Episode 25: The 19B Crypto Meltdown, Trump Meme Coin, Ripple One Billion Deal, SEC Signals Change

(0:00) Hey everyone, welcome to another episode. This is Jay, our founder and CEO of Social Market. (0:04) My partner, Leon Hitchens, could not join us, like usual.

He was actually pretty sick today, (0:08) so I’m going to be taking over another week. So funny enough, this is the 25th episode of (0:13) Social Village Report. And it’s been a while, you know, we’ve just started in 2025 and we have, (0:19) just like every other episode, we have another great episode for you guys.

(0:23) Today, we’re going to cover several amount of topics. So first of all, (0:26) last week we covered the Trump and President Xi Jinping’s deal falling off and Trump (0:36) posed a 100% tariff plan on China and that backfired. So we’re going to talk the aftermath.

(0:44) And there’s even some insider trading involved. So we’re going to discuss that here in a moment. (0:48) So after that, we’ll talk about Trump’s crypto, its memecoin.

I believe the Saudis are the ones (0:54) who are investing and there’s quite a bit to talk about there. So we’ll cover that here in a moment. (0:59) Next, we’ll talk about Ripple actually putting a one billion dollar acquisition to (1:05) G-treasury, which is pretty big.

Next, crypto founder and influencers found dead (1:11) and it might look like suicide, but we’ll cover that here in a moment. (1:16) Next, the SEC is pushing for crypto innovation, given its latest report, (1:22) which we’ll cover that here in a moment. And the last story will be Kraken made a 100 million (1:28) dollar acquisition for another big derivative company here in the US.

And just like Coinbase (1:34) are pushing for derivatives here in the US. All right. So before we continue, make sure you (1:40) like this video, subscribe to the channel and click that bell icon.

It costs you nothing and it helps (1:45) us to continue pushing this type of content. And if you guys want to see any particular kind of (1:50) content, feel free to send us a message on on our socials, which will be in the YouTube’s description. (1:57) And feel free to leave any comments.

As always, we like to go over the markets. Okay, so this is (2:02) kind of like the market overview at a glance. We’re seeing that altcoin season index is still (2:08) leaning on Bitcoin.

Fear and greed is still an extreme fear, although I think last week was more (2:14) on the fear side, where I guess throughout the week we were looking at it and it was under fear. (2:18) US inflation is still at 3 percent. Gold is actually back at the 4000 dollar mark.

I know (2:24) went down for a moment to 3900 after the tariff deal was announced. But this is pretty indicative (2:32) of what’s to come in the future, which, as you may already know, if people are putting their money (2:35) on gold or anything that’s outside of the US dollar, it’s usually a good indicator that, (2:41) you know, people are skeptical of the power of the US dollar. So right now we’re seeing gold is at 4300.

(2:47) Invesco QQQ is right above 600. The DIA Dow Jones is at 461 and S&P 500 is sitting at above 6664. (3:00) So that’s pretty much the market overview at a glance.

So let’s go over Bitcoin now. So (3:04) in the last week, as if you guys saw last week’s episode, we saw that Bitcoin had reached a new (3:11) all time high and then the China deal stuff happened and then it fucking went down. And (3:17) then now and then it recovered like earlier in the week.

But now it’s actually below one hundred (3:21) ten thousand dollars. So it’s at one hundred seven thousand. So that’s pretty much the performance (3:28) on crypto this week.

So let’s talk about this historic 19 billion dollar liquidation event (3:34) that is tied to the Trump deal with China after all the tariff fiasco. So, again, last week we (3:40) covered kind of what happened and what was the origin or the genesis of this new China tariff (3:48) deal with, you know, both president of the US and China just having issues coming to an agreement. (3:54) So amid Trump’s announcement of the massive tariffs on Chinese goods triggered the largest (4:00) single liquidation cascade in crypto history, as you may already know, which already wiped out over (4:04) 19 billion dollars in positions and affected over one point six million traders.

So this is from (4:09) Animoca Brands and TLDR of what went down this week. A sudden U.S.-China tariff announcement (4:15) caused the largest liquidation in crypto history. You already covered that.

