Hey, everybody, Welcome into the Thinking Crypto Podcasts. You're home for cryptocurrency
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on a podcast platform such as Spotify or Apple, please leave a five star
rating and review. Folks, We've got some big news and that is four
hundred and thirty eight billion dollar asset manager Susquehanna buys one point three billion dollar
in bitcoin et apps. Folks. The institutions are buying these et apps,
and of course it makes it very easy for them to do it. It's
coming through trusted brands and names that they know, such as black Rock,
Fidelity and so forth. And as the filings with the sec are being revealed
in the coming weeks and months, you're going to see who those buyers were
of the big, massive run up that we had at the beginning of the
year into March where bitcoin hit new all time So that's going to be very
revealing and also very bullish. Right. We've often talked about game theory and
that if you know one firm sees the other firm is buying a bunch of
bitcoin ets they're going to hop off the fence and start buying as well.
So let me give you some details here. In the latest big name transaction
around bitcoin, four hundred and thirty eight billion dollar asset manager Susquehanna has revealed
it purchased one point three billion dollars worth of spot Bigcoin ETFs. Today,
Susquehanna disclosed its bitcoin etr portfolio in a thirteen f SEC filing spread across multiple
ETFs. So this is fascinating. They bought the whole gambit. They bought
a little bit of everything, for example, Grayscale, Fidelity, black Rock,
Arc, Bitwise, Valkyrie, in Vesco, van k and Wisdom Tree.
Interesting strategy and I get it. They don't want to put all their
eggs in one basket. And of course it's probably based on maybe what their
clients want. You know, if some clients prefer Fidelity or Vanak or whatever
it may be, they're probably going that way out locating accordingly. But folks,
it's incredible what we're seeing. And remember the trading houses are not here
Morgan, Stanley, Ubs and so forth. James Seifert of Bloomberg and I
spoke about this in our interview which I published five days ago, so be
sure to check out that interview. The herd for the Bitcoin ETF buying and
trading is not here yet. Yes, I know that seems hard to believe,
but they're not here yet. They're in the process of getting themselves set
up, and you know it takes time, right, they have to go
through compliance and all the checks and all the red tape and so forth.
They'll get there, guys, it's coming. And remember that there's also the
educational and awareness campaign that is taking place with the issuers going out to wealth
managers and rias. So the diverse set of investments in bitcoin ETFs is an
interesting note. However, it only grows optimism in the world's leading cryptocurrency.
Nonetheless, Susquehanna International is one of the largest proprietary trading firms in the world.
The firm works in trading essentially all listed financial products and acid classes with
a focus on derivatives, and handles millions of transactions on exchanges around the world
every day. And of course they're getting involved in crypto. And this is
just the tippity iceberg. There's more to come. Very bullish news here now,
guys. Scumbag regulator Gary Gens went on squawk Box today to talk about
his same old bullshit talking points. I'm not even going to play the full
clip for you, but I'm going to highlight some of the takeaways because I
don't even want to hear this guy's voice. He's annoying. He's a clown,
like I said, as scumbag regulator, he's been breaking the law.
And I think the timing of the Robin hood Wells Notice news is because Congress
is about to repeal the SAB one two one rule, which the US Government
Accountability Office found unlawful and it was provided by the who else, the SEC.
I'll play the clip of what Tom Emmer had to say about that.
But he was interviewed by Andrew Ross Sorkin, and he was of course asked
about if he themist and security or not, and all the things that have
been going on now. Andrew didn't really grill him on all the court failures
and being sanctioned and so forth, but I wish he did. But you
know, usually probably Gary would have walked out right because he's not. He
doesn't want to talk about that. He wants to paint the narrative that he
wants to so. Paul Griwall, chief legal officer at Coinbase, highlighted the
following of what Gary had to say. I quote, many of these tokens
are securities under the law of the land as interpreted by the US Supreme Court,
so we followed that law. Paul said, please stop misleading the market.
