The Wolf Of All Streets - Coinbase Could Crush The SEC TODAY (HUGE For Altcoins) | John Deaton

Starting point is 00:00:00 So Coinbase has a chance to crush the SEC in court, to decapitate them, to get their entire case thrown out, and nobody seemingly is talking about it. But what I do know is all of our favorite crypto lawyers are headed to court today to watch, to support Coinbase, and hopefully to see the judge make some epic comments about all the things that the SEC is doing wrong, because that's what we've come to expect in court over the past few months. Now, we're so lucky today. I have legend John Deaton here. He's going to court at 10 o'clock, but he's decided to join us at nine and discuss what's happening in this case, what it could mean, what the options are, and why it's so huge for the crypto industry. And of course, I've got Texas West Capital on the back end sharing his best trades and charts

Starting point is 00:00:44 and a couple of new things today, like a $100 giveaway every single day at the end of the stream. I'm just going to give you guys some of my money, a little good faith and karma, get the bull market running again. You guys don't want to miss this stream. Let's go. down across the bottom. I'll tell you about our new sponsor later after I'm done with John, but pretty exciting that we're starting to let the sponsors trickle back in after taking what feels like 10 years off of accepting any of them. Guys, today is an absolutely huge day. I'm not going to waste your time, except for to tell you that I'm giving away 100 bucks at the end of

Starting point is 00:01:39 every single stream. So you guys have to be there in the comments. We're going to ask you some funny questions. Choose the best comments. We will get to that. But here he is, Mr. John Deaton. Dude, you're ready. You're dressed. You got court today. You're going to cheer. This is like the Super Bowl of crypto lawyer-dom, right? Absolutely. Thanks for having me, Scott. Listen, you're not overselling what today could represent. Just everyone should know this. In the Ripple case, the judge didn't even have an oral argument for the summary judgment motion. And so motions to dismiss in the Southern District of New York are rarely granted. And this judge has set a four-hour hearing, two hours on each side, which means Judge Failure is really digging into this.

Starting point is 00:02:25 And this is going to be exciting. So, right. Obviously, this is the big story. But Judge Failure is no stranger to the crypto industry, right? I mean, we've seen it in this district. But as you pointed out to me before the stream, this is the person who did the Uniswap. Yeah, there's no judge, in my opinion, in the country that is more knowledgeable about blockchain and crypto than Judge Fowler. A, because in the Southern District, you know, you've had the Telegram case, you've had the Ripple case, you've had the Terra case. But she ruled on the Uniswap. She dismissed a class action by basically recognizing the decentralized nature of Uniswap and that there really was no one to hold accountable, so to speak. But she made some very important comments in that case.

Starting point is 00:03:14 She literally called ETH a commodity. That's intentional. She called it a crypto commodity. And she also said, look, Congress has not told the public what constitutes a security under crypto or not. In other words, she said, we don't know if these are cryptos, securities, commodities, or something else. That's what she said in her decision and that Congress needed to do its job. In so many words is how you could read it. So the major questions doctrine, the fact that Gary Gensler said that Coinbase and other exchanges fall outside of the regulatory scope of both the SEC and the CFTC. When you add all that up, it makes today very interesting. So you could effectively have

Starting point is 00:04:05 a judge saying the SEC doesn't even have jurisdiction here. They don't even have the right to try this case, basically, because it's not under their jurisdiction. Exchanges are not their business. Get out of here. Absolutely. And also know this, that there's no case that the SEC can cite in the entire history since Howie. So we're talking 80 years. They don't have a single case where they can cite that secondary sales of an asset, even if it was an investment contract and its origin, that these are also subsequent securities per se. They have to do a Howey analysis for each one. But this judge, when you take the blind bid ass, if you look at Judge Torres' decision in the Ripple case, where she said, look, it's a blind bid ass situation. How do you rely on someone that you don't know is selling the token? And so she could

Starting point is 00:04:58 rely, take that. She takes the fact that Gary Gensler said that they don't have jurisdiction before he changed his mind and did a 180. You take all the things that have happened in the Ripple case, the Terraforms case, the Uniswap case. And listen, most people are going to tell you that there's a 90% chance that she denies this motion to dismiss. And I've said that it's probably a 40% chance that Coinbase could get a victory. Now, a lot of people disagree with me. They think I'm too high. But you remember in spaces back in like November or December, I said, listen, don't, this has teeth to it. This could be a thing. You've been saying it for literally months. I mean, you've been talking about this coming for months. It seems like it just hasn't really gained a

Starting point is 00:05:44 groundswell of excitement in the community. Maybe it's because we've been so consumed with the ETF that nobody's paying attention to this. But people forget how we felt nine or 10 months ago when the SEC came after Coinbase and Binance back to back. At that time, the judges hadn't pushed back in Ripple, the Voyager bankruptcy, Grayscale, none of them. We thought at that time the consensus in the community was the SEC is going to kill us. Yeah. And here's the thing. Judge Fellier has been paying attention to all this. In the first hearing that she had in this Coinbase SEC case, Scott, she literally said to the SEC, wait a minute. Two years ago, you granted the registration in the IPO. And two years later,

Starting point is 00:06:28 you're saying the whole business model is illegal. And not just that, Scott, this is what people have failed to understand is that the SEC allowed Coinbase to accelerate its registration statement. In order for it, if you look at the statutory language, in order for the SEC to grant acceleration, they have to make a finding that the acceleration is in the public's best interest. So two years ago, they're like, yeah, let's speed this up because it's in the public's best interest. And then two years later, because we have a political hack as the chairman, basically saying, oh, no, the whole business model is illegal. You know, it makes perfect sense. So obviously, James Murphy, who I have on all the time, met a lawman. You guys will probably be hanging out today. I know he's going. Yeah. He basically

Starting point is 00:07:20 summarized really quickly what could happen today. Right. I'll go through them quickly. Option one judge denies the Coinbase motion. Low bar for the SEC basically just moves on to discovery like Ripple did, right? Judge grants Coinbase motion with prejudice. This means the entire case is dismissed. This is probably the lowest percentage scenario, right? To your point, people think. Judge grants motion without prejudice. SEC gets a chance to amend the complaint to cure deficiencies cited by the judge. So the judge basically says, like, these are the parts I don't like about it. But the SEC gets to come back and fix that. Yeah. Option for a judge grants motion with respect to the claims relating to the 13 crypto tokens, but denies with respect to the staking service sort of a mixed judgment.

