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{"id":"1774289546791-rngx_PsPxkg","videoId":"rngx_PsPxkg","url":"https://www.youtube.com/watch?v=rngx_PsPxkg","title":"The Best Week For Bitcoin Nobody Is Talking About","type":"youtube","topicCount":7,"segmentCount":87,"createdAt":"2026-03-23T18:12:26.791Z","uploadDate":"20260318","chunks":[{"title":"Introduction to Positive News","summary":"The host introduces the episode, acknowledging ongoing global chaos but choosing to focus on positive developments related to Bitcoin and United States progression.","entries":[{"text":"Host: 'Sup freaks and Happy St. Paddy's Day. Probably getting this the day after, but I wanted to say it anyway. Top of the morning to you. War in Iran raging on. We have the counterintelligence chief resigning today. It's chaos out there.","offset":0,"duration":13},{"text":"There's a ton of people covering that stuff. Today, I wanted to focus on positive stuff as it pertains to Bitcoin and progression here in the United States.","offset":13,"duration":9},{"text":"I'm Marty Bent, founder of TFTC, been doing this for nine years. Managing Partner at 10:31, investing in Bitcoin infrastructure, been doing that for five years.","offset":22,"duration":10},{"text":"Been around the block, seen a lot of things, and believe that Bitcoin is one of the most powerful technologies that we have at our fingertips right now. And if you look out there, things are looking up for Bitcoin.","offset":32,"duration":14}],"startTime":0},{"title":"Square Auto-Enables Bitcoin Payments","summary":"Square has updated its terms of service to automatically enable Bitcoin payments for millions of eligible sellers by the end of the month, facilitating seamless transactions for those living on a Bitcoin standard.","entries":[{"text":"We've got Square, we'll start there. Our boy Nick Slany from Money Dev Kit, he was on the TFTC podcast a couple of months ago and if you're building with AI tools and you need them to have Bitcoin wallets, go check out Money Dev Kit to do that.","offset":46,"duration":17},{"text":"But he highlighted something here, maybe known where to look, being an ex-Square employee, but he said huge news coming through if you know where to look. We are going to win. Yes, we are, Nick. We are going to win.","offset":63,"duration":12},{"text":"But essentially, he's highlighting a change of service to the Square point-of-sale terminals where they've updated Square Bitcoin Terms of Service which is going to become effective at the end of this month, March 30th, 2026.","offset":75,"duration":16},{"text":"They are auto-enabling Square Bitcoin payments for all eligible sellers and so no longer will you have to be tasked with going to a Square merchant in your neighborhood and convincing them to turn on Bitcoin payments.","offset":91,"duration":14},{"text":"Square is enabling them automatically for all eligible sellers. So that should mean that millions of sellers will be able to accept Bitcoin as payment as of the end of this month.","offset":105,"duration":12},{"text":"So that's pretty massive. If you're a Bitcoiner living on a Bitcoin standard and you would like to spend Bitcoin wherever you shop, particularly via Square point-of-sale terminals, if you're going throughout your day and a lot of the merchants that you interact with are running Square, as of the end of the month, you should be able to pay in Bitcoin.","offset":117,"duration":21},{"text":"Don't know the exact details, but I assume that the auto-enable feature is not going to have it so the merchants are holding Bitcoin automatically. What I assume is happening is that you'll simply be able to pay. They'll be able to hit the \"Pay in Bitcoin\" button on the back-end of their terminal and then it will present a Bitcoin invoice that you can pay via QR code or NFC and you'll be able to pay in Bitcoin.","offset":138,"duration":23},{"text":"And the merchant will reap the benefits of saving on the interchange fees and then the Bitcoin will be auto-converted to dollars on the back-end that will sit in their Square account. Again, this is an assumption.","offset":161,"duration":13},{"text":"I'm assuming that this is how they're going to roll it out. Everything that Square has done up to this point seems like a bridge stepping stone towards a Bitcoin standard. And I think it would be a long shot for them to take the assumption that every merchant with this enabled wants to hold Bitcoin.","offset":174,"duration":17},{"text":"However, it's big for people like myself living on a Bitcoin standard. Instead of selling Bitcoin for cash and just paying with a card, you want to hold your cash reserves in the best cash ever, digital cash, Bitcoin, and you simply want to pay for things as you go about your day.","offset":191,"duration":15},{"text":"You should be able to do that by the end of the month and the merchant, unbeknownst to them, I assume most of them will not be aware of this, but they will be saving on the interchange fees per transaction of their customers paying in Bitcoin. It's a beautiful thing. It's great to see. Very bullish, as Nick said.","offset":206,"duration":19}],"startTime":46},{"title":"CFTC Protects Self-Custodial Wallets","summary":"The CFTC issued a no-action letter to Phantom Wallet, clarifying that developers of self-custodial software do not need to register as brokers as long as they do not custody user funds. The host connects this to the broader fight for open-source developer rights.","entries":[{"text":"I will reiterate: we are going to win. Things are chaotic out there right now, but let's focus on the positive sides. Next up, big news from the CFTC today.","offset":225,"duration":12},{"text":"The team at Phantom Wallet, which for those of you in Bitcoin who are unaware, Phantom Wallet, from what I understand, is a big Solana wallet that enables self-custodial properties for shitcoins, for lack of a better term, Solana and tokens being spun up there.","offset":237,"duration":15},{"text":"I believe they petitioned, or asked for a letter of clarity from the CFTC, and the CFTC got back to them today and told them that self-custodial wallet developers don't need to register as brokers.","offset":252,"duration":13},{"text":"So Phantom Wallet