Kyle Lawrence [00:00:00]:
The market structure bill is here. Live free or die on chain and Peaky Blinders, A show that takes place 100 years ago gets the Web3 treatment. Black Mirror. Nothing about crypto, nothing about blockchain. Explain it to me like I'm four years old. Welcome to Block and Order, the show that explores the legal issues facing the world of Web3 and beyond. I'm Kyle Lawrence, and with me, as always, his life is a Black Mirror episode, Mr. Moish Peltz.

Moish Peltz [00:00:33]:
I think there's some optimistic episodes in there somewhere. I don't think it's that, you know.

Kyle Lawrence [00:00:38]:
Yeah, you know, it's not all doom and gloom, right? And we'll cover it later. I don't understand how they've not had a crypto episode. Seriously.

Moish Peltz [00:00:48]:
Maybe they're too depressing for television. I don't know. No, I mean, I think they should. I think it'd be great to imagine a. A techno futuristic future that everything's on crypto rails and what the societal implications are.

Kyle Lawrence [00:01:01]:
I guess maybe it's a little too real.

Moish Peltz [00:01:05]:
It's like, I don't know, buying Starbucks.

Kyle Lawrence [00:01:08]:
With, you know, I suppose. I don't know. There was that one episode, I think it was called the entire history of you where everybody had a chip implanted that records everything they see in here and couples fight with each other and they say, show me what you said a year ago at this time. No nightmare fuel. Horrible. We'd be in so much trouble. Every man in this world would be doomed.

Moish Peltz [00:01:32]:
That's right. Well, Kyle, I know you were in New Orleans this. This past week. How was Jazz Fest?

Kyle Lawrence [00:01:37]:
Jazz Fest was great. I definitely have a little bit of a, you know, something upstairs going on hurting me from breathing in all the dust and cigarette smoke. But Jazz Fest is a great time. New Orleans is a really fun town to visit, and I got my fill of music. Some. Some old friends, got a ton of crawfish, had some great food. Overall, it was great experience. I will, if I may rant.

Kyle Lawrence [00:02:00]:
Jazz Fest does this thing that I do not like, where they let people bring in chairs to the festival and there's seated and standing sections, which is fine. However, people, as you know, do not respect public space with other people. You see it on planes, you see it on trains, you see it on the roads, and. And Jazz Fest is no different. And what people do is instead of carrying the chair around all day, they set up their little fiefdom at the Pearl jam stage at 9 in the morning. And if you so much as breathe on it, you get into a fistfight with these people, and they set up all this room. And what happens is. And Jazz Fest doesn't sell out, so there's 100,000 people there.

Kyle Lawrence [00:02:40]:
You can't get into the field where they were playing. So I saw Pearl Jam from, like, a mile away. Rant over. Thank you for indulging me. It was great, otherwise.

Moish Peltz [00:02:53]:
Well, thanks for going. Any other highlights? Like who? Who else? I have no idea who played Jazz Fest this year.

Kyle Lawrence [00:02:59]:
Santana was a great highlight. I actually saw Santana at Jazz fest back in 98 or 99 when I was in school there, and it was one of the worst shows I've ever been to. He was barely on stage. He played a listless solo when he was on stage that wasn't tethered to a song. And I wasn't really looking forward to this set, but was the greatest hit set. He sounded great. The crowd was really into it. Really awesome.

Kyle Lawrence [00:03:24]:
Really, really.

Moish Peltz [00:03:24]:
Santana and the Golden Years is turning it back on. I. I saw him, it must have been 10 or 15 years ago, and he was pretty good. But, yeah, he, like, came up and, like, played around a bit, and then it was, like, kind of walked off stage and the band just kind of did its thing and.

Kyle Lawrence [00:03:38]:
Right. Yeah, yeah, not this time. He was into it. He was addressing the crowd, having a good time. He looked and sounded great. And all the local blues and jazz stuff is always great. The Wailers were there. Kenny Wayne Shepherd, a great blues guitarist, was.