Starting point is 00:07:58 Right. You think there's a 40 percent chance that we get the with prejudice, which would be amazing. But is this a pretty good summary of what you think there's a 40% chance that we get the, uh, with prejudice, which would be amazing, but is this a pretty good summary of what you think could happen? Oh, no. James is, is, is, is on. The only thing I'd say is I think he said that if it's denied, there'd be a year of discovery. I think it probably 18 months to two years of discovery. He'll probably be gone. Yeah. He's a, he's a hundred percent on, you know,

Starting point is 00:08:22 here's the thing that 40% that I'm talking about. I think that option four that you just said to your audience that James came up with is where the judge says, listen, the tokens themselves fall outside the SEC's jurisdiction for all the reasons we've talked about. But the staking issue, it is more of a direct thing with Coinbase. And whether it comes down to whether Coinbase's involvement is more like it was in the staking that Kraken settled for. They settled, right. Right, that they settled for. So I don't see an outright victory where the judge does, you know, granted motion to dismiss 100%. If she is going to give Coinbase a huge victory, it would be that option four that you just articulated that James brought up. Right. Listen, in my title, it says Coinbase would crush the SEC today, parentheses, huge for altcoins. I think that this would be even bigger for altcoins in a scenario like that than the Ripple judgment, because this has been the argument against altcoins in the United States

Starting point is 00:09:31 is that they're all unregistered securities. We shouldn't be able to trade them. If the judge comes in at option two or four, I believe are the two. I mean, it's like altcoin palooza as far as regulatory. You're 100% on this case is minimum 10 times bigger than the Ripple case. And the reason I say that is because the judge in the Ripple case really limited to XRP and the facts in that case and the SEC didn't do it. And then she, in her second decision, when they were seeking an interlocutory appeal. She basically limited to the facts of the case. Here, we're talking about 13 tokens. You're talking about Cardano, Filecoin. Matic, I think. I don't remember. Yeah, Solana. I can't remember what was named in Binance and

Starting point is 00:10:17 what was named in Coinbase. There's like 50 of them, but I think it was Solana, Matic, Cardano, Matic, ICP, Filecoin, Sand. So those are big. I mean, just take Solana and Cardano, Matic, Filecoin. Those are huge. And so if the judge grants the motion to to dismiss on the tokens, it is exactly what you described. It is what was the outcoin Beluza, would you say? Beluza, you know, like Lollapalooza. I don't know. Yeah. I mean- Alt Coachella, I guess. I don't know. Yeah. I would imagine if a written decision came out like that, you would see, you know,

Starting point is 00:10:56 it'd be one of the first times where the outcoins completely disassociated with Bitcoin and did their own independent run, in my opinion. So why do you think that the judge gave us this gift that we're going to get to hear this four hours of this argument? Because like you said, even in Ripple, they didn't at all. Is this because the legal system has had kind of enough very clearly of the SEC and is actually willing to let people speak at this point? Yeah. And I think the judge really is wrestling with this and sees this as something that's very unique. It's not a typical motion to dismiss. I mean, you have the Hinman emails talked about this regulatory gap where the SEC senior counsel for the entire SEC said that altcoins fall in a regulatory gap. That means it's outside the CFT and outside the SEC. And then you've got Gensler's sworn testimony saying

Starting point is 00:11:54 the same thing. But not just that, I think the judge is paying attention. I mean, I think we've all had enough of the SEC's behavior. I mean, in the Ripple case, you have a federal judge that is probably friends with Judge Fell. You're saying you have no faithful allegiance to the law. You have the grayscale arbitrary and capricious decision. And then you have the debt box situation where they're going in and lying in crypto cases. And so I think the judge is seriously considering that. And that's why I say there's a 40% chance. Any other motion dismissed, Scott, I would be with all the other career securities lawyers saying, you know, you got a 5% chance at best. But I think there's real teeth here.

Starting point is 00:12:36 And I think that's why. She's not just doing this perfunctory. She's not just saying, oh, let me listen to lawyers for four hours. She wants to get in here. And I believe she knows that the Supreme Court, if she were to rule the SEC lacks jurisdiction over these tokens, the Supreme Court of the United States is going to uphold her. I can't predict the Second Circuit as confidently as I can the Supreme Court, but it would be a huge deal. Huge.

Starting point is 00:13:04 It'd be the biggest victory in crypto. How good is Coinbase's legal team? Outstanding. Outstanding. I mean, listen, part of me wants to be tagged in so I can get up there and argue. But at the same time, they're a lot more brilliant than I am. Let me just be honest. OK.

Starting point is 00:13:22 Yeah. And so we have the fact that this could be thrown out entirely just because the SEC doesn't even have jurisdiction. As an exchange in general, are there other curveballs we could see here, maybe other reasons that the judge could throw this out that we're not thinking about or that we haven't discussed? You know, I mean, nothing that I can see that's that's been briefed and whatnot. But I will tell you this. I predict that the judge makes comments that are going to lit X on fire. That's what I want. I told you that right before we started. I said, you're much more bullish, and I trust you that this could be completely thrown out.