received a no-action letter stating that the CFTC will not pursue enforcement against self-custodial wallet developers who connect users to regulated trading venues as long as they don't custody user funds.","offset":265,"duration":14},{"text":"First time the agency has formally drawn that line. Again, here's why that's massive: under existing US law, any entity that solicits or facilitates derivatives trading typically must register as an introducing broker with the CFTC.","offset":279,"duration":15},{"text":"That rule was written for traditional financial intermediaries, but as self-custodial wallets started integrating across derivatives markets, developers faced a legal gray area that could have classified them as unregistered brokers simply for writing software.","offset":294,"duration":16},{"text":"The CFTC position, the CFTC's position was: if your wallet software connects users to properly registered futures commission merchants, introducing brokers, or designated contract markets, and you don't custody user funds, you are not a broker, you are a software provider.","offset":310,"duration":17},{"text":"Timing is not coincidental. One week ago, CFTC Chairman Mike Selig said at FIA's Boca Raton conference: for too long there's been an open question as to whether software providers trigger the CFTC's registration requirements. We intend to address the question head-on.","offset":327,"duration":19},{"text":"Seven days later, they did. So this is massive. I mean, I don't think it's all-encompassing for all software developers. I think this is just any that may fall under the purview of CFTC regulation.","offset":346,"duration":12},{"text":"But it is great to see a US regulator stepping up and saying, \"Hey, we recognize that we are entering into a new world, particularly at the intersection of technology and financial services.\"","offset":358,"duration":13},{"text":"The technology that was unleashed with Bitcoin enables you to truly custody your own wealth using open-source software and wallet software that gives you full control over your funds as you're holding them.","offset":371,"duration":12},{"text":"And for many years, but more particularly over the last two years, as open-source software developers connected to Samurai Wallet and Tornado Cash, the open-source wallet developers writing, building those wallets, either were thrown in jail or are on trial to go to jail for providing free and open-source wallet software that just so happened to provide privacy benefits for individuals.","offset":383,"duration":25},{"text":"So it's good to see the Trump administration moving in the right direction as it pertains to self-custody of Bitcoin and other crypto assets. Hopefully this becomes broad brush and applies to everything.","offset":408,"duration":13},{"text":"We still need to free Samurai, Roman Storm. The SDNY and the DOJ seems to be on a witch hunt after him specifically. Looks like he will have a retrial later this year as of right now.","offset":421,"duration":13},{"text":"And I believe Samurai Wallet developers, Keonne Rodriguez and William Hill, need to be pardoned. And the DOJ needs to drop the case on Roman Storm.","offset":434,"duration":9},{"text":"And so hopefully they see what the CFTC has done, the people at the DOJ look at the CFTC saying, \"Hey, this is free and open-source software, developers who make this don't need to worry, you don't need to register, you are not responsible for what your end-users do with that open-source software tool.\"","offset":443,"duration":21},{"text":"Hopefully it becomes more popular, but again, incredible to see positive development, bullish news, and something that has been long-awaited. So shout out to CFTC Chairman Mike Selig and others who came out and made this no-action letter.","offset":464,"duration":16},{"text":"Big day, big day. It's getting swept under the rug of all the news pertaining to the Iran-Israel right now. So I wanted to make sure we highlight that that's on your radar.","offset":480,"duration":12}],"startTime":225},{"title":"Oklo's Nuclear and Isotope Approvals","summary":"Oklo received crucial regulatory approvals from the DOE and NRC to advance their small modular reactors (SMRs) and begin domestic isotope production. The host discusses how this technology intersects with Bitcoin mining and medical supply chains.","entries":[{"text":"Another thing, I've been talking about this for years, as many of you know. If you've been around for a while, I have been heavily involved in the Bitcoin mining industry since 2018.","offset":492,"duration":12},{"text":"I am fascinated by this intersection of energy and Bitcoin mining. I think Bitcoin mining as a buyer of first and last resort for energy sources across the spectrum, anywhere from my- my plug here in the corner where I could put a bitaxe, to a multi-gigawatt facility participating in demand response.","offset":504,"duration":19},{"text":"There are arbitrage, energy arbitrage plays that Bitcoin mining can fit into to help level out demand and increase revenue and profitability for energy providers in many different flavors, whether that's an energy generation facility, a utility company, a substation, whatever it may be.","offset":523,"duration":21},{"text":"Off-grid, stranded oil and gas wells, like Bitcoin mining plays perfectly here. And one topic in the energy sector that I've been fascinated with and waiting for for the last eight years is the proliferation of small modular reactors, small modular nuclear reactors.","offset":544,"duration":19},{"text":"And a company I've been following, I believe since 2019, 2020 is Oklo. And today, Oklo got some good news. They've been trying to get the regulatory red tape cut off so that they can go do what they need to do to begin implementing and integrating their small modular reactor technology across the country.","offset":563,"duration":21},{"text":"And today, the Nuclear Regulatory Commission came out and gave them their first go-ahead. And so actually, I don't want to show this first. We will show this message from Stefan.","offset":584,"duration":27},{"text":"So Oklo announces that the US Department of Energy approval for nuclear safety design agreement of Aurora Powerhouse at Idaho National