We're here for season two. I don't know if we're officially calling it season two but this is our second season of talking about NFL football. So, we're back. With me as always is Rob Green. What's up? And Ryan Wheeler. Howdy, howdy. Season two episode one is what it's officially gonna be titled and Tony, I told you not to talk so close to the mic, man. You like, blew out my eardrums there at the beginning but I just get excited. I know. You're so excited. You get excited so easily. We were talking about that before we like, actually started recording but anywho, uh so, we do that thing where we have an album and we split up the songs in the album and we try to get the song titles into the show as discreetly as possible. Sometimes not as discreet as we'd like to think we are but we're gonna give you our titles that way you know what to listen for. See how many you can catch. Just a little game within our show. My song titles, the album first of all is called Down to Earth by Jimmy Buffet. Rest in peace, Jimmy Buffet. It's his first album. Down to Earth. The songs that I have to get in are The Christian, LSD, The Missionary, and A Mile High in Denver. Rob, what do you got? Alright, I have the captain and the kid, Captain America, Ain't He a Genius, and Turnabout. Alright, and Sir Anthony. I've got There's Nothing Soft about Hard Times, I Can't Be Your Hero Today, and Truck Stop Salvation. So, we'll see if we can get all of those in. Uh most of the episode today is gonna be football. It's uh we we were doing some things during the off season to help pass time. Uh you know, Ultra Flex After Dark and having some fun with games and things like that but football season is here. Uh we're gonna be doing football talk here in a second where we're gonna pick our division of winners. We're gonna pick our Super Bowl, MVP, and then we're gonna pick week one games and then we'll have one game at the end. So, uh football, football, football. So, let's get it started with football talk. Just that really amps you up, doesn't it? Golly, that was good. It puts me in the football mood. It just, it feels like we're kind of, you know, whimsical, a little bit of uh goofy when we talk. So, I thought that was a good one for football, our football talk. Let's, let's start with, in my opinion, the less competitive conference which would be the NFC. Uh maybe you guys think differently. Um but let's go with NFC West. We'll skim over this if we all agree pretty quickly. Uh I'll go first. This one and then we'll just kinda alternate uh as we jump divisions but uh for me, the NFC West is the 49ers winning this division. Um I think they're the best team in the NFC. Any chance we can like we go NFC West that includes the that way for people that don't necessarily have the NFC West on the top of their head you're just gonna see that includes like the 49ers, Seahawks, Cardinals, uh Rams. Yeah, you just you just did it. Yeah, we can do it. Okay. Nailed it. Yeah. So, 49ers, Seahawks, uh Cardinals, Rams. For me, Cardinals, Rams are both gonna be pretty not so great. Comes out of the Seahawks and 49ers and I just think the 49ers are a better roster. Brian? Oh, it's next. Um I'm gonna go with the 49ers. I just think top to bottom, the roster is the best. Rob? Yeah, I agree but I wanna be different. So, give me the Seahawks. We hated on him last year. We picked him to be like what? One and sixteen I think cuz we thought they were terrible. Gino Smith's gonna continue his uh career turnaround, turn about. I don't know if I can use that here. And uh. And he's gonna lead them to a division title. Alright. They have the offensive weapons to do it though. They definitely have the offensive weapons. Maybe Brock Purdy isn't as good as he looked at the end of last year. We'll see. He doesn't have to be. They have Sam Darnold as the backup. I don't think that's why he doesn't have to be good but anyway. Yeah. I think he has enough weapons and Kyle Shanahan around him that will make him. Exactly it. Make him look good. Uh Ryan, I'll let you go first this time. We're talking about the NFC North. So, we got the Lions, the Packers, the Bears, and the Vikings. Who do you have winning that? The NFC North, I have the Packers taking that division. It kinda just feels like a crapshoot division honestly. I mean, I don't really feel good about my pick. I don't feel about picking any, good about picking any of those teams. So, I just want Jordan Love to be good because he's got an awesome name and quite honestly, that's that's how I came up with my answer. So, I was like, got the guy that has love in his name. I'm pretty sure from looking at this division, the odds are the closest bunch of four out of all the the division. Makes sense. So, it kind of is the most wide open division, I think. Who do you have? Yeah, who do you have picking, Rob? You know, our team last year was the Lions. So, I'm gonna I'm gonna bring that over to this year. Let's go with the Lions too. I don't even know the last time they won the division. Nineties probably. Early 90s, mid 90s. If they did then. I just don't know either. I think we'll find out pretty early AKA we're filming this on a Monday before the season starts. So, we'll find out in 3 days whether or not they'll be a pretty good team again which they have enough talent on the offense to put up points. It'll just. Yeah, what are we thinking like 60 points in that first game here with the Lions and Chiefs? It's gonna be a high score game. Probably, yeah. Yeah, no Chris Jones for the Chiefs and then the Lions don't really have much of anybody on defense. Um that means that yeah, they did what they took that linebacker. I can't think of his name right now. Um. The guy that everybody won the bills. Jack Campbell. Jack Campbell. Yeah. Yeah. Um but I agree. I have power on offense to be the best team in that division but I wouldn't would I be shocked if the Vikings or the Packers or even the Bears for that matter were to win it. Probably not. So, I'll go with the Lions. Uh the NFC East another compelling division. Got three and a half maybe. I don't know about Washington. Good teams. Um which the Cowboys, the Eagles, uh the commanders, and the Giants. Rob, who do you have winning the NFC East? Yeah, I like the Eagles. I think they're the best team in the NFC and I think they showed that last year. I think they'll do that again this year. Jalen Hurts continues his uh breakout. I won't say an MVP season but he could have another MVP caliber season like he did last year. Yeah, mine's gonna be the Eagles as well. I think their roster. While the Cowboys and Giants are gonna probably both win nine, ten games. I think the Eagles are just good enough to win eleven or twelve games and and win that division. So, Ryan, what about you? Yeah, I'm gonna be different and go uh Cowboys um not because I wanna be different but because I actually think the Cowboys are I think they have a better defense and I think their offense maybe not as good but I think they have a good offense and uh quite honestly, both these teams have pretty cake schedules. Um the Rob and I were talking about it earlier. Um sorry, we left you out of this conversation, Tony but the uh the Cowboys or I'm sorry, the the Eagles first was like seven games are the Patriots, Vikings, Buccaneers, Commanders, Rams, Jets, Dolphins, and then commanders again. It's like it's not that difficult. It could be six and one, seven and all. Yeah. And then the Cowboys was very similar. Like last year. So, it kinda feels like whoever wins this division is probably gonna win it with twelve. Twelve wins. Somewhere around there. Eleven, twelve. So, I just, I'm just gonna go Cowboys on that. That's gonna be a lot of my points in the AFC uh which we'll talk about in a second uh which is how hard all of their schedules are but uh last division um the NFC side is the NFC South. Could be the worst division in football. Uh we got the Saints, the Bucks, the Falcons, and the Panthers.
The Breakdown
A highlight from The Next Phase of Stablecoin Competition Begins As Coinbase Invests In Circle
"Welcome back to The Breakdown with me and LW. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Tuesday, August 22nd. And today we are talking about updates in the circle and Coinbase relationship around USDC, followed by a number of macro updates. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review. Or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello, friends. Happy Tuesday. So today we are going big picture and we're starting in the crypto sphere with some updates around one of the biggest stable coins in the space. The TLDR is that Coinbase and Circle are dissolving their center consortium partnership and restructuring the relationship between the two firms. The center consortium that governs USDC currently will be wound down and Coinbase will take a minority equity stake in Circle. The size of the equity stake was not disclosed, but one anonymous source said that no cash had changed hands as part of the deal. Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire said in their joint blog post that, quote, The nature of the investment means that Coinbase and Circle will now have even greater strategic and economic alignment on the future of the financial system. So let's take a step back for a moment. The center consortium was founded by Coinbase and Circle in October 2018 to establish the USDC stablecoin. The effort was originally envisioned as an open standards effort which could facilitate additional USDC issuers and broader industry participation. That said, since the consortium's founding, Circle has remained the sole issuer of USDC, with the center consortium acting as a jointly managed self -governance organization. As part of the restructuring, Circle will bring issuance and governance of the stablecoin completely in -house. In their blog post, the two companies explained that, quote, With growing regulatory clarity for stablecoins in the US and around the world, the requirement of a separate governance body like center is no longer needed. They said the move will, quote, Alongside the restructuring, the firms announced that USDC would be issued on six additional blockchains, bringing the total number of supported networks to 15. The firms didn't identify the new blockchains, but Circle had previously announced plans to support Polkadot, NEAR, Optimism, and Cosmos this year. Coinbase's new base blockchain would also make sense as one of the remaining additions, but was not formally announced. Now, revenue sharing of the interest earned on USDC reserves has become an increasingly important driver of profits for Coinbase over the past year. Coinbase earned $151 million in interest income from the revenue sharing agreement in the last quarter alone. The two companies confirmed that revenue sharing would continue under a revised agreement, stating that, will now equally share an interest income generated by the broader distribution and usage of USDC. In a tweet, Coinbase said they, quote, Executives from the two firms reinforced the idea that additional regulatory clarity and competition drove the decision. Circle Chief Strategy Officer and Head of Global Policy Dante Despartes said, Of course, in addition to newly arrived competition from PayPal, USDC has also been under recent pressure from crypto -native rivals. Since the March banking crisis, which briefly threatened a small portion of USDC reserves, the stablecoin has lost more than $17 billion in market cap. In the same period, Tether has increased its stablecoin market share by over $10 billion and is now more than three times larger than USDC. Discussions on Twitter around this had a lot to do with this idea of regulatory clarifications. Columbia Business School adjunct professor and former Paxo staffer Austin Campbell wrote, The reality is that Coinbase and Circle have held tightly to the Mint burn control and issuer status rather than expanding into an actual consortium. To some extent, this just validates this is the path forward for this partnership. Second, with more issuers of stablecoins arriving this year, PiUSD, FDUSD, etc., and others on the way, scale is going to become increasingly important, so these firms binding together to leverage that also matters. Third, I don't know what the public pathway is for Circle, but a purchase by Coinbase, which this ultimately sets up, is one pathway to get to that, and essentially allows Coinbase to have more control over cash on platform and cash management. Tommy Shaughnessy from Delphi Digital also brought up this idea of this as sort of a pre -merger. He wrote, Now the flipside interpretation is almost exactly the opposite, that Coinbase might have been coming up against regulatory pressure because of its vertically integrated regulated financial services. There has been a lot of scuttlebutt about how the crypto industry does away with distinctions that exist in traditional markets, such as separating brokerage and custody, and how part of the path forward from a regulatory perspective might be to reimpose those barriers. Bitwise researcher Ryan Rasmussen said, Now one thing to speak briefly to the decoupling of Tether and USDC over the last few months. This is something I've talked about before on this show, but I think has far less to do with a vote of no confidence in Circle and USDC and far more to do with a vote of no confidence in the United States regulatory apparatus. Circle and USDC have gone to pains to be as compliant as possible when it comes to issuing a stablecoin in the US, and the fact that they had a decoupling event and almost got screwed by the failure of a major US bank, even as the US government was putting undue pressure on the crypto industry via Operation Chokepoint 2 .0, I think increased the risk profile of USDC, not because of anything that Circle did, other than try to comply with US regulations. The move towards Tether and away from USDC is, I think, a reflection of the lack of regulatory clarity that we have. Overall, though, I also agree with the point that this just formalizes what has effectively been the case for some time now, and that sort of streamlining usually does make sense. Now, next up, let's move over to a macro update. The US bond market continued to sell off on Monday as long -dated Treasury yields hit fresh multi -decade highs. The 10 -year Treasury yield climbed to nearly 10 basis points to 4 .35%, a level not seen since 2007. Meanwhile, the 30 -year notched up by 7 basis points to reach 4 .45%. 10 -year inflation -protected Treasuries reached 2 % for the first time since 2008, and the 2 -year yield, which is sensitive to changes in Fed policy, moved up to 5%, coming close to previous peaks in March and July. The overwhelming sense in bond markets is that traders are positioning for continued tightness in central bank policy and potentially a re -acceleration in inflation. Recent macro data indicated the risk of another pulse of inflation with GDP estimates coming in scorching hot. Last week, the Atlanta Fed published the results of its GDP Now modeling, which forecast third -quarter GDP growth coming in at an annualized rate of 5 .8%. We haven't seen growth that strong since the final quarter of 2021, when the data came in at 7%. This is a complete reversal from economic concerns over the first half of the year, where below -trend growth and the risk of recession was front of mind. Zachary Griffiths, senior fixed -income strategist at CreditSite, said, Now, of course, one of the underlying narratives of the past 18 months of Fed policy is that the central bank is seeking to close the door on post -GFC zero interest rate policy, returning to most historically normal policy settings. These bond market movements could be a ratification of the Fed's strategy, signaling a growing belief that a return to the zero lower bound won't be required at the conclusion of this hiking cycle. Now, it's also worth putting this in context of upcoming comments. The bond market route comes just ahead of Fed chair Jerome Powell's speech at Jackson Hole, which is scheduled for Friday. Jackson Hole is the annual Fed symposium for the discussion of longer -term monetary policy strategy among central bankers and interested parties. Last year, the conference was punctuated by a brief and terse speech from Powell that had been apparently rewritten just before the event. At the time, the stock market was in the midst of a strong relief rally, and according to reporting, the Fed chair threw his prepared notes in the trash shortly before the speech. Instead, he opted to deliver the simple message that the inflation fight is not over and that it would involve pain to households and businesses. Andrew Brenner of Natalyon Securities thinks that expectations around Powell's speech could already be providing tailwind for bond traders betting on higher yields. He said, Now, lastly today, a brief China update. For more background on this, go listen to my episode from last week, where we did a bit of a primer on the China economic situation, which is increasingly coming to dominate macro conversations in the U .S. as well. Chinese banks have held a key interest rate steady this week in a move that surprised economists. The five -year loan prime rate was held at 4 .2 % on Monday, according to data from the People's Bank of China. Economists had expected a 15 basis point cut to the rate which prices retail mortgages. The choice to keep rates steady represents lenders choosing not to pass last week's cut to central bank policy rates onto borrowers. Now, the decision is highlighting the dilemma facing Beijing. Policymakers are seeking to drive borrowing in an attempt to combat deflation, while at the same time needing to preserve financial stability in the banking sector. Allowing banks to capture a little more of the interest rate spread should preserve banks' revenue and profitability. This concern was highlighted in a report from the PBOC last week, which said banks need to maintain Goldman Sachs economists wrote in a note, Chinese stocks continued to fall on Monday, with the iShares China large cap ETF now reflecting a full retracement of price action dating back to 2006. Offshore yuan pricing also softened by 0 .3%. Ten -year bond yields fell to 2 .55%, the lowest yield since 2020. The Chinese government has signaled more urgency in shoring up lending, urging banks to expand credit growth amid a slump in borrowing demand. Deflation pressures also continue to mount, with simultaneous trouble in the housing sector and an as -yet unresolved liquidity crisis at major shadow bank Zhangji. And really the big theme is the continued lack of decisive action out of Beijing. This policy of cutting central bank rates while allowing mortgage rates to stay flat at commercial banks kind of continues that weirdness. Bloomberg economist Eric Zhu said, Second, it could be a signal that other non -monetary policy support is in the pipeline. These policy settings might indicate that Beijing is attempting to navigate the economic downturn without taking measures that would reaccelerate housing prices. China already has some of the most overpriced property on earth, and President Xi has been clear that he wants to put an end to excessive housing speculation. Bruce Pang, chief economist for Greater China at Jones Lang LaSalle, said that the policy actions send a signal that, In some ways, this more moderate intervention could represent a transition away from the infrastructure -heavy, growth -at -any -cost mindset of a pre -pandemic China. In remarks released over the summer, President Xi expanded the scope of national success outside of growth, emphasizing national security, risk preparation, and lower pollution. Michael Herson, a former U .S. Treasury attaché in Beijing, commented that, that local officials should stay disciplined against financial risks and not chase short -term goals, but now they are also being told to support growth. Many officials are thus likely to see the safe course of actions as taking modest efforts at stimulus, but nothing particularly bold. So, taken altogether, this really still leaves us in a very liminal in -between moment. In crypto, we've got USDC and Coinbase preparing for an anticipated regulatory clarity coming down the pipeline, but which still isn't there. Fed watchers policy are trying to grapple with what might come next, and different and conflicting signals in again another wait -and -see period. And then in China, they continue to thread a needle between political goals and economic goals, while all around, continued global realignment is happening. A quiet August may be in some ways, but with, it seems, a lot of change building under the surface. Anyways, friends, that is going to do it for today's breakdown. I hope you enjoyed, and until tomorrow, be safe and take care of each other.
