Eggg yolk, what is going on with the viewers
of the tuuuuuube.
My name is Tyler and I’m so glad that you
landed on this video, because we are the only
channel that treads dangerously close to uncovering
everything in crypto, kind of like this storm
chaser….you know how we get the freak out…..It’s
time for Chico Crypto!
Well today, I have something special for all
of you.
Another dive into the world of stablecoins,
the digital dollar, and the private sector
crypto projects who could be involved.
Now the Chico channel and Army have been on
the investigation of the possibility of the
USD going digital here soon.
Already 3 videos posted, each with better
and deeper research regarding who could be
involved, the tech being used, and if the
federal government is going to create a FEDcoin
or just use the private sector.
All 3 of those videos are in the description
if you want to check them out, I highly recommend
each & everyone to get a fuller picture and
to understand the progression of this research.
But to begin, we need to target one person
in particular.
Brian Brooks.
Why is he soo important in all of this?
Well for one, he is the former Coinbase Chief
Legal Officer, and he is the one credited
with figuring out all of the regulatory red
tape for the successful launch of USDC, Coinbase’s
own digital dollar.
Well in March, during all the craziness, he
was brought onto the US government.
Specifically the Treasury Department, at the
office of the comptroller.
Which he is now on their website, and as we
can see, he is the Senior Deputy Comptroller
and Chief Operating Officer, which is the
second highest position at the OCC.
I wonder who is #1?
Well, from the leadership page, the Comptroller
of the currency, is Joseph Otting.
What does the comptroller and this bureau
of the treasury do?
Well they regulate all the national banks
and federal savings associations across the
united states.
You know the big banks, Wells Fargo, Citibank,
JPMorgan...and all of their subsidiaries.
So right now, the power of banking control
in the US goes like this.
Treasury secretary is munchie snoochie boochies,
he has most of the say regarding…..then
Joseph Otting, Comptroller of the currency...and
then finally Brian Brooks, Senior Deputy of
the OCC.
It’s so funny that it goes like this, since
these 3 snooch the booch, Otting, and brooks...worked
together, once before.
At OneWest Bank, after the 2008 financial
crisis.
They are all friends, they are buddies…and
Mnoooch?
He’s been trying to bring on, Brian for
some time, he actually tried to hire him for
an even bigger spot, back in 2017 as Deputy
for Treasury Secreatry...but that didn’t
work out.
Well Steve, got what he wanted…..Brian on
Board.
But you have to ask yourself, why did Brian
go into the world of cryptocurrency after
leaving OneWest and why Did Mnuchin go the
way of the government?
Is there more to this than meets the eye?
Well to figure this out, we need to understand
the words of Brian Brooks….he was actually
on the Barefoot innovation Podcast about a
year ago, talking about crypto...let’s hear
what Brian had
to say.
Well howdy doody my friends, he said, everything
going on, with crypto, the infrastructure
building, and more is like in 1862, one year
before the National Banking Act of 1863.
What did this act do?
Created the office of the comptroller, and
federally chartered banks, like Wells fargo.
And so funny, in that podcast they are talking
about the office, of which JoAnn the host
was previously apart, and they say, it was
originally made to control the currency.
And now Brian, has her former position, as
Deputy…..hmmmmm?
Sooo if I didn’t know any better, I would
have to think that Brian is setting up the
National Crypto Act of 2020 maybe 2021.
He literally said it, himself, one year ago,
we are one year away from an ACT and he knew
back then he was in the running for this position,
and would get it eventually.
I mean, Snoochie boochies and Joseph Otting...ya
it was known.
So when you had the FUD, last week making
its rounds that Central banks were planning
on banning stablecoins.
You just gotta look deeper, than just the
Financial Stability board document….ya it’s
just a recommendation, internationally from
the g20.
It has nothing to do with regulations here
in the home state...where things are looking
pretty damn good for stablecoins.
So what could this National Crypto or Stablecoin
Act look like?
Well we need to rewind a bit, before they
brought on Brian, but made a very suspicious
move with the OCC and how national banks were
regulated.