Tokens are not securities, They're pleadings. Notwithstanding your own attorneys have admitted
this in the court. So of course the SEC attorneys have said this against
her, and the SEC are even divided among themselves. You know, Hester
Purse and Marqui Wada have you know, called out the SEC and their unlawful
activities and the way they've been treating the market and the industry. Not to
mention their lawyers when put before the judge to answer factual questions, they have
to say, well, yeah, these are not securities, right and then,
but they try to present it as though it is. So Gary's line
out his teeth here. He's a big time scumbag regulator controlled by Elizabeth Warren,
and both of them are controlled by the banking and cumbents who are trying
to slow this down. Guys, it's pathetic. Our tax dollars are being
used for this type of nonsense. But this is why we got to fight.
This is why we got to hold them accountable, tweet out the truth,
the facts, call up your representatives, and will continue to protest on
social media and in different ways. It is making an impact because we're seeing
a lot of crypto companies are starting to rally together, sue the SEC,
fight back, punching back at the bully, and they're lobbying politicians and we're
seeing it the impact of pro crypto candidates winning in the election. So big
things are coming. We got to keep fighting. Don't get me wrong,
we are in for a fight. Obviously, the SEC issued at Wells notice
against Robin Hood, but this is just Gary's silly attempt at trying to make
things stick. Here's what William Mugay are if I'm saying that right. He's
an author of the business blockchain and token Summoned Producers said Gary Ginsterer told Squawkbox
and Andrew Ross Sorkin he would rather not talk about crypto, saying it's a
small part of the overall capital markets and doesn't deserve the attention it's getting against.
They're asked where are the financial reports for these crypto tokens. Here's what
William said. He doesn't understand crypto clearly, and he's going after the wrong
bad guys. He continues being the villain of crypto, not the right cup.
So I think a lot of people, even in the mainstream are recognizing
this, like you're treating this industry unfairly. You have the most enforcement actions
coming against the crypto industry, yet you're saying it's a small part of the
capital markets. Why does it deserve so much attention. It's because you're a
clown on puppets strings blocking the industry, and when you lose in court,
it's a big deal. You're getting called arbitrary and capricious. You're getting sanctioned
by the judges in different cases. So this guy, he's trying to downplay
it, but we're not gonna downplay it. We're going to amplify the facts
here. Cody Carbone of the Chamber of Digital Commerce says, regarding this video,
how are we feeling us tax payers? Crypto is too small for gangster
to discuss publicly, but large enough that the SEC has allocated a huge chunk
of its enforcement resources. Feel protected investors, he asked, and we got.
Tom Emmer spoke out about the Robinhood Wells notice, saying these Wells notices
seem to be Gary Ginster's desperate, last ditch attempts to intimidate and antagonize digital
asset innovators. Now there was a clip of him talking about the House looking
to repeal SAB one two one, which is that custody rule which prevents many
of the banks from custodying bitcoin and cryptocurrencies. And let me play the clip
for you so you can hear directly from Tom Emmer. Chairman Gary Gensler's tenure
at the SEC has been characterized by regulatory hypocrisy, inconsistency, and incompetence.
The Securities in Exchange Commissions Staff Accounting Bulletin one twenty one, commonly known as
SAB. SAB one twenty one, is just one example of Chairgenstler's egregious attempts
to expand the SEC's authority and his clear bias toward the digital asset ecosystem.
More than two years ago, the SEC disguised this illegal rule as guidance,
circumventing Congress and public input so they could prevent banks from safeguarding consumer owned digital
assets. However, this rule isn't just overreaching and illegal, it violates the
SEC's statutory mission. First, SAB one introduces more unnecessary and avoidable concentration risk
into the digital asset ecosystem, making our markets less fair, less orderly,
and less efficient. Second, it weakens investment protections by barring Americans from using
the established banking infrastructure to custody their digital assets, which leaves Americans assets more
vulnerable if a custodian becomes insolvent. And Third, this rule hampers capital formation
and global competitiveness, as foreign banks already have the ability to compete in crypto
markets while our banks cannot. The sec statutory mission is to protect investors,
facilitate capital formation, and maintain fair, orderly, and efficient markets. Chairman
Gensler is violating all three of this, all three of these with his illegal
SOB one twenty one rule. Later this week, House Republicans, we're going
to do our job to provide oversight and accountability to the SEC by passing Congressman
Mike Flood's resolution so that this illegal and harmful rule ceases to be in effect.