Nineteen billion dollars (4:19) in market cap wiped out within hours within exchanges buckling under pressure. AnonTrader (4:25) walks away with one hundred and ninety million dollars in profits. So this is the subject that (4:30) we’ll cover.

We’ll go over here now. CoffeeZilla released a similar video, which is actually really (4:35) interesting. It is a much longer video.

I recommend you guys look at it. CoffeeZilla is really good (4:39) at covering those kind of things. But this is from someone else.

I’ve never met this account before, (4:45) but I saw it. I think it’s a good video. So I’ll play it here.

We just witnessed the biggest (4:50) liquidation event in crypto history, and it all started with Trump, China and tariffs. So here’s (4:55) what went down. Trump announced a 100 percent tariff on China and markets went absolutely.

(5:00) OK, so this is kind of what we talked about. I don’t want to interrupt it. If you guys want to (5:03) watch the video on its on your own, you can.

So this is where it kind of just starts talking about (5:10) the insider trading. So I’ll let it play. He backtracked with a post saying, don’t worry about (5:15) China.

It’ll all be fine. But the damage was already done. And get this.

While everyone else (5:20) was losing, one trader in HyperLiquid shorted BTC at ETH a minute before the tariff announcement (5:25) and walked away with one hundred and ninety million in profit in under 24 hours. Now, of (5:32) genius or was it insider trading? On-chain investigators are already digging into who (5:37) this trader might be. So between Trump shaking up the markets and the way pulling off one of (5:42) the boldest trades we’ve seen this week proved again how fast things can flip in crypto.

Make (5:47) sure to follow us for weekly crypto insights. OK, so that was the video. So one thing I didn’t (5:52) mention was and she kind of went over that video.

So Binance and Coinbase were actually glitching (5:56) while this was all happening because a lot of people were we were kind of seeing like a very (6:00) soft bank run, except people were going to exchanges to withdraw their crypto. And Binance (6:06) is probably probably some of the biggest ones. So this is from Crypto Emery calling Binance a scam (6:11) just because they weren’t able to withdraw their money in time or something.

So here’s what it (6:15) said. According to this person, Binance paid over 80 million dollars to users after the USD lost its (6:21) peg. So that was a stablecoin USD.

They are refunding four hundred million dollars to those (6:27) who got liquidated. BNB chain is refunding 45 million dollars to users who lost money trading (6:32) meme coins. They don’t have to do any of this except they don’t profit from liquidations.

But (6:37) why are they paying all this money? Because Binance was at the center of this whole game. (6:41) If you’re still defending Binance, you’re an idiot. So I don’t know who this person is.

I (6:45) think it’s a very valid point. Now, I don’t really use Binance on my own, if I’ll be honest. But (6:50) I think, you know, this is kind of one of those cases where people who are using crypto or any (6:55) type of product ever at all, there’s going to be some unsatisfied customers.

So it is especially (7:01) tricky with crypto because, you know, you only have a limited time to get ahead of the market. (7:06) And especially when the entire market is seeing this liquidation and scarcity or fear, I should (7:12) say, things are going to get a lot more difficult for some people. In this case, they weren’t able (7:17) to withdraw their money from what it seems.

So that was one example. Now, let’s go a little (7:22) bit more into the insider trading. I’m going to try to be as brief as I can on all of these things (7:27) because we have so much to cover.

So on this one, let’s go a little bit more into the insider (7:31) trading of the one hundred ninety million dollars. This person, Jack Ma, says, one of the worst days (7:36) in crypto history happened yesterday. Traders on Twitter lost everything.

Over nineteen billion (7:40) dollars were liquidated. Scary times. But one insider made nine figures on a short position (7:46) he put in 30 minutes before Trump’s tariff announcement.

So, again, this is a two minute (7:51) video. I’m only going to play like half of it. You can watch the entire clip.

We’ll put it on (7:54) this on the description bio. But you can also watch copies of this video. And he actually made (7:59) another good inside description on this.

Let’s play the clip. Day for crypto traders. There was (8:05) nineteen billion dollars in liquidation over a 24 hour period.

To put that into context, (8:11) Covid crashed. There was one billion liquidations. FTX crashed one point six billion dollars in (8:16) liquidations yesterday.