The Eric Metaxas Show
Nathan Finochio & Chris Palmer Share Their Book "Theos Starter Pack"
"Okay. So you have a book called Theos Starter Pack, which is a very arch title. You guys are kind of arch. And Nathan, you're extremely arch. Toward a Recovery of Essential Christianity. So if somebody gets this book, Theos Starter Pack, what will they find in this book? Okay. So Chris and I were thinking about... Basically, we wanted to... It's essentially... I think I was telling you about this earlier, but it's essentially a Festschrift. It's a collection of... Of... You think you're just going to come in here looking all disheveled. You didn't comb your hair and you're going to throw in the word Festschrift. You didn't even pronounce it correctly. You're going to just throw that in like everybody knows what you're talking about. The only reason I know the word Festschrift is because I wrote a biography of Bonhoeffer, who was involved in a couple of Festschrifts in his day. Can you please tell people what is a Festschrift? Well, sometimes they are... So they are academic... Celebration of writing. A celebration of writing, and they're typically a submission of essays from a variety of faculty members in honor of a specific faculty member. So what kind of a hodgepodge, a kind of paella of essays? A mosaic, if you will. Patchwork. Yeah, a Tiffany mosaic. Yeah, there's a Tiffany ceiling right above us here. Okay, so this is a bunch of essays, a grouping of essays from your faculty at Theos U. So who would be interested in Theos U? And what's the difference between Theos U and Theos Seminary, and who is taking these classes? Okay, so anybody who wants to learn theology, particularly conservative theology, politically conservative theology, charismatic theology, and I should say, once again, charismatic theology, what does that even mean? It means nothing and everything. As I said... So for example, my brother is, we're ecumenical. My brother is high church leaning. I would probably be high church leaning. Chris is definitely sacramental, but he's Pentecostal. And then we have David Campbell and John Adams and Thomas West, Dr. Thomas West, and who they are, they're reformed as, they're as reformed as John Calvin, you know? And so, but we all... Imagine John Calvin being open to the gifts of the Spirit. Yes, well... I think his hat would fly off. Certainly. That pinched hat that he wears in all the portraits. But what you're talking about is actual Christianity. In other words, you're interested in what is true.
The Breakdown
A highlight from Why Post Malone Is Against CBDCs
"Welcome back to The Breakdown with me, N .L .W. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys, it is Friday, August 11th, and today we are talking about everything from an SEC appeal to post Malone discussing CBDCs. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. All right, friends. Well, at the end of this week, I got called away for some urgent, very quick travel, and so I've had to scramble my schedule a little bit. Given that, you can kind of think of today's episode as a little bit of what the weekly recap normally does, doing a sort of grab bag show of a bunch of things we haven't had a chance to talk about yet, and tomorrow I'm doing sort of a hybrid of Long Read Sunday and a weekly recap where I read a couple essays that I think were about the most important things that happened this week. Then Sunday you get a throwback Long Read Sunday that is really fun. And anyways, all of this is my way of not having to deny you shows as I traveled. So with that, let's get into this grab bag and where we're going to kick off is with the SEC and Ripple. The SEC has indicated to the court that they will seek to appeal last month's Ripple decision. If they are allowed to proceed, the regulator will ask the court's permission to appeal the parts of the decision which went against them. In a letter to the court, the SEC indicated that it would appeal, quote, the courts holding that defendants programmatic offers and sales to XRP buyers over crypto asset trading platforms and Ripple's other distributions in exchange for labor and services did not involve the offer or sale of securities under the Howey test. Now of course, you'll remember that last month's decision found that direct sales of XRP tokens to institutional investors violated securities law, while sales to retail investors through exchanges did not. This is obviously a major significant moment when it comes to the question of whether tokens are securities or not. It's so significant, in fact, that some congressmen have suggested that the notion at the core of the decision, which is that tokens can be offered in a sale that constitutes a securities offering, but that that doesn't necessarily make the tokens themselves securities, should be named after the judge who made that doctrine, i .e. the Torres doctrine. Anyways, the point is this was a big deal. The SEC are requesting what's known as an interlocutory appeal. That's an appeal that occurs over a decision partway through a legal case before it is fully decided. The regulator claimed that dealing with the appeal at this stage could save the court from dealing with two separate trials in the future. The SEC proposed that they could file a brief outlining the appeal in more detail by next Friday. Ripple has the right to respond to this letter and will similarly be able to respond to a full brief. Now separately, the judge has laid out directions for Ripple and the SEC to schedule a trial date in Q2 of next year. The trial will deal with the outstanding matters from last month's order, specifically the allegation that Ripple executives aided and abetted the company in breaching securities law. This trial will not reopen any of the issues that were already decided last month. The SEC is expected to ask for the trial to be postponed until the appeal is dealt with if they are successful in their application. Now Bloomberg senior litigation analyst Elliot Z. Stein gave a little bit of context about what happens next. Stein wrote, That of course brings up the question, will it actually happen? Paradigm policy director Justin Slaughter says he thinks yes. He tweeted, It's odd they waited until the trial schedule to appear, which is why I thought no interlocutory appeal was coming, but that likely won't prevent Judge Torres from granting the appeal request. Former lawyer Scott Chamberlain thinks the opposite. He writes, Judge Torres denies the request. She studiously avoided new law. She found the token is not the security, accepted the SEC's characterization of the transaction buckets to be analyzed, and simply applied Howie and its progeny to the SEC's chosen buckets. SEC failed because the undisputed facts didn't support all the Howie prongs for two of its three chosen transaction buckets, not because Judge Torres shifted the legal goalposts on the definition of those prongs. So next up, we're waiting to see if Judge Torres grants this request. Next up, Representative Maxine Blow a Kiss to SBF Waters is apparently concerned about PiUSD. On Wednesday, Representative Waters released a statement regarding the PayPal stablecoin announcement. She wrote that she was, PayPal instead, of course, chose to launch the stablecoin under the regulatory framework and supervision of New York State. Waters implied that the state regulation is inadequate compared to as yet hypothetical federal regulations. She wrote that, quote, Now, Waters is, of course, the ranking Democrat member of the House Financial Services Committee and has been in charge of negotiating stablecoin legislation over the past 15 months. The Republican sponsored stablecoin bill was finally passed by the committee during a tense hearing last month. In that meeting, Waters voted against the bill, but several younger Democrats defected from their party line to vote with the Republican majority. The stablecoin legislation is now eligible to be introduced for a vote on the House floor. Waters key issue with state regulation is that it removes the Fed as the final arbiter on stablecoins. During debates around the stablecoin legislation, she had said, The Republican bill undermines the Fed's role as our central bank, making it harder to protect the economy against inflation or support maximum employment if stablecoins are broadly adopted. Now, of course, Republican committee chairman Patrick McHenry does not share Waters concern that putting dollars on a blockchain will threaten to collapse the power of the strongest central bank in the world. On Monday, he remarked on the PayPal announcement by saying, This announcement is a clear signal that stablecoins, if issued under a clear regulatory framework, hold promise as a pillar of our 21st century payment system. In her statement, Waters also suggested the Republican bill had slim chances in the Democrat -controlled Senate urged Republicans to, quote, come back to the negotiating table to craft a bill that actually works. Now, Twitter response on this was about what you would expect. Castle Island Ventures partner Matt Walsh said, Maxine Waters is, quote, deeply concerned that PayPal chose the NYDFS path versus the federal path. Federal path for issuing a stablecoin literally doesn't exist. What planet are we on? Austin Campbell tweeted, Politician blocking federal legislation concern company did not file for federal license that doesn't exist because of said politician blocking legislation. You don't get to burn someone's house down and then call it a fire hazard. Next up, crypto infrastructure firm Fireblocks have disclosed a set of vulnerabilities which they are referring to as Bitforge, impacting a number of popular crypto wallets. The vulnerable wallets use multi -party computation or MPC technology, which is typically used in advanced user -facing and custodial applications. Fireblocks are classifying Bitforge as a zero -day vulnerability, meaning that it hasn't been discovered by the developers of the affected software or hackers in the wild. Coinbase, Zengo, and Binance have all collaborated with Fireblocks to fix the vulnerability within their custody systems. What's more, Fireblocks have said they reached out to other teams that might be impacted in accordance with a 90 -day responsible disclosure process. The biggest worry is that this vulnerability was found in MPC wallets, which are intended to be some of the most safe wallet designs in the world. Fireblocks said in a statement that, If left unremediated, the exposures would allow attackers and malicious insiders to drain funds from the wallets of millions of retail and institutional customers in seconds, with no knowledge to the user or vendor. Fireblocks characterized an attack exploiting the vulnerabilities would have been practical. They highlighted that the complexity of the vulnerability meant it was highly unlikely that a bad actor would have discovered the issue in advance of Wednesday's disclosure. Now MPC wallets add an extra layer of security by re -encrypting a private key and splitting it into multiple parts to be stored across multiple devices. The intention is that no single trusted device can access the crypto wallet without assistance from additional trusted parties. The Bitforge vulnerabilities would have, allowed a hacker to extract the full private key if they were able to compromise only one device, which of course would have undermined the entire multi -party security design. Overall, the whole process seems to have been a win, at least in the sense that this was discovered before it was exploited. Still, it's just a reminder that even when it comes to self -custody, things are scary out there. Now let's close with a little bit of a whistle -stop tour in the world of CBDCs. In the UK, the Bank of England has set up an advisory group for its central bank digital currency as it enters the design phase of the project. The British CBDC, which is still not officially referred to as Brickcoin, will be designed with help from a panel of experts across finance, economics, business, and more. The BOE said of the academic advisory group, In February, a consultation was conducted on the digital pound, which concluded in June. The BOE plans to run its own experimentation and design phase over the next two years, according to people familiar with the matter. The BOE will also be recruiting members for its CBDC engagement forum, which was set up to help it, quote, No word yet on whether the Orwell estate will be consulted on the CBDC design. Moving over to Russia, that country will enter a new stage of its CBDC program next week with real -world testing across 13 banks. A law authorizing the issuance of the digital ruble was signed into law last month, while the Russian central bank's testing and design process has been ongoing for over a year. In Wednesday's announcement, the central bank said, quote, The deputy governor of the central bank said that citizens should be able to access the During this pilot phase, 13 banks will test the digital ruble with a select group of their clients. The testing will focus on digital wallets, peer -to -peer transactions, purchases of goods and services using QR codes, and simple automated payments. The central bank announcement said, Now, lastly today, both on CBDCs and in general for our show, pop star Post Malone spoke extensively about what he saw as the dangers of a US CBDC in an appearance on the Joe Rogan podcast this week. Now, rather than me summing it up, let's just listen to a clip from that exchange. Apologies in advance and listener beware for the colorful language. I decided it made more sense to leave it and warn you than to censor Joe and Posty. So how do you feel about the government's digital currency that they're working on? No fucking way. No way. That's what I think. I think that's checkmate. That's game over. That is fucking checkmate. Because if they apply that to a social credit score, if they decide somehow or another that you need some social credit score system and it's for the benefit of society, and they outline that they can track your behavior and your tweets and all your things, you get a score. Already doing that. They just haven't released the fucking report cards. Well, they don't have the kind of freedom that they'd like. They didn't send the report cards home to the parents yet. Everything already is imprinted. Everything is already tracked. Everything is already there. But they just can't control you to the same extent that they would like. What they would like to do is to be able to strip you of your money and to be able to lock you down and then make sure that you comply so that all the other people also comply because they don't want to be stripped of their money. They don't want everything they work for just be taken away instantly overnight and be powerless. No one to call. No one's going to answer your phone. They just decided you fucked up and the rules are the rules and so then where does that money go? Who takes your money? When people start profiting off of confiscating people's digital currency, it's going to be a real fucking problem. It's not all fucking currency is digital. Yeah, but the idea of them controlling all of the money. And it's all unilateral. It's all the same fucking thing. That's a problem. And here's the problem I think is that people are going to do it due to convenience of it. Now one strain of commentary that I saw around this was Bitcoiners being flustered that neither of these guys mentioned Bitcoin. And while I understand where they're coming from, boy is that the wrong takeaway from this. Post Malone has 31 million followers across Twitter and Instagram. He's one of the biggest musicians in the world full stop. Rogan gets 11 million listeners per episode on average, even when it's not a huge celebrity. I think in a lot of ways this conversation about the concerns that come with the central bank digital currency is going to resonate a hell of a lot more for a lot of people given that there wasn't some specific coin solution being shilled. Now of course for us Bitcoiners, we know we have a preferred alternative, but you have to think if we're playing the long game, having people be bought into the fact that there might be a problem here is much more important than forcing them to adopt a preferred solution right away. So to the extent one cares about this set of issues, I think this was a pretty seminal pop culture moment, even if orange coin wasn't on set. Anyways guys, that is going to do it for today's episode. I appreciate you listening as always and until tomorrow, be safe and take care of each other. Peace.
