← The Wolf Of All Streets
The Wolf Of All Streets
Bitcoin’s Fate Is Being Decided Right Now! 6 Regulatory Paths Collide
00:26:44
Loading summary
Transcript1 lines
- [00:01]
A
According to PricewaterhouseCoopers, Bitcoin is at a crossroads with six potential regulatory, regulatory, regulatory paths that could decide its future. And many companies and participants in the crypto industry will decide which regulatory environment to operate in moving forward. That was the most butchered intro I've ever done. So shut up and go on with the show. That's dope. Let's go. Good morning, you delicious, delectable, derelict little divas. It's nice to see you today. As you can see, it is snowing heavily in sunny Florida. Actually, it started snowing in Florida last week, but I'm not in Florida. I have decided, big decision to move my corporate offices of the wolf of AllStreets llc.gov to Greenland. Because here in Greenland we have the opportunity to forge a new beneficial crypto regulatory and legislative environment under the auspices of our fearless leader, Donald Trump, who will be the president of all countries in the northern, southern, eastern and western hemispheres. So yeah, we're here in Greenland. It is a bit cold outside, but I've decided to just make the jump as a proud American to lead the charge into new territory here. And listen, I said I butchered that intro, right? I butchered it pretty bad. We're going to take a look at the market really quick. Bitcoin's at89207. Literally nobody cares. We could talk about bitcoin price endlessly, but it'll probably be the same in a week or two months. Or when the United States inevitably takes over France. $89,200 for a single bitcoin. The rest of the market kind of chopping around, up or down 1% at any given period. But yeah, as I said, sort of, kind of in the intro before, I stumbled over all my words and couldn't say regulatory, couldn't say regulatory. PwC map six global regulatory trends shaping crypto in 2026. And this is really a story of how different countries are going to approach regulating and legislating our beloved crypto industry. They laid out six basically different ways that it could happen, right? We've got innovation friendly frameworks which are clear rules with licensing regimes, enforcement first regulation, which harkens back to the area era of Mr. Burns, aka Gary Gensler. Fragmented oversight, multiple regulators with overlapping or conflicting authority, state controlled or restrictive models, Communism, regulatory arbitrage zones. This is, you know, jurisdictions that exploit global inconsistency to attract crypto firms by offering minimal oversight or tax advantages. Let's think about the Bermudas and the Bahamas and the Dubai's of the world. And of course, the wait and see approach, which is the one that many will take, which is just wait and see what the United States does and copy it. But PricewaterhouseCooper making a very, very definitive point here, that they believe that the future of crypto will be dependent on the regulatory arbitrage and the district that you decide to do business in, and that now regulation is becoming a competitive weapon for all of the countries of this beautiful world. I don't even know why we're talking about other countries when we know they're all going to be part of the United States, like the United States is going to be the entire world presided over in Donald Trump's seventh term as governor of the planet. All right, so that was the points here from PricewaterhouseCoopers. Digging into the next story of the day. We've got booze, man, a man who loves to booze releases new GOP only crypto draft. It's time we move this bill, the Senate Ag Chair said in a statement. I still think it's hilarious that we are largely regulated by the cftc, which is overseen by the Agriculture Committee, which makes sense, I guess, because we're commodities like corn and frozen concentrated orange juice. $5 to whoever gets the frozen concentrated orange juice. Reference. I'm not actually going to pay you, but either way, it's from Trading Places. Have you guys seen Trading Places? Dan Aykroyd, Eddie Murphy. True classic. Anyways, we have a Senate markup coming from this committee for the Clarity act, but we still can't get one from the actual Finance Committee led by Tim Scott. And this one is only Republicans. And so this is like a big story, apparently, that we're getting a markup on a bill. But there's this bill, there's the one coming out of the Finance Committee, there's another one in Congress, and Donald Trump's not signing any of them. And Democrats haven't even looked at this. So I remind you once again that, you know, we thought that this is going to pass. We thought that the Clarity act was really important and that it was going to, you know, spark an alt season the likes of nobody has ever seen. And it's just not happening. Guys, I'm kind of tired of talking about the Clarity act at this point because it seems so absolutely dead that it's basically a worthless venture to even spend our time on it. But that's what we've been reduced to now on crypto channels. Crypto channels. My crypto channel is now political trolling, talking about legislation and regulation and making stupid comments about Greenland, although it is warmed by this fireplace. Right. I was actually having a conversation recently about what