Speaker 1: The SEC launches Project Crypto, which is very bullish for
Speaker 1: the market, as chairman Paul Atkins says, crypto assets are
Speaker 1: not securities. I'll give you all the details there. And
Speaker 1: Jamie Diamond JP Morgan CEO has capitulated, saying he loves
Speaker 1: stable coins and blockchain and Visa is integrating more blockchains
Speaker 1: than stable coins. This is big. I'll give you all
Speaker 1: the details. Let's get into it. Hey, everybody, welcome into
Speaker 1: the Thinking Crypto Podcasts. You're home for cryptocurrency news and interviews.
Speaker 1: I'm your host, Tony Edward. On your way in. Please
Speaker 1: sit that subscribe button as well as the thumbs up
Speaker 1: button and leave a comment below. If you're listening on
Speaker 1: a podcast platform such as Spotify or Apple, please leave
Speaker 1: a five star rating and review. Folks. Right now bitcoin
Speaker 1: is correcting. It is once again indy one hundred and
Speaker 1: fifteen thousand dollars price range. And it's what we've been
Speaker 1: talking about. We could see the additional pullback before the
Speaker 1: pump to new highs, which I believe is going to
Speaker 1: happen in August. And what I've been saying, you know,
Speaker 1: I should have followed my gut with the RSI because
Speaker 1: the RSI was in the overbod zone, and I kept
Speaker 1: thinking maybe we bounced them there. But the RSI is
Speaker 1: playing out perfectly to a t. You're in the overbought
Speaker 1: That means you got to pull back, have a correction,
Speaker 1: and then get to the near over soul zone. It
Speaker 1: doesn't mean it has to go through the over soul zone.
Speaker 1: For example, the rally in late May into June where
Speaker 1: Bitcoin went to a new high of one hundred and
Speaker 1: twelve thousand, it hit the overbod zone, pullback, and then
Speaker 1: we consolidated and then it broke out to new highs
Speaker 1: of one hundred and twenty three thousand dollars. So the
Speaker 1: same thing is playing out on the charts. Guys. The
Speaker 1: chart is showing everything here. And as we've been highlighting,
Speaker 1: we also have all coins in the overbod zone like
Speaker 1: XRP and e Theorem, which really rallied very strong, and
Speaker 1: they're seeing their pullback. So once again we don't have
Speaker 1: to go through the over soul zone. I think we
Speaker 1: can have a pullback and then bounce, but let's see
Speaker 1: what happens. But over four hundred million dollars liquidated in
Speaker 1: the crypto market over the past four hours, so it
Speaker 1: business as usual, right. Market cycles from oversould to overbought,
Speaker 1: to oversold to overbought. This is just how it's playing out.
Speaker 1: From the higher timeframe of the weekly chart, Bitcoin still
Speaker 1: on track. Nothing bearish here, the bulls are still in control.
Speaker 1: From the weekly macd it's still in the green, so
Speaker 1: I expect us to keep going higher in August unless
Speaker 1: there's some black swan event, right that can change everything.
Speaker 1: In addition to stock market is over sold, it is
Speaker 1: also pulling back, so we're seeing overall the markets were overheated,
Speaker 1: the RSI showing us that and we're pulling back here.
Speaker 1: And then the inverse correlation to this is the dollar.
Speaker 1: The DXY is pumping right now. But one thing to
Speaker 1: note on the DXY, it is approaching the overbought zone
Speaker 1: on its respective RSI, so you see the inverse correlation here.
Speaker 1: So just give it time, folks. Maybe another week or
Speaker 1: so we bottom out and then we start moving maybe
Speaker 1: a week and a half. Right, We'll just have to
Speaker 1: be patient and let the market do its thing. But
Speaker 1: the macro thesis is still and play. Global liquidity continues
Speaker 1: to rise and bitcoin and risk assets have been following,
Speaker 1: so be patient there, folks, This may be a time
Speaker 1: not to look at the price because it's going to
Speaker 1: keep going down until it hits the support level and
Speaker 1: then bounce. So these additional CME gaps, I think below
Speaker 1: one hundred and fifteen, it looks like they're going to
Speaker 1: get filled. And that's fine, right, all of those things
Speaker 1: getting filled, the market cooling down, sentiment resetting, and then
Speaker 1: we keep going. But nevertheless, we got some very bullish news.
Speaker 1: Look at this SEC chair Paul Atkins, most crypto assets
Speaker 1: are not securities. They released a bowl new vision called
Speaker 1: Project Crypto, so this is amazing. SEC Chairman Paul Atkins
Speaker 1: announced Project Crypto to modernize securities rules for crypto assets.
