What is going on with the viewers of the tube? I hope you know by now, but if you don't, my name is Tyler. The host of the crypto channel that once BTC hits 20k I'm going to use a epilady just like this guy to shave this beautiful beard. This takes off my beard, the epilady beard challenge wow. You know how we get clean cut, it's time for Chico crypto 20k. A BTC I know with the most recent crash it seems impossible and some who are watching my channel have never experienced what it's like tabs asset that high as they came after the 2017 run. Maybe they got a taste of 14k as BTC hit that in late June 2018. It is it possible. Could it be coming this year for Bitcoin to rally and smash through its two highest peaks, because the more you look at the charts and each peak since 2017? It'S, actually, a bearish chart of lower lows: 20k 20 17 feet 14 K, 20, 18 peak 10k, 20, 19 peak and we just recently tested 10k again in 2020, getting rejected, not a good sign by the way, although there has to be good signs right, Tyler somewhere, That points to Bitcoin getting bullish and at least breaking and staying above the 10k level, thus breaking the macro trend of lower lows. Well, yes, there is – and you know your boy Chico is the one who has been covering it like mad, those good old USD greenbacks.
Bending their knee come to King's Landing, then the knee or so for the fate of all traces and going to the digital and possibly crypto side. If you've been following, my research on this topic, it's been a whirlwind. I already have four videos on the topic which go deeper down the rabbit hole each time. Of course, all those videos are in the description if you want to dig into them, but now it's time to ditch the shovels and get the bulldozer cuz. We are figuring out what the plan is. As it is a plan you guys, the government knows that if they don't act fast with a digital dollar, they could be unseated by other currencies going digital, especially the Chinese. You want, as in late April, China reached a significant milestone. They became the first major real world economy to conduct a digital currency pilot in three of its major cities, Shenzhen Zuzu and Chengdu, and in a new special economic zone near Beijing called Yong Yong and everything for is built the backend code, the applications which we all Know the photos were already leaked, so it's no secret. What could happen with a digital yuan which foreign affairs, the blog covered, could China's digital currency unseat? The dollar, American economic and geopolitical power is at stake, so a big old fire is lit under the bumps of those who are in charge of the dollar. Our government, which includes a cast of characters Trumpster our president secretary of the treasury, steve minuchin, snooty, boochi, boochi, boochi and then office of the comptroller, which was joseph auditing.
Now, yesterday, massive news that i officially broke faster than coin della Graf is Brian P, Brooks former chief legal officer for none other than coin babe and who I have been keeping a keen eye on. So my friends, I don't think you understand how big this is. Brian Brooks moving up to the power of the Comptroller of the currency. I don't want to beat a dead horse, as I've talked about it in previous videos, but Brian is gung ho on the digital dollar. You helped get us DC to where it is today with coinbase and is a major proponent of the private sector, building the technology for the digital dollar. While the government sets a monetary policy and legal red tape of how digital dollars should be regulated now, we've got real close to something big happening in 2018: the launch of a special national banking charter for fin tech companies, which had been in the works since 2016. It was found out that coinbase was elected to speak with, specifically Brian Brooks's new Department, the Office of the Comptroller, which can be seen from coin Telegraph covering it back then, well that banking charter it fell apart because of a regulatory turf war, the OSI Steve. They would take control of FinTech companies, licensing regulating and supervising them and the kicker is a licensees would be exempt from state licensing laws. Though response from the state was majority negative, as they felt the federal government was taking too much power and then nuyoc completely blocked.
It at the end of 2018 by filing a lawsuit against OCC. Well, it's been a court battle sentence with New York, winning the judgment in October of 2019. But like all court battles, you get an appeal which the OCC put together in December of 2019, and ever since we have been waiting on word of this appeal, but the global panic has put the brakes on everything. Although late last month, it began again as the OCC filed their opening brief to the US Court of Appeals for the second District, which the document boldly states at the bottom, the New York districts judgment decision should be reversed. Now you guys that was submitted just a month ago and they had one of the best lawyers. Brian Brooks helping create the appeal document, as he was officially brought on to the OCC in the middle of March, when he was named the chief operating officer and now in just a month and a half with OCC. He got a major promotion. Why? The sudden departure of Joseph OD'ing did Brian, just straight up, kill it with the appeal documents and get a promotion well it's hard to say until we get some words from the court, but Joseph he completed his task. He was brought on to bring some changes specifically to redlining and the Community Reinvestment Act which, since 2017, has been his focus and the finalized version of the law. Changes are coming so it's time to step down old buddy and bring on the next focus of the OCC Department.
