WEBVTT

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The sec and Gary Genser are going
after Ethereum, looking to classify it as

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a security and investigating the Ethereum foundation. And coinbase announces they are working with

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black Rock and Securitized for the tokenization
of investment funds on the Ethereum blockchain,

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and fed Shair Jerome Powell for sees
three rate cuts this year. What does

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it mean for bitcoin in the markets? We're going to break this down and

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much more. Let's get into it. Welcome to the Thinking Crypto Podcasts.

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You're home for cryptocurrency news and interviews. If you are new here, please

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hit that subscribe button as well as
a thumbsup button and leave a common below.

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leave a five star rating and review. It supports the podcast and it doesn't

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cost you anything. Well, folks, let's start with the price of bitcoin.

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Bitcoin today saw a huge bounce,
huge green candle on the daily chart.

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It's currently sitting at sixty seven six
and eighty four dollars, and we

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saw the dxy started forming a red
candle on the daily chart. This is

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what we want to see. We've
been talking about it over the past couple

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of weeks. We want to see
that DXY did Dollar Currency Index start to

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break downwards because we know the correlation
is that is very bullish for risk assets

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like bitcoin, all coins, and
even the stock market. So this is

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a good sign, but we don't
want to get ahead of ourselves. This

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needs to prove itself. We've seen
fake outs in the markets before, so

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let it keep breaking down and I
expect bitcoin and all coins to keep moving

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if the DXY continues downwards. But
great to see that red candle forming on

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the daily chart for the DXY.
And we got news from the Fed today.

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Jerome Powell spoke about what they are
planning to do with the ray cuts.

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He foresees three ray cuts this year, but envisions fear cuts in the

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future. Now, what have I
been telling you guys. Potentially there's a

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scenario here that markets are front running
the ray cuts because historically, based on

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data, now, when the Fed
cuts rates, that means things are bad,

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something is breaking. And when they
cut rates, we see the markets

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start to tank and they have a
huge correction. That doesn't mean history will

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repeat, but the data going back
for decades shows these This is the fact

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that this is something we can anticipate. So my thesis in which I had

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put together in a newsletter, is
that markets are front running these rate cuts

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because they know the corrections coming,
and bigcoin is correlated to the stock market,

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and we're going to see both of
them rise at the same time.

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Now, the other factor I threw
in there is I was expecting the rate

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cuts to come later in a year
after the elections, because I don't think

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the FED wants to do anything that
will affect the elections and it may show

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any type of favorability. Plus Biden, as you can imagine, wants the

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economy to look as best as possible. And the stock markets are ripping even

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though they're layoffs and much more going
on. So it's a very unique situation.

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And I have my plan at which
points I'll be taking profits, and

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I'm sticking to that because this year
is very strange. Folks. You got

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the elections, you got the having
obviously record inflations. Rates have been going

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up, but the FED said they're
not they're not raising rates. We're pretty

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much done raising. They just have
to cut. But the problem is when

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they cut, historically is that big
correction, but then the eventually leads to

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cheaper capital because of lower rates,
and the money printer starts, so there's

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gonna be that period of bottoming out
from the dump that we usually see and

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then back to ballmarket because the money
printer will be on. So this is

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a very strange year. Maybe we
see something new, maybe a bigcoin in

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the stock market, do correct at
the first rate cut and it's not as

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bad as we anticipate, and then
they turn on the money printer very soon

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and that keeps the momentum going.
I don't know. I don't have a

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crystal ball, but these are things
to think about, and this is why

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you have to look at the market
holistically. So we shall have to wait

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and see. Now let's take a
look at what are the top trending tokens

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on social media. This data is
brought to you by Sentiment. If you'd

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like to sign up for a Sentiment
account link being a description, you can

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use the code thinking crypto to get
a discount. Folks. I have a

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premium account and I get really great
data and insights on here. I've shared

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some of this on the shows as
well as in my newsletter. So leading

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the social mentions are Ethereum, which
is at number one, and this is

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because of the big news of the
SEC going after etherm or. We're going

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to talk about that right after this. Coming in at number two is nifty

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x protocol Shroom, which is the
ticker symbol for the token. At number

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three is Solana and at number four
is Salana based mean coin slurf. Now,

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these all have positive sentiments, so
that's something to note. Stacks,

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which is the stx token, also
has positive sentiment. They are a smart

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contract layer two solution for bitcoin.
Ono comes in here at number six.

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You have AMP at number seven,
run or thor chain at number eight,

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Scale Network SKL never heard of it, but it comes in at nine.