Nineteen point three one billion dollars in liquidations. Here’s (8:23) a look at some wallets you will see behind me. There were multiple with over 15 million dollars (8:29) lost in a 24 hour span.

Now, crypto didn’t go to zero. Bitcoin, Ethereum did have a tough 24 hours, (8:37) but they were only down 10, 15 percent at max. But a lot of crypto traders trade on leverage (8:42) and with meme coins and with very risky assets.

This guy behind me have a friend that was close (8:48) to 30 million dollars net worth almost a decade in crypto, lost the whole 30 million dollars (8:54) yesterday in 10 minutes on cross margins, an entire decade of multiple generations. He could (8:58) have retired all gone in 10 minutes. Now, trolling is common in the crypto community, but it didn’t (9:03) seem like it was happening yesterday.

We have to take this guy’s word. But he said that he lost 15 (9:09) million dollars lost. He was invested in something called Sui.

And he said this industry is a scam. (9:17) Goodbye forever. I’m liquidated.

OK, so he’s kind of just going over people’s personal examples. (9:24) This is the short that actually matters. But yeah, this is just kind of like covering some (9:28) of people’s aftermath after the crash, which is pretty interesting.

How was a much bigger (9:33) liquidation event than fucking covid? Because I remember you look anywhere you look at Bitcoin, (9:38) S&P 500, gold, everything when crashed down like five years ago with covid. So anyways, (9:43) this is the actual liquidation in short Bitcoin or excuse me, the actual insider trading and closed (9:49) with an 88 million dollar profit. The insider who opened his trade 30 minutes before the Trump (9:55) tariffs closed his trades for one hundred ninety two million profits.

And then he withdrew everything (9:59) from hyper liquid. Now, this could possibly just be good timing, but let’s call a spade a spade. (10:04) And of course, Jim Cramer told us to buy crypto just a few days ago and automatic.

(10:11) The crypto trenches are dangerous. Oh, yeah. So that’s pretty much how you guys can.

I mean, (10:15) we pretty much saw most of it. But if you guys want to watch the entire video, it’s right there. (10:19) So that’s pretty much what happened.

It’s pretty scary. Any insider trading that’s happening (10:24) could be associated with the Trump network within their own circle. So we’ll see what (10:29) happens.

It will probably never be addressed if we’re being honest, because crime is legal. (10:33) So just y’all be careful out there. All right.

So more under Trump. So over the week, there’s (10:40) been some developments. As you already know, he released a meme coin.

It’s the Trump meme coin. (10:45) And at some point, maybe during like the summer or like May time, he was actually telling people, (10:52) hey, if you buy my coin, you’re actually going to get, you know, you hold a certain amount (10:56) of my coin. You will actually get to get a dinner with me or something.

I don’t think he said that (11:00) himself, but it was like his, you know, some of his friends or people within his circle who were (11:05) the ones who shared that information. So anyways, political drama heated up with speculation that (11:10) the Trump administration might pardon former Binance CEO ZZ. So this is from Stealth X or (11:17) Stealth X IO.

Here’s where we talked about it. We just talked about it among other relevant (11:22) articles. So that’s pretty cool.

But that’s not everything. So this is actually from Popular.info (11:29) and this is Melanie Darjo. I think that’s how you pronounce her name.

So this is what’s really (11:34) interesting. The UAE bought $2 billion of Trump’s crypto and gets computer chips. Saudi Arabia gave (11:40) Kushner $2 billion for a new Trump tower and gets weapons.

Qatar gives Trump a private jet and a (11:46) $5.5 billion real estate deal and gets U.S. military protection. This is how Bribe works. So this is (11:52) the link that will take us to the entire article from Popular.info. Quid pro presidency.

So it’s (12:01) funny how they do a little wordplay with quid pro quo, but just go over this a little bit. (12:07) And again, this is the kind of news that you want to watch here with us at Social (12:10) Leisure Report because you’re not going to find this shit anywhere on CNN, Fox News, Newsmax, (12:15) you name it, you’re never going to find it on mainstream media. So anyways, nations that have (12:20) bestowed lavish gifts to President Trump or enriched Trump and his family by striking business (12:25) deals with Trump-connected companies have later received extraordinary benefits from the Trump (12:29) administration.

