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00:00Uh, fascinating to see how tomorrow plays out. We'll talk with you soon.
00:30Township, try it yourself.
01:00Township, try it yourself.
01:15Township, try it yourself.
01:21Township, try it yourself.
01:28Township, try it yourself.
01:36Township, try it yourself.
01:51Township, try it yourself.
01:58Township, try it yourself.
02:05Township, try it yourself.
02:10Township, try it yourself.
02:13Township, try it yourself.
02:17Township, try it yourself.
02:20Township, try it yourself.
03:25Welcome back.
03:28I'm Austin Westfall.
03:30It's been a historic week for the crypto industry.
03:32The House passing three bills intended to boost the legitimacy of the cryptocurrency
03:38industry with new regulations, as President Trump has pushed to make the U.S. the, quote,
03:43crypto capital of the world.
03:45One of the three bills, legislation to regulate a type of cryptocurrency called stablecoins,
03:51had already passed the Senate with broad bipartisan support and will now head to Trump's desk.
03:56The other two bills, a broader measure to create a new market structure for cryptocurrency and
04:01a bill to prohibit the Federal Reserve from issuing a new digital currency, those will both go
04:06to the Senate.
04:07This all comes as Bitcoin hit a new all-time high this week, over $120K.
04:13David Seamer is here.
04:14He's the CEO of Wave Digital Assets.
04:17There's a good amount of people watching this who don't invest in crypto.
04:21They don't know the first thing about it, in fact.
04:23How would you explain this week's news to those people?
04:26What do these bills mean for the U.S.'s larger commerce landscape?
04:30Yeah, historic was absolutely the right word.
04:34As someone, a long time in the crypto space, we've been kind of dreaming of this for decades
04:38or years.
04:40So going with the first one, the Genius Bill basically establishes a stablecoin structure,
04:45allowing stablecoins to be used as payments.
04:47And what, you know, obviously the U.S. has been running pretty sizable trade deficits forever.
04:52You know, the reason we can do that is the rest of the world loves the U.S. dollar and continues
04:56to.
04:57So this enables those dollars to be freer in the rest of the world.
05:02So just, you know, a good analogy would be like in Africa, you know, they skipped landlines,
05:06went straight to mobile phones.
05:08Well, they're also skipping banking.
05:09They're skipping brokerage houses.
05:11They're kind of skipping everything and using more decentralized finance, cryptocurrencies,
05:15you know, but the bulk of the stablecoins actually, you know, live in the third world
05:19where, you know, people have relatively terrible, you know, currencies for the most part,
05:23and they're just desperate to have a more stable currency.
05:25The U.S. dollar is great, and this kind of hegemony, you know, really is what's powering
05:30our economy for the last, you know, 25 years.
05:32So let's talk about Speaker Johnson.
05:35He said this today.
05:36He said, I just signed the landmark legislation passed today by House Republicans to strengthen
05:40American crypto innovation.
05:42The Clarity Act, Genius Act, the Anti-CBDC Surveillance State Act deliver on President Trump's
05:48vision to make crypto a core pillar of the U.S. economy and ensure America remains the global
05:52leader in this dynamic industry.
05:55President Trump campaigned on making the U.S. the crypto capital of the planet.
06:00Does he appear to be making good on that promise, or is there much more to do, including the
06:05two bills that are still in Congress?
06:07How do you see it, David?
06:08Yeah, absolutely making good on his promise.
06:11I mean, a lot of us were optimistic when he, you know, came out so pro-crypto, you know,
06:15during the election cycle.
06:16And I don't think anyone dreamed we'd be where we are.
06:19I mean, originally, the market structure bill, which is, you know, the clarity bill, you know,
06:23you know, there was hope that we would come out by year end.
06:26You know, here we are in July.
06:27It's, you know, it's not through the Senate yet.
06:29There's going to be some machinations.
06:31But it, you know, looks like it's going to make it through pretty handedly in the next
06:34few months.
06:35And to people in the industry, that's incredible.
06:38You know, these, you know, the, we've been under kind of this persecuted regime under
06:42Gensler for a lot of years.
06:44And this finally just does some very basic things that just gives clarity.
06:48You know, the fact that this is, you know, I think these are among the most bipartisan
06:51bills, you know, of the recent era is kind of telling it just how overdue, like, basic
06:56proper regulation was for this asset class.
06:59Is there anything that you feel is missing from some of the legislation?
07:04And I know some of it hasn't been signed by the president yet.
07:07In fact, none of it's been signed by the president yet.
07:09Only one out of the three bills is heading to the desk so far.
07:11But is there some still to be desired from these bills?
07:16How do you read it?
07:18Yeah, and nothing's perfect.
07:19But these are really, really good.
