The anti-crypto attacks from U.S. states keeps getting crazier.
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the new bill:
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0:00 my secret
0:49 this new law is insane
2:24 selling NFTs is illegal now
3:26 thanks brian
4:14 why you should care
4:31 the timing is horrible
5:45 just the beginning
Hey everyone so I have a secret okay It's not something that I wanted to Bring up on this channel because I do Think some of you may think differently Of me and look maybe some of you have Already picked up on this throughout the Course of watching my videos maybe it Comes through my accent at times but I Do think that it's going to be news for Quite a few of you and I don't really Know how to say this so I'm just going To come out with it I'm from New Jersey Born and raised actually and while I Wish I could say I was from some exotic Place like Milan or Barcelona it's Actually just Passaic County New Jersey Now I don't live there today but Actually I was thinking of moving back Okay the bagels are that good but That'll change recently when we got one Of the most wild and backwards thinking Events that I think I've seen since Covering the space and unfortunately it Came from the land of New Jersey by the Way shout out to Adam sternback for Bringing this to my attention now ladies And gentlemen this is shocking stuff Okay it's a piece of legislation that Has a good chance of becoming law that Will make it illegal for anyone to sell Nfts without a license or in some cases Even hold nfts or other crypto assets And before you click away going well That sucks for people in New Jersey but
I'm not from there so I don't really Care as you'll see in a minute if this Legislation passes it's going to have Repercussions for everyone and also Remember the old saying first they came For the New Jersey Pepe derivative nfts And I did not speak out because I was Not from New Jersey then they came for My pepe derivative nfts and there was no One left to speak for me so with that Said let's take a look at how insane This really is okay I happen to have the Bill right in front of me and as you can See it's called the digital asset and Blockchain Technology act now I'm not Going to bore you with all the legalese I just want to point out a couple of Crazy aspects to this okay so as you see Here A person shall not engage in a Digital asset business activity unless The person is licensed in the state by The department or has filed a pending License with the department now what Could be considered a digital asset Business activity well how about storing Holding or maintaining custody of a Digital asset on behalf of others and as His tweet by Fubar kind of illustrates Oh you're helping grandma with her Metamask jail and it's true now just Buying an nft for a friend and holding It for them would be considered illegal If you don't have a license which I'm Sure won't be cheap because they have to
Cover the cost of all the bureaucrats Needed to maintain this division okay Now what else would be a digital Business activity well how about issuing A digital asset okay so now merely the Act of creating a smart contract that Sells an nft would be considered illegal Without a license okay so if you're just An artist and you just want to sell a Piece of art as an nft you now need to Get a license do you see how dumb this All is like are you telling me that Every single time that someone creates Or sells an nft they have to make an Appointment to go to some dingy office In North Jersey you know between the Hours of 9 to 4 P.M fill out some actual Paperwork and then receive a certificate By mail like what is this and of course If you don't do this you get hit with a Nice fat fee okay as it says here a Person who violates his section shall be Liable for a penalty of 500 per day so In other words if you were to release an Nft on a Friday and then get reported Well now you have to wait until the Office opens on Monday which would mean That you now owe fifteen hundred dollars In fees for making I don't know 20 bucks Selling an AI generated Pepe derivative Now surely you would think that this Bill would get some pushback okay there Has to be someone in Congress who has a Little bit of sense to them and can see
Where the world is going and maybe can Make a name for themselves you know Supporting what is already one of the World's largest markets but no okay as We see here this bill already had passed The assembly back in October and it Wasn't even close Okay 72 yes votes to One no so all these people voted yes and Then we have down here Brian rump okay Which by the way a big warm hug to Brian For being a true American and crypto Hero and now we're in the final Circle Okay it has to pass the Senate which it Probably will and then it'll be signed Into law probably later this year which Could turn New Jersey into the most Anti-crypto state in the entire country Now as I said you might be watching this And saying well I don't live in New Jersey so why should I care and the Answer is because political movements Often start off in individual states Like this okay and what this really is Is a test of demand for this kind of Anti-crypto idea and as you can see it's Passing with flying colors and the Timing really is perfect because the Public sentiment on crypto has never Been as bad as it is today okay just a Couple of days ago National Geographic Announced on Instagram that they were Launching an nft collection and based on The reaction they might have all said That they were supporting endangered
Rhino poaching okay the response to Nat Geo merely mentioning nfts on its social Media accounts was met with an Overwhelming number of negative comments Calling nfts a bubble that already Popped and extinct species and Even another way to launder many urged Nat Geo to quote delete this and others Asserted that entities were an outright Scam effectively throwing the whole Technology itself under the bus even Though people not the technology create Nft fishing scams and rug pools so the General population isn't going to get up In arms over attacks on crypto no matter How nonsensical they are okay and this Has happened more than once okay another Recent example is a bill that passed in November in New York this time that Enacted a ban on Bitcoin mining that was Being based in fossil fuel plants okay And this was criticized because it felt Like a very targeted approach to climate Change that was specifically uh singling Out Bitcoin Miners and not just general Use of fossil fuels so my guess really Is that this is just the beginning okay And we're gonna see regulatory creep Come from these bills if no one's really Putting pressure against them okay and Once government gets a level of power Over a given asset or Market it's very Hard if not impossible to scale that Back to where it was and look ignore
This stuff if you want I get it you know Maybe you don't live in the state but Then don't be surprised if this ends up Bubbling up to some national level bill Or maybe even influences laws overseas In the meantime this specific bill is Not going to do anything other than slow Down the crypto and nft commerce that's Coming out of New Jersey which by the Way has a population of almost 10 Million people so all around this is Just not great okay and that's all I Have to say on this one thanks again for Watching and I'll catch you the next Video
