a regulator like the SEC or the CFTC or the FDIC or anyone else with a whole bunch of letters that you don't care about. Uh, they can make rules, but those rules can be reversed when you get a new administration or some form of regime change.

I mean, we all remember uh Gary Gensler from the last administration, right? I mean, this guy sued everybody. It was like the jerky boys. He says, sue you, sue who, sue everybody. Remember the jerky boys? You guys don't remember Jerky boys. Either way, that was a thing, right?

And you can sue literally every crypto company for everything that they did. They had uh all this rule making that said that uh no real company could custody crypto assets. The minute Gary Gensler was gone, all those rules went with them.

So you have to fear that anything that a regulator does can be erased uh overnight by a new administration.

But rule making is a bit more serious and we're moving on to that. You can clearly see that the SEC and the CFTC, but in this case, the SEC has had enough of waiting for the Clarity Act. I said it again.

Waiting for the Clarity Act that they're going to move on with their own proposal. Now, we've heard about Reg Crypto before, regulation crypto. Well, the SEC will vote Friday on whether they should propose it at all.

I government is so dumb.

It's like, uh, we got the cloture vote we talked about yesterday. Cloture is like, you, we will maybe vote on maybe voting on maybe making some rules that we will maybe make, right? Well, that's what's happening.

They're they're going to vote on whether they should even propose regulation crypto in general. But regulation crypto is actually very, very, very important, uh, because it's going to allow companies in the United States to finally have rules of the road to build in the crypto space in this country.

What it will likely propose is very clear rules on how companies can fundraised for launching tokens and starting their companies, which is something we have not had before.

All we talked about in the Gensler era was the Howie test and what you can do and what's a security and what's not and what rules were we holding to. You'll remember that Hester Perse who's now leaving the SEC unfortunately, long known as crypto mom, even in the Biden administration was proposing an idea called Safe Harbor.

And the very core of the idea of Safe Harbor was that you would be able to launch a token, raise money, and then you would have a certain amount of time, I believe the initial proposal was three years to become sufficiently decentralized by some rules dictated by the SEC at which case you would not be a security.

Makes a lot of sense, right? When you launch a token, obviously there's going to be some sort of centralized entity because it can't just launch in a vacuum with nobody doing anything. And over that three-year period, you'd have enough time to basically remove yourself so that people would not view it as an investment contract, would not be depending on you to see the token price go up, and you wouldn't be a security and voila.

Well, that is what regulation crypto is largely proposing here, an idea of safe harbor and very clear rules on how companies can raise money to launch tokens in the United States.