The Department of Justice I take into account Teased a big cryptocurrency Enforcement announcement that spooked The markets Bitcoin was selling off they Announced it at noon Eastern It's a bit little bit of nothing Burger I really feel There was various speculation that Bigger occasions might be involved nevertheless the News is is that bits Lotto which I had Never heard of sooner than Russian crypto Exchange the founding father of that change Was arrested we're going to take heed to a clip From a press conference that is Happening now let's go Today's regulation enforcement actions Put all of those who search to reap the benefits of the Cryptocurrency ecosystem on uncover That the Department of Justice will use Every instrument working along with our Partners every instrument that we now need to Attack the felony use of the darkish net And cryptocurrency And we're taking steps to deal with the Crisis of confidence throughout the Cryptocurrency markets the place criminals And fraudsters search to perform previous The attain of regulation enforcement Using a keep feed of the Department of Justice press conference now I'm talking To David for preliminary concepts what's This all about Yeah I must say two points Um first I really feel Um we type of obtained flooded by the doj
Here uh the the foremost announcement that Uh stopped what was a uh a developing Rally for for Bitcoin and comparable property Um truly not uh the worst think about The world I really feel we could use a bit bit Cooldown maybe nevertheless uh it is fascinating That they hyped this up and and it's a Rather obscure nonetheless it seems very important Um change that was principally working Without kyc uh working intently with Something often called Hydra Market uh to uh Essentially launder felony proceeds Um so so that you perceive it's it's very important Um nevertheless uh nonetheless it's not the pretty as Major as they'd been hyping it as a lot as be um I must say two completely different points one is That every time there's there's a Tension in all of these enforcement Actions correct because of uh regulators and Legislators throughout the United States are Constantly agitating for model spanking new crypto Regulations tighter tips we now have to Like change the best way by which this all phrases nevertheless Every time a regulation enforcement firm Successfully busts one amongst these huge Criminal operations under current regulation it Undermines the argument that we might like Different stricter authorized tips for crypto so I Want to give attention to that Final stage in what we merely heard some Interesting phrasing they're going up Against people who exploit the crypto Ecosystem and they also're framing their Actions as restoring faith in crypto
With one factor to the influence of what I Heard which is a very fascinating and I Think significantly novel formulation from Doj compared with saying the Cryptocurrency ecosystem permits Inherently felony train Um so I really feel that that's a reasonably Interesting framing coming from them That I merely highlight Danny that you must Take a shot For sure yeah and I I agree with you and I acknowledge you citing that point The wording proper right here is the whole thing doj Really pours over the best way it presents Information like this to the world and For them to say we're doing this to make Sure that people aren't misusing crypto It's not they're not like defending the Industry nevertheless they're truly policing It and almost giving it like an olive Branch and saying you may need I assume a Right to exist and nevertheless actually we now have A correct to prosecute uh those who break Our authorized tips so it would uh be an Unfortunate enchancment for patrons of This change nevertheless on the very least by the use of For the the best way by which the doj is pondering About it they're doing what's correct by The crypto space Mm-hmm Wendy I gotta chime in okay couple Things Um We're truly talking a few nation
That's been nearly sanctioned by The whole world so I don't understand How the doj can can be found and value this Person in any case because of if it is a Russian and alter and this explicit individual is In Russia like they may price them nevertheless Can they really go in and get them Because we've we've heard various Different details about preserve on Zach preserve On Zach hey Zach and likewise too one amongst The points that I always think about and Again we obtained to positioned on the tinfoil Tiara Here is that when they give up info Like this notably an unlimited nothing Burger info what are they asserting to The world to cowl because of there's always Other points going down behind the scenes That doesn't get pushed out to Mainstream media attributable to all this Insanity that they're talking about to Me which generally is a huge nothing burger Go ahead Zach That's merely in no he was a Russian National uh arrested in Miami so he was Residing or on the very least present throughout the U.S When this enforcement was the Enforcement movement was taken Um so that's uh that's truly worth Noting by the use of the place this arrest Occurred and the best way so uh yeah they're Asserting sort of um jurisdictional uh Ability to take this movement and I'm sure Um in keeping with the regulation that's one factor That's that is legit and that's what
Happened proper right here that was the that was the Uh the knowledge event nevertheless I really feel the Announcements of the bulletins People had been truly anticipating Something maybe a bit further substantive He Justin ship us are they Justin ship Us They did doj Justin's on desk by doing The announcement of the announcement David any closing concepts on this one Before we wrap Um I merely wished I had one clarified Comment which is one different part of the doj Statement was that no matter claiming they Weren't serving U.S purchasers this Exchange was serving U.S purchasers which Is nearly always the case and That's basis for actions like this