The SECs Bitcoin Move Just Changed Everything! | Mark Moss

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Summary

➡ Mark Moss talks about an old rule that stopped banks from dealing with Bitcoin has been overturned, leading to a big change in the financial system. This rule, known as SAB 121, was issued by the Securities Exchange Commission (SEC) and required banks to treat Bitcoin as a liability, which made it difficult for them to get involved. However, this rule was recently rescinded, allowing banks to now hold and sell Bitcoin, which could lead to more people adopting it. This change is seen as a major shift in how Bitcoin fits into the global financial system.
➡ Major banks like Wells Fargo, Chase, and Bank of America are showing interest in Bitcoin, adding legitimacy to the cryptocurrency. Influential financial firms like Goldman Sachs and Morgan Stanley are also considering offering crypto services. BlackRock, the world’s largest financial firm, recommends a Bitcoin portfolio weighting of up to 2%. Changes in the administration, including the appointment of crypto-friendly officials, signal a shift towards more acceptance of cryptocurrency.
➡ The US administration is becoming more supportive of Bitcoin, which could lead to a shift in public opinion and potentially attract hundreds of billions of dollars of capital. However, this won’t happen instantly as banks need time to develop and launch products. While some fear that banks could manipulate Bitcoin prices, the likelihood is low as banks would benefit from price increases. This shift represents a significant migration of capital from traditional systems to digital assets, a change of unprecedented scale.

 

Transcript

The financial system, as we know it, just changed overnight thanks to an obscure three-number rule, and Bitcoin is at the center of it all. Now, for years, banks have been locked out of Bitcoin because of one controversial SEC rule has been challenged and vetoed by Biden. But in a stunning turn of events, the rule has been overturned. And note, this isn’t just a policy shift. It’s the beginning of a complete fundamental change in how Bitcoin fits into the global financial system. And no matter what you know about this, you’re not bullish enough.

So in this video, I’m going to break down exactly what the SEC just did. And why now? I’m going to explain why this is a much bigger deal for Bitcoin than most are thinking. We’re going to look at how this will impact Bitcoin’s value and adoption. And of course, what we should be watching and paying attention to as all this unfolds. Now, real quick, I’m Mark Moss. I’ve been making Bitcoin and macro educational content for over seven years with over 100 million views. I’m a partner of a leading Bitcoin hedge fund called the Bitcoin Opportunity Fund.

I’m the chief visionary officer at Matador. It’s a new public Bitcoin company, and I help thousands of investors like you navigate these fast moving times. And this is the exact information that we’re looking at to plan our next moves. And so should you. So let’s go. All right, so what is this obscure three number rule we’re talking about? Well, this is SAB 121. Huh? Well, what does that mean? Well, SAB staff accounting bulletin. And basically, this was issued by the SEC, the Securities Exchange Commission, back in 2022. And it established the crypto accounting standards.

Now, the important thing to know about this is it was not a law was not a regulation. It wasn’t passed through the regular means in the United States of going through Congress. This was by the SEC themselves. And so this was actually just a bulletin. It was like a note. This is like sort of what we think. And basically what it did is it set this requirement, this bulletin of how banks should think about accounting standards for Bitcoin and cryptocurrency. And basically what it did is it required the banks to hold Bitcoin and cryptocurrencies on their books as a liability.

And that means for a liability, they need to have a matching asset as well. And that created a problem for them. Now, the important thing to understand is that again, this was not a law was not a regulation. It was a bulletin. Now, why is that? Well, that is because you have to understand this piece. It’s because the Biden administration, including Elizabeth Warren, including Gary Gensler as the head of the SEC, were very, very anti-crypto. As a matter of fact, Elizabeth Warren ran on a platform called an anti-crypto army. Literally, figuratively.

Now, I didn’t understand and I actually asked Chet GPT when this came out. When has a United States America politician ever ran on a platform to take away freedoms, which would be weird in the land of the free and Chet GPT said never. But Elizabeth Warren did. She ran on a platform to take away your rights to hold assets as you see fit, which is pretty interesting. So you can see Elizabeth Warren, Gary Gensler and Biden were very anti-crypto currency, very anti-freedom. And so what happened is instead of going through the regular means of going and changing the laws, they decided to go around and do something sly in a roundabout way.

And so what they did is the SEC completely bypassed Congress. So instead of going through the regular channels of making a law, what they did is they issued this bulletin. And as bulletin said, hey, this is the risk that we see, this is what we think you should do. And you know, it’s not a law, but if you don’t do this, be prepared for us to come in and find you and shut you down and all types of things. And so it completely bypassed Congress in that way. And it fast tracked strong arms implementation.

