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Let's get into some details today around the SEC and some of their activities here recently including taking on PayPal and going head-to-head with one of the biggest financial institutions out there it's going to be a good one my name is Paul Baron welcome back in Tech pathBefore we get started I want to play a little clip for you from our sponsors and that is tangum if you guys are looking at going into you know self- custody this is the play to go so a lot happening within their new app updates uh some of the things pretty simple darkMode of course yes but I like the features that we're getting into the concept of doing sorting of your assets that's a cool feature the other thing that uh plays into this Hardware wallet is its ease of use and the app itself along with the three cards which by theWay if you go over to the tangum website we'll leave a link down below get the three card pack so it's going to give you guys the ability to do some cool things within then um not only securing your wallets but keeping those backups all those kind of things that's theBiggest thing around it if you're keeping any of your tokens on exchanges stop now and get them into a tangum wallet all you have to do is Click our link down below and you'll get the uh 10% off on the pbn discount so do thatAll right so I'm going to go over and hit up on a couple of things here I want to start with the Squawk Box uh video and this is about halfway through I'm going to play this for you guys this will get into the detailAround uh what we're going to look at in terms of a recession listen in do you think the FED is trying to look ahead now and finally trying to anticipate rather than react yes I do but I you know I listened to Pal's press conference and I thinkHe's just as confused by all the different data points as everybody else maybe that's why he's he wants to pause because he doesn't know what to do will there be another hike have no idea what would you do I'd wait see what the data says what what you know you've alreadyRaised rates so much you know another 25 basis points from here is not meaningful it's more of a messaging so wait till you you exp a year from now that he's going to be lowering rates no I don't I don't actually think we're going to unless we have a very bad recession IDon't think we're going to see the FED lower rates I think P Powell is still petrified of what happened to vulker in the early so those folks are saying buy bonds right now right byy by byy 10 years because you know rates are going to come down you don't think that's theCase I think that's way too early to make that kind of prediction I wouldn't be doing that you think he's terrified of what happened to vulker when he lowered rates when he lowered rates and inflation resurge that would be the that would be the worst possible outcome thatCould happen to the country and for Powell's reputation I think he lives in more fear of that than a recession all right so a couple of things we covered this on the fomc meeting uh the other day and that was pretty much my take is that even thoughThe pause did occur I still think there will be another uh rate hit because of the data that's coming in and CA cusing the confusion by pal they don't know how to read what they're coming in if you think about this the most massive rate Heights we've had in the last two threeDecades obviously a recession looming if not already here some of the worst kind of numbers coming out of different sets of markets including an 8% mortgage rate all of this plays into either a correction or possibly one last little gas to hold it but I do agree with himAnd that is the uh Steve ellman which is that could pal go in the direction of holding a pause going much higher for and I say much meaning higher for longer much longer and not reversing rates if that does happen in 2024 it does mean we are having a recession now a coupleOther people out there that are looking at this is of course Arthur Hayes pal pivot slowing down is giving us I think a better sense of how much uh we need to do if we need to do more but every measure of inflation is above the fed'sTarget of 2% guess it's time to pump up Financial assets I don't necessarily agree with Arthur right now on this particular point in the sense that I think we're far far enough out yet because of the data that continues to Pile in the GDP growth I know the peopleAre looking at the GDP possibly correcting and jobs numbers finally catching up but I still think that we are in a position to where until there is real pain and that will most likely come after Q4 if there is real pain that's when the FED will actUh in reference to that now with that you've got of course you know some pretty big things happening in Japan now approving 120 excuse me 110 billion in stimulus packages to fight the fight the inflation situation of course if we follow the track of what's happening in Japan with this hyperinflation potentialRisk then yeah you're going to see that but the question is right now is it the time and I I still think that Pal's got another 25 basis points in there and and to Steve's point is that it's going to be a messaging thing that will help keepThe markets in check because if we do get a research on inflation to his point he definitely does not want that to happen because that could really set things into a motion that is almost will maybe could take multiple years to correct so there's a lot happening rightNow now moving over to PayPal PayPal received a subpoena regarding its $156 million market cap uh stable coin which is PUSD we've covered this if you don't know much about that stable coin go back to our video and watch PayPal stable coin launch it's a big deal because thisI think is good for PayPal in the sense of becoming the Next Generation Financial tool the interesting thing and I'll show you guys some things about this in a little bit the interesting Tool uh question here is why the SEC went after PayPal now there are someThings around this that is kind of unique of whether or not the C thinks they have a position or there's some other scenarios that are playing out this from a political point of view I won't get into playing favorites but you know we know Gensler I think everybody kind of understands what's beenHappening further so I'd love to kind of get your feedback on where this is going from the article it says significant uh development obviously pioneering the move in August this is when the PayPal introduced the stable coin and they're really kind of the first I think theFirst giant that has been hit now remember this is a subpoena it's not an action so we haven't seen a Wells notice things like that all coming out so PayPal issued uh some more information the digital D obviously is prohibited from allowing new customers to buy new crypto assets expanding its currentOffering for crypto assets and operating an automated process and exchange crypto assets for money without fca's approval so that's something there October 31st before PayPal uh SEC um subpoena the UK treasury published a proposal to integrate crypto activity into the financial services regulation remember what's happening in MA within the EU andNow the UK also moving active PayPal's PUSD uh an erc20 token issued on eth of course and then during this the SEC subpoena indicates the road to achieving this objective is fraught with regulatory obligations this of course has been gendler's argument all along is that everything's a security uhIncluding your Pokemon cards so I think it's just a a situation where they're firing some stuff across the here we'll see how it goes I want to go over to a tweet real quick this is kind of just John Deon chiming in on this uh under Garett Gensler will not stop at tryingTo