Kyle Lawrence [00:03:51]:
Ale was there. Lenny Kravitz was a lot of fun. My Morning Jacket closed out Sunday night. Just good time. I'm a big festival guy. I love being out there in the mud. It's a lot of fun.

Moish Peltz [00:04:04]:
Well, back to our crypto techno future. We have an exciting episode of Block and Order for you guys now that Kyle is back in town.

Kyle Lawrence [00:04:12]:
That we do. Why don't you kick us off, my man?

Moish Peltz [00:04:17]:
All right. Well, our first topic on the order is the US Crypto market structure bill, which was just released in draft form by House lawmakers. They have proposed a. What would be a landmark bill that would largely diminish the SEC's role in its direct oversight of cryptocurrencies. Transfer a lot of that authority to the CFTC. So, Kyle, what did you take away from this landmark first draft of the, you know what is now the leading crypto market structure bill?

Kyle Lawrence [00:04:51]:
It's something we've been waiting for. It was the topic of conversation at the Digital chamber summit in D.C. a couple weeks ago. A lot of people talked about it and they said that this was in process and was going to be happening.

Moish Peltz [00:05:03]:
So.

Kyle Lawrence [00:05:03]:
So the bulk of it is that it's definitional, it's going to change definitions under the securities act of 1933, the securities Exchange act of 1934, securities Investor Protection act of 1970, all that good stuff. And in effect it's removing digital assets or excluding digital commodities from the definition of securities. In a nutshell, that's what it's doing. That's how you move it from the SEC to the CFTC and is going to give the CFTC authority over many of these digital assets. And also under the bill, the digital assets will be classified as commodities if they operate on a functional and decentralized blockchain or what they call that, a mature blockchain. And there's not a lot of wording about that, but that's largely what this bill accomplishes. Moish, what were your takeaways?

Moish Peltz [00:05:54]:
Yeah, I mean, I think that's, I mean one, it tracks a lot, at least conceptually, the fit 21 bill that had already come out. There are a lot of improvements and it does seem to be, you know, a lot of that feedback is, has been incorporated. And you know, I think, I think this idea of the CFTC being the primary regulator for a lot of these assets, except for the ones that are trading through the SEC on an alternative trading system that is registered with the SEC is a, you know, seems like a relatively coherent way to divide it up, but it does, you know, ultimately I'm just a little uneasy about having 1, 2 regulators instead of one that just has, you know, kind of full service purview of the crypto asset market. And, and you're still kind of then debating about whether it's security and whether it's an SEC regulated asset or whether it's something that's under CFTC. And then even under both those definitions there's obviously lots of criteria and things you have to comply with. So it's for the people that want that enjoy this kind of gray market that we have now of light regulation because nobody knows what they're doing and we're in this, in between flux stage like time to get over it because, you know, it looks like we're going to have some real regulation down the pipeline.

Kyle Lawrence [00:07:25]:
Yeah. What's interesting when I was reading a bit about this earlier today is things like Ethereum, Solana, Cardano, obviously Bitcoin, all appear to meet the definition of quote, digital commodity. And one of the things that I think is going to be in A gray area is XRP because part of the exclusion is no one person or entity can own 20% of the total supply. Well, XRP is owned by Ripple. Ripple owns a lot of, I don't know what the exact percentage, but it's a lot. But they also own it in escrow. So if they hold it in escrow, is that beneficial ownership and the statute doesn't really get into that. I think that's going to be things they have to discuss during committee because that would be a pretty big one to leave up in the air like that.

Moish Peltz [00:08:11]:
Yeah. And then one of the commentaries I saw from Gabe Shapiro who we've had on the show and who had a really insightful commentary on the, the aspects, you know, good and bad of this bill, basically said, you know, it, it's, it's motivated by arguably quite sound intention, but has lots of internal circular circularities or contradictions. And I guess, you know, the question is right, can any legislation legislator pass a bill that is comprehensive, you know, in just given the market that's trying to regulate how fast it moves, how varied all the assets are. And so we'll see right as, as it kind of makes its way through the committee process and industry gives feedback and legal commentators give feedback. It'll be interesting to see how it goes from here.

