The SEC and Gary Ginser are dismissing their case against Debt Box after the judge
threatened a sansion against SEC attorneys. This is another major loss for Gary Ginser
and many attorneys are weighing in and Standard Chartered Bank is predicting that the SEC
will approve the Ethereum spot ETFs by May of this year. Is that possible?
Well, we're going to break it down. Let's get into it.
Welcome to The Thinking Crypto Podcasts. You're home for cryptocurrency news and interviews.
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Tomorrow is of course the FOMC meeting. We will hear from them on their
decision on whether they're going to keep rates, pause or start cutting. This
is important because we are looking at the macro and the correlation between macro and
bitcoin in the crypto market. So that's why this is important, folks.
Because global liquidity and fast easy money, cheap money and the money printer going
burr all impact the markets, so we'll keep an eye on that, and
of course i'll bring you to updates tomorrow. What we're seeing for bitcoin is
that there might be a rejection right now, and it's in line with what
I've been saying that I believe bitcoin is headed down to between thirty to thirty
five K. I don't know at which price it finds the support. Hopefully
it's at thirty five K. I've got some buy orders in place, so
let's see what happens. One analyst here is charting it really well. He's
been correct so far. His name is Neste and here he's using the Fibonacci
models as well as the Elliott wave model, and we're seeing we're at that
wave B, which is then headed to C, which is down where it's
so we'll see what happens. Look, no one has a crystal ball.
Well, we have to form a thesis. We have to look at both
the bearish and bullish scenario. So we're not ignoring any of these, and
we're looking at which has the highest probability of playing out. And as I've
been stating, guys, macro from a macro standpoint, we are going to
new all time highs. I think we hit eighty k if not like seventy
five k this year, where that's going to be the all time high for
this year, and then I think we hit higher highs the blow up top
next year, which I think crosses six figures. Now, not a guarantee,
not a certainty, but I think a high probability. So be patient,
use the pullbacks, use the dips as an opportunity to dollar cost average
in. Now let's jump into the news because today the SEC took another big
loss folks. Here. Eleanor Tarott of Fox Business reported the SEC has just
filed a brief in the Debt Box case saying that it intends to dismiss the
lawsuit against the company. The SEC is choosing dismissal rather than face possible sanctions
from the judge for misleading the court in order to secure a restraining order and
asset freeze against Debt Box. Another big fat loss for a scumbag regulator.
Gary Genzer, I've been telling you guys, we are dealing with a scumbag.
We're dealing with people who are corrupt. They don't care about the law.
All they care about is shaking down companies for money and gaining more power.
And this may be a symptom of big government. Right. We're seeing
different government agencies just running amok. But the SEC, you know, they've
kind of had this power for a long time, and you know, it's
almost like absolute power. It corrupts, right, But you know, thankfully
the judicial branch of the government is coming through here, not putting up with
the bs and lies and hypocrisy of the SEC. Eleanor also added some additional
notes. She said, adding to this note that the SEC has dismissed the
case without prejudice, which theore medically leaves the door open for the agency to
come back and fill a new suit against Debt Box in the future. Expect
comment from the judge on that. Second. If a dismissal is accepted by
the judge, it doesn't necessarily mean the agency escapes scott free. The judge
could choose to impose monetary sanctions on the agency from misleading the court. Boyd,
I hope this judge comes through and does that. We need Gary Ganser
to be exposed. We've been seeing constant lies the appellate court. Those judges
said the SEC acted arbitrary and capricious, I mean unbelievable, right, and
then Indie Ripple case, which we know the SEC lost the line's share of
that case. Judge Sarah Nepburn said the SEC lacks faithful allegiance to the law.
These are words coming from the judges. It's not some YouTuber or some
random guy on the Internet or somebody tweeting something. This is coming from the
courts. This is why I've been telling you guys for years, we're dealing
with a scumback regulator. Gary Genser is on puppet strings being controlled by Elizabeth
Warren. Elizabeth Warren's being controlled by the banking incumbents such as Jamie Diamond and
many others. That's what's happening here. We are in the then they fight
you phase. This is why they're ignoring the law. This is why they're
lying. This is why there's hypocrisy on their part. They're trying to slow
down this technology as much as possible, kick out the startups like Coinbase and
Ripple and so forth, so that the Wall Street banks can come in and
takeover. It's pretty clear what's happening, right. You don't see black Rock
getting a wells notice. You don't see Fidelity getting a wells notice even though
they've been in crypto for a long time. But look at what's been taking
place, right, all of them are launching ETFs, all the Wall Street
firms, while the crypto startups are getting sued, while the crypto starrups are
in a fight for their lives. Right. Pretty clear what's taking place.