Some concerns of the SEC’s actions were that it had lack of due process. So because they circumvented Congress, the SEC ignored the proper process. It had regulatory overreach. So it created new laws through a threat, a threat of enforcement. So this was how the Biden regime did things. They threatened people. If they don’t do what they want, then they’re going to be raked through the colds. Now in that bulletin, they showed sort of the technological risk, the legal risk, the regulatory risk that were posed. And basically what they said here is this was required, required, required, required.

So they’re telling you if you don’t do this, be prepared, we’re coming after you. So guess what happened? Well, the banks didn’t get involved. They wanted to and the banks started missing out. The banks saw everybody making all this money in Bitcoin and cryptocurrencies. Of course they wanted in, but they couldn’t because they fearful of what the SEC would do. And so then what did the banks do? Well, if we can’t make money, then we’re not going to let anybody participate. And so you saw things where the banks were potentially not letting you transfer money from the bank to an exchange like Coinbase, for example, like my own bank, one of the banks I use won’t let me transfer money.

So for example, but the problem is the banks were losing customers. They could see people pulling money out and sending it to cryptocurrency exchanges. And banks were very sticky. They don’t want to lose those customers because they’ll lose out a lot of potential income. Now, again, they wanted to switch over, but they were fearful of this hostile administration. Again, Gensler, Biden and Warren. So what did they do? Well, they did what you’re supposed to do in America, which is they started to have a legislative movement. And they submitted a bill to get SAB 121 rescinded.

So the SEC wouldn’t have this hanging over their head. And they got it through last year through the Senate. The Senate approved it. They got it through the House. The House approved it to repeal it. Then it got all the way to Biden’s desk, and he vetoed it. So the will of the American people, the banks, the Senate, the House, all said, get rid of this bulletin. You shouldn’t have that power. And the president, President Biden vetoed it or whoever had his stamp at the time, we don’t know. So basically what happened, you can see here Biden vetoes the resolution to overturn it.

This was last year with Biden’s angry face. Like I said, probably wasn’t him. So what happened then? Well, the American people voted and they got Biden out and they put Trump in. Trump came in, he gave this speech at the Bitcoin conference in Nashville last year. I got to speak on the main stage about two hours before Trump showed up. I tried to stay backstage to see him when he showed up, but they wouldn’t let me. But I got to watch this stage, this presentation from the front of the stage. And he basically said, fire Gary Gensler on day one.

He said, we’ve seen all the persecution that’s happened to the Bitcoin and cryptocurrency space by the SEC, and we’re going to get rid of it. We’re going to fire him. So the American people spoke as it’s supposed to be done and Trump came in. Now this is where things get interesting and not just interesting, but very powerful. So here comes the bank. So what happened is Trump has so far kept his word. He’s done a lot of things he said he was going to do. Like, for example, close the borders. He freed Ross on day one, and he got rid of Gary Gensler at the head of the SEC.

So he stepped down and immediately, SAB 121 was rescinded. The very thing that was holding the bank’s back, the financial system back, the very thing that they tried to get rid of that Biden wouldn’t let go of. It’s over. So the bank, so that’s been rescinded. And now the banks are coming with adoption. You can see breaking SEC officially resends SAB 121, which prevented banks from custody in Bitcoin. So if the base can custody Bitcoin, that means now they could hold it on behalf of their customers. They could sell it to their customers. They could sell it and hold it.

They could do all types of financial products, lending products, hedging products, all types of financial products, which of course is what they want to do. Now, if the banks do this, this brings adoption. Why? Well, for a couple of reasons. Number one, it makes it accessible to millions, not millions, hundreds of millions of people. People already have bank accounts. If I can just click a button and add Bitcoin in my bank account, it makes it very easy, very accessible. Number two, it adds legitimacy and trust. I mean, I don’t know about this magic internet money.

I don’t know about this exchange. I mean, I got to set up this account and I somehow have to send the money. It seems kind of sketchy. But if my money is already in my bank, who I trust, Wells Fargo Chase, Bank of America, and I can click a button to add Bitcoin, it adds legitimacy and trust. I trust the bank to hold my money. I can trust the bank to hold my Bitcoin. It also then, as I said, allows the banks to introduce all types of new products. They want to do this.

Let me show you exactly what they’re saying. We just saw the World Economic Forum was being held in Davos. And of course, all the world leaders, including the banksters were all there. At Davos, David Solomon, the CEO of Goldman Sachs, one of the largest, most prestigious, most influential financial firms in the world, said at the moment from a regulatory perspective, we can’t own Bitcoin. This was a few weeks ago, previous to this being rescinded. He said, but, but if the world changes, which it just did, we can have a discussion about it.

