WEBVTT Kind: captions Language: en 00:00:00.130 --> 00:00:17.670 align:start position:0% [Music] 00:00:17.670 --> 00:00:17.680 align:start position:0% 00:00:17.680 --> 00:00:20.029 align:start position:0% but<00:00:18.000> I'm<00:00:18.240> welcoming<00:00:18.960> I'm<00:00:19.080> going<00:00:19.320> to<00:00:19.720> give<00:00:19.840> a 00:00:20.029 --> 00:00:20.039 align:start position:0% but I'm welcoming I'm going to give a 00:00:20.039 --> 00:00:22.630 align:start position:0% but I'm welcoming I'm going to give a quick<00:00:20.279> introduction<00:00:20.880> to<00:00:21.080> the<00:00:21.320> next<00:00:21.960> speaker 00:00:22.630 --> 00:00:22.640 align:start position:0% quick introduction to the next speaker 00:00:22.640 --> 00:00:25.550 align:start position:0% quick introduction to the next speaker who<00:00:22.840> is<00:00:23.359> uh<00:00:24.039> coin<00:00:24.320> centers<00:00:24.880> Peter<00:00:25.160> van 00:00:25.550 --> 00:00:25.560 align:start position:0% who is uh coin centers Peter van 00:00:25.560 --> 00:00:27.910 align:start position:0% who is uh coin centers Peter van valkenberg<00:00:26.560> and<00:00:26.720> I<00:00:27.000> I<00:00:27.080> will<00:00:27.240> speak<00:00:27.439> for<00:00:27.599> a<00:00:27.720> few 00:00:27.910 --> 00:00:27.920 align:start position:0% valkenberg and I I will speak for a few 00:00:27.920 --> 00:00:30.790 align:start position:0% valkenberg and I I will speak for a few minutes<00:00:28.320> first<00:00:28.800> because<00:00:29.560> um<00:00:30.039> as<00:00:30.320> executive 00:00:30.790 --> 00:00:30.800 align:start position:0% minutes first because um as executive 00:00:30.800 --> 00:00:34.630 align:start position:0% minutes first because um as executive director<00:00:31.160> of<00:00:31.279> the<00:00:31.520> foundation<00:00:32.520> I<00:00:32.640> am<00:00:32.960> also<00:00:33.879> um 00:00:34.630 --> 00:00:34.640 align:start position:0% director of the foundation I am also um 00:00:34.640 --> 00:00:37.150 align:start position:0% director of the foundation I am also um the<00:00:34.840> main<00:00:35.320> point<00:00:35.680> person<00:00:36.160> for<00:00:36.559> compliance<00:00:37.000> and 00:00:37.150 --> 00:00:37.160 align:start position:0% the main point person for compliance and 00:00:37.160 --> 00:00:40.150 align:start position:0% the main point person for compliance and Regulatory<00:00:37.719> and<00:00:37.879> legal<00:00:38.280> issues<00:00:39.160> and<00:00:39.360> we<00:00:39.879> um 00:00:40.150 --> 00:00:40.160 align:start position:0% Regulatory and legal issues and we um 00:00:40.160 --> 00:00:44.709 align:start position:0% Regulatory and legal issues and we um are<00:00:41.160> very<00:00:42.320> um<00:00:43.320> we<00:00:43.520> pay<00:00:43.680> a<00:00:43.800> lot<00:00:43.920> of<00:00:44.079> attention<00:00:44.520> to 00:00:44.709 --> 00:00:44.719 align:start position:0% are very um we pay a lot of attention to 00:00:44.719 --> 00:00:46.590 align:start position:0% are very um we pay a lot of attention to these<00:00:44.960> things<00:00:45.360> because<00:00:45.960> it<00:00:46.079> does<00:00:46.280> make<00:00:46.480> a 00:00:46.590 --> 00:00:46.600 align:start position:0% these things because it does make a 00:00:46.600 --> 00:00:48.150 align:start position:0% these things because it does make a difference<00:00:46.920> we<00:00:47.039> live<00:00:47.199> in<00:00:47.280> a<00:00:47.440> real<00:00:47.680> world<00:00:48.000> where 00:00:48.150 --> 00:00:48.160 align:start position:0% difference we live in a real world where 00:00:48.160 --> 00:00:51.750 align:start position:0% difference we live in a real world where there<00:00:48.239> are<00:00:48.440> real<00:00:48.920> concerns<00:00:49.920> for<00:00:50.640> any<00:00:51.039> type<00:00:51.360> of 00:00:51.750 --> 00:00:51.760 align:start position:0% there are real concerns for any type of 00:00:51.760 --> 00:00:54.510 align:start position:0% there are real concerns for any type of blockchain<00:00:52.680> company<00:00:53.320> startup 00:00:54.510 --> 00:00:54.520 align:start position:0% blockchain company startup 00:00:54.520 --> 00:00:57.750 align:start position:0% blockchain company startup organization<00:00:55.520> and<00:00:56.160> uh<00:00:56.399> every<00:00:57.039> jurisdiction 00:00:57.750 --> 00:00:57.760 align:start position:0% organization and uh every jurisdiction 00:00:57.760 --> 00:01:00.229 align:start position:0% organization and uh every jurisdiction is<00:00:58.000> different<00:00:58.480> we<00:00:58.680> operate<00:00:59.120> in<00:00:59.440> a<00:00:59.559> number<00:01:00.039> of 00:01:00.229 --> 00:01:00.239 align:start position:0% is different we operate in a number of 00:01:00.239 --> 00:01:04.229 align:start position:0% is different we operate in a number of them<00:01:01.079> so<00:01:01.840> um<00:01:02.199> something<00:01:02.600> that<00:01:02.920> I<00:01:03.840> strongly 00:01:04.229 --> 00:01:04.239 align:start position:0% them so um something that I strongly 00:01:04.239 --> 00:01:06.310 align:start position:0% them so um something that I strongly believe<00:01:04.680> people<00:01:04.920> should<00:01:05.199> take<00:01:05.600> seriously<00:01:06.119> for 00:01:06.310 --> 00:01:06.320 align:start position:0% believe people should take seriously for 00:01:06.320 --> 00:01:08.910 align:start position:0% believe people should take seriously for your<00:01:06.479> own<00:01:06.799> benefit<00:01:07.200> for<00:01:07.360> your<00:01:07.479> own<00:01:07.920> protection 00:01:08.910 --> 00:01:08.920 align:start position:0% your own benefit for your own protection 00:01:08.920 --> 00:01:12.550 align:start position:0% your own benefit for your own protection and<00:01:09.720> for<00:01:10.119> to<00:01:10.320> be<00:01:10.520> able<00:01:10.799> to<00:01:11.240> further<00:01:12.240> the 00:01:12.550 --> 00:01:12.560 align:start position:0% and for to be able to further the 00:01:12.560 --> 00:01:14.789 align:start position:0% and for to be able to further the innovation<00:01:13.200> technology<00:01:14.040> that<00:01:14.159> we<00:01:14.320> all<00:01:14.479> do 00:01:14.789 --> 00:01:14.799 align:start position:0% innovation technology that we all do 00:01:14.799 --> 00:01:17.550 align:start position:0% innovation technology that we all do here<00:01:15.119> that<00:01:15.280> we<00:01:15.400> all<00:01:15.880> support 00:01:17.550 --> 00:01:17.560 align:start position:0% here that we all support 00:01:17.560 --> 00:01:21.230 align:start position:0% here that we all support um<00:01:18.560> we<00:01:18.720> are<00:01:18.960> not<00:01:19.439> the<00:01:19.799> that<00:01:20.400> organization<00:01:21.119> that 00:01:21.230 --> 00:01:21.240 align:start position:0% um we are not the that organization that 00:01:21.240 --> 00:01:25.550 align:start position:0% um we are not the that organization that is<00:01:21.360> more<00:01:21.560> like<00:01:21.680> a<00:01:21.880> 501c4<00:01:22.880> we<00:01:23.000> are<00:01:23.720> truly<00:01:24.720> a<00:01:25.320> um 00:01:25.550 --> 00:01:25.560 align:start position:0% is more like a 501c4 we are truly a um 00:01:25.560 --> 00:01:29.310 align:start position:0% is more like a 501c4 we are truly a um you<00:01:25.680> know<00:01:25.840> where<00:01:26.799> a<00:01:26.960> Swiss<00:01:27.960> stiff<00:01:28.960> which<00:01:29.119> is 00:01:29.310 --> 00:01:29.320 align:start position:0% you know where a Swiss stiff which is 00:01:29.320 --> 00:01:32.910 align:start position:0% you know where a Swiss stiff which is closer<00:01:29.640> to<00:01:30.079> 501c3<00:01:31.079> and<00:01:31.240> we<00:01:31.520> support<00:01:32.520> research 00:01:32.910 --> 00:01:32.920 align:start position:0% closer to 501c3 and we support research 00:01:32.920 --> 00:01:34.789 align:start position:0% closer to 501c3 and we support research and<00:01:33.119> development<00:01:33.720> and<00:01:33.880> the<00:01:34.040> education<00:01:34.600> and 00:01:34.789 --> 00:01:34.799 align:start position:0% and development and the education and 00:01:34.799 --> 00:01:37.149 align:start position:0% and development and the education and Outreach<00:01:35.360> that<00:01:35.520> surrounds<00:01:36.000> it<00:01:36.720> however<00:01:37.040> we 00:01:37.149 --> 00:01:37.159 align:start position:0% Outreach that surrounds it however we 00:01:37.159 --> 00:01:40.069 align:start position:0% Outreach that surrounds it however we still<00:01:37.439> have<00:01:37.600> to<00:01:37.880> deal<00:01:38.200> with<00:01:39.159> um<00:01:39.320> regulatory 00:01:40.069 --> 00:01:40.079 align:start position:0% still have to deal with um regulatory 00:01:40.079 --> 00:01:42.469 align:start position:0% still have to deal with um regulatory considerations<00:01:41.079> and<00:01:41.759> I've<00:01:42.040> personally 00:01:42.469 --> 00:01:42.479 align:start position:0% considerations and I've personally 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position:0% address it and get it out of the way and enjoy<00:01:51.159> the<00:01:51.320> rest<00:01:51.600> of<00:01:51.840> the<00:01:52.240> the<00:01:52.399> more<00:01:52.600> the 00:01:52.990 --> 00:01:53.000 align:start position:0% enjoy the rest of the the more the 00:01:53.000 --> 00:01:55.590 align:start position:0% enjoy the rest of the the more the technical<00:01:54.000> uh<00:01:54.560> presentations<00:01:55.200> that<00:01:55.320> we<00:01:55.439> have 00:01:55.590 --> 00:01:55.600 align:start position:0% technical uh presentations that we have 00:01:55.600 --> 00:01:58.870 align:start position:0% technical uh presentations that we have lined<00:01:55.920> up<00:01:56.159> for<00:01:56.360> the<00:01:56.960> uh<00:01:57.119> next<00:01:57.360> three<00:01:57.600> days<00:01:58.079> so 00:01:58.870 --> 00:01:58.880 align:start position:0% lined up for the uh next three days so 00:01:58.880 --> 00:02:06.950 align:start position:0% lined up for the uh next three days so um<00:01:59.360> Peter 00:02:06.950 --> 00:02:06.960 align:start position:0% 00:02:06.960 --> 00:02:10.390 align:start position:0% yeah<00:02:07.960> thank<00:02:08.119> you<00:02:08.200> so<00:02:08.360> much 00:02:10.390 --> 00:02:10.400 align:start position:0% yeah thank you so much 00:02:10.400 --> 00:02:12.670 align:start position:0% yeah thank you so much Ming<00:02:11.400> thank 00:02:12.670 --> 00:02:12.680 align:start position:0% Ming thank 00:02:12.680 --> 00:02:15.869 align:start position:0% Ming thank you<00:02:13.680> so<00:02:14.040> it<00:02:14.200> is<00:02:14.400> a<00:02:14.599> tremendous<00:02:15.120> honor<00:02:15.440> to<00:02:15.599> be 00:02:15.869 --> 00:02:15.879 align:start position:0% you so it is a tremendous honor to be 00:02:15.879 --> 00:02:17.390 align:start position:0% you so it is a tremendous honor to be sharing<00:02:16.120> the<00:02:16.319> stage<00:02:16.680> with<00:02:16.840> all<00:02:16.959> of<00:02:17.080> you<00:02:17.280> I 00:02:17.390 --> 00:02:17.400 align:start position:0% sharing the stage with all of you I 00:02:17.400 --> 00:02:19.830 align:start position:0% sharing the stage with all of you I didn't<00:02:17.680> know<00:02:17.879> you'd<00:02:18.120> still<00:02:18.319> be<00:02:18.519> here<00:02:19.200> um<00:02:19.480> but 00:02:19.830 --> 00:02:19.840 align:start position:0% didn't know you'd still be here um but 00:02:19.840 --> 00:02:21.630 align:start position:0% didn't know you'd still be here um but honestly<00:02:20.480> the<00:02:20.599> work<00:02:20.760> you<00:02:20.920> all<00:02:21.120> do<00:02:21.440> is 00:02:21.630 --> 00:02:21.640 align:start position:0% honestly the work you all do is 00:02:21.640 --> 00:02:24.990 align:start position:0% honestly the work you all do is incredibly<00:02:22.160> inspiring<00:02:22.599> to<00:02:22.800> me<00:02:23.760> uh<00:02:24.000> a<00:02:24.160> humble 00:02:24.990 --> 00:02:25.000 align:start position:0% incredibly inspiring to me uh a humble 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come from the government but 00:02:43.159 --> 00:02:44.830 align:start position:0% Center I come from the government but I'm<00:02:43.319> here<00:02:43.440> to 00:02:44.830 --> 00:02:44.840 align:start position:0% I'm here to 00:02:44.840 --> 00:02:47.390 align:start position:0% I'm here to help<00:02:45.840> um<00:02:46.640> unfortunately<00:02:47.080> I<00:02:47.120> have<00:02:47.239> to<00:02:47.319> do 00:02:47.390 --> 00:02:47.400 align:start position:0% help um unfortunately I have to do 00:02:47.400 --> 00:02:48.710 align:start position:0% help um unfortunately I have to do something<00:02:47.640> super<00:02:47.879> lame<00:02:48.159> and<00:02:48.360> give<00:02:48.480> a 00:02:48.710 --> 00:02:48.720 align:start position:0% something super lame and give a 00:02:48.720 --> 00:02:51.390 align:start position:0% something super lame and give a disclaimer<00:02:49.720> uh<00:02:49.920> because<00:02:50.080> I'm<00:02:50.200> a<00:02:50.319> lawyer<00:02:51.080> uh<00:02:51.280> I 00:02:51.390 --> 00:02:51.400 align:start position:0% disclaimer uh because I'm a lawyer uh I 00:02:51.400 --> 00:02:54.910 align:start position:0% disclaimer uh because I'm a lawyer uh I am<00:02:51.519> a<00:02:51.680> lawyer<00:02:52.120> but<00:02:52.280> I'm<00:02:52.440> not<00:02:52.680> your<00:02:53.280> lawyer<00:02:54.280> um 00:02:54.910 --> 00:02:54.920 align:start position:0% am a lawyer but I'm not your lawyer um 00:02:54.920 --> 00:02:58.149 align:start position:0% am a lawyer but I'm not your lawyer um the<00:02:55.080> following<00:02:55.480> talk<00:02:55.720> is<00:02:55.879> for<00:02:56.120> educational 00:02:58.149 --> 00:02:58.159 align:start position:0% the following talk is for educational 00:02:58.159 --> 00:03:02.309 align:start position:0% the following talk is for educational purposes<00:02:59.159> sorry<00:03:00.159> um<00:03:01.159> if<00:03:01.319> you<00:03:01.560> need<00:03:01.800> a<00:03:01.920> lawyer 00:03:02.309 --> 00:03:02.319 align:start position:0% purposes sorry um if you need a lawyer 00:03:02.319 --> 00:03:04.470 align:start position:0% purposes sorry um if you need a lawyer you<00:03:02.400> should<00:03:02.640> hire<00:03:02.879> a 00:03:04.470 --> 00:03:04.480 align:start position:0% you should hire a 00:03:04.480 --> 00:03:07.789 align:start position:0% you should hire a lawyer<00:03:05.480> does<00:03:05.680> this<00:03:05.840> clicker 00:03:07.789 --> 00:03:07.799 align:start position:0% lawyer does this clicker 00:03:07.799 --> 00:03:09.589 align:start position:0% lawyer does this clicker work<00:03:08.799> it 00:03:09.589 --> 00:03:09.599 align:start position:0% work it 00:03:09.599 --> 00:03:14.190 align:start position:0% work it does<00:03:10.920> okay<00:03:11.920> so<00:03:12.120> what<00:03:12.239> the<00:03:12.360> hell<00:03:12.519> is<00:03:12.680> coin 00:03:14.190 --> 00:03:14.200 align:start position:0% does okay so what the hell is coin 00:03:14.200 --> 00:03:18.229 align:start position:0% does okay so what the hell is coin Center<00:03:15.200> coin<00:03:15.480> Center<00:03:16.400> uh<00:03:16.519> is<00:03:16.599> a<00:03:17.239> nonprofit 00:03:18.229 --> 00:03:18.239 align:start position:0% Center coin Center uh is a nonprofit 00:03:18.239 --> 00:03:19.830 align:start position:0% Center coin Center uh is a nonprofit that's<00:03:18.440> based<00:03:18.680> in<00:03:18.840> Washington<00:03:19.280> DC<00:03:19.680> and<00:03:19.760> I'm 00:03:19.830 --> 00:03:19.840 align:start position:0% that's based in Washington DC and I'm 00:03:19.840 --> 00:03:20.949 align:start position:0% that's based in Washington DC and I'm going<00:03:19.959> to<00:03:20.040> put<00:03:20.159> our<00:03:20.280> mission<00:03:20.560> up<00:03:20.720> here<00:03:20.879> but 00:03:20.949 --> 00:03:20.959 align:start position:0% going to put our mission up here but 00:03:20.959 --> 00:03:22.869 align:start position:0% going to put our mission up here but it's<00:03:21.200> probably<00:03:21.920> better<00:03:22.159> if<00:03:22.319> I<00:03:22.480> just<00:03:22.640> talk 00:03:22.869 --> 00:03:22.879 align:start position:0% it's probably better if I just talk 00:03:22.879 --> 00:03:25.830 align:start position:0% it's probably better if I just talk about<00:03:23.159> a<00:03:23.280> little<00:03:23.440> bit<00:03:23.560> of<00:03:23.799> my<00:03:24.040> background<00:03:25.040> so<00:03:25.519> I 00:03:25.830 --> 00:03:25.840 align:start position:0% about a little bit of my background so I 00:03:25.840 --> 00:03:29.309 align:start position:0% about a little bit of my background so I um<00:03:26.799> as<00:03:26.920> I<00:03:27.120> said<00:03:28.000> decided<00:03:28.400> to<00:03:28.599> go<00:03:28.920> the<00:03:29.040> liberal 00:03:29.309 --> 00:03:29.319 align:start position:0% um as I said decided to go the liberal 00:03:29.319 --> 00:03:31.550 align:start position:0% um as I said decided to go the liberal arts<00:03:29.560> route<00:03:29.959> went<00:03:30.080> to<00:03:30.239> law<00:03:30.480> school<00:03:31.280> while<00:03:31.439> I 00:03:31.550 --> 00:03:31.560 align:start position:0% arts route went to law school while I 00:03:31.560 --> 00:03:33.110 align:start position:0% arts route went to law school while I was<00:03:31.680> in<00:03:31.840> law<00:03:32.040> school<00:03:32.319> I<00:03:32.400> started<00:03:32.720> becoming 00:03:33.110 --> 00:03:33.120 align:start position:0% was in law school I started becoming 00:03:33.120 --> 00:03:34.830 align:start position:0% was in law school I started becoming very<00:03:33.360> interested<00:03:33.799> in<00:03:34.000> Bitcoin<00:03:34.560> this<00:03:34.680> was 00:03:34.830 --> 00:03:34.840 align:start position:0% very interested in Bitcoin this was 00:03:34.840 --> 00:03:37.710 align:start position:0% very interested in Bitcoin this was around<00:03:35.519> 2012<00:03:36.519> I<00:03:36.640> got<00:03:36.840> very<00:03:37.040> close<00:03:37.280> to<00:03:37.400> setting 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00:03:42.720 align:start position:0% got distracted and it's one of my big 00:03:42.720 --> 00:03:45.589 align:start position:0% got distracted and it's one of my big regrets<00:03:43.080> in<00:03:43.200> my<00:03:43.519> life<00:03:44.519> but 00:03:45.589 --> 00:03:45.599 align:start position:0% regrets in my life but 00:03:45.599 --> 00:03:47.750 align:start position:0% regrets in my life but nonetheless<00:03:46.599> um<00:03:46.840> learning<00:03:47.239> about<00:03:47.480> the 00:03:47.750 --> 00:03:47.760 align:start position:0% nonetheless um learning about the 00:03:47.760 --> 00:03:49.830 align:start position:0% nonetheless um learning about the