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we got some interesting news coming out from Ripple CEO Brad Garlinghouse. He
retweeted Paul Grawall's comment yesterday about the SEC going after Ethereum, and here's what
he had to say. The SEC picked fights with the industry and is losing
badly in the courts. They're now fighting fellow regulators like the CFTC and falling
behind international counterparts. At what point will the SEC realize they will lose the
war against Etherereum just as they lost against XRP. Wow. Big statements here
from Brad, and great to see that Brad is bypassed seeing the tribalism and
maximalism that we see from some XRP holders who want to see ETH go down
just because they're mad about Bill Hinman. I've often stated, you have to
separate the two things. Etherorem is just software, It's just a token,
right, But the anger should be pointed towards not Vitalic and Etherorem, but
rather the SEC. They are the government officials that were compromised. They are
the ones that caused this mess, and they are the ones that are funded
by our tax dollars. That's why I'm pissed at the SEC and Gary Genser.
I love that Brad came out and said this because the crypto industry does
need to unite to fight against the common enemy that we have, and that
is scumbag regulator Gary Genser. Now Stuart Alderaddy retweeted Brad. He's the chief
legal officer at Ripple. He said, Congress must stop funding this insanity.
So my hope is that Tom Emmer and the folks at the House Financial Services
Committee can cut Gary's budget as it relates to crypto until they're is actual legislation
or Gary Genser backs down from attacking good actors in the crypto market. We
don't want the SEC to stop doing its job, which is to protect investors,
go after scams and bad actors, which exists in every industry. Right.
But Gary's clearly a puppet on strings controlled by Elizabeth Warren, and he's
attacking everything in the crypto industry. They're trying to roadblock and kill some of
these companies. We're seeing lawsuits, we're seeing lying hypocrisy much more by the
SEC. They're breaking the law themselves and trying to stop good actors in the
crypto market. It's unbelievable what we're dealing with now. In regards to the
Etherorem ETF, Nate Garachi, president of the ETF store, he tweeted out
if the SEC was going to argue Etherorem equals as security, the time to
do it was before they approved futures ETF's last October. They didn't do that.
Why not was perfect opportunity, He says, also too late to make
correlation argument. In my opinion, if okay, with Grandma buying each futures
ETF, then why not spot So this is a big problem for the SEC
because they have been operating under the premise that it is a commodity. The
features were approved, they went through all of these things. Now all of
a sudden, Gary's doing a one point eighty and there's many layers here because
it goes back to the Bill Hinman situation and how Etherrem was given that free
pass and not the rest of the crypto industry. So lots of layers here,
folks, and we'll see how this plays out. This could be just
a smoke screen from Gary to delay the Etherorem ETF because we saw two Democratic
senators sent Gary a letter saying no more ETFs, don't approve any other ETFs.
And I think Gary and Elizabeth Warren pretty much gave them the information under
the table. I would bet money on that. And they didn't just wake
up one day and say I'm going to go after these ETFs. Oh,
I hate them right. They didn't wake up and do that on their own.
So I think we see what's going on behind the scenes. Smith Warner
show and she will do anything and everything to try to slow crypto down.
But the great things the courts are the ultimate equalizer and they are not putting
up with any unlawful activities, lies in hypocrisy. They're handing out massive ls
to scumbag regulator Gary Genser. Now, speaking of Etheroreum, there's a report
here that Vitallic Booterin, who's the founder of Etherreum, talks rainbow steaking at
eth type ay to combat centralization risks, So interesting timing of this news here.
In his latest talk at eth typeey Etheroreum, founder of Ittallic Booterin introduces
rainbow steaking as a way to combat growing centralization concerns around steaking. Booterin notes
that staking in general and liquid steak tokens today have become centralization risk on the
Etheroreum blockchain, and this was something that was brought up when Etherorem was moving
from proof of work to proof of steak, that you're going to have a
good amount of whales that can hold up a ton of tokens. They can
accumulate the tokens over time instead, and then the network becomes more centralized.