So he’s saying, look, we’d love to get into it, but we can’t. But if it changes, we’re all about it. That’s what he’s saying. Okay, that’s Goldman Sachs. What else we got? Well, we have right here, Morgan Stanley, CEO, Ted Pick said, we’ll be working with Treasury and I have the regulators to figure out how keyword, how, how we can offer crypto services in a safe way. Well, they don’t have to anymore because it’s been rescinded and they’re ready to come in hard and heavy. Now, speaking of hard and heavy, we have here a message from bank of America CEO, Brian Moynihan.

He said, if the rules come in and make it a real thing, you can actually do business with, which it just did, you’ll find that the banking system will come in hard quote, come in hard. What does hard mean? Well, I have some numbers for you. He says they’re coming in hard. So Goldman Sachs, Morgan Stanley, Bank of America, some of the biggest banks in the world are coming in hard. But what does hard really mean? Well, here we have BlackRock, not arguably the biggest financial firm in the world, I think 11 and a half trillion dollars in assets.

BlackRock, it’s not their money. It’s not 11 and a half trillion dollars worth of money. It’s your money. It’s your pension, your retirement fund, they manage it on your behalf. BlackRock is now telling everybody that they manage money for that they recommend Bitcoin portfolio weighting of up to 2% up to 2%. The largest financial firm in the world who manages more money for more people than anybody else is saying that everyone should have about a 2% weighting to Bitcoin. That’s what hard looks like. Now, what would the 2% weighting mean? Well, the head of BlackRock, Larry Fink, just happened to tell us he said that I was with a sovereign wealth fund during this week in Davos.

And there was a conversation, should we have a 2% allocation? Or should we have a 5%? Not should we have one or not? But it’s how big? Should it be 2% or should it be 5%? And he said that if everybody adopted that conversation, when he says everybody, what he’s talking about is if all the big funds, not every single person in the world, but all the big funds, if everybody, if the funds would do that, if they’d have that conversation, we’d see Bitcoin up to $700,000 per Bitcoin. So that’s $700,000, potentially a future value, and you can buy it for $100,000 today.

Seems like a pretty good deal. I think Larry Fink is bullish, but maybe he’s still not bullish enough. All right, let’s keep going. Now, the reason why he may not be bullish enough is because you have to understand this isn’t just that SAB 121 was rescinded, which it was. What this is, is it’s really a signal, it’s a shift, it’s a fundamental transformation. It’s a regime shift. We got the entire, whatever you want to call it, Obama, Biden administration, that regime is out. And we have a new regime in that’s completely different.

How different? Well, Gensler, Gary Gensler, Elizabeth Warren, the anti-crypto army, they’re out. And instead, taking Gensler’s place is Hester Pierce. Now Hester Pierce has been with the SEC for a long time. She has been one of the only people at the SEC that’s been friendly to crypto. She’s been this voice of reason, if you will, trying to speak on behalf of the people. So much, in fact, that Hester Pierce has been labeled crypto mom. Now, Gensler is out, and guess who took his place? None other than crypto mom, Hester Pierce. As a matter of fact, we also have David Sachs, a well known crypto advocate, who has now become Trump’s crypto czar.

So we have a huge crypto advocate as the crypto czar. We have crypto mom taking over the SEC. And we have Trump who came in and used an executive order to get rid of operation choke point. And operation choke point was this SEC basically regulation, well, not regulation, but they were attacking banks and other financial institutions, sort of unconstitutionally, and that is gone. You can see here, this article from Bloomberg says the SEC launches crypto task force led by crypto mom Hester Pierce. So they’re going to develop a clear framework for crypto.

And they’re going to do it the right way. They’re going to coordinate with Congress, as well as well as other agencies. So not like what the SEC did before, which was this in run around Congress, they’re going to work directly with Congress. This is a big deal. This is a regime shift. On top of that, as I said, Trump did some executive orders, executive order sidelines the Fed, and it sidelines the FDIC, like, get out of the way, we’re doing this, right? We’re doing this. This is the end of operation choke point 2.0.

No longer will they do these unconstitutional moves. If cryptocurrency and Bitcoin is legal in the United States, as an American, you should have the right to do this. Now, if you’re not in the United States, what does this mean to you? Well, the US is a pretty big influential country. And most likely, this will trickle down to your country as well. But regardless, this is going to bring the boat up for everybody in the world. And again, this is not just about banks holding Bitcoin as a custody. This is an entire regime shift.

Do you understand what I’m talking about? Now, if you’ve been watching my videos for any time, then you know that this fits perfectly into the 50 year quantum wave framework that I’ve been talking about for a long time, where in this 50 year cycle, there’s four distinct phases. Now, as I’ve shown many times, phase one, right here is where retail comes in. This is where the big bang happens, all the retail comes in, the developers come in, the nerds that like to play with technology come in phase two, which is where we’re at right here is the largest part of the cycle.

