We're gonna talk about Kraken, gonna talk about a plan. You know, the government has been late to the party when it came to crypto. They didn't take it really serious from 2011 for sure, all the way up through 2017, 2018. And then all of a sudden it was like instantaneously they cared and you started seeing the SEC doing some crazy stuff. And today, big news. Let's start with the Finance news. 

Finance's CEO go to plead guilty and step down to settle US. Illicit Finance probe and we're going to talk about Kraken as well. It says here, Binance chief, the Finance chief will step down I can't even pronounce his name. I'm not even going to try. Will step down and plead guilty to breaking criminal US. Anti money laundering laws as part of a $4 billion settlement resolving a years long probe in the world's largest crypto exchange, prosecutors said on Tuesday. 

The deal with the Justice Department, detailed in court filings, is part of a large settlement between the firm and other U. S. Agencies. This is a big deal and for him to plead guilty and step down, it's a big win for US. Regulators. The government is in a spot where it is trying its hardest to maintain dominance over the world's money system. And one of the ways of doing that is to attack financial institutions or crypto institutions. 

Let me know if you own crypto down below. If you don't, let me know too. I'm just curious. The people that don't own crypto that are interested in these type of stories because you are going to see an onslaught like you'll see with the next story of the government trying to attack. But really, it's the genie's out of the bottle. The deal with the Justice Department, detailed in court filings, is part of a large settlement between the firm and other U. 

S. Agencies, including the Commodities Future Trading Commission, or the CFTC and the Treasury Department, according to two sources familiar with the matter. The agreement will resolve criminal charges for conducting an unlicensed money transmitter business conspiracy and breaching sanctions regulations, the filing said. The company will pay $1. 81 billion within 15 months and a further 2. 51 billion forfeiture as part of the deal with the Justice Department, prosecutors said. 

Zhao will personally pay $50 million. Zhao's plea agreement also bars him from all involvement with Finance. His plea hearing was scheduled for 10:45, a. m. Pacific Time in Seattle. This is big news. Finance's former Chief compliance Officer Samuel Lim will also be charged as part of the settlement, a source said, adding Binance will also be required to remediate its lapses. Lawyers for Zhao and Binance, as well as a company spokesperson, did not respond to calls for a comment. 

Neither zim or sorry. Neither Lim nor his lawyers immediately responded for request to comment. So Finance has been under the Justice Department scrutiny since at least 2018, Reuters reported last year. Just one of a string of legal headaches it faces in the United States. Okay, so that's the finance news. Now check this out. Here's a story out of Reuters. US SEC Sues Kraken crypto exchange over failure to register. 

It says right here on Today. Kraken, one of the world's largest cryptocurrency exchanges, was sued on Monday by the US. Securities and Exchange Commission, which accused it of illegally operating as a securities exchange without first registering with the regulator. Look, I'm going to break this down real simple. This is the government's way of trying to get its hands into the data in these exchanges, okay? That is what is exactly going on behind the scenes. 

And most people have no idea because they don't understand. They just look at the SEC and the government trying to attack these things. They go, oh they must be bad. That's not it. The government knows that there are people moving money around and they don't like it because they want to be in control and they are losing the battle when it comes to US. Dollar dominance. And that's what they're trying to get a hold of. 

That's why the SEC went after Ripple Labs and essentially tried to really attack XRP because they saw how big it was getting, how fast it was getting integrated to worldwide financial systems. It was happening pretty fast. The lawsuit here for Kraken in San Francisco Federal Court is the latest step in the SEC chair Gary Gensler's push to bring cryptocurrency under his agency's purview by contending that digital assets are investment contracts subject to federal security laws. 

Kraken intends to defend itself, saying Congress should decide how to regulate cryptocurrency exchanges and calls the SEC view of digital assets incorrect as a matter of law, false as a matter of fact, and disastrous as a matter of policy. And that is absolutely correct. I have watched for years exchanges or even companies like Ripple Labs asking specifically the SEC, it's been recorded we need regulation, we need regulation. 

And all they want to do is wait back and then attack and sue. And that's what happens when you get a dog up against a wall and that's what's going on. The US had plenty of time to do this. They didn't. Now they're trying to attack. And the crazy thing is, and type one if you agree, the whole world's watching this and they see that the US is losing ground fast. 

And when they just scream and try and attack rather than actually try and develop something, it's because they're scared crapless that these other countries are gaining ground when it comes to crypto race. And China is jumping all over this and they don't know what to do. And that's what it is. It's really the government scared crapless. The US government, they're losing ground fast. It says here in June, the SEC filed similar lawsuits against Binance, which we just went over the world's largest cryptocurrency exchange, both defending against regulators claims but you look at they've got the binance over the wall. 

They nailed it. I think it's really interesting because I believe you're going to see a lot more regulation come in, and I don't particularly like the regulation when it comes to cryptocurrency. I don't like it at all, actually. A lot of people are begging for it. But really the reason why regulation, I believe, is bad is because the government wants ways to just tax you to death. I mean, that's just all they want to do, tax and control. 

Tax and control. The bigger the government gets, that's what happens. It's probably why this channel doesn't grow very often much lately, because it's just the truth, and they don't want you to know the truth. So type two, if you think that, you agree that that's exactly what this is. It's just a means of control over these exchanges, because they want to control you, the investor, the person just trying to live their lives. 

Hope you got something out of this. The economic ninja is out. .