Starting point is 00:14:02 All I want is the sound bites that we can retweet for the next six months about how the judge dunked on the SEC once again, because that's all that's what we've gotten from a lot of previous cases that really has teeth. I mean, the court of public opinion is crushing the SEC. Yeah, I mean, but but it's all well deserved. It's not like the SEC is being treated unfairly here. They they have intentionally, for whatever reason, decided to go all out against crypto for political reasons. And the judge knows that. That's what I'm getting at. Judge Fellier knows that what we're experiencing isn't about the law. When she asked the SEC, wait a minute, how do you grant a registration statement two years later, accelerate it for the public good, and then turn around and say the whole damn thing is illegal? And what guidance have you given these

Starting point is 00:14:51 market participants? That's what she said. And the SEC said, well, the guidance is clear. Read Howey, Judge. All they got to do is read Howey. And the judge didn't allow that. She said, how do these people, investors, developers or whoever, how do they know that the SEC isn't going to turn around later and call something a security that they've allowed to be in the free market for years? And I think that's part of the Ripple case where seven and a half years after it's being publicly traded in the country, all of a sudden, the SEC says, oh, no, it's always been a security. And so I think that the judge is fed up and had enough of the politics. People's lives are at stake. People's financial freedom and financial future is at stake.

Starting point is 00:15:39 And I think she's taking it serious. I'm very high on these judges. Judge Torres, Judge Fellier, Judge Netburn, outstanding judges. And the SEC, when they did list these passively without going after any of these actual platforms or projects themselves, wrecked the price. I mean, they're up now, but people might not remember. And here it is. Metal Lawman. Here were the 13 tokens.

Starting point is 00:16:02 Solana, Cardano, Matic, File axs uh chile's flow icp near voyager that's dead uh dash and and nexa right i mean when they listed these without actually you know this was like a really just disgusting strategy by the sec to just arbitrarily list uh you know 13 to 15 of these in every one of their suits, but not actually go after those people for their unregistered security listing, crush them without any sort of due process, right? Right. No, 100%. And here's her direct quote in the Uniswap. She said, quote, Congress and the courts haven't made a determination whether crypto tokens are securities, commodities, or something else. And so you could read that one way or the other. You could say,

Starting point is 00:16:55 oh, well, the courts are going to decide it. And that's often what happens in regulation by enforcement. Or we really have to wait for Congress to come down and act. And so I just think, listen, I have confirmation bias. Some of this full disclosure could be wishful thinking. I don't know. But I really, really believe, as I said months ago, that there's a shot here. There's a real shot. And I'm telling you that if this judge says that the SEC lacks jurisdiction, it is the biggest thing we could have, even if it's a split decision. And she says, well, I'm going to allow you to present the staking case because, you know, maybe a jury could could your claims are plausible because that's all the SEC has to prove. Right. And that's why attorneys think that this is usually a slam dunk for the SEC because the standard is, and that's what the SEC's lawyers are going to say today, judge. The only thing we have to show at this hearing is that we have a plausible claim here.

Starting point is 00:17:55 But with that said, I'm very optimistic that we have something big here. How much does the Kraken settlement act as precedent here? Because I don't think they actually technically admitted wrongdoing, right? So they just basically settled and moved on. And that was for people unclear. It's really staking as a service, right? We haven't really gotten any clarity on staking itself. If you go stake directly in the Ethereum contract, I haven't seen anybody really angry about that. It's when a third party does the staking for you. And certainly if they take a fee of some sort, then all of a sudden it's a securities offering of some sort.

Starting point is 00:18:29 Is that? Yeah. And in the crack, I mean, listen, Kraken thought they were buying peace. Let's all be honest. Right. They thought they were buying peace. Here's 50 million dollars because I'm going to have to spend $150 million in fees. And with the Kraken thing, even Joe Lubin came out of consensus saying that he thought it was a good decision by the SEC because the staking, Kraken, I guess they had a lot of discretion.

Starting point is 00:18:57 I'm not an expert. You're probably better at it than I am, Scott. They had enough discretion, I think, that people viewed them as basically investing on your behalf. Right. And so if you have a situation whereas Coinbase is more of just maybe the middleman and there's no management, there's no discretion in the staking service. And so therefore, it's a it's a better case for crypto or for staking in the Coinbase situation than it was the Kraken situation. But that that probably is for sure going to get denied. So I would be shocked, even though I'm optimistic, I'd be shocked if the judge flat out just did not grant the motion to dismiss in whole. So I think our best case scenario is, she says, we go for it on the staking element because you can make a case that it's plausible that coinbase is interaction somehow they're relying on coinbase not that they'll be

Starting point is 00:19:50 successful the sec but they can make a case uh plausible case versus these 13 tokens are per se outside the statutory reach of the sec What's our worst case scenario today? Worst case scenario is that she just didn't, you know, I don't think she's going to decide today. Now, it's interesting. Usually, you're going to give a judge about a month from the oral argument to where you see a decision. It could be three weeks. It could be six weeks. But sometimes, judges, if they've already made up their mind by the briefing, then they have their opinion already done. And then they take the oral argument and they ask some pointed questions where they can fill in the gaps of their order. That could happen and we could see a decision sooner than that. But worst case scenario is

Starting point is 00:20:40 the judge says, you know, she says some things that are bad for the SEC globally and what would be called dicta, where she makes these editorial comments of the SEC's conduct and their inconsistency and their lack of regulatory clarity and their regulation by enforcement, but says it's a fact determined decision that I have to make. They could make a case that each one of these tokens is a security. So I'm going to allow it to go forward, get some discovery. And then she could rule at a summary judgment, sort of like Judge Torres did, where she finds that Solana on exchanges and Cardano on exchanges does not satisfy all of the prongs of Howie. So worst case scenario, it's denied and we move forward and we have to have, you know, Coinbase will spend $100 million, $200 million in discovery.