Laboratory has been approved.","offset":611,"duration":13},{"text":"This is an acronym word salad for folks not versed in DOE STD-1271. Oklo has signed an other transaction agreement with the DOE to initiate their Aurora reactor design and development project.","offset":624,"duration":14},{"text":"They're currently deploying their reactor at INL under the DOE's Reactor Pilot Program. Signing an OTA is the first step and enables the discussion and planning to start. Oklo says they also signed a nuclear safety design agreement.","offset":638,"duration":14},{"text":"The purpose of the NSDA is to gain agreement on design requirements, safety analysis approach, regulatory engagement process, applicable regulatory requirements, and to identify the key safety decisions for the design.","offset":652,"duration":14},{"text":"Oklo has requested immediate review of the preliminary documented safety analysis or PDSA to progress the project further. The purpose of the PDSA is to provide a comprehensive and preliminary assessment of the safety aspects of nuclear facility or activity.","offset":666,"duration":17},{"text":"Normally done when design is at least 50% complete. Very big accomplishment by the Oklo team. And as you can see here, you have the different phases of going through the approval process to get new nuclear generation approved in the United States.","offset":683,"duration":13},{"text":"It's been decades and nuclear energy is the most reliable, cleanest, and sustainable- sustainable in the form of profitable and manageable energy out there.","offset":696,"duration":12},{"text":"And I think it's been- the US has done itself a great disservice by throwing up a regulatory regime that has made it almost impossible to bring new nuclear generation facilities to market.","offset":708,"duration":12},{"text":"It seems like under Chris Wright and the current Department of Energy they are looking to reverse course there and make sure that the US leads on nuclear power generation, particularly with small modular reactors.","offset":720,"duration":13},{"text":"And so I don't think Oklo's going to be setting down an SMR tomorrow, but we're making material progress in unleashing the small modular reactor industry to be able to go do their thing.","offset":733,"duration":13},{"text":"Beautiful to see. Bitcoin miners I think will have a role to play here, particularly if you're going to rural areas to provide electricity in areas where something like a diesel generator is the main source of energy right now.","offset":746,"duration":14},{"text":"You want to replace that with cleaner, more reliable energy. SMRs are perfect. The problem that these SMRs are going to run into is that they'll be able to plop down, but there will be a period of time between when they plop down and when they have a grid interconnect and transmission lines built to the local grid system they're looking to serve.","offset":760,"duration":19},{"text":"And so you have this economic problem where you've spent a lot of capital and CAPEX up front to build the SMR, you plop it down, and then you have a period of time where it's just sitting there doing nothing.","offset":779,"duration":11},{"text":"This is where Bitcoin miners come in. They could sit behind the meter and while grid interconnect and transmission is being built out, you can use the Bitcoin mine to produce revenue by mining Bitcoin.","offset":790,"duration":11},{"text":"And so I think we're at the very early stages of the progression of small modular reactors in the United States. This is something I'm very excited about, I've been waiting for, and again, good news.","offset":801,"duration":13},{"text":"We're going to fade the doomerism today. We're going to focus on the good news. This is good news and it's great to see. And just to sort of elaborate on that, I'll pull up the tweet I had before which was our reporting on this today from TFTC.","offset":814,"duration":74},{"text":"And I think just to give you more context about the gravity of something like this happening, the US has no real domestic isotope supply chain. 50 million nuclear medicine procedures a year depend on aging reactors in other countries. Oklo just got the green light to change that.","offset":888,"duration":17},{"text":"The NRC issued Atomic Alchemy, Oklo's wholly owned subsidiary, a materials license to receive, process, repackage, and distribute Radium-226, Cobalt-60, and Americium-241 from its Idaho radiochemistry laboratory.","offset":905,"duration":15},{"text":"This enables initial commercial isotope sales for the use in cancer therapies, medical research, advanced manufacturing, and national security. 50 million nuclear medicine procedures are performed annually in the US.","offset":920,"duration":13},{"text":"The isotopes they depend on are mostly produced by aging reactors outside the country. Supply is shrinking while demand is growing. The US has had no meaningful domestic isotope production pipeline for years.","offset":933,"duration":12},{"text":"Oklo is building one from scratch. And on the same day- so that is another thing- there are many things you can do with the nuclear products that Oklo is building.","offset":945,"duration":11},{"text":"One of which is energy, the other of which is this byproduct of isotopes that that is critical for a lot of medical procedures. And so in the same day DOE approved the nuclear safety design agreement for Oklo's Aurora Powerhouse at Idaho.","offset":956,"duration":15},{"text":"So we just talked about that, but that wasn't the only thing that happened today. Oklo also got the approval for this isotope production which should bolster the supply and is part of the reshoring and re-industrialization efforts of the Trump administration.","offset":971,"duration":15},{"text":"So it looks like we're bringing that home. It would be remiss of me not to shout out our friend Nuclear Bitcoiner, who's been on the show before. He said hello from Canada, where our freshly refurbished CANDU- CANDU reactor fleet will continue to produce a substantial portion of those isotopes for global market well into the 2060s.","offset":986,"duration":21},{"text":"So looks like North America has isotope production pretty- pretty locked down with what's going