we're doing with Crypto Town hall, which is our Twitter spaces. That happens at 10:15am Eastern Standard Time every single day, hosted by myself and Dave Weisberger and the ghosts of Mario Knopfle and Rand Nooner. And we don't even have crypto to talk about. Yesterday was such a refreshing conversation here with John Wu from Avalanche because he actually talked about stuff that's happening on Blockchain that isn't the tokenization of real world assets, which we're not going to be able to participate in at all. Stablecoins or how Donald Trump is likely to pump our bags with a strategic bitcoin reserve of tokens that we steal selectively from other countries. That's what we do to get a strategic bitcoin reserve. There's very little to talk about in crypto right now. And that doesn't mean that things aren't being built. They are. It just means that nobody cares what's being built if they know that the price isn't going to move as a result of it. And if you're wondering why the Clarity act is unlikely to pass right now, we've got the Don's Son himself, Eric Trump, here with a quick quip and quote and clip that we can show you right here. Let's see what Eric Trump has to say. The big banks have been an absolute monopoly over our financial system for four years. You and I have joked about it a thousand times. Why can't you send a wire transfer past 5 o' clock on a Friday afternoon? You know why? Because the big banks would love to take hundreds of billions of dollars and have it sit there and clip interest off of it over the course of a long weekend, as opposed to letting you just efficiently move that money using modern day technology, you know, and have in a separate wallet two seconds later. They want to be able to use their money. They want to be able to arbitrage their money. And so, you know, the big banks are doing everything they can to stop some of the crypto legislation for obvious reasons. Why? It's kind of amazing when you think of it that we got the Genius act passed with any language that allowed Coinbase and the others to offer rewards. Rewards yield on stablecoins when we know that the banks absolutely hate this and that it's bad for their future business. But I do think in this case that Eric Trump is obviously correct. The banks do not Want a more efficient system. They certainly don't want to pass on yields down to you, the lowly customer that they depend on for their money. We know that JP Morgan made a casual 25 billion just last quarter on the interest that they could have paid to their customers who are holding money with them. This is fundamentally how the banks make their money and they have zero interest in allowing us to participate in that. Now, speaking of the big banks, we have this amazing story right here also going back to the Trumps, that Trump sues Jamie Dimon, JP Morgan Chase over debanking. The suit calls political president Donald Trump suing JPMorgan Chase and its CEO. He named Jamie Dimon. Right. He's. They've, they've been having a little tit for tat about tariffs and things of late. So sue him for closing his and related entities accounts in early 2021 and what the lawsuit says were political actions. The lawsuit seeks at least $5 billion in damages. Quote, while we regret President Trump has sued us, we believe the suit has no merit. J.P. morgan said. Now, I mean, I can only anecdotally speak about JP Morgan. Not a huge fan, but I do have a chase about bank account for a certain entity. And you'll hear about this story more on one of my podcasts I recorded because I was losing my Damn mind about 2 days ago trying to send a wire, just like Eric Trump said. I literally was trying to send money to my kids school for charity. My wife gets a text that it's fraud. I go to call them, they don't answer. Then I go to sign into my bank account. Bank account completely locked out online because of a fraud alert. So I call the number back. I answer, I'm not kidding. At least 17 questions. What color was my car in 2014? Like, has anybody compelled me to do this? Did J.P. morgan call me to ask me to send the money? Have I verified via email and phone call the person that I'm sending the money to? Like, absolute insanity. They finally let me back into my bank account. Which by the way, they were like at the beginning of the call, we need your account number to proceed. And I'm like, I can't get my fucking account number. It's in the online banking, you idiot. It's not in my brain. I can't even sign on to get it. So that took me like 20 more minutes. Not kidding. This was an hour and a half process. They're like, you need to redo the wire back into the bank account. Can't re execute the One had to type in all the numbers again, do it again. What happens? 