Speaker 1: The initiative aims to create clear guidelines for crypto acid distributions, custody,
Speaker 1: and trading. Atkins emphasize that most crypto assets are not securities,
Speaker 1: challenging previous SEC views. I know, Gary Gainster's punching air
Speaker 1: right now, looking like a clown, right. Eleanor Terrett gave
Speaker 1: some more details. It looks like she was there actually,
Speaker 1: And under the new Project Crypto, the SEC will draft
Speaker 1: new rules for crypto asset distributions icos air drops and
Speaker 1: much more, clarify when tokens our securities versus commodities developed
Speaker 1: tailored disclosures in safe harbors. So one of the things
Speaker 1: I was mentioning to you guys, why I think the
Speaker 1: SEC has been delaying the et aps and the spot
Speaker 1: ets for SALON and XRP is they need to have
Speaker 1: some sort of clarity out there. They haven't defined a
Speaker 1: lot of things. And I thought it was going to
Speaker 1: be the Clarity Act, the Market Structure Bill that was
Speaker 1: going to be the issue, or it was the issue,
Speaker 1: But it seems like the SEC wants to get their
Speaker 1: own set of rules out and I'm sure that's going
Speaker 1: to dovetail with the Market Structure Bill. So this is
Speaker 1: our answer. You know, why have we not seen approval?
Speaker 1: Why the delays and the index ets which included SOLON
Speaker 1: and XRP and much more. Here's the answer. So AT
Speaker 1: can confirmed support for tokenization of stocks, bonds, and other
Speaker 1: assets and promise relief for firms seeking to issue tokenized
Speaker 1: securities in the United States. The speech also hit back
Speaker 1: at prior SEC actions, including Operation Choke point two point
Speaker 1: zero and SAB one two one, which he named as
Speaker 1: barriers that drove crypto offshore, and of course Gary Ginster
Speaker 1: was behind UH and Elizabeth Warren was behind all these things.
Speaker 1: Atkins emphasized the right to self custody while also pledging
Speaker 1: revised rules for registered custodians to handle crypto assets. He
Speaker 1: also proposed a super app regulatory framework to allow a
Speaker 1: single platform to offer crypto plus securities, trading, staking, lending,
Speaker 1: and more, all done under one roof without needing dozens
Speaker 1: of overlapping licenses from multiple regulators. Wow, this is amazing,
Speaker 1: This is very bullish. Clarity is so important for more
Speaker 1: capital to come in, for people to build, and to
Speaker 1: allow us asset class to grow in the valuations and
Speaker 1: the prices and much more. DeFi and on chain software
Speaker 1: got special attention to. Atkins wants to distinguish code publishers
Speaker 1: from intermediaries and create regulatory space for both decentralized and
Speaker 1: centralized models. Love it and Innovation Exemption is also in
Speaker 1: the works, which is meant to let startups launch quickly
Speaker 1: with flexible compliance conditions as long as they prioritize investor protection.
Speaker 1: That's really great too. Has the person had suggested that
Speaker 1: the sandbox come in and develop and play, just register
Speaker 1: with us, and we're not going to bother you. Just
Speaker 1: make sure you're following the law and not doing harm
Speaker 1: to investors. Right. Atkins made it clear the SEC will
Speaker 1: no longer regulate crypto through enforcement alone. He called the
Speaker 1: moment a generational opportunity to bring crypto back on shore.
Speaker 1: I love it. This is progress, this is transparency, This
Speaker 1: is what we need for this market to continue to grow.
Speaker 1: So this is very, very bullish.
Speaker 2: Now.
Speaker 1: One of the things he said with regards to organization
Speaker 1: is that many Wall Street and Silicon Valley companies are
Speaker 1: lined up at our doors with requests to tokenize. Tokenization
Speaker 1: is the future of markets, as Blarry Fink, Black Rock
Speaker 1: CEO said, And they're looking to put all traditional assets
Speaker 1: on the blockchain, folks, and the SEC is looking to
Speaker 1: accommodate from that front. And it's amazing. It's amazing what's happening.
Speaker 1: A complete one eighty at the SEC. So it looks
Speaker 1: like we're going to have these things in place, and
Speaker 1: then the SEC is going to approve all those ETFs
Speaker 1: and much more, and just just an amazing time to
Speaker 1: be in this market, folks. So bullish, and as I've
Speaker 1: been saying, I'm not only looking to take profitces in
Speaker 1: this bullmarket, but in future bullmarkets, because there's going to
Speaker 1: be a building phase and it usually happens in a
Speaker 1: bear market, and folks are really going to hit the
Speaker 1: ground running because these things are now coming into fruition,
Speaker 1: so there's going to be a time for it to
Speaker 1: be digested and put into action, and no one's going
Speaker 1: to be able to build what they're looking to build overnight.