The apparent link between personal benefits and official acts has fundamentally (12:33) changed the nature of the most powerful political office on earth. For example, on May 21st, Qatar (12:39) gifts the United States government a luxury 747 jet, which originally cost over $400 million for (12:45) Trump’s use as Air Force One. The plane was designed by famed French interior design from (12:51) Alberto Pino cabinet and boasts gold-colored walls and gold furnishes reminiscent of the (12:59) president’s opulent home in the Trump Tower.

The cabinet is decked out with winding staircases, (13:07) plush carpeting, leather couches, and more. After Trump leaves office, the plane will reportedly be (13:11) transferred to the Trump Presidential Library, making it available for Trump’s personal use. (13:16) So this is really old news.

We’ve already known this if you’ve tuned in to just news that have (13:21) been happening, even covered by some other outlets. But this is what’s new. But Trump did not stop (13:27) there.

On October 10th, which was just eight days ago as of recording of this video, Secretary of (13:32) Defense Pete Hanks said announced the government will permit Qatar to establish a military presence (13:37) on U.S. soil. The Qatar government thanked Hanks said for allowing the creation of the (13:42) Qatar Emery Air Force Facility at Mountain Home Air Base in Idaho. The facility will host Qatar (13:48) F-15 fighter jets and pilots who will train alongside U.S. troops.

So I think that’s really (13:54) interesting because we’re essentially allowing a foreign government to get in American soil. (14:00) How is this crypto related? Well, here’s the part. In 2024, a few months before Trump won the (14:06) presidency, the Qatar government was one of two investors in $1.5 billion funding round of the (14:11) Affinity Partners, an investment firm founded by Trump’s son-in-law, Jared Kushner.

Although (14:16) Kushner had pledged not to be involved in policymaking in Trump’s second term, he has (14:20) reemerged as one of Trump’s top foreign policy advisors. Several other countries have replicated (14:25) Qatar financial approach to Trump and his family. It has paid off.

So here’s the other development. (14:33) In May, the United Arab Emirates, or UAE, through its state-backed investment fund, (14:39) MGX, purchased $2 billion worth of USD1, a stablecoin issued by Trump-connected crypto (14:44) firm, World Liberty Finance. Stablecoin issuers make money by charging fees for issuing coins and (14:51) earning interest on assets held in reserve.

The $2 billion purchase should generate tens of millions (14:56) annually for WLF. Trump and his family members own about 38% of the company. (15:02) So this is what we’re kind of talking about.

That’s the genesis. The genesis, essentially, (15:08) it’s a long article, but the genesis is people, the Trump presidency is essentially using crypto (15:14) to get gifts that you normally wouldn’t be able to get through being president or holding office. (15:21) So, I mean, you do what you will with that information.

I’m just a journalist here (15:24) covering everything that may not be available by mainstream media, which again, you should (15:28) check out our channel and check out our other videos for this kind of content. We’ll leave the (15:32) article here in the description as well for you guys to look at. To kind of just put Trump’s matter (15:36) at rest, because we’re really just here to cover the economy and everything that’s happening with (15:39) insiders.

I’ll leave it at this. From Ash Crypto, breaking. President Trump says China wants to talk.

(15:46) We like talking to China. Okay, excuse me. If I’m quoting Trump, I need to quote him correctly.

(15:53) President Trump says China wants to talk and we like talking to China. US-China trade deal is (15:58) inevitable. So this is kind of like the aftermath again of the just the whole issue that happened (16:05) last week.

So I’ll go ahead and play this video and then we’ll pretty much move on to the rest of (16:09) our other stories. And we are in a very strong position because of tariffs. We’re in a very (16:15) powerful position because of the fact that we have tariffs.

If we didn’t have tariffs, we would be (16:20) in a very weak position. We would be in a weakened state. But with tariffs, we’ve made hundreds of (16:27) billions of dollars, not only from China, but from others.

And China wants to talk and we like talking (16:33) to China. So we have a very good relationship and we’re going to be meeting in South Korea (16:39) a couple of weeks. And and we are in a very great.