I hope that our colleagues on the other side of the eye. Well,
well, join us as we work to ensure the digital asset ecosystem can
thrive right here in the United States. And I turn it over to our
leader, Steve Scalees. So there you have it. And this is important
because they are in the process of voting. It made it through the first
round. It has to go to the Ford for the full repeal, but
that will be a big deal. That's another big loss with the SEC because
it got called unlawful by the US Government Accountability Office, So this would be
a big win. It's another item on the list that Gary Genser has lost
out on. Now, the other big issue with the SEC is that they
still have the Ripple lawsuit, which has not been resolved. And of course
Ripple took the lion's share of the victory by getting the ruling that XRP intrinsically
is not a security and secondary market sales of the asset are not securities.
Now, we got some news here that the SEC has filed its Redactive Remedies
reply brief and supporting exhibits. So what does this mean. Well, Attorney
Jeremy Hogan weighed in and said the Ripple versus SEC briefs are finished, and
I think the SEC went out with a whimper here. It didn't even try
to attack ODL sales, which is on demand liquidity, just noting that Ripple
was trying to relitigate the issue, which it is, and it brought nothing
new on damages, just waiting for the judge now. So I've been on
record saying that I believe Ripple will have to pay a small fine here,
but the SEC is not going to get what it wants, like two billion
dollars, right, and it's going to be a small victory. But Ripple
came away with the lion's share obviously that the asset is not a security and
secondary market sales are not securities, which is great for the entire industry,
not just Ripple and x ORP, and many of these different token projects and
exchanges can use the ruling as case law. And many crypto lawyers in the
industry are speaking out there. They're saying things like the SEC is abusing the
Wells process as part of a carpet bombing campaign against crypto. You can say
that again, right, this is what it's about. Guys. He's throwing
as much as he can against the wall. But he's going to lose,
ultimately lose. We are in the then they fight you phase and the elections
coming up. Gary's not going to be here for a long time. And
the disruptive technology, they can't stop it. You know, they're going to
try to slow it down, but it can't stop it. And remember there's
two things happening in parallel here. The crypto startups and small companies are getting
sued Coinbase and when I say small, I mean relative to you know,
Wall Street firms like Fidelity and black Rock, they're getting sued. The small
ones are getting sued. But notice Wall Street's coming in issuing ETFs, filing
for ethereum ETF tokenization, custodying funds and reserves for different crypto assets. So
clearly two things happening here on this spectrum. How can they both be happening
at the same time. Why isn't black Rock and Fidelities and these guys getting
walls notices? Right? Do I do even need to go further and explain
that that's the game that's being played here now? I'm in content with Mark
Fagel. Many of you know him. He's a former SEC official. He's
usually on Twitter talking about crypto and much more, and we're talking about setting
up an interview, so I want to give you guys heads up about that.
For those of you who know about Mark Fagel, and I want to
get his thoughts. You know, I've interviewed Hester Purs, Joe Grunfest,
and SEC official Joe Hall, so it would be great to get Mark's take
on what's happening right now because he has been outspoken, and you know,
I'll try to have a fair conversation with him because there's certain things I don't
agree with him on and there's certain things I do. So we'll see how
this conversation goes with Stay tuned. I'll let you guys know when it's confirmed
and we can compile some questions that you all may have that I can talk
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guys, we got some interesting news coming from Standard Chartered Bank. They're
saying if Donald Trump was to win the presidential election against Biden, it would
be positive for bitcoin and crypto. Trump reelection may cat pulled bitcoin Standard Charter.