And we don't have full regulations yet from Congress. Obviously they're working on it
now. One attorney who works for being Capital Crypto, she confirmed that,
look, the dismissal won't save them from possible sanctions, so the judge can
really come through here, give Gary againster another big fat l in his face.
I hope that happens and the SEC also has to pay fines and this
would be another once again big loss with the SEC. Here Attorney John Deeton
wade in he tweeted at Gary Aginser and he said, Gary Ginser, this
disgrace falls under your leadership or the lack thereof. First year lawyers were described
by a federal judge's hypocrites lacking faithful allegiance to the law. In a ripple
case. Later, the appellate court ruled your denial of a spot Bitcoin ETF
was arbitrary and capricious in the Great Scale case. Despite those incredible findings,
findings that would make any lawyer or leader cringe from embarrassment and humiliation, your
agency's lawyers continue to act with a complete disregard for the truth and for justice.
Now you run away, attempting to shield your unethical lawyers from facing the
very law to uphold. Beautifully put by John Deeton here here, I'm meta
law man. I'll actually be interviewing him next week. His name is actually
James, he said, astounding, I've never seen anything quite like this in
more than thirty years of representing clients averse to the SEC. I actually think
this voluntary dismissal could make it more likely that the SEC lawyers involved in the
misrepresentations to the court will be sanctioned. I hope this happens. Guys here
Jeff Robert, who is a reporter at Fortune magazine. He covers cryptos,
specifically, They put out a full article on this today, he said.
So, let's get this straight. The SEC lied to obtain an ex part
tro where defendants don't even learn about the charges. The judge finds out and
is understandably pissed, starts disciplinary proceedings, the SEC drops the case to try
and wriggle out of it. So I'm glad that mainstream media here is covering
this, exposing this scumbag. Now the other big case that's taking place,
which I think Coinbase is going to win this, right, Coinbase versus the
SEC. I think the market needs Coinbase to win. We know a ton
of all coins have been thrown into these lawsuits against coinbase in Binance, and
that's the sneaky way of the SEC trying to litigate them but not actually giving
them due diligence, not going to each project and company and saying, hey,
give us your facts and ser circumstances, as the SEC would say,
right, fractions and circumstances. They're not doing that. They're doing a very
sneaky scum bag move of just throwing a bunch of coins and saying, oh,
yeah, these are all securities without actually giving details, and then packaging
it with the lawsuit against coin based crack and Binance and so forth. Now,
Binance is its own beast. It has its own thing going on because
it has an exchange token and a stable coin and so forth, so I'm
going to leave finance it aside, but coinbasing crack and I hope they destroy
the sec in court. Now we got word here from Standard Chartered Bank that
they are are expecting the a therm spot ETFs to be approved on May twenty
third, so very specific date. I don't know how they came up with
this, because you know, it doesn't necessarily have to happen on this date.
It could have happened in the month right, So very very big statements
here from a bank, and I think we have to pay attention because it's
a bank making the statement. And we know that with the bigcoin's body TFS
approved, it makes it very easy for the theorem's bodytf to be approved.
Now is it very likely to happen? Is the big question because it could
you know, Gary Agnster could easily do it, but will he. So
here let me give you what the spokes Standard Charter are saying. We expect
pending applications for the ethus spot ETFs to be approved on May twenty third,
the final deadline for the first of the ETFs under consideration, the equivalent date
to Januarate tenth for the Bitcoin ETFs. Jeffrey Kendricks, head of Standard Charter
Banks and Digital Assets Research, wrote in a report on Tuesday. If ETH
prices performed similarly to how Bitcoin prices perform in the lead up to BTC ETF
approval, EITH could trade as high as four thousand dollars by then. So
we'll have to wait and see. Here's what I tweeted out, though I
don't know about this. The EH situation is very different from Bitcoin. I
wonder if Gary gens will try to block the ETH ETF, but the issuers
consume him and reference what Bill Hinman had to say about ETH not being a
security, or maybe Gary foles and just approves as he knows he will lose
in court. So there's some complications here with EAT. So you have Gary
Genster refusing to save ETH is a security before Congress. We've seen this,
right, he got rilled by Patrick McHenry refused to even say a word.