Yeah, so they’re still talking. We’ll probably (16:47) learn something next week amid the government shutdown. So we’ll keep you updated for any (16:52) developments.

That was pretty much anything related for Trump for this week’s episode. But we still (16:56) have some more interesting topics that we do want to talk about. This is more like the business (17:00) economy side.

So now our next story, we’ll talk about G Treasury being acquired by Ripple for (17:05) over a billion dollars, which is an insane amount of deal. There’s a very few amount. There’s very (17:10) few companies that ever get the one billion dollar status.

And just to kind of put things (17:15) in perspective, every day there’s like about 10 to 100 companies being created worldwide. So that’s (17:20) pretty significant. None of them hardly ever get to the one billion dollar valuation, let alone (17:26) be part of this kind of deal.

So Ripple, as you may already know, they’re the main parent company (17:31) of XRP, the token that everyone loves. So G Treasury is Treasury Management System and Solutions, (17:38) TMS Software. So they’re acquiring, again, G Treasury for a billion dollars, which is pretty (17:43) significant.

It was part of a broader Tratify crypto integrations like Citibank’s planned 2026 (17:50) crypto custody service and global banks exploring G7 pegged stablecoins. And this is from (17:57) Zetify. So Zetify, this is a post, we’ll leave the post here in the description.

But he kind of gave (18:04) us some top headlines over the week on Twitter. And that’s where we’re kind of covering this story (18:08) from. However, this is from Yahoo Finance, and it kind of gives us more of a detail on this.

So (18:14) we’ll kind of just, you know, speed run this. So Ripple acquires Treasury Management Firm for one (18:19) billion dollars amid DAT boom. And it gets more into it here in this article.

So fintech company (18:25) Ripple announced Thursday that it bought software firm GT Treasury for one billion dollars in the (18:30) crypto giants third major deal this year, adding a company that can support the growth of company (18:35) management crypto in their corporate treasuries. So if you guys don’t live on the rock, you guys (18:40) might remember that for the longest four or five years, Ripple and the SEC have kind of been (18:45) added with their lawsuit. And Ripple has probably spent like millions, if not hundreds of millions (18:51) in lawsuit and legal fees just to fight this lawsuit.

So it’s really interesting to see them (18:59) kind of turning around and actually spending over a billion dollars, which probably don’t come in (19:03) liquid cash, but in like token reserves or in other kind of things. So it’s really interesting (19:07) to see the, you know, development of Ripple in the aftermath of the lawsuit. So anyways, Ripple, (19:14) the company whose founders created major crypto asset XRP, said the acquisition would help the (19:19) company move money and unlock idle capital.

The deal is the latest example of a big digital asset (19:25) company pushing into the mainstream. I mean, crypto has already been mainstream, you know, at this point. (19:30) But I mean, that’s an interesting development.

G Treasury offers a platform that allows finance (19:35) teams within companies to better analyze and manage their cash flows, quote unquote. For too long, (19:42) money has been stuck in slow, outdated payment systems and infrastructure, causing unnecessary (19:48) delays, high costs and roadblocks to entering new markets. Problems that blockchain technologies are (19:55) ideally suited to solve.

And this is from Ripple CEO Brad Garlinghouse. And he said in the statement, (20:02) and this is from a post on Twitter. So he says he continued on next.

The past few years have (20:07) been reminded this industry why payments first and foremost is the primary use case for crypto (20:12) and blockchain, adding that the deal would reduce friction and cost outdated payment systems. (20:17) The announcement said Ripple would be able to help the financials world shift towards digital (20:23) assets as more top companies deal with managing stable coins, tokenized deposits and other assets (20:29) at scale. If you want to read the rest of this article, we’ll leave it at description.

So again, (20:34) I’ve already said it, but I think it’s really interesting to see how much far Ripple has come (20:39) out on the other side of their lawsuit, which again, it was an unfair lawsuit. I’ll give it to (20:43) them. But yeah, I mean, I mean, the CEO of XRP makes a stupendous, amazing claim why crypto is (20:50) even valid beyond just meme coins and gambling, if you will.

