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Episode 1209 of Bitcoin And . . . is LIVE!

Topics for today:

• BTC Queen Cools Royal Heels in Prison
• JPMorgan Launches JPMCoin . . . Again
• Pig Butchering 'Strike Force' Launched
• Coinbase Moves to Texas

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Today's Articles:

https://bitcoinmagazine.com/news/chinese-bitcoin-queen-jailed-in-uk


https://cointelegraph.com/news/jpmorgan-launches-deposit-token-base-blockchain


https://www.coindesk.com/policy/2025/11/12/new-strike-force-set-to-target-overseas-pig-butchering-as-u-s-hits-burma-operation

https://decrypt.co/348324/coinbase-leave-delaware-bitcoin-friendly-texas


https://www.theblock.co/post/378590/sec-chair-paul-atkins-unveils-plan-token-taxonomy-redefine-crypto-regulation


https://bitcoinnews.com/press-release/neutron-x-finfan-partnership-vietnam/

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[00:00:02] David Bennett:

It is 10:20AM   Pacific Standard Time. It's the November   2025.   This is episode 12 o nine   of Bitcoin, and you're here for all the news you can use about Bitcoin and more   going on across the world. We're gonna start in China,   and then we're gonna come back over to The United States with JPMorgan,   who's doing JPMorgan things.   It's I thought this particular aspect of JP Morgan was over.   Clearly not. And I was actually kinda surprised when   when I,   saw it this morning when I was putting the show together.   Pig butchering.   I have a theory   about pig butchering and the United States government   will get into it. I I promise. And Coinbase is leaving Delaware.  

They're they're they're   uprooting   their corporate structure from the Delaware   corporate structure   into a different state.   Can you guess what state that's gonna be? I'll leave it to you to decide.   Paul Atkins, the SEC chair, is unveiling a plan for token taxonomy.   Yes. Because   humans just have this innate need to name stuff.   That was actually in the Bible. That was actually in Genesis.   Adam was given the job to name all of the plants and animals in the Garden of Eden.   So it's quite natural that Paul Atkins would want to name   shit coins   specific things.  

I just   who knows? It'll just fuck it. I don't care.   Neutron x.   We're gonna talk about it. Lightning Network across Vietnam.   So or Vietnam. I'm   not sure exactly how you pronounce it. I I think it's both I've heard it done both ways. So just if I if you're Vietnamese and I've gotten it wrong, do not take offense.   I do not mean to deliver offense by saying   Vietnam   or Vietnam   or which what? Screw it. Let's go north from Vietnam to China   where Chinese Bitcoin queen, the Ponzi   mastermind,   has been jailed in The United Kingdom for over   eleven years.  

I guess,   that particular trial was fairly swift,   and, well, she got kicked in the ass. Bitcoin Magazine's Micah Zimmerman gonna tell us more.   A Chinese woman who orchestrated the multi billion dollar Ponzi scheme   that laundered much of the proceeds into cryptocurrencies   was jailed   in The United Kingdom on Tuesday for eleven years and eight months according to Reuters.   Ximen   Kwan, 47,   nicknamed the goddess of wealth,   admitted to two charges of acquiring and processing   criminal property.   Ken ran the   Lantian   Girui   investment company between the years 2014 and 2017   defrauding around,   oh, let's say, a 128,000   investors in China   of roughly   40,000,000,000   renminbi   or four well, $5,620,000,000   US. And prosecutors said   about 6,000,000,000   renminbi   was siphoned off and converted into Bitcoin. That's about $845,000,000.  

During the course of a multi year investigation,   British authorities seized over 61,000   Bitcoin   worth more than $6,000,000,000   today,   marking one of the largest cryptocurrency   seizures ever recorded in Europe.   The court heard   that Keyon fled China in 2017,   traveling through Myanmar,   Thailand,   Laos, and Malaysia   before arriving   in The United Kingdom   on a Saint Kitts And   Nevis passport.   Hold on. Pausing.   Saint Kitts. A Saint Kitts passport.   I wonder   if   she wasn't a customer of plan b.   That's, I can't remember her name. Katie the Russian. If you know who I'm talking about when I say Katie the Russian,   her   she had this thing called plan b, and it was essentially, hey. You probably need another passport   if, you wanna do multiple flagging of countries is one of the ways that that she put it, where you basically plant your flag in in two different countries.  