Second, the ETH situation is tricky because other projects, and we saw in
the Ripple case, they use this. They reference what Bill Hinman and Jake
Clayton endorsed that ETH is not a security. We know that Bill Himon gave
a speech premously in twenty eighteen, it was market moving and everybody thought,
there's not a security, But then you have the staking component now that if
they were to approve an etheroremist BODYTF, what does that mean for stakers?
And maybe it's they make it clear in the guidelines you will not get any
type of staking rewards by investing in it. Maybe it's that simple. I
don't know, but that is a component. And if they are going to
do this with the ambiguity that's out there around ETH, it can open up
the door for other all coins again to ETFs. And this is where Gary
Ginser may not want to do it, but he will probably be forced to
do it. So I don't know, I don't know if we're going to
get that etheremist BODYTF this year. It may be a situation where if coinbase
wins their lawsuit, then maybe you know, that'll force the hand of Gary
g Ancer because a lot of the tokens that he does list and the SEC
listen their lawsuits against Cracking and Coinbase, some are ERC twenty tokens and some
are Layer two solutions for etherorem So this thing is so messy. The SEC
would just do his job, and you know, if Congress could get things
going. I know Patrick mckenney's trying to push through the two bills in the
House. There's two in the Senate, and boy, I hope they can
get it done this year before the craziness of the election. But if not,
twenty twenty five would be ideal as well. Now, quick word from
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I've been using them since twenty eighteen. You can buy bitcoin, etherorem and
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I can vouch for them. And if you'd like to learn more, please
visit the link in the description. Now, speaking of ether theorem, folks,
Vitallic. Whether you hate him or you love him, he put out
a great, great, great write up about crypto plus AI. And remember
what I've been saying. If you've been listening to this podcast, I told
you, guys, this coming cycle, one of the narratives will be AI
driven crypto and that's why I took a position in Render as well as fetch
dot ai. Those are upright now. Now that's not financial advice. Please
do your own research. Don't go buy those tokens because I mentioned I have
them. Please do your own research. So if Italic tweeted out the promise
and challenges of crypto plus AI applications, folks, once again you could hate
Vitalic, but this is a really good, really good write up and talking
about the benefits and the challenges and the synergies and much more. It's too
much for me to break down here in this podcast. Probably need like an
hour to do this, but I highly recommend you guys go read up on
it. I'll try to do an AI cryptospecific video and podcasts where I can
break down and reference some of this information. But it's really well done and
I think it's not hype. It's not just a narrative. I think it's
a legit thing. Now are we there yet where it's like, hey,
we have this figure out figured out and here's the solutions, here are the
use cases. We're not there yet, right, We're very much in the
ideation phase and here are some possibilities. But I think folks are working on
it. And don't be surprised that we see AI merge or blockchain. In
fact, from a larger perspective, I think blockchain will be needed to police
AI, and we see that deep fakes are on the rise. It's hard
to verify media and where it comes from, and we know the AI defakes
will only get even more sophisticated and realistic where you you can't even tell.
So we need blockchain. And we actually saw Polygon, which is a layer
two scaling solution. I had reported on this. They partner with the Fox
News Corporation to build a platform where the content that's published by the media sources
can be verified because it's on the blockchain, and you can avoid de fakes
or if they're not avoid but if defacs do come up, you can verify
what's real and what's not. So this is very interesting and once again the
narrative I set it in Deceber twenty twenty two, one of the big narratives,
right, and what I'm anticipating, and this is why I took position
in AI themed tokens. Now moving ahead, Portal raises thirty four million dollars
for atomic swaps while de decentralized exchange is still in Testinet. Portal, a
bitcoin based DeFi project, recently and now it's successful thirty four million dollars seed
funding round. At the time of writing, this represents the second largest funding
round in the web three space for the year of twenty twenty four. This
follows an earlier fundraising effort in September twenty twenty one, where Portal secured eight
point five million dollars. Then as now, Portal's raise announcement focuses heavily on
the platform's creation of a decentralized exchange to allow atomic swaps that don't rely on
trusted intermediaries to move assets between chains, But after more than two years and
forty two point five million dollars in funding, Portal's decentralized exchange is still in
testinet. Following the announcement of the most recent fundraised, Portal community members express
frustration at the project's slow development on Portal's telegram channel. Some invested in Portal
through retail investment platform Republic and wanted to know when they could see returns,
and administrator in telegram said investors would receive equity following the launch. In an
interview, Portal co founder CEO Chandra Douguiralla from saying that right acknowledge things did
take longer to and expected, which is true of all difficult engineering problems.