07:21You know, I mean, so the Genius Act, you know, again, making stable coins, you know, usable
07:27and transparent, removing a lot of the fear of transacting on those kind of dollars, you
07:32know, is huge for the industry.
07:34I mean, that bill is really, really good.
07:35You know, the Clarity Act is more of a framework.
07:38You know, and even if it does get signed, nothing goes into effect for a pretty long time.
07:41Like nine months.
07:43It doesn't solve every question, but it does solve the big, big questions.
07:48You know, who is going to oversee this industry?
07:50This defines it as largely the CFTC.
07:53You know, it separates, you know, kind of very logically which organization, which regulator
07:57is going to be looking at different aspects of this asset class.
08:00And it does it in a very thoughtful way.
08:02So I think they've done a phenomenal job on getting this far this fast.
08:06You know, we're only, you know, whatever, five or so months into this administration.
08:10So it's pretty incredible we got here this fast.
08:12So absolutely, Trump has delivered.
08:13So I remember back when Trump won the 2024 election, we saw a surge.
08:20We saw a bull run, if you will, in the crypto markets.
08:24It came back to earth for a little while.
08:26And now this week, we've seen it rise above $120,000 again.
08:31It hit an all-time high.
08:32Why is Bitcoin still the king in this space?
08:35Is it simply because it's the OG coin?
08:37Is it the first one that blew up?
08:38Is that why?
08:38I mean, a couple of things.
08:41It's the most decentralized.
08:43It has, you know, of what it's supposed to be, it's already kind of fulfilled its vision.
08:46Like every other coin, you know, the Solanas and Ethereum and others are a very complicated
08:51value proposition.
08:52They're trying to be this global settlement layer where you can move value around the,
08:58you know, around the world in the absence of trust and blah, blah, blah.
09:01You know, Bitcoin does that too, but its value prop is very simple.
09:04It's a store of value, you know, digital gold, as your pictures are showing.
09:09So, you know, it's much easier to understand.
09:11It is the OG coin.
09:13I mean, it's technically not.
09:13I mean, Ripple actually predates Bitcoin.
09:15There's about a dozen cryptocurrencies that actually predated Bitcoin, but nothing ever
09:19got close to its acceptance.
09:21And, you know, what we're seeing right now is just consumer demand.
09:25I mean, you know, we've seen $4 billion flow into the ETFs in just two weeks.
09:29We see all these, you know, kind of micro-strategy-esque companies, you know, buying up huge amounts
09:33of it.
09:34Why Bitcoin's been kind of trailing, or not trailing, but, you know, despite all the positive
09:38news and massive sentiment, the price had been, you know, kind of stagnant around the
09:41$100,000 level for a while, mostly because a lot of the very old holders who do hold
09:46a lot of Bitcoin still, in some cases, had been selling.
09:49And it seems like we finally have kind of exhausted their desire for liquidity.
09:54So, help people understand.
09:56Again, I'm coming at this from the angle of lots of our audience might not know the first
09:59thing about cryptocurrency.
10:01So, help people understand why crypto has value.
10:03For example, a stock is backed by the success of a company.
10:07What is, say, Bitcoin's value based on?
10:11It's really novel, and it's a little bit hard to grow.
10:14But, as you said, every other thing in the world trades on some kind of, whatever, EBITDA
10:21multiple or PE ratio.
10:23You know, digital assets are really the first one that truly trades on supply and demand.
10:26You know, it's a social currency.
10:29So, the more people that want it, the higher the price goes.
10:31If people say they don't want it for any more, you know, the price will crater.
10:36But people seem to keep wanting it.
10:37You know, and the real fundamental reason Bitcoin exists in the first place, it came out of the
10:41late financial crisis.
10:43You know, people, you know, trust in global governments is kind of at an all-time low,
10:48not just here.
10:48And what the governments have done to their currencies, you know, just kind of rampant
10:53money printing, high inflation.
10:56You know, inflation's not too high here, but in a lot of the developing world, it's incredibly
10:59high.
11:00And a lot of the world doesn't have what I would, you know, a viable currency.
11:04If you look at, like, you know, a lot of South American countries, African countries, you
11:08know, their currencies have these ridiculous inflation rates.
11:10There is no way to save if you're a consumer.
11:12Hence, hence why the stablecoin bill and giving people the ability to get dollars, you know,
11:18albeit in a kind of a token form is so powerful.
11:21So for a lot of the developing world, you're actually starting to see things actually priced
11:25in Bitcoin.
11:26You know, again, if you look at some of the countries, you know, again, like using like
11:30a Zimbabwe or an Argentina where you have this, you know, triple digit or worse inflation,
11:34you know, their local, no one wants their local currency.
11:36And then this is a very viable alternative.
11:38David Seymour, we appreciate you.
11:42CEO of Wave Digital Assets.