Saint Kitts,   if I remember correctly, was actually one of the countries   that she worked with predominantly   to get people Saint Kitts,   passports. And I'm wondering   I'm wondering if this woman   wasn't   wasn't a customer of plan b. And plan b got absorbed into into it's now another company, and Katie, the Russian, got absorbed with it.   I wonder if it's connected.   Now, I'm not I'm not accusing Katie of doing anything. I love Katie. She is great. I've met her in person. She's actually a wonderful human being.   She's very, very sweet, very nice, got a smile that will light up a room from 10,000,000 miles away.   But it just it makes me wonder. She's like, oh, God. One of my customers is about is gonna get popped. Oh, this is you know what?  

I don't know. Like I said, I'm not accusing Katie of anything.   However, Katie can't control who the hell buys her passports and who doesn't buy the passports. I mean, she's offering a service.   Sometimes you're gonna get somebody you service that you wish you hadn't have serviced. It's possible   it's possible, at least, that this woman who's been sentenced to an eleven year eight month stint in The UK jail system   might have been a customer of plan b and, Katie, the Russian. It it'll be interesting to find out if that actually occurred. Anyway,   continuing on. During the course of a multiyear investigation, British authorities seized over 61,000   Bitcoin, yeah, we know, Worth more than 6,000,000,000. You've already said this. Why are you saying this again? The court heard   that she okay. That's that was my fault. That's okay. I I I this is not Bitcoin magazine's fault. I   misplaced where I was. My apologies. That was my bad.  

Let's try this again. Continuing, she attempted   to convert all that Bitcoin into cash,   often using accomplices to purchase luxury goods, including jewelry and watches while staying in high end hotels across Europe.   British authorities   first encountered her in a 2018,   or in 2018 during a property purchase in London, but she evaded capture for six years. She was eventually arrested in York, Northern England   in April 2024 following a police investigation into her accomplice,   Ling Senhock,   who had been transferring Bitcoin linked to the scheme.   Qian's accomplices   were also sentenced.  

Wenxian,   who helped convert the Bitcoin into cash and luxury goods, was jailed last year, while Ling   received nearly five years in prison after pleading guilty to money laundering.   A prosecutor said,   the case ranks as one of the largest   money laundering cases in UK history by value   and involves the largest confirmed seizure of criminal assets in all of Europe. Not just The UK, all of Europe.   At sentencing,   judge Sally Ann Hales described Keyon as the architect   of the scheme   driven by pure greed.   Prosecutors highlighted that some victims lost their life savings, homes, and even marriages.   While criminal proceedings are complete,   a civil recovery process   in London's high court is ongoing exploring   compensation for more than   1,300   victims   who have come forward.  

Keyon's lawyer said   that she never intended to defraud anyone,   and that Bitcoin's massive appreciation,   rising from $3,600   in 2018 to roughly a $100,000   today,   could allow restitution   to actually exceed the original losses.   It's called forced huddling, if you're not familiar with that term.   Forced huddling.   A spokesperson for London police confirmed that British and Chinese authorities are cooperating on cross border fugitive and asset recovery.   So this chick that I told you about a few weeks ago   has been sentenced to damn near twelve years in prison.   I wonder what UK prisons are like. I mean, are they terrible? Is it like being thrown in a Turkish prison?  

I don't know. Any of you guys that, you know, that are listening to me in The UK, if you know about your own prison system and if it's, you know,   really terrible   or not, you know, let let me know. Let let give me a boost to Graham and and, you know, give me some satoshis and I'd like I'd like to I'd like to know about this more. So JPMorgan,   back over here across the pond   where JPMorgan rules   and j by the way, JPMorgan rules in a lot of places, not just The United States, they've rolled out   JPM Coin.   JPM Coin deposit token has been rolled out for instant payments on base.   That's Coinbase's   thing, which we'll hear about here in a minute.  

But, yeah, remember JPM Coin?   That was one of the very first instances of JPM   actually embracing, quote, crypto   right after Jamie Dimon had lambasted   the entire industry and Bitcoin as well.   And then we get JPM Coin. And then we hear about it a few times, and then it just it just goes away.   It just sort of dies on the vine. I haven't heard anybody say a damn thing about JPM Coin   for months. At least that is until now with Adrian Zmunksy   reporting from Cointelegraph   saying   that the world's biggest bank by market capitalization   has begun deploying a token representing   deposits   held at the bank, and it's called   JPM Coin.  