Kyle Lawrence [00:09:02]:
Be curious to see if the Republicans just hammer it through. I don't know. I'm curious to see how they handle this term before the midterms.

Moish Peltz [00:09:11]:
I don't think they can and I don't think they're going to. And it seems like a lot of Democratic lawmakers are starting to break now, which they did on the, on the stablecoin bill. Right. You saw that there was some fracturing there of people that said stablecoins sound great, let's do it. And then it got time to vote and, or almost time to vote. Like I'm not feeling so warm about it anymore. So we'll see if that's just politicking as usual or if that's going to really strive to create some, some well intentioned.

Kyle Lawrence [00:09:39]:
Right.

Moish Peltz [00:09:40]:
You know, good feedback into these bills.

Kyle Lawrence [00:09:42]:
Them kicking the hornet's nest of the crypto, you know, the crypto people who supported all the elections last year. Not a great strategy. We'll see.

Moish Peltz [00:09:50]:
See if it works out for them, Kyle

Kyle Lawrence [00:09:51]:
Yeah. Next up, New Hampshire. How about this? They became the first state in the United States to approve a crypto reserve law on May 6th of 2025, just yesterday, Governor Kelly Ayotee, Ayotee, Ayotee, signed House Bill 302 into law making New Hampshire the very first US state to authorize the investment of public funds into cryptocurrencies. The legislation permits the state treasurer to allocate up to 5% of the state's available public funds into digital assets and precious metals. Like the movie Heat. This move positions New Hampshire at the forefront of integrating digital assets into the state, state financial strategies. The law stipulates that only digital assets with a market cap exceeding 500 billion are eligible for investment. So as of now, that's just bitcoin.

Kyle Lawrence [00:10:37]:
Obviously that can change, you know, in time. Well, Moish, did you have New Hampshire in the pool?

Moish Peltz [00:10:44]:
Yeah, man, it's the, it's, it's the live free state. Here we go.

Kyle Lawrence [00:10:48]:
It's crazy.

Moish Peltz [00:10:49]:
Yeah, I mean, look, we had a bunch of states that were contending Arizona was right at the doorstep. You know, they had it at the one yard line and their governor vetoed it, calling it an untested investment of putting state funds into bitcoin, which, look, I don't think the investment's untested. It's volatile whether it's a good investment for, you know, these, these very large pension investment funds. Essentially what these public funds are, I think is, is an open question. But the idea that you can't take some very small responsible amount of that and invest into this new asset, you know, there's obviously a lot of different views on that. So I'm not super surprised that New Hampshire was first. But you know, they beat Florida and Wyoming and South Dakota and North Dakota and Pennsylvania, Montana, Oklahoma, all of whom are, you know, there's. I think there's 18 states that were really close or that are at least considering it now seriously and have legislation that's pending.

Moish Peltz [00:11:54]:
So congrats, New Hampshire. I don't know what else to say.

Kyle Lawrence [00:11:58]:
Yeah, I really thought Florida was going to be the first one. There was so gung ho about it. Pure speculation on my part and I haven't read anything about this and maybe I'm completely out of line, but you know, Florida has all these problems in the past year with storms and their insurance is going out of. It's completely out of control. I wonder if there was some apprehension on their part to start taking state funds and putting into this when they kind of need to focus a little bit more on infrastructure, insurance and kind of securing the state in a warming world. Sorry, don't, don't cancel me. But it is what it is.

