On the gelass that news my name is Rob and we've had quite a bit of a rally going on for quite some time but there's some new information that make cool it just a little bit what I'm talking about is there was report put out by the by demonstration for the White House. And it talks about the administration's roadmap to mitigate crypto currencies risks now before I go into the report let me just say this I've read this a couple of times now. And to me it just looks like they're trying to get a handle on the centralized players not the crypto products themselves which I think is what people get a little bit concerned about but the co mingling of funds the different traditional financial markets getting into with the different crypto centralized players and the different problems that they're having and this is what they're trying to alleviate so let's just dive right in. So the first thing is they're going to give a little bit of history about what's going on in May a so called stable coin imploded from prompting a way of insolvencies just months later a major crypto exchange collapsed everyday investors suffered serious losses are talking about Luna and of course FTX but also the voyages in the cells is a block box. And by direction we've spent the past year identifying the risks of cryptos to be sure the tech powers crypto may offer ways to make payments faster cheaper and safer that is true. But this framework identifies clear risks again it's not about the product themselves it's about the people that are handling it in the centralized aspect crypto platforms and promoters often missly consumers. They have conflicts of interest they feel the make out of good disclosures or coming out right fraud look we talked about this yesterday we talked about this with Kim Kardashian got brought in by the SEC she paid a fine of like $1.4 million and the reason was because she was promoting an Ethereum max whatever the heck it was called. And she didn't give any of the scoters like hey they pay me a boat what money to talk about that all that's all it was and I thought to myself look I have to say I have to disclose everything in the links in the description that there are affiliate links to there's a there's a channel promoter. I always say I'm biased if you don't want to use the affiliate links you know half you go right there but if you do use them or so I get something of course you get some discount or something like that. But the promoters that don't disclose anything those are the ones that are screwing up for the rest of us and even in the realm of YouTube and tick tock and social media everything else I have heard stories and you know who those people are will not identify them here. Who they get paid a certain amount of crypto in a new emerging token and they don't buy into it they have no skin of the game they promote it they pump they pump they pump they pump they dump on their constituents are their subscribers and essentially rinse wash repeat I have no idea what is people still have channels it's amazing to me but it's the truth and that is essentially what this report is talking about on top of that the banking agencies issued joined guidance. On the imperative of separate risky digital assets from the banking system now to be fair there are still a lot of banks that are on board everything from NY dig and being a Y melon so there are some agencies that say hey we shouldn't really get into too much this risky aspect to each their own agencies have redouble their effort to fight fraud and clean the proliferation of false from a certain claims about crypto assets being insured by the FDIC I tell you that is that's voyager as they came on. Here and said yeah yeah we're totally backed by the FDIC was in the case and there's some nuances to it and I want to get into it here but it was just the cake that was just the truth. In the coming months the administration will also unveil priorities for digital assets research and development which will help to tech power and cryptos protect consumers by defaults and then this is what it is from the federal register you can check this out but it does say quite clearly response motivation digital assets could provide significant benefits for the American people and we're going to take a look at that with the California DMV and tasos in just a bit so to finish up Congress should expand regular powers prevent misuse of customers assets again with the centralized play and this is the big thing and I have to agree here this is right legislation should not green light mainstream institutions like pension funds to dive headlong into crypto markets. Traditional financial institutions limited exposure to crypto has prevented turmoil and crypto from affecting the broader financial system it will be a grave mistake to enact legislation that reverses course and deepens the ties between crypto and the financial system what they're talking about here is this there was a pension fund in Canada and they dumped a large chunk of their pensions of their funds into FDX what is that mean now all the people that put their money that that is gone and the reason for that is that the financial system is going to be a big deal. And the reason is because me personally Sam Bacon Freed and Gary Genzel the SEC had multiple sit downs Gary Genzel had an inside track was going on and he did not protect those consumers so I don't know where the time out like we should strengthen it in reality what how I see it is Gary who is a top cop didn't do his job I could be wrong here but let me know anything about the comment section. What they're saying here is that the traditional financial system if you have major amounts of pensions we've already got problems with pension funds already if they go into more of these types of centralized players or exchanges and put funds into it and they collapse what does that mean for the overall market and for the strength of the financial system here in America will probably collapse and it's the reason because of the greed and the fraud of centralized players and that's what trying to get their hands around not the crypto products themselves I don't see that being the case let me know where I'm wrong and let's finish up with this piece here so the administration hold hardly supports responsible tech innovations that make financial services cheaper faster stronger more successful again but they do need safeguards the digital economy works for the many not just a few so again I still think this is a centralized play issue I don't see this as a crypto project I'm going to think about that in the comment section and there is one more piece that could probably cool off this this rally which is that you're going to hear more about this United States ceiling debt here's the US debt clock dot org and you can see that the debt right now is 3 1.5 trillion not too bad America's number one well not really and there's other people with more debt than us but this all comes back to an article a couple of weeks ago Janet Yellen warned the federal government will reach its statutory debt limit of 31.4 trillion on January 19th and I was thinking that we would see some kind of like showdown with Congress or maybe they would halt they would halt the government but now just keeps going up to 31.5 trillion but they're really talking about it now but you're going to hear a lot of people talk about well if this happens and they shut down the government you're going to see some turmoil in the markets which is true debt ceiling if you didn't know I didn't raise it was a raise this month but it's been raised 45 times the last 40 years so what's one more the past debt ceiling crisis has royal markets the S&P 500 should 17% in 2011 but their effects haven't lasted long and this is this is how you know the market is unrealistic is because if this if the debt ceiling has been raised essentially every darn year forever for the last four decades why would the market go down it's not like it's a big deal I mean for the overall people say well America might might default in slence it's not going to fall in slence all's going to do it's going to do what's always done it's going to be the US government the US dollar is the is reserve currency of the world it is going to keep printing that's what's going to be they're going to turn the printers on and say we'll pay off the debt and that's it and then I really hammered this point home here's a history of the debt ceiling levels from 1940 on and this is in doing the dollars and 41 they added 16 billion and I want you to notice one thing that in like in 1956 or no to be 1946 they took off 25 billion dollars mean they reduced the ceiling because they were economically efficient you don't see that too much or at all moving forward into the 80s the 90s and look at this doesn't have to help 2.1 trillion 1.7 trillion 2017 and of course the last one December 16 2021 of 2.5 trillion so I know people are going to talk about like the end this this guy is falling you can play it however you want to me personally if they have to announce it and the market goes down so much the better I dollar cost average I'll just snap up some really cheap crypto that's what we got much to think about that and then to finish off with some good news I think this is pretty interesting actually the DMV the California DMV is going to digitize the car title management be a pesos I still have some tasos and fortunately it's on the Celsius network anyhow the move is part of a collaboration between between DMV tasos and a software firm called oxhead alpha and it's going to be essentially a shadow ledger or it's going to be a private blockchain California DMV's chief digital officer object to says he wants the shadow ledger iron out with the next three months so it's not like it's going to be years in the future it's going to happen very quickly and following on from that is looking to roll out applications such as digital wallets to hold and transfer NFT car titles that's interesting with the DMV acting as a middle man to oversee such operations kind of open see I suppose I thought was interesting that's a real-world use case and that's what we call blazing gentlemen utility that's it for today so look quite today's video give it a thumbs up consider subscribing not that YouTube is going to notify you anyhow but that is it for today I do appreciate a stop by thanks so much and I'll see you on the next one