technology<00:03:48.760> while<00:03:48.959> also<00:03:49.200> learning<00:03:49.480> about<00:03:49.680> the 00:03:49.830 --> 00:03:49.840 align:start position:0% technology while also learning about the 00:03:49.840 --> 00:03:52.229 align:start position:0% technology while also learning about the law<00:03:50.799> uh<00:03:50.920> gave<00:03:51.080> me<00:03:51.200> a<00:03:51.319> unique<00:03:51.680> perspective<00:03:52.159> I 00:03:52.229 --> 00:03:52.239 align:start position:0% law uh gave me a unique perspective I 00:03:52.239 --> 00:03:53.470 align:start position:0% law uh gave me a unique perspective I thought<00:03:52.400> I<00:03:52.519> always<00:03:52.680> wanted<00:03:52.920> to<00:03:53.040> work<00:03:53.239> in 00:03:53.470 --> 00:03:53.480 align:start position:0% thought I always wanted to work in 00:03:53.480 --> 00:03:56.589 align:start position:0% thought I always wanted to work in copyright<00:03:54.120> law<00:03:54.560> or<00:03:54.799> digital<00:03:55.439> privacy<00:03:56.439> um 00:03:56.589 --> 00:03:56.599 align:start position:0% copyright law or digital privacy um 00:03:56.599 --> 00:03:57.750 align:start position:0% copyright law or digital privacy um because<00:03:56.799> those<00:03:56.920> are<00:03:57.159> areas<00:03:57.480> where<00:03:57.640> the 00:03:57.750 --> 00:03:57.760 align:start position:0% because those are areas where the 00:03:57.760 --> 00:04:00.270 align:start position:0% because those are areas where the internet<00:03:58.239> has<00:03:58.519> already<00:03:59.000> disrupted<00:03:59.840> a<00:03:59.920> lot<00:04:00.079> of 00:04:00.270 --> 00:04:00.280 align:start position:0% internet has already disrupted a lot of 00:04:00.280 --> 00:04:02.229 align:start position:0% internet has already disrupted a lot of expectations<00:04:00.959> as<00:04:01.079> to<00:04:01.280> what<00:04:01.400> is<00:04:01.680> possible<00:04:02.040> to 00:04:02.229 --> 00:04:02.239 align:start position:0% expectations as to what is possible to 00:04:02.239 --> 00:04:04.589 align:start position:0% expectations as to what is possible to enforce<00:04:02.959> from<00:04:03.079> a<00:04:03.239> government<00:04:03.640> Poli<00:04:04.159> policy 00:04:04.589 --> 00:04:04.599 align:start position:0% enforce from a government Poli policy 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new area that's<00:04:11.079> being<00:04:11.360> disrupted<00:04:12.200> which<00:04:12.319> is 00:04:12.470 --> 00:04:12.480 align:start position:0% that's being disrupted which is 00:04:12.480 --> 00:04:15.550 align:start position:0% that's being disrupted which is financial<00:04:12.920> services<00:04:13.640> regulation<00:04:14.640> which<00:04:14.799> is 00:04:15.550 --> 00:04:15.560 align:start position:0% financial services regulation which is 00:04:15.560 --> 00:04:17.189 align:start position:0% financial services regulation which is the<00:04:15.799> internet<00:04:16.359> as<00:04:16.519> far<00:04:16.680> as<00:04:16.840> truly 00:04:17.189 --> 00:04:17.199 align:start position:0% the internet as far as truly 00:04:17.199 --> 00:04:18.670 align:start position:0% the internet as far as truly decentralizing<00:04:18.000> it<00:04:18.120> and<00:04:18.199> building<00:04:18.479> it<00:04:18.600> the 00:04:18.670 --> 00:04:18.680 align:start position:0% decentralizing it and building it the 00:04:18.680 --> 00:04:20.550 align:start position:0% decentralizing it and building it the way<00:04:18.799> it<00:04:18.880> should<00:04:19.000> have<00:04:19.120> been<00:04:19.239> built<00:04:19.479> from<00:04:19.600> the 00:04:20.550 --> 00:04:20.560 align:start position:0% way it should have been built from the 00:04:20.560 --> 00:04:22.390 align:start position:0% way it should have been built from the beginning 00:04:22.390 --> 00:04:22.400 align:start position:0% beginning 00:04:22.400 --> 00:04:25.189 align:start position:0% beginning so<00:04:23.400> I<00:04:23.720> uh<00:04:23.960> I<00:04:24.040> got<00:04:24.120> a<00:04:24.240> Google<00:04:24.520> Fellowship<00:04:24.919> to<00:04:25.040> go 00:04:25.189 --> 00:04:25.199 align:start position:0% so I uh I got a Google Fellowship to go 00:04:25.199 --> 00:04:27.590 align:start position:0% so I uh I got a Google Fellowship to go work<00:04:25.360> in<00:04:25.520> Washington<00:04:25.960> DC<00:04:26.320> in<00:04:26.520> policy<00:04:27.080> I<00:04:27.160> worked 00:04:27.590 --> 00:04:27.600 align:start position:0% work in Washington DC in policy I worked 00:04:27.600 --> 00:04:29.110 align:start position:0% work in Washington DC in policy I worked first<00:04:27.840> for<00:04:28.000> a<00:04:28.120> think<00:04:28.320> tank<00:04:28.560> that<00:04:28.639> was<00:04:28.759> doing 00:04:29.110 --> 00:04:29.120 align:start position:0% first for a think tank that was doing 00:04:29.120 --> 00:04:30.749 align:start position:0% first for a think tank that was doing copyright<00:04:29.759> and<00:04:29.880> surveillance<00:04:30.479> this<00:04:30.600> was 00:04:30.749 --> 00:04:30.759 align:start position:0% copyright and surveillance this was 00:04:30.759 --> 00:04:32.749 align:start position:0% copyright and surveillance this was around<00:04:30.960> the<00:04:31.080> time<00:04:31.199> of<00:04:31.320> this<00:04:31.440> doden<00:04:31.759> links<00:04:32.600> and 00:04:32.749 --> 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align:start position:0% laughed at that and um I said that's 00:04:47.639 --> 00:04:49.670 align:start position:0% laughed at that and um I said that's ridiculous<00:04:48.120> nobody<00:04:48.440> would<00:04:48.600> do<00:04:48.840> that<00:04:49.120> and<00:04:49.440> no 00:04:49.670 --> 00:04:49.680 align:start position:0% ridiculous nobody would do that and no 00:04:49.680 --> 00:04:52.990 align:start position:0% ridiculous nobody would do that and no such<00:04:49.880> thing<00:04:50.160> exists<00:04:51.120> but<00:04:51.280> then<00:04:51.400> I<00:04:51.479> said<00:04:51.840> yes<00:04:52.680> um 00:04:52.990 --> 00:04:53.000 align:start position:0% such thing exists but then I said yes um 00:04:53.000 --> 00:04:58.629 align:start position:0% such thing exists but then I said yes um and<00:04:53.240> we've<00:04:53.400> been<00:04:53.560> around<00:04:53.880> now<00:04:54.039> for<00:04:54.199> two<00:04:54.880> years 00:04:58.629 --> 00:04:58.639 align:start position:0% 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internet<00:05:20.639> a<00:05:20.840> point<00:05:21.120> where<00:05:21.280> you<00:05:21.400> can<00:05:21.560> find<00:05:21.800> a 00:05:21.950 --> 00:05:21.960 align:start position:0% internet a point where you can find a 00:05:21.960 --> 00:05:24.990 align:start position:0% internet a point where you can find a gobet<00:05:22.600> with<00:05:22.840> policy<00:05:23.240> makers<00:05:23.520> and<00:05:23.759> DC<00:05:24.720> where<00:05:24.880> we 00:05:24.990 --> 00:05:25.000 align:start position:0% gobet with policy makers and DC where we 00:05:25.000 --> 00:05:26.870 align:start position:0% gobet with policy makers and DC where we can<00:05:25.240> communicate<00:05:25.960> the<00:05:26.199> value<00:05:26.520> of<00:05:26.680> the 00:05:26.870 --> 00:05:26.880 align:start position:0% can communicate the value of the 00:05:26.880 --> 00:05:30.189 align:start position:0% can communicate the value of the technology<00:05:27.880> where<00:05:28.039> we<00:05:28.160> can<00:05:28.400> set<00:05:29.199> uh<00:05:29.440> an<00:05:29.759> anchor 00:05:30.189 --> 00:05:30.199 align:start position:0% technology where we can set uh an anchor 00:05:30.199 --> 00:05:32.830 align:start position:0% technology where we can set uh an anchor bias<00:05:31.039> in<00:05:31.280> some<00:05:31.639> policy<00:05:32.039> makers<00:05:32.400> so<00:05:32.560> that<00:05:32.720> they 00:05:32.830 --> 00:05:32.840 align:start position:0% bias in some policy makers so that they 00:05:32.840 --> 00:05:34.390 align:start position:0% bias in some policy makers so that they don't<00:05:33.039> see<00:05:33.280> this<00:05:33.440> as<00:05:33.639> just<00:05:33.840> another<00:05:34.120> way<00:05:34.240> to 00:05:34.390 --> 00:05:34.400 align:start position:0% don't see this as just another way to 00:05:34.400 --> 00:05:38.469 align:start position:0% don't see this as just another way to sell<00:05:35.039> drugs<00:05:36.039> or<00:05:36.560> um<00:05:36.880> subvert 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Venture Capital firms 00:05:56.319 --> 00:05:57.870 align:start position:0% also some of the Venture Capital firms that<00:05:56.400> are<00:05:56.600> financing<00:05:57.080> a<00:05:57.199> lot<00:05:57.319> of<00:05:57.440> the<00:05:57.520> work<00:05:57.720> in 00:05:57.870 --> 00:05:57.880 align:start position:0% that are financing a lot of the work in 00:05:57.880 --> 00:06:00.029 align:start position:0% that are financing a lot of the work in this<00:05:58.080> space<00:05:58.639> but<00:05:58.840> actually<00:05:59.160> over<00:05:59.400> half<00:05:59.759> of<00:05:59.840> our 00:06:00.029 --> 00:06:00.039 align:start position:0% this space but actually over half of our 00:06:00.039 --> 00:06:01.990 align:start position:0% this space but actually over half of our support<00:06:00.360> comes<00:06:00.600> from<00:06:00.840> individuals<00:06:01.600> who<00:06:01.759> are 00:06:01.990 --> 00:06:02.000 align:start position:0% support comes from individuals who are 00:06:02.000 --> 00:06:03.510 align:start position:0% support comes from individuals who are passionate<00:06:02.400> about<00:06:02.600> this<00:06:02.800> technology<00:06:03.400> and 00:06:03.510 --> 00:06:03.520 align:start position:0% passionate about this technology and 00:06:03.520 --> 00:06:04.670 align:start position:0% passionate about this technology and want<00:06:03.639> to<00:06:03.800> see<00:06:03.919> it 00:06:04.670 --> 00:06:04.680 align:start position:0% want to see it 00:06:04.680 --> 00:06:06.230 align:start position:0% want to see it flourish 00:06:06.230 --> 00:06:06.240 align:start position:0% flourish 00:06:06.240 --> 00:06:08.550 align:start position:0% flourish um<00:06:07.240> additionally<00:06:07.800> I<00:06:07.880> should<00:06:08.039> point<00:06:08.240> out<00:06:08.400> that 00:06:08.550 --> 00:06:08.560 align:start position:0% um additionally I should point out that 00:06:08.560 --> 00:06:10.510 align:start position:0% um additionally I should point out that like<00:06:08.720> the<00:06:08.880> eff<00:06:09.360> we're<00:06:09.520> not<00:06:09.680> a<00:06:09.800> trade 00:06:10.510 --> 00:06:10.520 align:start position:0% like the eff we're not a trade 00:06:10.520 --> 00:06:12.830 align:start position:0% like the eff we're not a trade Association<00:06:11.520> we<00:06:11.639> set<00:06:11.840> our<00:06:12.000> own<00:06:12.240> agenda<00:06:12.720> we 00:06:12.830 --> 00:06:12.840 align:start position:0% Association we set our own agenda we 00:06:12.840 --> 00:06:14.749 align:start position:0% Association we set our own agenda we don't<00:06:13.120> represent<00:06:13.800> specifically<00:06:14.440> any<00:06:14.599> of 00:06:14.749 --> 00:06:14.759 align:start position:0% don't represent specifically any of 00:06:14.759 --> 00:06:17.110 align:start position:0% don't represent specifically any of these<00:06:15.120> companies<00:06:16.120> as<00:06:16.199> I<00:06:16.360> said<00:06:16.599> we<00:06:16.720> want<00:06:16.880> to 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position:0% support us in our mission and believe in 00:06:24.400 --> 00:06:27.430 align:start position:0% support us in our mission and believe in the<00:06:24.520> work<00:06:24.720> we<00:06:24.880> do<00:06:25.479> we<00:06:25.639> take<00:06:25.840> their<00:06:26.319> support<00:06:27.319> now 00:06:27.430 --> 00:06:27.440 align:start position:0% the work we do we take their support now 00:06:27.440 --> 00:06:29.550 align:start position:0% the work we do we take their support now what<00:06:27.560> do<00:06:27.680> we<00:06:27.840> do<00:06:28.000> we<00:06:28.120> do<00:06:28.400> education<00:06:29.000> policy 00:06:29.550 --> 00:06:29.560 align:start position:0% what do we do we do education policy 00:06:29.560 --> 00:06:32.230 align:start position:0% what do we do we do education policy resarch<00:06:29.880> and<00:06:30.440> advocacy<00:06:31.440> education<00:06:31.960> is<00:06:32.120> sort 00:06:32.230 --> 00:06:32.240 align:start position:0% resarch and advocacy education is sort 00:06:32.240 --> 00:06:34.430 align:start position:0% resarch and advocacy education is sort of<00:06:32.440> the<00:06:32.599> big<00:06:32.880> part<00:06:33.120> of<00:06:33.360> this<00:06:33.680> because 00:06:34.430 --> 00:06:34.440 align:start position:0% of the big part of this because 00:06:34.440 --> 00:06:37.270 align:start position:0% of the big part of this because especially<00:06:34.840> when<00:06:34.960> we<00:06:35.080> started<00:06:35.360> two<00:06:35.639> years<00:06:36.280> ago 00:06:37.270 --> 00:06:37.280 align:start position:0% especially when we started two years ago 00:06:37.280 --> 00:06:39.189 align:start position:0% especially when we started two years ago the<00:06:37.520> amount<00:06:37.800> of<00:06:38.000> knowledge<00:06:38.400> on<00:06:38.560> the<00:06:38.680> ground<00:06:39.000> in 00:06:39.189 --> 00:06:39.199 align:start position:0% the amount of knowledge on the ground in 00:06:39.199 --> 00:06:41.510 align:start position:0% the amount of knowledge on the ground in Washington<00:06:39.680> DC<00:06:40.360> and<00:06:40.479> in<00:06:40.680> policy<00:06:41.000> circles 00:06:41.510 --> 00:06:41.520 align:start position:0% Washington DC and in policy circles 00:06:41.520 --> 00:06:43.790 align:start position:0% Washington DC and in policy circles globally<00:06:42.280> was<00:06:42.520> very<00:06:42.800> poor<00:06:43.199> when<00:06:43.319> it<00:06:43.440> comes<00:06:43.639> to 00:06:43.790 --> 00:06:43.800 align:start position:0% globally was very poor when it comes to 00:06:43.800 --> 00:06:45.749 align:start position:0% globally was very poor when it comes to what<00:06:43.919> a<00:06:44.039> cryptocurrency<00:06:44.919> is<00:06:45.199> and<00:06:45.360> how<00:06:45.599> it 00:06:45.749 --> 00:06:45.759 align:start position:0% what a cryptocurrency is and how it 00:06:45.759 --> 00:06:48.510 align:start position:0% what a cryptocurrency is and how it works<00:06:46.120> and<00:06:46.319> what<00:06:46.440> it<00:06:46.560> can<00:06:46.919> do<00:06:47.919> we<00:06:48.039> also<00:06:48.240> do 00:06:48.510 --> 00:06:48.520 align:start position:0% works and what it can do we also do 00:06:48.520 --> 00:06:50.749 align:start position:0% works and what it can do we also do policy<00:06:48.919> research<00:06:49.479> where<00:06:49.880> there<00:06:50.039> is<00:06:50.280> a 00:06:50.749 --> 00:06:50.759 align:start position:0% policy research where there is a 00:06:50.759 --> 00:06:53.029 align:start position:0% policy research where there is a existing<00:06:51.280> law<00:06:51.599> that<00:06:51.800> potentially<00:06:52.360> applies<00:06:52.840> to 00:06:53.029 --> 00:06:53.039 align:start position:0% existing law that potentially applies to 00:06:53.039 --> 00:06:54.869 align:start position:0% existing law that potentially applies to something<00:06:53.360> you're<00:06:53.680> doing<00:06:54.240> using<00:06:54.560> the 00:06:54.869 --> 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allows<00:07:10.440> Regulators<00:07:11.000> to<00:07:11.160> still<00:07:11.360> meet 00:07:11.710 --> 00:07:11.720 align:start position:0% law that allows Regulators to still meet 00:07:11.720 --> 00:07:13.830 align:start position:0% law that allows Regulators to still meet their<00:07:11.919> statutory<00:07:12.520> obligations<00:07:13.400> because 00:07:13.830 --> 00:07:13.840 align:start position:0% their statutory obligations because 00:07:13.840 --> 00:07:15.670 align:start position:0% their statutory obligations because that's<00:07:14.039> what<00:07:14.240> Congress<00:07:14.879> put<00:07:15.080> them<00:07:15.280> there<00:07:15.440> to 00:07:15.670 --> 00:07:15.680 align:start position:0% that's what Congress put them there to 00:07:15.680 --> 00:07:17.670 align:start position:0% that's what Congress put them there to do<00:07:16.360> that's<00:07:16.520> what<00:07:16.680> their<00:07:16.840> legislatures<00:07:17.520> and 00:07:17.670 --> 00:07:17.680 align:start position:0% do that's what their legislatures and 00:07:17.680 --> 00:07:19.230 align:start position:0% do that's what their legislatures and their<00:07:17.879> respective<00:07:18.319> States<00:07:18.680> put<00:07:18.879> them<00:07:19.080> there 00:07:19.230 --> 00:07:19.240 align:start position:0% their respective States put them there 00:07:19.240 --> 00:07:22.469 align:start position:0% their respective States put them there to<00:07:19.440> do<00:07:20.240> but<00:07:20.479> still<00:07:20.919> provides<00:07:21.680> the<00:07:21.840> freedom<00:07:22.240> to 00:07:22.469 --> 00:07:22.479 align:start position:0% to do but still provides the freedom to 00:07:22.479 --> 00:07:25.589 align:start position:0% to do but still provides the freedom to innovate<00:07:23.120> as<00:07:23.319> much<00:07:23.720> as<00:07:23.879> is<00:07:24.199> possible<00:07:25.199> so<00:07:25.360> we're 00:07:25.589 --> 00:07:25.599 align:start position:0% innovate as much as is possible so we're 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topics<00:07:32.560> in<00:07:32.759> this<00:07:32.960> space<00:07:33.560> we<00:07:33.680> have<00:07:33.759> a<00:07:33.960> fantastic 00:07:34.550 --> 00:07:34.560 align:start position:0% topics in this space we have a fantastic 00:07:34.560 --> 00:07:36.790 align:start position:0% topics in this space we have a fantastic backgrounder<00:07:35.160> by<00:07:35.360> vitalic<00:07:36.280> explaining 00:07:36.790 --> 00:07:36.800 align:start position:0% backgrounder by vitalic explaining 00:07:36.800 --> 00:07:40.150 align:start position:0% backgrounder by vitalic explaining Bitcoin<00:07:37.160> in<00:07:37.280> a<00:07:37.400> way<00:07:37.759> I<00:07:37.840> mean 00:07:40.150 --> 00:07:40.160 align:start position:0% Bitcoin in a way I mean 00:07:40.160 --> 00:07:43.070 align:start position:0% Bitcoin in a way I mean whoa<00:07:41.160> explaining<00:07:41.680> ethereum<00:07:42.560> in<00:07:42.680> a<00:07:42.840> way<00:07:42.960> that 00:07:43.070 --> 00:07:43.080 align:start position:0% whoa explaining ethereum in a way that 00:07:43.080 --> 00:07:45.390 align:start position:0% whoa explaining ethereum in a way that will<00:07:43.280> make<00:07:43.520> sense<00:07:43.800> to<00:07:44.039> policy 