According to a Wednesday Bloomberg report, JPMorgan's   excuse me.   JPMorgan's institutional clients now have access   to JPM Coin. The bank's blockchain division co lead, Naveen Malala,   told Bloomberg that the token represents US dollar deposits at the bank   and allows customers,   or rather allows users,   to send and receive money on the blockchain.   The blockchain. It's on the block. Where is that blockchain? I don't know. It's like it's   like Plato's ideal forms. Right? There's this this blockchain   that exists out in the ether that all other blockchains   pull their block chain ness from. I guess that's what they mean when they say   on the blockchain.  

Anyway,   they get to send and receive money on the blockchain created by US crypto exchange Coinbase called Base.   Oh,   the blockchain   called Base, a platform that has been endorsed   by JPMorgan.   Oh, I did I didn't realize that JPMorgan   had previously   endorsed   Coinbase's   base blockchain. But in mid June, Malala announced   that a fixed number of JPMD   tokens, I guess that means JPM deposit tokens, would be transferred to Coinbase on base in the following days.   The transfer was part of a pilot phase that was followed by allowing Coinbase's   institutional clients to access the bank's deposit token. JPM coin, it enables instant twenty four seven payment processing, which is   significantly   faster than the typical time seen in The US banking system.  

The news follows   this week's announcement by JPMorgan   and Singapore multinational   banking group DBS   that they are developing   a   blockchain based tokenization   framework to enable on chain transfers   between their   deposit token ecosystems.   JPMorgan   has not responded   to Cointelegraph's   inquiry by publication time.   JPM Coin is a so called deposit token.   That means it represents a direct claim   on a bank deposit and is therefore a regulated liability of the issuing bank. This is the primary distinction between this type of token and what's known as traditional stablecoins,   which are issued by a private entity and backed by assets to maintain their value. Much like   the broader US financial industry,   JPMorgan appears to be doubling down on its commitment to tokenization and blockchain technology.  

At the October,   JP Morgan's private bank and asset management divisions initiated the first transaction   on the forthcoming   Connexus   fund flow   fund tokenization   platform.   That was not a typo. That's actually what's written there. The company also   showed enthusiasm   toward the broader crypto ecosystem,   not just blockchain based tokenization.   Because in late October,   JPMorgan was reported to be planning to let clients use Bitcoin   and a shit coin for collateral on loans. In mid January,   JPMorgan suggested that another kind of shit coin altogether ETF would attract 3,000,000,000 to $6,000,000,000   while yet another   bullshit   shitcoin ETF might garner 4 to 8,000,000,000 in new investments. The bank was also recently reported to be developing plans to offer cryptocurrency trading services.  

Also, in October, JPMorgan   informed its financial advisers that all clients   will be able to invest in cryptocurrency   funds. Until then,   advisers were restricted to offering such products to high net worth investors   with over 1,500,000.0   in assets and an aggressive risk profile. So there you go. JPM Coin is now officially   out in the wild.   Now will it do anything at all?   I I don't honestly know. I I guess since   it's a coin that is just it's you're gonna I mean, if you're a JPM client, you've got a deposit,   You've got access to this coin whether you're whether you asked for it or not, or at least that's how it seems.   So they may actually get   this this coin may actually get some traction.  

And, again, like they said, it's not a stable coin.   It is representative   of deposits   in   their bank. So it's a completely different behemoth altogether.   We haven't really seen this out in the wild before.   We we're pretty sure we know we've got a handle on what stablecoins are, kinda.   Right? We don't really know what they'll become.   But this one,   we we need to keep an our our eye out on deposit tokens,   because this is a completely   different kind of entity. And we have   at this point, we have no clue what that ecosystem   actually looks like.  