on between Oklo and the production we're seeing up north in Canada.","offset":1007,"duration":12}],"startTime":492},{"title":"El Salvador as the New Dubai","summary":"The host highlights El Salvador's success as an economic zone, comparing its safety, tax incentives, and tech-forward policies to a \"Dubai 2.0\" for the Western Hemisphere.","entries":[{"text":"Not really a- this next story is not really a positive headline or anything. I just thought this framing from our good friend Julian Figueroa highlighting the success of El Salvador and particularly juxtaposed to Dubai is something I wanted to cover.","offset":1019,"duration":16},{"text":"Because I- I do think it's true. I- I think many people look at these economic regions that have popped up in the East particularly, whether it's Dubai, Abu Dhabi in the UAE, many people look to Singapore, Thailand, and other places and say, \"Hey, Hong Kong until China took it over in 2019.\"","offset":1035,"duration":19},{"text":"But these areas, they've historically existed in the East and the Western Hemisphere hasn't had any of these. And looks like El Salvador is shaping up to be a pretty incredible Dubai 2.0 for the Western Hemisphere.","offset":1054,"duration":15},{"text":"And Julian makes the good point, I don't think enough people are talking about this. It's the safest country in the Western Hemisphere for four years in a row. Has no Middle East war fallout risk.","offset":1069,"duration":11},{"text":"0% tax on all foreign-sourced income. 0% property tax, dollarized economy, Bitcoin is legal tender, you have 0% capital gains tax on Bitcoin. Inflation is under 1%.","offset":1080,"duration":13},{"text":"You have 90-minute direct flights from Miami for less than $200. Four-to-six-hour flights from San Francisco or New York for under $400. You have world-class surfing, big plus for me.","offset":1093,"duration":12},{"text":"Democratically elected president with 85% approval rating. First country to give open-source AI developers full legal protection. That's pretty beautiful.","offset":1105,"duration":10},{"text":"First country with a sovereign order of Nvidia B300 chips. Elon Musk has Grok AI in 1 million-plus public school kids' hands. Democratically elected president, already said that, world-class surfing.","offset":1115,"duration":15},{"text":"Looks like we have a couple regos here. Locally grown coffee, tropical fruit, grass-fed beef, you get it. El Salvador's an incredible economic zone.","offset":1130,"duration":10},{"text":"I think what Bukele and his administration have done over the last six years has been incredible. I think longer than that now. And I think El Salvador's economic zone and this free market experiment in Central America is something that many people aren't talking enough about.","offset":1140,"duration":18},{"text":"And something that we should be highlighting here in the Western Hemisphere, particularly if we believe in Trump's national security strategy document and this focus on the Western Hemisphere.","offset":1158,"duration":12},{"text":"It is incredible to see our southern neighbors in Central America doing well and creating an environment that would draw capital, talent, and peace at the end of the day. It's beautiful to see.","offset":1170,"duration":13}],"startTime":1019},{"title":"SAVE Act Advances in the Senate","summary":"The SAVE Act, which mandates voter ID for federal elections to ensure only American citizens can vote, has advanced in the US Senate, marking a sensible win for domestic politics.","entries":[{"text":"Last but not least, bringing it back to domestic politics. Everybody looks at DC and again, they're not happy with the war and what's going on, but we should highlight wins when they do happen.","offset":1183,"duration":11},{"text":"It looks like the Save America Act has advanced in US Senate, 51-to-48. I believe now it'll go to a vote, but I think this is something many Americans have been waiting for.","offset":1194,"duration":12},{"text":"For those who are unaware, the SAVE Act would make it so you have to show an ID when you go to the vote. So securing our elections and making it so only American citizens are voting in American presidential elections and elections for House of Representatives and Senators.","offset":1206,"duration":17},{"text":"So this is a good thing to see. You want to see sensible laws passed and I think voter ID is a very sensible law. If you have to show ID if you go to a bar, if you go to a gas station to buy a pack of cigarettes, if you get pulled over by the cops, it would make sense that if you're participating in what is deemed to be one of the most important functions of our democratic society here in the United States, which is voting on your representatives, it would make sense that you show an ID.","offset":1223,"duration":30}],"startTime":1183},{"title":"Outro and Good News Recap","summary":"The host recaps the positive news stories covered in the episode, encouraging listeners to avoid doomscrolling and remain optimistic about the future.","entries":[{"text":"So that is advancing. We'll see whether or not it passes ultimately. Hopefully it does. And so yeah, that is the Bent for today. Looking out at the world, looking on Twitter, doomscrolling, a lot of negativity out there.","offset":1253,"duration":14},{"text":"I wanted to bring you some positivity. Bitcoin payments going to be turned on by default for Square at the end of this month. So if you're living on a Bitcoin standard, you'll be able to do that more seamlessly on March 30th.","offset":1267,"duration":12},{"text":"So it's a beautiful thing to see. CFTC stepping up, saying, \"Hey, self-custody if you're building open-source wallet software that enables people to self-custody as long as you're not custodying those funds, you don't have to register with us.