00:07:45.390 --> 00:07:45.400 align:start position:0% will make sense to policy 00:07:45.400 --> 00:07:47.350 align:start position:0% will make sense to policy makers<00:07:46.400> we<00:07:46.520> deal<00:07:46.759> with<00:07:46.879> a<00:07:46.960> number<00:07:47.159> of 00:07:47.350 --> 00:07:47.360 align:start position:0% makers we deal with a number of 00:07:47.360 --> 00:07:49.469 align:start position:0% makers we deal with a number of different<00:07:47.720> topics<00:07:48.599> also<00:07:48.879> at<00:07:49.000> the<00:07:49.120> legal 00:07:49.469 --> 00:07:49.479 align:start position:0% different topics also at the legal 00:07:49.479 --> 00:07:51.589 align:start position:0% different topics also at the legal intersection<00:07:50.080> of<00:07:50.280> these<00:07:50.479> Technologies<00:07:51.440> some 00:07:51.589 --> 00:07:51.599 align:start position:0% intersection of these Technologies some 00:07:51.599 --> 00:07:53.589 align:start position:0% intersection of these Technologies some of<00:07:51.759> these<00:07:51.879> are<00:07:52.080> also<00:07:52.319> useful<00:07:52.720> resources<00:07:53.280> for 00:07:53.589 --> 00:07:53.599 align:start position:0% of these are also useful resources for 00:07:53.599 --> 00:07:55.670 align:start position:0% of these are also useful resources for developers<00:07:54.319> aside<00:07:54.599> from<00:07:54.960> policy<00:07:55.319> makers 00:07:55.670 --> 00:07:55.680 align:start position:0% developers aside from policy makers 00:07:55.680 --> 00:07:57.270 align:start position:0% developers aside from policy makers because<00:07:55.840> they<00:07:55.960> explain<00:07:56.319> a<00:07:56.680> difficult<00:07:56.919> legal 00:07:57.270 --> 00:07:57.280 align:start position:0% because they explain a difficult legal 00:07:57.280 --> 00:07:59.749 align:start position:0% because they explain a difficult legal construct<00:07:57.840> like<00:07:58.520> ofac<00:07:59.039> which<00:07:59.159> is<00:07:59.520> us 00:07:59.749 --> 00:07:59.759 align:start position:0% construct like ofac which is us 00:07:59.759 --> 00:08:00.710 align:start position:0% construct like ofac which is us sanctions 00:08:00.710 --> 00:08:00.720 align:start position:0% sanctions 00:08:00.720 --> 00:08:04.070 align:start position:0% sanctions law<00:08:01.720> we<00:08:01.919> develop<00:08:02.400> policy<00:08:02.879> reports<00:08:03.720> that<00:08:03.840> deal 00:08:04.070 --> 00:08:04.080 align:start position:0% law we develop policy reports that deal 00:08:04.080 --> 00:08:05.990 align:start position:0% law we develop policy reports that deal with<00:08:04.240> bigger<00:08:04.639> topics<00:08:05.039> like<00:08:05.240> Securities 00:08:05.990 --> 00:08:06.000 align:start position:0% with bigger topics like Securities 00:08:06.000 --> 00:08:08.270 align:start position:0% with bigger topics like Securities regulation<00:08:07.000> uh<00:08:07.159> access<00:08:07.520> to<00:08:07.680> banking<00:08:08.000> for 00:08:08.270 --> 00:08:08.280 align:start position:0% regulation uh access to banking for 00:08:08.280 --> 00:08:10.430 align:start position:0% regulation uh access to banking for companies<00:08:08.919> and<00:08:09.039> consumer<00:08:09.520> protection<00:08:09.960> laws 00:08:10.430 --> 00:08:10.440 align:start position:0% companies and consumer protection laws 00:08:10.440 --> 00:08:12.390 align:start position:0% companies and consumer protection laws particularly<00:08:11.360> uh<00:08:11.720> difficult<00:08:11.879> in<00:08:12.000> the<00:08:12.080> United 00:08:12.390 --> 00:08:12.400 align:start position:0% particularly uh difficult in the United 00:08:12.400 --> 00:08:13.830 align:start position:0% particularly uh difficult in the United States<00:08:12.680> with<00:08:12.800> the<00:08:12.919> state-by-state<00:08:13.560> money 00:08:13.830 --> 00:08:13.840 align:start position:0% States with the state-by-state money 00:08:13.840 --> 00:08:15.589 align:start position:0% States with the state-by-state money transmission<00:08:14.360> licensing 00:08:15.589 --> 00:08:15.599 align:start position:0% transmission licensing 00:08:15.599 --> 00:08:19.390 align:start position:0% transmission licensing setup<00:08:16.599> and<00:08:17.159> periodically<00:08:18.159> uh<00:08:18.840> most<00:08:19.039> of<00:08:19.199> our 00:08:19.390 --> 00:08:19.400 align:start position:0% setup and periodically uh most of our 00:08:19.400 --> 00:08:21.350 align:start position:0% setup and periodically uh most of our advocacy<00:08:19.919> has<00:08:20.080> done<00:08:20.599> uh<00:08:20.720> face-to-face 00:08:21.350 --> 00:08:21.360 align:start position:0% advocacy has done uh face-to-face 00:08:21.360 --> 00:08:24.309 align:start position:0% advocacy has done uh face-to-face meetings<00:08:21.759> with<00:08:22.000> policy<00:08:22.639> makers<00:08:23.639> but<00:08:23.879> we<00:08:24.000> do 00:08:24.309 --> 00:08:24.319 align:start position:0% meetings with policy makers but we do 00:08:24.319 --> 00:08:26.430 align:start position:0% meetings with policy makers but we do periodically<00:08:25.240> uh<00:08:25.360> file<00:08:25.639> in<00:08:25.879> regulatory 00:08:26.430 --> 00:08:26.440 align:start position:0% periodically uh file in regulatory 00:08:26.440 --> 00:08:28.749 align:start position:0% periodically uh file in regulatory proceedings<00:08:27.280> so<00:08:27.520> just<00:08:27.759> recently<00:08:28.199> for<00:08:28.360> example 00:08:28.749 --> 00:08:28.759 align:start position:0% proceedings so just recently for example 00:08:28.759 --> 00:08:30.830 align:start position:0% proceedings so just recently for example we<00:08:28.919> filed<00:08:29.240> with<00:08:29.599> European<00:08:30.039> Securities<00:08:30.680> and 00:08:30.830 --> 00:08:30.840 align:start position:0% we filed with European Securities and 00:08:30.840 --> 00:08:33.310 align:start position:0% we filed with European Securities and markets<00:08:31.560> Authority<00:08:32.560> I<00:08:32.680> don't<00:08:32.839> know<00:08:33.000> if<00:08:33.120> any<00:08:33.240> of 00:08:33.310 --> 00:08:33.320 align:start position:0% markets Authority I don't know if any of 00:08:33.320 --> 00:08:34.750 align:start position:0% markets Authority I don't know if any of you<00:08:33.440> have<00:08:33.560> seen<00:08:33.760> the<00:08:33.880> paper<00:08:34.200> they<00:08:34.360> put<00:08:34.519> out 00:08:34.750 --> 00:08:34.760 align:start position:0% you have seen the paper they put out 00:08:34.760 --> 00:08:36.310 align:start position:0% you have seen the paper they put out they<00:08:34.919> basically<00:08:35.279> said<00:08:35.519> something<00:08:35.880> like<00:08:36.039> we're 00:08:36.310 --> 00:08:36.320 align:start position:0% they basically said something like we're 00:08:36.320 --> 00:08:38.310 align:start position:0% they basically said something like we're really<00:08:36.599> excited<00:08:37.000> about<00:08:37.200> blockchain<00:08:37.680> for 00:08:38.310 --> 00:08:38.320 align:start position:0% really excited about blockchain for 00:08:38.320 --> 00:08:41.469 align:start position:0% really excited about blockchain for Securities<00:08:39.320> but<00:08:39.719> we<00:08:40.360> understand<00:08:41.240> that<00:08:41.360> it 00:08:41.469 --> 00:08:41.479 align:start position:0% Securities but we understand that it 00:08:41.479 --> 00:08:43.949 align:start position:0% Securities but we understand that it will<00:08:41.640> only<00:08:41.959> ever<00:08:42.200> be<00:08:42.479> closed<00:08:43.000> or<00:08:43.200> permissioned 00:08:43.949 --> 00:08:43.959 align:start position:0% will only ever be closed or permissioned 00:08:43.959 --> 00:08:47.949 align:start position:0% will only ever be closed or permissioned ledgers<00:08:44.959> that<00:08:45.080> will<00:08:45.240> be<00:08:45.480> used<00:08:45.760> in<00:08:45.959> these 00:08:47.949 --> 00:08:47.959 align:start position:0% ledgers that will be used in these 00:08:47.959 --> 00:08:50.150 align:start position:0% ledgers that will be used in these systems<00:08:48.959> personally<00:08:49.440> I<00:08:49.519> think<00:08:49.680> there<00:08:49.880> is 00:08:50.150 --> 00:08:50.160 align:start position:0% systems personally I think there is 00:08:50.160 --> 00:08:53.030 align:start position:0% systems personally I think there is value<00:08:50.600> in<00:08:50.839> permissioned<00:08:51.600> ledgers<00:08:52.600> I<00:08:52.720> think 00:08:53.030 --> 00:08:53.040 align:start position:0% value in permissioned ledgers I think 00:08:53.040 --> 00:08:55.310 align:start position:0% value in permissioned ledgers I think there<00:08:53.200> is<00:08:54.080> lwh<00:08:54.399> hanging<00:08:54.720> fruit<00:08:55.160> in 00:08:55.310 --> 00:08:55.320 align:start position:0% there is lwh hanging fruit in 00:08:55.320 --> 00:08:57.910 align:start position:0% there is lwh hanging fruit in reconciling<00:08:55.959> Silo<00:08:56.519> data<00:08:56.800> structures<00:08:57.640> even<00:08:57.839> if 00:08:57.910 --> 00:08:57.920 align:start position:0% reconciling Silo data structures even if 00:08:57.920 --> 00:08:59.550 align:start position:0% reconciling Silo data structures even if it's<00:08:58.079> through<00:08:58.240> a<00:08:58.399> Consortium<00:08:58.920> consensus 00:08:59.550 --> 00:08:59.560 align:start position:0% it's through a Consortium consensus 00:08:59.560 --> 00:09:01.829 align:start position:0% it's through a Consortium consensus mechanism<00:09:00.360> but<00:09:00.560> I<00:09:00.720> think<00:09:01.399> that<00:09:01.680> the 00:09:01.829 --> 00:09:01.839 align:start position:0% mechanism but I think that the 00:09:01.839 --> 00:09:04.110 align:start position:0% mechanism but I think that the conclusion<00:09:02.399> that<00:09:02.640> only<00:09:03.000> a<00:09:03.160> closed<00:09:03.600> consensus 00:09:04.110 --> 00:09:04.120 align:start position:0% conclusion that only a closed consensus 00:09:04.120 --> 00:09:05.710 align:start position:0% conclusion that only a closed consensus mechanism<00:09:04.560> is<00:09:04.680> suitable<00:09:05.040> for<00:09:05.240> high-grade 00:09:05.710 --> 00:09:05.720 align:start position:0% mechanism is suitable for high-grade 00:09:05.720 --> 00:09:08.750 align:start position:0% mechanism is suitable for high-grade financial<00:09:06.200> services<00:09:06.959> is<00:09:07.320> premature<00:09:08.320> so<00:09:08.600> we 00:09:08.750 --> 00:09:08.760 align:start position:0% financial services is premature so we 00:09:08.760 --> 00:09:10.750 align:start position:0% financial services is premature so we filed<00:09:09.079> a<00:09:09.240> comment<00:09:09.519> in<00:09:09.760> this<00:09:10.040> explaining<00:09:10.600> how 00:09:10.750 --> 00:09:10.760 align:start position:0% filed a comment in this explaining how 00:09:10.760 --> 00:09:12.350 align:start position:0% filed a comment in this explaining how so<00:09:10.959> many<00:09:11.160> of<00:09:11.279> the<00:09:11.440> advances<00:09:11.959> that<00:09:12.079> are 00:09:12.350 --> 00:09:12.360 align:start position:0% so many of the advances that are 00:09:12.360 --> 00:09:15.389 align:start position:0% so many of the advances that are essential<00:09:12.920> to<00:09:13.160> financial<00:09:14.000> services<00:09:15.000> uh<00:09:15.120> are 00:09:15.389 --> 00:09:15.399 align:start position:0% essential to financial services uh are 00:09:15.399 --> 00:09:17.710 align:start position:0% essential to financial services uh are being<00:09:15.600> developed<00:09:15.959> in<00:09:16.079> the<00:09:16.279> open<00:09:16.640> space<00:09:17.440> uh<00:09:17.560> the 00:09:17.710 --> 00:09:17.720 align:start position:0% being developed in the open space uh the 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knowledge proofs you<00:09:24.920> mentioned<00:09:25.240> ring<00:09:25.560> signatures<00:09:26.120> earlier 00:09:26.550 --> 00:09:26.560 align:start position:0% you mentioned ring signatures earlier 00:09:26.560 --> 00:09:28.470 align:start position:0% you mentioned ring signatures earlier the<00:09:26.680> only<00:09:26.920> way<00:09:27.079> that<00:09:27.240> all<00:09:27.519> be<00:09:27.760> privacy<00:09:28.279> for 00:09:28.470 --> 00:09:28.480 align:start position:0% the only way that all be privacy for 00:09:28.480 --> 00:09:30.710 align:start position:0% the only way that all be privacy for financial<00:09:28.880> services<00:09:29.480> data<00:09:30.160> is<00:09:30.360> through<00:09:30.560> the 00:09:30.710 --> 00:09:30.720 align:start position:0% financial services data is through the 00:09:30.720 --> 00:09:32.470 align:start position:0% financial services data is through the things<00:09:30.920> that<00:09:31.000> are<00:09:31.160> being<00:09:31.399> developed<00:09:32.000> in<00:09:32.200> large 00:09:32.470 --> 00:09:32.480 align:start position:0% things that are being developed in large 00:09:32.480 --> 00:09:34.870 align:start position:0% things that are being developed in large part<00:09:32.680> on<00:09:32.839> these<00:09:33.040> open 00:09:34.870 --> 00:09:34.880 align:start position:0% part on these open 00:09:34.880 --> 00:09:37.870 align:start position:0% part on these open networks<00:09:35.880> we<00:09:36.240> testify<00:09:37.120> we've<00:09:37.440> briefed 00:09:37.870 --> 00:09:37.880 align:start position:0% networks we testify we've briefed 00:09:37.880 --> 00:09:40.230 align:start position:0% networks we testify we've briefed members<00:09:38.200> of<00:09:38.360> the<00:09:38.560> European<00:09:39.120> Parliament<00:09:40.000> we've 00:09:40.230 --> 00:09:40.240 align:start position:0% members of the European Parliament we've 00:09:40.240 --> 00:09:42.750 align:start position:0% members of the European Parliament we've had<00:09:40.680> several<00:09:41.120> different<00:09:41.560> engagements<00:09:42.560> uh<00:09:42.640> in 00:09:42.750 --> 00:09:42.760 align:start position:0% had several different engagements uh in 00:09:42.760 --> 00:09:43.750 align:start position:0% had several different engagements uh in our<00:09:42.920> two 00:09:43.750 --> 00:09:43.760 align:start position:0% our two 00:09:43.760 --> 00:09:46.829 align:start position:0% our two years<00:09:44.760> and<00:09:44.880> we<00:09:45.040> love<00:09:45.279> ethereum<00:09:45.880> we<00:09:46.040> really<00:09:46.279> do 00:09:46.829 --> 00:09:46.839 align:start position:0% years and we love ethereum we really do 00:09:46.839 --> 00:09:49.630 align:start position:0% years and we love ethereum we really do so<00:09:47.839> in<00:09:47.959> the<00:09:48.079> early<00:09:48.440> days<00:09:48.760> we<00:09:48.920> focused<00:09:49.360> mostly 00:09:49.630 --> 00:09:49.640 align:start position:0% so in the early days we focused mostly 00:09:49.640 --> 00:09:51.590 align:start position:0% so in the early days we focused mostly on<00:09:49.880> bitcoin<00:09:50.279> and<00:09:50.399> there's<00:09:50.560> a<00:09:50.680> reason<00:09:50.959> for<00:09:51.200> that 00:09:51.590 --> 00:09:51.600 align:start position:0% on bitcoin and there's a reason for that 00:09:51.600 --> 00:09:54.350 align:start position:0% on bitcoin and there's a reason for that um<00:09:52.519> this<00:09:52.640> was<00:09:52.800> about<00:09:53.000> two<00:09:53.200> years<00:09:53.519> ago<00:09:54.079> it<00:09:54.200> was 00:09:54.350 --> 00:09:54.360 align:start position:0% um this was about two years ago it was 00:09:54.360 --> 00:09:55.630 align:start position:0% um this was about two years ago it was hard<00:09:54.600> enough<00:09:54.760> to<00:09:54.920> get<00:09:55.040> a<00:09:55.160> meeting<00:09:55.480> with 00:09:55.630 --> 00:09:55.640 align:start position:0% hard enough to get a meeting with 00:09:55.640 --> 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some<00:10:02.839> answers<00:10:03.279> about 00:10:04.030 --> 00:10:04.040 align:start position:0% they already wanted some answers about 00:10:04.040 --> 00:10:06.910 align:start position:0% they already wanted some answers about that<00:10:04.160> is<00:10:04.320> beginning<00:10:04.640> to<00:10:04.839> change<00:10:05.640> now<00:10:06.640> and<00:10:06.800> we 00:10:06.910 --> 00:10:06.920 align:start position:0% that is beginning to change now and we 00:10:06.920 --> 00:10:08.790 align:start position:0% that is beginning to change now and we start<00:10:07.120> to<00:10:07.360> talk<00:10:07.640> more<00:10:07.880> about<00:10:08.160> just<00:10:08.440> open 00:10:08.790 --> 00:10:08.800 align:start position:0% start to talk more about just open 00:10:08.800 --> 00:10:11.230 align:start position:0% start to talk more about just open consensus<00:10:09.760> uh<00:10:09.880> mechanism<00:10:10.360> driven<00:10:10.720> networks 00:10:11.230 --> 00:10:11.240 align:start position:0% consensus uh mechanism driven networks 00:10:11.240 --> 00:10:13.470 align:start position:0% consensus uh mechanism driven networks and<00:10:11.399> what<00:10:11.560> they<00:10:11.680> can<00:10:11.880> do<00:10:12.640> and<00:10:12.800> the<00:10:12.959> idea<00:10:13.360> I 00:10:13.470 --> 00:10:13.480 align:start position:0% and what they can do and the idea I 00:10:13.480 --> 00:10:15.470 align:start position:0% and what they can do and the idea I think<00:10:13.640> of<00:10:13.800> having<00:10:14.000> a<00:10:14.160> general<00:10:14.560> purpose 00:10:15.470 --> 00:10:15.480 align:start position:0% think of having a general purpose 00:10:15.480 --> 00:10:17.949 align:start position:0% think of having a general purpose decentralized<00:10:16.320> Computing<00:10:16.800> system<00:10:17.600> is 00:10:17.949 --> 00:10:17.959 align:start position:0% decentralized Computing system is 00:10:17.959 --> 00:10:19.870 align:start position:0% decentralized Computing system is incredibly<00:10:18.600> exciting<00:10:19.120> so<00:10:19.360> again<00:10:19.640> thank<00:10:19.800> you 00:10:19.870 --> 00:10:19.880 align:start position:0% incredibly exciting so again thank you 00:10:19.880 --> 00:10:21.870 align:start position:0% incredibly exciting so again thank you for<00:10:20.040> all<00:10:20.200> the<00:10:20.320> work<00:10:20.519> that<00:10:20.640> you<00:10:20.839> do<00:10:21.680> and 00:10:21.870 --> 00:10:21.880 align:start position:0% for all the work that you do and 00:10:21.880 --> 00:10:23.829 align:start position:0% for all the work that you do and explaining<00:10:22.360> that<00:10:22.480> to<00:10:22.680> policy<00:10:23.040> makers<00:10:23.480> is<00:10:23.720> one 00:10:23.829 --> 00:10:23.839 align:start position:0% explaining that to policy makers is one 00:10:23.839 --> 00:10:25.430 align:start position:0% explaining that to policy makers is one