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Dude, comfrey. And he's got comfrey self. I've got a can of it. I love it. I absolutely adore this stuff. He also has freeze dried bananas. And if you use   the code bitcoin and   in the coupon code, you will get was it I think it's is it 2.4%?   No. Two I'm sorry. 2.1%   off of your entire purchase   if you use bitcoin and in the coupon code. That's bitcoin and in the coupon code over at sats four snacks dot com.   Dude, the freeze dried bananas and the freeze dried peaches are the bomb. That those are my favorite. My wife loves the mango.   My   my kids   love the apple slices.  

It doesn't look like he's got apple slices,   freeze dried apple slices right now. He's got it in a medley, it looks like. Wait a minute. Mangoes.   No. He doesn't. He does not have freeze dried apples at the time, but he did. And they were freaking delicious. My kids, like, nod through those things like they were going out of style.   If you give   the coupon code Bitcoin and   not only will you get 2.1%   off, you will let Perma Nerd, who's the owner of Sats for Snacks, know that I made the sale for him here on the Circle P. It's where I bring plebs with goods and services like you to plebs just like you that want to buy those goods and services. But you're buying into Bitcoin because if you're not selling your goods and services Bitcoin,   you're not in the circle p. You're just not. Go to satsforsnacks.com.  

Go there right now. Use Bitcoin and in the coupon code.   Meanwhile, over at CoinDesk,   a new strike force   is set   to target overseas   pig butchering   as The United States hits a Burma   operation.   Jesse Hamilton,   in fact, writing for CoinDesk.   US government agencies are cranking up the response to overseas scams that seek to trick people into sending them their crypto,   with the Department of the Treasury announcing   the scam   center strike force.   Is it like McGruff?   Will it take a bite out of crime?   I don't know. But that was said today,   Wednesday, even as it flagged its latest effort to target a Burmese operation that pursued Americans   with fake investment schemes.  

So US authorities, also including the Department of Justice,   are standing up the strike force to go after the so called pig butchering, which is often coordinated by massive   organized crime operations in places such as Burma, but also in Cambodia,   Laos, and The Philippines.   The newest case   involved treasury offices or treasury's office of foreign assets control sanctioning armed groups,   companies, and individuals in Burma   associated   with the Democratic   Karen Benevolent   Army.   Karens. It's an army of Karens.   And scam centers said to be backed by Chinese criminal organizations,   probably also named Karen. The strike force led by The United States attorney for the District of Columbia aims to take apart. Oh, they're gonna take it apart, the transnational criminal enterprise   in Southeast Asia that have stolen tens of billions from Americans,   much of it going unreported.  

Wait. Wait. What?   Who who who didn't report? The Americans that got had it stolen from?   I don't I   don't know. Whatever.   The practice   sees teams of operatives,   whole teams,   often forced into it via human trafficking, working at a factory scale to trick people   into fraudulently   investing or sending funds to fake romantic partners.   The administration,   and this is a quote, will keep using every tool we have   to go after these cyber criminals   wherever they operate. The long arm of the Department of Justice's   law is spread down across the globe yet one more freaking time, and they're going to protect   American families from that exploitation,   said undersecretary   of the treasury for terrorism.  

Undersecretary   of the treasury   for terrorism   and financial intelligence.   The treasury for terrorism.   So I can stack treasury   or terrorism in a bank account.   I got a lot of terrorism, man. There's a whole bunch of financial intelligence and terrorism   that I've stacked. Oh, well, whatever. The guy's name is John Hurley. He said all this shit in a statement. The strike force envisions   tapping,   tap, tap, tapping   various parts of the federal government with oversight duties   related to this area, including DOJ, the Treasury Department,   the State Department, as well as domestic law enforcement agencies. Quote, the scale? My god. It's staggering, said Ari   Redbord,   global head of policy and government affairs for TRM Labs   of the global   criminal enterprises   involved in pig butchering, quote, the DOJ's scam center strike force reflects a hard truth.  

Not one single agency can tackle this alone.   In a similar vein, the DOJ has previously established a health care strike force and a trade fraud task force.   Last month, US authorities went after Prince Group, which was alleged to have run a Cambodian   operation with the DOJ   taking what it said was its largest ever seizure of a 127,271   Bitcoin.   The action was coordinated between DOJ and the treasury.   In Burma,   the development of the scam centers was tied by The US authorities to others   among the sanctioned entities including TransAsia   International Holding Group,   Thailand Company Ltd,   Trough Star Company Ltd,   and Thai National Chamu   Schwag,   Chuang?  