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And then mobile coin Wow, return
of mobile coin. I haven't heard about

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that in a long time. Comes
in at ten. So those are your

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top trending tokens. And like I
said, eth is trending heavily here and

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we're going to talk about that news, folks. Here's the news. The

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SEC expands pushed to make Etherorem a
security This is being reported by Forbes.

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Crypto subpoena is sent to three well
known crypto companies asking for docs, slash

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records about the Etherorem Foundation. Wow. Folks. This is what I've been

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hinting at for a long time when
we've been talking about the Etherorem etf that

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Gary Ginser refuses to echo the statements
of his predecessors, Jay Clayton and Bill

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Hinman even before Congress. Right Patrick
McKenny Grillam is Etheroma security. He did

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not want to answer, and he
doesn't bring up Etherorem at all, folks.

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So right away you know something is
up. So let me give you

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some details here as to what's happening. So, the Etheroereum Foundation, the

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Swiss nonprofit organization at the heart of
the Etherorem ecosystem, is facing questions from

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an unnamed state authority. According to
the group's websites GitHub repository, the confidential

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inquiry comes during a time of Etherum's
technology and at a possible inflection point for

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its native asset, ether which many
American investment companies are seeking to offer as

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an exchange traded fund. The SEC
has slow walked their efforts, despite recently

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approving a series of bitcoin ETPs.
Now Fortune also mentioned that there's a straight

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up campaign from Gary Genser and the
SEC to make Etherorem a security. Now

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I tweeted out about this and it
actually got some traction here. I did

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a roundup of all the facts around
Etherorem and the things that you need to

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know. So first is that built
Himman under J. Clayton's approval, gave

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a speech back in twenty eighteen,
twenty nineteen, I believe saying Etherum is

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not a security. However, he
had major conflicts of interest because he was

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getting paid by a law from Cincin
Thatcher, which was part of the Enterprise

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Ethereum Alliance. Clear conflict, right, and even the SEC's Ethics office warned

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him about this. We were only
able to get this information because of Empower

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oversight and the Foyer request they did. They are currently suing the SEC again

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to get additional documentation on those conflicts
and communications. And obviously through the Ripple

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lawsuit where the Ripple legal team you
know, brought in Hindman and all these

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things and what communications were made.
And the reason why these two things are

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correlated is Ethan X Herpee were competing
for the number two spot, so there

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was a battle. So clearly,
you know, if you take one token

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over the other, you're showing favoritism, right, You're picking winners and losers.

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That's not what the SEC should be
doing now. The other factor is

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the Ethereum network switched from proof of
work to proof of state, which of

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course changes the thesis that Hindman and
Clayton based their analysis on to give ETHERM

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a non security classification. Not to
be clear, I believe Etherrem is not

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a security. I believe the SEC
has not provided the guidelines. This is

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what we've been waiting for, right
Why Congress needs to act. This whole

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thing is a mess. We need
clarity. It is a dumpster fire,

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folks. And number three Gary Genser
has stated refuses to echo the statements of

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Hindman and Clayton that Etherum is not
a security. He was grilled before Congress.

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He doesn't want to answer. And
of course I've been telling you guys

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that Gary's most likely going to take
the Etherrem ETF situation to the courts even

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if he loses, because he has
a lot to lose. When it comes

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to if he approves ethereum spots ETF, it means it's not a security.

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It means it gives the open door
to the other all coins and there of

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course are trying to block this as
much as possible, and recently we had

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talked about it. CFDC chair Roston
Benham spoke before Congress highlight the difference in

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the views of the CFTC and the
SEC. Obviously, the CFTC views this

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as a commodity, and he was
saying the SEC is on the fence and

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he's trying to work with them about
that. So, I mean, you

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got these two agencies battling about this. And if you saw my interview published

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this morning with Chris John Carlo,
former CFTC chairman, and we touched on

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this subject of the nonsense around this, and of course Gary against and the

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SEC approved Prometheum's license to custody Etheroreum
as a security, and I had Aaron

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Kaplan on the podcast for the interview. He was reiterating Gary's statements that all

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coins are digital asset securities. So
another signal here that Gary is trying to

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make everything outside of biitcoin a security. So once again Forbes is reporting that

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this is something that's happening. And
look, the only way I see this

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can be stopped is Congress really needs
to act. I do believe the industry

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will suit a hell out of the
SEC and Gary gains if he continues this

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attack. Because of all the hypocrisy, lies and inconsistency coming out of the

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SEC. The SEC caused this confusion, folks. Now. The other thing