Like it’s real world use cases. It (20:57) makes money much faster. I don’t know if anyone who is watching this is, you know, has seen like (21:04) Brian Armstrong’s, the founder of Coinbase, his pitch deck when he first got into YC that (21:09) essentially put them, helped them get to the next step, which eventually led them to be where they (21:15) are right now as a big of a company and now including crypto into people’s 401k’s.

So there (21:22) was this one compelling argument that he said in his pitch deck where he was, and this is back from (21:27) 2012 and it’s just a few years after Bitcoin came out. He pretty much said Bitcoin is this new (21:33) novelty that essentially makes money faster. It makes it more affordable and it cuts the middleman (21:39) between payment systems.

Now, it kind of puts Coinbase as a middleman, but they facilitate this (21:44) technology to be used by common users because before Coinbase, they essentially, you know, it (21:50) was really hard to send Bitcoin and to use Bitcoin or to even buy it. But that’s just besides the (21:55) point. Like this is just the point that I’m trying to get is crypto is widely being used here to (22:02) accelerate money payments or money financial systems.

All right. So that was in any case the (22:07) latest development with Ripple. Now, our next story is a more morbid story, but we got to cover it.

(22:14) A tragic death of crypto investor Konstantin Galish. A somber story gripped the community. (22:23) Influencer and investor Konstantin Galish was found dead in his Lamborghini after losing 65 (22:28) million dollars of investor funds in futures trading amid the market crash, highlighting (22:34) the mental health toll of crypto’s volatility.

So this is from a post on Twitter. So this is from (22:41) Crypto Psalm. He left this comment where he said, bro, took his own life after losing 65 million (22:46) dollars of his investors funds to futures trading due to Trump tariff announcement on China on (22:52) October 10th, which, you know, it’s very tragic.

So more on this is this is why I will keep saying (22:57) this. Don’t give motivational quotes when the market is red. You don’t know what people are (23:02) going through.

We know every dump is an opportunity for new entry. Keep that to yourself and give (23:08) someone hearts instead. This way, you’re letting those in loss aware that they are not allowed.

(23:14) I’m not sure what he was trying to say there, but please, we need to start displaying some atom of (23:18) love in this space. We are not rivals. We’re all fighting in a common goal.

Get rich. Rest in peace, (23:23) CEO Cryptology. So it was really interesting.

So this is kind of like a comment to the original (23:29) post from Whale Insider. Just then, crypto investor and influencer Konstantin Galish found dead in (23:35) Lamborghini amid historic market crash. It looks like he offed himself.

Let’s look at the actual (23:41) parent story, because there’s really not a lot here. You know, this is kind of just, oh, by the (23:47) way, this is what happened, which, again, this is not something you’re going to find on any other (23:51) kind of traditional media. Oh, why are we even talking about it? I think it’s a relevant story.

(23:56) You know, anyone who might off themselves for any reason is already terrible and it’s worth covering, (24:02) especially if it’s someone who, you know, had major influence in the market or in what we talk (24:08) about here in Social Edge Report, which is crypto. I mean, it’s tragic. It feels like, you know, (24:14) the market crash is what led this person to off himself.

And if he was dealing with investors’ (24:21) money, because when you get money from an investor, it’s not really your money. It’s money (24:24) from it’s money that they essentially lend you to do whatever you promised you would do with (24:30) their money, which is usually giving them a high return of said money. That’s usually the way it (24:35) goes.

So we’ll probably learn more of that later if people cover more or there’s more things for me (24:43) to cover. So, you know, pretty short story, but it is what it is. Our next story, we’ll talk about (24:50) the SEC with crypto and it’s actually pushing for more innovation exemptions.

So what this means is (24:57) the SEC current chair, his name is Paul Atkins, announced plans for an innovation exemption (25:03) framework for digital assets by this quarter or early 2026. And this is aiming to lure builders (25:10) to build in the U.S. All right. So this is from Yahoo Finance.

We’re 10 years behind. SEC chair (25:15) vows to fast track U.S. crypto progress. SEC chair Paul Atkins admits U.S. is 10 years behind in (25:22) crypto regulation, calling it job one as agencies plans innovation exemption by year end, moving (25:29) away from enforcement first strategy towards collaborative framework.