\"","offset":1279,"duration":12},{"text":"So that recognition that open-source wallet software that enables self-custody is something that developers should be able to build and not worry about having the books thrown at them. Another good plus.","offset":1291,"duration":11},{"text":"Obviously the progression with Oklo and their nuclear technology, from their small modular reactors to their isotope production is advancing. This is something we want to see.","offset":1302,"duration":10},{"text":"The re-industrialization of the United States as well as the proliferation of nuclear energy generation. It's a long time coming. We're beginning to make steps in the right direction.","offset":1312,"duration":12},{"text":"And then the last two we have El Salvador being the Dubai of the Western Hemisphere and the SAVE Act advancing. Positive things happening out there. Don't doom, never doom. We're going to win. Tka-ka-ka.","offset":1324,"duration":15}],"startTime":1253}],"entries":[{"text":"Host: 'Sup freaks and Happy St. Paddy's Day. Probably getting this the day after, but I wanted to say it anyway. Top of the morning to you. War in Iran raging on. We have the counterintelligence chief resigning today. It's chaos out there.","offset":0,"duration":13},{"text":"There's a ton of people covering that stuff. Today, I wanted to focus on positive stuff as it pertains to Bitcoin and progression here in the United States.","offset":13,"duration":9},{"text":"I'm Marty Bent, founder of TFTC, been doing this for nine years. Managing Partner at 10:31, investing in Bitcoin infrastructure, been doing that for five years.","offset":22,"duration":10},{"text":"Been around the block, seen a lot of things, and believe that Bitcoin is one of the most powerful technologies that we have at our fingertips right now. And if you look out there, things are looking up for Bitcoin.","offset":32,"duration":14},{"text":"We've got Square, we'll start there. Our boy Nick Slany from Money Dev Kit, he was on the TFTC podcast a couple of months ago and if you're building with AI tools and you need them to have Bitcoin wallets, go check out Money Dev Kit to do that.","offset":46,"duration":17},{"text":"But he highlighted something here, maybe known where to look, being an ex-Square employee, but he said huge news coming through if you know where to look. We are going to win. Yes, we are, Nick. We are going to win.","offset":63,"duration":12},{"text":"But essentially, he's highlighting a change of service to the Square point-of-sale terminals where they've updated Square Bitcoin Terms of Service which is going to become effective at the end of this month, March 30th, 2026.","offset":75,"duration":16},{"text":"They are auto-enabling Square Bitcoin payments for all eligible sellers and so no longer will you have to be tasked with going to a Square merchant in your neighborhood and convincing them to turn on Bitcoin payments.","offset":91,"duration":14},{"text":"Square is enabling them automatically for all eligible sellers. So that should mean that millions of sellers will be able to accept Bitcoin as payment as of the end of this month.","offset":105,"duration":12},{"text":"So that's pretty massive. If you're a Bitcoiner living on a Bitcoin standard and you would like to spend Bitcoin wherever you shop, particularly via Square point-of-sale terminals, if you're going throughout your day and a lot of the merchants that you interact with are running Square, as of the end of the month, you should be able to pay in Bitcoin.","offset":117,"duration":21},{"text":"Don't know the exact details, but I assume that the auto-enable feature is not going to have it so the merchants are holding Bitcoin automatically. What I assume is happening is that you'll simply be able to pay. They'll be able to hit the \"Pay in Bitcoin\" button on the back-end of their terminal and then it will present a Bitcoin invoice that you can pay via QR code or NFC and you'll be able to pay in Bitcoin.","offset":138,"duration":23},{"text":"And the merchant will reap the benefits of saving on the interchange fees and then the Bitcoin will be auto-converted to dollars on the back-end that will sit in their Square account. Again, this is an assumption.","offset":161,"duration":13},{"text":"I'm assuming that this is how they're going to roll it out. Everything that Square has done up to this point seems like a bridge stepping stone towards a Bitcoin standard. And I think it would be a long shot for them to take the assumption that every merchant with this enabled wants to hold Bitcoin.","offset":174,"duration":17},{"text":"However, it's big for people like myself living on a Bitcoin standard. Instead of selling Bitcoin for cash and just paying with a card, you want to hold your cash reserves in the best cash ever, digital cash, Bitcoin, and you simply want to pay for things as you go about your day.","offset":191,"duration":15},{"text":"You should be able to do that by the end of the month and the merchant, unbeknownst to them, I assume most of them will not be aware of this, but they will be saving on the interchange fees per transaction of their customers paying in Bitcoin. It's a beautiful thing. It's great to see. Very bullish, as Nick said.","offset":206,"duration":19},{"text":"I will reiterate: we are going to win. Things are chaotic out there right now, but let's focus on the positive sides. Next up, big news from the CFTC today.","offset":225,"duration":12},{"text":"The team at Phantom Wallet, which for those of you in Bitcoin who are unaware, Phantom Wallet, from what I understand, is a big Solana wallet that enables self-custodial properties for shitcoins, for lack of a better term, Solana and tokens being spun up there.","offset":237,"duration":15},{"text":"I believe they petitioned, or asked for a letter of clarity from the CFTC, and the CFTC got back to them today and told them that self-custodial wallet developers don't need to register as brokers.","offset":252,"duration":13},{"text":"So Phantom Wallet received a no-action letter stating that the CFTC will not pursue enforcement against self-custodial wallet developers who connect users to regulated trading venues as long as they don't custody user funds.","offset":265,"duration":14},{"text":"First time the agency has formally drawn that line. Again, here's why that's massive: under existing US law, any entity that solicits or facilitates derivatives trading typically must register as an introducing broker with the CFTC.","offset":279,"duration":15},{"text":"That rule was written for traditional financial intermediaries, but as self-custodial wallets started integrating across derivatives markets, developers