11:44We'll be checking in.
11:44This is an interesting thread to follow the next couple of weeks.
11:47We'll talk soon.
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13:44All right.
13:54Welcome back on Live Now.
13:56I'm Austin Westfall.
13:57Let's get the latest on that Air India crash.
14:00We continue to follow the developments.
14:02The latest is we're learning more about the jet and what happened in the cockpit before it crashed.
14:08When it crashed, it killed over 250 people in Western India.
14:12The Wall Street Journal, now with some exclusive reporting, saying that the focus of the investigation is shifting to the senior pilot in the cockpit.
14:20The journal says a U.S. assessment of the black box data shows that the pilot is likely to have cut off the fuel supply before it went down, killing everyone except for one person on board.
14:30The co-pilot, meanwhile, reportedly expressed panic, while the senior pilot remained calm.
14:37The investigation isn't complete, but the new details raise a lot of questions.
14:41Byron Jaffe is a former longtime commercial pilot.
14:45This is a troubling report, Byron, a calm captain and a panicked co-pilot.
14:52What kind of picture does that paint to you?
14:54Well, sadly, it paints the issue of mental health that is prevalent in our society, and it's a stigma by a lot of people, and in aviation professions, mental health is really looked at as very pervasive as a stigma to many pilots.
15:13And if there is a mental health issue amongst somebody in the pilot group, they are very hesitant to come out and speak about it or reach out to get help.
15:25And I have to be clear when I say this.
15:28It has not been confirmed if this was something nefarious on the captain's part.
15:33That's something we simply don't know yet.
15:35But should this spur conversation about pilots on all flights?
15:39Well, you know, there have been instances in the last 10 years of accidents that were caused by either confirmed or suspicious activity that was indicated of a suicide by the pilot.
15:55There was German wings.
15:57There was a Silk Air crash, an Egypt Air crash in 1999.
16:01There was a China Eastern crash a few years ago.
16:05And then, of course, Malaysia 370 was unproven, really.
16:10They don't know what caused it because they haven't found the black box or the recorder, but they suspect suicide from the pilot action and that.
16:18So it is a concern out there in the community in the last 10 years.
16:24Is there any other reasonable explanation as to why the captain might cut the fuel to the engines?
16:30Not at that particular instance where they had just been airborne, literally five seconds.
16:38You would not be doing any action like that until you were at a much higher altitude and ransom checklist to make some confirmations.
16:45So it is leading, it is leading towards, sadly, that it may have been a suicide murder act by the one of the pilots, the captain, I guess they're saying right now is the reporting.
17:00Is this a conversation that you and other pilots in your network have had with each other?
17:05The idea of pilot mental health, is this something that's talked about in your circles?
17:09Mental health is not really talked about, per se, between pilot individuals, but at the major U.S. airlines, specifically the one I worked for for 40 years, American, Delta, Southwest, United.
17:23They have very strong mental health resources that are available to pilots if they feel they are under stress.
17:33Specifically, there is this project that's a peer-to-peer pilot called Project Wingman at American Airlines, and it was instituted in 2011.
17:43It has 40 or so pilots, they're actual pilots, they're volunteers, and they're trained to deal with mental health issues.
17:50They have training, and they have resources available.
17:52And it's a confidential program, so that if you are having some stress in your life, or some type of issue, personal issue, or at work or at home, you can come and call these folks and confidentially express what is bothering you.
18:08And they will assist you in trying to get help where it won't be reported to the airline or the FAA.
18:15So, Byron, I've got to ask you about the co-pilot here.
18:20The co-pilot apparently was panicking at the time that the fuel was cut off to the engines.
18:25Is the co-pilot capable of overriding the captain in any scenario like that?
18:32In certain scenarios, yes, the co-pilot can take action to override if the captain is incapacitated or, for some reason, not executing the proper procedure or duties.
18:42But, you know, in these Asian and Far East communities, it's very difficult.
18:48The culture is very difficult where someone who is a co-pilot actually pay control of the airplane or override a captain.
18:57But in the United States in the last 10, 15 years, the training has been towards where co-pilots can speak up when a captain is doing something that they feel is not safe or out of the ordinary.
19:10Why is it so easy?
19:12And this is a tough question to answer, but why is it so easy for something like this to happen?
19:18You know, I was going back to reviewing some pilot traits, pilot personality traits.
19:24Pilots, a lot of pilots are type A personalities.
19:27They are assertive.
19:29They're analytical.
19:30They're suspicious.
19:31But one thing that pilots are is very prevalent.
19:34They're very emotionalist sometimes.
19:36And they can't express themselves.
19:39And they have a very low tolerance for poor performance or for personal imperfection, whether it's with themselves or other people.
19:47And a lot of people say that spouses, family members, pilots.

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