15 minutes later, fraud alert. I get a call from JP Morgan. We need to clear this wire. Sir, can we ask you 27 more questions? The exact same process a second time just to send my own money to a charity at my kids school. It was one of the most insane processes. I think that one of my producers was videoing me. And I never lose it on customer service people. I don't believe in doing that. But I said to the woman, I'm well aware this is not your fault, that you are just doing your job, but this is insane. And fuck Jamie Dimon. You go tell your CEO that I said, fuck him. She didn't. I don't think she did. I don't know if she has him on speed dial, to be honest. She sounded vaguely foreign. I'm not sure that she was operating from the United States or knows who Jamie Dimon is, but oh, my God, it was the absolute worst. I was just trying to send money, so I'm gonna be honest, man. Cheering for Trump here. Hope he slays the dragon. I hope that Jamie Dimon has to sell one of his 17 homes in the Hamptons to help pay this $5 billion fine. Because we know that he has 17 homes in Hampton, by the way. This makes me remind me when looking at the snow behind me and thinking about Jamie Dimon, do you remember last year when he like had his arm in a cast or something, and he was at Davos, which has been happening this week, and they did an interview with him on bitcoin? He was like, bitcoin, this is the last time, I swear that I'm ever talking about the bitcoins. It's a scam and all that. Now we know that he's kind of like bitcoin friendly. But all of this thought leading me to wondering how you get the most powerful people on the world to do outdoor interviews in the snow every year? Like every single year you have, it's like Larry Fink and He's in like 17 jackets with his earmuffs on, doing interviews on like CNBC out in the snow. Are they really that powerful at the World Economic Forum that they can force the wealthiest people on the planet to sit in the freezing cold just to talk about bitcoin? I don't know. But they also got Larry Fink to sit down with Elon Musk this year. And by the way, when did we start as an industry? A. I know when we started cheering for politicians and for institutions because we thought frankly that they would pump our bags, which hasn't happened. But when did we start sending our representatives to the World Economic Forum and getting really excited that the guys who are telling us to like eat bugs and like it are now like our friends and the crypto industry is going to go lobby them for our own self interest. I am old enough to remember when we mocked the World Economic Forum for being the Illuminati that was trying to take over the world and now we're like, Brian Armstrong looks great in that suit in the snow. Honestly, we have completely lost the plot as an industry. I will continue to show up every day and do my show and cover the things that are important, which may be politics. But I want to remind you that Davos sucks and the World Economic Forum are not your friends. And us having to go kowtow and bend the knee to the European central bankers is not something that I'm particularly excited about or here to cheer for. And I kind of feel the same way right now about politics and institutions and the Jamie Dimons of the world and all of them. Honestly, dude, we don't need any of them. But that said, let's go back to politics. Trump Era Brings United SEC CFTC Crypto Push in Washington Showcase what's basically happening here, just to give you the quick and dirty, is that the SEC and CFTC are actively working together now to try to give us sensible regulation on crypto. You may remember that we had a pissing contest between Gary Gensler and the CFTC for four years under the last administration where Gary Gensler would say I get to regulate all. He didn't say it like that. That wasn't even a good voice. But he would say that he got to regulate everything and everything was security and the CFTC was No no, no, these are commodities man. Like come on man, we may be smaller than you at the sec, but we still get to regulate some things. They were not like Nate Dogg and Warren G who regulated together, they were regulating separately. That was a rap reference for those who don't know the song regulators. Anyways, so we are actually getting this favorable environment where the CFTC and SEC will be working together. But let's talk about things that maybe are not quite as favorable and that is the US Treasury's face. A 1.7 trillion EU dump over Greenland forcing shift to Bitcoin if dollar safety vanishes. Well, I could have just looked up to see who wrote this story and known that it wasn't going to be a Bloomberg or CNBC that it was going to be something with crypto in the title. The notion that because somebody might sell United States Treasuries, bitcoin is going to go up because it's a safety valve is the dumbest shit we've been saying to ourselves. To be able to sleep at night, the ultimate cope that has no basis in any sort of reality. I was actually having this debate on Twitter today, this morning with another person with a lot of followers, right? I said, why in our weird little echo chamber do we believe that every time any asset goes up, there's an inevitable rotation coming to our thing? Oh, my God, guys. Gold and silver up. When those finally die, everybody is going to buy chainlink. It's inevitable. It's the only path. It's the only path. There's nothing else in the world that could possibly take that hot ball of money and move it into, right? Everybody's saying, well, when that money comes, can you imagine silver's 5 trillion and gold's like 30 trillion. If just 1 trillion rounded to 4 divided by 7 minus 9 gold makes Bitcoin an $87 trillion asset by last Tuesday. Right? I just don't understand why there would be a forced shift to bitcoin. If there's a problem with the dollar. Yes, that's a great narrative that we love, but the rest of the world doesn't go, oh, shit, I'm in trouble. I need to go