In July of 2018, the OCC began accepting it’s
first applications for National Bank Charters,
from Financial Technology companies.
And guess who spoke with the Office of the
Comptroller, in the path to acquire one of
these national banking charters?
Coinbase…..although….nothing has come
of this...YET…..I wonder why?
New YAWK...stopped it.
Back in October of 2019, a federal judge ruled
that the OCC did not have the authority to
grant FinTech banking licenses...which was
the result of a lawsuit by the New York Department
of Financial Services against the OCC.
And the last thing we got regarding this?
The OCC appealed the decision in December
of 2019...and now they brought on the Lawyer,
Brian Brooks, the legal guy, in March.
I wonder when the deadline for their appeal
was set at?
Well according to this blog, the original
deadline was set at April 2nd 2020...although
they got a 21 day extension due to the global
situation.
So the OCC is looking to win this appeal,
and it has a whole hell of a lot to do with
crypto and the digital dollar, and we should
be hearing about it very soon.
Like this week hopefully.
Sooo my friends, the 1st step in getting a
digital dollar, is getting this appeal won.
Coinbase is riding on it, Brian Brooks is
riding on it, and the OCC and Treasury department
is riding on it.
All the connections are there…..and from
Brian's last long winded personal post, before
he got brought onto the government.
We see, it’s Coinbase...which has the closest
ties.
He wrote this piece with fortune magazine...A
Digital Dollar for a Strong United States
Financial System
And in it he says “The true question facing
our policymakers is whether our government
needs to create the digital dollar, or whether
the private sector can do so effectively.
The best path forward is one that harnesses
our country’s remarkable capacity for innovation
and also reflects government’s historical
practice of setting broad guide rails for
private innovation within the financial system.
That means letting innovators invent, and
letting government regulate.
In short: the private sector should build
the technology, and the public sector should
set monetary policy.”
The U.S. is the world's leader in technology
innovation, but that leadership is provided
by the private sector, not by the government.
We think USDC and other fully backed stablecoins
like it are great examples of how the U.S.
can take the lead without the exerting unnecessary
control over technology decisions that are
providing increased access to our financial
system.
This can all be done while still empowering
central banking authorities and building trust
between individuals and institutions.
So what fits the bill of a good private sector
stablecoin?
Well Brian he tells us.
“The amount of stablecoins like USDC in
circulation is constrained by the availability
of dollars as determined by the Federal Reserve—meaning
they pose no threat to the government’s
control of the money supply.
All transactions exist on an immutable public
ledger, and all participating institutions
have firm compliance and customer identity
controls in place.
Every token can be redeemed for one dollar
— effectively providing a price-stable cryptocurrency
that fits within the existing financial regulatory
structure”
So number one, it has to be backed by US dollars,
audited and able to be redeemed for a dollar.
So Tether.
You are gonzo, mcbonzo.
Dai and MakerDao, would have been excluded,
but they recently added a new collateral type...suspiciously
USDC.
So Dai could fit the bill still.
But then, he says all transactions must exist
on an immutable public ledger.
Not private.
Sooo, the stablecoins have to be built on
Bitcoin or Ethereum.
That is it right now.
Other chains, Binance, Tron, EOS, and more….they
do not fit the bill, because they have not
proved they are fully immutable as they are
still centralized.
And finally, all the participating firms in
the stablecoin ecosystem must comply with
KYC and AML.
So based on Brian's own words.
Of course Coinbase’s USDC, is contender
#1 for the digital dollar, as Brian helped
build it, and get it to where it is today.
And it is built on Ethereum…..
Number 2, who fits the bill.
Are the other ones...who took a similar route
to USDC.
TrueUSD, Paxos Standard and Gemini Dollars.
Now I know some of you are like Hey what about
BUSD, Binance's stablecoin.
That was created in Partnership with Paxos
Standard, so that should be a contender right?
Doesn’t that mean, Binance chain is good
to go?
Well no, as BUSD, binance’s own stablecoin,
is built on…...ETHEREUM.
Yes, all the other stuff is just noise….Ethereum
is the programmable dollar.
Brian even said it….
You know how we seal the deal.
Cheers I’ll see you next time!