Moish Peltz [00:12:30]:
Well, if you've seen like the insurance rates in Florida are insane. Yeah. Look, I, I think it's a good point, right? So we don't think a lot about where these public pension funds keep their, public treasuries for states keep their money. It's just not like people don't think about it. They're just invested in investable assets and that's just what it is. So I wonder if part of this is, you know, it's just drawing attention to asset allocations of these funds and the, the government and the allocators are like, we don't need that or just doing our thing. So maybe it's, it's some unwanted attention, which honestly the public's entitled to know that and they're entitled to know that it's being invested prudently, you know, which I think, I think the New Hampshire bill at least, right. Does have a lot of language about mandating U.S.

Moish Peltz [00:13:21]:
regulated custodians, qualified custodians, state controlled wallets, robust security compliance, things like that. So again, I think, I think it's great. I think every state should be considering, you know, even if it's a very, very small percentage of it, experimenting with the technology, which I think will only help the legislators think about other statewide crypto legislation. And then I think for private companies, like we talked about strategy and Stripe has implemented stablecoin stuff like the private company, the public company treasury into Bitcoin. I think it's the same idea. It's putting a small amount in a responsible manner and just using that to start having adoption and increasing from there.

Kyle Lawrence [00:14:09]:
Good stuff. We'll see how it goes.

Moish Peltz [00:14:12]:
All right, the next topic on the order is a federal judge has ruled that Apple violated an antitrust order and referred the case for a contempt inquiry. The result of that being the App Store. Apple's App Store, the largest like digital economy basically in the world, is now open for several different things including linking out to NFT collections, direct user crypto payment systems, and basically that any company can now operate outside Apple's in app purchase ecosystem without special entitlements. Kyle, I think this is the biggest thing to happen in NFTs and crypto ever is basically now the App Store monopoly has been like crushed and sent away.

Kyle Lawrence [00:14:59]:
I just don't understand how they thought they could get away with this or how they felt that that was 27%. Seriously, why, if you're gonna, if you're gonna be that obnoxious about it, why go that high? Maybe they knew that this would get struck down and they were trying to cash out as much as they could. I don't understand what their thinking was with that.

Moish Peltz [00:15:19]:
Well, I mean the order was adopted. The antitrust order was adopted in 2021. And this was a contempt hearing, a contempt ruling on the Apple's non compliance with that order and including, you know, at the highest level of Apple, Tim Cook disregarding compliance advice, VP of Finance providing allegedly false testimony under oath, not allegedly as found by this judge. And so the result was from 2021 to present and this is a huge economy in the App Store as you mentioned, 27% fee, I think it was even 30 before this. That's a, that's big money, right? So, so letting that ride for four or five years until now is billions and billions and billions of dollars of transaction revenue for Apple. So look, the judge was not happy that the order was not adopted in like just like really seething order, which is always fun to read. But the result is, right, that the, the App Store policies are now unlocked and there's a lot more that developers can do that are, that are going to enable. I mean it's not just crypto, right? It's Spotify like the day after this order and immediately launched the new release of their app that allowed for financial activity outside of the in app purchase ecosystem.

Moish Peltz [00:16:49]:
So really everyone that has an App Store ecosystem app is going to benefit from this, I would think.

Kyle Lawrence [00:16:56]:
Yeah, no, it's true. You don't hear as much of the scuttlebutt in Washington about breaking up the large tech companies, Apple, Google, Facebook, meta, you know, everything. But you know, it's things like this that gave rise to that conversation in the first place. Just crushing the competition. And that's what this is designed to do in part one, it's a money making price gouging thing. But two, you know, when they do this, it just crushes the people who are all smaller than Apple. Not that I think this is going to recreate a groundswell of that kind of support. You know, the administration is not really super focused on things like that, at least not that I can tell.

Kyle Lawrence [00:17:33]:
But I mean this is exactly why those things were being discussed in the first place. I don't like when the biggest companies in the world flex their muscle like that and I'm glad to see that they got their comeuppance.