of<00:10:23.959> the<00:10:24.079> most<00:10:24.279> worthy<00:10:24.680> things<00:10:24.920> I<00:10:25.000> think<00:10:25.160> I<00:10:25.279> can 00:10:25.430 --> 00:10:25.440 align:start position:0% of the most worthy things I think I can 00:10:25.440 --> 00:10:28.310 align:start position:0% of the most worthy things I think I can do<00:10:25.600> with<00:10:25.800> my<00:10:26.000> time<00:10:26.600> uh<00:10:26.680> in 00:10:28.310 --> 00:10:28.320 align:start position:0% do with my time uh in 00:10:28.320 --> 00:10:32.630 align:start position:0% do with my time uh in DC<00:10:29.640> so<00:10:30.160> with<00:10:30.480> that<00:10:31.399> I'm<00:10:31.560> going<00:10:31.720> to<00:10:31.920> turn<00:10:32.160> to<00:10:32.399> the 00:10:32.630 --> 00:10:32.640 align:start position:0% DC so with that I'm going to turn to the 00:10:32.640 --> 00:10:35.470 align:start position:0% DC so with that I'm going to turn to the less<00:10:32.959> happy<00:10:33.320> side<00:10:33.480> of<00:10:33.640> the<00:10:33.920> talk<00:10:34.920> uh<00:10:35.079> and<00:10:35.279> talk 00:10:35.470 --> 00:10:35.480 align:start position:0% less happy side of the talk uh and talk 00:10:35.480 --> 00:10:37.629 align:start position:0% less happy side of the talk uh and talk about<00:10:35.720> some<00:10:35.959> regulatory<00:10:36.639> considerations<00:10:37.399> for 00:10:37.629 --> 00:10:37.639 align:start position:0% about some regulatory considerations for 00:10:37.639 --> 00:10:40.829 align:start position:0% about some regulatory considerations for people<00:10:37.880> who<00:10:38.040> are<00:10:38.240> developing<00:10:39.160> decentralized 00:10:40.829 --> 00:10:40.839 align:start position:0% people who are developing decentralized 00:10:40.839 --> 00:10:42.990 align:start position:0% people who are developing decentralized applications<00:10:41.839> and<00:10:42.000> that<00:10:42.120> means<00:10:42.440> this<00:10:42.639> talk<00:10:42.839> is 00:10:42.990 --> 00:10:43.000 align:start position:0% applications and that means this talk is 00:10:43.000 --> 00:10:45.829 align:start position:0% applications and that means this talk is going<00:10:43.200> to<00:10:43.360> be<00:10:43.600> about<00:10:44.200> Securities 00:10:45.829 --> 00:10:45.839 align:start position:0% going to be about Securities 00:10:45.839 --> 00:10:49.790 align:start position:0% going to be about Securities laws<00:10:47.279> so<00:10:48.279> why<00:10:48.560> Securities<00:10:49.120> laws<00:10:49.519> first 00:10:49.790 --> 00:10:49.800 align:start position:0% laws so why Securities laws first 00:10:49.800 --> 00:10:52.470 align:start position:0% laws so why Securities laws first because<00:10:50.079> they're<00:10:50.360> heavy<00:10:50.639> duty<00:10:51.480> regulation 00:10:52.470 --> 00:10:52.480 align:start position:0% because they're heavy duty regulation 00:10:52.480 --> 00:10:55.310 align:start position:0% because they're heavy duty regulation these<00:10:52.600> are<00:10:52.959> laws<00:10:53.480> that<00:10:53.639> say<00:10:54.120> Seek<00:10:54.560> permission 00:10:55.310 --> 00:10:55.320 align:start position:0% these are laws that say Seek permission 00:10:55.320 --> 00:10:57.790 align:start position:0% these are laws that say Seek permission do<00:10:55.519> not<00:10:55.720> seek<00:10:56.200> forgiveness<00:10:57.200> and<00:10:57.440> if<00:10:57.600> you 00:10:57.790 --> 00:10:57.800 align:start position:0% do not seek forgiveness and if you 00:10:57.800 --> 00:10:59.870 align:start position:0% do not seek forgiveness and if you didn't<00:10:58.120> seek<00:10:58.480> permission<00:10:59.440> there<00:10:59.600> will<00:10:59.720> be 00:10:59.870 --> 00:10:59.880 align:start position:0% didn't seek permission there will be 00:10:59.880 --> 00:11:01.949 align:start position:0% didn't seek permission there will be strict 00:11:01.949 --> 00:11:01.959 align:start position:0% strict 00:11:01.959 --> 00:11:04.310 align:start position:0% strict penalties<00:11:02.959> additionally<00:11:03.639> a<00:11:03.760> lot<00:11:03.880> of<00:11:04.040> crowd 00:11:04.310 --> 00:11:04.320 align:start position:0% penalties additionally a lot of crowd 00:11:04.320 --> 00:11:06.389 align:start position:0% penalties additionally a lot of crowd sales<00:11:04.600> and<00:11:04.800> pre-sales<00:11:05.560> May<00:11:05.880> subject 00:11:06.389 --> 00:11:06.399 align:start position:0% sales and pre-sales May subject 00:11:06.399 --> 00:11:08.430 align:start position:0% sales and pre-sales May subject developers<00:11:07.079> of<00:11:07.399> these<00:11:07.639> Technologies<00:11:08.200> to 00:11:08.430 --> 00:11:08.440 align:start position:0% developers of these Technologies to 00:11:08.440 --> 00:11:09.670 align:start position:0% developers of these Technologies to Securities 00:11:09.670 --> 00:11:09.680 align:start position:0% Securities 00:11:09.680 --> 00:11:13.190 align:start position:0% Securities regulation<00:11:10.680> several<00:11:11.240> scams<00:11:12.240> over<00:11:12.480> the<00:11:12.680> years 00:11:13.190 --> 00:11:13.200 align:start position:0% regulation several scams over the years 00:11:13.200 --> 00:11:15.710 align:start position:0% regulation several scams over the years have<00:11:13.399> drawn<00:11:13.760> attention<00:11:14.120> to<00:11:14.360> this<00:11:14.639> area 00:11:15.710 --> 00:11:15.720 align:start position:0% have drawn attention to this area 00:11:15.720 --> 00:11:18.430 align:start position:0% have drawn attention to this area already<00:11:16.720> um<00:11:16.880> and<00:11:17.040> several<00:11:17.399> vocal<00:11:17.800> pundits 00:11:18.430 --> 00:11:18.440 align:start position:0% already um and several vocal pundits 00:11:18.440 --> 00:11:20.150 align:start position:0% already um and several vocal pundits many<00:11:18.680> of<00:11:18.800> them<00:11:19.000> from<00:11:19.240> the<00:11:19.480> closed<00:11:19.880> or 00:11:20.150 --> 00:11:20.160 align:start position:0% many of them from the closed or 00:11:20.160 --> 00:11:23.069 align:start position:0% many of them from the closed or Consortium<00:11:21.040> consensus<00:11:21.600> mechanism<00:11:22.560> um<00:11:22.880> side 00:11:23.069 --> 00:11:23.079 align:start position:0% Consortium consensus mechanism um side 00:11:23.079 --> 00:11:25.790 align:start position:0% Consortium consensus mechanism um side of<00:11:23.200> the<00:11:23.639> technology<00:11:24.639> will<00:11:24.880> freely<00:11:25.360> tell<00:11:25.560> you 00:11:25.790 --> 00:11:25.800 align:start position:0% of the technology will freely tell you 00:11:25.800 --> 00:11:27.590 align:start position:0% of the technology will freely tell you that<00:11:25.959> they<00:11:26.079> think<00:11:26.320> that<00:11:26.560> all<00:11:26.880> appcoin<00:11:27.399> or 00:11:27.590 --> 00:11:27.600 align:start position:0% that they think that all appcoin or 00:11:27.600 --> 00:11:29.310 align:start position:0% that they think that all appcoin or crypto<00:11:27.959> crowd<00:11:28.279> sales<00:11:28.600> qualify<00:11:29.000> as 00:11:29.310 --> 00:11:29.320 align:start position:0% crypto crowd sales qualify as 00:11:29.320 --> 00:11:32.030 align:start position:0% crypto crowd sales qualify as unregistered<00:11:29.959> Securities<00:11:30.800> issuance<00:11:31.800> and<00:11:31.920> I 00:11:32.030 --> 00:11:32.040 align:start position:0% unregistered Securities issuance and I 00:11:32.040 --> 00:11:33.030 align:start position:0% unregistered Securities issuance and I think<00:11:32.240> that's 00:11:33.030 --> 00:11:33.040 align:start position:0% think that's 00:11:33.040 --> 00:11:35.230 align:start position:0% think that's wrong<00:11:34.040> and<00:11:34.160> I<00:11:34.279> think<00:11:34.440> we<00:11:34.560> need<00:11:34.680> to<00:11:34.839> correct 00:11:35.230 --> 00:11:35.240 align:start position:0% wrong and I think we need to correct 00:11:35.240 --> 00:11:36.990 align:start position:0% wrong and I think we need to correct those 00:11:36.990 --> 00:11:37.000 align:start position:0% those 00:11:37.000 --> 00:11:39.990 align:start position:0% those misunderstandings<00:11:38.000> now<00:11:38.279> why<00:11:38.720> us<00:11:39.360> Securities 00:11:39.990 --> 00:11:40.000 align:start position:0% misunderstandings now why us Securities 00:11:40.000 --> 00:11:42.389 align:start position:0% misunderstandings now why us Securities laws<00:11:40.680> there's<00:11:40.839> a<00:11:41.000> couple<00:11:41.279> things<00:11:41.560> here<00:11:42.120> if<00:11:42.200> you 00:11:42.389 --> 00:11:42.399 align:start position:0% laws there's a couple things here if you 00:11:42.399 --> 00:11:45.710 align:start position:0% laws there's a couple things here if you have<00:11:42.720> any<00:11:43.160> purchasers<00:11:43.880> for<00:11:44.399> say<00:11:44.560> an<00:11:44.760> app<00:11:45.000> token 00:11:45.710 --> 00:11:45.720 align:start position:0% have any purchasers for say an app token 00:11:45.720 --> 00:11:48.990 align:start position:0% have any purchasers for say an app token in<00:11:45.880> the<00:11:46.040> US<00:11:46.880> any<00:11:47.120> of<00:11:47.560> them<00:11:48.560> you<00:11:48.720> are 00:11:48.990 --> 00:11:49.000 align:start position:0% in the US any of them you are 00:11:49.000 --> 00:11:51.710 align:start position:0% in the US any of them you are potentially<00:11:49.519> subject<00:11:49.839> to<00:11:50.000> us<00:11:50.279> Securities 00:11:51.710 --> 00:11:51.720 align:start position:0% potentially subject to us Securities 00:11:51.720 --> 00:11:53.829 align:start position:0% potentially subject to us Securities regulations<00:11:52.720> and<00:11:52.839> if<00:11:52.959> you're<00:11:53.120> in<00:11:53.279> a<00:11:53.440> country 00:11:53.829 --> 00:11:53.839 align:start position:0% regulations and if you're in a country 00:11:53.839 --> 00:11:55.150 align:start position:0% regulations and if you're in a country if<00:11:53.959> you're<00:11:54.120> based<00:11:54.399> in<00:11:54.519> a<00:11:54.639> country<00:11:54.920> that<00:11:55.040> has 00:11:55.150 --> 00:11:55.160 align:start position:0% if you're based in a country that has 00:11:55.160 --> 00:11:57.590 align:start position:0% if you're based in a country that has friendly<00:11:55.519> relationships<00:11:56.120> with<00:11:56.279> the<00:11:56.600> US 00:11:57.590 --> 00:11:57.600 align:start position:0% friendly relationships with the US 00:11:57.600 --> 00:12:00.110 align:start position:0% friendly relationships with the US extradition<00:11:58.360> could<00:11:58.519> be<00:11:58.800> possible 00:12:00.110 --> 00:12:00.120 align:start position:0% extradition could be possible 00:12:00.120 --> 00:12:03.949 align:start position:0% extradition could be possible um<00:12:00.519> so<00:12:01.120> this<00:12:01.240> is<00:12:01.399> some<00:12:01.720> serious<00:12:02.480> stuff<00:12:03.480> the<00:12:03.639> US 00:12:03.949 --> 00:12:03.959 align:start position:0% um so this is some serious stuff the US 00:12:03.959 --> 00:12:05.750 align:start position:0% um so this is some serious stuff the US Securities<00:12:04.440> laws<00:12:04.720> are<00:12:04.920> by<00:12:05.120> far<00:12:05.360> the<00:12:05.519> most 00:12:05.750 --> 00:12:05.760 align:start position:0% Securities laws are by far the most 00:12:05.760 --> 00:12:07.949 align:start position:0% Securities laws are by far the most broadly<00:12:06.440> applied<00:12:06.959> of<00:12:07.079> all<00:12:07.320> Securities<00:12:07.760> laws 00:12:07.949 --> 00:12:07.959 align:start position:0% broadly applied of all Securities laws 00:12:07.959 --> 00:12:10.190 align:start position:0% broadly applied of all Securities laws and<00:12:08.079> there's<00:12:08.200> a<00:12:08.279> couple<00:12:08.519> reason<00:12:08.800> for<00:12:09.040> that<00:12:10.040> so 00:12:10.190 --> 00:12:10.200 align:start position:0% and there's a couple reason for that so 00:12:10.200 --> 00:12:11.870 align:start position:0% and there's a couple reason for that so in<00:12:10.320> other<00:12:10.560> jurisdictions<00:12:11.200> there's<00:12:11.360> generally 00:12:11.870 --> 00:12:11.880 align:start position:0% in other jurisdictions there's generally 00:12:11.880 --> 00:12:13.710 align:start position:0% in other jurisdictions there's generally a<00:12:12.079> statute<00:12:12.480> a<00:12:12.600> piece<00:12:12.760> of<00:12:12.920> legislation<00:12:13.519> that 00:12:13.710 --> 00:12:13.720 align:start position:0% a statute a piece of legislation that 00:12:13.720 --> 00:12:16.509 align:start position:0% a statute a piece of legislation that enumerates<00:12:14.519> specifically<00:12:15.519> which<00:12:15.920> financial 00:12:16.509 --> 00:12:16.519 align:start position:0% enumerates specifically which financial 00:12:16.519 --> 00:12:19.230 align:start position:0% enumerates specifically which financial products<00:12:17.000> are<00:12:17.240> regulated<00:12:17.839> as<00:12:18.079> Securities<00:12:19.079> and 00:12:19.230 --> 00:12:19.240 align:start position:0% products are regulated as Securities and 00:12:19.240 --> 00:12:21.509 align:start position:0% products are regulated as Securities and then<00:12:19.480> usually<00:12:20.360> which<00:12:20.639> are<00:12:20.880> not<00:12:21.199> what<00:12:21.320> are 00:12:21.509 --> 00:12:21.519 align:start position:0% then usually which are not what are 00:12:21.519 --> 00:12:23.910 align:start position:0% then usually which are not what are excluded<00:12:22.279> in<00:12:22.440> the<00:12:22.600> US<00:12:22.959> there<00:12:23.199> is<00:12:23.440> no<00:12:23.639> such 00:12:23.910 --> 00:12:23.920 align:start position:0% excluded in the US there is no such 00:12:23.920 --> 00:12:25.750 align:start position:0% excluded in the US there is no such enumerated<00:12:24.519> list<00:12:24.720> in<00:12:24.800> the<00:12:25.000> statute<00:12:25.600> there's 00:12:25.750 --> 00:12:25.760 align:start position:0% enumerated list in the statute there's 00:12:25.760 --> 00:12:28.150 align:start position:0% enumerated list in the statute there's an<00:12:25.920> undefined<00:12:26.560> term<00:12:26.920> that<00:12:27.040> says<00:12:27.399> investment 00:12:28.150 --> 00:12:28.160 align:start position:0% an undefined term that says investment 00:12:28.160 --> 00:12:30.470 align:start position:0% an undefined term that says investment contracts<00:12:29.240> and<00:12:29.399> the<00:12:29.480> federal<00:12:29.880> courts<00:12:30.279> have 00:12:30.470 --> 00:12:30.480 align:start position:0% contracts and the federal courts have 00:12:30.480 --> 00:12:32.629 align:start position:0% contracts and the federal courts have interpreted<00:12:31.199> that<00:12:31.399> term<00:12:31.760> and<00:12:31.959> continue<00:12:32.440> to 00:12:32.629 --> 00:12:32.639 align:start position:0% interpreted that term and continue to 00:12:32.639 --> 00:12:35.629 align:start position:0% interpreted that term and continue to interpret<00:12:33.199> that<00:12:33.360> term<00:12:33.720> to<00:12:33.959> apply<00:12:34.399> to<00:12:34.920> various 00:12:35.629 --> 00:12:35.639 align:start position:0% interpret that term to apply to various 00:12:35.639 --> 00:12:38.350 align:start position:0% interpret that term to apply to various different 00:12:38.350 --> 00:12:38.360 align:start position:0% different 00:12:38.360 --> 00:12:41.189 align:start position:0% different schemes<00:12:39.360> Additionally<00:12:40.160> the<00:12:40.320> US<00:12:40.760> Securities 00:12:41.189 --> 00:12:41.199 align:start position:0% schemes Additionally the US Securities 00:12:41.199 --> 00:12:42.910 align:start position:0% schemes Additionally the US Securities and<00:12:41.360> Exchange<00:12:41.720> Commission<00:12:42.079> is<00:12:42.360> already 00:12:42.910 --> 00:12:42.920 align:start position:0% and Exchange Commission is already 00:12:42.920 --> 00:12:44.430 align:start position:0% and Exchange Commission is already investigating 00:12:44.430 --> 00:12:44.440 align:start position:0% investigating 00:12:44.440 --> 00:12:49.189 align:start position:0% investigating the<00:12:45.440> uh<00:12:45.560> scammy<00:12:46.279> cryptocurrency 00:12:49.189 --> 00:12:49.199 align:start position:0% the uh scammy cryptocurrency 00:12:49.199 --> 00:12:53.189 align:start position:0% the uh scammy cryptocurrency paycoin<00:12:50.199> paycoin<00:12:50.800> fans<00:12:51.800> and<00:12:51.920> the<00:12:52.120> Dow<00:12:52.880> uh<00:12:53.000> I 00:12:53.189 --> 00:12:53.199 align:start position:0% paycoin paycoin fans and the Dow uh I 00:12:53.199 --> 00:12:55.430 align:start position:0% paycoin paycoin fans and the Dow uh I can<00:12:53.440> say<00:12:53.800> has<00:12:54.000> gotten<00:12:54.320> the<00:12:54.480> attention<00:12:55.120> of 00:12:55.430 --> 00:12:55.440 align:start position:0% can say has gotten the attention of 00:12:55.440 --> 00:12:58.430 align:start position:0% can say has gotten the attention of staff<00:12:56.040> at<00:12:56.199> the<00:12:56.360> SEC<00:12:57.320> and<00:12:57.480> they<00:12:57.600> are<00:12:58.000> actually 00:12:58.430 --> 00:12:58.440 align:start position:0% staff at the SEC and they are actually 00:12:58.440 --> 00:13:00.750 align:start position:0% staff at the SEC and they are actually surprisingly<00:12:59.279> well<00:12:59.480> informed<00:13:00.320> um<00:13:00.519> we've 00:13:00.750 --> 00:13:00.760 align:start position:0% surprisingly well informed um we've 00:13:00.760 --> 00:13:02.189 align:start position:0% surprisingly well informed um we've tried<00:13:01.000> to<00:13:01.160> help<00:13:01.639> correct<00:13:02.000> some 00:13:02.189 --> 00:13:02.199 align:start position:0% tried to help correct some 00:13:02.199 --> 00:13:03.910 align:start position:0% tried to help correct some misapprehensions<00:13:03.040> they<00:13:03.199> had<00:13:03.399> about<00:13:03.560> it<00:13:03.760> and 00:13:03.910 --> 00:13:03.920 align:start position:0% misapprehensions they had about it and 00:13:03.920 --> 00:13:06.430 align:start position:0% misapprehensions they had about it and generally<00:13:04.360> flesh<00:13:04.720> out<00:13:05.120> their<00:13:05.440> information 00:13:06.430 --> 00:13:06.440 align:start position:0% generally flesh out their information 00:13:06.440 --> 00:13:08.710 align:start position:0% generally flesh out their information but<00:13:06.560> they<00:13:06.680> are<00:13:06.839> surprisingly<00:13:07.440> well 00:13:08.710 --> 00:13:08.720 align:start position:0% but they are surprisingly well 00:13:08.720 --> 00:13:11.670 align:start position:0% but they are surprisingly well informed<00:13:09.720> so<00:13:10.360> why<00:13:10.480> are<00:13:10.720> US<00:13:11.000> security<00:13:11.360> laws 00:13:11.670 --> 00:13:11.680 align:start position:0% informed so why are US security laws 00:13:11.680 --> 00:13:13.550 align:start position:0% informed so why are US security laws broadly<00:13:12.079> applied<00:13:12.800> the<00:13:13.000> definition<00:13:13.360> of 00:13:13.550 --> 00:13:13.560 align:start position:0% broadly applied the definition of 00:13:13.560 --> 00:13:15.710 align:start position:0% broadly applied the definition of security<00:13:13.959> includes<00:13:14.320> an<00:13:14.440> undefined<00:13:14.959> term<00:13:15.399> as<00:13:15.519> I 00:13:15.710 --> 00:13:15.720 align:start position:0% security includes an undefined term as I 00:13:15.720 --> 00:13:17.470 align:start position:0% security includes an undefined term as I said<00:13:16.320> the<00:13:16.480> term<00:13:16.680> has<00:13:16.839> been<00:13:17.000> defined<00:13:17.320> by 00:13:17.470 --> 00:13:17.480 align:start position:0% said the term has been defined by 00:13:17.480 --> 00:13:19.230 align:start position:0% said the term has been defined by federal<00:13:17.880> courts<00:13:18.360> courts<00:13:18.639> have<00:13:18.760> sought<00:13:19.040> to 00:13:19.230 --> 00:13:19.240 align:start position:0% federal courts courts have sought to 00:13:19.240 --> 00:13:21.230 align:start position:0% federal courts courts have sought to ensure<00:13:19.560> that<00:13:19.680> the<00:13:19.839> definition<00:13:20.279> is<00:13:20.480> inclusive 00:13:21.230 --> 00:13:21.240 align:start position:0% ensure that the definition is inclusive 00:13:21.240 --> 00:13:22.949 align:start position:0% ensure that the definition is inclusive in<00:13:21.360> order<00:13:21.639> to<00:13:21.800> reach<00:13:22.240> and<00:13:22.399> this<00:13:22.480> is<00:13:22.600> a<00:13:22.720> quote 00:13:22.949 --> 00:13:22.959 align:start position:0% in order to reach and this is a quote 00:13:22.959 --> 00:13:24.990 align:start position:0% in order to reach and this is a quote from<00:13:23.079> a<00:13:23.240> case<00:13:23.720> the<00:13:23.880> countless<00:13:24.279> and<00:13:24.519> variable 00:13:24.990 --> 00:13:25.000 align:start position:0% from a case the countless and variable 00:13:25.000 --> 00:13:26.829 align:start position:0% from a case the countless and variable schemes<00:13:25.480> devised<00:13:25.920> by<00:13:26.079> those<00:13:26.279> who<00:13:26.399> seek<00:13:26.720> the 00:13:26.829 --> 00:13:26.839 align:start position:0% schemes devised by those who seek the 00:13:26.839 --> 00:13:28.710 align:start position:0% schemes devised by those who seek the use<00:13:27.040> of<00:13:27.199> the<00:13:27.320> money<00:13:27.560> of<00:13:27.760> others<00:13:28.399> for<00:13:28.560> the 00:13:28.710 --> 00:13:28.720 align:start position:0% use of the money of others for the 00:13:28.720 --> 00:13:29.910 align:start position:0% use of the money of others for the purpose 00:13:29.910 --> 00:13:29.920 align:start position:0% purpose 00:13:29.920 --> 00:13:31.629 align:start position:0% purpose the<00:13:30.120> promise<00:13:30.560> of 00:13:31.629 --> 00:13:31.639 align:start position:0% the promise of 00:13:31.639 --> 00:13:34.069 align:start position:0% the promise of prophets<00:13:32.639> and<00:13:32.800> that<00:13:32.959> language<00:13:33.360> comes<00:13:33.639> from<00:13:33.920> a 00:13:34.069 --> 00:13:34.079 align:start position:0% prophets and that language comes from a 00:13:34.079 --> 00:13:36.710 align:start position:0% prophets and that language comes from a case<00:13:34.399> called<00:13:34.600> the<00:13:34.720> SEC<00:13:35.199> versus<00:13:35.560> hoe<00:13:36.360> and<00:13:36.480> it's 00:13:36.710 --> 00:13:36.720 align:start position:0% case called the SEC versus hoe and it's 00:13:36.720 --> 00:13:38.990 align:start position:0% case called the SEC versus hoe and it's from<00:13:36.959> that<00:13:37.279> case<00:13:37.480> that<00:13:37.639> we<00:13:37.800> get<00:13:37.959> the<00:13:38.160> hoe<00:13:38.639> test 00:13:38.990 --> 00:13:39.000 align:start position:0% from that case that we get the hoe test 00:13:39.000 --> 00:13:41.550 align:start position:0% from that case that we get the hoe test for<00:13:39.279> what<00:13:39.480> is<00:13:39.680> a<00:13:39.920> security<00:13:40.399> or<00:13:40.560> not<00:13:41.240> so<00:13:41.440> in 00:13:41.550 --> 00:13:41.560 align:start position:0% for what is a security or not so in 00:13:41.560 --> 00:13:43.030 align:start position:0% for what is a security or not so in order<00:13:41.800> to<00:13:41.959> really<00:13:42.399> understand<00:13:42.600> these<00:13:42.720> issues 00:13:43.030 --> 00:13:43.040 align:start position:0% order to really understand these issues 00:13:43.040 --> 00:13:44.790 align:start position:0% order to really understand these issues we<00:13:43.120> need<00:13:43.279> to<00:13:43.480> quickly<00:13:44.079> actually<00:13:44.399> look<00:13:44.560> at<00:13:44.680> the 00:13:44.790 --> 00:13:44.800 align:start position:0% we need to quickly actually look at the 00:13:44.800 --> 00:13:47.550 align:start position:0% we need to quickly actually look at the Howie<00:13:45.199> case<00:13:45.480> I<00:13:45.600> think<00:13:46.399> like<00:13:46.600> a<00:13:46.760> lot<00:13:46.880> of<00:13:47.360> uh 00:13:47.550 --> 00:13:47.560 align:start position:0% Howie case I think like a lot of uh 00:13:47.560 --> 00:13:49.629 align:start position:0% Howie case I think like a lot of uh strange<00:13:48.040> and<00:13:48.240> vaguely<00:13:48.560> alarming<00:13:49.079> stories<00:13:49.519> it 00:13:49.629 --> 00:13:49.639 align:start position:0% strange and vaguely alarming stories it 00:13:49.639 --> 00:13:51.230 align:start position:0% strange and vaguely alarming stories it begins<00:13:49.959> in 00:13:51.230 --> 00:13:51.240 align:start position:0% begins in 00:13:51.240 --> 00:13:54.990 align:start position:0% begins in Florida<00:13:52.240> Howie<00:13:52.880> was<00:13:53.320> a<00:13:53.800> um<00:13:54.560> he<00:13:54.680> owned<00:13:54.920> an 00:13:54.990 --> 00:13:55.000 align:start position:0% Florida Howie was a um he owned an 00:13:55.000 --> 00:13:56.590 align:start position:0% Florida Howie was a um he owned an Orange<00:13:55.279> Grove<00:13:55.519> in<00:13:55.639> a<00:13:55.800> hotel<00:13:56.199> and<00:13:56.320> he<00:13:56.440> would 00:13:56.590 --> 00:13:56.600 align:start position:0% Orange Grove in a hotel and he would 00:13:56.600 --> 00:13:59.509 align:start position:0% Orange Grove in a hotel and he would invite<00:13:57.519> uh<00:13:57.720> Rich<00:13:58.000> new<00:13:58.199> englanders<00:13:59.160> down<00:13:59.360> to 00:13:59.509 --> 00:13:59.519 align:start position:0% invite uh Rich new englanders down to 00:13:59.519 --> 00:14:04.269 align:start position:0% invite uh Rich new englanders down to flor<00:14:00.199> is<00:14:00.360> my<00:14:00.560> mic<00:14:01.279> this<00:14:01.440> mic's<00:14:01.720> working<00:14:02.000> now 00:14:04.269 --> 00:14:04.279 align:start position:0% flor is my mic this mic's working now 00:14:04.279 --> 00:14:06.550 align:start position:0% flor is my mic this mic's working now great<00:14:05.279> I'm<00:14:05.440> going<00:14:05.519> to<00:14:05.680> put<00:14:05.839> this 00:14:06.550 --> 00:14:06.560 align:start position:0% great I'm going to put this 00:14:06.560 --> 00:14:09.590 align:start position:0% great I'm going to put this here<00:14:07.560> this<00:14:07.680> is<00:14:07.839> working<00:14:08.839> and<00:14:08.959> he<00:14:09.079> would<00:14:09.240> invite 00:14:09.590 --> 00:14:09.600 align:start position:0% here this is working and he would invite 00:14:09.600 --> 00:14:11.949 align:start position:0% here this is working and he would invite Rich<00:14:09.800> new<00:14:09.959> englanders<00:14:10.519> down<00:14:10.680> to<00:14:10.880> his<00:14:11.040> hotel<00:14:11.440> in 00:14:11.949 --> 00:14:11.959 align:start position:0% Rich new englanders down to his hotel in 00:14:11.959 --> 00:14:13.870 align:start position:0% Rich new englanders down to his hotel in Florida<00:14:12.959> and<00:14:13.079> give<00:14:13.240> them<00:14:13.360> a<00:14:13.480> tour<00:14:13.680> of<00:14:13.759> the 00:14:13.870 --> 00:14:13.880 align:start position:0% Florida and give them a tour of the 00:14:13.880 --> 00:14:16.269 align:start position:0% Florida and give them a tour of the Orange<00:14:14.120> Groves<00:14:14.440> and<00:14:14.519> he'd<00:14:14.720> say<00:14:15.320> look<00:14:15.720> behold 00:14:16.269 --> 00:14:16.279 align:start position:0% Orange Groves and he'd say look behold 00:14:16.279 --> 00:14:18.189 align:start position:0% Orange Groves and he'd say look behold the<00:14:16.480> the<00:14:16.600> beauty<00:14:16.880> of<00:14:17.040> Florida's<00:14:17.519> orange 00:14:18.189 --> 00:14:18.199 align:start position:0% the the beauty of Florida's orange 00:14:18.199 --> 00:14:20.189 align:start position:0% the the beauty of Florida's orange fields<00:14:19.199> and<00:14:19.320> then<00:14:19.480> inevitably<00:14:19.959> the<00:14:20.040> New 00:14:20.189 --> 00:14:20.199 align:start position:0% fields and then inevitably the New 00:14:20.199 --> 00:14:21.710 align:start position:0% fields and then inevitably the New Englander<00:14:20.639> would<00:14:20.759> say<00:14:20.959> something<00:14:21.320> along<00:14:21.560> the 00:14:21.710 --> 00:14:21.720 align:start position:0% Englander would say something along the 00:14:21.720 --> 00:14:24.069 align:start position:0% Englander would say something along the lines<00:14:22.000> of<00:14:22.360> oh<00:14:22.560> the<00:14:22.680> Orange<00:14:23.079> Groves<00:14:23.680> uh<00:14:23.800> they're 00:14:24.069 --> 00:14:24.079 align:start position:0% lines of oh the Orange Groves uh they're 00:14:24.079 --> 00:14:26.389 align:start position:0% lines of oh the Orange Groves uh they're so<00:14:24.399> beautiful<00:14:24.839> and<00:14:25.040> how<00:14:25.199> I<00:14:25.320> would<00:14:25.519> say<00:14:26.040> w<00:14:26.240> it's 00:14:26.389 --> 00:14:26.399 align:start position:0% so beautiful and how I would say w it's 00:14:26.399 --> 00:14:27.949 align:start position:0% so beautiful and how I would say w it's funny<00:14:26.680> you<00:14:26.839> asked<00:14:27.120> that<00:14:27.279> the<00:14:27.399> Orange<00:14:27.680> Groves 00:14:27.949 --> 00:14:27.959 align:start position:0% funny you asked that the Orange Groves 00:14:27.959 --> 00:14:29.990 align:start position:0% funny you asked that the Orange Groves are<00:14:28.120> for<00:14:28.320> sale<00:14:29.160> and<00:14:29.279> then<00:14:29.399> he'd<00:14:29.600> proceed<00:14:29.880> to 00:14:29.990 --> 00:14:30.000 align:start position:0% are for sale and then he'd proceed to 00:14:30.000 --> 00:14:32.949 align:start position:0% are for sale and then he'd proceed to sell<00:14:30.320> him<00:14:30.880> one<00:14:31.399> acre<00:14:32.079> of<00:14:32.199> the<00:14:32.320> many<00:14:32.639> acre 00:14:32.949 --> 00:14:32.959 align:start position:0% sell him one acre of the many acre 00:14:32.959 --> 00:14:35.550 align:start position:0% sell him one acre of the many acre orange<00:14:33.279> groves<00:14:33.720> that<00:14:33.880> he<00:14:34.240> that<00:14:34.320> he<00:14:34.560> owned 00:14:35.550 --> 00:14:35.560 align:start position:0% orange groves that he that he owned 00:14:35.560 --> 00:14:37.269 align:start position:0% orange groves that he that he owned basically<00:14:35.839> he<00:14:35.920> was<00:14:36.120> partitioning<00:14:36.920> his 00:14:37.269 --> 00:14:37.279 align:start position:0% basically he was partitioning his 00:14:37.279 --> 00:14:40.629 align:start position:0% basically he was partitioning his property<00:14:37.800> into<00:14:38.560> a<00:14:38.680> number<00:14:38.959> of 00:14:40.629 --> 00:14:40.639 align:start position:0% property into a number of 00:14:40.639 --> 00:14:44.509 align:start position:0% property into a number of parcels<00:14:41.639> into<00:14:41.839> a<00:14:41.920> number<00:14:42.160> of<00:14:42.480> parcels<00:14:43.480> and<00:14:43.920> um 00:14:44.509 --> 00:14:44.519 align:start position:0% parcels into a number of parcels and um 00:14:44.519 --> 00:14:47.829 align:start position:0% parcels into a number of parcels and um and<00:14:44.639> selling<00:14:45.160> them<00:14:45.800> uh<00:14:45.959> as<00:14:46.240> property<00:14:47.240> now<00:14:47.680> when 00:14:47.829 --> 00:14:47.839 align:start position:0% and selling them uh as property now when 00:14:47.839 --> 00:14:50.150 align:start position:0% and selling them uh as property now when you<00:14:48.040> bought<00:14:48.440> this<00:14:48.759> property<00:14:49.120> you'd<00:14:49.440> also<00:14:49.880> be 00:14:50.150 --> 00:14:50.160 align:start position:0% you bought this property you'd also be 00:14:50.160 --> 00:14:52.509 align:start position:0% you bought this property you'd also be pressured<00:14:50.600> into<00:14:50.839> signing<00:14:51.199> a<00:14:51.399> contract<00:14:52.360> and 00:14:52.509 --> 00:14:52.519 align:start position:0% pressured into signing a contract and 00:14:52.519 --> 00:14:56.790 align:start position:0% pressured into signing a contract and that<00:14:52.720> contract<00:14:53.199> would<00:14:53.600> say<00:14:54.600> uh 00:14:56.790 --> 00:14:56.800 align:start position:0% that contract would say uh 00:14:56.800 --> 00:15:02.150 align:start position:0% that contract would say uh how<00:14:57.800> how<00:14:58.759> no<00:14:59.040> I<00:14:59.160> think<00:14:59.320> now<00:14:59.480> I'm 00:15:02.150 --> 00:15:02.160 align:start position:0% 00:15:02.160 --> 00:15:04.949 align:start position:0% gone<00:15:03.160> we'll<00:15:03.399> just<00:15:03.600> go<00:15:04.000> with 00:15:04.949 --> 00:15:04.959 align:start position:0% gone we'll just go with 00:15:04.959 --> 00:15:10.670 align:start position:0% gone we'll just go with this<00:15:06.000> so<00:15:07.000> you'd<00:15:07.240> be<00:15:07.360> signing 00:15:10.670 --> 00:15:10.680 align:start position:0% 00:15:10.680 --> 00:15:15.710 align:start position:0% a<00:15:11.680> you'd<00:15:11.880> be<00:15:12.000> signing<00:15:12.320> a<00:15:12.600> contract<00:15:13.600> that<00:15:13.800> says 00:15:15.710 --> 00:15:15.720 align:start position:0% a you'd be signing a contract that says 00:15:15.720 --> 00:15:20.150 align:start position:0% a you'd be signing a contract that says um<00:15:16.720> you<00:15:16.920> look<00:15:17.160> to<00:15:17.480> hoe<00:15:17.959> in<00:15:18.079> order<00:15:18.360> to<00:15:19.160> maintain 00:15:20.150 --> 00:15:20.160 align:start position:0% um you look to hoe in order to maintain 00:15:20.160 --> 00:15:22.269 align:start position:0% um you look to hoe in order to maintain uh<00:15:20.320> the<00:15:20.440> fields<00:15:20.959> the<00:15:21.079> soil<00:15:21.800> to<00:15:22.000> pick<00:15:22.199> the 00:15:22.269 --> 00:15:22.279 align:start position:0% uh the fields the soil to pick the 00:15:22.279 --> 00:15:23.949 align:start position:0% uh the fields the soil to pick the oranges<00:15:22.680> to<00:15:22.800> sell<00:15:23.040> them<00:15:23.160> at<00:15:23.320> market<00:15:23.600> for<00:15:23.720> a 00:15:23.949 --> 00:15:23.959 align:start position:0% oranges to sell them at market for a 00:15:23.959 --> 00:15:27.949 align:start position:0% oranges to sell them at market for a profit<00:15:24.680> is<00:15:24.880> this<00:15:25.000> working<00:15:25.560> now<00:15:26.560> okay 00:15:27.949 --> 00:15:27.959 align:start position:0% profit is this working now okay 00:15:27.959 --> 00:15:31.990 align:start position:0% profit is this working now okay good<00:15:29.279> louder<00:15:30.079> okay<00:15:30.399> good<00:15:30.839> so<00:15:31.079> you<00:15:31.240> look<00:15:31.440> to<00:15:31.639> hoe 00:15:31.990 --> 00:15:32.000 align:start position:0% good louder okay good so you look to hoe 00:15:32.000 --> 00:15:34.110 align:start position:0% good louder okay good so you look to hoe to<00:15:32.199> maintain<00:15:32.639> the<00:15:32.800> soil<00:15:33.240> the<00:15:33.360> trees<00:15:33.800> pick<00:15:34.000> the 00:15:34.110 --> 00:15:34.120 align:start position:0% to maintain the soil the trees pick the 00:15:34.120 --> 00:15:36.790 align:start position:0% to maintain the soil the trees pick the oranges<00:15:34.560> sell<00:15:34.800> them<00:15:34.920> for<00:15:35.079> a<00:15:35.560> profit<00:15:36.560> and<00:15:36.680> he 00:15:36.790 --> 00:15:36.800 align:start position:0% oranges sell them for a profit and he 00:15:36.800 --> 00:15:38.870 align:start position:0% oranges sell them for a profit and he will<00:15:37.079> give<00:15:37.240> you<00:15:37.639> the<00:15:37.880> profits<00:15:38.279> from<00:15:38.440> the<00:15:38.600> land 00:15:38.870 --> 00:15:38.880 align:start position:0% will give you the profits from the land 00:15:38.880 --> 00:15:40.910 align:start position:0% will give you the profits from the land that<00:15:39.000> you<00:15:39.319> bought 00:15:40.910 --> 00:15:40.920 align:start position:0% that you bought 00:15:40.920 --> 00:15:43.949 align:start position:0% that you bought so<00:15:41.920> it<00:15:42.160> needless<00:15:42.560> to<00:15:42.759> say<00:15:43.240> the<00:15:43.399> Orange<00:15:43.720> Grove 00:15:43.949 --> 00:15:43.959 align:start position:0% so it needless to say the Orange Grove 00:15:43.959 --> 00:15:45.710 align:start position:0% so it needless to say the Orange Grove turned<00:15:44.160> out<00:15:44.279> to<00:15:44.360> be<00:15:44.519> less<00:15:44.759> profitable<00:15:45.519> than 00:15:45.710 --> 00:15:45.720 align:start position:0% turned out to be less profitable than 00:15:45.720 --> 00:15:47.590 align:start position:0% turned out to be less profitable than many<00:15:46.000> might<00:15:46.160> have<00:15:46.399> expected<00:15:47.240> there<00:15:47.360> was<00:15:47.480> a 00:15:47.590 --> 00:15:47.600 align:start position:0% many might have expected there was a 00:15:47.600 --> 00:15:49.189 align:start position:0% many might have expected there was a lawsuit<00:15:48.240> it<00:15:48.360> went<00:15:48.519> all<00:15:48.639> the<00:15:48.720> way<00:15:48.839> up<00:15:48.959> to<00:15:49.079> the 00:15:49.189 --> 00:15:49.199 align:start position:0% lawsuit it went all the way up to the 00:15:49.199 --> 00:15:50.910 align:start position:0% lawsuit it went all the way up to the Supreme<00:15:49.560> Court<00:15:49.880> and<00:15:50.000> the<00:15:50.079> Supreme<00:15:50.399> Court<00:15:50.600> says 00:15:50.910 --> 00:15:50.920 align:start position:0% Supreme Court and the Supreme Court says 00:15:50.920 --> 00:15:52.629 align:start position:0% Supreme Court and the Supreme Court says