Starting point is 00:21:35 There'll be 10 depositions on each side. We'll see lots of rulings on discoverable issues. And then in a year, 18 months, two years, we'll have a summary judgment decision. I was going to say, but we'll be doing this for years and the Ripple case will remain the precedent and it'll still be altcoin palooza. Absolutely. Absolutely. And so I think the worst case scenario is there's nothing bad that's going to happen for crypto today. Nothing. And her decision is not going to change anything for the negative, but it could change thing, everything for the positive. How often do we get a court case about our industry when there's only upsides?

Starting point is 00:22:17 Right. Absolutely. So, so it's, it's good, but it's, it's going to be interesting. I think we're going to see some good quotes. I think you're going to have lots of material, my friend, to talk about. I can't wait. And I know you got to go. So I'm going to let you go a little early. I just want to tell people they've been asking where you can stream it. I don't know if you can stream it, but you can listen to it. So you can listen into the hearing live at 10 a.m. Eastern Standard Time.

Starting point is 00:22:36 That's in 36 minutes for those of you who are not in our time zone by dialing 888-363-4749. That's 888-363-4749. That's 888-363-4749. The access code is 512-3533. You can find that on Meta Law Man's account. John, man, I appreciate it. I know that you got rushed it to get it in. No, thanks. But let me just say, why am I here? And I haven't even promoted it much, but I sent out a Google form. I tweeted it out saying, if you want to be amicus as a Coinbase customer, and we got over 5,000 Coinbase customers who want to be heard in this case. So that's why I'm going on behalf of them. And I want the judge to see that there are customers who want to be heard at some point later in the case if she doesn't grant the motion to dismiss.

Starting point is 00:23:27 Hopefully she grants the motion and I got nothing to do. You know what I mean? Yeah, I Googled it. Here we are. It's from October. Thousands of Coinbase users sign up. Potentially amicus curate an illegal fight with SEC. This is you.

Starting point is 00:23:39 And just for context, this is effectively what you did to create that groundswell for XRP. And many would argue is the reason that they won if you had not had this sort of voice for the customers, correct? Some have said that. Maybe that's an overstatement. I don't know. I've said it. I've said it. John's a legend and we should all thank him. And you did it for nothing, man. You just did it for the love, right? That's why you got the brass knuckles around your neck. Absolutely. I'll loan them to the Coinbase lawyers today. All right. Absolutely love it, man. Go to court and keep us updated. All right, man. I'll be closely tracking your ex account. Thanks. I appreciate it. Bye-bye.

Starting point is 00:24:15 Thanks, John. Bye. Wow, guys. Absolutely huge day. I don't understand how this isn't the biggest topic of conversation in the industry, but I do really think that it was overshadowed largely by the ETF. Since we got a couple minutes before Chris is going to go on. First of all, I'm going to tell you guys, you can see up here, the Wolf of All Streets Times, DevE. You can read the thing right down below. You know that I don't often take sponsors, but we've been meeting with them for a very long time. Talking to them is a brand new layer one. It's the most regulatory compliant in the world. They're licensed literally everywhere in every jurisdiction they can operate. And the main point being that it's

Starting point is 00:24:56 environmentally friendly and solves all the ESG issues for everybody who has them, whether they agree with them or whether they don't. Really big issue, certainly all over Europe, but some stats, 8 million TPS with sub-second finality. I love this one. One-third billionth the energy and CO2 of Bitcoin, third-party ISO certified, one-ten millionth the cost of Ethereum, compliant charting solution for all industries in any legal jurisdiction. And this is all extensive US and global patents. We're talking about the former head of the US Defense Intelligence Agency, the guy who built the Kindle, the former CIO of Starbucks, the former president of Universal Pictures, head of research at Cointelegraph. Those are the people who are building this thing. We don't have an affiliate link. I don't have any

Starting point is 00:25:39 upside in you clicking on it. It literally is just the link to their site and everything down below. But this, in my mind, is going to be one of the biggest narratives of the coming cycle. And I think they're going to be huge, obviously competing with all the other layer ones. But just ask you guys to check them out right down below. Link, of course, in the description. Also, before I bring on Chris, there's one other thing I got to talk about today. It's going to take about two and a half minutes. You might puke when we're watching it, but I bring on Chris, there's one other thing I got to talk about today. It's going to take about two and a half minutes. You might puke when we're watching it, but I got to show you Jamie Dimon's interview on CNBC really quick. Here we go, guys.

Starting point is 00:26:12 This is the CEO of JP Morgan. Bitcoin triggered him so much, he said the word shit. Here we go. Cryptocurrencies, there are two types. There's a cryptocurrency which might actually do something. Think of a cryptocurrency as an embedded smart contract in it, and then we can use it to buy and sell real estate and move data. That may have value. The idea of tokenizing. Tokenizing things that you do something with. And then there's one which does nothing. I call it the pet rock, the Bitcoin or something like that.

Starting point is 00:26:37 And so on the Bitcoin, you know, there's, and I'm not trying to make a joke here there are use cases AML fraud anti money laundering tax avoidance sex trafficking those are real use cases and you see it being used for hundreds maybe fifty hundred billion dollars a year for that that is the end use case everything else is people train among themselves so thank you yeah now okay now my last statement the last time i ever talked about bitcoin is i defend your right to do bitcoin i think you know okay i don't want to tell you what to do so my personal advice is you don't get involved but i don't want to tell anyone what to do it's a free country what do you think so what do you think about what do you make of the other firms the black rocks of the world that that obviously and obviously Larry Fink changed his view of this, obviously.