Moish Peltz [00:17:43]:
Well look, I'm a huge fan of open source code and companies kind of building an open and free and fair financial ecosystems. But if you asked Apple why do you have the App Store and why do you have this huge fee and why do you make it this huge lock in. They'd say, well, we have the most safe and secure ecosystem and we know all the apps that are published in this ecosystem are good for consumers because of that. And I personally, I have an iPhone and I use the App Store and I like that. And I think they have a great ecosystem. And so I think it's this push and pull of where's the line, what's easy to use and good for consumers versus what's fair and free for competition.

Kyle Lawrence [00:18:34]:
I think a 27% fee is unfair, but I hear you. I don't disagree with your point. I'm an Android man, so I don't really. Next up. A crypto puck investor has pleaded guilty to a $13 million tax evasion scheme and now faces up to six years in prison. Waylon Wilcox, a 45 year old from Dillsburg, Pennsylvania pleaded guilty to underreporting income to the IRS after selling 97 crypto punk NFTs between 2021 and 2022 earning over $13 million. He failed to disclose these earnings on his tax returns, resulting in approximately 3.3 million in unpaid taxes. We do not give legal advice here on block and order.

Kyle Lawrence [00:19:16]:
However, you should not do that. You should pay your taxes, you should report your gains. This is the exact kind of thing. I mean, this is low hanging fruit for even a understaffed and overworked IRS. Moish, I know we've talked about these kinds of things a lot over the past year and a half while we've done the show and just in the course of our practice. What do you think about this? Is he being, you know, suppressed by government overreach or does he deserve to go to jail?

Moish Peltz [00:19:46]:
Look, I think most people don't deserve to go to jail, but that's a different conversation. But look, Wilcox is a well known crypto punk celebrity and I'm sorry for him and his family for, for this happening. But from the public reporting, it does seem like the, the issue here was if everyone knows when, at least if you're a US taxpayer, you know, when you go to declare your, your taxes, there's a big checkbox on the first page of your tax return that says did you have cryptocurrency activity this year? And you can check yes or you can check no. If the answer is yes, that you have crypto activities, and the answer is yes, that you sold tens of millions of dollars of NFTs, you, you should not check the no box. Again, not legal advice, but it should be pretty obvious. And so I think that Was the issue that there. There was just some gross misreporting resulting in a criminal case in this, in this particular one. Right.

Moish Peltz [00:20:51]:
Which is unfortunate. Obviously should have gone back and done that right the first way and hopefully would have avoided criminal tax evasion charges. So, you know, it just seems like it's difficult to have, like, I'm sympathetic to the human element to this. It seems like just such a black and white. Again, this is from the guilty plea and what's publicly reported. Who knows what went into that decision making and kind of give. Giving Wilcox the benefit of the doubt. But just.

Moish Peltz [00:21:21]:
There's not an easy way to say this. If you're doing crypto activity, make sure you're doing all your reporting as best you can.

Kyle Lawrence [00:21:30]:
It's true. I remember after the last cycle and we were in the, you know, in the bear. In the bear market and all of the people who had huge gains in 2021 and early 2022 then started having lots of losses and they declared their losses, but didn't all declare their gains. And there was a big push of a lot of these types of cases. You know, obviously we're, you know, we're not picking on Wilcox and it stinks for him and his family, but it's just you, you. Everybody needs to be aware that, you know, the IRS are not a bunch of luddites sitting around with their thumbs in their butt that don't understand what people are doing. And they can track these things. So just be careful, be vigilant.

Moish Peltz [00:22:09]:
Well, in many ways they, they are. And they have been the most sophisticated regulatory agency in terms of tracking and because they're kind of profit motivated to. To do the calculations and find out where people are wrong. So, yeah, I mean, you got, you gotta, you gotta do this in good faith. That's.

Kyle Lawrence [00:22:30]:
That's the answer. Easy. Well, Moish, I'm happy to say it's time for our lightning round.

Moish Peltz [00:22:40]:
Love it, Kyle.

Kyle Lawrence [00:22:41]:
That's so loud in these headphones.