And again, it’s so (25:34) amazing to see this. Me being someone who was building a different kind of product on crypto (25:39) right now, social market is mostly doing crypto coverage for every trader. Little shameless plug (25:45) there.

But, you know, before that we were doing social finance and it was actually kind of a tough (25:50) time because and if you don’t mind me just giving you like a quick minute rundown, we were building (25:56) on a decentralized social blockchain known as Deeso. And this is before Forecaster even became (26:00) a thing, before BaseApp was a thing, which is where the most it’s the most popular crypto space at (26:06) the moment, social media wise, aside from Twitter. So what was really interesting is we were trying (26:12) to launch before and the Apple App Store was giving us issues.

They were deeming us as money (26:17) transmitters and we needed to get some licenses and get, you know, any sort of, you know, security (26:24) distributor license, which we’re already talking about hundreds of thousands of dollars for that (26:29) kind of deal. And, you know, we went to a lawyer that is based on New York because New York is (26:34) another crypto capital of the world, even back then, like a few years ago. So one thing they tell (26:41) us is you need to, you know, according to the SEC, you need to file for a money transmitting license.

(26:46) You need to get a KYC or otherwise known as Know Your Customer and anti-money laundering licenses (26:53) and compliances, blah, blah, blah. Obviously, that killed our business because we were like, (26:58) OK, we’re talking about maybe a million dollars every year with like compliance and legal fees. (27:04) And this lawyer, he was going to make a fat ass check if we were to continue working with him, (27:09) which obviously, you know, this was our first startup.

We knew nothing about what we needed (27:14) to know. So obviously, that went that went down to the bottom. And now, you know, we’re seeing (27:21) almost like a day and night cycle of like what kind of compliances we need for small or first (27:26) time business owners to comply with in the U.S. Anyways, that was very little, you know, background (27:32) on what we were doing.

But let’s actually talk a little bit more on what they’re trying to do here (27:36) for the next 10 years, because it looks like we’re 10 years behind. Well, I think they talk about the (27:41) first 10 years. And we’ll leave this article in the description as well.

So it looks like this (27:47) article was from October 16 on Thursday. So just a few days ago, it says SEC Chair Paul Atkins has (27:54) acknowledged the U.S. is 10 years behind in crypto regulation and pledges to fast track crypto (28:00) progress. According to him, the crypto aspect is our job one, making it a priority for the regulatory (28:06) body.

During the D.C. FinTech Week event at the Amazon headquarters on Wednesday, (28:13) Amazon stated that the SEC intends to build a robust framework to bring back industry participants (28:20) who may have left the country, enabling innovation to flourish. Atkins vows to fast track U.S. crypto (28:26) progress. I’d like to say that we’re the Securities and Innovation Commission now, he added.

And (28:31) there’s a source on YouTube, which again, you can look on on this on your own. And I think it’s (28:36) interesting because D.C. FinTech Week event, and it’s right around the timeline where all across (28:42) the country in the U.S. we’re seeing these startup weeks, these tech weeks and anything of in between (28:48) between startup and tech kind of just taking place. So I believe this.

I think it’s really cool. (28:54) It’s it’s these events are a great opportunity for business owners and, you know, anyone who wants to (29:00) dive their feet into, you know, getting into business or trying to find a new job or even to (29:06) just network with affluential people. I think it’s a great opportunity.

And I think it’s even better (29:12) for the current chair of the SEC to go to D.C. in particular and kind of just give this statement (29:18) because, again, this is, again, day and night difference with what we saw in the last few (29:24) years with the current with the past chair being Gary Gensler. So and he is absolutely right. We (29:30) are 10 years behind because right now it’s 2025 and around 2015, one, we saw Ethereum come out.

(29:37) Two, Japan was already on path. I think they were one of the first few players, if not the first, (29:43) where they were giving, you know, clarity and regulation on how to use crypto for everyday (29:48) user, how to buy crypto in a safe manner, and even passing legislation that enforced (29:54) consumers and businesses to engage in this kind of business in a safe way that everyone can.