this<00:15:51.040> is<00:15:51.240> the<00:15:51.440> exact<00:15:51.800> kind<00:15:51.959> of<00:15:52.120> thing<00:15:52.319> that<00:15:52.480> we 00:15:52.629 --> 00:15:52.639 align:start position:0% this is the exact kind of thing that we 00:15:52.639 --> 00:15:53.990 align:start position:0% this is the exact kind of thing that we want<00:15:52.959> the<00:15:53.079> Securities<00:15:53.480> and<00:15:53.639> Exchange 00:15:53.990 --> 00:15:54.000 align:start position:0% want the Securities and Exchange 00:15:54.000 --> 00:15:56.069 align:start position:0% want the Securities and Exchange Commission<00:15:54.319> to<00:15:54.399> have<00:15:54.600> jurisdiction<00:15:55.199> over<00:15:55.839> so 00:15:56.069 --> 00:15:56.079 align:start position:0% Commission to have jurisdiction over so 00:15:56.079 --> 00:15:57.670 align:start position:0% Commission to have jurisdiction over so that's<00:15:56.279> why<00:15:56.440> this<00:15:56.519> is<00:15:56.680> the<00:15:56.800> formative<00:15:57.279> case 00:15:57.670 --> 00:15:57.680 align:start position:0% that's why this is the formative case 00:15:57.680 --> 00:15:59.990 align:start position:0% that's why this is the formative case and<00:15:57.839> from<00:15:58.079> that<00:15:58.240> they<00:15:58.360> created<00:15:58.720> the<00:15:59.000> ho<00:15:59.319> test 00:15:59.990 --> 00:16:00.000 align:start position:0% and from that they created the ho test 00:16:00.000 --> 00:16:01.389 align:start position:0% and from that they created the ho test which<00:16:00.120> has<00:16:00.240> a<00:16:00.360> number<00:16:00.560> of<00:16:00.720> elements<00:16:01.079> I<00:16:01.160> won't 00:16:01.389 --> 00:16:01.399 align:start position:0% which has a number of elements I won't 00:16:01.399 --> 00:16:03.230 align:start position:0% which has a number of elements I won't go<00:16:01.519> into<00:16:01.800> specifically<00:16:02.360> but<00:16:02.480> what's<00:16:02.720> notable 00:16:03.230 --> 00:16:03.240 align:start position:0% go into specifically but what's notable 00:16:03.240 --> 00:16:05.470 align:start position:0% go into specifically but what's notable is<00:16:03.440> that<00:16:03.880> it<00:16:04.000> is<00:16:04.240> immaterial<00:16:05.120> whether<00:16:05.360> the 00:16:05.470 --> 00:16:05.480 align:start position:0% is that it is immaterial whether the 00:16:05.480 --> 00:16:07.430 align:start position:0% is that it is immaterial whether the shares<00:16:05.880> in<00:16:06.040> the<00:16:06.199> Enterprise<00:16:06.680> are<00:16:06.959> evidenced 00:16:07.430 --> 00:16:07.440 align:start position:0% shares in the Enterprise are evidenced 00:16:07.440 --> 00:16:09.629 align:start position:0% shares in the Enterprise are evidenced by<00:16:07.600> formal<00:16:08.000> certificates<00:16:08.560> or<00:16:08.800> by<00:16:09.000> nominal 00:16:09.629 --> 00:16:09.639 align:start position:0% by formal certificates or by nominal 00:16:09.639 --> 00:16:11.949 align:start position:0% by formal certificates or by nominal interests<00:16:10.639> in<00:16:10.800> the<00:16:11.000> physical<00:16:11.519> assets 00:16:11.949 --> 00:16:11.959 align:start position:0% interests in the physical assets 00:16:11.959 --> 00:16:13.670 align:start position:0% interests in the physical assets employed<00:16:12.480> by<00:16:12.639> the 00:16:13.670 --> 00:16:13.680 align:start position:0% employed by the 00:16:13.680 --> 00:16:17.629 align:start position:0% employed by the Enterprise<00:16:14.680> and<00:16:15.160> sales<00:16:15.720> of<00:16:16.120> such<00:16:16.639> nominal 00:16:17.629 --> 00:16:17.639 align:start position:0% Enterprise and sales of such nominal 00:16:17.639 --> 00:16:20.629 align:start position:0% Enterprise and sales of such nominal interests<00:16:18.199> in<00:16:18.440> physical<00:16:19.040> assets<00:16:19.839> have<00:16:20.279> since 00:16:20.629 --> 00:16:20.639 align:start position:0% interests in physical assets have since 00:16:20.639 --> 00:16:22.670 align:start position:0% interests in physical assets have since that<00:16:20.839> case<00:16:21.040> been<00:16:21.199> extended<00:16:21.519> to<00:16:21.759> all<00:16:22.000> manner<00:16:22.440> of 00:16:22.670 --> 00:16:22.680 align:start position:0% that case been extended to all manner of 00:16:22.680 --> 00:16:26.870 align:start position:0% that case been extended to all manner of things<00:16:23.519> sales<00:16:24.160> of<00:16:24.959> uh<00:16:25.120> beaver<00:16:25.600> pelts<00:16:26.199> sales<00:16:26.639> of 00:16:26.870 --> 00:16:26.880 align:start position:0% things sales of uh beaver pelts sales of 00:16:26.880 --> 00:16:29.670 align:start position:0% things sales of uh beaver pelts sales of condos<00:16:27.480> sales<00:16:27.920> of<00:16:28.120> minks<00:16:28.519> of<00:16:28.680> gold<00:16:29.040> bullion<00:16:29.480> of 00:16:29.670 --> 00:16:29.680 align:start position:0% condos sales of minks of gold bullion of 00:16:29.680 --> 00:16:31.990 align:start position:0% condos sales of minks of gold bullion of golf<00:16:29.959> course<00:16:30.199> memberships<00:16:30.680> and<00:16:31.000> Condominiums 00:16:31.990 --> 00:16:32.000 align:start position:0% golf course memberships and Condominiums 00:16:32.000 --> 00:16:33.189 align:start position:0% golf course memberships and Condominiums all<00:16:32.160> of<00:16:32.319> these<00:16:32.519> has<00:16:32.720> been<00:16:32.920> have<00:16:33.040> been 00:16:33.189 --> 00:16:33.199 align:start position:0% all of these has been have been 00:16:33.199 --> 00:16:35.749 align:start position:0% all of these has been have been interpreted<00:16:33.839> as<00:16:34.360> issuance<00:16:34.880> of<00:16:35.120> Securities 00:16:35.749 --> 00:16:35.759 align:start position:0% interpreted as issuance of Securities 00:16:35.759 --> 00:16:38.150 align:start position:0% interpreted as issuance of Securities rather<00:16:35.959> than<00:16:36.199> just<00:16:36.600> sales<00:16:37.160> of<00:16:37.319> a<00:16:37.480> physical 00:16:38.150 --> 00:16:38.160 align:start position:0% rather than just sales of a physical 00:16:38.160 --> 00:16:41.829 align:start position:0% rather than just sales of a physical object<00:16:38.519> or<00:16:39.240> asset<00:16:40.240> and<00:16:40.440> with<00:16:40.720> the<00:16:40.839> sec's 00:16:41.829 --> 00:16:41.839 align:start position:0% object or asset and with the sec's 00:16:41.839 --> 00:16:43.590 align:start position:0% object or asset and with the sec's interest<00:16:42.279> in<00:16:42.519> paycoin<00:16:43.120> it<00:16:43.199> is<00:16:43.360> not 00:16:43.590 --> 00:16:43.600 align:start position:0% interest in paycoin it is not 00:16:43.600 --> 00:16:46.309 align:start position:0% interest in paycoin it is not unreasonable<00:16:44.360> to<00:16:44.880> assume<00:16:45.880> that 00:16:46.309 --> 00:16:46.319 align:start position:0% unreasonable to assume that 00:16:46.319 --> 00:16:48.230 align:start position:0% unreasonable to assume that cryptocurrencies<00:16:47.319> or<00:16:47.560> some 00:16:48.230 --> 00:16:48.240 align:start position:0% cryptocurrencies or some 00:16:48.240 --> 00:16:50.430 align:start position:0% cryptocurrencies or some cryptocurrencies<00:16:49.240> may<00:16:49.440> be<00:16:49.680> added<00:16:49.959> to<00:16:50.199> that 00:16:50.430 --> 00:16:50.440 align:start position:0% cryptocurrencies may be added to that 00:16:50.440 --> 00:16:54.189 align:start position:0% cryptocurrencies may be added to that list<00:16:50.920> of<00:16:51.560> sales<00:16:52.279> of<00:16:52.560> nominal<00:16:53.240> assets<00:16:53.720> or 00:16:54.189 --> 00:16:54.199 align:start position:0% list of sales of nominal assets or 00:16:54.199 --> 00:16:56.189 align:start position:0% list of sales of nominal assets or transfers<00:16:54.600> of<00:16:54.759> nominal<00:16:55.079> rights<00:16:55.279> to<00:16:55.560> assets 00:16:56.189 --> 00:16:56.199 align:start position:0% transfers of nominal rights to assets 00:16:56.199 --> 00:16:59.550 align:start position:0% transfers of nominal rights to assets that<00:16:56.399> qualify<00:16:57.079> as<00:16:57.839> securities<00:16:59.160> and<00:16:59.279> it's 00:16:59.550 --> 00:16:59.560 align:start position:0% that qualify as securities and it's 00:16:59.560 --> 00:17:02.389 align:start position:0% that qualify as securities and it's because<00:16:59.839> of<00:17:00.160> their<00:17:00.399> interest<00:17:00.759> in<00:17:01.399> paycoin 00:17:02.389 --> 00:17:02.399 align:start position:0% because of their interest in paycoin 00:17:02.399 --> 00:17:03.949 align:start position:0% because of their interest in paycoin that<00:17:02.560> we<00:17:02.720> created<00:17:03.079> a<00:17:03.240> framework<00:17:03.759> for 00:17:03.949 --> 00:17:03.959 align:start position:0% that we created a framework for 00:17:03.959 --> 00:17:05.189 align:start position:0% that we created a framework for Securities 00:17:05.189 --> 00:17:05.199 align:start position:0% Securities 00:17:05.199 --> 00:17:08.270 align:start position:0% Securities regulation<00:17:06.360> so<00:17:07.360> if<00:17:07.439> you<00:17:07.600> are<00:17:07.799> interested<00:17:08.120> in 00:17:08.270 --> 00:17:08.280 align:start position:0% regulation so if you are interested in 00:17:08.280 --> 00:17:10.470 align:start position:0% regulation so if you are interested in this<00:17:08.439> area<00:17:08.880> I<00:17:09.039> highly<00:17:09.360> recommend<00:17:10.039> you<00:17:10.240> go<00:17:10.360> to 00:17:10.470 --> 00:17:10.480 align:start position:0% this area I highly recommend you go to 00:17:10.480 --> 00:17:12.789 align:start position:0% this area I highly recommend you go to our<00:17:10.600> website<00:17:11.000> coin<00:17:11.240> center.org<00:17:11.839> and<00:17:12.439> you<00:17:12.640> look 00:17:12.789 --> 00:17:12.799 align:start position:0% our website coin center.org and you look 00:17:12.799 --> 00:17:14.710 align:start position:0% our website coin center.org and you look at<00:17:12.919> the<00:17:13.039> whole<00:17:13.280> framework<00:17:13.720> it's<00:17:13.959> posted<00:17:14.400> there 00:17:14.710 --> 00:17:14.720 align:start position:0% at the whole framework it's posted there 00:17:14.720 --> 00:17:16.590 align:start position:0% at the whole framework it's posted there and<00:17:14.880> you<00:17:15.039> read<00:17:15.199> it<00:17:15.720> if<00:17:15.839> you're<00:17:16.000> a<00:17:16.160> developer 00:17:16.590 --> 00:17:16.600 align:start position:0% and you read it if you're a developer 00:17:16.600 --> 00:17:18.270 align:start position:0% and you read it if you're a developer you<00:17:16.720> will<00:17:16.880> not<00:17:17.039> need<00:17:17.240> to<00:17:17.360> read<00:17:17.600> the<00:17:17.760> first<00:17:18.000> two 00:17:18.270 --> 00:17:18.280 align:start position:0% you will not need to read the first two 00:17:18.280 --> 00:17:19.630 align:start position:0% you will not need to read the first two sections<00:17:18.839> which<00:17:19.039> explain<00:17:19.439> these 00:17:19.630 --> 00:17:19.640 align:start position:0% sections which explain these 00:17:19.640 --> 00:17:21.710 align:start position:0% sections which explain these Technologies<00:17:20.240> to<00:17:20.480> policy<00:17:20.839> makers<00:17:21.439> you<00:17:21.559> can 00:17:21.710 --> 00:17:21.720 align:start position:0% Technologies to policy makers you can 00:17:21.720 --> 00:17:23.470 align:start position:0% Technologies to policy makers you can skip<00:17:21.959> to<00:17:22.120> the<00:17:22.280> third<00:17:22.640> which<00:17:22.880> draws<00:17:23.160> legal 00:17:23.470 --> 00:17:23.480 align:start position:0% skip to the third which draws legal 00:17:23.480 --> 00:17:25.270 align:start position:0% skip to the third which draws legal conclusions<00:17:24.199> based<00:17:24.439> on<00:17:24.600> the<00:17:24.799> applicable 00:17:25.270 --> 00:17:25.280 align:start position:0% conclusions based on the applicable 00:17:25.280 --> 00:17:28.069 align:start position:0% conclusions based on the applicable legal<00:17:25.799> tests<00:17:26.799> and<00:17:27.240> the<00:17:27.480> aspects<00:17:27.839> of<00:17:27.959> the 00:17:28.069 --> 00:17:28.079 align:start position:0% legal tests and the aspects of the 00:17:28.079 --> 00:17:31.150 align:start position:0% legal tests and the aspects of the technology<00:17:28.520> that<00:17:28.600> are<00:17:28.919> s<00:17:29.160> into<00:17:29.400> that<00:17:30.000> test<00:17:31.000> so 00:17:31.150 --> 00:17:31.160 align:start position:0% technology that are s into that test so 00:17:31.160 --> 00:17:32.510 align:start position:0% technology that are s into that test so I'm<00:17:31.280> going<00:17:31.360> to<00:17:31.480> skip<00:17:31.720> through 00:17:32.510 --> 00:17:32.520 align:start position:0% I'm going to skip through 00:17:32.520 --> 00:17:34.710 align:start position:0% I'm going to skip through this<00:17:33.520> here<00:17:33.640> are<00:17:33.799> the<00:17:33.919> key<00:17:34.120> findings<00:17:34.480> for 00:17:34.710 --> 00:17:34.720 align:start position:0% this here are the key findings for 00:17:34.720 --> 00:17:36.669 align:start position:0% this here are the key findings for people<00:17:34.960> who<00:17:35.120> are<00:17:35.520> developing<00:17:36.000> appcoins<00:17:36.480> or 00:17:36.669 --> 00:17:36.679 align:start position:0% people who are developing appcoins or 00:17:36.679 --> 00:17:39.909 align:start position:0% people who are developing appcoins or dap<00:17:37.320> tokens<00:17:38.320> the<00:17:38.480> following<00:17:38.880> are<00:17:39.240> less<00:17:39.559> likely 00:17:39.909 --> 00:17:39.919 align:start position:0% dap tokens the following are less likely 00:17:39.919 --> 00:17:43.029 align:start position:0% dap tokens the following are less likely to<00:17:40.039> be<00:17:40.200> treated<00:17:40.559> as 00:17:43.029 --> 00:17:43.039 align:start position:0% 00:17:43.039 --> 00:17:45.390 align:start position:0% Securities<00:17:44.039> if<00:17:44.160> the<00:17:44.320> token<00:17:44.679> was<00:17:44.960> purchased 00:17:45.390 --> 00:17:45.400 align:start position:0% Securities if the token was purchased 00:17:45.400 --> 00:17:48.190 align:start position:0% Securities if the token was purchased for<00:17:45.559> its<00:17:45.880> use<00:17:46.400> value<00:17:46.960> rather<00:17:47.200> than<00:17:47.480> merely 00:17:48.190 --> 00:17:48.200 align:start position:0% for its use value rather than merely 00:17:48.200 --> 00:17:51.029 align:start position:0% for its use value rather than merely with<00:17:48.320> the<00:17:48.559> expectation<00:17:49.120> of<00:17:49.679> profits<00:17:50.679> so<00:17:50.880> the 00:17:51.029 --> 00:17:51.039 align:start position:0% with the expectation of profits so the 00:17:51.039 --> 00:17:53.430 align:start position:0% with the expectation of profits so the line<00:17:51.200> of<00:17:51.480> cases<00:17:51.960> here<00:17:52.320> that<00:17:52.480> build<00:17:52.720> on<00:17:52.919> the<00:17:53.039> hoe 00:17:53.430 --> 00:17:53.440 align:start position:0% line of cases here that build on the hoe 00:17:53.440 --> 00:17:56.110 align:start position:0% line of cases here that build on the hoe test<00:17:53.919> uh<00:17:54.039> deal<00:17:54.280> with<00:17:54.480> Condominiums<00:17:55.320> actually 00:17:56.110 --> 00:17:56.120 align:start position:0% test uh deal with Condominiums actually 00:17:56.120 --> 00:17:57.789 align:start position:0% test uh deal with Condominiums actually so<00:17:56.440> in<00:17:56.559> New<00:17:56.720> York<00:17:56.960> for<00:17:57.080> example<00:17:57.400> plenty<00:17:57.679> of 00:17:57.789 --> 00:17:57.799 align:start position:0% so in New York for example plenty of 00:17:57.799 --> 00:18:00.029 align:start position:0% so in New York for example plenty of people<00:17:58.000> will<00:17:58.200> buy<00:17:58.400> a<00:17:58.480> share<00:17:59.080> of<00:17:59.200> a<00:17:59.320> housing 00:18:00.029 --> 00:18:00.039 align:start position:0% people will buy a share of a housing 00:18:00.039 --> 00:18:02.549 align:start position:0% people will buy a share of a housing Co-op<00:18:01.039> now<00:18:01.480> is<00:18:01.600> the<00:18:01.760> person<00:18:02.000> issuing<00:18:02.440> those 00:18:02.549 --> 00:18:02.559 align:start position:0% Co-op now is the person issuing those 00:18:02.559 --> 00:18:04.190 align:start position:0% Co-op now is the person issuing those shares<00:18:02.960> issuing<00:18:03.280> a 00:18:04.190 --> 00:18:04.200 align:start position:0% shares issuing a 00:18:04.200 --> 00:18:06.830 align:start position:0% shares issuing a security<00:18:05.200> the<00:18:05.320> Supreme<00:18:05.760> Court<00:18:06.159> and<00:18:06.559> uh<00:18:06.640> some 00:18:06.830 --> 00:18:06.840 align:start position:0% security the Supreme Court and uh some 00:18:06.840 --> 00:18:08.590 align:start position:0% security the Supreme Court and uh some of<00:18:06.960> the<00:18:07.039> federal<00:18:07.320> circuit<00:18:07.600> courts<00:18:07.919> have<00:18:08.080> found 00:18:08.590 --> 00:18:08.600 align:start position:0% of the federal circuit courts have found 00:18:08.600 --> 00:18:10.710 align:start position:0% of the federal circuit courts have found no<00:18:08.880> that<00:18:09.000> is<00:18:09.159> not<00:18:09.400> the<00:18:09.559> case<00:18:09.960> because<00:18:10.520> while 00:18:10.710 --> 00:18:10.720 align:start position:0% no that is not the case because while 00:18:10.720 --> 00:18:12.830 align:start position:0% no that is not the case because while people<00:18:10.960> may<00:18:11.280> expect<00:18:11.720> the<00:18:11.880> condominium<00:18:12.679> that 00:18:12.830 --> 00:18:12.840 align:start position:0% people may expect the condominium that 00:18:12.840 --> 00:18:15.149 align:start position:0% people may expect the condominium that they<00:18:13.039> buy<00:18:13.360> to<00:18:13.559> go<00:18:13.760> up<00:18:13.919> in<00:18:14.120> value<00:18:14.520> they<00:18:14.640> also<00:18:15.000> may 00:18:15.149 --> 00:18:15.159 align:start position:0% they buy to go up in value they also may 00:18:15.159 --> 00:18:17.669 align:start position:0% they buy to go up in value they also may be<00:18:15.320> buying<00:18:15.600> it<00:18:15.720> to<00:18:15.880> live<00:18:16.080> in<00:18:16.200> it<00:18:16.720> to<00:18:16.919> rent<00:18:17.200> it<00:18:17.520> it 00:18:17.669 --> 00:18:17.679 align:start position:0% be buying it to live in it to rent it it 00:18:17.679 --> 00:18:19.630 align:start position:0% be buying it to live in it to rent it it has<00:18:17.880> utilitarian<00:18:18.679> value<00:18:19.039> and<00:18:19.200> those<00:18:19.320> are<00:18:19.480> not 