Suang? Suang?   The sanctions   accused them of being linked to Chinese organized crime, and authorities said the proceeds   were going toward funding Burma's civil war.   Okay. So this 127,271   Bitcoin   is the Bitcoin, it seems to me, that the Chinese are saying   was hacked by the United States government.   This is becoming very interesting.   Now,   here it is.   We have a strike force. We put together by God almighty,   girls and boys, ladies and gentlemen, Darren or who is it? Heron Undaman.   We got ourselves a strike force. So there it is specifically about pig butchering, which is all Southeast Asia.   Alright. So how are we going to fund the Bitcoin strategic reserve? Well,   clearly, we really want to be able to steal other people's Bitcoin whether it was, you know, claimed legally or not,   and put it into our strategic reserve. So it makes me wonder, ladies and gentlemen, Dominoon Herron,   whether or not   the United States government is having this strike force so that they can have a pretense   to just steal Bitcoin from other people in other countries.  

Is it possible that they are actually stealing it from people who have, you know, who deserve to have it stolen from? Like, you know, I don't I'm not a fan of pig butchering. I think this is a heinous crime. I I don't think it should exist.   Is that really what we're doing? I mean, I I have to remain skeptical on everything,   especially   when   this entire operation   has already linked itself   to the seizure of a 127,000   Bitcoin, and China's calling foul, and yet all this pig butchering shit is going on in Southeast Asia Asia.   Is it possible that all this pig butchering is actually being sanctioned by the Chinese government?  

If what I'm saying is, are we in a proxy war about pig butchering?   Is this this this pig butchering task force,   you know, red team,   And the pig butchering   companies or whatever you wanna call them, the entities that perform this is that blue team, and blue team's owner is China, and red team's owner is The United States.   I would not put it past   anybody   that this entire pig butchering thing is literally a scam orchestrated by the Chinese government   to just take Americans money. Fuck it. Target them. I that's what I would be doing. If I was Chinese, if I was in the Chinese government, I'd be like, how the hell could we really screw over Americans?   Do we do it with tariffs? Nah, man.  

Let's take money from the citizenry directly. Let's just steal their shit. See what I'm saying?   It's not a stretch.   It is not a stretch.   So anyway,   I think we're in a proxy war. I think pig butchering is at the center of it, and I actually find it kinda delightful. Let's run the numbers.   CNBC   futures and commodities   breaking.   The White House has made a statement.   The White House says,   the October jobs and inflation data   may never be released.   And now we come to it. Why would we have a government shutdown?   It would probably be to, I don't know, have a pretense to   hide   really bad looking data that nobody,   no matter what level of fadagling,   no matter what level of modulation,   no matter what level of mudding and fudding could ever hide?  

I don't know. Possible. Like I said, again,   it's not a stretch, dude. It's just not not a stretch. Anyway,   the,   energy markets are taking   a bath.   They're being bathed in blood. In fact, Brent Norsee is down 3.7%.   Back down get back down, bitch, to sixty two dollars and seventy four cents a barrel.   West Texas Intermediate fairing worse, 4.16%   to the downside, getting slapped back into its position at $58.50   a barrel.   Natural gas not being the hedge today,   although it is only down one and a half percent, but still chilling out at $4.50   per thousand cubic feet.  

Gasoline   is down 2.6%   to a buck 95 gallon. Murbaughn crude is down almost four full points   to $64.64.   All of shiny metal rocks are having a good day. Palladium is up two and a half percent.   Gold is up two and a half percent to $42.15   and 5 dimes. Platinum is up two and a half percent.   Silver, however,   clocking them all   five and a half percent upside to $53.58   per ounce. Copper is up point eight.   Ag fully mixed today. Biggest winner is sugar, two and a quarter to the upside.   Biggest loser is coffee, which fell on its ass by   well over six full percentage points.  

Live cattle taking a dump.   Let's hoof it on over to the livestock futures.   Point 73%   to the downside for live cattle.   Lean hogs, even worse, 1.7%   to the downside.   That means what?   More McRibs.   Lots more McRibs coming your way. Feeder cattle   also down, not quite so bad, point 6%   in the red. And let's see. Indices, S and P is up point one seven, but the Nasdaq is moving sideways slightly in the red.   Dow is up point 8%, and the S and P Mini is up one half of 1%.   Looking at a price of Bitcoin at a 101,440,   that is a $2,020,000,000,000   market cap. We can only purchase 24.1   ounces of shiny metal rocks with our one Bitcoin, of which there are   19,947,682.41   of. An average fees per block are low, 0.02   BTC   taken in fees on a per block basis.  

