Ripple and coinbase fight back against the sec leveraging the recent Binance decision from the
judge that secondary market sales are not securities and Consensus scores a massive win in
the lawsuit against Gary Ginster and the sec with regardless to MetaMask and billionaire crypto
investor Mike Novogratz is saying, no matter who wins the election, we're going
to get positive crypto legislation. I know that, and Robinhood is expanding their
crypto services throughout the nation and looking at launching news services around crypto. We're
going to break this down in much more. Let's get into it. Hey,
everybody, welcome into the Thinking Crypto podcast. You're home for cryptocurrency news
and interviews. I'm your host, Tony Edward. On your way in.
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please leave a five star rating and review. Here's a quick word from our
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your own research. All right, folks, we've got big news that both
ripple and Coinbase are leveraging the recent decision in the Finance case where the judge
cited that secondary market sales are non securities. She's in full agreement with Judge
Taurus's ruling in the Ripple case. Now, Ripple has followed a notice of
supplemental authority regarding the recent Finance decision. Essentially, Ripple is saying the opinion
is relevant to its opposition to the SEC's motion for remedies in its ongoing lawsuit.
Now we know the judgment between the SEC and Ripple may come soon,
and I believe Rippel will have to pay a fine. But the SEC wants
near two billion dollars. Ripple is saying hell no. So they're having a
bit of tug in war right now and we'll see where it goes. I
don't think Ripple is going to pay anywhere near a b I think maybe fifty
million. It could be lower, could be higher, but I think it's
going to be in that range. What's fascinating is that today we got news
that a xrp ETF has been launched by a company called Virtune and it's listed
on Nasdaq Stokholms. So it's funny that across the globe. There's clarity is
just here in the United States we're dealing with this nonsense. However, the
recent approval of the etherorem SPOTTYTF is going to open the door for the rest
of the all coins. But as I've stated before, the lawsuit between Ripple
and the SEC will need to be resolved before an x orp ETF gets approved.
But pretty interesting that this is happening globally. We're seeing Solana ETFs go
live in Canada. We just had the recent applications for Solana be filed here
in the United States. So things are ramping up and the SEC is on
the losing side of history here, or I should say Gary Ginzer, because
he's the one that's causing all this nonsense now. Coinbase also leveraged this decision
in the Binance case. They sent a letter to Judge Falia citing Judge Jackson's
opinion about secondary market sales of digital assets from the finance case. Coinbas says
Jackson's ruling reinforces its grounds for requesting an interlocatory appeal in its own case.
Coinbay's chief legal officer, Paul Grewall, weighed in on this, saying We've
now shared word of Judge Jackson's decision in the Binance case with the Third Circuit.
Rulemaking is the tailor made and the only rational solution to the scourage of
district dependent and even judge dependent regulation by enforcement. Reappreciate the court's consideration so
clearly he's alluding to it here. This is regulation by enforcement and we need
Congress to act now. Consensus scores a big win against the SEC here.
Folks. Remember the SEC dropped their Etheroremy investigation recently via Consensus and the Etheroeum
Foundation, but they went ahead and sued Consensus regarding Meta Masks because they feel
Meta mask is doing a securities offering. The wallet is a broker dealer because
of staking, which is nonsense. And eleanor Terrotor says Indie Consensus lawsuit against
the SEC. A Texas judge has granted Consensus lawyer's requests to expedite making a
decision on whether the SEC has authority to regulate Meta Mask as a broker dealer.
Looks like a possible ruling by the end of year slash early twenty twenty
five. And Bill Hughes, lawyer at Consensus, I just recently had him
on the podcast. Be sure to check out that interview. We talk a
lot about this. One of the things we discussed was in the Coinbase case,
the judge had ruled that Coinbase wallet was not eligible for that broker dealer
rule, So you know, they could use that to push back against the
SEC, which I think they are doing. Bill says important news about Consensus
versus Gelser. Judge O'Connor granted our request that he considered the merits of our
case on an expedited basis whether the SEC has congressional authority to regulate Meta mass
as a securities broker and issuer. Those questions would be considered alongside any arguments
the SEC would make that we don't get to bring a case against them.
So folks were on the winning side of history. We've seen a lot of
victories in the courts. Don't get me wrong. There will be some things
that the SEC wins on, but the majority, the meat and potatoes of
this, they're going to lose. It's clear the judges are not putting up
with the lies and hipocrisy and nonsense. The SEC is trying to abuse the
HOWI test, and we know it's a political agenda handed down to Ginzer by
Elizabeth Warren to protect the tradify incomments who are getting disrupted. And we need
Congress to push legislation which made it through the House, through the Senate,
and obviously it needs to go to a president. But that won't happen immediately
because we're in the election cycle. It's going to happen in twenty twenty five.