Starting point is 00:27:27 And maybe he changed his view because you think he genuinely believes in Bitcoin or believed it because he thinks that there's a marketplace for it and he wants to be part of that market. But what do you think of the there's about a dozen big financial companies, Fidelity included. Number one, I don't care. So just please stop talking about this shit. And I don't know what he would say about he just said i don't care please stop talking about this after going on a minute and a half rant about it but here we go blockchain versus currencies that do something versus bitcoin that does nothing and maybe that not different than me but you know this is what makes a market people have opinions this is the last time i'm ever going to state my opinion yeah right do anything either yeah but gold's limited in supply so it's big and it's been using uh so you think so huh i do i

Starting point is 00:28:16 think there's a good chance that when bitcoin when we get to that 20 million bitcoins they go to 42 no that satoshi is going to come on there laugh hysterically go quiet all bitcoin's going to be erased i think man how the hell do you know it's going to stop at 21. i've never met one person who told me they know for a fact they take that automatically it's it that's not it can't happen because by the last one will be mined in 2150 and it it gets harder and harder every time there's another having but but jamie looking back over to what you want i'll do what i want as for gold you can the six characteristics that make gold valuable for four thousand years they're all present in bitcoin that's all i'll say and i love you and i don't want to and i don't i don't

Starting point is 00:28:55 also don't want to be a you may joe you may be right yeah like i don't own gold either so okay that's what i mean a couple quick final Guys, in case you're wondering, Satoshi says you can do Bitcoin, but that you shouldn't give a shit. I mean, it's incredible to me, just for context, that the most powerful players on the planet in finance are literally having to talk about Bitcoin every single day. He's at Davos at the World Economic Forum sitting out in the freezing ass cold and has to answer for Bitcoin for two and a half minutes. I love that they didn't ask him why JP Morgan is the AP for BlackRock and other ETFs, but I guess they just let that one slip. Guys, we had John Deaton, legend number one. Now we've got legend number two,

Starting point is 00:29:42 Christopher Inks, Texas West Capital here to tell you what the hell is going on in the markets. How are you doing, man? What do you think of Jamie Dimon? Do you think you like him? Man, he is a funny little man, ain't he? I mean, you know, people free. You know, he's right. This is what makes a market, right?

Starting point is 00:30:00 I do like that he said that. I give him credit. Man, him. But just with the, I think he, man, I think he's just old. I think he's just old. He doesn't get it. He doesn't understand what Bitcoin is or how it comes to be really. But he's willing to make money on it, like you said, AP, right? So he's going to make money on it. He's not stupid. And then he'll say, oh, it's the business. It's not me personally. I don't like it. I don't think you should be able to. But it's the business that's deciding to do

Starting point is 00:30:35 this in our company. So what are you going to do? Yeah. All right. We can move on from Jamie hypocrite time. I mean, listen, he can hate it and also want to make money and let his company do what his customers demand. I'll give him that. You know what I mean? I love that they triggered him enough. They said, let's stop asking me about this.

Starting point is 00:30:56 He's going to be talking about it. Like literally to his wife in bed tonight. I'm quite sure. You know, it's living Bitcoin's living rent free and JP Morgan's head. All right, man, let's look at some charts. What are we looking at today? We've been a pretty obviously muted response after I think the ETF hearing. People expected a God candle up to 60,000. A lot of people thought we dumped at 32 and we just ended up doing nothing. Well, I mean, at the end of the day,

Starting point is 00:31:22 like I tweeted out last week, these are, these are, you know, securities, right? These are they've got settlements. GBTC is T1, T plus one, and I think pretty much everybody else is T plus two. So anything I mean, so you're going to see the outflows, you're going to, in terms of the ETFs there, uh, you know, the, within, within a day or so, you know, of last week of it going live. So last Thursday, so a day Friday. Um, but it wasn't until, you know, yesterday and today you start seeing any, any of the buying being reflected in those ETFs. So, um, you know, we have to remember, it's not just spot, it's not just futures. It's not just whatever options, whatever's available out there that makes the market. Right. It's the culmination of all of it. And so people are going to trade based on a lot of times on what they think the charts are showing them. If charts are showing them that they're selling, they're going to be, oh, it's selling, you know, not not thinking, oh, God, you know, when's actually the buying going to show up in the ETF. So, you know, but there's really quickly, I don't want to interrupt you before you go into the chart, but just so people know, I mean, they did $10 billion in volume in the

Starting point is 00:32:31 first three days. I mean, this is astounding interest. We all know that volume is what brings interest, right? The traders are going to come if there's volume here. And from last I saw on the first three days, it was about 850 million net inflows. And you guys have to remember that in my mind, you can view the ETF as one thing, as grayscale, even though it's now an ETF, as another. Because there's been people who have just been waiting to get out of GBTC, who are trading that discount or have literally been locked in there because there were no redemptions for years, who are literally just going to sell it and

Starting point is 00:33:01 not necessarily go into other ones. So it's skewed. To me, it's skewed to the downside. If that GBTC unlock happened and we didn't have any ETFs to buy, we'd still see those same outflows. So those outflows don't even count in my mind. And this is 800 million net of that. So it's pretty big. Yeah, exactly. Exactly. I think everybody, you know, made way too big a deal. You know, again, it was kind of like, you know, when we talked about GBTC just over a year ago, when it was hitting that bottom, and it was like, Oh, my God, you know,

Starting point is 00:33:28 it's gonna, it's gonna die off, they're gonna sell it off, because everything is going on, they need to sell it. So all that so that they can, you know, pay back all these issues are gonna have because they're going to court, you know, with the whole Gemini thing, and, and, and all that, the lending and all that. Um, and, you know, in and back then I said, no, this is crazy. I said, you know, this is the bottom here. It's going to go up from here because it makes no damn sense.

Starting point is 00:33:51 You're making five, 600 million a year on fees. The worst they're going to do is sell it as a whole somewhere else. They're not going to, you know, sell off the Bitcoin. It didn't make any sense. And so, you know, that same emotional reaction then I think was the same emotional reaction that you see from people today with it. And, you know, at the end of the day, basically hit the top of the channel that we've had on here forever. R2 pivot on the daily, pull back to the daily pivot in this ascending support here.