Getting the dollar digitized with Brian Brooks leading the charge, and this has coinbase licking their chops waiting for the appeal, because US DC is poised to take the lead position as the u.s. is digital dollar and some reasons do you know when and why the office of The comp stroller was created in 1863 when President Abe Lincoln signed into law the national currency act, creating the office and tasking it with organizing and administering a system of nationally chartered banks and a uniform national currency. It was made to control the currency. If you didn't know, the definition of comptroller is a controller. So what is the controller of our currency paper? Greenbacks thinking? We got ta listen in to his public words as they tell ohso much, and he spoke in march when he was still with coinbase about the biggest hurdles crypto has in regards to government and regulations and how coinbase was navigating this let's. Listen in the most important thing fat.if has done in the last year, obviously is is to clarify the application of something called the travel rule to crypto and the travel rule is something which you know. Women applied in the banking system basically says that every time a wire transfer happens from bank a to bank B, the wire has to include all of the upstream send receive information, so who did it originally come from? And this is how you know that a you know, wire from mr.
Smith, to mr. Jones. You know in New York actually originated in Iran, as you can tell that there was first the move from Iran to France and then for France to London and then from London to New York. Not so you know that works. This is a challenging in crypto, obviously, because the point of crypto is to be a decentralized mechanism of exchange, and so a lot of crypto is not focused on institution to institution transfers and and, as a result, a lot of the crypto universe has been focused on A what would it even look like for blockchain transactions to have some clunky wire transfer type of identifying information on it? A and B a majority of crypto transactions are not exchanged to exchange they're, either exchanged to private wallet or private wallets a private wallet. So how do you think about those things the position we've taken? Is you know we're not going to try and quibble with what the law is? I mean we're, a rare company whose entire brand is about compliance and being the trust safe place to do this. So if the governments of the Western world and parts of Asia are demanding that there be compliance, what will figure it out? The debate right now seems to be between solutions like we're trying to build that are sort of crypto. First solutions, in other words, blockchain based travel, rule compliance solutions versus other solutions that are much more. What I would think of as traditional finance.
The application of a new software layer, totally away from the blockchain that would require exchanges to you, know, maintain their crypto business over here and then turn over here and along sometimes something in some system of record on a Microsoft platform or something crazy like that. We'Ve done a fairly good job, thus far of bringing some of the major US exchanges along with us for the crypto first solution, so that at least the utility of crypto is retained in a travel rule world, but it's not obvious that that will win and so We'Re in detailed dialogue, I mean, even literally this week with Vincent and Treasury leadership, to talk about how we're gon na comply. We can totally build something we can. We can definitely do this, but it needs to be something that is native to the blockchain and not something that imposes bank like requirements on us, because if we're gon na do that, you don't need crypto, you might as well just use Swift. Did you hear what he said you guys? Coinbase is creating the blockchain compliant travel rule, crypto sand the technologies and they are bringing on the other US exchanges with them, and then just in march, coinbase with brian was speaking closely with FinCEN and the Treasury regarding their solutions. And now brian is a part of the treasury, as the comptroller now let's just hear what he had to say. Just two weeks ago May 12th, when he joined coin desk, for a chat as the Office of the Comptroller and crypto is one of those areas where we have to ask ourselves.
Does it make more sense to think of crypto exchanges and crypto projects as local projects or global projects if they're global, then the rationale for a single national license starts to make a lot more sense right, and so one of the questions is over time. How do we conceive of what a crypto really is? Increasingly, I think, there's an argument that crypto looks a lot like banking for the 21st century right there are stable coin projects that have a lot of the look and feel of a deposit product. There are a number of tokens that look and feel a lot like a payments application. There are a number of things that look like remittance projects and other things, all of which we understand historically to be part of the banking system, and so what are my missions? At the OCC, which does have a strong innovation office, is to investigate the extent to which, over time, it makes sense to think of crypto companies like banks and to think about charter types that might be appropriate for crypto companies now that's a vicious objective and would Require a big leap of innovation faith but again I come back to the idea of things that are inherently borderless, like crypto, probably makes sense in a licence structure that is more broadly applicable to state money transmitter licenses. This is his job as the Comptroller, the digital dollar banking licenses for crypto companies. All I have to do is laugh when you see the price is crashing, as the writing is on the wall, that crypto companies are the banks of the future.