Placeholder Image

Subtitles section Play video

  • you mentioned regulation, let's talk about it.

  • And by the way, in the past you've said quote everyone in this business wants to have clarity.

  • Just to start with that, you know, we've recently been watching what Gary Gensler is doing at the sec specifically.

  • Probably in relation to coin based since they seem to be the ones right now that are getting a lot of the attention.

  • Uh strangely enough, I'm actually watching a course at the M.

  • I.

  • T.

  • Sloan School of management that Gary taught on Blockchain back in 2018.

  • He's very intelligent, he's very articulate.

  • It doesn't seem to have any problems with that.

  • And so it's interesting to see that Gary versus the one that we hear about in this crypto spaces.

  • But just to be clear, it seems that you know, the sec threatened successfully to stop coin base from offering a lending product.

  • I think they were gonna offer 4% on the stable coins.

  • And coin base has stopped and yet, brian armstrong.

  • When he went to Washington, D.

  • C.

  • Could not get a meeting with the sec.

  • I know you have had a few issues maybe New Jersey in new york, you know, making some statements to you but you have been offering these protocols and continue to offer these lending protocols.

  • So what is happening here?

  • Maybe you know above board?

  • And how do you read between the lines?

  • What what do you see?

  • That's a great question and I can tell you that it's not just regulators are baffled by these high rates.

  • I mean my own friends have said to me Alex 8.8% must be a scam.

  • If you, if you were offering 3 to 4% I might actually put some money with you, but 8.8% come on.

  • You know, so again, we don't dictate the rates.

  • The market dictates the rates, right?

  • If the velocity goes down, the yield would probably go down if more money comes in, the building code come down.

  • So I think regulators are doing exactly the same thing.

  • They're surprised.

  • They know they want to know what's happening there.

  • Like, hey, you're operating in my state, you offering this to my people.

  • I want to know all the details and we have no problem sharing it.

  • Like I said, if we, if we have proof of community and we're sharing it with billions of people, You don't even have to be a Celsius customer to access the data.

  • You could be a reporter going into in pulling the data, doing your own analysis and coming up with basically the confirmation or here I found a mistake.

  • We invited everybody on the planet to come and show to us that we're doing something wrong or we're not doing everything in the best interests of the customers.

  • So, so if that's really what we're doing, then the regulators should have zero problem with not just uh, enabling this service, but also basically saying to everybody, hey, here is a good choice and here is a bad choice.

  • This is broccoli and this is processed food or whatever the choices are.

  • So, so I think, um, you know, our mission in life is do good, then do well.

  • And, and I think we've been doing a lot of good and I hope that regulators are all around the world are gonna recognize that.

  • Is it only a matter of time before the sec makes similar statements to you, since you are offering the protocol, they told coin based?

  • Not too well.

  • I don't think that that's what happened between, uh, coin based on the sec.

  • I think there's much more to it.

  • You don't get a wells notice for something you're planning to do right.

  • Uh, when the government threatens to sue you, you must have done something already.

  • So I, again, I don't know the details.

  • I'm just uh, looking at it from afar, but we'll find out the details pretty soon.

  • And you know, I don't, I don't think that.

  • I think, look, the sec obviously is suing X.

  • RP there.

  • They have issued a cease and disease to other participants in the market.

  • So they already kind of showed several bad actors or people that they're kind of saying, hey, you shouldn't be doing this or that.

  • Now they need to show who's a good actor.

  • I think they need to pick one or 2 good companies and say, okay, here is a bad example, Here's a good example.

  • So everybody knows what they need to do and, and and you know, that's what everybody's waiting for clarity on the regulatory side.

  • And I think regulators worldwide are waiting for the sec to make that choice so they can also have a compatible regulation.

  • And if we have a global standard, just like we have a standard for the internet, I can tell you when I did voice of I.

  • P.

  • The phone companies weren't happy about it.

  • Neither the american companies, the U.

  • K.

  • You know, Bt and cable and wireless.

  • We're definitely not happy with me bringing voice of RP to the to England then.

  • And the regulators were called in And in most countries, the regulators have decided that this innovation, even though it's going to reduce the revenues for the phone companies by 90% because the services are free.

  • This innovation is something that we need.

  • It's the same thing here, this innovation, the Blockchain decentralization is something we need.

  • And like you said, we have three systems, you know, communism, socialism, capitalism.

  • I call this new system decentralized buddhism because we're effectively doing redistribution of wealth, but without the state or without some very rich guy peppering money on us.

  • It's from our own efforts, right?

  • We are basically creating yield, creating income from our own efforts from the money we earned and worked so hard for and that's how it should be.

  • Yeah, it's a great vision of the future.

  • And just to finish up with regulation.

  • So I know you're in 100 and 70 countries worldwide.

  • The 50 states in America you're okay to operate on some of those or do you have to put warnings or on anything on any of the citizens there currently for Celsius?

  • Yeah so we we are like for example new york state we are transitioning from one custodian to another during that period of time.

  • We're not taking new customers but in general we are available in all the states.

  • And and uh there are some restrictions for example in texas the state of texas decided that stable coins are a currency just like the dollar and because of that you must have a bank charter.

  • So we cannot for example offer uh U.

  • S.

  • D.

  • C.

  • Yield on U.

  • S.

  • D.

  • C.

  • In texas.

  • So we block, we follow the regulation.

  • You know we don't play games like in Japan you have to have a certain license, we don't have it, we don't offer our service in Japan.

  • So we've tried to be a good actor now for over four years and when we get that license we're gonna open the services.

  • You know so I don't see a conflict and we've we've said that since day one you know while other people were doing I.

  • C.

  • E.

  • O.

  • S.

  • And running uh crazy saying regulation does not apply to us Celsius filed a record deal with the sec back in 2017 or 2018.

  • We filed with Vincent, we did, we we basically did everything we had to do with the I.

  • R.

  • S.

  • So so all those things are are not in conflict with providing these services.

  • You could be a good citizen and still do good and and there's nothing wrong with that.

  • So that's really my message to the crypto community is that the more actors and encrypted community defy or try to evade regulation, the longer we're going to have a problem instead of us dominating the industry because we're basically just making it hard for ourselves for no reason.

you mentioned regulation, let's talk about it.

Subtitles and vocabulary

Operation of videos Adjust the video here to display the subtitles

A2 sec regulation offering coin innovation offer

The blockchain is an innovation regulators will embrace ? Alex Mashinsky On The SEC and Coinbase

  • 1 2
    林宜悉 posted on 2021/10/19
Video vocabulary