faced a legal gray area that could have classified them as unregistered brokers simply for writing software.","offset":294,"duration":16},{"text":"The CFTC position, the CFTC's position was: if your wallet software connects users to properly registered futures commission merchants, introducing brokers, or designated contract markets, and you don't custody user funds, you are not a broker, you are a software provider.","offset":310,"duration":17},{"text":"Timing is not coincidental. One week ago, CFTC Chairman Mike Selig said at FIA's Boca Raton conference: for too long there's been an open question as to whether software providers trigger the CFTC's registration requirements. We intend to address the question head-on.","offset":327,"duration":19},{"text":"Seven days later, they did. So this is massive. I mean, I don't think it's all-encompassing for all software developers. I think this is just any that may fall under the purview of CFTC regulation.","offset":346,"duration":12},{"text":"But it is great to see a US regulator stepping up and saying, \"Hey, we recognize that we are entering into a new world, particularly at the intersection of technology and financial services.\"","offset":358,"duration":13},{"text":"The technology that was unleashed with Bitcoin enables you to truly custody your own wealth using open-source software and wallet software that gives you full control over your funds as you're holding them.","offset":371,"duration":12},{"text":"And for many years, but more particularly over the last two years, as open-source software developers connected to Samurai Wallet and Tornado Cash, the open-source wallet developers writing, building those wallets, either were thrown in jail or are on trial to go to jail for providing free and open-source wallet software that just so happened to provide privacy benefits for individuals.","offset":383,"duration":25},{"text":"So it's good to see the Trump administration moving in the right direction as it pertains to self-custody of Bitcoin and other crypto assets. Hopefully this becomes broad brush and applies to everything.","offset":408,"duration":13},{"text":"We still need to free Samurai, Roman Storm. The SDNY and the DOJ seems to be on a witch hunt after him specifically. Looks like he will have a retrial later this year as of right now.","offset":421,"duration":13},{"text":"And I believe Samurai Wallet developers, Keonne Rodriguez and William Hill, need to be pardoned. And the DOJ needs to drop the case on Roman Storm.","offset":434,"duration":9},{"text":"And so hopefully they see what the CFTC has done, the people at the DOJ look at the CFTC saying, \"Hey, this is free and open-source software, developers who make this don't need to worry, you don't need to register, you are not responsible for what your end-users do with that open-source software tool.\"","offset":443,"duration":21},{"text":"Hopefully it becomes more popular, but again, incredible to see positive development, bullish news, and something that has been long-awaited. So shout out to CFTC Chairman Mike Selig and others who came out and made this no-action letter.","offset":464,"duration":16},{"text":"Big day, big day. It's getting swept under the rug of all the news pertaining to the Iran-Israel right now. So I wanted to make sure we highlight that that's on your radar.","offset":480,"duration":12},{"text":"Another thing, I've been talking about this for years, as many of you know. If you've been around for a while, I have been heavily involved in the Bitcoin mining industry since 2018.","offset":492,"duration":12},{"text":"I am fascinated by this intersection of energy and Bitcoin mining. I think Bitcoin mining as a buyer of first and last resort for energy sources across the spectrum, anywhere from my- my plug here in the corner where I could put a bitaxe, to a multi-gigawatt facility participating in demand response.","offset":504,"duration":19},{"text":"There are arbitrage, energy arbitrage plays that Bitcoin mining can fit into to help level out demand and increase revenue and profitability for energy providers in many different flavors, whether that's an energy generation facility, a utility company, a substation, whatever it may be.","offset":523,"duration":21},{"text":"Off-grid, stranded oil and gas wells, like Bitcoin mining plays perfectly here. And one topic in the energy sector that I've been fascinated with and waiting for for the last eight years is the proliferation of small modular reactors, small modular nuclear reactors.","offset":544,"duration":19},{"text":"And a company I've been following, I believe since 2019, 2020 is Oklo. And today, Oklo got some good news. They've been trying to get the regulatory red tape cut off so that they can go do what they need to do to begin implementing and integrating their small modular reactor technology across the country.","offset":563,"duration":21},{"text":"And today, the Nuclear Regulatory Commission came out and gave them their first go-ahead. And so actually, I don't want to show this first. We will show this message from Stefan.","offset":584,"duration":27},{"text":"So Oklo announces that the US Department of Energy approval for nuclear safety design agreement of Aurora Powerhouse at Idaho National Laboratory has been approved.","offset":611,"duration":13},{"text":"This is an acronym word salad for folks not versed in DOE STD-1271. Oklo has signed an other transaction agreement with the DOE to initiate their Aurora reactor design and development project.","offset":624,"duration":14},{"text":"They're currently deploying their reactor at INL under the DOE's Reactor Pilot Program. Signing an OTA is the first step and enables the discussion and planning to start. Oklo says they also signed a nuclear safety design agreement.","offset":638,"duration":14},{"text":"The purpose of the NSDA is to gain agreement on design requirements, safety analysis approach, regulatory engagement process, applicable regulatory requirements, and to identify the key safety decisions for the design.","offset":652,"duration":14},{"text":"Oklo has requested immediate review of the preliminary documented safety analysis or PDSA to progress the project further. The purpose of the PDSA is to provide a