Starting point is 00:34:18 And I mean, that's all we've done so far. We've got locally here, we've got some hidden bullish divergence here. We've got slightly higher highs on the lows here. We've got slightly lower lows. So we've had some, I've just got one line here, but there's a couple of different hidden bullish divergences along the line here that have kind of given this higher and higher. But right now, the pullback's in three waves.

Starting point is 00:34:44 I mean, that's what it is. I mean, if we're to zoom in on this, it's three waves. And so that means potentially corrective. Let me see if I can get this thing to show up. There we go. So potentially corrective. So if we're breaking out up here above, let's just swing high up here, right around 47,000. I mean, if we're doing that, ultimately this just becomes three waves down right here and we should be heading up higher. Um, so, you know, right now we're just sideways here. We're trying to get through, I've been saying, we've got to get through this, uh, 44,000 area here. If we can pop through this impulsively should carry us up here to around 40

Starting point is 00:35:20 upper 45s, lower 46s. Um, and if we're getting up there we should break out now if we don't though if we do happen to go down um i'm just i'm just taking you know doing it easily here i'm looking at the s1 pivot on the daily right now which gets us at the bottom end of this low volume node right there at around 38.4 or so and then a secondary target a little bit further down around 34.5 at that s2 pivot i i mean we could buy tips yeah yeah i mean we could get down here to 30 000 maybe um it's not that it's impossible but i just i think with the way things are still going i don't i don't have such a big conviction that we actually get down i know people want to get down there people have been waiting since we broke out here and they haven't bought. They've been looking for that pullback. And so now they're

Starting point is 00:36:08 really excited thinking, oh my gosh, we're going to get that chance at a pullback. But here's the thing. If we pull back to that, most of the people waiting to get in there are not going to get in there. They're going to be too scared. They're going to go, oh my God, it was almost 50,000 and now it's 30,000. No, this is going to keep going down lower and you know it's just human psychology you know it's it's emotion it's the way we all you know always are so can i can i can i present a slightly bearish uh case just so we have some balance no no you can't cool no bears allowed no i want to look at the weekly really quick right uh we've seen in every basically having cycle that we get this you know this is 69,000 top all the way down to this

Starting point is 00:36:45 15,460 bottom. Usually it's earlier in the cycle to be fair, but you usually get the 61.8% retracement back up before a pretty big move that 30, 40% correction everybody talks about in the case of 2020, much lower. This actually wicked right into that 61.8% fib up to the 65%, the golden pocket and clearly at a key resistance. And also, at the same time, by the way, I'm now seeing people, which happened two weeks ago, but talking about this golden cross here on the weekly, which for me is lagging into the large timeframe. But there is a golden cross of the 50 and the 200 on the weekly, which would be more bullish. And then on the four hour, we're back below the 250 ma and the hundred if you have it up there

Starting point is 00:37:26 and that hasn't happened since october right the last time we were even testing these things was october but you weren't even below the 200 since september and a bearish retest sort of there and then on the daily you're now below the 50 ma for the first time since september yeah doesn't mean you won't get rejected but those are the things that are giving me a little bit of pause That we might just see that like wick below 40 type of thing that would get people really scared Yeah, definitely and it's not that it's not it's not that it's impossible Um, that's why we have our levels, you know, and for me i'm looking for that impulsive breakout above that 44 to say Okay, we're probably gonna break out higher, right? Um, now I don't have the full chart here but this was a chart uh that i had gosh probably q1 or q2 of last year i'd posted you can check whoever wants to check my timeline

Starting point is 00:38:11 on twitter but i've had these green boxes and i've talked about the steps in the breaking out above the ma and the cloud and all these things uh moving out of a bear market and every one of these the um prior to the having we reached the top of the you know the cloud there every one of these, the prior to the having, we reached the top of the, you know, the cloud there, every one of them, right. And a little bit above. So I was, you know, the target area has been hit of what I gave back there at the beginning of last year, basically. Now the question just is, is that it? We pull back now into having, or, or, you know, do we continue to push up here you know right now uh higher time frames you know daily weekly stuff like that market structure is fine uh it hasn't broken down

Starting point is 00:38:52 yet so until it does i mean you know you can prepare for lower but i think anybody create you know screaming out oh my god it's got to go down lower now with any confirmation that's that's how you got hurt right that's how you got hurt when you were waiting for the uh the pullback to 30 000 when we got the breakout we didn't get that we talked about that at that time and talked about how we're probably getting uh you know that accumulation as we as we rallied um so you know i just i don't know i see a lot of really emotional takes out there a lot of oh this is definitely happening without confirmation and those same people unfortunately for new traders those that are inexperienced are going to see and if they get it right you, they've got a chance to get it

Starting point is 00:39:28 right. And it goes down, they'll be beating their chest. Oh, look, I told you, I told you. And new traders are going to see that. And they're going to go, yeah, look, they knew what they were talking about. And all it was, was a guess, no confirmations. And that's the concerning part as a trader. You know, you don't sit in here for 10, 20, 30, 40 years, you know, and, you know, just kind of guess and continue to stay in. You can't do that. So, you know, yes, possibly down lower, but I'm looking for confirmation. Like I said, man, it's me going, hey, if there's going to be a dip, where should I bid this? It's nothing to do with shorting or thinking we're going into a bear market.