The Breakdown
A highlight from PayPal's Stablecoin is the (Second) Biggest Crypto News Story of the Year
"Welcome back to The Breakdown with me, N .L .W. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Tuesday, August 8th, and today we are talking about PayPal's new stablecoin. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. All right, friends, today we are talking about the big PayPal news, which was announced yesterday, and it hits at what I think is one of the biggest themes of the year, which is TradFi coming into the absolute utter wreckage of this industry after the last year plus of bad behavior and positioning themselves to take over like adults compared to some children who have lost their privileges. We'll get into that a little bit more, though, so first, let's talk about details and the reactions from the community. So PayPal is launching PayPal USD or PYUSD, a stablecoin that is issued by Paxos. It will be fully reserved using bank deposits, short -term treasuries, and other cash -like instruments. Initially, the stablecoin will be only available to U .S. customers. In one of the bigger parts of the announcement, PiUSD is an Ethereum -based ERC20 token. That means it will have compatibility across the Ethereum ecosystem from day one. Customers will be able to transfer the stablecoin between PayPal and Ethereum wallets, person -to -person payments will be enabled, the stablecoin will be integrated into the existing PayPal checkout process, and it will also be convertible into other cryptocurrencies already available on PayPal's platform. Now, while the stablecoin will be redeemable for U .S. dollars on a one -to -one basis, that feature will be intermediated by PayPal. What's more, this is happening right away. The rollout to U .S. customers will happen gradually over the coming weeks. The company also said that support for cross -platform payments with Venmo users will be coming soon. Now, there doesn't appear to be any way to prevent non -U .S. residents from getting access to the stablecoin on Ethereum, but details on that point haven't been made clear yet. There's already a smart contract deployed to the Ethereum network to operate the stablecoin, although there hasn't been any activity so far. PayPal CEO Dan Schulman said in a statement, Now, a stablecoin has been a long time coming for PayPal. The company first hinted at plans for this in early 2022 and obtained a full -bit license from New York State later that year. Indeed, along those lines, pretty much every step of the way, PayPal has gone to pains to ensure their crypto products are well -regulated and authorized. Schulman said that PayPal had extensively discussed their plans with regulators, stating, We are in a place right now in these conversations that people feel comfortable with a respected, well -regulated U .S. financial entity moving into the stablecoin space, and I think it's an important initial move. Put a big ol' pin in that point, as I think it is extremely, extremely telling. In their communications about the news, PayPal highlighted their choice of Ethereum, basically saying that they wanted it to be easily plugged into the existing ecosystem of developers' wallets and Web3 applications as well as exchanges. Now, on the back end, Paxos will be providing all of the infrastructure for the stablecoin and will begin issuing monthly reserve reports starting in September. Walter Hesseert, the head of strategy at Paxos, called this a watershed moment for the stablecoin industry when it comes to regulatory compliance. He noted that unlike some rival stablecoin issuers, Paxos is regulated as a trust company by the New York Department of Financial Services. Hesseert said, The difference is significant because we have a prudential regulator. In our case, you have a regulator overseeing every activity involved in the issuance, including the reserve management. This means no matter where you are in the world, anybody who has this token is protected by the oversight and the rules that are set for us by New York. Now, speaking of Paxos competitors, Circle CEO Jeremy Allaire said of the launch that, quote, It is a strong signal that near -instant, borderless and programmable payments in the form of stablecoins are here to stay. He also said, I'd like to congratulate PayPal and Paxos for the launch of PiUSD. It's incredibly exciting to see such a significant internet and payments company entering the stablecoin space. This is what happens when we start to get regulatory clarity. And with the Payment Stablecoin Act, this can open up a free and competitive market for dollar stablecoin issuers with strong supervision, allowing the U .S. to compete with digital dollars that are uniformly safe, transparent, liquid and supervised to Fed standards. Stablecoin laws are arriving in Japan, the U .K., EU, Hong Kong, UAE, Singapore and the U .S. Customers will know who they are dealing with, and firms that can survive scrutiny by central banks and prudential regulators will thrive. That's the market in 2024 and 2025. Now, staying on this regulatory theme for a moment, Patrick McHenry, the chairman of the House Financial Services Committee, had a strong opinion on the PayPal stablecoin launch and what it foreshadows for crypto in the U .S. He said in a statement, Now, it's notable not only that McHenry has been consistently one of the most steadfast advocates in Congress for rational crypto legislation, but that much of his work over the past 18 months has been focused on brokering bipartisan agreement on what stablecoin regulations should look like. Now, as a little aside, it is pretty remarkable to think about how different this response is as compared to the last time a big tech firm attempted to roll out a stablecoin. I'm referring, of course, to mid 2019 when Facebook announced Libra. That announcement was met with incredible skepticism and Zuckerberg himself was hauled into Congress to explain. Now, there are a bunch of reasons why this is different. One notable one was that Facebook wasn't a U .S. dollar stablecoin, but was a Bancor style basket of global currencies in which the U .S. dollar represented only 50 percent of the reserve. Second, Zuckerberg was planning to set up in Switzerland rather than the U .S. Third, it was Zuckerberg who was already in hot water for different reasons for both the Republicans and the Democrats. And of course, on top of all that, ultimately, Facebook wasn't first and foremost a financial services company, although PayPal is also nominally a technology company. It's never been anything but a financial company. There is also the fact that simply put, we're four years on. That's four years for Congress to have learned about and be able to distinguish between. Moving on, though, let's talk about what the denizens of crypto Twitter thought about this. One of the biggest themes of conversations was talk about potential restrictions, potential censorship and whether this is just a central bank digital currency by another name. Lawyer Sasha Hodler says, I just read the PayPal USD terms of service, full KYC, custody by Paxos, tied to your PayPal login, PayPal can reverse any transactions, claim to be fully backed by actual USD. All the censorship capabilities of a CBDC, but launched by big tech instead of the government. Riot platforms VP of research, Pierre Richard echoed those sentiments, saying so -called stable coins are permissioned fiat corporate versions of CBDC. Mark Jeffrey from Boolean Fund said, so basically the PayPal stable coin is a CBDC wearing tether lipstick. But what about specific concerns? Well, the big one was summed up by Crypto McKenna, who wrote, the PayPal stable coin has the ability to freeze your account and wipe your balance. I assume all payment processors will be forced to implement the CBDC type functionality. Now, others had issues with PayPal specifically. Chairman Burr Bernanke wrote, ah, yes, PayPal, the noble crusading company that stands for free speech, financial access for everyone and free flowing capital. Notably, they've never debunked anyone or frozen anyone's funds for activity they deemed not illegal, but immoral. There's absolutely no cases of PayPal demanking anyone. And when they've accidentally frozen accounts, they've been very quick to resolve the issues and have no track record of simply keeping your money. I can't think of a safer place to put my funds. Obviously, that commentary was being very sarcastic. Now, Bitcoin or Walker writes, can't wait to not use PayPal's new stable coin because I already deleted my PayPal when they said they would steal twenty five hundred from people for misinformation. For those of you who don't remember, that was a policy that was discussed in October of 2022. Now, others are sort of surprised that people are surprised that PayPal would act like a centralized company. Bernals writes, wait, people thought that the PayPal coin wouldn't be centralized? It's a fully backed stablecoin issued by a highly regulated TradFi entity. If you thought they weren't going to ham handedly bake in token freezes, I don't know what to tell you. ChainlinkGod writes, yes, PayPal's new centralized PiUSD stablecoin has centralized admin functions, as does USDT, USDC, USDP and all other pre -existing centralized stable coins issued by trusted third parties. It's not really that surprising, given the regulatory compliance requirements around handling fiat with consumers. Honestly, I'm surprised they actually went with the traditional stablecoin model of blacklist versus a more aggressive model of whitelist. Austin Campbell echoed these themes, saying the New York Department of Financial Services guidance for licensing stablecoins literally spells out that BSA, AML and sanctions compliance is required. This is probably the lightest touch way to do that versus a whitelist or something. The cost of doing business for a fiat backed coin. Former chief information security officer at A16Z Crypto Naseem wrote, I don't get all the fuss around PayPal's PiUSD having a centralized supply management. They are a financial institution whose goal is to make money move faster and more efficiently, not to be decentralized. People need to internalize that blockchains can be very efficient, interoperable rails for many use cases, regardless of the ethos alignment. Technology is rarely used for its original author's purpose, just like mobile phones or the Internet. David Morris from Coindesk puts it really simply, saying PayPal USD will be the most censored and seized centralized cryptocurrency of all time. Not even saying that is a sweeping condemnation. It just is what it is. Shapeshift founder Eric Voorhees agreed, but put a positive slant on it, saying you should assume that all centralized stablecoins can do this. Still, the launch is hugely positive, further helps the world move into crypto and from centralized crypto, people discover and become familiar with decentralized crypto. And that, of course, gets us to the takes about how this is, one, good for Ethereum and two, good generally for crypto mainstreaming. And of course, a lot of that is about scale. Business analyst Ethan Hughes writes, over the last 30 days, Ethereum has peaked at 556 ,000 active addresses. PayPal has 435 million active users and just issued their own stablecoin as an ERC 20 token on Ethereum. PayPal has 782 times more users than Ethereum. If only one percent of PayPal's users onboard to crypto through the stablecoin, that would result in 8x more DeFi users than we have peaked over the past month. Now, I could read one of a million other bullish tweets as well, but you get the idea. And I think it's pretty crisply put. There obviously are big implications if people actually choose to use this thing. Now, still, when it comes to the big themes that we've been talking about this year, I think one of the biggest discussion points are the regulatory implications. Crypto lawyer at Wilkie Farr, Mike Selig, writes, banking regulators have essentially said banks can only issue stablecoins on private blockchains. PayPal will issue its stablecoin on Ethereum. This regulatory arbitrage has to put pressure on Congress to pass a stablecoin bill ASAP. Austin Campbell quote tweeted that and said, I've been saying for a while that stablecoins are coming whether the banking regulators want them to or not. Fighting on the hill of defending a wildly antiquated system that rips off consumers is not going to end well. We need to embrace technology and empowering the end user. Jason Yanowitz from Blockworks writes, PayPal taking on USDC, love to see it. It's easy for regulators to be anti stablecoin when shadowy supercoders create them, less easy when it's major US financial organizations. Get ready for the stablecoin narrative to shift in DC. Now, speaking of a shift, Nick Carter, one of the most careful trackers of Operation Chokepoint 2 .0, definitely sees something significant here. He tweeted, PayPal news is the first positive piece of news I've seen in the Chokepoint 2 .0 category since January. Paxos BUSD was ground zero in terms of extrajudicial coordinated cross agency regulatory harassment. The fact that PayPal was able to get this through with Paxos is telling. Hal Presett, Northrock Digital puts it even more simply, tweeting, Paxos works with finance, send them a Wells notice and shut it down. Paxos works with PayPal. We approve. Clear trend here from US regulators to try to marginalize those they feel are shady bad actors and bring in large US institutions to run the show instead. This has implications for ETFs. And this, of course, gets to what I think is the big, big theme here. The incredibly clear trend right now is that all of the big companies, the big traditional financial institutions who spent the last bull run dabbling and starting to get aware and learning and preparing themselves and who had started to spend the beginning of this bear market building infrastructure, all of those firms saw in the collapse of FTX and the following regulatory response, not a reason to leave the space, but an incredible vacuum in which to operate. The thinking has to be from these players that crypto native institutions and startups had their chance and they biffed it. So now the maturation of the assets and the growth of interest among consumers in them and on the other, the regulatory disfavor of a lot of the institutions that those consumers were dealing with. What's the answer? Of course, it's for TradFi to come in and clean up. It is not an accident that the thing that set off the recent shift in spot Bitcoin ETFs was BlackRock entering the space, the world's biggest asset manager. PayPal's announcement of their stablecoin is absolutely part two of that trend that started with BlackRock's ETF proposal. But in no universe is it the last version of this that we're going to see. Now, ultimately, when it comes to the influence of the PayPal stablecoin itself, it is very easy to do the math on the total addressable market and come away salivating. But at the end of the day, it will be a test as much as anything about whether regular people have uses that they want to use stablecoins for. Is this, in other words, just another stablecoin competitor for the crypto natives, or is it something that brings more people in? For that, we will, of course, have to wait and see, but damn, this is a spicy and significant announcement, I would not sleep on the significance of it. Appreciate you guys listening, as always, and until tomorrow, be safe and take care of each other. Peace.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1364: Bitcoin OG Bets on BTC Hitting $100K Before Halving
"In today's show, I'm going to be breaking down the latest technical analysis as Bitcoin faces endless spot selling as Bitcoin price dips below $28 ,700. We'll also be discussing breaking news. PayPal launches PYUSD stablecoin for payment as well as XRP price disappoints after court ruling, and John Deaton remains optimistic. We'll also be discussing the Bitcoin price can go full bull next month if the 200 -week trend line stays. We'll also be discussing the CEO of hedge fund that's up 41 ,960 % says it's time for Bitcoin to rally. I'll be breaking down his outlook as well as Bitcoin OG Adam back bet surprising some on the Bitcoin price hitting $100 ,000 before the halving. All this plus so much more in today's show. Yo, what's good crypto fam? This is first and foremost a video show. So if you want the full premium experience with video, visit my rumble channel at crypto news, alerts .net. Again, that's crypto news, alerts .net. So you tell me how does a million dollar Bitcoin sound? This is rumble episode number seven live. This is pod episode number 1364. And this is X live stream number one. Let's get it. As you can see here on your screen, we've got the Bitcoin price action barely in the green, but holding onto that 29 ,000 support, which is a good sign. We have ETH and many of the altcoins correcting and in the red. And as you can see here on coin market cap, we're sitting at 1 .16 trillion as the total market cap and about 32 billion in volume in the past 24 hours, which is up 64 % with Bitcoin dominance at 48 .8 % and the ether dominance at 18 .9%. And checking out the top 100 crypto gainers in the past 24 hours, BCH lead in the pack up 6 % trading at 237 bucks, followed by optimism up 4 % trading out a dollar 79, followed by Satoshi vision up almost 3 % trading at $36 and 33 cents and checking out crypto bubbles. We're not looking so good. The majority of all the alts correcting and in the red for the week. And some of the biggest losses include XDC down 9 % and scam token FTT down 7 .9 % and checking out the crypto greed and fear index currently rated a 49 neutral yesterday was a 49 last week, a 50 and last month, a 58 in greed. So here we go. Bitcoin fell below 28 ,700 after the August 7th wall street open as endless spot selling drove the Bitcoin price action lower, which we can clearly see here and the Bitcoin one hour Campbell chart data from coin Telegraph and trading views should Bitcoin returning nearer to its August lows. After a shaky weekly close, we also had the start of the U S trading offering no signs of relief for the bulls after a weekend of sideways behavior with traders and analysts already predicting a downwards outcome. Once the impasse broke now quoting Dan crypto trades, there being a perpetual pair premium versus the spot is really never a good sign combined with now, which you want to see, be careful out there. He shared and also trade and sweet decent trader warned that one of his proprietary trading tools flip bearish across most timeframes while earlier popular trader crypto Tony said that 29 ,000 was already weakening as support and quoting Nebraska and Gooner and losing 29 ,000 support. The slow bleed continues, or actually this coming from income sharks, losing 29 ,000 would not be a good sign. In fact, some analysts have been predicting we could potentially drop all the way down to 25 ,000 if 29 does not hold and zooming out on the weekly timeframe, popular trader and analyst rec capital shut out direct says an interesting showdown is in the making for Bitcoin slash USD. Now let's discuss in particular this 200 week simple moving average as the 21 week and 50 week exponential moving averages are also included quitting him here. The thing about this structure overall is generally this region acting as a confluence support region is because we also have to bullish market momentum exponential moving averages developing here. He said in that area between 26 and the current spot price that support cluster rec added could end up being what really gets in the way of a double top and instead allows Bitcoin to print a weekly higher low on the continue upward as we can see here in this chart. But you guys let me know how many of you are currently bullish on the King crypto. Make some noise in the live chat. And now let's discuss the latest with PayPal launching their own stable coin. Believe it or not, actually quite interesting. As you can see here, American financial tech company PayPal launched a new stable coin called PayPal USD. The initials be PY USD. Today on August 7th, the US dollar peg stable coin will be issued by Paxos Trust and fully backed by US dollar deposit short term treasuries and similar cash equivalents. It's built on Ethereum and designed for digital payments and Web three with the firm saying it'll soon be available to United States customers. I don't know about you, but I'm not a fan of PayPal and absolutely will not be using their stable coin just FYI. But nonetheless, interesting story. PY USD will be redeemable for US dollars at all times can be exchanged for other cryptos on PayPal and will be transferable between PayPal and Venmo. The company claims it will soon be available as a mode of payment for various purchases. PayPal launching a stable coin could accelerate its efforts to become a crypto payment giant and initiative. The company started in 2020 after making way for crypto payments on the platform. PayPal boasts over 350 million active users. Obviously they're a pretty big deal and already lets users in the US and the UK buy, sell and hold Bitcoin, ether, Bitcoin, cash, litecoin, while also enabling payments in the assets. Now PayPal CEO Dan Schulman hopes that the new stable coin will become a part of the overall payment infrastructure. The company first confirmed its plan to launch the crypto stable coin back in January of 2022, claiming it would work closely with relevant regulators. While there are multiple stable coins available in the crypto market, PayPal will be the first launch by a major payment processor. Paxos CEO shared the following with the launch of the first stable coin by a leading financial institution, PayPal and Paxos approving the real world value of blockchain tech. PayPal USD is the most significant leap forward for digital assets in the financial industry and Paxos is proud to enable this transformative product. Now the firm first claimed that the regulatory environment around stable coins in the US is gradually progressing towards more clarity and thus there is demand for an alternate stable coin than what is currently available in the market. Now the crypto stable coin market has 126 billion circulating supply dominated obviously by Tether USDT which has a 86 and a half billion dollar market cap so they're obviously the clear dominating force followed by Circle issued USDC coin with a 26 billion dollar market cap amongst others. Now many stables have recently faced regulatory hurdles in the US where policy makers are currently discussing a bipartisan stable coin bill and one of the ones affected is BUSD which is the Binance equivalent to their stable coin so I'll be keeping you in the loop how this plays out. Overall I think it's good for mass adoption because obviously PayPal has over a quarter billion users that could now get involved in crypto which is a good sign but nonetheless I don't trust them as far as I can throw them so keep that in mind that self -custody is the true way to go you know what I mean don't trust the exchanges don't matter if it's decentralized or centralized the safest way to store your cryptocurrency is in cold storage my friend and that is a fact.