buy bitcoin. It just doesn't happen. But that said, it is a pretty big deal that there's likely a 1.7 trillion dump of United States treasuries that clearly nobody wants unless their name is circle or tether. This is the real case, actually, for stablecoins is that nobody wants the United States crappy debt anymore. And so we can just sell it to the stablecoin issuers or issue more stablecoins. We'll back it with treasuries and send those around the world. Yeah, man, I'm not trying to be bearish or negative. I just don't believe that you can naturally default to bitcoin goes up because something else went up. And now we're going to get that money. That money could go literally anywhere. It could go into Pokemon cards, right? Like, I think Pokemon cards have as good of a chance as your average altcoin of going up as a result of bitcoin. You know, silver and gold going up. And also, like, metals are not a monolith, right? It's not one huge industry. And all that money goes from one place to the next. Gold is really going up because central banks have been buying it because they're dumping treasuries and buying gold because they're not comfortable with their relationship with the United States and they want to hoard more of. They want to Scrooge McDucket and go diving and swimming through their gold vaults. That's what's happening in central banks. I've seen live feeds of it. But silver is a little different, I think. Silver, but that's only a $5 trillion asset. Actually, Bitcoin was bigger than silver for a little while there. Only a $5 trillion asset silver. I think that is retail FOMO. People who maybe would be the altcoin type buyers buying it because they think that they can sell it because they heard about it on the news and it's the thing that's going to make them rich and it's going up. But I don't even think that gold and silver money are necessarily the same. So I don't think you can just say the money for metals is going to trickle down into crypto. I certainly don't think that you can say that because people are selling treasuries on a national level that that money is somehow going to go to bitcoin. Is Finland right now, like, dammit, what are we going to do with all this cash we have from these Treasuries by xrp? Obviously. Obviously, that's the next step. So we have another story here that I think is really, really interesting. Not at all. FDX exec Caroline Ellison is now a free woman. She looks free. She looks free. I wonder what her experience in prison was like, to be honest. But now she's out and it's raising a lot of. I can't mock her appearance. I see you guys are looking at me right? Huh? We got to get Caroline Ellison for a podcast. That's what I just heard from the back. We're going to get a camera and mic on these guys who are back behind the scenes here. We're going to get Carolyn on for a podcast. I promise you. I don't know, Honestly don't know if I can be in a room with all that hotness at once. But FTX exec Carolyn Ellison is now a free woman. So, like, Sam's going to be in jail for a really, really long time, but clearly she flipped all over her ex boyfriend and he's paying the price for her telling the truth and she's out now. Why are we even talking about her? Carolyn Ellison Ledger. Ledger plots. 4 billion New York IPO. Here's six other crypto firms planning to go public. First of all, it blows my mind when you think about it. We kind of think about ourselves as a nascent small industry. But think about how many companies in crypto are able to go public with multi billion dollar valuations and Ledger, like last I checked, their business selling hardware wallets. I would argue that most people in crypto, or certainly most people own crypto, don't own a hardware wallet because they probably keep their money on exchanges. There's multiple very viable, exciting hardware wallet options. So Ledger isn't even the only one. They've definitely been hacked a couple times for all of our data. And I blame Ledger to some degree for the 74 texts I get a day telling me about a new trading strategy or trying to get into my non existent Coinbase account. But that's neither here nor there. It's actually astounding to me that they sell enough hardware wallets and that this industry is big enough to have a $4 billion IPO. But that said, this is obviously a continuation of the IPO season we saw with Bullish and Etoro and Circle from last year. There's a lot of other companies that are planning to go public this year. We've got Certik, that's the Web3 security firm. They do a lot of the audits for all the coins that are completely dead. So that's exciting. They announced this at the World Economic Forum. I mean, nothing against Certik, but does that not illustrate my point before they're like, you know, where can we make the most impact with our likely IPO announcement? We're going to go to Davos. Like, are the crypto degens who are going to be excited about a Certik, ICO or IPO hanging out at the World Economic Forum? Probably not Kraken. I think we are all actually very excited to see Kraken go public here for that Consensus infrastructure. Crypto infrastructure giant Consensus is said to be in talks with JP Morgan and Goldman Sachs. By the way, every single one of these, like JP Morgan and Goldman Sachs at the bankers go public. Evernorth, which is apparently an XRP treasury firm likely