There's 22 blocks carrying 40,000   transactions waiting to clear at high and low priorities, both   1 Satoshi per vByte.   Zeta hash range again for hash rate,   1.08   zeta hashes per second   is the current hash rate of the Bitcoin network that is way more security than you will ever actually need.   From McBitcoin,   yesterday's episode of Bitcoin, and I got Oak Grove with 1,154   sats.   He says, however,   this is for the episode rumble strips   and regarding Square terminals talking Bitcoin or taking Bitcoin.   Fort Bitcoin has a meet up next week. Yes. That's right. Fort Bitcoin   has a meet up next week   on Wednesday.  

If anybody that listens is coming, I will buy you a drink. The restaurant slash bar seems awesome. There will be a free raffle as well, and I think we're going to try out BitChat.   And then he's got a few links for the meetup, which are really long links, so I'm not gonna read them. But I will try to include those   in the show notes. In fact,   let me,   if you will bear with me for just one second,   I want to make sure that I get these links   and I've got them.   And now I've got to put them where I normally put the show notes. Let's see. Where are we going here? I'll just put them over here.   Yeah. Okay. That'll work. That'll work. Alright. Moving moving on.  

Pies with one twenty one says l f g.   Show our favorite Bitcoin podcast some love y'all. Send Dave some sats, you cheap bastards.   I appreciate that, son.   God's death with 237 says, thank you, sir. No, thank you. Pies with +1 21. Thank you, sir. No, thank you.   Is that it? Is that all I got? That's all I got.   Man, you better   you you you guys   you guys need to heed   the words of my friend, Pies.   Stop being cheap bastards.   Man, you know, I I'd spend time doing the show for you.   Stop being cheap bastards.   That's the weather report.   Welcome to part two of the news that you can use. Coinbase   is leaving Delaware.  

Not quite the same funkiness as saying leaving Las Vegas, but   Coinbase is leaving Delaware for the Bitcoin friendly state of have you guessed it yet?   Texas.   Matt DeSalvo   from decrypt.co.   Coinbase, America's largest crypto exchange by trading volume,   is leaving Delaware to reincorporate   in Texas, citing a crypto friendly environment   and a strong culture of celebrating builders for the decision,   not to mention the absolutely fabulous barbecue everywhere. Anyway, the publicly traded company, which has a remote first policy with its employees,   had been legally based in Delaware,   but said on Wednesday in a regulatory filing with the SEC that Texas,   Texas   was a better fit for them.  

In an op ed   in The Wall Street Journal, Coinbase chief legal officer Paul Gruel   wrote that, quote, Texas offers efficiency and predictability   in part thanks to recent corporate law reforms   that enhance government flexibility and legal predictability.   Delaware's legal framework once provided companies with consistency,   but no more.   Delaware's   chancellery   court or it it it's either chancellery, and this is a typo, or this is correct.   Chancery   court in recent years has been rife with unpredictable   outcomes.   Coinbase CEO Brian Armstrong wrote in a Wednesday post on x, quote, Coinbase has always been about increasing economic freedom,   and this factors into the state where we choose to incorporate.  

Texas has a strong culture of celebrating builders who are growing our economy, creating prosperity for all,   and they've also embraced crypto, he added.   American companies have long chosen to register themselves in Delaware because   the state's court system,   the Court of Chancery, I guess that wasn't a typo,   is famous for settling corporate disputes.   But top US companies, including electric car maker Tesla and bank Charles Schwab,   have in recent years relocated   to the lone star state in search of lower taxes and business friendly regulation. Quote, never   incorporate your company   in the state of Delaware,   Tesla cofounder and CEO   Elon Musk wrote in a January 2024 post on x.  