The Breakdown
A highlight from Crypto and the Major Questions Doctrine
"Welcome back to The Breakdown with me, N .L .W. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Monday, August 7th. And today we are talking about the latest in Coinbase's fight against the SEC. A quick note before we dive in. Sponsorship is back open again on The Breakdown. You've heard over the last few weeks a number of sponsors of the show, and we are currently booking out for the fall and into the beginning of next year. If your company is looking to reach easily the smartest audience in the crypto space, shoot me a DM or send us a note at sponsors at breakdown network. And with that, let's get into this show. Now, this morning, a really significant thing happened. And that is, of course, PayPal's announcement of PiUSD, which is their new stablecoin offering built on Ethereum. Right now, the leading contender for the most important trend of this bear market is TradFi muscling in on the territory that was seeded by crypto native companies behaving badly. And this could obviously be another big example of that. Now, this news just happened after I had already prepared today's show, so we will get all into that tomorrow. But for now, we have some big things from the end of last week to catch up on. On Saturday, CoinFund CEO Jake Brookman tweeted, This might be one of the most important documents ever produced that explains why digital assets are, in general, not securities. The document he was talking about came from Coinbase, and it was a request from that company to dismiss the SEC's case against them. Coinbase chief legal officer Paul Grewal wrote, Today Coinbase filed our brief asking the court to dismiss the SEC's case against us. Our core argument is simple. We do not offer investment contracts as that term has been construed by decades of Supreme Court and other binding precedent. By ignoring that precedent, the SEC has violated due process, abused its discretion and abandoned its own earlier interpretation of the securities laws. By ignoring that precedent, the SEC has trampled the strict boundaries on its basic authority set by Congress. So there is a lot in here. And even in that short thread, you can see that there's really at least two big things going on. The first is an argument about what is or isn't a security, and the second is about where the SEC's authority really begins and ends. So let's take a step back and get into it. Coinbase has officially asked the court to dismiss the SEC's lawsuit against them. On Friday, they filed a motion for judgment on the pleadings, which raised questions about the validity of the lawsuit and indeed whether the SEC even has the jurisdiction to police the crypto space. The Coinbase motion argues along two dimensions. First, they argue that cryptos are not securities. Now, the argument for Coinbase rests on the familiar Howey test analysis, which we've seen across all token cases to date. Howey, you'll remember, identifies investment contracts as a class of security sales which are subject to SEC regulation. And for a sale to be considered an investment contract under Howey, it has to satisfy a number of different elements. It must be an investment of money. That investment of money must be in a common enterprise. There must be the expectation of profit, and specifically the expectation of profit must be derived from the efforts of others. In other words, this isn't something that you are putting work into yourself and expecting to benefit from thusly. In their motion, Coinbase argued that sales of tokens on their platform, quote, do not involve contractual undertakings to deliver future value, reflecting the income, profits or assets of a business. They are commodity sales with the obligations on both sides discharged entirely the moment the digital token is delivered in exchange for payment. Now, of course, they also discussed last month's decision in the Ripple lawsuit. In essence, the judge in that case decided the tokens in and of themselves are not securities, but they are sometimes sold alongside promises from an issuer, which would make those particular sales subject to SEC regulations. Coinbase argued that the facts in Ripple were, quote, substantially identical to those alleged here. Specifically, one of the key decisions in the Ripple case was that anonymous sales of the XRP token through an order book were not considered to be sales of investment contracts. For that reason, they were not found to be under the SEC's jurisdiction. Coinbase are arguing that the 13 tokens named by the SEC in their case are substantially similar to Ripple's XRP and should have the same results from Howie analysis. This would mean, of course, that sales conducted through Coinbase's exchange should not be considered the sale of securities. Coinbase relied on similar arguments to claim that their staking and wallet products were not subject to registration under securities law. They claim that customers are simply using their commodity tokens within software products offered by Coinbase. This would, of course, distinguish these Coinbase products from more traditional asset management services, where profit is derived from the skill of the asset manager. Now, within the whole security discussion, there is one particular analogy that's getting a lot of attention. Austin Campbell tweeted, one of the interesting parts of the SEC interpretation for me is that, if correct, I don't really see a dividing line between crypto and many other activities. Are limited edition Nikes now securities? I think Coinbase lays bare some of the issues well. Now, the specific analogy in the Coinbase argument is actually around baseball. They write, one can invest in a baseball or other trading card company through an instrument that imposes obligations on the company, and that will be a security. Or one can buy baseball cards on the open market, hoping they appreciate in value, and one will have bought a commodity. That remains true even if the company makes representations about plans to create a premier trading card platform to drive up the value of the cards it sells. Those representations can't turn baseball cards into securities. Baseball cards are not shares in the baseball card enterprise. This principle applies equally here. Coinbase goes on, the transactions over Coinbase is platform and prime are not and do not involve contractual undertaking to deliver future value reflecting the income profits or assets of a business. They are commodity sales with the obligations on both sides discharged entirely the moment the digital token is delivered in exchange for payment. The SEC's complaint does not allege otherwise because it does not and cannot plead the required elements of an investment contract. The SEC's Exchange Act claims should be dismissed. Now, still, even with colorful analogies like this, the in many ways more significant part of Coinbase's argument involves the major questions doctrine. And this is something you've heard me reference a number of different times on this show, but let's give a little bit of background. This is a legal doctrine that has been relatively recently developed by the Supreme Court. The major questions doctrine, or MQD, holds that administrative bodies, such as regulators like the SEC, require explicit guidance from Congress when tackling issues which have a major impact on the U .S. economy. It was recently used to strike down the Biden administration's student loan forgiveness program as it exceeded the authority of the White House. More classic cases include subjects like the tobacco industry and emissions reduction within the energy sector. Now, the point of MQD is not that regulators are never allowed to take on new areas of responsibility, but rather that Congress needs to be very specific when expanding a regulator scope. In a way, MQD is a statement about how regulatory legislation should be interpreted. In the original Supreme Court case, Whitman versus American Trucking Association from 2001, Justice Scalia said that Congress, quote, does not alter the fundamental details of a regulatory scheme in vague terms or ancillary provisions. It does not, one might say, hide elephants in mouse holes. For the Coinbase lawsuit, the argument is that Congress did not intend to hide widescale jurisdiction over the crypto industry for the SEC within the Securities Act of 1933. In their brief, Coinbase claimed that, quote, the major questions principle applies directly here. The wholesale regulation of secondary markets for trading digital assets qualifies as extraordinary, and the digital asset industry worth around one trillion dollars is a, quote, significant portion of the American economy. Now, digging a little bit deeper into this from, you know, an actual lawyer, Morrison Cohen's Jason Gottlieb wrote a really good thread about this exact MQD issue. He writes, Coinbase's brief is fantastic. No surprise, given the strong arguments in their favor and great lawyers in -house and outside working on it. One point, though, the major questions doctrine, I think Coinbase actually undersold just how major a question this is. As background, the major questions doctrine is basically that when an agency claims the, quote, power to regulate a significant portion of the American economy that has, quote, vast economic and political significance, it must point to clear congressional authorization for that power. A different district court judge in the same courthouse recently found that the crypto industry, though certainly important, falls far short of being a portion of the American economy bearing vast economic and political significance, unlike, say, energy or tobacco. I think that judge and other folks, even within crypto, vastly underestimate the majorness of this industry. I often see references to it being a, quote, trillion dollar industry, which is basically just the headline market cap of all crypto. Coinbase's brief skillfully lays out the base case. The industry is worth around one trillion, one in five adults in the U .S. is on crypto. Hundreds of millions of people globally use crypto currencies for myriad purposes. But this is an underestimate that one trillion dollars is just the market cap of all the tokens. The value of the industry isn't just the market cap of tokens any more than the value of the smartphone industry is the stock valuation of Apple and Samsung. What about all of the people, the productivity of all the engineers, programmers, designers, lawyers, accountants, auditors, all the IP, the network of companies that don't have tokens but support the ecosystems, the interconnections with companies outside the U .S.? And most of all, our lives are becoming more digital with no clear line between cryptocurrency and other digital assets. So when the SEC says, quote, all tokens are securities, it is aggregating authority not just over crypto, but the entire digital asset economy. The market cap of all crypto tokens may be one trillion dollars, but the value of the digital asset economy is certainly many multiples of that. It is literally the future of the entire economy minus a few necessarily analog portions of analog industries. Coinbase was right and smart not to go into this depth and a motion for judgment on the pleadings. It's not the right legal or procedural place for it. But in future arguments on the major questions doctrine in crypto, let's not understate or undersell the majorness of the questions. If everything is becoming digitized, this fight isn't just about cryptocurrency. It's a much larger battle for the right to your digital life and whether the Securities and Exchange Commission is the proper regulator for the entire digital economy. Spoiler alert, it is not. Now, one of the things that really stands out in this whole engagement is Coinbase not really being super solipsistic in their fight. This is not a document that reads like an exchange fighting for its survival or even just asserting that they are in the right in a particular case. Instead, it's about these much bigger questions about authority and how authority is determined. It's fundamentally about questions of administrative power in America and what the limits on that should be. In many ways, crypto is just serving as the next logical battleground for that legal point. Now, tactically, right from their initial defense filing, legal commentators have suggested that Coinbase may be rushing to get a major questions doctrine decision on the books in a lower court. This would allow Coinbase to take the issue before the Supreme Court ahead of other crypto cases that also might deal with the major questions doctrine, including the Binance and Terraform Labs lawsuits. Some have speculated that Coinbase is concerned that having an MQD fight with those much less favorable lawsuits will be an extreme negative to the industry. In any case, the SEC will have until October 3rd to file a response. And overall, I think that the tweet that best captures the vibe of this weekend was Zcash founder Zuko tweeting, I never knew it could be so fun to read legal filings. Anyways, that is the big one that we wanted to explore today. But real quickly, before we get out of here, just one more from the rumor mill, New York Attorney General Letitia James is reportedly locking horns with Barry Silbert as the digital currency group empire comes under additional scrutiny. According to an article from Bloomberg, the AG's office is conducting a probe into DCG. According to anonymous sources, investigators have requested information from former Genesis executives. Genesis is, of course, the crypto lending arm of DCG, which filed for bankruptcy in January. That bankruptcy stowed controversy when it was revealed that the largest creditor was a group of Gemini customers who had lent out their crypto. Early during bankruptcy proceedings, it was also discovered that DCG had taken out 1 .6 billion in intercompany loans from their subsidiary. At the time, DCG had given the public impression that Genesis losses from the bankruptcy has been extremely acrimonious. The Gemini co -founders, the Winklevoss twins, have publicly called out DCG numerous times for failing to do enough to refinance the loans, along with a whole other slew of accusations. Now, the SEC has already sued both Genesis and Gemini for offering unregistered securities for sale in relation to the lending arrangement, and there had been rumors of a Justice Department probe in January, but nothing appears to have come from that investigation. According to this new Bloomberg report, former Genesis chief risk officer Michael Patchen has already been questioned in the AG's investigation. That investigation is rumored to have taken place over recent months, and according to one anonymous source, the DCG loans are a critical part of the inquiry. Particularly, it seems like the AG is interested in how they were characterized to investors in the market. Of course, DCG CEO Barry Silbert has remained adamant that the loans were, quote, always structured on an arm's length basis and priced at prevailing market interest rates. Following the Bloomberg article, a spokesperson for DCG said the company is assisting regulators and investigators upon request and that, quote, DCG has always conducted its business lawfully and with the highest ethical standards. So, my friends, that is going to do it for today's episode. There is a lot coming up this week. I tease the PayPal stablecoin story, and then there is also a lot of smoke around Huobi, although it may take a few episodes to really understand exactly what's going on there. In any case, it appears that we are not in for that quiet August that so often happens in financial spaces. So, as always, until tomorrow, be safe and take care of each other. Peace.