It says, now, this is highly speculative, but I think there's
some truth behind it, but they're you know, taking it to the next
level, embellishing a bit too much. But we know Trump has warmed up
to crypto. I think because of Vivek Ramaswami coming on his team telling him
about CBDCs and crypto and bitcoin. He's warmed up to it. We know
his campaign has issued NFTs Bitcoin ordinals and much more so. He's definitely done
a one point eighty on crypto versus when he was president and tweeting out that
he's not a fan of it and so forth. The man is now building
on it, right. And Look, he may never come on and say,
you know, bigcoin is great and things like that, because that would
be an incredible endorsement and very impact on the way the markets may move.
So I don't think he will want to do that. But I think actions
speak louder than words here where he's using the technology and that's pretty big.
And uh, he's talked about accepting bitcoin his payments and so forth for the
NFT's and shoes and all that. Once again, this is not an endorsement
of Trump. I try to be neutral here when I report news like this,
whether it's about Biden or Trump. But they're not wrong here. They're
embellishing a bit, but they're not wrong here. Now, guys, we
continue to see massive amounts of capital flowing into the crypto market. And here
Bloomberg with Crypto is reporting that crypto startups are putting valuations in the fast lane
with an aggressive form of fundraising that reflects the digital asset industries recovery as well
as a desire among venture funds to put money to work. So I think
a couple of things. One, the bull markets here, the ETFs have
been improved. We are clearly in an uptrend, so more capital is going
to come in. Two, I think markets are starting to see the signal
or what's down the road where the FED will eventually cut rates, that we
have hit the peak of our quantitative tightening cycle. Yes the Fed has not
cut yet, but they have paws. And it's better than when you are
in a run up and they keep raising rates. Right. That's where you
to be cautious and you're like, when is this thing gonna top out?
It's all about the markets anticipating what's gonna come next. And markets are forward
looking, as I've often stated to you guys, So they see maybe the
next year or so. And I think it's after the election that rates are
gonna get cut, which means we're gonna go back to easy money cycle.
Right, the cost of capital is going to be cheaper. It's gonna be
back to money printing quantity day of easing. It's not gonna happen overnight.
There's a process to it, so the Fed is eventually gonna get there.
So markets are front running. In my opinion, I think that when they
start cutting next year, we could see a correction for sure, like we
have historically. I don't think it happens before the election. Like I said
in my newsletter earlier this year. Now I could be wrong, and I
think that we could see the blow off top this year, if not early
twenty twenty five. Maybe they don't cut rates, you know, in December
after the election, but it comes in Q one, maybe February or March,
and then you know, markets started going down. But nevertheless, I
think these fund see what's on horizon, cheaper capital as well as the bull
market running up. So now's the time to grab some equity, get grab
some coins, and that you can exit even later this year on some of
those coins. So I think it makes sense, and Bloomberg and all these
different firms are sharing to recognize the vcs waking up and starting to inject more
capital into the crypto market. So, folks, that's the news. Let
me know what you think. Don't forget to grab a copy of my book,
Rethinking Crypto, The Crash of FTX and the Rise of safer Stronger Digital
Assets, available in digital and paperback on Amazon, linking to description. Guys,
grab a copy to support the podcast, Buy a copy for a friend
or family member who wants to learn about crypto. It covers the ETF race,
the regulatory battles with the SEC ripple in much more, what does the
future of crypto look like? Tokenization NFTs, and it summarizes everything. Guys,
So I appreciate your support. Don't forget. I'll be at the DC
Blockchain Summit on May fifteenth and sixteenth. You can grab some tickets and get
a discount using the code Thinking Crypto link in the description. Guys, I'll
be there for the summit and the Blockchain Education Day. Heads up. The
summit is much more costly, but the Blockchain Education Days is The tickets are
cheaper and you get to go on Capitol Hill, and that's what I'm excited
about. So I'm looking forward to that and hope hopefully I get to see
some of you there. I'll be doing some podcasting, some vlogging, and
much more. All right, guys, thank you for watching and listening,
and I'll talk to you all later