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to keep in mind New York Attorney
General Letitia James I believe her name is

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when they went after a coup coin
exchange, they had listed Ethereim as a

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security. This was back in March
of twenty twenty three, and they stated

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that ethere is a security because of
the ICO and of course a friend of

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the podcast, attorney fred Rispoli,
he had sued the SEC asking for clarity

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on etherrem Is it a security or
not? Tell us right? They responded,

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we haven't made a decision yet.
What a dumpster fire we are dealing

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with here. But once again,
but the record, I don't believe etherrem

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is a security. I believe the
SEC needs to update the how we test

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this way. All the different tokens, whether it be xrp avalanche, h

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bar, algoran, etherrem, all
need to go through that test. On

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its face, I don't think etherrem
is a security given how the network has

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evolved. But the problem is Bill
Hinman should have gave that clarity that he

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put together for the entire market,
right, the framework for the entire market,

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versus just saying ethereum specifically is not
security. And that's where this whole

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thing started going downhill. What a
mess. Now remember Gary, when he

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was at MIT, the videos are
circulating he said Etherorem was not a security

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right, so he has said this
in the past. Now quite a few

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folks are coming out talking about this
news, and of course it's big.

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It has huge implications. Patrick McHenry, the man who asks Gary Ginser is

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etherom of security. He tweeted out. The following reports indicate Gary Ginser is

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moving to unilaterally classify eth as a
security This is contrary to the CFTC's assessment

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and the SEC's prior actions. Congress
decides the SEC's jurisdiction and budget. Chuirgenser

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doesn't get to make it up as
he goes. Well, Congressman Patrick McHenry,

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he has been doing that. So
I tweeted at him in response,

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and I said, Congressman McHenry,
it's time to subpoena Gary and get the

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two crypto bills passed in the House
to put the mess the set has created

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to an end. You got to
take action. Words are not going to

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help here now, Brian Contents who've
had on the podcast. He's a former

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CFTC chairman. He worked with Chris
John Carlo. In fact, he's now

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global head of Policy at A sixteen
Z. He tweeted out a great threat

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here, he said, reminder,
when the SEC allowed eth futures ETFs to

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trade on its regulated security exchanges,
it explicitly acknowledged the status of the underlying

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eth as being a non security and
outside of its jurisdiction. Importantly, this

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ETF approval decision in October twenty twenty
three occurred well after a theorem change to

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proof of steak in September of twenty
twenty two, meaning that to the SEC,

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ETH in its present state as of
October twenty twenty three was not a

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security. These are key facts,
folks. This is why I'm saying etherorem

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is not a security and that Gary
Genser he's gonna get sued because of Bill

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Hindman's statements in the past. Plus, they approved the futures right, They

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went through to all these different things
and approved it in the state of being

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proof of state. He says,
if the SEC had any doubt about the

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regulatory treatment of in October twenty twenty
three. It wouldn't have approved the ETF.

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If ETH were in fact is security, then the CFDC listed futures contracts

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on which the ETFs were based would
be illegal, as any derivative on ETH

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would be considered security features contracts and
subject to different rules, listed on different

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exchanges and subject to joint SEC slash
CFDC jurisdiction. See the mess the SEC

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has created, folks. Moreover,
if Ether were a security then the Eth

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Futures ETF would be an illegal instrument. The SEC cannot approve an illegal instrument

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to trade over a national securities exchange. It will be interesting to watch what,

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if any excuse the SEC uses if
it were to delay or deny an

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ETH ETF, given it has already
informed the market on ETH being outside its

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jurisdiction. The SEC's conduct is refusing
to acknowledge these facts, is causing confusion

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and actively harming the public. So
he's absolutely right here, Adam Cochran,

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I believe senior counsel at Synthetics,
he said, there you go. Confirmed.

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It's Gary on a phishing expedition to
try and say proof of Steak is

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a security and all I can say
is bring it on. Go on,

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Gary, file this kind claim.
Let's have the course deciding and get precedent

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on the books once and for all. And while you're recovering from your ripple

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case, I'd encourage you to read
part three of is etherorem at security dot

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com outlining why proof of steak isn't
a security so. As I said here,

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folks, the industry is going to
suit a hell out of Gary Ginser.

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And he's I don't know what he's
doing here. Maybe he has something

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up his sleep, but I don't
think so. There's just too much history.

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This could be a smoke screen.
Maybe he's just causing confusion to delay

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the Ethereum METF saying, look,
we don't know, right, so it's

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just he's just delaying and doing whatever
Elizabeth Warren wants him to do. So.