The Breakdown
A highlight from How Stablecoins Could Save the Dollar's Global Reserve Role
"What's going guys, it is Sunday, August 6th, and that means it's time for Long Read Sunday. Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Alright friends, happy Sunday! Today we are reading two pieces, both on the topic of stablecoins, and more specifically the topic of what stablecoins mean for the US and US dollars relationship with the rest of the world. The first piece is called, stablecoins, a potential counter to de -dollarization. The piece was written by Yiannis Giocas, a senior director of product innovation at Moody's Analytics. Yiannis writes, As the global economy continues to absorb geopolitical tensions, we see increasing speculation that the U .S. dollar's global dominance could wane, with a steady decline in the dollar's share of central bank reserves and increasing de -dollarization efforts among BRICS nations and other emerging markets. While the dollar is likely to remain the dominant reserve currency globally in the near future, domestic and foreign policies could erode its overall dominance. Amid these shifts, U .S. regulated fiat -backed stablecoins may offer a novel counter -narrative that can enhance the dollar's global power and mitigate the impacts of de -dollarization. The current global economic landscape is marked by an increased tendency among nations to diversify their reserves away from the U .S. dollar, exacerbated by the Federal Reserve's rate hikes to tackle domestic inflation. Small but growing allocations to other major currencies have reduced the U .S. dollar's share of central bank holdings to 58 % in the last quarter of 2022, from 71 % in 2000. Concurrently, the shadow economy, a sector comprising economic activities that are not officially recorded in a country's gross domestic product due to their illicit nature or the desire to avoid taxes or regulations, continues to be a significant part of many economies. Here, the U .S. dollar often serves as a preferred medium of exchange due to its stability and widespread acceptance. For example, in countries with high inflation like Turkey and Argentina, with rates of 38 .2 % and 115 .6 % as of June 2023, respectively, residents scramble to convert their income and savings into U .S. dollars for protection. Meanwhile, they face capital controls limiting foreign currency holdings and a central bank -set currency exchange rate that may undervalue their currency by up to 50 % as witnessed with Argentina's peso. Consequently, everyday consumers have been utilizing DeFi seeking refuge in stablecoins, thus overcoming these economic constraints. Amid this complexity, U .S. regulated fiat -backed stablecoins present a potential solution. These digital tokens are pegged to the value of a fiat currency, typically the U .S. dollar, and are designed to maintain a stable value relative to the underlying asset. They can offer the stability of the U .S. dollar combined with the flexibility and technological advantages of cryptocurrency, providing a novel financial tool that can help solidify the dollar's position in the global economy. As the regulatory landscape around stablecoins in the U .S. evolves, it is becoming clear that these digital assets could play a critical role in mitigating the impact of de -dollarization of the global economy, which, if left unchecked, could cause inflationary and cost -of -borrowing pressures for the U .S. Recent inquiry from the U .S. Senate's Banking Committee to stablecoin issuers like Tether and Circle highlight the growing awareness of the potential risks as well as benefits associated with these digital tokens. Jeremy Allaire, the CEO of Circle, has noted that well -regulated stablecoins can help reinforce the U .S. dollar's position in the global economy. He argues that if the Federal Reserve can gain control over non -bank stablecoin issuers, it can ensure these tokens are backed by secure assets such as dollars or treasury bills. This move could facilitate the introduction of a digital dollar into the core global economy, providing a robust counter to non -dollar trade regimes. Furthermore, U .S. regulated fiat -backed stablecoins could play a significant role in countries in which the dollar is currently widely used outside the formal economy. By replacing shadow U .S. dollars with blockchain -trackable digital tokens, these stablecoins could offer a more transparent and regulated alternative for transactions, thereby reducing the risks associated with the shadow economy. That said, as private enterprises, stablecoin issuers may be subject to fewer restrictions than alternatives such as CBDCs or tokenized deposits when expanding into new markets. This provides them with greater flexibility and potential for growth if they comply with their U .S. regulatory obligations. In conclusion, U .S. regulated fiat -backed stablecoins offer a potential strategy to counter de -dollarization efforts. By leveraging the stability of the U .S. dollar and the flexibility of digital currencies, these tokens could provide an additional tool for maintaining the global financial influence of the U .S. dollar. Our second piece today is a related piece by former Breakdown guest Austin Campbell. It's called Pass the Stablecoin Bill Now. Austin writes, This definition also reveals something very important about fiat -backed stablecoins in particular. They are old and understood financial products, using new technology. After the financial crisis, there was a significant period of reform in financial markets, where we gave preference to price stability products that worked properly, such as government money market funds or stable value funds, and penalized, restricted, or increased capital for those which did not work properly, such as deposits at highly leveraged banks, prime money market funds, or securitizations. This means we know how to define safe stable reserves for a stablecoin that are not a threat to financial markets. And this bill does this. At the same time, despite the lack of clarity and regulatory animus towards stablecoins in the U .S., the space has grown internationally from zero to well over a hundred billion dollars in less than a decade. Every dollar that flows into stablecoins is funding for the U .S. Treasury at a time when we desperately need it. Every dollar that flows into stablecoins is a dollar that can leave an exploitative local financial system, or a high -priced intermediary, and flow into a simple, transparent, cheap option, if structured like the payment stablecoins in the bill. Non -U .S. jurisdictions have realized the power of this innovation and are racing to take advantage of it. Singapore's MAS has granted a payments license to Circle, stablecoin projects are launching in Bermuda in the UAE, and First Digital has already launched a USD stablecoin in Hong Kong. Tether, perhaps the biggest beneficiary of the U .S. antipathy towards stablecoins, has now controls 80 billion dollars in assets, it recently reported profits of Q2 of more than 1 billion dollars. This means that the decision we face in the United States is not yes to stablecoins versus no to stablecoins, it is yes to stablecoins versus yes to stablecoins offshore. That stablecoins will proceed elsewhere means this is a critical decision for the United States from both a national security standpoint and a financial stability one. Onshore stablecoins, where the U .S. regulates the issuer, means that we will have the ability to perform client due diligence and understand money flows on every individual and corporation, engaging in the minting or burning of the stablecoins, giving us concrete knowledge of the starting point and ending point of every transaction that touches traditional dollar rails after being on a blockchain. It also means that we can ensure the reserves are transparent, segregated, properly managed, and put into instruments that are both stable for consumers and help fund the U .S. government and economy at a time of raising rates and growing deficits. In a worst case scenario, if the United States does not act, it also risks having the dollar no longer be the defining unit of account for crypto and blockchain. Perhaps it could be the euro owing to the passage of Mika, perhaps it could be the yuan owing to China reopening Hong Kong as a crypto hub and embracing the technology once more. Certainly the global share of reserves held in dollars have been falling, and the BRIC nations have been actively searching for alternatives to continued use of the dollar. A future where several decades forward blockchain technology is the backbone of financial services but dollars are barely used, and all of the information about the individuals or corporations transacting are in the hands of foreign governments, who may not be friendly to the U .S., is a bleak one for both the U .S. economy and the strength of the dollar. On the flip side of the coin, if the stablecoin bill HR 4766 is passed, the United States will have a regulatory framework that is likely best in class globally. Stablecoins will have federal recognition, with smaller projects able to be regulated at a state level, allowing for experimentation, but larger projects eventually being drawn into the federal regulatory apparatus. The payments stablecoins allowed within the bill will be transparent, conservatively reserved, with prudential oversight and clear rules around redemption and consumer protection. In short, they will work exactly like they are supposed to represent — safe, secure dollars on a blockchain. This is why it is paramount for the U .S. to act, as we cannot risk creating a future where it becomes a bit player in global markets. In that light, the arguments against advancing the stablecoin bill simply do not hold water. Stablecoins are not a systemic threat, as they are financial instruments we are already familiar with, merely using different ledger technology. The only losers, if HR 4766 advances, are entrenched incumbents like Tether, charging exorbitant fees to those of us who wish to use our financial system for payments. I will shed no tears on their behalf, and would urge the House and the Senate to embrace open, fair competition, where the U .S. is able to unleash innovation and our drive to bring better financial technology and inclusion to the world. Alright guys, back to NLW here for just a really quick wrap up. This will surprise you exactly zero, but I find the conversation about stablecoins in the United States to be so myopic and ridiculous and just patently absurd in every way. It is wild to me that there aren't more politicians who grok this notion that natural stablecoin demand is a way to extend the dollar's influence for another generation. Now the good news is I think that there are some politicians who actually do, and once again I kind of think it's more of an age gap than it is a party gap. But at least we're finally in a position where things are moving in this dimension, and I'm hopeful that in a year's time, let's say, we will have to be reading the same type of op -ed over and over again on LRS, and we will be on to being mad at the U .S. government for not getting something else. Anyways, I want to say thanks again to these authors for their great pieces, and thanks to you guys for listening. Until next time, be safe and take care of each other.
The Hugh Hewitt Show: Highly Concentrated
A highlight from Hugh talks "Filthy Rich Politicians" with Matt Lewis
"Welcome America back using a song from the boss because it's quoted in this brand new book. Matt Lewis, filthy rich politicians. Matt Lewis joins us now. Good morning, Matt. How are you? Hey Hugh, I'm doing amazing. Good to see you. Good to see you. It's been a long time. First time I met Matt was in 2008 at the Texas Republican State Convention. I don't know if you remember back that far, Matt, but you're that old. I do, you took us out to dinner and paid. I remember that really well. All right, well, Matt, this is a fine book. Congratulations. I want to begin though. Thank you very much. And Hugh, I was a young staffer at townhall .com at the time. And that's why you paid. your I appreciate mentorship of young conservatives. I try, I try. And this is a very good book. We agree on about 75%. We disagree on some and we'll get to that. But I want to start with, you know, you wrote the best article or book on grifting by PACs, by super PACs. And you know, one of the things Jack Smith is investigating is illegal fundraising by the Donald Trump stay in office effort. Do you find it unusual that the first person to get prosecuted for that is the former president? Oh, I think it's, you know, I think it's one of those things where the nail that stands up gets hammered down. What's the old proverb about that? You know, I think it's a combination of factors, but Donald Trump has put himself in the line of fire, so to speak, legally. So not - I'm just so disturbed by that because based on your first book, I don't think I've ever received an honest fundraising appeal. I mean, you, especially the ones that came up during the Tea Party movement, didn't you write that original story on the Tea Party movement with just a giant grift? Yeah, no, I wrote, so I wrote an op -ed for the Wall Street Journal about this. And part of it ended up also being in my book as well, my old book, Too Dump to Fail. But yeah, this was a real problem. In fact, there were candidates running, I'm sorry, candidates who weren't even running for office, had no plans to run for office, and someone would start a super PAC like Draft Condi Rice, and somebody would raise millions of dollars, and most of it would go in their own pocket. I it's think scam PACs was the term - That's your term, scam PACs. And I appreciate that, and I tell everyone about it all the time. Never give a dollar to a PAC, never. It's lining the pockets of a crooked person. So Matt, let's get to filthy rich politicians. First of all, I did not know you grew up in Maryland. I did not know you had moved to West Virginia. So are you gonna support Jim Justice or Joe Manchin in the Senate race, Matt Lewis? What do you live with? I'm for Jim Justice mainly because he has this amazing bulldog named Baby Dog. And I literally live in a state when during the COVID pandemic, in order to get West Virginians vaccinated, which by the way, Jim Justice was a leading governor early on pushing vaccinations, in order to get West Virginians vaccinated, we had a lottery where Baby Dog would pick the winner and you could win a gun or a truck. And so based on that alone, Jim Justice has earned my vote. Well, Baby Dog has been on this show. And Baby Dog, I don't know how old Baby Dog is, or if it's like the Georgia Bulldog and it's like Baby Dog 4, but Baby Dog is a heck of a campaign operator. Let's start with a name of a book I've never seen before. Dig Your Well Before You're Thirsty. This is a big book in your life. I wrote an advice book once called In But Not Of. Is this book still, you're the one you recommend, Dig Your Well Before You're Thirsty. Does it still work? It's been decades, I assume, since you read it. Absolutely. So it's by a guy named Harvey McKay. And he was, believe it or not, in the envelope business, as I recall. I think he had another book called Pushing the Envelope. He had another book called How to Swim with the Sharks and Not Get Eaten. And he literally wrote this book, it's called Dig Your Well Before You're Thirsty, the only networking book you'll ever need. And me coming from a very rural background, the son of a prison guard, my dad was a correctional officer in Hagerstown, Maryland for 30 years. I honestly had no idea the concept of networking. I mean, even the concept of like, let's make friends with people and when you have a book that comes out, maybe you email them and they'll have you on the radio show. Like the way that the world works for 99 % of successful people, I literally had no concept of that. No one ever taught me, no one ever taught me like, literally set me down and had a conversation with me about it and I also never observed it in practice. And so at the age of 25 or 26, I read this book and it actually changed my life. And it still works? You think it would still work today? Absolutely. Oh, absolutely. I mean, because this is based on relationships. Remember in Jerry Maguire, his mentor, is it Dickey, whatever, says to you, the key to this business is personal relationships. You can't sell anybody if you don't love everybody. Like that will work forever. It doesn't matter if there's technology or no technology. And by the way, this is not a manipulative thing. That's the thing I loved about this book is that Harvey McKay was not advising, let's manipulate people. It was about building relationships and friendships with people that are reciprocal and mutually beneficial and I'm a fan. Yeah, there are three kinds of friendship according to Aristotle. The first, the friendship of utility. There's nothing wrong with it. It doesn't bring pleasure. The second kind of friendship or wisdom, the third kind of friendship, but it is necessary. So I'm glad to plug that book. Now on money, your general theory is Tug McGraw quote. I like it, I love it, I want more of it. I am with you too, but the best way to do that is to work three jobs for 50 years. You're not gonna get rich quick in America. You have to work three jobs for 50 years and you'll be comfortable. You have got nothing against money. I want to be clear at the beginning of that. You're not an anti -capitalist. That's exactly right and I tried to go out of my way to really stress that. My wife is a Republican political fundraiser for conservative candidates and I'm somebody who's here hawking a book desperately, trying to get people to go to Amazon, Barnes and Noble, Books -A -Million, wherever fine books are sold and buy filthy rich politicians. So I am a capitalist, I am a entrepreneurial, I love America and I want to become filthy rich. But I also, I will say, Hugh, I don't think money's the root of all evil. I do think the love of money is the root of all evil. So obviously we have to keep things in perspective and not become greedy. And honestly, I think that's the problem with our politicians is that a lot of them, they're disordered. Their priority is not we the people, it's actually cashing in. That to me is the problem. And you make a good argument that a number of people are driven by that. Let's start with our common area of most agreement. I believe with you and you make a good case, stock trading, active stock trading by members of Congress should be illegal. You make that argument at length, Nancy Pelosi is exhibit number one, but there are a lot of offenders. Why do you think that? I agree with you, I can parrot your argument, but you make your argument. Why should stock trading be illegal by members of Congress? Well, first let me say, I don't wanna take credit for this development, but just today, this morning, the Wall Street Journal is reporting that Senators Josh Hawley and Kirsten Gillibrand are about to propose a law that would do exactly what I'm calling for, which is banning members of Congress and their families from betting on stock market. And the reason for this, Hugh, is a couple reasons. Number one, it really looks like several prominent members of Congress are engaging in insider trading. In other words, and I can go chapter and verse on this if you want, but we don't have to get too in the weeds, but very clearly, if you look in the book, it looks like members, prominent members of Congress are using inside information that they have from their jobs in Congress to make money to profit on the stock market. And also, I think even more disturbing, during times of crisis or great change, they're using their information to mitigate the losses, to dump stock before something bad happens. They have information you and I as citizens do not have. So I think whether they're really, whether they're engaging in insider trading or whether it just looks like it, either way, it is eroding trust in liberal democracy, in our institutions, and in our lawmakers. Yeah, if we go back to the market crisis of 2008, my dear friend, John Campbell, one of the most ethical men I know, a car dealer, by the way, who came to Congress with a lot of money told me, because Matt has some harsh words for car dealers where I disagree with him, but we'll come back to that, but John is very, very ethical. I've gone to church with him forever. I know him very, very well, and he's a good car dealer and an honest man. He's out of the business now. But he told me about a briefing he got during the financial crisis. He didn't trade stocks. He would never do that. But if you had been in that briefing, you would have dumped every financial stock, and apparently some people did. They should go to jail, but that's not technically insider information. Right, so first of all, it hasn't even been illegal for Congress to engage in inside trading until 2012. That's when Congress passed the Stock Act, and now it is illegal for them to do it. However, I guess my argument is, and I go back to Martha Stewart, you know? I mean, what would you do if someone called you up, let's say someone called me up and said, hey, Matt, you know that stock that you've got your entire retirement in right now? They're gonna announce tomorrow that that super drug doesn't really work. So just a heads up. Tomorrow it's gonna come out that that drug that you've invested your entire life savings in is not effective, and it's hurting people, actually. What would I do? You'd kinda be a fool if you didn't dump the stock, right? You'd be an idiot. And so I think just as the normal course of work of a member of Congress, you're going to be privy to information that average members, average citizens do not have. And so the best way, and it's impossible to police this, how do we know for certain whether Senator Richard Burr knew COVID was going to be so bad because he's the chairman of the Intel Committee, or maybe he just reads a lot of newspapers and follows the story more closely than most Americans. It's impossible to sort of parse things like that. So the simplest way to solve this problem is to ban members of Congress from trading in the stock market. You can still own mutual funds. And Matt Lewis and I are gonna continue talking about this, but banning stock trading by Congress and their family, their spouse, not their kids, their spouse is absolutely essential to the integrity of the United States. Don't go anywhere. I'll be right back with Matt Lewis. The book is Filthy Rich Politicians. Matt knows the Luntz Law, which is to say the title of the book seven times in every interview, but we're gonna say it more than that. Filthy Rich Politicians. Stay tuned.