It’s what we call the surge. And this represents what I call the institutional phase, or the frenzy phase. So for those of you who are watching this thinking it’s too late, I should have bought Bitcoin when it was 10 cents or 1000 or 10,000 know that right now is still early, we still have the biggest part of the move right here in front of us. And so what’s interesting is this 50 year framework that’s happened. Now, this is the sixth time in 300 years, we happen to have the news of the regime change, the Trump administration that fits in perfectly with this entire framework.

Now, you can see, we can also overlay something that we use in technology to measure adoption called an S curve. And we can also see that the time it takes to go from zero to 10% adoption is the same time it takes to go from 10% to full adoption, which is generally 80 or 90%. And you can see this is a parabolic run that we have in front of us. And again, this shift fits in perfectly with that. Now we can see this is a little bit of an older chart. These are slides from a video I gave over an Abu Dhabi about a month ago called Abu Dhabi is the capital of capital, some of the richest people in the world were there.

And we saw then that institutions were coming for Bitcoin. As a matter of fact, at that time, over 60 publicly traded institutions were already holding Bitcoin on their balance sheet today, it’s almost 100 in like a month, it’s almost doubled. That’s how quickly this is coming. If you want to watch the full video from this, we’ll link it down below, you can watch this whole video, see all these slides. It’s a pretty compelling. If I do say myself, we’ll link to that down below. And if you’d like to know how we invest through this, what types of assets we’ll only be buying during this part of the cycle.

I’m having a free live event where I’ll go through a number of charts and you can see exactly what history tells us about this. It’s free. If you want to come hang out, we’ll do live Q&A, I’ll put a link to that down below as well. But this is a big deal. Now, let’s think about this for from a few different ways and get ready for impact. So on a short term basis, we want to be thinking about this being more about sentiment. So we’re going from like this aggressive stance where we are basically trying to penalize it and shut it down to now legitimizing it, right? We have an administration that’s now very pro Bitcoin.

So this starts to change the mental sentiment. Now, don’t be don’t be alarmed if we see the volatility in front of us. This doesn’t mean that the price of Bitcoin is going to double overnight. But we’ll start to see this sentiment shift as more people coming in. Now, this just allowed the banks to clear the way. It takes time for them to build products and launch products. So be patient. But over the long term, we’re talking about potentially hundreds of billions of dollars of capital coming in. Now, let’s put this into perspective.

We got Bitcoin ETFs about a year ago, we’ve had less than $100 billion of capital come in to the ETFs. But yet the price of Bitcoin the market cap has gone up by more than a trillion dollars. So 100 billion equals a trillion dollars in market cap. What happens if a few hundred billion come in, you can do the math. That’s more long term, which again fits perfectly into this thesis. But some people are afraid that there’s risks. Some people are afraid that if the banks come in, this leads to manipulation.

If they own all the Bitcoin, what if they start to suppress the price like they’ve done with gold and things like that? Well, what I would say is think about this from a different perspective. Think about this from a game theory or maybe a psychological standpoint. If the banks are itching to get in, because they want to make a bunch of money from you, if they want to have more ETFs, well, the only reason they’re going to buy the ETFs or buy the Bitcoin is if the price goes up. If they started to manipulate it to push the price down, you wouldn’t be buying it.

What would be the point of that? And so I would just have you think about that. I think the risk of manipulation is very low. All right. Now, what do we want to do? We want to be watching this as it develops a couple of things. One, we want to watch the big banks, the JP Morgan’s, the Citibank’s, the Bank of America’s. I already told you what they’re saying. They’re coming, but we want to watch for this, right? We also want to watch the SEC because this isn’t done yet. This is only the beginning.

At this point at the time I’m recording this, we’re only not even a week into this new regime, this new, this new administration. They’re not done yet. They’re going to completely open this up. The United States is going to become the capital of Bitcoin and digital assets right here in America. But it’s going to also take global liquidity. So as I said, just because this is happening doesn’t mean the price is going to double overnight. The main driver in the driver’s heat is global liquidity. If you want me to do a whole video on that, leave me a note in the comments down below.

Global liquidity is the driver for all assets, specifically risk assets that are sensitive, like Bitcoins. We want to definitely watch that. But I do want to leave you with a thought. And that is that we are at the doorstep right now. This is a moment in time. Remember this, the doorstep of the single biggest migration of capital. All the money is in the old legacy system, and it’s all migrating over to the new system and adoption into the digital asset space. And no one has seen something this big ever happened before. And we are lucky enough to be alive watching it right now.

All right. Let me know what you think. Let me a comment down below. Are you expecting this to be as big as I am? Let me know in the comments down below. All right. And other than that, that’s what I got to your success. I’m out. [tr:trw].

See more of Mark Moss on their Public Channel and the MPN Mark Moss channel.

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