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Paul Grewall, chief legal officer at
Coinbase, weighed in on this,

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saying, CI again, what the
misinformation as we await a decision on ethereum

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ETPs. Okay, let's talk about
some basic facts about Etheroreum. Millions of

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Americans hold eth it has been vital
to crypto since it's twenty fifteen launch,

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and ETH is a commodity, not
a security. The SEC has taken this

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position for years now. He gives
some great examples here, he said,

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first senior SEC officials like Bill Hinman. Although I wouldn't want to use this

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as an example given his conflicts,
he said an example too, or Exhibit

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B. Before he was SEC Chair, Gary Ginster himself testified before Congress that

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ETH is not a security see his
tech testimony Exhibit C, And even very

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recently, the SEC's trial lawyers continue
to compare ETH to bitcoin. So he

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continues to provide additional items talking about
the CFDC, the futures, and so

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forth. So Gary's gonna have problems. But once again, this could be

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a smoke screen, just to delay
the ETF to say we don't know what

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we're doing now. Miles Jennings of
A sixteen Z tweeted the following. He

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said, recent events have changed my
mind about working with former SEC crypto enforcement

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lawyers. Anyone still working in that
division is complicit in the ongoing abuses of

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power. Debt Box won't be the
last example. We won't work with law

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firms that one day hire these people. Wow. So the people who are

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working with scumbag regulator Gary Genser.
They're going to have a hard time working

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with folks in the industry and other
industries moving forward and an age of social

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media and with the web with media, their names are going to get tarnished.

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And this is probably why we're seeing
a lot of turnover the SEC.

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People don't want to be involved in
this nonsense. But folks, what a

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mess right and ethereum. You know. I don't know what Gary's up to,

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but I hope that there's no epic
collapse because it would be very detrimental

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to the market. I tweeted about
this. This could turn into a massive

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Category five tornado that is going to
ruin a lot of government officials, the

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SEC theorem and so forth because of
all the things that happen going back to

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Bill Hinman and then Gary's hypocrisy and
lies. It's just snowballing into this massive

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disaster. So we're gonna have to
wait and see. This could be once

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again a smoke screen that Gary's using
just to delay the etherom ETF That quick

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out the link in the description.
Alri folks, yesterday we talked about the

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news of black Rock tokenizing an investment
fund on the Ethereum blockchain, and they're

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working with securitizes, which is helping
people to tokenize everything and anything on the

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blockchain. Well, Coinbase, they
tweeted out today, we are excited to

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announce that Coinbase has been chosen as
a key infrastructure provider for Blackrock and securitize

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tokenized investment fund. This partnership reflects
our commitment to connecting institutions to crypto and

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demonstrates our ability to provide the necessary
technology and products to support the rapidly growing

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tokenization sector. So this comes as
no surprise because coinbase has already been working

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with black Rock for institutional custody and
trading. This was news that came out.

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You know what was that late last
year? I believe it was,

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and you know, for the ETF
launches and so forth. And this is

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a powerhouse coming together, right,
coin based, black Rock and Securitized to

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do tokenization, and as Larry Fink
has been saying for a while, tokenization

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is the future of finance. They
are moving all in and they are doing

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it on the Etherorem blockchain. So
what an interesting dynamic, right, black

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Rock wants the etherem metf. They
have the bigcoin ETF. They're tokenizing on

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Etherorem and Gary Genser is trying to
say Etherorem is a security now and trying

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to block the ethere metf investigating the
Etheroreum Foundation. You can't make this stuff

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up now. Another fact that one
user here on Twitter x found by the

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name of Summer's Things, and he
provided the link to the CFDC government website.

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Apparently Coin Based Derivatives LLC quietly filed
certifications with the CFDC to list US

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regulated features for dogecoin, like coin
and bitcoin cash. I get dogecoin because

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you know there's people that are going
to trade it, but light coin and

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bitcoin cash. This feels like a
twenty seventeen lineup, right, But maybe

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this is just the starting point.
We'll see what they decide to do.

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Summer says they follow them on March
seventh, and surprisingly nobody seemed to notice.

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Features are set to start trading on
April first, if there are no

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objections from the CFTC. So that's
interesting. I'm surprised they didn't haven't included

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XRP given, but maybe they're like, hey, look the lawsuit is still

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going on with Ripple, so it's
too risky to try to do stuff like

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that. But they already relisted it
for trading, so I don't know.

