it should be fairly simple to to split  things up and delegate responsibility  like swaps Futures options those are all  your purview uh things that are based on  Securities could be the sec's can't you  guys get along can't you share well that  we do get along is that going to happen  there we have shared we will share but  for us the cfdc the difficulty is okay  welcome back everybody to altcoin daily  my name's Austin the infighting between  the cftc and the SEC on how to regulate  crypto continues  in today's video that's exactly what I  want to share with you I'll play this  clip as well as go over the recent  altcoin news that the mainstream media  won't share with you but I will this  channel will so you can make the best  decision for you so like always check  the timestamps down below hit the like  button and before we get to  cryptocurrency Let's zoom out and just  look globally at the macro economy right  now  this is the currency strength over the  last year the US dollar compared to  other major nation-state currencies  around the world and what do you notice  well starting in 2022 this is the dollar  milkshake Theory playing out in front of  our eyes the dxy continues to go  parabolic suppressing not just  cryptocurrencies but suppressing all  major currencies globally so if you're  asking why crypto continues to crash  this is it yes on one hand inflation for  the US dollar is outrageous the  purchasing power is only getting lower  but our garbage is way better than other  nation states garbage I'm not going to  get too into this today other than  giving you this update we did go heavy  analyzing this metric in a few days ago  I will link this video down below check  it out  and moving forward now let's focus on  bitcoin because while prices continue to  sink lower trading volume surprisingly  has almost never been higher  trading volume  has heated up for crypto markets and  especially Bitcoin during the big leg  down on Tuesday BTC peaked at its  highest level of trading since June 14th  volume has gradually risen all year  since bottoming out in late January so  here is that chart in full as you can  see the green represents the price of  BTC continues to go down since September  of 2021 continues to go lower compared  to the volume of BTC BTC trading volume  reaches highest level since June 14th  and what this means to you as a Bitcoin  investor well all this trading means  that at these price levels people are  scooping up Bitcoin in droves now that  also means people are selling Bitcoin at  these price levels in droves the price  is sort of staying the same as all this  trading takes place some people are  excited to get in on these levels and  yet other people are excited to sell at  these levels I'll keep tabs on this but  give me your thoughts down below  and now of course I'm bullish on bitcoin  but I do understand that a big reason  some people may be selling is because of  the huge regulatory uncertainty  happening right now in the US the cftc  and the SEC aren't really sure who's in  charge of this let me share with you  this clip from the cftc chairman this  morning and then listen to host Joe  Kernan make the half joke that we're  trying to Define cryptocurrency by the  70 year old case law outrageous  watch this it should be fairly simple to  do to split things up and delegate  responsibility like swaps Futures  options those are all your purview uh  things that are based on Securities  could be the sec's can't you guys get  along can't you share well we do get  along we can share we have shared we  will share but for us the cfdc the  difficulty is as you know we're a  derivatives regulator we don't oversee  cash markets so the authority that I've  been asking Congress for is Cash  Authority so that we can go into the  Bitcoin cash Market The Ether cash  market and the other digital commodity  tokens security against that those are  secured well we're going to have to  figure that out I think legislatively  because this is a new asset class and  there are different components and  characteristics of this asset class as  opposed to traditional asset classes we  have to rely on six 70 year old case law  to determine what is the security what's  the commodity we have at least one court  case in the eastern district of New York  that says bitcoin's a commodity the  other case there are other cases out  there and we're just trying to figure  well it's not a Turf War it's two  Regulators who work together in the swap  space who work together in the future  space and we're trying to find a  reasonable outcome that will create  certainty for the market but also  customer protections for retailers let's  go back 70 years to the people that  wrote the law and explain crypto to them  all right  what do you think about this like the  video share your thoughts but to me if  I'm a large Institutional Investor  watching this this would sort of make me  uneasy about investing a large portion  of money in Bitcoin let alone other  cryptocurrencies if the cftc if