comprehensive and preliminary assessment of the safety aspects of nuclear facility or activity.","offset":666,"duration":17},{"text":"Normally done when design is at least 50% complete. Very big accomplishment by the Oklo team. And as you can see here, you have the different phases of going through the approval process to get new nuclear generation approved in the United States.","offset":683,"duration":13},{"text":"It's been decades and nuclear energy is the most reliable, cleanest, and sustainable- sustainable in the form of profitable and manageable energy out there.","offset":696,"duration":12},{"text":"And I think it's been- the US has done itself a great disservice by throwing up a regulatory regime that has made it almost impossible to bring new nuclear generation facilities to market.","offset":708,"duration":12},{"text":"It seems like under Chris Wright and the current Department of Energy they are looking to reverse course there and make sure that the US leads on nuclear power generation, particularly with small modular reactors.","offset":720,"duration":13},{"text":"And so I don't think Oklo's going to be setting down an SMR tomorrow, but we're making material progress in unleashing the small modular reactor industry to be able to go do their thing.","offset":733,"duration":13},{"text":"Beautiful to see. Bitcoin miners I think will have a role to play here, particularly if you're going to rural areas to provide electricity in areas where something like a diesel generator is the main source of energy right now.","offset":746,"duration":14},{"text":"You want to replace that with cleaner, more reliable energy. SMRs are perfect. The problem that these SMRs are going to run into is that they'll be able to plop down, but there will be a period of time between when they plop down and when they have a grid interconnect and transmission lines built to the local grid system they're looking to serve.","offset":760,"duration":19},{"text":"And so you have this economic problem where you've spent a lot of capital and CAPEX up front to build the SMR, you plop it down, and then you have a period of time where it's just sitting there doing nothing.","offset":779,"duration":11},{"text":"This is where Bitcoin miners come in. They could sit behind the meter and while grid interconnect and transmission is being built out, you can use the Bitcoin mine to produce revenue by mining Bitcoin.","offset":790,"duration":11},{"text":"And so I think we're at the very early stages of the progression of small modular reactors in the United States. This is something I'm very excited about, I've been waiting for, and again, good news.","offset":801,"duration":13},{"text":"We're going to fade the doomerism today. We're going to focus on the good news. This is good news and it's great to see. And just to sort of elaborate on that, I'll pull up the tweet I had before which was our reporting on this today from TFTC.","offset":814,"duration":74},{"text":"And I think just to give you more context about the gravity of something like this happening, the US has no real domestic isotope supply chain. 50 million nuclear medicine procedures a year depend on aging reactors in other countries. Oklo just got the green light to change that.","offset":888,"duration":17},{"text":"The NRC issued Atomic Alchemy, Oklo's wholly owned subsidiary, a materials license to receive, process, repackage, and distribute Radium-226, Cobalt-60, and Americium-241 from its Idaho radiochemistry laboratory.","offset":905,"duration":15},{"text":"This enables initial commercial isotope sales for the use in cancer therapies, medical research, advanced manufacturing, and national security. 50 million nuclear medicine procedures are performed annually in the US.","offset":920,"duration":13},{"text":"The isotopes they depend on are mostly produced by aging reactors outside the country. Supply is shrinking while demand is growing. The US has had no meaningful domestic isotope production pipeline for years.","offset":933,"duration":12},{"text":"Oklo is building one from scratch. And on the same day- so that is another thing- there are many things you can do with the nuclear products that Oklo is building.","offset":945,"duration":11},{"text":"One of which is energy, the other of which is this byproduct of isotopes that that is critical for a lot of medical procedures. And so in the same day DOE approved the nuclear safety design agreement for Oklo's Aurora Powerhouse at Idaho.","offset":956,"duration":15},{"text":"So we just talked about that, but that wasn't the only thing that happened today. Oklo also got the approval for this isotope production which should bolster the supply and is part of the reshoring and re-industrialization efforts of the Trump administration.","offset":971,"duration":15},{"text":"So it looks like we're bringing that home. It would be remiss of me not to shout out our friend Nuclear Bitcoiner, who's been on the show before. He said hello from Canada, where our freshly refurbished CANDU- CANDU reactor fleet will continue to produce a substantial portion of those isotopes for global market well into the 2060s.","offset":986,"duration":21},{"text":"So looks like North America has isotope production pretty- pretty locked down with what's going on between Oklo and the production we're seeing up north in Canada.","offset":1007,"duration":12},{"text":"Not really a- this next story is not really a positive headline or anything. I just thought this framing from our good friend Julian Figueroa highlighting the success of El Salvador and particularly juxtaposed to Dubai is something I wanted to cover.","offset":1019,"duration":16},{"text":"Because I- I do think it's true. I- I think many people look at these economic regions that have popped up in the East particularly, whether it's Dubai, Abu Dhabi in the UAE, many people look to Singapore, Thailand, and other places and say, \"Hey, Hong Kong until China took it over in 2019.\"","offset":1035,"duration":19},{"text":"But these areas, they've historically existed in the East and the Western Hemisphere hasn't had any of these. And looks like El Salvador is shaping up to be a pretty incredible Dubai 2.0 for the Western Hemisphere.","offset":1054,"duration":15},{"text":"And Julian makes the good point, I don't think enough people are talking about this. It's the safest country in the Western Hemisphere for four years in a row. Has no Middle East war fallout risk.","offset":1069,"duration":11},{"text":"0% tax on all foreign-sourced income. 