Now. Speaking of that, Mike Novograt's a billionaire Wall Streeter who now
invests in crypto. He was on CNBC this morning. He says, no
matter who wins the election, we're going to get positive crypto legislation. I
know that now. Mike is a very well connected guy. So let me
play the clip here for you. Mike. I'm not a singleish you voter,
and I do fundamentally believe crypto should be bipartisan and needs to be bipartisan.
We can't have one party that likes us in the other party that doesn't.
And I would tell you that most Democrats outside of Elizabeth Warren and a
small group of people are pretty pro innovation and pro crypto, and so it's
been unbelievably frustrating. That's all shifting, and you can listen, no matter
who wins the next election, we're going to get positive crypto legislation. I
know that. So there you have it. Once again. I believe this
because I've seen it with my own eyes that the Democrats sided with their colleagues
across the aisle the Republicans to repeal SAV one to one in the Senate and
the House, and also to pass the FIT twenty one bill out of the
House. Remember it was over seventy Democrats that joined with the Republican colleagues.
So they see the writing on the wall. They're turning their backs on Elizabeth
Warren and Gary Genser and despite what Biden has been doing, and we know
it's not Biden, right, it's not Biden's decision. He's just taking orders
from Elizabeth Warren and the rest of the cronies like schirod Brown and so forth.
So we got to keep fighting. But we're winning here and the pressure
is mounting on gainst Her And look, the Democrats are in trouble right now
because of Biden's situation, and Trump has come out to be pro crypto.
That's not my feelings or emotions, that's not me trying to endorse Trump or
Biden. I'm just stating the facts, the reality of what is happening here.
And it was an incredibly dumb strategic move by Elizabeth Warren to go anti
crypto army against an entire industry and technology and Donald Trump capitalize on that.
So I recognize the politics of this, but I think the rest of the
Democrats are not on board with Elizabeth Warren and Gary against anymore. And I
think they're going to try to make this get pushed through because the crypto industry
has become a political force. They've raised over one hundred and sixty million dollars
via fair Shake, and they're donating to pro crypto candidates, they're running ads,
and we're seeing anti crypto candidates are losing. So things are moving in
the right direction for the industry, and I think Mike is spot on here
now. Moving ahead robin Hood, they are expanding their crypto trading to across
the nation, so it includes Hawaii, Puerto Rico, and the US Virgin
Islands. And Johann Kerbat, who is the head of or general manager of
crypto at robin Hood, tweeted out Robinhood Crypto is now available across the nation.
There's also reports that they are considering listing crypto futures in the US Europe.
Bloomberg is reporting. So right now they offer obviously spot trading right you
guys can go buy and sell crypto, but the futures market that would be
pretty huge for Robinhood and I think it's a big strategic move. They already
have an incredibly large customer database, so any product they launch will hit the
ground running. They're going to get a lot of adoption, so it's a
smart move on their part. I'm going to try to get Johan on the
podcast to talk about these things. But big news from a big player.
Final news item here, Japanese public company Meta Planet buys another two hundred million
yen worth of bitcoin. If you recall, they've been raising some debt,
public notes and so forth, kind of what micro Strategy has been doing,
and they're buying bitcoin and putting it on their balance sheet. Folks. This
is happening globally. It's not just micro Strategy here in the US. A
lot of companies are doing this and it's a sign of what's to come.
A lot of demand for bitcoin now as a reserve asset these companies are protecting
their cash reserves, they're buying power, and it absolutely makes sense. And
obviously you got Wall Street with these et apps, and there's been incredible inflows.
And then I think we're going to see another country, maybe Argentina,
and are some other nation state or nation states start to follow El Salvador's move.
So, guys, this is why I'm bullish on bitcoin. I don't
think it's the fastest crypto. I don't think it's the cheapest crypto to use,
but as digital goal, a store of value, an asset that has
a very finite supply, has the branding, has the trust, has the
regulation, I think it's important to have some in your portfolio. My entire
portfolio is not consisted of bitcoin. Obviously, I've often stated that all coins,
many of them outperform bitcoin, but bitcoin is on the risk curve,
the less riskiest assets in the crypto industry. So you want to have some,
you know, be diversified. And that's how I approach it. And
when all coins are not doing well, and we know bitcoin is the main
driver of liquidity for this entire market, bitcoin holds up my portfolio and I've
made money doing that. Guys, So just sharing what I'm doing, not
financial advice. Obviously, do your own research, but guys, let me
know what you think. Leave your thoughts in comments below. Also, don't
forget to grab a copy of my book Rethinking Crypto, The Crash of FTX
and the Rise of Safer, Stronger Digital Assets, where I talk about Bitcoin
ETF adoption by Wall Street, tokenization, crypto regulations, why the sec attack
ripple, and why they didn't approve the Bitcoin ETF with greyscale and all these
things. So grab a copy to support the podcast, Grab a couple of
copies for your friends and family who are still skeptics about crypto or want to
learn about it. And if you bought a copy already, please be sure
to leave a rating review on Amazon. It would really help me out.
Thank you guys for watching and listening. I appreciate you all and I'll talk
to you all later