Moish Peltz [00:22:44]:
All right, well, our first lightning round topic. The SEC has officially closed its investigation into CyberKongz, the Monkey NFT project that is not the bored apes. Congratulations to CyberKongz. This marks a major Victory for the Web3 project after years of legal challenges as previously reported on block and order and financial strain by virtue of having to defend the investigation by the sec. The team said that the outcome is a pivotal moment for both CyberKongz and the broader blockchain community, offering regulatory clarity and renewed momentum for innovation. And they also announced that they're going to do a full rebrand, a new direction for the project which will be coming down the pipeline soon.

Kyle Lawrence [00:23:27]:
No surprise here. As you mentioned, we covered this on the show and as we read the complaint in real time, or excuse me, the CyberKongz's response to the complaint. We just couldn't figure out where the SEC was even coming from. We even speculated that it was their last salvo before the new administration took over and almost seems like that's true.

Moish Peltz [00:23:47]:
Yeah, I mean it seems like it was one of the last salvos of the prior administration and it's one of the most recent case closings of the new one. I guess the question remains, like, what cases are still open? What investigations are still open that haven't closed? That's probably a pretty interesting list, especially the ones that were brought after this one. But you know, I like to think there's just a government regulator somewhere that thought the idea of a banana token that was like feeding baby CyberKongz was just like too silly to. Not ridiculous. Yeah, we just, we gotta learn more. So maybe just curiosity about the cat there.

Kyle Lawrence [00:24:22]:
Maybe, but glad to see it's over. The Oregon Attorney General has filed a new enforcement case against Coinbase, mirroring the previously dismissed SEC action. As we just talked about, critics argue that the move is politically motivated and a misuse of taxpayer funds, especially since the original SEC case was dismissed with prejudice. The action to spark concern over regulatory overreach and redundancy. You know, Moish, what do you think about this? You know, there's a lot of, you know, with the current administration, a lot of the talk is leave it to the states, let the states decide how to govern these kinds of things. But I don't think this is necessarily what they had in mind when they would say those kinds of things. What do you think about this?

Moish Peltz [00:25:05]:
Well, I, I think this is exactly what federalism means is, is you have different states, take different approaches and you're going to have right wing states that are going to say anything goes and you're going to have left leaning states that are going to say the federal government is asleep at the wheel and we need to enforce, enforce, enforce and we need to fill the gap left by the absence of regulation from the new administration. So to me that's not a huge surprise. I think we've been talking about that and some people have been predicting that with, with the SEC and the CFTC now kind of taking their foot off the gas pedal, that these states are going to come fill the gap. And anecdotally what we hear is that Oregon and some other states are being quite aggressive with enforcement actions and subpoenas and investigations. And so it seems like for the next few years especially. We talked earlier about the new proposal for the market structure Bill. You may not need to think about the SEC and the CFTC, but you should be thinking about the states.

Kyle Lawrence [00:26:16]:
Complying with 50 different states laws. Oh boy. Like blue sky all over again.

Moish Peltz [00:26:22]:
Well, it's worse because we still don't have any real. I mean, as you remember, right. All the, the, the legal cases that could have gone up to. I mean, this would have been a federal appellate court, but all those cases were basically dismissed at the beginning of this year.

Kyle Lawrence [00:26:36]:
Yeah.

Moish Peltz [00:26:36]:
So now we don't have really appellate decisions to say, you know, this judge that decided a district court case that found liability or found that there was not liability that should be. Although it's not binding on a state court because federal and state courts are in different tracks. It would be instructive to have a 9th Circuit or 2nd Circuit appellate decision or even a supreme court decision on the application of the Howey test to crypto securities. But we don't have that because all those cases are dismissed and the Oregon Attorney general can make or attempt to make new law at the state level. And maybe the Oregon Supreme Court is going to be the one to decide.

Kyle Lawrence [00:27:14]:
A case of first impression based on 10th impression or something.

Moish Peltz [00:27:19]:
Scary, man.

Kyle Lawrence [00:27:20]:
It's gonna make my head hurt.