Revision Path
"campbell" Discussed on Revision Path
"Podcast is cordially learnings. And any of those places I'm also on Twitter at Campbell kern's and I'd love to chat about anything you want to related to learning and especially if you have a group of people at the place you work that need to have a particular skill. I'd love to offer a workshop for them, whether that's a small group or a medium sized group that is something that I really love doing. In person or online, but I'd really love to meet you in person. Sounds good. Well, Brandon Campbell kerns, I want to thank you so much for coming on the show. I think what you really had to say about, you know, kind of breaking out of these expectations to really discover what it is that you want to do is that's a super important lesson for a lot of us to learn. I would say probably now within this past year or so it's really important as people's relationship to work has changed, whether that's been from leaving a job voluntarily, leaving a job involuntarily. Like I think a lot of people right now are trying to discover what's next for them as they look at kind of this vast landscape of where things are going and it sounds like you've really been able to tap into what speaks to you on a molecular level and use that to kind of put your gifts out there in the world, which I think is something that a lot of people are trying to find that I'm really glad to add on the show to share your journey and to let people know about what it is you're doing. So thank you for coming on the show. I appreciate it. Yeah, thank you so much, Maurice for having me and I appreciate you synthesizing my thoughts back to me. That gives me a bit more perspective. You're good at what you do. You know this.
Revision Path
"campbell" Discussed on Revision Path
"Software engineer and a tech educator here in Atlanta, Georgia, and he's the founder of his own tech education consultancy quarterly learnings. Let's start the show. All right, so tell us who you are and what you do. My name is Brandon Campbell kerns and I really like to teach. And mostly software engineering, that's what I've been doing lately. So that's what I am. I'm an educator and a software engineer, a hybrid. Oh, nice. How is this year been going for you so far? So far, so good. Coming up on halfway, feeling good about it, learning a lot about myself, this year, but for sure, really, really enjoying 2023. How would you say like when you look back at this time last year, how would you say that you've maybe grown and improved? Have you noticed anything? Yeah, I think so a lot of changes taking place. I think the biggest thing is self reliance and that is not me like a hyper independence where I don't need anyone else, but more so like jettisoning previous dependencies that were helpful but not necessarily required in order for me to thrive and be my best self. Jettisoning dependencies sounds like it sounds very much like a software engineer would say. Right. I totally outed myself didn't I? Yeah, it's either like a software engineer or a pilot. If you don't mind me like diving into that, like what are some of those things you've kind of like jettisoned? Totally. So I'm going to zoom out just a little bit to answer that. So growing up, I was a pleasure to have in class as they say. You know what I mean? So a lot of my self worth, I outsourced into that progress report comment. Like, oh, how is he doing over the past 9 weeks? This is not unique to me.
The Breakdown
Hasta La Vista, USA! Crypto Companies Look Abroad
"Asta la vista U.S., love crypto. That quote, by the way, comes from a tweet from lawyer Jeremy Hogan. All right, so we kicked off the week covering coin desks tour of the UK. Brian Armstrong keynoted London FinTech week and had a number of conversations that were at once provocative, and at the same time, kind of completely obvious. In one interview, he said that, if the U.S. wasn't able to give regulatory clarity, coinbase would be forced to consider relocating. Armstrong also specifically called out the turf war between the CFTC and the SEC as part of the problem. Later in the week we of course got the hearings which I've now covered AD nauseam. But which basically showed just how partisan crypto regulation is getting, and how the U.S. fear in this domain is to quote congressional witness Austin Campbell, collapsing into chaos. Now this stood in stark contrast to the European Union, where on Thursday, the European parliament voted by a huge majority to pass the markets in crypto asset or Mika legislation, which is a landmark first comprehensive crypto legislation from a major global power. Austin Campbell again articulated the significance in stark terms. He writes, I told my class yesterday that Mika might be the most significant development in crypto for the next two years. The details work out, always TBD as they implement. The EU has created a framework to formalize how crypto works in the largest economic bloc to affect such rules. In the past, when Europe has taken these steps, normally they have been surpassed as a place for innovation by the United States. However, in this case, the hysterical response towards a new technology by U.S. regulators in some politicians means the EU has a massive advantage unless Micah is truly broken in ways I am not aware of yet in the short to medium term. The longer that advantage persists, the longer it will take to overcome if the United States ever manages to act, which I don't think is a foregone conclusion. Excellent bit of playing offense by the EU to get this done. And puts the UK in a position where they need to act fast or get left in the dust by the continent. It seems the future of crypto is no longer in North America.
The Breakdown
A Landmark Moment for Crypto in Europe As MiCA Passes
"So the last couple of days on this show, we've been focused on hearings in the U.S.. On Tuesday, Gary gensler finally was dragged before Congress for an SEC oversight hearing, which lasted about four and a half hours, and which while wildly cathartic probably wasn't all that productive. It was a chance for Republicans to lay out why they think that in some ways genzler has been asleep at the wheel, such as FTX, and in other ways he's been an active opponent of the mission that the SEC is supposed to complete. Democrats, of course, don't agree, and a big theme of our conversation has been how crypto and Bitcoin are getting more politicized than ever in the United States. The second hearing on Wednesday was a little bit more productive. It was nominally about the new stablecoin legislation, which was in fact old stablecoin legislation, which was just reintroduced. That hearing had a number of witnesses who were, I don't know, actual experts in crypto. Believe it or not. Those included Austin Campbell who was on the show a couple weeks ago and who used to work with paxos, it included Jake chervinsky from the blockchain association who's probably in contention for my most quoted person on this show, and even the witnesses that they had who were nominally supposed to represent perspectives outside the crypto industry weren't antagonists in the way they've sometimes tried to get. Adrienne Harris, who helms the New York department of financial services, made it pretty clear that crypto isn't a problem for her as long as it follows the rules. Which frankly, even if you don't like her particular rules, it's refreshing after what we've seen from people like gensler, who really just want this industry gone. Now, one of the things you'll often hear from that type of person, be it Gary gensler, or Elizabeth Warren, or Brad Sherman, is that the crypto industry just doesn't want to play by the rules. There is very fond of saying that the issue with regulations for crypto in the U.S. isn't that there's a lack of clarity. It's that there's a lack of compliance that the crypto industry should by all accounts know what its rules are. It just doesn't want to follow them.
The Paul Finebaum Show
"campbell" Discussed on The Paul Finebaum Show
"Adapt often and you want to play the position no matter you in college with the pro level. It's always going to be a competitive environment, but how you get the edge is sitting in that room and being a student of the game, not just want to be a player to make plays on the field, but you got to make everyone else around you better and how you do that is being able to stand up in front of the room and be able to lead men and be able to talk to them and be competitive. So, you know, those guys just got to understand. You have to eliminate everything that you learn, but be open minded to what the news coaching staff is trying to do and don't get frustrated. You know, understand that there's going to be some times during this thing that it's going to take you a little time to learn. Well, Jason, I want you to be open minded on this question. I got for you totally. Coming from left field on this. Number one. Now I'm here. Oh, he's still okay. Number one, that is an awesome black splash behind you right there. That was great. I don't know who pipped that together, but that was beautiful. Are we making smoothies back there? So I dry in their hair. What's going on? They were doing some renovation on the house that they all said in the quarter came back going. Cole, he's got stuff going on, Cole. What kind of time are we got going on? We can make an audible. I have to go over there, I'm cold, you know, I had to go tap my left talent and say, hey, hold on. Thank you to the past partition. I love that. All right, so this is completely off the subject here. In 2009, you were the quarterback of the Washington Redskins at the time. Now they're commanders. And you were playing the New Orleans Saints, who were undefeated team at the time. Do you remember the play? Would you breeze drops back, throws an interception, your guy number 41, I don't remember his name, picks the ball off. It has run down the field. And Robert meeting comes behind strips the ball and runs it back other way for a touchdown. What was going through Jason Campbell's mind 'cause you guys were going to win that game. Yeah, a lot was going through my mind. I better football games as the pro and was really good. Now I remember called coming in against y'all defense y'all had great women who was our defense coordinator, you know, early part on early part of my career and we was going up and down the field. It was one of those shootout style games and I just remember that play happening. I'm just like, can you believe this? I was just like, we're actually probably gonna lose the game off a play like this and when they say in the NFL you never seen it all, you really never seen it all because I remember us getting to the 5 yard line, Roman, you was on that team, right? Yeah. I was. Your line. And the kick the field go to win the game. The game out of reach. And we miss the 5 yards. You know, going to overtime. So, you know, it's one of those years that we could have won a lot of games, it was just like that games went against us and you just sit back there and shake your head because, you know, it's just things that happen that you just can't just can't put your head on. Well, Jason, we're happy for you, proud of you, excited to hear you on radio calls of auburn football broadcast this fall. And the contract rose you a discount. You got to know better when the interview is happening. You got to have the time to set and he didn't. So I expect a discount for that. Congrats too, man. Congrats, Jason. I look forward to a galaxy. Stan has been great for 22 years. He's been a great mentor to me and I know he looks forward to spending time with his family and his young ones and he deserve it and he deserve it in dialog forward to building something here with the guys and it's the closest thing you gonna get to playing football again. Being involved in the play by play. So you know I'm excited about the opportunity and try to get a listener, all the insight that I've learned through college and pro football and hopefully when they watch the game, they also hear in a different way. And you're working next in one of the best in the business in Andy burcham. So trust me, I've called games next to him. He makes your life easy. That's the best part about it. So Jason, thanks a lot, man. We appreciate the time. I appreciate you guys. Thank you. Jason Campbell, one of the best to ever do it in an auburn uniform joining us there on the phones. And got you thinking a little bit about spring football for auburn. We talk a lot about some of these other teams. We mentioned LSU earlier. George obviously going for a three peat. Let's talk about Albert on the other side. What do we expect? You brought up the wind total? What does it need to be? What does it have to be when we come back? What kind of take a little early peak at auburn spring? Go back to some of your calls and just maybe try to answer a few of those questions that hue freeze is going to have in his opening spring practice on the planes. Next on the
The Paul Finebaum Show
"campbell" Discussed on The Paul Finebaum Show
"Welcome back in part time bomb show called cubic Roman Harper with you and we'll call in talking about dixieland delight a moment ago. You said when you played in Brian Denny stadium, they didn't do dixieland to life. No, it was nowhere near the spectacle that it is today, Cole. I told you earlier, I only knew it from like a bar. And I didn't know all the extra words that went into dixieland delight until now have aged and I've been in the league and then I retired and now I hear it. I told you, I took my family to a game just a couple of years ago and the only thing that my kids learned on this whole trip where spend my dollar on beer, that's about all they learned. Of the words in between the words in between. It's about all they knew. I played one game at Brian Denny. I don't remember hearing dixieland delight either, because that auburn fights on was playing most of the time. It was 9 to zero. We won. We'll go to Jason. Former Albert quarterback. Joining the show. Jason, I brought up earlier. Do you recall your freshman year when you could not take a snap under center when you first got to campus? If you don't, he told the people that already, Jason, I just wanted to look how far you've come, Jason. Now you are the radio voice beside Andy burcham for auburn broadcast and you literally could not hold onto a snap under center when you first got to campus. It's amazing. You know, Cole, you suppose an age, like fine wine, you know? You know, so when I first got the auburn, I was a shotgun quarterback in high school, and then I got there, I had to take the snaps from you and from being now and, you know, me being 6 5, having squat down till you 5, four guys, you know, it's a little bit difficult. But I tell you at times it changed a lot though. You know those times have changed. We look at this auburn coaching staff now. You know, the biggest knock, Jason, back in the day, a lot of people would say the auburn doesn't take care of their own. And when I look at this roster, you know, when they had Frank Sanders, Stephen Davis, Damien Craig, these guys have gone on and do other things. But when you look at this coaching staff right now, you look at coach Marcus Davis, Zach Edwards, and carnell Cadillac Williams. They're all on this staff. These people are auburn men. Could you talk about what it means to say you're auburn man or part of this family? And the tradition that these guys are going to be able to upheld and hold these guys to the certain standard. Oh yeah, most definitely are on when you say when you think about, you know, over time and tradition at auburn, you know, it's all about the people that's been in those doors. The guyses put that uniform on and play for their university and understand where the hard work means and how to get at how to get it out to where it becomes contagious to your teammates. And, you know, I think the best thing to arbor did last year was putting the carnell Williams in. That's the head coach interim head coach late in the season because we had kind of lost our luster. You know, we was trending in the wrong direction. We wasn't getting a lot of energy and everything going along. With our friends, with our university and our football program, it feeds a lot of the other sports that comes along at auburn. And you know, I think once the carnell got in there and people got to see like, this is a guy that actually played at the university of guy that understands how to get it done, what it feels like to have an auburn family behind you. And I think he, you know, he kind of simplified that and kind of got it going in the right direction and West Coast freeze got there. He kind of passed the baton and coach freeze know what it's like to have players. You have all the essence and those that you want. But if you don't have the players that can go out and execute those plays in a stand place, then you're not going to win games and win in the SEC is all about having a competitive roster and I think that's what we've gotten to. But like you said, they have gas that's played at auburn, being at auburn. They gonna want it more than just anyone because they want to protect the protect the shield. And they would do anything that takes to make sure that we get back to winning ways. Jason Campbell, former auburn grape and joining us now on the show. You mentioned past the baton Stan white now passes that to you. You'll be in that radio booth each and every week. You've paid attention since you left auburn now you'll watch it in a little bit of a different way. I'm interested for you, Jason, once spring ball does get going here in a couple of weeks. What are you paying most attention to? What do you want to see developed or what questions do you have about what position that really need to be answered for Jason Campbell coming out of this spring? We know a lot of the coal is a lot of people want to know like what the quarterback situation is going to look like. You know, it's going to be a competitive room. We all know that. Coach breeze have said that, no publicly. Also looking at our offense in line, and we picked up four big time players in the transfer portal and I think when you get able to do that, you understand games and one in the trenches. And we did the same thing on a defensive side of the ball who was able to sign some defensive line and transfer reporter. And we was able to get a 5 star and killed your fault. And I think that was huge out of high school. So, you know, they understand, you know, how to win in the SEC. Now it's just about getting the chemistry with the guys. So the end is offense and lacking come together and be one of the better offensive lines in the SEC this year because of their spears that these guys already have now just kind of tooling in on the playbook. I think from the other aspect of it is, you know, we got DJ Williams and Neil my creature back at the cornerback position. That was too huge gets for this staff to retain those guys. But you saw about the guys up front Justin Rogers out of Kentucky and you're able to get mosaic type, you know, out of Maryland and get the Lawrence Johnson from Purdue. So you're able to get guys that played football in college that have a spirit, you know, you lose guys, like we've lost this past year. When you think about it from that standpoint. So, you know, I'm excited to see what happens this spring. I'm excited to see this offense on the coach Montgomery and coach freeze still having his touch on it, but you know, everything starts at the top, you know, with the quarterback and the leadership position and we'll see what transpires through the spring and summer. Hey, Jason, you talked about all these transfers. Does the transfer of portal all of a sudden change your outlook on what the season can be? It's no longer you get a coach has four years in his whole recruiting staff. He has to have this whole cycle. It's like we want to win right now. And with that mindset and all those things happening, what is the wind total for auburn next year? And what makes the fans happy? Because I think the fans matter at auburn, just a little bit. I would say that, right now, I can't put a wind tote on it, but it has to be better than it's been the last two years.