0% property tax, dollarized economy, Bitcoin is legal tender, you have 0% capital gains tax on Bitcoin. Inflation is under 1%.","offset":1080,"duration":13},{"text":"You have 90-minute direct flights from Miami for less than $200. Four-to-six-hour flights from San Francisco or New York for under $400. You have world-class surfing, big plus for me.","offset":1093,"duration":12},{"text":"Democratically elected president with 85% approval rating. First country to give open-source AI developers full legal protection. That's pretty beautiful.","offset":1105,"duration":10},{"text":"First country with a sovereign order of Nvidia B300 chips. Elon Musk has Grok AI in 1 million-plus public school kids' hands. Democratically elected president, already said that, world-class surfing.","offset":1115,"duration":15},{"text":"Looks like we have a couple regos here. Locally grown coffee, tropical fruit, grass-fed beef, you get it. El Salvador's an incredible economic zone.","offset":1130,"duration":10},{"text":"I think what Bukele and his administration have done over the last six years has been incredible. I think longer than that now. And I think El Salvador's economic zone and this free market experiment in Central America is something that many people aren't talking enough about.","offset":1140,"duration":18},{"text":"And something that we should be highlighting here in the Western Hemisphere, particularly if we believe in Trump's national security strategy document and this focus on the Western Hemisphere.","offset":1158,"duration":12},{"text":"It is incredible to see our southern neighbors in Central America doing well and creating an environment that would draw capital, talent, and peace at the end of the day. It's beautiful to see.","offset":1170,"duration":13},{"text":"Last but not least, bringing it back to domestic politics. Everybody looks at DC and again, they're not happy with the war and what's going on, but we should highlight wins when they do happen.","offset":1183,"duration":11},{"text":"It looks like the Save America Act has advanced in US Senate, 51-to-48. I believe now it'll go to a vote, but I think this is something many Americans have been waiting for.","offset":1194,"duration":12},{"text":"For those who are unaware, the SAVE Act would make it so you have to show an ID when you go to the vote. So securing our elections and making it so only American citizens are voting in American presidential elections and elections for House of Representatives and Senators.","offset":1206,"duration":17},{"text":"So this is a good thing to see. You want to see sensible laws passed and I think voter ID is a very sensible law. If you have to show ID if you go to a bar, if you go to a gas station to buy a pack of cigarettes, if you get pulled over by the cops, it would make sense that if you're participating in what is deemed to be one of the most important functions of our democratic society here in the United States, which is voting on your representatives, it would make sense that you show an ID.","offset":1223,"duration":30},{"text":"So that is advancing. We'll see whether or not it passes ultimately. Hopefully it does. And so yeah, that is the Bent for today. Looking out at the world, looking on Twitter, doomscrolling, a lot of negativity out there.","offset":1253,"duration":14},{"text":"I wanted to bring you some positivity. Bitcoin payments going to be turned on by default for Square at the end of this month. So if you're living on a Bitcoin standard, you'll be able to do that more seamlessly on March 30th.","offset":1267,"duration":12},{"text":"So it's a beautiful thing to see. CFTC stepping up, saying, \"Hey, self-custody if you're building open-source wallet software that enables people to self-custody as long as you're not custodying those funds, you don't have to register with us.\"","offset":1279,"duration":12},{"text":"So that recognition that open-source wallet software that enables self-custody is something that developers should be able to build and not worry about having the books thrown at them. Another good plus.","offset":1291,"duration":11},{"text":"Obviously the progression with Oklo and their nuclear technology, from their small modular reactors to their isotope production is advancing. This is something we want to see.","offset":1302,"duration":10},{"text":"The re-industrialization of the United States as well as the proliferation of nuclear energy generation. It's a long time coming. We're beginning to make steps in the right direction.","offset":1312,"duration":12},{"text":"And then the last two we have El Salvador being the Dubai of the Western Hemisphere and the SAVE Act advancing. Positive things happening out there. Don't doom, never doom. We're going to win. Tka-ka-ka.","offset":1324,"duration":15}],"logs":[{"elapsed":"0.0","message":"Downloading audio from YouTube...","detail":null},{"elapsed":"0.0","message":"Trying download with browser cookies (ad-free)...","detail":null},{"elapsed":"3.4","message":"⚠ Cookie download failed: WARNING: [youtube] [jsc] Error solving n challenge request using \"deno\" provider: Error running deno process (returncode: 1): \u001b[0m\u001b[1m\u001b[31merror\u001b[0m: Uncaught (in promise) TypeError: Cannot read prope","detail":null},{"elapsed":"3.4","message":"Retrying without cookies...","detail":null},{"elapsed":"15.4","message":"⚠ Downloaded without cookies — audio may contain ads","detail":null},{"elapsed":"15.4","message":"Audio downloaded (11.9 MB) in 15.4s","detail":"File size: 11.9 MB"},{"elapsed":"15.4","message":"Video title: The Best Week For Bitcoin Nobody Is Talking About","detail":null},{"elapsed":"15.5","message":"Audio duration: 19:20 (19.3 min)","detail":null},{"elapsed":"15.5","message":"Uploading audio to Gemini File API...","detail":null},{"elapsed":"18.1","message":"Audio uploaded in 2.6s","detail":"File ref: files/jm31luybqpe8"},{"elapsed":"18.1","message":"Audio processed in 0.0s. 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