Oh.   Wow.   Nasdaq listed Coinbase,   which allows customers to buy, sell, and bet on the future price of digital coins and tokens, went public in 2021.   The company this year signed a deal with JPMorgan Chase aiming to allow customers to buy crypto quicker and easier than before   and filed for a national trust company charter from the office of the comptroller of the currency.   Coinbase   shares were trading above $303   on Wednesday,   down the better part of a percentage point according to Yahoo finance data.   Coin itself, the stock is off more than 14% over the past month. Yeah, dude. Everything   related to crypto is down over the past month. Everybody was very disappointed in October.  

I don't know. Change your diapers.   Wait it out.   Meanwhile,   while you're waiting on your diapers to dry, the SEC chair,   Paul Atkins,   has unveiled a plan for token   taxonomy   to redefine   crypto regulation.   Sarah Wynne brings this to us from the block.co.   Securities and Exchange Commission chair Paul Atkins is spearheading an effort to create a token taxonomy   that looks to delineate between what cryptocurrencies   would be securities   as the agency forges ahead with the new approach to regulating digital assets.   In prepared remarks on Wednesday at the Federal Reserve Bank of Philadelphia's   fintech conference,   Atkins laid out his plans for that taxonomy,   which he said will be rooted   in   the Howey Test.  

Ah, this should be interesting.   The Howey Test   is based on a 1946   United States Supreme Court case frequently cited by the SEC   to determine   if an asset qualifies   as an investment contract   and, therefore,   a security.   Quote, in the coming months, I anticipate that the commission will consider establishing   a token taxonomy   that is anchored in the long standing   Howey investment contract securities analysis,   recognizing   that there are limiting principles to our laws and regulations,   Atkins said.   Cryptocurrencies   can be part of an investment contract, but it doesn't mean   they will stay that way forever, Atkins later added,   quote,   networks mature,   code is shipped, control disperses.  

The issuer's role diminishes   or disappears. At some point,   purchasers   are no longer relying on the issuer's essential managerial efforts, and most tokens now trade without   any reasonable expectation   that a particular team is still at the helm, Adkins said.   So under the Trump administration   over the past year,   the SEC has taken a starkly different approach to crypto than under the Biden administration   under former SEC chair Gary Gensler.   The agency took a cautious approach to crypto   and brought several cases against large crypto firms saying   that most cryptocurrencies   were indeed securities   while being criticized for his regulation by enforcement approach.  

Since the SEC has dropped several investigations   into crypto   and has held crypto roundtables   led by commissioner Hester Pierce.   With Atkins now at the helm, the agency has embarked on project   crypto   to update the SEC's rules around digital assets.   Atkins also took a strong position on Wednesday   on what parts of the digital asset industry would be in the SEC's purview. He reiterated the agency's stance that tokenized securities such as stocks converted into tokens on a blockchain   would still be considered a security.   Atkins asserted as well   that the agency and other regulators   will still be pursuing fraud. Oh, thank god.  

Quote, now let me be clear about what this framework is not.   It is not a promise of lax enforcement at the SEC.   Fraud   is fraud,   end quote.   In the past,   Atkins has also spoken about super apps that he said would allow for the trading and custody of several assets under one regulatory license.   On Wednesday, Atkins said   he directed staff to work on that. Quote, I have asked   commission staff   to prepare recommendations for the commission to consider   that would allow tokens tied to an investment contract to trade on non SEC regulated platforms   whether registered as a CFTC   or   or wait. Registered at I'm sorry. Registered at the CFTC   or through a state regulatory regime, Atkins said. Exemptions will also be on agency's   agenda. Well, of course, you got you got friends.  

You gotta make sure that you you know what I mean. Quote, I hope that the commission   will also allow a package of exemptions   to create a   tailored offering regime for crypto assets that are part of or subject to an investment contract.   That means we're gonna open up a window for our friends to get through, but everybody else can go fuck themselves.   Meanwhile,   lawmakers are forging ahead on legislation to regulate the crypto industry.   There are multiple versions of a bill to regulate the sector at large. The house passed its own version over the summer, and the senate now has two versions. The most recent one released from the senate agriculture   committee on Monday, which includes an array of unresolved issues. Pausing just to say the reason agriculture has anything to do with this is because of the CFTC,   the commodities   futures trading   commission.  

