SEC comes after Binance and Coinbase in explosive Lawsuit!
(00:00.49)
Yeah, it’s a never ending crypto soap opera. All right, so now we’ve got the SEC saying that Binance misused customer funds, ran an illegal crypto exchange in the United States. It did. Again, it was an exchange. Again, the people who run this Binance thing.
(00:27.854)
You know, they’re trading tokens for crying out loud. Gary Gensler, he’s been trying to go after crypto and what has he been doing for years? Is he actually goes after the individual currencies, which in turn is basically a game of whack-a-mole because it doesn’t take much to start any of these things. So he said, you know what, let’s go after the exchanges that allow all these things to trade. Again, these guys who run Binance, Coinbase, all this stuff, ah, they’re the casino.
(00:57.826)
They collect their VIG and they made billions. They made billions. It’s great to be the casino, right? Great to be the casino. Anyway, anyway, listen, okay? You wanna invest in crypto?
(01:15.03)
I’ve given you my opinion on the thing. We played around with it with funny money. Okay, some of our clients, some of our clients, let me take the type of clients that do this. Okay, smart clients, okay. Our smart clients, what do they do? Okay, they’ve got their little speculative money. These are people that are fine, okay. They have the money, they can afford to lose it. They understand that if I’m gonna mess around and speculate,
(01:44.258)
on this, I’m gonna lose it all and it’s not going to bother me. It’s like the same thing if you go to a casino. Okay, I don’t gamble, I have no interest in it, doesn’t excite me, I’ve never been to Vegas in my entire life, people can’t even believe it. Never been to Vegas? No, no desire to go. Okay, if I want to see Venice, I’ll go to Venice. I’m not gonna see fake Venice in Las Vegas. No desire to go there at all. Anyway, neither here nor there. Okay?
(02:12.558)
People who are smart gamblers are ones that say, okay, this is entertainment. I enjoy doing this. You enjoy it, fine. You go there, you set aside a certain amount of money, and guess what? That’s what you gamble with. You either make it or you make money or you lose it all. And you don’t care when you leave, okay? You don’t care. It’s entertainment dollars. The same sense, if I wanna go see the Dave Matthews concert tonight, I know what the tickets are gonna cost. Guess what? I’m gonna go, it’s my entertainment money. I don’t care what I’m spending on that.
(02:43.034)
Same concept. This is what smart speculators do. Again, let me give you an example. I get pitched all the time. Pitched all the time by various different startup businesses. These are oftentimes very small, whatnot. I get introduced by this one, that one, and I take a look at different things. And most of these things, I’ll refer them to people if I like them, okay, if they make sense. But for most of my clients, this stuff is way…
(03:12.066)
too speculative and I won’t do it under Markowski Investments. I won’t get involved with it. I don’t want that type of scrutiny, I won’t, okay? But again, for certain people out there that can afford it, hey, they can speculate in this stuff. You know the thing that bothers me, it’s part of the trick that sometimes some of these small companies do, they give, oh, we got this star and this person and this fund to invest. And how much? Oh, couple.
(03:40.782)
million here, five million, it’s again, it to them based upon their net worth, it’s nothing. It’s their gambling money. But anyway, anyways, I get a little financial planning stuff in there. I don’t know, to me, it’s their tokens. Okay, I got the same, the same opinion of these things that Jamie Dimon does, Charlie Munger does, Warren Duffett does. I think it’s a load of BS. It is what it is. Have I made money on them? Messing around?
(04:10.078)
Okay, but I know, I mean, it was, you know, that’s it, it’s over, it was kind of a joke. All right, it’s not serious, not a serious thing do you get involved with. But anyway, these Coinbase folks here, and Binance, all the other, making a fortune, be in the exchange. Okay, now the SEC wants to get involved. They’re suing these exchanges, saying that what they were doing was illegal. I’ve said this before and I’m gonna say it again. The SEC is busy enough.
(04:40.558)
The SEC, we talk about, I’m at the forefront, okay? In my opinion, we do more to thwart ripoffs and scams than the SEC does. We warn you ahead of time. SEC comes in after the fact, after everybody’s been ruined and lost money, then they step in. Look no further than Bernie Madoff, was laid out right in front of them. What did they do? Nothing, absolutely nothing. Harry Markov plus Matthew,
(05:09.826)
Performance record was like this. No dips, no nothing, it’s going straight up. How is that fricking possible? It’s not, it’s not. No one in human history has been able to do that. The SEC knew this, they didn’t do a damn thing. Okay, we see all the scams that come down the pike all the time. You think that they’re gonna be able to take care of this? And quite frankly, what is this gonna call for? Are they gonna call for, we need more tax dollars.
(05:37.346)
We need more tax dollars, yes we do. More tax dollars to regulate crypto. I don’t want my, I really don’t. I don’t want my tax dollars to regulate crypto. What I want is a big fricking warning label on it, okay? Warning, warning, if you invest in crypto, you could lose your entire investment, period the end. Period the end.
(06:07.606)
Buy at your own risk. Why do I have to pay to try to keep you safe with this fake money?
(06:16.994)
I don’t care. I don’t care if the whole thing blows up, falls apart tomorrow. It’s gotta be any skin off my back or my client’s back because we’re smarter than that. You wanna do this? Fine. Like I said, I’ll give you the old quint from Jaws, farewell and a do. Farewell and a do. You wanna go ahead and lose money? Have at it. But again, the SCC with a bigger budget now trying to tackle this, oh waste of time. Watchdog on wallstreet.com.