So they're getting more capital to keep building. But folks are not happy with
the timeline. And look, that doesn't mean the project's dead. And we've
seen certain projects take a long time but eventually come to fruition. But I
understand the frustration of some investors. But we'll see. But look, a
takeaway here is that there's capital ready to invest in many different crypto ideas and
projects. So if you are an entrepreneur, it's an opportunity for you to
raise capital and get your idea off the ground. Now. Unprecedented two point
one billion dollar bitcoin seizure in Germany linked to online piracy group A suspect willingly
transfer nearly fifty thousand bitcoin to official wallets. So, folks, what we're
seeing is that there's still the legacy bitcoin still moving around where it's connected to
like Silk Road or other things happened, you know, back in the day.
There's a couple of things here, you know, because you have like
Elizabeth Warren who will go around saying, see, bitcoin is only used for
such and such, when we know criminals largely use cash. But the point
is not the method or the means of the transfer of value. It's the
bad actors you want to stop bad actors. Bad actors will use any means
of currency or value transfer right because they're just trying to get away with whatever
they're doing, money laundering and so forth. And it's actually harder for them
to do with crypto because everything's on chain. You can track it in the
blockchain. And and of course a lot of groups like Chainnalysis came out and
debunked Elizabeth Warren's lies and fud and this data that came out and showed there
it's so minimal, which the amount of crypto has used for nefarious activities versus
cash. I mean, it's ridiculous. How much cash? Does that mean?
We should destroy cash and fiat and so forth and never use it.
Of course not. We got to stop the bad actors, right So the
authorities alleged that the bitcoin is tied to a piracy site that violated the Copyright
Act back in twenty thirteen, so once got legacy problems here. According to
a police statement, a German and Polish man were found responsible for the alleged
money laundering and reportedly bought bitcoin with the proceeds. The Tuesday statement marks the
largest bitcoin seizure by German authorities. The future of the assets remain uncertain,
though the police statement clarified that a suspect voluntarily transferred them to the official wallets
provided by the BKA. A final decision has not been made about the utilization,
the statement said. However, authorities said they would not be providing more
information until they complete the investigation. No charges have yet to be filed against
them. While the United States leads in global bitcoin node count with twenty eight
percent, Germany is not far behind, with over thirteen percent of global nodes.
According to bitnodes. From a regulatory standpoint, it has become more crypto
friendly over the last few years, with some of the biggest banks seeking crypto
custody licenses. Germany granted a crypto custody licensed the Commerce Bank in November,
making it the first full service bank to receive such a license. Deutsche Banks
Paul Mayley told block Works last September that it was interested in offering corporate and
institutional clients custody of selected cryptocurrencies and stable coins. Of course, it is
every bank, every financial institution, stock market and you name it. They
are all here. They're ready to add bitcoin and crypto trading to their services
in addition to custody and much more. And we know that tokenization is the
future, so all of the assets that many of them hold will go on
the blockchain. And the interesting part is which blockchains the tokenization will happen on,
and do you hold a native token? So exciting times ahead. And
you know when you see a headline like this, it can lead to fear
or fun, right, but you got to go into the details. This
is just legacy stuff that happened back in the early days wild Wild West,
and I think the governments are now going to be hyper focus on cleaning this
up. They're gonna tie up loose ends and make sure all these guys are
brought in whoever did nefair yourself. All the bad actors right, Look,
bad actors, like I said, they're going to exist, They're gonna people
are going to use bitcoin and other cryptos for bad activities in the future.
It's going to be tough for them because once again KYCML is being enacted everywhere.
Plus there's on chain of reporting data analytics where you can track stuff now,
so it's gonna be even more difficult. But the point is criminals and
dumb criminals right will do whatever they want and use whatever they want. That's
human nature, that's civilization. It is what it is. The point is
we want to stop bad actors, and we've gotta be careful with corrupt politicians
like Elizabeth Warren who try to spread lies because they're trying She's trying to protect
the banking incumbents from getting disrupted. Well, folks, that's the news.
Let me know what you think. Leave your thoughts and comments below, Hit
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