Starting point is 00:40:02 Just saying, hey, if there's a little more downside where should i be bid yeah and so here's the other thing real quick here the weekly on the blx here is right there around that 34 and a half thousand area so i mean initially everything else aside if we were to get rejected here and pull back i mean that's my first thought is is that pivot area and that should hold and if that holds holy, we're running the R5. You know, we're running, what's this, at least 100 and almost 117,000. I'm willing to bet that we probably do that if we do pull back to the weekly pivot here and then break out higher again. So, I mean, grand scheme of things, it's a pullback, guys. This is the bull market. You're going to get caught up in the short little movements of Bitcoin, a lot of money along the way miss a lot of profits along the way

Starting point is 00:40:49 all because you're trying to be cute on the short time frames keep the bigger picture when it comes to bitcoin what else you got up there we told chris we said listen three best three best ideas you know which was our original ethos so we were gonna get now. So yesterday we had some fun. We had some fun with Save, right? We had some fun with Spirit Airlines. But if you look at the chart. Did you see that Spirit Airlines and the meme coin Bonk had the same market cap yesterday after the drop on Spirit? I don't know which one's a bigger meme. You and I joked, right?

Starting point is 00:41:18 Yeah. It's got to be, right? But if we're serious about it, I can get five waves down here as a diagonal as like a you know just just five waves coming down here potentially bullish sfp here this is the monthly right so it has to close the month about that line yeah yeah yeah if it closes above it right and potential here on the weekly definitely here uh on the daily which we've got this here and by the way each one of these are printing bullish divergence on rsi here there's your daily there's your weekly and there's your monthly

Starting point is 00:41:59 monthly going all the way back to march of 2020. Dropping on down to the four hour. Again, we ran the S pivots here. We're coming up. Look at the volume on the drop and look on the next candle. Huge amount of volume coming back up, completely reversed from selling to demanding control. A little bit of pullback today. We'll see if we can get some further up there.

Starting point is 00:42:20 But again, really oversold. Zooming into the one hour gap down a little bit here. So, you know, we want to watch it, but I think there's a good potential, especially on these weekly and monthly timeframes here. I would be watching that because we may be creating a low down here. And if we are, you know, I think easily $46, $47 is pretty easy. I think there's a good chance- Nothing inherently happened to Spirit here, right? I didn't dig so deeply into it.

Starting point is 00:42:49 It's just that the deal with JetBlue effectively got blocked for antitrust and this dumps to hell, but it didn't make Spirit a worse business overnight. It just meant the deal didn't go through, correct? Yeah, it's just what everybody's expecting didn't happen. Yeah. Yeah. Yeah. So to me, I'm watching this good, you know, we, we got,

Starting point is 00:43:05 we got, uh, we nailed a dollar general on the show. Uh, what was it? We got, uh, I got PayPal not too, a little bit after that, I guess they're on, on Twitter, you know, and just a lot of these that, um, I've been finding these bottoms here over the last year, year and a half. Um, and I'm watching this one and, and I think, I think there's something to watch here. I don't know that it happens today, but I want to see how the weekly closes. If we can get a bullish SFP on the weekly, I definitely want to watch that monthly close.

Starting point is 00:43:33 Man, when you're getting down to that low time frame, this is a 15-minute right here. You can call 1, 2, 3, 4, 5, A, B, C. That's a one and a 2 there. If that low was in potentially here, five waves up will get us $13. Almost fills in this fair value gap here all the way up here to $15 and $15, $15 and 20 cents. So I think there's a lot of potential here.

Starting point is 00:44:04 We'll see if we get it. We'll see if we get it. We'll see if we get it. It's early, but I think if you're looking for some, some kind of play that you can sit in for a while, this is potentially one. And so just pay attention. Um, I had to choose. I like, I like, I like coin riot.

Starting point is 00:44:20 I, you know, all those CLSK concept. So yeah. Yeah. Yeah. Um, when I'm looking at all all these so i picked coin to show today this is the three-day chart here just to give us a little bit easier look at it uh it looks like we got a one two one two and then out of this uh you know three of three up here looks like we've got a 38 to pull back wave four abc so if we're breaking out above 161 38 we should be good to go up here to 241 as an initial target, 295 as a secondary target, just to kind of get this wave 3, the larger wave 3 done. And so when you're talking about Bitcoin, if this happens to work out here, the idea that Bitcoin is going to pull back $30,000 or something doesn't make a whole lot of sense, right?

Starting point is 00:45:08 Because Bitcoin and Coin should both be rallying. It doesn't mean they're going to do the exact same movements, but they should be rallying together. You shouldn't be getting Coinbase flying up and Bitcoin crashing. Imagine if Coinbase gets good news against the SEC today. Woo. You know, the craziest thing would be that the judge says, you know, okay, yeah, you know, it's dismissed now. Because, you know, because it's on the pleadings today. But, you know, that's really unlikely to happen. But, man, if it did, I mean, I could see Coinbase and Bitcoin just like shooting up like stupid. So I'm not saying it's going to happen again, but man, if it did.

Starting point is 00:45:48 Love it. Love to see it though. Love to see it. What else you got there? And then I've got STG USDT here. And this is Stargate. I don't know what it does, but the chart looks good. But it's provocative.

Starting point is 00:46:02 So we've got this initial one two here that gives us a minimum expected wave three target up around four dollars and 61 cents minimum expected of course you know these things are probably um you know have blow off tops all these charts uh with with bitcoin with the bitcoin the altcoins and whatnot so it'll probably go up higher, but nonetheless, minimum, at least a four 61 locally here. Um, I think we've probably got a one and a two here, and then this is one, two, three, four, probably getting a five up here. So we might see a little bit further up in a pullback. And that pullback is the one where you'd want to buy. Um, and again, that would just get us something like, um, do something maybe like this one, two, take this down a couple here. And then right here,

Starting point is 00:46:52 we'd get you this more interior to type thing. But yeah, I think we probably get a fullback. Let me see. What's this rally so far? This gets us up here at about, it's about 70 and a half right now. It's about 70 and a half right now. You could potentially head up here to 78.6, which is about 60, almost 65 cents. And then I'd look for a pullback probably down here around this 56 cent area.

