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there's two ways to look at this one is the conspiracy theorist way which you see a lot of on Twitter which is this idea that crypto is making all of these inroads as a replacement mechanism for fiat currency and so governments are really now invested in trying to shut it down I think that's largely untrue and then there's the more simple basic reality which is that there was one part of the SEC that frankly didn't do the job that they were supposed to by either allowing a few of these crypto companies or crypto businesses to go public either as Standalone businesses or as part of other businesses so coinbase Robin Hood Etc and then there's this part of the enforcement action after this FTX Fiasco which is a lot of cya covering your ass by the SEC hey guys welcome back to Library of wealth today chamath gives us an update on the crypto market and what he believes is coming next with the SEC binance and coinbase the SEC lawsuits against the two largest crypto exchanges by market Volume last week will likely have a chilling effect on the tokens mentioned in the filings possibly forcing them to resettle their businesses to other parts of the world last week the SEC accused binance and coinbase of offering unregistered Securities to the general public the suits highlight ongoing questions about whether cryptos are a security commodity or something else entirely shamath says that if the SEC wins crypto exchanges will have to leave the U.S market which could force regulation much sooner than most expect let's get right into the latest interview with shamath as he gives his prediction for the crypto market and discusses what looms on the horizon in 2023 don't forget to hit the like button and subscribe if you enjoy the content we do here on this channel let's get right into the video and so they're coming down hard and they're going to go and systematically dismantle the largest actors and they're going to go through the value chain so I think the obvious place that they're looking now are the exchanges they'll look at the custodial Services they will not approve any ETFs and then eventually I do think it trickles into all of the staking services and eventually I think it'll touch the Venture community and all of those firms and funds that had a huge robust business in staking these crypto projects in order to get coins like founding coins and then being able to sell them unfortunately I'm pretty skeptical that you're gonna see any form of legislation pass I unfortunately think that the SEC has by and large put the entire sector into mate and so I think that what Jason said is largely right which is that it's going to force these companies to preserve Enterprise Value to to leave the United States and to jurisdictionally operate from a different place and to basically IP block and IP gate U.S residents from using their products and services I also think that they're going to have to pay large fines and so the only thing that'll be left is to adjudicate all of the staking stuff that that happened and whether that was right or wrong I mean I've been talking about this since the beginning because I I bought Bitcoin and wrote about Bitcoin when it was maybe 25 cents and then again when it was 100 so I've been following this for a long time and I think thinking from first principles just stepping back for a moment you know what we do in technology is fundamentally disruptive if it's at its best if it's truly going to be important in the world when you get crypto the crypto crowd literally said we are going to replace fiat currency fiat currency is the government and so my thesis from the beginning was if the government has a way to stop this they do not want to be disrupted what is a government at its core it's a military it's a bunch of rules laws and it's money that's the kind of pillars of any government's power we knew the government wasn't going to give this up and they left around and found out but the truth is the and this is where I have some sympathy for the crypto people not the people who are just committing crime with the whole way and just dumping these bags on retail Etc but we do want to have this Innovation here there are some Innovative aspects to it but Gary Ganser said listen you already have electronic money it's called money in the United States we already have these Services you don't need this consumers don't need it and you have to understand the sec's function in the world to understand why they're taking this action their function is to protect investors investors lost a bunch of money therefore they are going to Retro actively inflict pain and hold people accountable for their mandate which is to protect investors you could have easily resolved this the SEC and the companies could resolve this the companies could have followed these things as Securities and only allowed accredited investors top five percent of the country people who make over 200k a year they didn't do that they said anybody can buy these well that's just not how it works in America and it should change I think what's happening is more nefarious than that so the SEC is doing two different things they're alleging two different kinds of crimes one set has to do with protecting investors from having their funds stolen on these exchanges or at least commingled FTX did that right where they basically took customer deposits and stole them what binance is accused of is taking customer deposits maybe not stealing them but commingling them with company funds that should be looked at and I think crypto customers should be protected against that however the case against coinbase there are Legend completely different set of facts which is effectively what gunsler and the SEC are saying is that it is not legal to operate a crypto Exchange in the United States that is what the SEC is staying because coinbase has basically done everything right and I believe that Gensler is far exceeding his authority and stating something like that it is not up to the chairman of the SEC to say that Americans should not be holding crypto why as a free people should we not be able to buy crypto if we want to everyone should understand what the SEC is doing right now is basically usurping Congressional Authority it should be Congress that makes the law if Congress wants to ban crypto exchanges in the United States and prevent the citizens of the United States from owning crypto let Congress do it it should not be up to Gensler to do that and the question is why is genser going this far when previously he had relationships in the industry apparently he was a consultant to binance and even worse he was talking to FTX about giving them some special status and I I think the reason is that the scuttlebutt is that he has an alliance with Elizabeth Warren and the rumor is that you know she will make him treasury secretary if he basically destroys crypto in the U.S sorry where is the evidence for that that's just some one's rumor and speculation this is the scuttlebutt in the industry okay so it's it's someone this is in fact the back channel so just to be clear rumor and innuendo is what you're saying no look what I would say is clear is that Gensler and Elizabeth Warren have an alliance to destroy crypto in the U.S this was speculated about before with operation choke point but now it's clear they're trying to separate some choke point we've talked about on the show before it was a series of actions taken what you do when you're in a hotel at night no operation choke point was a series of actions by the US government to basically destroy all the on-ramps to crypto so you couldn't get money into the system now they're going further and they're basically saying it is illegal to operate a crypto Exchange in the United States the sec's legal battle against coinbase and binance will Define the future of cryptocurrencies billions of dollars worth of digital assets change hands on these platforms every day yet crypto since its Beginnings has existed in a regulatory gray area after all most of the current Finance rules were set before cryptocurrencies came into being a Turf War continues between the SEC and the cftc over which agency has the power to oversee these assets and the broader sector Gensler believes most cryptocurrencies are securities and as such current laws give his agency the power to regulate them both of these companies have resolved to fight the charges against them and they're preparing for the Long Haul however it's not just coinbase and binance the lawsuits are also threatening to create a lot of uncertainty and further erode confidence in the entire sector we'll be keeping an eye on this what do you think about the latest interview with shamath and the all-in podcast and what direction do you think crypto is headed in 2023 comment down below thanks so much for watching don't forget to like And subscribe this is a library of wealth we'll see you in 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