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And then look, they bought light
coin on here a bitcoin cash, So

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whoever came up with this decision or
idea, they didn't really think this through.

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Maybe I don't know, it just
seems strange now. Fetchair Jerome Powell

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just to add some context of things
he said today, And if you haven't

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seen once again my interview with Chris
John Carlo today, please check it out.

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We talk about fet chair Jerome Powell's
recent comments about the digital dollar is

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nowhere closed to being developer or live, and Jerome Powell doubled down on that.

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00:20:57.759 --> 00:21:03.680
Here's some codes reported by Eleanor terrator
Fox Business Fetcher. Jome Powell addressed

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00:21:03.720 --> 00:21:07.599
CBDCs today saying I haven't at all, in my own mind, made a

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00:21:07.640 --> 00:21:11.400
decision that the US needs a central
bank digital currency. He also said the

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FED is a long long way from
proposing as CBDC, and it's wrong to

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say the FED is working on a
CBDC. Now, I was born at

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night, but I wasn't born last
night. And I you know, we've

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seen lies and smoke and mirrors.
So could he be telling the truth?

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Sure? Could he be lying through
his teeth? Absolutely right. We've seen

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this from different government officials. They
could absolutely be working and piloting different things.

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And in fact, you know Chris
John Carlo of the Digital Dollar Project,

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he's talked about different conversations they've had
with the FED, piloting and so

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00:21:49.960 --> 00:21:56.279
forth. So I don't know if
I believe that this is wrong to say

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the FED is working on a CBDC. I think they've already started the conversation

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00:22:00.160 --> 00:22:03.440
and maybe piloting stuff. They may
not have something that's production or ready to

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00:22:03.440 --> 00:22:10.519
go or even flushed out. But
something smells fishy here. My gut tells

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00:22:10.559 --> 00:22:15.519
me he smokescreening a bit here,
but we'll have to wait and see.

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Nevertheless, the future is digital many
countries are building CBDCs and digital currencies in

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the US. We'll have to find
a solution, whether that's stable coins at

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CBDC or whatever. In order to
remain competitive and keep the dollar as the

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00:22:30.680 --> 00:22:33.319
world reserve currency. They're going to
have to start working on one. And

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look, it has to be aligned
to the Constitution to maintain our rights.

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Now, folks, a friendly reminder, I will be in Washington, d

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C. For the DC Blockchain Summit
twenty twenty four. This is being put

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00:22:45.519 --> 00:22:49.519
together by the Chamber of Digital Commerce, Perie and Boring and friends, and

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00:22:51.279 --> 00:22:53.960
I will be there for the summit
day as well as the education Day.

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00:22:55.079 --> 00:22:56.400
Now, if you don't want to
attend the summit day, it is a

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00:22:56.400 --> 00:23:02.720
bit more expensive, you can attend
the education day and I'll be there for

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00:23:02.759 --> 00:23:04.119
both. We'll love to meet up
with you. And we're gonna be meeting

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00:23:04.119 --> 00:23:08.799
with different representatives, members of Congress, regulators and so forth. And there's

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00:23:08.839 --> 00:23:12.319
gonna be some great speakers who are
gonna be there. Members of Congress like

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00:23:12.400 --> 00:23:18.119
Mike Flood, Senator Christin Gillibrand,
Kaitlyn Long, Cynthia Lummis, Hester Purse,

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00:23:18.400 --> 00:23:22.079
Patrick McHenry, Fred Thiel, and
many other great speakers guys, So

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00:23:22.160 --> 00:23:26.559
once again I would love to see
you all in person. I'll be there

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00:23:26.839 --> 00:23:33.599
and we'll certainly be doing some coverage
and podcasting as well. So once again

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00:23:33.759 --> 00:23:37.039
we'd like to attend. Check out
the Lincoln and description. You can get

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00:23:37.039 --> 00:23:41.440
a discount by using the code thinking
Crypto. And once again, you don't

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00:23:41.440 --> 00:23:44.160
have to attend for both days.
You can come to the summit and the

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00:23:44.400 --> 00:23:48.400
Education Day, or just the Education
Day if you want. So looking forward

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00:23:48.440 --> 00:23:51.640
to seeing some of you there.
Thank you for watching and listening. Don't

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00:23:51.680 --> 00:23:55.720
forget to subscribe. Hit the five
star in the podcast platforms, sign up

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00:23:55.720 --> 00:23:59.720
for my free email newsletter linked to
description, follow me in all social platforms

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00:23:59.720 --> 00:24:02.640
as well. We'll thank you,
guys, and I'll talk to you all later