Moish Peltz [00:27:24]:
All right, our next lightning topic. Burwick Law has announced a new lawsuit on behalf of investors against Ben Chow and Meteora and several other individuals involved in the launch of the $M3M3 Meteora token. Here we go, Kyle. Another class action plaintiff's crypto lawsuit just gets me all excited. The complaint included allegations of fraud, securities fraud, other legal violations related to the token launch on the Meteora platform. And the case highlights growing legal scrutiny in the crypto investment space, especially by, you know, if not the state regulators, by private class action attorneys. So, Kyle, what do you think?

Kyle Lawrence [00:28:05]:
Well, one, hats off again to Burwick for being, you know, having the real thumb on this issue. They seem to get all of these cases. I'm actually surprised you don't see more of these. I know we had the one about the. What was the one in. In Rug and Tina, what was it called? LIBRA. You had LIBRA, you have Meteora. But there are hundreds, if not thousands of tokens like this that are, you know, riddled with weird things.

Kyle Lawrence [00:28:33]:
I mean, there are some that the market cap just goes up and up and up. And the second you put money in, they instantly go down. There's algorithmic wash trading on a lot of these tokens. I'd be surprised if you don't see a lot more of these class action suits being filed. I don't know what they're going to sue to go after because you can't draw blood from a stone. But there's a lot of these things out there like this that you can go after.

Moish Peltz [00:28:54]:
But, but isn't, isn't like the expectation of investors that like, shouldn't everyone know that these tokens are going to. There's like a very good chance, if not 100% chance that these tokens are going to go down like 90% at some point after launch.

Kyle Lawrence [00:29:09]:
Well, there's a difference between that and somebody who looks at a token that has, you know, in the five minute chart, 9,000 and 9,000 sales, 10,000 purchases and the purchase and sales in the exact same amounts and it's falsely generating volume. So you think it's an active token. I mean there's a difference between that and what you're talking about, which I agree is just pulling the slot machine at that point.

Moish Peltz [00:29:34]:
But again, I think, I think all these tokens, it's like if you're putting money in to a super low micro cap token, like call it under, I don't know what's even a number under 10 million dollar market cap. Let's just use 10 million as an example.

Kyle Lawrence [00:29:51]:
Most of them.

Moish Peltz [00:29:52]:
And you're voluntarily putting money into that. You should know that there's like a really good chance your money just immediately gets evaporated and you never see it again.

Kyle Lawrence [00:30:02]:
Well, I think that's fair and I don't disagree. But even the SEC guidance on memecoins is it butts up against that because it says, yeah, these are for fun and you may lose all your money and it's, you're just a fan of this or whatever, but if you commit fraud, you're still going to fall under our purview.

Moish Peltz [00:30:20]:
And I think that's right. I think that's right. But like it's, it's still like, I don't know, like it's maybe it's just the cesspool of snake oil salesmen and everyone's doing fraud and everyone should be sued and be locked up for that. But at some point it's just like if you keep jamming money into this cesspool, like at some point it's on you. Right buddy?

Kyle Lawrence [00:30:44]:
Right. Don't be part of the problem, be part of the Solution, don't participate.

Moish Peltz [00:30:49]:
Yeah, but like look, I think, I think it's a. Saying it that way, it's a good point. The industry just. We have to be better and we have to incentivize good actors to build cool stuff and celebrate and market that stuff and not, you know, algorithmic like wash trading fraudulent micro caps.

Kyle Lawrence [00:31:09]:
Yeah, no good on Burwick. Get that fee, get that paper.

Moish Peltz [00:31:16]:
All right, last, I'm curious, I really want to see the P and L of how he does on these things.