these  Regulators don't even know what they're  supposed to do now it has always been my  mindset that regulation is inevitable if  we truly want Mass adoption then some  form of Regulation is coming I think the  best solution would be to make new  guidelines and not try and base not try  and fit crypto into 70 year old case law  as said but also if it does if it will  come down to either the SEC or the cftc  I would personally much rather have the  cftc regulate cryptocurrency because a  hammer will always see every problem as  a nail so if we give it to the SEC  they're going to see every  cryptocurrency as a security as opposed  to the cfdc they're a little looser  but let's just keep tabs on this and see  how this plays out  now that being said it is cool to see  the building happening right now in this  space for example Christie's moves on  chain with nft auction platform on  ethereum so the new Marketplace allows  the prestigious auction house to carry  out auctions and sales on the ethereum  blockchain from start to finish so if  you hold ethereum you'll love this this  is huge for adoption the 256 year old  British auction giant which is also the  second largest auction house in the  world by Fine Art Auction Revenue said  that it's Christie's 3.0 is entirely  gonna be on ethereum all transactions  including post sale will automatically  be recorded on the blockchain and again  for you at home just think of this as a  competitor to openc only with this it  comes with all the prestige and the name  awareness that Christy has in the  traditional World very cool  and next piece of news for filecoin file  sharing crypto project filecoin reports  strong fundamental growth ahead of their  vfm launch so some 20 000 individual  users are said to be using filecoin to  store over 50 million data objects used  by dapps so here are the latest stats  for filecoin at the filecoin Singapore  event on Monday co-lead at filecoin  development lab protocol Labs set the  network storage providers were  increasing at a rate of 20 each month  with most activity in North America  Korea and Hong Kong  and the developer also said that some 7  000 new developers were currently  building applications on the filecoin  blockchain so cool to see the growth now  do keep in mind this was at a file coin  convention quote unquote I would love to  see these stats compared to other major  D5 protocols you know by a third party  unaffiliated you get it but if you're  asking why are we seeing growth like  this with filecoin  such reported growth comes ahead of the  launch of the filecoin virtual machine  fvm slated for an early 2023 release  fvm is a software platform or virtual  computer that would be used by  developers to create a decentralized  applications based on the filecoin  network so the filecoin virtual machine  allows dapps allows smart contracts and  essentially ethereum started all this  with the ethereum virtual machine evm  back in the day but of course these  major protocols want to eventually build  their own and build dapps on their own  so it makes sense V fvm coming in 2023  next piece of quick news for optimism  openc nft Marketplace adds support for  optimism optimism is now the sixth  blockchain supported by the leading nft  Marketplace and just as a reminder  optimism is a layer 2 scaling solution  for ethereum so this is a win for  optimism but even a bigger win for  ethereum  and optimism joins five other existing  networks Now supported by the  marketplace including ethereum Solana  polygon Clayton and as of last week  arbitrum another eth scaler so if you  hold a coin or a Dap on the optimism  blockchain specifically you'll love this  next piece of news for chain link  blockchain data provider chain link  launches program to reduce costs out of  staking of its token the popular  blockchain Oracle Network's new build  and scale programs set the stage for the  link token staking to begin in December  2022. so we are getting all this  information out of the conference smart  con going on now and just to Define  chain Link's build program and skill  program they are the smart contract  Oracle Network chain link that powers  much of Defy is offering a build program  where up and coming teams donate three  percent to five percent of their native  tokens to the network in return for  access to chain link data and for those  already initiated the scale program aims  to reduce on-chain transaction costs  associated with smart contract oracles  to near zero so this could be very  bullish for chain link long term because  not only will chain link now get I guess  as an investment three to five percent  of these of these new cryptocurrencies  but in return these cryptocurrencies  will start using chain link which is  bullish for token which is needed for  the network in general as mentioned  before on this channel chain link  staking is slated to get underway in  December so cool to see these  announcements coming out in anticipation  and that's the video my name is Austin  see you tomorrow