That's   that's regulated by the department of agriculture because commodities   for the great guts and feathers of them   are stuff that is agriculture,   like beef   and frozen concentrated orange juice.   Shit like that.   Pork bellies. And if you know what movie I'm,   referring to,   you get two points.   Anyway,   with the SEC moving ahead in the absence of a bill, Atkins said the agency's work aims to compliment lawmakers efforts. Quote, what I envision   aligns with legislation currently being considered by congress   and aims to complement,   not replace,   congress's critical work.  

Commissioner Pierce and I have made it a priority to support congressional efforts and we will continue to do so, Atkins said.   I don't know, man. It sounds to that last part, sounds to me like he's like, don't look at what we're doing.   You know what?   We're with you. We're with you, Congress. We're not gonna do anything   side what you guys want. Meanwhile, me and Hester,   we're gonna look at doing exactly what we want, and we don't give a shit about what anybody else says. But onto Neutron x,   and yes, this will be a shorter show again. I've been trying to keep them a little shorter.   It's this is on purpose. If you guys want a longer show, and you really don't like the shorter shows,   all you've gotta do is send me a boost to gram on   any podcasting two point o related, you know, podcast plat you know, podcast app.  

And I I dude, I have no problems changing up, but, you know, I figured we'd try this, see if you guys like it better.   You tell me. I try things nobody ever says, hey. I like this better, or dude, I really don't like that shit. If you guys don't ever tell me what you want, I can't give you what you want.   So   make some noise.   Anyone   anyway, Neutron x thin fan.   Yes. That's a word, thin fan.   Partnership   to power lightning network across   Vietnam   I'm just gonna go Vietnam because it rhymes with FinFan Bitcoin news   written by Bitcoin news Neutron   a global Bitcoin lightning infrastructure company,   and FinFan,   a licensed Vietnamese cross border payment service provider, have announced a strategic partnership to officially distribute   lightning network infrastructure for institutions   across the country of Vietnam.  

This collaboration will deliver instant low cost payments and settlement rails to banks,   payment service providers, and fintech platforms,   enabling them all to move value more efficiently and securely   than legacy systems.   The collaboration addresses   rising demand for real time cross border payouts, merchant settlement, and digital income flows   to Vietnam while offering trusted   compliance ready integrations   for partners navigating the evolving global financial landscape. Quote, this partnership marks a turning point proof that the Lightning Network isn't just the future, it's becoming the new standard for real time settlement,   said Albert Buu,   b u u, CEO of Neutron. Quote,   by uniting thin fans,   deep local presence,   and regulatory foundation with Neutron's global internet native rails,   we're setting a new benchmark for how institutions and consumer platforms   in Vietnam can move value instantly,   compliantly,   and without borders.  

By partnering,   Thin Fan and Neutron   combine local trust and local innovation.   Our customers,   enterprises,   and consumers   alike gain faster settlement, lower fees, and predictable compliant rails   that connect Vietnam to global commerce.   And both of those were said by the   CEOs of both those companies.   So what does it deliver, this partnership?   Instant or near instant settlement.   It offers lower operating costs   because they're using the lightning network. There's compliance ready integration and open finance   connectivity,   and you can define that however the hell you want. Sounds a lot like DeFi to me, but whatever.  

Together, Neutron and FinFan are building reliable, compliant lightning rails to help Vietnam's financial   ecosystem   move value   at the speed of Internet,   unlocking faster cash cycles for businesses and more transparent affordable transfers for consumers. So Vietnam jumping full foot into the Lightning Network.   Not blockchain,   not bitcoin.   Well, it is bitcoin because lightning has to have bitcoin in order to work. That's a prerequisite, but you get what I'm saying. They're not looking at Sol. They're not looking at Terra Luna, which is shit well, dead anyway. But all the rest of the shit coins, They they don't need any of it. Nobody needs any of these shit coins, ether especially.   Right? You just just use lightning network. Vietnam figured it out. Yeah.  

Why you know, it's I think we're just wasting our time with all the rest of this bullshit.   Anyway,   that is the last article for the day.   It is Wednesday. It is hump day. I hope everybody enjoyed their day off yesterday, at least if you if you got one because it was, you know, Veterans Day and all that.   Let's see if there was anything else that I needed to cover today, and I I honestly, I don't think that there is.   So I will hang it up,   and we'll see you on the other side.   This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.   Have a great day.