Un Cuadro Me Mira
"campbell" Discussed on Un Cuadro Me Mira
"Absolutely rational. Notice, thank you. Is sienese Campbell. When the sun trade is, we'll see. See, he'll be beneficial.
Country Music Success Stories
"campbell" Discussed on Country Music Success Stories
"And do you feel as <Speech_Female> <Advertisement> if some of the work <Speech_Female> <Advertisement> that you've done has <Speech_Female> <Advertisement> really helped you <Speech_Female> to become an advocate <Speech_Female> in the <SpeakerChange> fight against <Silence> Alzheimer's disease? <Speech_Female> <Speech_Female> Definitely, <Speech_Female> anytime <Speech_Female> you help other <Speech_Female> people facing the same <Speech_Female> challenges that you <Speech_Female> are, it <Speech_Female> bonds you with them <Speech_Female> and it <Speech_Female> helps you be a stronger <Speech_Female> person as well. <Speech_Female> And the book <Silence> was a delight because <Speech_Female> <Speech_Female> it helped me, <Speech_Female> I <Speech_Female> think, do some <Speech_Female> healing. <Speech_Female> It helped <Speech_Female> me <Speech_Female> in the grieving process <Speech_Female> to <Speech_Female> remember all the good times <Speech_Female> that we had together as <Speech_Female> <Advertisement> well as the bad. <Speech_Female> And I hope it's a blessing <Speech_Female> to <Speech_Female> other families that <Speech_Female> face the same things, <Speech_Female> whether it's <Speech_Female> conquering <Speech_Female> drug addictions <Speech_Female> or alcoholism <Speech_Female> or <Speech_Female> facing a <SpeakerChange> disease <Silence> like Alzheimer's. <Speech_Female> <Speech_Female> <Advertisement> When we had <Speech_Female> TK and <Speech_Female> Julian and Mike <Speech_Female> up here, <Speech_Female> we talked a little bit <Speech_Female> about <Speech_Female> the flavor <Speech_Female> of Glenn's voice, <Speech_Female> the depth of <Speech_Female> <Advertisement> his talent, <Speech_Female> <Advertisement> his <Speech_Female> <Advertisement> presence, the it <Silence> factor, all those <Speech_Female> <Advertisement> things. <Speech_Female> What was the <Speech_Female> magic of Glenn Campbell <Speech_Female> for you <SpeakerChange> and <Silence> for your family? <Speech_Female> <Speech_Female> Just <Speech_Female> his loving <Speech_Female> heart, <Speech_Female> he just <Speech_Female> loved <Speech_Female> people and he <Speech_Female> loved me <Speech_Female> so much. <Speech_Female> He made me know <Speech_Female> how much he loved me <Speech_Female> <Advertisement> every single day. <Speech_Female> <Advertisement> So <Speech_Female> <Advertisement> it was wonderful. <Speech_Female> And he <SpeakerChange> was a great <Silence> <Advertisement> father. <Speech_Female> <Advertisement> Final <Speech_Female> question for you. <Speech_Female> If we had had <Speech_Female> the chance to interview <Speech_Female> Glenn at the end <Speech_Female> of our shows, we always <Speech_Female> ask the question. <Speech_Female> Fill in <Speech_Female> the blank. The <Speech_Female> <Advertisement> key to my success <Speech_Female> <Advertisement> in country <Speech_Female> music has been what? <Speech_Female> What would <Speech_Female> Glenn Campbell <Speech_Female> have said <SpeakerChange> <Silence> to that question? <Speech_Female> <Speech_Female> Well, he'd probably say, <Speech_Female> <SpeakerChange> was <Speech_Female> my ability to use <Speech_Music_Female> a capo. <Laughter> <Speech_Female> <Speech_Female> He is <Speech_Female> very modest, <Speech_Female> but he <Speech_Female> always said <Speech_Female> that capo is <Speech_Female> what <Speech_Female> enabled him to <Speech_Female> be in the wrecking crew <Speech_Female> and amaze <Speech_Female> all those other musicians <Speech_Female> because he <Speech_Female> could play in any key <Speech_Female> <Advertisement> just by moving the cape, <Speech_Female> <Advertisement> you know? <Speech_Female> <Advertisement> I think <SpeakerChange> that's being <Speech_Female> <Advertisement> very modest. <Speech_Female> <Advertisement> I want to say thank <Speech_Female> you so much to <Speech_Female> Kim Campbell. Let's hear <Laughter> it for Kim Campbell. <Laughter> This <Laughter> episode of country <Speech_Music_Female> music success stories <Speech_Music_Female> is <Speech_Female> dedicated to <Speech_Music_Female> Glenn Campbell. <Speech_Music_Female> Thank you so much. Thanks for having <Speech_Female> me. Thanks for coming <Speech_Female> out to the Glenn Campbell <Speech_Music_Female> museum. <SpeakerChange> <Speech_Female> <Speech_Music_Female> And that's part <Speech_Music_Female> <Advertisement> two of our live <Speech_Music_Female> <Advertisement> podcast <Speech_Music_Female> <Advertisement> recorded at the Glenn Campbell <Speech_Music_Female> <Advertisement> museum as <Speech_Music_Female> <Advertisement> part of their weeklong <Speech_Music_Female> <Advertisement> tribute to <Speech_Music_Female> <Advertisement> the life and music of Glenn Campbell. <Speech_Music_Female> <Advertisement> Our <Speech_Music_Female> <Advertisement> thanks to the museum <Speech_Music_Female> <Advertisement> for partnering with us <Speech_Music_Female> <Advertisement> on these episodes. <Speech_Music_Female> <Advertisement>
Country Music Success Stories
"campbell" Discussed on Country Music Success Stories
"And with God's help, Glenn gave his life to the lord and became the best husband and father got delivered him from alcoholism and drug addiction. He was an amazing husband and father, and we had such a happy life together. It was an incredible education to be with Glenn Campbell. I didn't know anything about country music. But I became a big country music fan as soon as he introduced me to the music of Merle Haggard and George Jones and we were traveling with all these people. My life was amazing within. Well, the Glen that we know was always on a stage or coming out of our kitchen radio or our car radio. But can you describe to us the private Glenn Campbell? The guy that was off tour home on a Sunday hanging out with you and the kids. What was he like? He was a crack up. He was one of the funniest people you'd ever meet. And he loved jokes more than anybody in the world. And one of the biggest challenges that anybody could have would be to tell him a joke he hadn't heard already. And boy, if you did, it delighted him beyond words. He had to tell everybody that joke. But he was just innately funny. And he was loving and kind and generous and full of energy. You know, if he was sitting down, he was asleep. What about disciplinarian? Like which one of you was the disciplinarian? I don't know, Cal? My son cow is here. Who would you say? He's not
TFG Truth
"campbell" Discussed on TFG Truth
"We have a very special guest today, doctor grant Campbell. I want to get this right physician and former lieutenant colonel of the U.S. Army. Thanks for joining us, doctor. It is a pleasure to be here, Mike. Thanks for inviting me. So a lot of good things here. First, I want to talk a little health while not first. We'll talk health blast, but I want to talk about COVID mental health with being that you're a doctor. And number two, you know, the start here, I want to talk a little bit about the Russia Ukraine situation. Obviously you being a former service member. Thank you very much for your service. I kind of want to get your take on this because I feel like there's a lot going on out there, the left says one thing, the right says that other thing, other countries are starting to say things. So first, let's start with that. How did we get here? What are your thoughts on this whole Russia Ukraine situation? Well, I would say invasions.
Out of Bounds Podcast
"campbell" Discussed on Out of Bounds Podcast
"Can find me on Instagram at Alex hackel. And you can find a thousand skis, a thousand skis dot com. We have skis. We have merchandise. Everything's available there. You can follow us on Instagram at a thousand dot com. It's not our covering Instagram handle. And it's a thousand with the numbers. So it's one, zero, zero, zero. And yeah, that's giving time in YouTube. Hit subscribe. I would say those guys just finally. I love it. Perfect. Thank you, dude. I appreciate you taking the time again. That was my conversation with Alex hackle. I hope you guys enjoyed it. Now we're on to Seth Campbell, Seth Campbell is, he's a G I love this dude. He's done fine. And I couldn't be more psyched to have him on the show. I have a lot of real questions about climate change and what's going to happen and what the next steps are. And what we can do. I think that's the biggest thing is what can actually be done about the situation that we're in. And the situation that we've all put ourselves in. Whether it's inadvertently or not. So here's Seth Campbell. If you want to learn more about what's that does, be sure to hit up Alpine sciences dot net, and you can learn all about what's that does. Cool. So Seth, why don't you just tell people who you are, what you do exactly, and then we'll kind of take it from there. Sure. Yeah, thanks for having me on south Campbell. I am a system professor at the university of Maine. And I also direct a program in Alaska called the Juno icefield research program. And I specialize in glaciology and snow science research in Alaska, Canada Antarctica, many place called and spend about four to 5 months a year in the field in various cold locations, studying Snowden ice. How did you, how did you get into this? How was this a thing that you decided to do? You're the only one that I know. Obviously you said you and your wife are both glaciologists, but that makes one and a half that I know now. But how did you get into this? How did it start and where did the interest start? Besides growing up in Maine and freezing cold weather all the time. That's honestly, that's probably the start, just being out in the Woods in Maine a lot during the winter with my dad and just realized I started climbing at a pretty young age in high school and fell in love with rock climbing and fell in love with ice climbing and had my first my first glacier mountain climb was Mount Rainier in the mid I guess it would be the mid 90s and just ran with it after that basically. So obviously one of the reasons I wanted to have you on was to kind of talk about what, I don't know, the current climate situation is too. One of the reasons that I wanted to have you on is just a chat. The other reason that I wanted to have you on is a diagram that you made out of flubber that we'll talk about. In a little bit here. And then the other reason I wanted to have you on is because I talked to Ian Macintosh a few weeks ago. And he was kind of talking about how the work that he does with pow is so important to him because we might not have ski seasons sooner than later. Like it's actually really, really important. And people start paying attention and not just paying attention now, like actually start doing some shit. So talk to me a little bit about what you've noticed. Change in your field and what indications you've kind of seen that like, okay, like some real changes need to start happening. Yeah, I think probably the biggest thing that I've noticed honestly is actually the broader community around me is asking me more questions. I think it seems like this topic is getting a bit more mainstream. And growing up in Maine, it means a pretty it's a mixed liberal and conservative mixed kind of community. You have a lot of the community relies on the fishing industry, lumber, farming, it's kind of a lot of tourism. And but everything we have in Maine is based on the environment. Most of our industry is based on a healthy environment. And a lot of the industries that we have in main are at risk in some capacity as a function of climate change. And so when you think about the skiing industry, that's a great example that we may have probably three mountains in the northeast that will likely survive if we kind of continue on the path as we are in terms of prime ski ski locations in future years just based on the snow line the melt line of where you transition from rainwater to snow continues to rise in elevation. And then those would be what? Sugar gloves being one of them, probably, and then probably a few in probably Vermont or New Hampshire and kind of the higher elevation regions like wildcat, for example. Those are probably the ones that will survive. I think the only crops you run into is the seasons getting shorter, right? You're clipping off the beginning of the end of the season. And we're seeing that most ski resorts around the world are seeing around the country seeing this certainly. And a lot of places are not having as much snow as they used to have. I mean, look at Colorado. We're still waiting for snow to fall in Colorado has us following it. I don't know. I haven't checked today. I don't think so. I mean, I was just telling you, like, I'm going next week and it's going to be terrible. It's just like mine as well stay in New England. Yeah, exactly. Exactly. So that's a concern that a lot of us have. And I got into this career for my outdoor interest initially and kind of merge the science with my outdoor activities, my upper recreation activities. And I think that's what's cool about how to really emerge as your science community with your people that really live and play in the outdoors and have a good voice to kind of speak up and spread that word. So from a science perspective, it's changing enough from when I was a child, 35 years ago to now that we're starting to see these changes occur in our lifetime. And I think there's some cool books that have come out recently that are kind of talking about this. I think you posted one book a few months or so ago, maybe. And another book that was written by Porter Fox called titled the last winter. He just came out with this a couple weeks ago. It doesn't really make a job kind of characterizing things that they're seeing out west and they joined us on the he joined us on the generalized field in Alaska and they went to the Alps and the book talks about changes they're seeing in the Alps. And it's an interesting view because it kind of takes it from the perspective of a combination of the scientists as well as the locals that are making their living in the ski industry as well. The communities that thrive on snow as well, not just the not just ski slopes, but the communities that are centered around that. So it's kind of probably worth a read and it was interesting working with him on that process because I learned a lot from a different perspective. Yeah, I'm super excited to read it. I have it on order now, and I'm like, it's something I'm very interested in. And I actually reached out to him to see if he wants to come on and chat too. I just think that these things are we need to start talking about them more actively and some stuff starts needs to actually be done. And I think part of the reason that power is so important is that, like you said, emerges everybody's like.