00:18:19.630 --> 00:18:19.640 align:start position:0% has utilitarian value and those are not 00:18:19.640 --> 00:18:22.230 align:start position:0% has utilitarian value and those are not the<00:18:19.760> things<00:18:20.000> we<00:18:20.200> regulate<00:18:20.880> as 00:18:22.230 --> 00:18:22.240 align:start position:0% the things we regulate as 00:18:22.240 --> 00:18:24.750 align:start position:0% the things we regulate as Securities<00:18:23.240> another<00:18:23.640> Factor<00:18:24.080> the<00:18:24.240> token<00:18:24.559> was 00:18:24.750 --> 00:18:24.760 align:start position:0% Securities another Factor the token was 00:18:24.760 --> 00:18:26.390 align:start position:0% Securities another Factor the token was purchased<00:18:25.280> after<00:18:25.520> oh<00:18:25.679> by<00:18:25.760> the<00:18:25.880> way<00:18:26.039> on<00:18:26.200> this 00:18:26.390 --> 00:18:26.400 align:start position:0% purchased after oh by the way on this 00:18:26.400 --> 00:18:28.190 align:start position:0% purchased after oh by the way on this previous<00:18:26.720> one<00:18:26.960> the<00:18:27.080> utilitarian<00:18:27.720> value 00:18:28.190 --> 00:18:28.200 align:start position:0% previous one the utilitarian value 00:18:28.200 --> 00:18:30.510 align:start position:0% previous one the utilitarian value ethereum<00:18:28.880> or<00:18:29.080> ether<00:18:29.440> is<00:18:29.520> a<00:18:29.720> very<00:18:29.919> good<00:18:30.120> example 00:18:30.510 --> 00:18:30.520 align:start position:0% ethereum or ether is a very good example 00:18:30.520 --> 00:18:33.630 align:start position:0% ethereum or ether is a very good example of<00:18:30.760> this<00:18:31.440> so<00:18:31.760> yes<00:18:32.320> lots<00:18:32.520> of<00:18:32.720> people<00:18:33.080> speculate 00:18:33.630 --> 00:18:33.640 align:start position:0% of this so yes lots of people speculate 00:18:33.640 --> 00:18:35.549 align:start position:0% of this so yes lots of people speculate as<00:18:33.760> to<00:18:33.919> the<00:18:34.039> price<00:18:34.240> of<00:18:34.440> ether<00:18:35.080> why<00:18:35.240> isn't 00:18:35.549 --> 00:18:35.559 align:start position:0% as to the price of ether why isn't 00:18:35.559 --> 00:18:38.630 align:start position:0% as to the price of ether why isn't ethereum<00:18:36.039> a<00:18:36.200> security<00:18:36.880> well<00:18:37.120> one<00:18:37.480> reason<00:18:38.480> is 00:18:38.630 --> 00:18:38.640 align:start position:0% ethereum a security well one reason is 00:18:38.640 --> 00:18:40.350 align:start position:0% ethereum a security well one reason is that<00:18:38.799> ether<00:18:39.200> is<00:18:39.360> essential<00:18:39.799> to<00:18:39.960> using<00:18:40.200> the 00:18:40.350 --> 00:18:40.360 align:start position:0% that ether is essential to using the 00:18:40.360 --> 00:18:42.669 align:start position:0% that ether is essential to using the ethereum<00:18:40.840> virtual<00:18:41.200> machine<00:18:42.039> you<00:18:42.200> can't<00:18:42.400> run 00:18:42.669 --> 00:18:42.679 align:start position:0% ethereum virtual machine you can't run 00:18:42.679 --> 00:18:45.230 align:start position:0% ethereum virtual machine you can't run contracts<00:18:43.159> unless<00:18:43.400> you<00:18:43.520> fund<00:18:43.799> them<00:18:43.960> with<00:18:44.200> gas 00:18:45.230 --> 00:18:45.240 align:start position:0% contracts unless you fund them with gas 00:18:45.240 --> 00:18:48.510 align:start position:0% contracts unless you fund them with gas basically<00:18:46.240> and<00:18:46.799> there's<00:18:47.559> this<00:18:47.760> utilitarian 00:18:48.510 --> 00:18:48.520 align:start position:0% basically and there's this utilitarian 00:18:48.520 --> 00:18:51.549 align:start position:0% basically and there's this utilitarian core<00:18:48.840> value<00:18:49.440> proposition<00:18:50.440> that<00:18:50.640> saves<00:18:51.200> it 00:18:51.549 --> 00:18:51.559 align:start position:0% core value proposition that saves it 00:18:51.559 --> 00:18:53.270 align:start position:0% core value proposition that saves it potentially<00:18:52.200> among<00:18:52.480> other<00:18:52.799> factors<00:18:53.120> from 00:18:53.270 --> 00:18:53.280 align:start position:0% potentially among other factors from 00:18:53.280 --> 00:18:54.350 align:start position:0% potentially among other factors from being<00:18:53.480> a 00:18:54.350 --> 00:18:54.360 align:start position:0% being a 00:18:54.360 --> 00:18:56.750 align:start position:0% being a security<00:18:55.360> token<00:18:55.760> was<00:18:55.919> purchased<00:18:56.440> after 00:18:56.750 --> 00:18:56.760 align:start position:0% security token was purchased after 00:18:56.760 --> 00:18:58.909 align:start position:0% security token was purchased after application<00:18:57.320> is<00:18:57.520> already<00:18:57.799> up<00:18:57.919> and<00:18:58.080> running<00:18:58.360> so 00:18:58.909 --> 00:18:58.919 align:start position:0% application is already up and running so 00:18:58.919 --> 00:19:01.350 align:start position:0% application is already up and running so words<00:18:59.120> pre-sales<00:18:59.799> are<00:18:59.960> going<00:19:00.120> to<00:19:00.240> be<00:19:00.400> more 00:19:01.350 --> 00:19:01.360 align:start position:0% words pre-sales are going to be more 00:19:01.360 --> 00:19:03.510 align:start position:0% words pre-sales are going to be more suspicious<00:19:02.360> and<00:19:02.480> the<00:19:02.640> line<00:19:02.799> of<00:19:03.000> cases<00:19:03.360> Here 00:19:03.510 --> 00:19:03.520 align:start position:0% suspicious and the line of cases Here 00:19:03.520 --> 00:19:05.270 align:start position:0% suspicious and the line of cases Here Comes<00:19:03.840> actually<00:19:04.080> from<00:19:04.400> golf<00:19:04.720> courses<00:19:05.039> and 00:19:05.270 --> 00:19:05.280 align:start position:0% Comes actually from golf courses and 00:19:05.280 --> 00:19:07.750 align:start position:0% Comes actually from golf courses and Country<00:19:05.640> Club<00:19:06.000> memberships<00:19:07.000> so<00:19:07.240> basically<00:19:07.640> if 00:19:07.750 --> 00:19:07.760 align:start position:0% Country Club memberships so basically if 00:19:07.760 --> 00:19:09.149 align:start position:0% Country Club memberships so basically if you<00:19:07.880> were<00:19:08.039> a<00:19:08.240> developer<00:19:08.799> and<00:19:08.919> you<00:19:09.000> were 00:19:09.149 --> 00:19:09.159 align:start position:0% you were a developer and you were 00:19:09.159 --> 00:19:11.070 align:start position:0% you were a developer and you were building<00:19:09.480> a<00:19:09.640> golf<00:19:09.960> course<00:19:10.520> and<00:19:10.600> you<00:19:10.720> wanted<00:19:10.960> to 00:19:11.070 --> 00:19:11.080 align:start position:0% building a golf course and you wanted to 00:19:11.080 --> 00:19:13.070 align:start position:0% building a golf course and you wanted to sell<00:19:11.400> memberships<00:19:12.000> to<00:19:12.159> the<00:19:12.280> golf<00:19:12.559> course<00:19:12.880> but 00:19:13.070 --> 00:19:13.080 align:start position:0% sell memberships to the golf course but 00:19:13.080 --> 00:19:15.149 align:start position:0% sell memberships to the golf course but the<00:19:13.320> the<00:19:13.440> golf<00:19:13.720> course<00:19:13.960> wasn't<00:19:14.280> built 00:19:15.149 --> 00:19:15.159 align:start position:0% the the golf course wasn't built 00:19:15.159 --> 00:19:17.870 align:start position:0% the the golf course wasn't built yet<00:19:16.159> you<00:19:16.320> were<00:19:16.679> actually<00:19:17.000> going<00:19:17.159> to<00:19:17.400> likely<00:19:17.679> be 00:19:17.870 --> 00:19:17.880 align:start position:0% yet you were actually going to likely be 00:19:17.880 --> 00:19:20.909 align:start position:0% yet you were actually going to likely be found<00:19:18.600> uh<00:19:18.720> as<00:19:18.840> an<00:19:18.960> issuer<00:19:19.320> of<00:19:19.440> a<00:19:19.760> security<00:19:20.760> on 00:19:20.909 --> 00:19:20.919 align:start position:0% found uh as an issuer of a security on 00:19:20.919 --> 00:19:22.789 align:start position:0% found uh as an issuer of a security on the<00:19:21.080> other<00:19:21.320> hand<00:19:21.840> if<00:19:21.960> the<00:19:22.120> golf<00:19:22.360> course<00:19:22.600> is 00:19:22.789 --> 00:19:22.799 align:start position:0% the other hand if the golf course is 00:19:22.799 --> 00:19:24.430 align:start position:0% the other hand if the golf course is already<00:19:23.080> built<00:19:23.440> and<00:19:23.559> you<00:19:23.679> were<00:19:23.840> selling 00:19:24.430 --> 00:19:24.440 align:start position:0% already built and you were selling 00:19:24.440 --> 00:19:27.149 align:start position:0% already built and you were selling memberships<00:19:25.440> in<00:19:25.679> those<00:19:26.000> cases<00:19:26.640> courts<00:19:27.000> have 00:19:27.149 --> 00:19:27.159 align:start position:0% memberships in those cases courts have 00:19:27.159 --> 00:19:29.669 align:start position:0% memberships in those cases courts have said<00:19:27.400> that<00:19:27.559> that<00:19:27.720> is<00:19:27.880> not<00:19:28.039> a<00:19:28.240> security 00:19:29.669 --> 00:19:29.679 align:start position:0% said that that is not a security 00:19:29.679 --> 00:19:31.870 align:start position:0% said that that is not a security so<00:19:30.679> I<00:19:30.720> don't<00:19:30.880> know<00:19:31.039> if<00:19:31.159> this<00:19:31.280> is<00:19:31.480> interesting 00:19:31.870 --> 00:19:31.880 align:start position:0% so I don't know if this is interesting 00:19:31.880 --> 00:19:33.669 align:start position:0% so I don't know if this is interesting to<00:19:32.039> other<00:19:32.200> people<00:19:32.400> or<00:19:32.480> if<00:19:32.600> it's<00:19:32.760> just<00:19:33.000> my<00:19:33.200> being 00:19:33.669 --> 00:19:33.679 align:start position:0% to other people or if it's just my being 00:19:33.679 --> 00:19:36.710 align:start position:0% to other people or if it's just my being a<00:19:33.960> huge<00:19:34.320> dork<00:19:34.679> for<00:19:34.840> the<00:19:35.039> law<00:19:35.960> but<00:19:36.320> these<00:19:36.440> are 00:19:36.710 --> 00:19:36.720 align:start position:0% a huge dork for the law but these are 00:19:36.720 --> 00:19:38.710 align:start position:0% a huge dork for the law but these are two<00:19:36.960> things<00:19:37.320> that<00:19:37.480> the<00:19:37.640> community<00:19:38.240> actually<00:19:38.600> I 00:19:38.710 --> 00:19:38.720 align:start position:0% two things that the community actually I 00:19:38.720 --> 00:19:40.750 align:start position:0% two things that the community actually I think<00:19:38.919> would<00:19:39.120> agree<00:19:39.400> on<00:19:39.840> as<00:19:40.000> far<00:19:40.159> as<00:19:40.320> ways<00:19:40.520> to 00:19:40.750 --> 00:19:40.760 align:start position:0% think would agree on as far as ways to 00:19:40.760 --> 00:19:43.230 align:start position:0% think would agree on as far as ways to prevent<00:19:41.480> scams<00:19:42.000> or<00:19:42.200> as<00:19:42.360> ways<00:19:42.559> to<00:19:42.760> judge<00:19:43.120> what 00:19:43.230 --> 00:19:43.240 align:start position:0% prevent scams or as ways to judge what 00:19:43.240 --> 00:19:46.590 align:start position:0% prevent scams or as ways to judge what is<00:19:43.400> real<00:19:43.640> and<00:19:43.760> what<00:19:43.880> is<00:19:43.960> a<00:19:44.520> scam<00:19:45.520> so<00:19:46.320> if<00:19:46.400> you 00:19:46.590 --> 00:19:46.600 align:start position:0% is real and what is a scam so if you 00:19:46.600 --> 00:19:48.190 align:start position:0% is real and what is a scam so if you haven't<00:19:46.840> built<00:19:47.200> anything<00:19:47.559> if<00:19:47.679> you<00:19:47.799> have<00:19:48.000> no 00:19:48.190 --> 00:19:48.200 align:start position:0% haven't built anything if you have no 00:19:48.200 --> 00:19:51.470 align:start position:0% haven't built anything if you have no hope<00:19:49.120> of<00:19:49.600> necessarily<00:19:50.240> proving<00:19:50.720> anything<00:19:51.360> but 00:19:51.470 --> 00:19:51.480 align:start position:0% hope of necessarily proving anything but 00:19:51.480 --> 00:19:53.830 align:start position:0% hope of necessarily proving anything but you're<00:19:51.720> asking<00:19:52.000> for<00:19:52.200> money<00:19:53.200> more<00:19:53.440> likely<00:19:53.679> to 00:19:53.830 --> 00:19:53.840 align:start position:0% you're asking for money more likely to 00:19:53.840 --> 00:19:57.630 align:start position:0% you're asking for money more likely to be<00:19:53.960> a<00:19:54.280> scam<00:19:55.280> and<00:19:55.480> if<00:19:55.880> you<00:19:56.159> are<00:19:56.799> um<00:19:57.240> selling 00:19:57.630 --> 00:19:57.640 align:start position:0% be a scam and if you are um selling 00:19:57.640 --> 00:19:59.549 align:start position:0% be a scam and if you are um selling something<00:19:57.919> that<00:19:58.039> is<00:19:58.240> purely<00:19:58.799> speculative 00:19:59.549 --> 00:19:59.559 align:start position:0% something that is purely speculative 00:19:59.559 --> 00:20:02.470 align:start position:0% something that is purely speculative that<00:20:00.039> has<00:20:00.240> no<00:20:00.480> obvious<00:20:00.880> use<00:20:01.240> case<00:20:02.000> more<00:20:02.240> likely 00:20:02.470 --> 00:20:02.480 align:start position:0% that has no obvious use case more likely 00:20:02.480 --> 00:20:04.549 align:start position:0% that has no obvious use case more likely to<00:20:02.600> be<00:20:02.720> a<00:20:02.880> scam<00:20:03.320> so<00:20:03.480> the<00:20:03.640> law<00:20:03.919> actually<00:20:04.240> lines 00:20:04.549 --> 00:20:04.559 align:start position:0% to be a scam so the law actually lines 00:20:04.559 --> 00:20:07.950 align:start position:0% to be a scam so the law actually lines up<00:20:04.760> pretty<00:20:05.400> well<00:20:06.400> finally<00:20:06.919> the<00:20:07.039> token's<00:20:07.600> value 00:20:07.950 --> 00:20:07.960 align:start position:0% up pretty well finally the token's value 00:20:07.960 --> 00:20:09.669 align:start position:0% up pretty well finally the token's value is<00:20:08.159> dependent<00:20:08.520> on<00:20:08.679> the<00:20:08.799> purchaser's<00:20:09.360> own 00:20:09.669 --> 00:20:09.679 align:start position:0% is dependent on the purchaser's own 00:20:09.679 --> 00:20:11.669 align:start position:0% is dependent on the purchaser's own efforts<00:20:10.280> or<00:20:10.440> the<00:20:10.600> efforts<00:20:10.919> of<00:20:11.039> a<00:20:11.159> large<00:20:11.440> number 00:20:11.669 --> 00:20:11.679 align:start position:0% efforts or the efforts of a large number 00:20:11.679 --> 00:20:13.870 align:start position:0% efforts or the efforts of a large number of<00:20:11.880> other<00:20:12.120> unaffiliated<00:20:12.880> investors<00:20:13.360> users<00:20:13.679> or 00:20:13.870 --> 00:20:13.880 align:start position:0% of other unaffiliated investors users or 00:20:13.880 --> 00:20:15.870 align:start position:0% of other unaffiliated investors users or developers<00:20:14.679> the<00:20:14.840> intuition<00:20:15.320> here<00:20:15.480> is<00:20:15.600> that<00:20:15.760> if 00:20:15.870 --> 00:20:15.880 align:start position:0% developers the intuition here is that if 00:20:15.880 --> 00:20:17.510 align:start position:0% developers the intuition here is that if I<00:20:16.080> buy<00:20:16.480> gold 00:20:17.510 --> 00:20:17.520 align:start position:0% I buy gold 00:20:17.520 --> 00:20:20.190 align:start position:0% I buy gold bullion<00:20:18.520> from<00:20:19.000> an<00:20:19.240> open 00:20:20.190 --> 00:20:20.200 align:start position:0% bullion from an open 00:20:20.200 --> 00:20:22.950 align:start position:0% bullion from an open market<00:20:21.200> I<00:20:21.280> am<00:20:21.480> not<00:20:21.760> buying<00:20:22.120> a<00:20:22.240> share<00:20:22.600> of<00:20:22.799> the 00:20:22.950 --> 00:20:22.960 align:start position:0% market I am not buying a share of the 00:20:22.960 --> 00:20:24.710 align:start position:0% market I am not buying a share of the gold<00:20:23.200> bullion<00:20:23.760> industry<00:20:24.159> or<00:20:24.320> the<00:20:24.400> gold 00:20:24.710 --> 00:20:24.720 align:start position:0% gold bullion industry or the gold 00:20:24.720 --> 00:20:26.830 align:start position:0% gold bullion industry or the gold industry<00:20:25.480> there's<00:20:25.799> multiple<00:20:26.320> people<00:20:26.640> who 00:20:26.830 --> 00:20:26.840 align:start position:0% industry there's multiple people who 00:20:26.840 --> 00:20:28.909 align:start position:0% industry there's multiple people who make<00:20:27.200> gold<00:20:27.600> valuable<00:20:28.039> people<00:20:28.240> who<00:20:28.360> dig<00:20:28.720> out<00:20:28.799> of 00:20:28.909 --> 00:20:28.919 align:start position:0% make gold valuable people who dig out of 00:20:28.919 --> 00:20:31.310 align:start position:0% make gold valuable people who dig out of the<00:20:29.039> ground<00:20:29.960> people<00:20:30.200> who<00:20:30.520> find<00:20:30.799> industrial 00:20:31.310 --> 00:20:31.320 align:start position:0% the ground people who find industrial 00:20:31.320 --> 00:20:34.029 align:start position:0% the ground people who find industrial uses<00:20:31.679> for<00:20:31.880> it<00:20:32.120> people<00:20:32.400> who<00:20:32.640> find<00:20:33.240> jewelry<00:20:33.840> type 00:20:34.029 --> 00:20:34.039 align:start position:0% uses for it people who find jewelry type 00:20:34.039 --> 00:20:35.870 align:start position:0% uses for it people who find jewelry type uses<00:20:34.400> for<00:20:34.600> it<00:20:34.840> so<00:20:35.000> if<00:20:35.120> there's<00:20:35.400> really<00:20:35.640> a 00:20:35.870 --> 00:20:35.880 align:start position:0% uses for it so if there's really a 00:20:35.880 --> 00:20:37.909 align:start position:0% uses for it so if there's really a widespread<00:20:36.440> community<00:20:37.000> that<00:20:37.200> gives<00:20:37.480> value<00:20:37.760> to 00:20:37.909 --> 00:20:37.919 align:start position:0% widespread community that gives value to 00:20:37.919 --> 00:20:41.310 align:start position:0% widespread community that gives value to the<00:20:38.080> thing<00:20:38.440> less<00:20:38.640> likely<00:20:38.919> to<00:20:39.039> be<00:20:39.159> a 00:20:41.310 --> 00:20:41.320 align:start position:0% the thing less likely to be a 00:20:41.320 --> 00:20:43.270 align:start position:0% the thing less likely to be a security<00:20:42.320> and<00:20:42.440> then<00:20:42.600> the<00:20:42.760> last<00:20:42.919> thing<00:20:43.080> I<00:20:43.159> want 00:20:43.270 --> 00:20:43.280 align:start position:0% security and then the last thing I want 00:20:43.280 --> 00:20:46.270 align:start position:0% security and then the last thing I want to<00:20:43.440> talk<00:20:43.600> about<00:20:43.840> is<00:20:43.960> some<00:20:44.200> things<00:20:44.720> to 00:20:46.270 --> 00:20:46.280 align:start position:0% to talk about is some things to 00:20:46.280 --> 00:20:49.470 align:start position:0% to talk about is some things to avoid<00:20:47.280> so<00:20:48.000> one<00:20:48.200> big<00:20:48.400> one<00:20:48.679> is<00:20:48.880> just<00:20:49.039> using 00:20:49.470 --> 00:20:49.480 align:start position:0% avoid so one big one is just using 00:20:49.480 --> 00:20:51.750 align:start position:0% avoid so one big one is just using language<00:20:50.360> that<00:20:50.559> suggests<00:20:51.240> that<00:20:51.360> this<00:20:51.480> is<00:20:51.600> a 00:20:51.750 --> 00:20:51.760 align:start position:0% language that suggests that this is a 00:20:51.760 --> 00:20:54.830 align:start position:0% language that suggests that this is a Securities<00:20:52.520> issuance<00:20:53.520> this<00:20:54.159> shouldn't<00:20:54.559> ever 00:20:54.830 --> 00:20:54.840 align:start position:0% Securities issuance this shouldn't ever 00:20:54.840 --> 00:20:57.830 align:start position:0% Securities issuance this shouldn't ever happen<00:20:55.760> initial<00:20:56.440> coin<00:20:57.000> offering<00:20:57.520> that<00:20:57.640> comes 00:20:57.830 --> 00:20:57.840 align:start position:0% happen initial coin offering that comes 00:20:57.840 --> 00:21:00.390 align:start position:0% happen initial coin offering that comes from<00:20:58.039> initial<00:20:58.600> public<00:20:59.000> offering<00:21:00.000> it's<00:21:00.159> almost 00:21:00.390 --> 00:21:00.400 align:start position:0% from initial public offering it's almost 00:21:00.400 --> 00:21:02.070 align:start position:0% from initial public offering it's almost like<00:21:00.480> you're<00:21:00.640> playing<00:21:00.919> a<00:21:01.000> joke<00:21:01.200> on<00:21:01.360> the<00:21:01.480> SEC 00:21:02.070 --> 00:21:02.080 align:start position:0% like you're playing a joke on the SEC 00:21:02.080 --> 00:21:03.909 align:start position:0% like you're playing a joke on the SEC which<00:21:02.400> is<00:21:02.559> funny<00:21:02.840> to<00:21:03.000> some<00:21:03.200> people<00:21:03.520> I<00:21:03.679> guess 00:21:03.909 --> 00:21:03.919 align:start position:0% which is funny to some people I guess 00:21:03.919 --> 00:21:05.750 align:start position:0% which is funny to some people I guess but<00:21:04.400> as<00:21:04.520> a<00:21:04.720> community<00:21:05.200> I<00:21:05.280> think<00:21:05.440> we<00:21:05.559> should 00:21:05.750 --> 00:21:05.760 align:start position:0% but as a community I think we should 00:21:05.760 --> 00:21:08.070 align:start position:0% but as a community I think we should find<00:21:05.919> it<00:21:06.120> more<00:21:06.760> uh<00:21:06.880> frustrating<00:21:07.400> or 00:21:08.070 --> 00:21:08.080 align:start position:0% find it more uh frustrating or 00:21:08.080 --> 00:21:10.390 align:start position:0% find it more uh frustrating or annoying<00:21:09.080> um<00:21:09.320> profit<00:21:09.600> sharing<00:21:09.960> is<00:21:10.120> another 00:21:10.390 --> 00:21:10.400 align:start position:0% annoying um profit sharing is another 00:21:10.400 --> 00:21:12.149 align:start position:0% annoying um profit sharing is another term<00:21:11.120> that<00:21:11.279> commonly<00:21:11.640> comes<00:21:11.840> up<00:21:12.000> in 00:21:12.149 --> 00:21:12.159 align:start position:0% term that commonly comes up in 00:21:12.159 --> 00:21:14.390 align:start position:0% term that commonly comes up in Securities<00:21:12.600> issuance<00:21:13.360> so<00:21:13.600> if<00:21:13.679> you're<00:21:13.919> using 00:21:14.390 --> 00:21:14.400 align:start position:0% Securities issuance so if you're using 00:21:14.400 --> 00:21:16.230 align:start position:0% Securities issuance so if you're using this<00:21:14.760> language<00:21:15.120> to<00:21:15.320> describe<00:21:15.919> your 00:21:16.230 --> 00:21:16.240 align:start position:0% this language to describe your 00:21:16.240 --> 00:21:18.110 align:start position:0% this language to describe your application<00:21:17.080> and<00:21:17.200> the<00:21:17.360> tokens<00:21:17.840> that<00:21:17.919> you're 00:21:18.110 --> 00:21:18.120 align:start position:0% application and the tokens that you're 00:21:18.120 --> 00:21:19.590 align:start position:0% application and the tokens that you're going<00:21:18.279> to<00:21:18.440> be<00:21:18.559> giving<00:21:18.799> for<00:21:18.960> that<00:21:19.159> application 00:21:19.590 --> 00:21:19.600 align:start position:0% going to be giving for that application 00:21:19.600 --> 00:21:21.269 align:start position:0% going to be giving for that application or<00:21:19.720> selling<00:21:20.039> for<00:21:20.159> that<00:21:20.320> application<00:21:21.039> you're 00:21:21.269 --> 00:21:21.279 align:start position:0% or selling for that application you're 00:21:21.279 --> 00:21:22.909 align:start position:0% or selling for that application you're basically<00:21:21.760> asking<00:21:22.080> for<00:21:22.240> scrutiny<00:21:22.720> from<00:21:22.840> the 00:21:22.909 --> 00:21:22.919 align:start position:0% basically asking for scrutiny from the 00:21:22.919 --> 00:21:25.390 align:start position:0% basically asking for scrutiny from the SEC<00:21:23.600> and<00:21:23.760> that's<00:21:23.960> fine<00:21:24.200> you<00:21:24.279> know<00:21:24.600> I<00:21:24.799> I<00:21:24.919> think 00:21:25.390 --> 00:21:25.400 align:start position:0% SEC and that's fine you know I I think 00:21:25.400 --> 00:21:27.430 align:start position:0% SEC and that's fine you know I I think freedom<00:21:25.799> is<00:21:25.960> freedom<00:21:26.640> I<00:21:26.799> love<00:21:27.000> the<00:21:27.159> open 00:21:27.430 --> 00:21:27.440 align:start position:0% freedom is freedom I love the open 00:21:27.440 --> 00:21:29.870 align:start position:0% freedom is freedom I love the open internet<00:21:27.880> I<00:21:28.039> love<00:21:28.320> the<00:21:28.799> emergence<00:21:29.240> of<00:21:29.440> amazing 00:21:29.870 --> 00:21:29.880 align:start position:0% internet I love the emergence of amazing 00:21:29.880 --> 00:21:31.470 align:start position:0% internet I love the emergence of amazing things<00:21:30.120> and<00:21:30.320> Technologies<00:21:30.919> and<00:21:31.080> I'm<00:21:31.200> not<00:21:31.360> here 00:21:31.470 --> 00:21:31.480 align:start position:0% things and Technologies and I'm not here 00:21:31.480 --> 00:21:33.950 align:start position:0% things and Technologies and I'm not here to<00:21:31.640> tell<00:21:31.840> you<00:21:32.080> not<00:21:32.279> to<00:21:32.480> do<00:21:32.720> things<00:21:33.559> I<00:21:33.679> just<00:21:33.840> want 00:21:33.950 --> 00:21:33.960 align:start position:0% to tell you not to do things I just want 00:21:33.960 --> 00:21:35.390 align:start position:0% to tell you not to do things I just want to<00:21:34.159> say<00:21:34.520> you<00:21:34.640> should<00:21:34.919> consider<00:21:35.279> the 00:21:35.390 --> 00:21:35.400 align:start position:0% to say you should consider the 00:21:35.400 --> 00:21:37.230 align:start position:0% to say you should consider the regulatory<00:21:36.039> risks<00:21:36.360> when<00:21:36.480> you<00:21:36.640> do<00:21:36.799> them<00:21:37.120> and 00:21:37.230 --> 00:21:37.240 align:start position:0% regulatory risks when you do them and 00:21:37.240 --> 00:21:39.350 align:start position:0% regulatory risks when you do them and not<00:21:37.440> including<00:21:37.919> language<00:21:38.360> like<00:21:38.559> that<00:21:38.840> is<00:21:39.080> one 00:21:39.350 --> 00:21:39.360 align:start position:0% not including language like that is one 00:21:39.360 --> 00:21:40.830 align:start position:0% not including language like that is one easy<00:21:39.679> way<00:21:39.799> to<00:21:40.000> hedge<00:21:40.400> some<00:21:40.559> of<00:21:40.679> your 00:21:40.830 --> 00:21:40.840 align:start position:0% easy way to hedge some of your 00:21:40.840 --> 00:21:44.350 align:start position:0% easy way to hedge some of your regulatory<00:21:41.520> risk<00:21:42.480> and<00:21:42.720> this<00:21:42.919> is<00:21:43.120> the<00:21:43.279> big 00:21:44.350 --> 00:21:44.360 align:start position:0% regulatory risk and this is the big 00:21:44.360 --> 00:21:48.950 align:start position:0% regulatory risk and this is the big one<00:21:45.360> endorsing<00:21:46.080> risky<00:21:46.440> Ventures<00:21:47.080> or<00:21:47.320> claiming 00:21:48.950 --> 00:21:48.960 align:start position:0% one endorsing risky Ventures or claiming 00:21:48.960 --> 00:21:50.510 align:start position:0% one endorsing risky Ventures or claiming endorsements 00:21:50.510 --> 00:21:50.520 align:start position:0% endorsements 00:21:50.520 --> 00:21:53.909 align:start position:0% endorsements so<00:21:51.520> the<00:21:51.679> Securities<00:21:52.159> laws<00:21:53.159> penalize<00:21:53.720> people 00:21:53.909 --> 00:21:53.919 align:start position:0% so the Securities laws penalize people 00:21:53.919 --> 00:21:56.950 align:start position:0% so the Securities laws penalize people who<00:21:54.039> are<00:21:54.320> promoters<00:21:55.320> of<00:21:55.679> unregistered 00:21:56.950 --> 00:21:56.960 align:start position:0% who are promoters of unregistered 00:21:56.960 --> 00:21:59.909 align:start position:0% who are promoters of unregistered Securities<00:21:57.960> just<00:21:58.159> as<00:21:58.240> much<00:21:58.400> as<00:21:58.679> they<00:21:58.799> penalize 00:21:59.909 --> 00:21:59.919 align:start position:0% Securities just as much as they penalize 00:21:59.919 --> 00:22:03.590 align:start position:0% Securities just as much as they penalize issuers<00:22:00.919> so<00:22:01.120> if<00:22:01.240> you're<00:22:01.440> thinking<00:22:02.279> should<00:22:02.679> I 00:22:03.590 --> 00:22:03.600 align:start position:0% issuers so if you're thinking should I 00:22:03.600 --> 00:22:06.029 align:start position:0% issuers so if you're thinking should I um<00:22:03.919> endorse<00:22:04.440> should<00:22:04.640> I<00:22:04.760> put<00:22:04.960> my<00:22:05.159> face<00:22:05.640> on<00:22:05.840> this 00:22:06.029 --> 00:22:06.039 align:start position:0% um endorse should I put my face on this 00:22:06.039 --> 00:22:08.630 align:start position:0% um endorse should I put my face on this particular<00:22:06.559> decentralized<00:22:07.640> application 00:22:08.630 --> 00:22:08.640 align:start position:0% particular decentralized application 00:22:08.640 --> 00:22:11.230 align:start position:0% particular decentralized application think<00:22:09.080> carefully<00:22:09.720> consider<00:22:10.360> your<00:22:10.760> appetite 00:22:11.230 --> 00:22:11.240 align:start position:0% think carefully consider your appetite 00:22:11.240 --> 00:22:14.110 align:start position:0% think carefully consider your appetite for<00:22:11.520> regulatory<00:22:12.240> risk<00:22:13.200> and<00:22:13.360> then<00:22:13.840> more 00:22:14.110 --> 00:22:14.120 align:start position:0% for regulatory risk and then more 00:22:14.120 --> 00:22:16.070 align:start position:0% for regulatory risk and then more importantly<00:22:15.120> if<00:22:15.240> you<00:22:15.400> are<00:22:15.600> building 00:22:16.070 --> 00:22:16.080 align:start position:0% importantly if you are building 00:22:16.080 --> 00:22:17.950 align:start position:0% importantly if you are building something<00:22:16.480> and<00:22:16.720> thinking<00:22:17.200> of<00:22:17.640> putting 00:22:17.950 --> 00:22:17.960 align:start position:0% something and thinking of putting 00:22:17.960 --> 00:22:20.230 align:start position:0% something and thinking of putting someone<00:22:18.240> else's<00:22:18.679> endorsement<00:22:19.480> onto<00:22:19.919> some 00:22:20.230 --> 00:22:20.240 align:start position:0% someone else's endorsement onto some 00:22:20.240 --> 00:22:23.430 align:start position:0% someone else's endorsement onto some public<00:22:20.840> materials<00:22:21.840> think<00:22:22.200> very<00:22:22.559> carefully 00:22:23.430 --> 00:22:23.440 align:start position:0% public materials think very carefully 00:22:23.440 --> 00:22:25.269 align:start position:0% public materials think very carefully have<00:22:23.559> a<00:22:23.760> conversation<00:22:24.440> with<00:22:24.600> them<00:22:24.919> make<00:22:25.039> sure 00:22:25.269 --> 00:22:25.279 align:start position:0% have a conversation with them make sure 00:22:25.279 --> 00:22:26.710 align:start position:0% have a conversation with them make sure they<00:22:25.720> understand<00:22:25.919> what<00:22:26.039> they're<00:22:26.240> potentially 00:22:26.710 --> 00:22:26.720 align:start position:0% they understand what they're potentially 00:22:26.720 --> 00:22:29.110 align:start position:0% they understand what they're potentially signing<00:22:27.080> up<00:22:27.520> for 00:22:29.110 --> 00:22:29.120 align:start position:0% signing up for 00:22:29.120 --> 00:22:31.630 align:start position:0% signing up for it's<00:22:29.320> sort<00:22:29.480> of<00:22:30.200> it's<00:22:30.480> it's<00:22:30.600> sort<00:22:30.760> of<00:22:30.960> be<00:22:31.120> a 00:22:31.630 --> 00:22:31.640 align:start position:0% it's sort of it's it's sort of be a 00:22:31.640 --> 00:22:34.230 align:start position:0% it's sort of it's it's sort of be a mench<00:22:32.640> because<00:22:32.840> these<00:22:33.159> have<00:22:33.520> potentially 00:22:34.230 --> 00:22:34.240 align:start position:0% mench because these have potentially 00:22:34.240 --> 00:22:37.390 align:start position:0% mench because these have potentially dire<00:22:35.039> consequences<00:22:36.039> and<00:22:36.200> so<00:22:36.760> an<00:22:36.919> endorsement 00:22:37.390 --> 00:22:37.400 align:start position:0% dire consequences and so an endorsement 00:22:37.400 --> 00:22:39.149 align:start position:0% dire consequences and so an endorsement should<00:22:37.600> only<00:22:37.880> come<00:22:38.279> when<00:22:38.440> there's<00:22:38.720> truly<00:22:39.000> been 00:22:39.149 --> 00:22:39.159 align:start position:0% should only come when there's truly been 00:22:39.159 --> 00:22:43.110 align:start position:0% should only come when there's truly been an 00:22:43.110 --> 00:22:43.120 align:start position:0% 00:22:43.120 --> 00:22:46.470 align:start position:0% endorsement<00:22:44.120> so<00:22:44.840> in<00:22:45.039> conclusion<00:22:45.919> please 00:22:46.470 --> 00:22:46.480 align:start position:0% endorsement so in conclusion please 00:22:46.480 --> 00:22:48.669 align:start position:0% endorsement so in conclusion please please<00:22:46.840> please<00:22:47.200> please<00:22:47.919> um<00:22:48.120> think<00:22:48.320> about<00:22:48.480> your 00:22:48.669 --> 00:22:48.679 align:start position:0% please please please um think about your 00:22:48.679 --> 00:22:50.669 align:start position:0% please please please um think about your regulatory<00:22:49.240> risk<00:22:49.640> appetite<00:22:50.400> when<00:22:50.520> you 00:22:50.669 --> 00:22:50.679 align:start position:0% regulatory risk appetite when you 00:22:50.679 --> 00:22:51.990 align:start position:0% regulatory risk appetite when you develop<00:22:51.159> these<00:22:51.360> things<00:22:51.679> when<00:22:51.799> you 00:22:51.990 --> 00:22:52.000 align:start position:0% develop these things when you 00:22:52.000 --> 00:22:54.789 align:start position:0% develop these things when you contemplate<00:22:52.600> having<00:22:52.840> a<00:22:52.960> crowd<00:22:53.279> sale<00:22:53.960> or<00:22:54.120> a 00:22:54.789 --> 00:22:54.799 align:start position:0% contemplate having a crowd sale or a 00:22:54.799 --> 00:22:57.789 align:start position:0% contemplate having a crowd sale or a pre-sale<00:22:55.799> and<00:22:56.039> please<00:22:56.400> feel<00:22:56.679> free<00:22:56.919> to<00:22:57.400> contact 00:22:57.789 --> 00:22:57.799 align:start position:0% pre-sale and please feel free to contact 00:22:57.799 --> 00:23:00.870 align:start position:0% pre-sale and please feel free to contact me<00:22:58.039> personally<00:22:58.679> at<00:22:58.799> coin<00:22:59.240> Center<00:23:00.240> um<00:23:00.520> if<00:23:00.640> you 00:23:00.870 --> 00:23:00.880 align:start position:0% me personally at coin Center um if you 00:23:00.880 --> 00:23:03.350 align:start position:0% me personally at coin Center um if you have<00:23:01.120> questions<00:23:01.559> related<00:23:01.919> to<00:23:02.159> this<00:23:02.760> um<00:23:03.159> we'd 00:23:03.350 --> 00:23:03.360 align:start position:0% have questions related to this um we'd 00:23:03.360 --> 00:23:05.230 align:start position:0% have questions related to this um we'd love<00:23:03.520> to<00:23:03.640> learn<00:23:03.880> what<00:23:04.000> you're<00:23:04.200> building<00:23:05.039> and 00:23:05.230 --> 00:23:05.240 align:start position:0% love to learn what you're building and 00:23:05.240 --> 00:23:06.669 align:start position:0% love to learn what you're building and talk<00:23:05.520> about<00:23:05.720> the<00:23:05.880> path<00:23:06.080> forward<00:23:06.480> because 00:23:06.669 --> 00:23:06.679 align:start position:0% talk about the path forward because 00:23:06.679 --> 00:23:08.350 align:start position:0% talk about the path forward because there<00:23:06.760> are<00:23:06.960> definitely<00:23:07.400> legal<00:23:07.720> ways<00:23:07.960> to<00:23:08.159> go 00:23:08.350 --> 00:23:08.360 align:start position:0% there are definitely legal ways to go 00:23:08.360 --> 00:23:10.830 align:start position:0% there are definitely legal ways to go forward<00:23:09.360> um<00:23:09.559> by<00:23:09.760> structuring<00:23:10.360> the<00:23:10.480> way<00:23:10.640> you 00:23:10.830 --> 00:23:10.840 align:start position:0% forward um by structuring the way you 00:23:10.840 --> 00:23:12.750 align:start position:0% forward um by structuring the way you actually<00:23:11.080> develop<00:23:11.440> your<00:23:11.640> technology<00:23:12.279> from<00:23:12.440> a 00:23:12.750 --> 00:23:12.760 align:start position:0% actually develop your technology from a 00:23:12.760 --> 00:23:15.430 align:start position:0% actually develop your technology from a a<00:23:13.080> issuance<00:23:13.600> point<00:23:13.760> of<00:23:13.919> view<00:23:14.640> thank<00:23:14.840> you<00:23:15.159> very 00:23:15.430 --> 00:23:15.440 align:start position:0% a issuance point of view thank you very 00:23:15.440 --> 00:23:20.760 align:start position:0% a issuance point of view thank you very much<00:23:15.760> Peter<00:23:16.080> Van<00:23:16.320> valkenberg<00:23:17.120> of<00:23:17.480> coin<00:23:17.840> Center