Kyle Lawrence [00:31:20]:
Oh yeah, it's fascinating. Well, last up on the lightning round, the hit TV series Peaky Blinders, a show that I love a lot, is set to expand into the Web3 space through a blockchain based video game and digital ecosystem. Developed by Anonymous Labs in partnership with BaniJay rights, this AAA quality game aims to immerse players in 1920s Birmingham, England with high stakes missions and interactive storytelling, incorporating digital collectibles and community engagement features. The project seeks to bridge traditional fans into the crypto world, marking a significant step in integrating mainstream media franchises with blockchain tech. Black mirror. What are you doing? Where you at? You had Bandersnatch. You can't do this. Idiots.

Moish Peltz [00:32:04]:
I read this press release, whatever it is, and I was like this must be, this must have been like press submit in like 2021. It just never made it out of time.

Kyle Lawrence [00:32:15]:
Right.

Moish Peltz [00:32:15]:
It seems like from a foregone era kind of thing is happening. In fact, Peaky Blinders hasn't been on air for like what, a couple years now?

Kyle Lawrence [00:32:22]:
It's been a couple years. There is a movie coming up, but.

Moish Peltz [00:32:25]:
Yeah, I think it's awesome. This is kind of stuff I love and I love working on Peaky blinders. I love Web3 video gaming. I love 1920s Birmingham and the little hats with the slit razors on them. It's great. What's not to like?

Kyle Lawrence [00:32:40]:
It is peculiar that it is Peaky Blinders. I mentioned it, you know, the very, very beginning of the episode. The show takes place 100 years ago. There's no, there's no tech anywhere in the show outside of the advent of the automobile. And I mean it's just, I don't know, it's awesome, but it seems silly to me. I don't know.

Moish Peltz [00:32:58]:
Well, that's the kind of the industrial revolution there is. You know, the tail end is from the 1880s to the 1920s when you know, you start having cars and it's an exciting era of their technology. But yeah, it has nothing to do with crypto.

Kyle Lawrence [00:33:12]:
I'm assuming Grand Theft Auto 6, the trailers came out this past week will have some kind of block. It has to, right?

Moish Peltz [00:33:19]:
Well, I thought that was the announcement. I mean, I need to check. I think they said it would when they first announced like this must have been five years ago now. Yeah, they said, oh yeah, we're gonna do a whole blockchain. And I think they killed that at some point. I think I remember them saying we can't do it anymore. But now that it's going to be released in May 2020. I saw it's going to be released in may, like yeah, 2026.

Moish Peltz [00:33:43]:
So yeah, I love Grand Theft Auto. I played five a bunch. It takes place in Vice City, which is one of my favorite cities because it's Miami and you know, it's great. They make all the cartoon like they're like caricaturing like the city of downtown Miami. Yeah, all my favorite places. So I, it's, it's fun. I saw you can, you can ride an airboat in it like an airboat mission.

Kyle Lawrence [00:34:10]:
Play three on three basketball thing.

Moish Peltz [00:34:11]:
It's gonna be fantastic.

Kyle Lawrence [00:34:13]:
Yeah, we could do a play along episode where we just sit and play grand theft auto for 14 hours and everybody watches us. That seems to be popular.

Moish Peltz [00:34:21]:
We should stream it. Speaking of video games, friends of the show Goblin Town released their really, really, really hard driving game. Go check it out. We'll, we'll drop a link to the Steam in the show notes.

Kyle Lawrence [00:34:34]:
Good stuff. Goblin Town. Well, that wraps it up for this episode of Block and Order. Thank you for joining. Please don't forget to like and subscribe to our channel and follow us on all our socials. Links are down below in the show notes. Please note, this show is meant for informational and entertainment purposes only. Nothing is meant to be construed as legal advice.

Kyle Lawrence [00:34:50]:
Except don't cheat on your taxes. Please hire your own attorney if you're going to take the plunge down the rabbit hole. Neither the discussion of nor the fact that Moish and I may own of the assets we discuss is meant to serve as an endorsement of such assets. A very special thank you to producer Shaun. Even though we can barely hear him tonight, without him, the show would not be possible. So on behalf of Moish Peltz, I'm Kyle Lawrence. Take care everybody.

Moish Peltz [00:35:14]:
See you next time.