He highlights that there are not enough solo stakers on etherorem today, citing technical
challenges like running your own node and financial restraints like not having more than thirty
two eth. This is because on Etherorem, solo steakers must deposit thirty two
EH, which is just over one hundred and thirteen thousand dollars to join the
network as validators. Many individuals who wish to steak their ETH do so by
delegating their tokens to liquid staking solutions. One of the most popular liquid steaking
solutions today is Lido, which currently has sixty one point three percent dominance over
the market today. Boteren remarked that a proposed solution to these centralization concerns around
steaking is rainbow staking. The idea here is that you explicitly split up into
two kinds of steaking, and you can call it heavy staking and light staking,
Budarin said. In this particular case, heavy steaking is slashable and signs
in every slot. On the contrary, light staking, which is not slashable,
is pulled up to sign slots through a lottery system. Here's a quote.
You basically try to explicitly separate out those two and potentially require both heavy
steakers and light stackers to sign off on a block in order for the block
to get finalized, he said, So you try to add the security of
both of those approaches together. The framework of rainbow steaking is ultimately hoping to
counter the emergence of one dominant liquid steaked token that could replace eth as the
main currency on the etherorem network. It is also designed to offer competitive participation
by bolstering the economic value of being a solo staker. So this is great.
I think this is a great idea. Let's see if they can roll
out and get this going, because it will allow more participants and individuals to
be able to steak because not everybody can afford thirty two eth right, So
this is something to keep in mind. So I like this idea here by
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big news coming out here from krackin so Cracking CEO Dave Ripley, he
tweeted out Crackin Financial, a state chartered full reserve bank, is now live
and offering services to the crypto industry. Here's the news out of WYOM.
This is a very big deal for Kracking that they are able to do this,
folks. Let me zoom out a bit here. Second read so.
The headline reads Kracken unveils qualified custody solution for crypto in the US. Cracking
Institutional, the dedicated brand for bespoke crypto solutions for institutional investors from one of
the largest standing and most secure crypto exchanges, has formally launched its qualified custody
solution, offered through krack and Financial. It's state chartered bank. You want
to know why Jamie Diamond and the banking incumbents are scared, why they're fighting
back so much, why they have Elizabeth Warren and Gary Genser going after the
crypto industry. They're getting disrupted. The capital is leaving their treadfi investment products
and going into crypto. Crypto exchanges have the ability to custody assets and become
banks. So there's a change happening, a paradigm shift. So this is
why we're seeing the big pushback and why we are in the then they fight
you phase. So headquartered in Wyoming, USA, Crack and Financial is authorized
to offer digital asset security and deposit accounts for institutions. As for its charter,
Cracking Financial holds all deposits in full reserve. You know, Jamie Diamond
doesn't like that, right, because no bank, for the major banks,
they don't hold your actual money. It's fractional reserve banking, right, So
if everybody went to the bank and asked for the money, you're not getting
all your money. I think we all have seen the movie It's a Wonderful
Life, well some of us where that is shown, and you have this
bank run that may happen. So the future, though, is full reserves,
and that's where blockchain technology comes into play and will change the whole banking
system and make it better and make DeFi and individual lending and barring better as
well. So once again all deposits in full reserve, making it the natural
service provider through which Cracking Institutional can offer qualified custody. Here's a quote.
Custody has always been integral to the institutional crypto space, and the recent success
of the big cooin ETFs has only underscored the need for a broader range of
qualified custodians, said Tim o'gilvy, head of krack and institutional. Folks,
this is big news, This is really big news, and Kracken is moving
forward despite the SEC trying to sue them again. Remember Kraken settled with the
SEC over staking, had to shut their staking service down in the US and
pay a penalty, and then the scumbag regulator Gary Ginster came back a year
later sued them throw a whole bunch of all coins in the lawsuit, which
you're not litigating those all coins individually, giving them due process that they are
doing the same thing to coinbase of course. So Kracken then is now suing
the SEC, and eight state attorney generals are siding with Kracken, stating that
what the SEC is doing is just wrong. So really big move here from
Kracken. Of the top crypto exchanges in the industry. Now, folks,
I'm sure many of you heard today Reddit went public today. They debuted on
the New York Stock Exchange at forty seven dollars a share. Reddit of course,
being one of the top social media platforms, one of the top ones
that survived the early Web TWI era right of social networks, so pretty incredible.