Starting point is 00:47:23 And then somewhere around there's where i'd be looking for that reversal and to go long on that and then you just kind of hold on for a while because even locally here with this first interior one two here that'll give you a three minimally up here at about a dollar 26 or so five up at around.58, which gets us just beyond the all-time high there. I think, is that the all-time? Yeah, all-time high there. So yeah, I think there's a lot of potential upside here. And this is one of the better ones. I think we're closer to getting the pullback for a bigger move up. So again, if you're looking for an easier way to make some money, that's how you do it. A lot of people want to come in and

Starting point is 00:48:05 they want to day trade their way to wealth. Most people don't do that. Most people can't. It's a lot of emotion, a lot of impatience. The easier way to do it is to find the lows, find the good pullbacks, find the bottoms, get in there and just let it sit for a bit for a longer positional trade rather than just some kind of day trade. So, um, so I got two things, two things to do here, Chris, two things to do. I'm going to make you help me. Okay. In a minute, I'm going to look at ETH just cause I want to, but our new thing here is we're giving away a hundred dollars at the end of every stream. Oh, wow. My money. It's good faith, uh, to the community. Uh, of course, can I get in on that maybe maybe it brings more

Starting point is 00:48:45 people so great but so what we're gonna do i'm gonna ask you we're gonna ask a stupid question uh and i'm gonna make you choose the best comment and the person who wins just has to email mike at the wolf of all streets.io we are going to check that it's actually you but before i go to give people a chance to comment this is the question of the day to win $100 in the comments. Who is Satoshi Nakamoto and why do you think so? All right. So who is Satoshi Nakamoto and why do you think so? I'm going to look at ETH while you guys look at the comments, but who is Satoshi Nakamoto and why do you think so? Is it Jamie Dimon? Is it Larry Fink? Is it the NSA? Is it Krusty the Clown? I have no ideas. Up to you guys. Go ahead and throw those on.

Starting point is 00:49:26 And I just want to tell you guys, yes, I've been a huge ETH homer. It's not because I believe in the tech or that I was there for the ICO or that I care. Guys, this is the weekly ETH chart. I'm just going to tell you once again, it's only been oversold on RSI four times in history. Those were all bottoms. We have bullish divergence with oversold RSI. Huge pop on the ETF, which we got a hint of when there was the fake news, right at resistance now, major descending resistance. RSI has already broken

Starting point is 00:49:52 the exact same resistance. And this bullishly engulfed two and a half months of price action in a single candle. Two months of price action in a single candle. I am just really bullish on ETH. ETH USD still pushing through that sort of 215, 225, 16 level. I don't know, man. ETH just looks really good. All right. Now we're going to start reading some of your guys' comments. I can't get them all.

Starting point is 00:50:17 Dr. Craig Wright. Oh, my God. Elizabeth Warren's evil twin. Texas West, it's you. All right. His love of Scott Melker, his love of altcoins hides his true Bitcoin maxi life. We got a few. Elizabeth Warren, Gary Gensler,

Starting point is 00:50:29 Jamie David, and Clayton Epstein. Yusko says it's the NSA. Someone said Spongebob. I wish I could see these all. They're coming in so fast. It's Spongebob Squarepants because it can't be proven to be true. Emmy Melker, Satoshi. That's a good one. Yeah, we got Chuck Norris because he got sick of cold uh adam beck that could just be true uh jamie diamond and gary

Starting point is 00:50:54 gensler's creepy uncle you're gonna have to just choose one man you can close your eyes we can scroll you can tell me uh let me see here it could be you man it could be me right i think uh let me see here i think man oh man epstein was crazy answer um is that where you got all the money from let's just go ahead and go with uh man just because uh i hate the guy let's go with gary gensler all right who said it now i gotta find who said it can you say the name the first one to say that was i saw a few in there you just gotta pick a name i'm putting you on the spot

Starting point is 00:51:36 they'll love you don't worry do it you just gotta say the Okay, let me find the name here. Mike. Is it just Mike? He said, fire Gary Gensler. Wow, it's Mike. And Mike, to get your 100 bucks, which we'll send you immediately in crypto, you have to email mike at thewolfofallstreets.io. You're basically just emailing yourself.

Starting point is 00:52:01 Guys, we're going to do this every single day at the end of the stream. Maybe three more of you will show up. That would be awesome. But you might remember in the last bull market, Emmy and I did this pretty much every day because it's fun. It's fun. So Greg, congratulations to Mike. Someone said it's a setup. Mike just, we just chose Mike and he's sending himself some money. No, it's a different guy. Different guy. Same name. I'm just trolling. Just trolling. All right, guys. That's everything that we've got for you today. Of course, check out

Starting point is 00:52:27 Debbie down in the description. Amazing to have a great sponsor. Again, please follow Texas West Capital. I'm going to probably go buy Spirit Airlines today, to be honest. I wasn't thinking about it yesterday. I'm not going to buy Bonk, but I might buy Spirit Airlines. Awesome, guys.

Starting point is 00:52:43 Thank you so much, everybody. Of course we do have a, we do have a Twitter, uh, spaces, uh, in 20 minutes. And for those who missed it, the Coinbase hearing starts at 10. You can go back. I don't have it in front of me again, but there was the phone number there that you could dial in and listen to it. Maybe we'll even stream a bit. Make sure you're listening to it. Yep. Yeah, man. It's going to be huge. I'm just going to like, uh, listen to all the lawyers and see their takes and get the hot takes. The easier way to do it. So just follow John Deaton.

Starting point is 00:53:09 Guys, that's all we got for you today. Chris, thank you very much. See you guys soon. Peace. Congratulations, Mike. Let's go.

The Wolf Of All Streets - Coinbase Could Crush The SEC TODAY (HUGE For Altcoins) | John Deaton

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