to go public this year. Animoca Brands. That's awesome. We're going to have Yatsu back on the show very, very soon. One of my favorites. They're likely to go public this year. And of course I say bit. Bit. Thumb. I've heard Koreans pronounce it bitum. Bitum. You could have be a person with bi thumbs, which is two thumbs. What has two thumbs and excited about this ico, this ipo, this guy buy thumbs. Right. But I think it's very clear to see that a lot of companies, the crypto industry still looking to get public, get that huge capital inflow, make that money, cash out right now while they can. And I think that's very, very exciting. But to be honest, like these all can't do well and your altcoins also do well. It's just not possible. There's just not enough money in the world. Interest in, interested in buying or gaining exposure to crypto in different ways that all of these things can be successful. The IPOs have been successful. Digital asset treasury companies had their moment up and down. We have all these ICOs lining up. I mean I just don't see where the money comes for a all of these to be successful. But also once again I always kind of joke but you know, coin number 47 on coin market cap to also go up. All of these cannibalize one another. And I just don't think that this is a big enough market or that there's enough potential money coming in. We can't even get like retail to buy bitcoin right now. So I would say that is going to continue to cannibalize the alt market and makes alt season even less likely. We did have a major IPO yesterday, of course, that was bitgo. That's very exciting. I'm excited for Mike Belshi. He's probably been on the show four or five times. Great guy, great company. So yeah, they're heading into their second day. They launched it at 18 bucks after raising 200 million ish dollars. They were up as high as 35% during the day, paired all those gains throughout the day and ended up closing, you know, marginally a few percent above where they launched, but by all definitions a successful launch. We also found out that this Chad right here who got out of jail before Carolyn Ellison, which I think is justice. What if the two of them were in jail together? That would have been crazy. Chamberlain backed YZ Lab said Thursday that it made a strategic investment in Bitco's initial public offering. The firm did not disclose size of the investment, but said is a strategic institutional investor in bitcoin. Further proof, I'm telling you, all the money is going into the public equity side of the crypto industry. It makes you really wonder what is going to happen, really be a catalyst for altcoins to move anytime soon. Supposed to be like, you know, Bitcoin goes up and it consolidates and all coins go. It just hasn't happened. Maybe my own fear, uncertainty, and doubt about the altcoin market is a signal that we're near a bottom. It's likely to go up. But I've kind of felt that way for years now. So I'm not sure if we're just rationally down or if maybe, you know, this market is not looking too hot. That's all the stories that I have for you guys today. It was a weird week. Once again, kind of focused on the World Economic Forum and politics, policy, job numbers, and the economy. I miss the days when we could just look at a chart or your friend could just tell you, hey, buy this thing, and it would go up 100x. Seems like those days are gone. Every time I talk to somebody now who's like, big in crypto, they're like Bitcoin, Ethereum, and Solana. That's all I own on the large caps, the blue chips. George. I have George from Cryptos R Us on Tomorrow we recorded. And that. That's what he said. He's like, he's over here. He did like, this really cool Clash Royale thing on Pump Fun that's actually been excited. But then the rest of his portfolio is those. When I talk to Rand Nooner, I'm like, you know, what's in your portfolio? He's like, well, throughout time, I told my guys that they just need to find money to buy bitcoin every week. Which meant selling all the garbage that was in our portfolio over time just to buy bitcoin. I mean, even the most like aggressive altcoin believers over time have consolidated their portfolios into just a few assets at the top. And who could blame them? That's sort of been my strategy. Obviously. You watch me do it with Arch Public over and over and over and over again. Yeah. So anyways, guys, I'm gonna let you go, you know, gotta go out there and explore Greenland. Lay claim to Melker territory up here while nobody owns it. Clearly I did not bring a jacket. As you can see, I'm sitting here in short sleeves in front of the snow. But I'm gonna be honest, guys. Cold never bothered me. Anyway, that was frozen reference. AI is reshaping the world. But right now, it's stuck in the hands of just a few big players. The what if AI could run openly, verifiably, and on chain. That's what zero G is building. The world's first decentralized AI operating system open to everyone. Imagine a network where you don't just trade tokens. You train, store and run independent AI models at scale. No lock ins, no black boxes, no single point of failure. It's just quick, cost effective, auditable AI that anyone can build. If you believe the future of of AI should be a public good and not just another corporate monopoly, join us at 0G AI that's the number 0 and the letter G AI.