And remember Reddit holds bitcoin in e theorem on their balance sheet and they
have played around with NFTs and different tokens, so they are certainly looking to
embrace crypto as much as possible. And a lot of the crypto community is
on Reddit. There's tons of Reddit sub forums around bitcoin, etheroreum, all
are all coins and so forth. So big news and we'll see what Reddit
continues to do with crypto as things progress. Now guys, we've been talking
about crypto's impact on the elections, and what we saw on Super Tuesday was
incredible. Pro crypto candidates started to win. We got super PACs supporting pro
crypto candidates much more. Kristen Smith of the Blockchain Association CEO of the Blockchain
Association gave a great rundown summary here of what's happening, so I want to
share that with you guys. She said, we're t minus approximately seven months
till election day, and the digital assets industry is at a political all time
high. Here's how I see things right now, there's a growing segment of
American electorate that we think elected officials and those running for office should pay more
attention to people who care about the future of crypto. These aren't necessarily single
issue voters, but they do care a lot about the future of innovation in
this country. Happily, this segment is making its collective voice heard across the
nation. Now. She's providing different references, different tweets and links here,
but she continues here in DC crypto users and industry professionals are engaging with Congress
and offering solutions that can bring meaningful, real world change. She highlighted Coinbases
Update the System summit that took place just yesterday. The crypto industry is also
participating in electoral politics in a meaningful way with new groups that support candidates who
are forwardlooking when it comes to innovation. She highlighted a political article and she
says, we are seeing results. So, like I said, crypt procrypto
candidates were winning on Super Tuesday. She continues, the crypto ecosystem has rebounded
from the twenty twenty two slash twenty twenty three downturn, markets are recovering,
new projects are being funded and optimism is prevailing. Backing up that optimism the
American legal system. The courts have repeatedly sided with crypto companies in recent cases,
so obviously highlighting the victories against the SEC as well as the EIA and
much more. She says this is particularly apparent in cases involving the SEC,
which was just this week was sanctioned by a federal judge for acting in bad
faith. And in my view, there is no political upside to being anti
crypto. Many voters see current rules and regulation as harmful to innovation and want
Congress and other regulators to supercharge new tech, not rein it in. Regulators
and elected officials proposing even more punishing rules for crypto consumers and investors should ask
themselves why if thousands of Americans are yelling that such rules would force them to
close their businesses and or move their registrations overseas, The question should perhaps be,
how can we craft pro business rules that protect consumers rather than drive them
away. I'm optimistic as ever, as I told the Boston Globe, I
think twenty twenty four is the strongest politically that the crypto community has ever been,
She says. Here final item, we say this a lot. Creating
robust political advocacy and fundraising capabilities for a new and growing industry is like building
a plane while trying to fly it. I think we're closer than ever to
having all the pieces in place. I think she's spot on here, folks
and money talks in Washington, and so the votes. So we're seeing a
massive change here. And remember, millions of Americans own crypto and this is
where Elizabeth Warren and these folks are getting exposed. And the great thing is
we have social media where we can amplify our message and highlight the lies,
the hypocrisy and all the nonsense and unlawful activities that the sec. Gary Genser
and Elizabeth Warren have been doing. So this is really great. We are
moving in the right direction. We need to get Congress to act, but
we're moving in the right direction. And speaking of votes in DC, guys,
a friendly reminder. I will be at the Digital Chamber of Commerce DC
Blockchain Summit in May from May fifteenth to the sixteenth. There are two days.
Fifteenth is a summit, the sixteenth there is an education day where you
go in Capitol Hill meet with legislators and so forth. I'll be there.
If you would like to attend, check out the link in the description.
You can use the code thinking Crypto to get a discount. And if you
don't want to attend the summit, it is the more pricier ticket. You
can come to the education Day, which is a lot but a great experience,
and I would love to meet some of you there and talk about things
and we can make our voices heard. So be sure to check out the
link in the description to learn about the Blockchain Summit, the DC Blockchain Summit,
and that's hosted by the Chamber of Digital Commerce. Well, folks,
that's the news. Leave your thoughts and comments below we hit the thumbs up
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news that are link will be in a description. Thank you for watching and
listening, and I'll talk to you all later