Find Joy with Joyan
"campbell" Discussed on Find Joy with Joyan
"Love the life you'd leave so guys help me and welcoming the my whisperer donna campbell. Hey welcome to the show. I'm so glad and happy that you're here today. Events and thank you so much for having me here. And i'm so super excited to be sharing with everybody today. Muthana says don shit mighty you know by side as well. So why do is is so beautiful. And i really want to thank you says infamous for healing the will and making the will of benepe days or leave us so i want to start with a beautiful actually these days on your website so as the west of false energy is all this energy is the heater and love is the energy that hughes and the israeli discover it. You know slow from listeners. For people listening to these china yes we heard about in energy head about energy heating.
Mason Vera Paine
"campbell" Discussed on Mason Vera Paine
"Mason vera pain. The simulation theory is a theory that all human experience is actually artificial so in other words. It's the idea that you're not real but we were rather living inside of a computer program. It's believed by many to be true and then there are others who just don't believe it at all author and former a nasa physicist tom. Campbell joins me to explain what steps he's actually taking to prove that we're living inside of a computer generated world. Thanks for joining me. Tom here mission. So tell me..
Lion of Judah Podcast
"campbell" Discussed on Lion of Judah Podcast
"Oh, Jesus. Yeah, he does. Yeah. Struggling. Hey, man. It's always happening. There's a lot. That's right. Bye bye. Thank you. Thank you. Yes, yes. That's right. Ah, Jesus. In 3000 Campbell.
One Life Radio Podcast
"campbell" Discussed on One Life Radio Podcast
"Live from texas on iheart media as well as in southern california on. abc news. Talk junior good to see you yesterday. It was it was so it's like we talk every day but we only see each other like twice a month now. I know it was really good to see you and yeah it really was a but i'm so excited about today's show and i just want to get right to it at the halfway. Dr jennifer are wilkin or doctor jan. We're gonna be talking about toxic positively. Have you ever heard of that toxic. Positively like the positive. That could be bad for you when people are just like to positive can be annoying. But we're gonna talk all about. It's a real thing and it's very interesting. And i love dr jen. She's so down to earth even though she's a harvard clinical neuropsychologist. But she's she's just your bff. She's great so. I'm looking forward to speaking with her again. And i'm also so honored and so looking forward to introducing dr t colin campbell. You guys he's been on the show before Let me introduce them. We have him on the line right. All right dr. T colin campbell. Welcome to one life radio. How're you doing today during sex very much additional opportunity. My gosh. it's i absolutely. I honor you so much you you just are incredible and let me read your bio for people that maybe are not familiar with you. But for decades t colin campbell phd has been at the forefront of nutrition education and research dr campbell's expertise and scientific interest interest and compass relationships between diet and disease particularly the causation of cancer. His legacy the china project is one of the most comprehensive studies of health nutrition ever conducted and inspired his best selling book. The china study. Dr campbell is the jacob gould sherman professor of nutritional biochemistry at cornell university. He is also the founder of the highly acclaimed plant based nutrition certification through e cornell and serves as the chairman of the board for the t colin campbell center for nutrition studies. Their website is nutrition. Studies dot org as i said such an honor and a pleasure. Welcome to one life radio. Dr t colin campbell. And today we are talking about. Why is nutrition information so confusing. So dr campbell. Who is in charge of determining what information goes on a nutrition label speaking the food and drug administration. Fda for most foods except for me that shows the responsibility of the united states department of agriculture or usda And so and how do they determine what goes on the label or what amount or percentage of vitamins and nutrients for particular item. What's the process more. You know we do get caught up too much in the weeds on this one here the details if you will but basically they list the different nutrients by announced that if the grams or milligrams if you will Some of them they also determined that percent of the total that those dishes might contribute like got cat but So you just look at the numbers. And quite frankly i have to say i was on the expert panel that led to this version of the dutch guidelines. They wait food. Labeling weighs thirty years ago. i guess it was And i was always of the notion at that time To simplify it. Make simple for the buyer for the shopper. But of course they ended up. You know a lot of detail. Now that even when i go to to the grocery store with my wife She kind of looks at the liberals from time to time. I go but you know we get so caught up in the details and miss the big They is really just eating plants. If you will hussein vegetables as much as possible. can't overdo it. They'd provide all the protein we needed cetera and So that's that's where. I go to get back to the question here when you the specific on this On on on the amount or percentage of vitamins and nutrients that particular they simply announce in terms of grams annoy grounds. I said Percent That's percent of calories so the first thing for shop at the look at really interested this Determined or look to see how many calories are in serving size. So you worked from that there's x. amount of calories they and then If you want to determine how much fat there is one thing that has calories in it now. It just simply take the fat grams of content multiple. I thought nine because there's nine calories per gram the most nine and then divided by those tory. Kelly's that gives you percent of fat you as a percent of county essentially for the other vitamin insurance. We don't really do that. They are expresses a percent of the recommended. Daily intake if you will but I i probably the worst person to talk about this. Even though i was on the panel that what water should be. Because i think it's been way overdone too much attention to those details and that only calls a lot of confusion. Oh yeah and there's and then there's details that we don't pay attention to write things that are really important about nutrition which i mean the your book. The future of nutrition is such an excellent read. It is so jam packed with just like such critical information that all of us need to read. And i was thinking when you were speaking in the book you talk about the four basic questions of nutrition to determine you know how much knowledge someone has about nutrition. I think it's four or five questions. Most of them can't even answer. Most people can't answer one of the questions correctly. Wanted to write something like that garage. And there's a reduced my message on show after about sixty years. There's no business this my down to to really main points. Eight you know. Practice foods. Specials improves and try to avoid the animal base os end of story and when i say an eighteen. Who's on the whole food form as much as possible So that You know she started talking so much of an individual nutrients as i say that causes a lot of confusion in fact we. We know that we're gonna take the news out of the food where they worked very well. We take him out and put them in some sound like a pill or supplemental short They can actually have the opposite evacuate effect at all. So there's a whole foods idea.
WGR 550 Sports Radio
"campbell" Discussed on WGR 550 Sports Radio
"Campbell's all over tight ends in the first round. And Hawkinson was, uh, eighth. Eighth. Two years ago. Yep. One pick before Oliver Okay, Right. Iran went 10th over. The draft is so much fun this morning. I'm like, okay, thinking about topics and I just think of the draft, like all the time just, you know, pick a draft and like, Was this a good pick, You know, pick a player just like any. You can use the draft for so much. Well. There is your Matt Stafford game are Matt Stafford game? You know hats off to anybody who was in their cars yelling, Tony Shuffler, by the way, 12th. Tony, You've got my admiration If you were yelling, Tony shuffler at your car Radio Joe, who is Tony Shuffler? Mm. Is he a tight end? Yes, actually sounds like a time a second round pick in 2000 and six by Denver by Denver, but they had to have him. He looks familiar. Denver. I wouldn't looks familiar in that. 88. Broncos Jersey. Yeah. All right. Yeah. Tony Shuffler tight end games. Those are fun. Speaking of the NFL, we talked earlier with Rick Stroud from the Tampa Bay Times about the box. So Tom Brady again We've had a lot of fun today with who would be the most fun team for the Bills to be in the postseason in the Super Bowl, and these guys are all on the box. I say Dallas But okay, Tampa Bay, I get it. And so I don't know if we talked about that specific thing with him, but The Bucks going into this year looks like a pretty good roster. They're older, what is right to expect from Tampa? On the on the evening of there having a chance to win another Stanley Cup tonight, and we'll have that for you..
How I Got Here with Dave Fiore
"campbell" Discussed on How I Got Here with Dave Fiore
"From fury communications. It's how i got here. A show of inspiring stories from tallahassee area leaders business owners and neighbors all the challenges opportunities. Inspirations the twists and turns of life that led them to where they are. Today everyone has a story worth telling and i am really grateful. We get to bring a few of them to you. I truly have been changed by my conversations with these amazing people. And i'm confident you will be to. I'm dave gyory in this episode. I speak with community leader business consultant and innovator christopher campbell raised in trinidad. Christopher was educated in an english prep school before the family moved to the united states when he was sixteen he says the transition to a new country and culture was made a little easier by having a british accent in a beatles. Haircut both very popular in nineteen sixty six a successful career in telecommunications and consulting allow christopher to pursue his passion to impact the world around him. He was an award-winning leader with the boy. Scouts served on various boards and was a founder of saint peter's anglican cathedral in his longtime rotarian. He also put his love for sports to good use. He and his wife. Tina worked together managing marketing and sponsorships for a nascar team and helped convince the british olympic team to train in tallahassee for the nineteen ninety six games in atlanta. Christopher is probably best known as the founder of the tallahassee quarterback club foundation which created the bullet koff award honoring the best receiver in college football and provide scholarships to local players. He remains focused on finding ways to give back to the community and serve others. We begin by talking about his earlier's bride. I was in early school in trinidad. I always ten years old. What happens with the colonial families is that they send the children back to prep school in england. Which i did i went when i was ten years old but before that i lived You know we had an estate and We had a good life. And i spent a lot of time in the in the In the jungle. I mean it. Just that's the way life was. And i had my own donkey and i went whatever i wanted to do. And we you know. We were primarily business was Flowers grew flowers in mass. And we ship them out by the container to the united states and england so the original flower child. Wow so when you say you had a donkey and you could do anything you wanted in the jungle. What kind of things would you do. Well you very interesting. You have this wonderful valley that has all kinds of things in it and You can take off in the morning and and Go off and i can go play with the guppies so i can go pick fruit togo up the mountain. But that's the the estate. We lived obviously downtown Outside of puerto spain which is which is the capital of trinidad. Okay so going to prep school. Back in england was a pretty big change in your lifestyle right absolutely. I mean it's just you know you're going from a very Agricultural life that was my father was an agronomist. which is a fancy name for pharma and So i lived in that world and then you go to prep school which is Pretty formal and everything you read about in the in the book so the movies and I started off with a few saw. The chiquita banana commercial. That's the way i spoke obviously in prep school. That doesn't cut it. So you have to learn the queen's english and we did and So but that's a very interesting life the Prep school life. You know you. i loved it. It was a great life. I was very competitive in sports and so forth. But i mean the kind of thing you live within the winter. They don't think too much of heat. So you lived in domes in the windows. Were open no matter what the temperature wise. So it's right. So the only thing. I have to relate to that is watching the crown where prince philip went. Yes exactly right. He went to gordonstoun. Okay and i went to millfield the incomparable and Yeah you have to know how to get around. I mean you know real self sufficient and tough and so. I loved it and it was. He didn't do so well. No didn't enjoy at least from the show. Yeah so did you get to go home on holidays or summers or anything you know. That's a great question. The way it works with a colonial system like that is first of all in those days to two days to fly from england to trinidad and what happened. I had to separate years. That i didn't go back to trinidad at. Nc my family and the way that is that colonial families buy a beautiful estate and then they will Solicit for people like myself and my sister system. You'd go stay with them. During the holidays so in easter for a month you'd go in the summer for three two and a half months you'd go live with his family yet. Seem so foreign that whole concept. But i guess if that's you know that's the way you're raised. Does your expectations is just the next step of your life right and then you you begin to live into it. You begin to embrace that whole thing of being part of a prep school and being blamed sports for them. And i was very fortunate i was in the prep school system. The officers the student office. A um called prefects and I would have made my way up. And i was actually in line to be head boy in that school which is a big deal. Yeah and then when my parents said no they had already left. Trinidad what had happened was my My father as i said was agronomist. He was willing to therapy on tropical crops. And they were pioneers in the sense that here that she lived all her life in trinidad for monte generations and they were going to give all that up to come to america and so i'm blessed for them that they made such a bold decision to come to the united states right then from my perspective here. I'm sitting in prep school with you. Know you went to school with pretty interesting. People five fairly high rank and they said you had to give all that up. And i would give up my opportunity to to move forward and i thought they were crazy and to make it. Even more interesting is that. I arrived in trinidad and they instead of sending me to prep school in america. They said no. It's good for you to go to Local high school in in wilson north carolina. Right and we arrived in wilson that year on the day of integration. I read that first day. There was the first day.
Tha Boxing Voice
"campbell" Discussed on Tha Boxing Voice
"These illinois illinois. They forgot from rap areas. You know what. I'm shave but anyway going to help me. I'm just buying time illinois. Who's this first. Time caller hope bradley from southern illinois. And they do say illinois will make illinois. You know what. I mean exactly. I know it was signed hoc. Bradley talked to us my friend. What do you think about this topic. Well i want to say one. The first thing with this whole ordeal with him getting caught. They need to let it go. He got caught. He did with you. Have the do anyone the fight. He didn't drop he didn't give up. He didn't go to corner. And and you know say he hit hard or whatever whatnot and he held us composer and we have to do to get to win now for him to fight. Who's next i would say luke campbell. That's a no go. But if he doesn't take the fight like he's claiming he will after campbell. What's you know what's next form rise going to take the fight 'cause ryan dealing with his mental health vacation and And of course. I'm a put the same words that devon. Hey haney said ryan the cowboy. He does a tough fight before tuna. And maybe that maybe that might be the next fight for devon maybe four to jodi s whoever wins between that. If he can't get anybody else.
The Toxin Terminator
"campbell" Discussed on The Toxin Terminator
"Have we got somebody special for you. Today we're gonna be talking about adrenal fatigue now. This is something that a lot of people here about. But maybe you might not understand. Exactly what's going on in the body and we're going to be taking a look at that air. Are you someone that you're feeling completely overwhelmed like the the weight of the world is on your shoulders and boy. I think we can all raise our hands to that right now. But there's a reason for that in it's not in your had now today we're going to be debunking. Some of the myths behind adrenal fatigue. We're gonna find out exactly what it is and we're gonna learn how toxins play a role in this. We've got dr brad campbell with us today. He is a chiropractor. He is an acupuncturist. I wanna tell you. I think he's just a full time student learning as much as he can because his mission really is to help people in and if you have the knowledge that's empowerment that's wisdom and can you can really make an impact in the world. He runs a holistic office in chicago. Illinois called integrated holistic healthcare. He is the author of do. I have adrenal fatigue and also the founder of the health assurance movement that. I certainly hope that we get a chance to talk about. So welcome dr campbell. We're so glad to have you on the show. Thanks for having me amy. I'm super happy to get the talk. The you and everybody else. I love all the stuff. You're putting out there and can't wait to talk more absolutely so boy when you talk about that feeling exhausted and the way to the world you know many many years ago. That's the way i felt in. I would go to doctors all the time. Why don't i have energy. Why am i so tired. What is going on with me and they would tell me you know what. You just have a stressful job. Oh good to know no. It's not just a stressful job because pretty much everybody in america has a stressful job and working forty sixty hours a week sometimes three jobs. You know it's a single parent in some people with all those all that stress and burdens of life and responsibilities can handle it fine. They go to bed. they wake up. They feel maybe a little sluggish but they're able to get through their day and push through with a little willpower and other people just lose. That will power lose that. Lose that energetic kind of push and that's really kind of what the adrenal glands either like that will power. Push at motivation to kind of keep you going throughout your day on a chinese medicine. Mind body kind of level. It's really like that lack of drive. You're just feeling anymore in your life right and it is you know because as a woman i wonder sometimes is that i'm burning at both ends of the of the rope here is it. You know why. Why are we experience. You know this in our life. Is it an aging thing. It what what we.