take down anyone who adopts blockchain technology to give their business a competitive advantage in financial space and now he's going after PayPal this is a good statement by John because um he's right in the sense that anybody that is really starting to move in this direction the interesting thingThough is we are on I think the the doorstep of some major financial institutions moving in this direction now why has Fidelity not been approached yet obviously one of the biggest I think out there in terms of digital assets from the mainstream you know financial asset managers and then you've got thePotential of what will happen when we get a Bitcoin ETF and possibly going into other ETFs things like ethereum and even other assets going in that so it's going to be a very interesting year I think coming up just as a note here us uh SEC messed up in handling theContentious crypto accounting bulletin this is um a deal that happened earlier this week the SEC was out of bounds when it issued the controversial staff accounting bulletin a little bit about that the guidance which is the industry threatens to crypto investors the ability to find safe harbors in theirAsset should have been treated as a formal rule uh and of course this is Theo included a report on Tuesday and the accounting bulletin should have gone through a different process which is is really going through Congress that's what it boils down to and the SEC in their beautiful architecture ofOverreach they do it again and of course they get into a little bit of a a match with McKenry and lumus this was of course chair McKenry responding to this he simply says the rule would impose massive new reg requirements on financial institutions and other firms to place digital assets on their balanceSheets as a liability with a corresponding asset so this gets back to this whole accounting Rule and then ultimately this would deter institutions and firms from offering custodial Services which is a huge one uh denying Americans access to safe and secure custody of their assets this is aProblem because you know this could even bull go into the big ones such as a Fidelity who already does this with ethereum and right now the bulletin has massive implications and the SEC should have received feedback from the Federal Banking regulators and public before implementing a legally binding directiveThis came from lumus so we're aware we don't really know which way lamus is leaning yet uh just because she's kind of been back and forth maybe she got baited into this little thing with you know the Hamas scenario but uh the fact that she is defending is uh showingSomething uh this sets an incredibly dangerous president I plan to use Congressional review act to block this rule in the coming weeks so there's some big actions right now uh in DC about this uh another thing here this came from uh Deon it's a clear statement ofFederal agency at the SEC broke the law uh ever since the Ripple lawsuit SEC has consistently not followed the law they don't care not only do are they Hypocrites but they also lack of faithful allegiance to the law and the SEC does more to hurt the investors thanIt does to protect investors I would agree with that now granted the SEC is in Full Tilt against crypto right now if you look at what they've done here with safe Moon and granted this is kind of lwh hanging fruit if you're going to go after the you know the scammers go yeahOf course get the scammers and this is one that did happen safe Moon crypto and token Executives now uh were arrested in charged with fraud so this is at least what they're supposed to be doing the only problem is they're going after real companies who are running realBusinesses uh in causing a lot of mismanagement I think of the asset sometimes I wonder if the SEC is doing this more out of an idea of just you know detract and you know defend you know create noise over here nothing to see here kind of thing I don't know it'sA very interesting situation right now but the charges um in the company's orchestration of a massive fraudulent scheme through unregistered sale of crypto assets and security safe Moon Additionally the SEC charges The Firm the misappropriated investor funds for personal use so that's those are typical things that are happening not just inCrypto but in any kind of company including VCS private Equity uh independent angel angel round all those kind of things all this happens in any fed federal regulated fundraising these kind of things happen and that's what the SEC is for it is supposed to do those kind of things on to some otherNews here is micro strategy stocks uh their advantage over the plan spot Bitcoin ETF this is something that sailor is talking about I don't know I would love to get your input on this I I'll I'll reserve for some of you guys you can drop some comments down here before before I kindOf go in this direction but basically sailor is saying that the micro strategy stock offers a way to get Bitcoin exposure with a benefit such funds won't offer such as an ETF further in the article uh here is some explanation here spot EDF would ETF would charge investors a material amount which willDilute returns meaningfully over the time why would someone uh a prudent investor want to give up such a large portion I don't know that it's a large portion we've shown some of the fees that have been proposed they're not super expensive uh compared to that from a standpoint of intrinsic value anyDownside move in Bitcoin will be partially offset by the stability of the underlying asset so spot ETFs offer no such protection but you also have to think about the fact that micro strategy itself the stock could also take a deviation and Mark a correction soThere's kind of a I don't know I'd love to get your feedback on which way you would play it I'm looking at this from an ETF standpoint I think that's going to be the route that people will take could people say no I'm going to play this direction you know with microStrategy but uh Hey listen it's an interesting argument always love to kind of get uh feedback across uh our channel so drop some comments uh down below here was James lavish talking about this institutional investors who were once worried about career risk for owning Bitcoin now are beginning to worry aboutCareer risks for not owning it and wondering when guzzler is going to finally approve um the spot ETFs for them I think this is a an interesting thing just as a a reminder with this subpoena against PayPal this is PayPal's current market cap right there at 60Billion this would be one of the largest companies approached by the SEC for these kind of activities let's compare them there's Goldman 100 billion and here's coinbase at 20 billion coinbase plenty of time to go head-to-head PayPal is three times that size at a heavily deflated value just if you go back toThe PayPal numbers and you go to the let's just go to the Max look at the deflated value of of PayPal these are the reasons that PayPal is going into alternative uh product and financial services products out there so this is something this company at one time wasWorth three almost four times that so this is a big one for sure uh that the SEC is about to take all right guys if you are listening in over in the podcast get over here on the YouTube channel it's the best place to catch all thisContent unless of course you are going to join the diamond Circle that's where you're going to get additional cont content we do another podcast over there I also do some shows over there that we don't put here on the YouTube channel so check it out click into the diamondCircle down below and of course if you want to catch me out there on X it's Paul Baron we'll catch you next time right here on Tech paath

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