Regulation
Consensus 2024: all eyes on regulation | video
Bitcoin you can’t, it’s not really transactional now because you have to pay taxes on every purchase, right? If they, if you, if you spend, you know, an apple or a lunch, you have to do that, then you have to pay taxes on that. And that’s not a good result. You may need to make them transactional. We need to make them transparent. And like I said, decentralized, if this is a technology that has this general ledger and source of truth, you, you’ve solved two big problems, right? You’ve resolved the source of truth, and then the timing of that truth is updated. And so we looked at it and said, okay, this will eventually lead to the atomic solution and the fact that you can have money transactions transacted at the same time and you can have the trust that validates who the two parties are. You will incur a huge number of costs in this. And so, you know, we’re, we’re in a business where we’re constantly under pressure to reduce the cost of delivering what we do. Uh, I looked at this, we as a company said this is going to be the future, the future is here. Guys, the future is here, on set. Let me help you here. OK. Done. Tighten it a little. It’s a little blurry. Do I need to be able to see? Here it is. Yeah, if you take your hands off, I think a lot of people in Silicon Valley have Stockholm syndrome and think, oh, I love being controlled by Apple and I don’t really understand why, but I think there will be, I think we’re on the verge of some sort of of jailbreak. As I think is starting to happen where people will start to taste freedom. Still. The Internet was supposed to be owned by people who were supposed to be owned by communities of people coming together. It wasn’t supposed to be for the companies that control it. This is not a good state of the world. I don’t think it’s the steady state of the world. I think entrepreneurs will solve the problem. This is exactly what we do here at consensus. We bring gifts for our cohos. It looks nice? And then we’ll go into the clouds, which is happening here. There are many positive aspects to remaining anonymous. Um, but there are many disadvantages. Obviously it’s very hot here, especially with the humidity. It’s not really a bear market. This guy is probably from last year, Danny’s Bulls are winning. Hello, high five. OK. The fact that sufficient playing time would have prevented Wall Street in general from participating in digital markets is regulatory uncertainty. It’s the fear that the feds will call and say no, no, no, you can’t do that. Uh, they’ll have SEC fear in their throats. Uh, the feeling that they’re going to get a well warning just like almost every cryptocurrency company. And so, as all of this fades away, you’re going to see a stampede of Goldman Sachs, Morgan Stanley, Citibank Jeffries and everyone else in this space. I hope somehow, I hope it gets delayed a little bit to let guys like us strengthen our muscles a little bit because that’s when the big show happens about who’s going to be the service provider for the universe to come It seems very incongruent to wrap vanilla money market funds on the cryptocurrency tracks while Bitcoin on the traditional ETF tracks. But it’s actually part of a very long journey. And that journey will be the bridge between traditional finance where people have trillions and trillions of dollars of traditional assets held away from Bitcoin and other asset classes. And we would like, we would like to serve as an institutional quality bridge and what we’ve seen from the current administration of the SEC over the last few years is a deep and broad examination of everything that we’re doing and it’s not just us, it’s pretty much every company in our space . It really makes my heart stop a little bit and realize that I’m in the shoes of what, what it must be like to be in the shoes of those people who have this idea, they’re just trying to do something that’s technically interesting and always in the back of their mind c ‘is this question, is it something that will cross the line per second today or in five years or in 10 years. And this kind of uncertainty is really bad for innovation. It is shocking to me that the United States, the largest economy in the world, represents the style of extreme regulatory clarity. I think when you get the real unlocking of the US economy and you get the influx of real institutional money, I think the 10th, it’s just hard to predict some of the upside opportunities. But the most important thing that I will highlight and that I will like, where does it end? We have to go beyond mere speculation, you know, III I understand a lot when I say these things, but I’m going to say it anyway. I don’t think Dogecoin has been a good thing for the industry and I’m not against Dogecoin. I went there, but it’s like I don’t know what the use case is. I don’t know, for example there are projects being implemented to solve the real utility. And I see a lot of real utility in a lot of different chains. And I think that’s what’s critical and what, to me, the 10-year forecast needs to be about, it’s not about speculation, it’s about solving real problems. Freedom of transaction is equally important. A freedom of expression. The only way out of all these, you know, terrible crises that we find ourselves in, includes the debt crisis and, you know, the crisis of the ascendant totalitarian systems. The only way out, the most obvious way out is Blockchain.