Speaker 1: It's going to take you know, certainly years and things
Speaker 1: like that, but having it in place is very bullish
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Speaker 1: this is bullish and just so significant. Jamie Diamond, CEO
Speaker 1: of JP Morgan, has fully capitulated. Just yesterday we talked
Speaker 1: about JP Morgan partnering with Coinbase to help onboard users
Speaker 1: into crypto. We know that JP Morgan recently tokenized some
Speaker 1: deposit tokens and things on base, which is the Ethereum
Speaker 1: layer two control by Coinbase, and they're doing all types
Speaker 1: of things. They're exploring crypto lending and much more. Despite
Speaker 1: what Jamie has been saying for years, saying crypto and
Speaker 1: bitcoins a scam. I'll fire anyone who touches this stuff.
Speaker 1: It's a ponzi. You'll lose your money. He said, almost
Speaker 1: every negative phrase or were about crypto under the sun
Speaker 1: over the years. But he's bending the knee. He has
Speaker 1: to bend the knee and kiss the ring because crypto
Speaker 1: is here to stay. And here's an interview he did
Speaker 1: with the folks at CNBC talking about the partnership. Let
Speaker 1: me play the.
Speaker 2: Clip for you, merging. We've seen lately emerging of kind
Speaker 2: of crypto and JP Morgan and traditional finance in recent months,
Speaker 2: whether it's the coinbased partnership that you announced yesterday where
Speaker 2: Chase customers can use credit cards to fund coinbase accounts,
Speaker 2: or Investor Day where you said clients can can buy
Speaker 2: bitcoin although you cautioned against it, or the stable coin
Speaker 2: like token jp MD. How prevalent do you see crypto
Speaker 2: in traditional finance and do you foresee risks as these
Speaker 2: two worlds do become more intertwined.
Speaker 3: Yeah, Well, first all, there's never been a new financial
Speaker 3: product that didn't tel risks, so that obviously is gonna
Speaker 3: be risks, and they haven't written all the laws yet,
Speaker 3: like you know, think of the think of the rules
Speaker 3: around it, like you know AML and BSA and KYC
Speaker 3: and disclosures, and you know, when they say stable coin,
Speaker 3: which we're going to have, I'm not against stable coins
Speaker 3: like a mutual fund. Mutual funds have rules. Well, the
Speaker 3: rules is going to be around stable coins, and I
Speaker 3: think there are really So I'm a believer stable coin,
Speaker 3: a believer in blockchain, not personally a believer in bitcoin itself.
Speaker 3: But you're the customer.
Speaker 1: You know.
Speaker 3: I don't like to tell customers what they can and
Speaker 3: can't do with their money. That is a whole different
Speaker 3: issue for us, and so we're going to accommodate those things.
Speaker 3: You mentioned that we did a deal with coin base,
Speaker 3: so you can now move money from Chase to coin Base.
Speaker 3: We're gonna make it easier for people. They've agreed how
Speaker 3: to use their APIs, which we think is a good thing.
Speaker 3: So you know, we'll be in it, and we'll see
Speaker 3: it's a little bit of a solution looking for a problem.
Speaker 3: Because if I'm going to send you we already have
Speaker 3: the jpmor and coin. We already moved money twenty four
Speaker 3: to seven. We moved ten tillion dollars a day quite effectively, efficiently, safely,
Speaker 3: with all the cyber protection and stuff like that. But
Speaker 3: if I'm going to send you a stable coin, you're
Speaker 3: gonna say to me one point, well, I don't want
Speaker 3: your mutual fund. Just send me cash and they'll invest
Speaker 3: the what I want. But there are things that stable
Speaker 3: coins maybe can do that you know, traditional cash can't,
Speaker 3: like is programmable. I might be a saying that stable coin,
Speaker 3: then you can send it to ten different vendors you
Speaker 3: want to pay in a regular basis or something like that.
Speaker 3: So we'll be in it and we'll use it. And
Speaker 3: again if the customers want to use it and how
Speaker 3: they use it and it's used properly, will be doing it.
Speaker 3: It's what the customer wants, it's not what JP Morgan
Speaker 3: personally wants.
Speaker 2: Sounds like that's the case both private credit and crypto.
Speaker 1: There you have it, folks, very different tone right, not
Speaker 1: as aggressive, don't talk about it, says fraud, it's a scam. No, yeah,
Speaker 1: we'll use it. You know what customers want, We're going
Speaker 1: to use it and you know you can use jpm
Speaker 1: coin as well, right, But this is the game, folks.
Speaker 1: You know, if you've been a follower of this podcast
Speaker 1: for years, we've shown the cards that Jamie's been playing.
Speaker 1: He's been doing the smoke and mirrors move telling you
Speaker 1: it's all a scam while his bank has been building.
Speaker 1: Going back to twenty eighteen, they launched jpm coin, but
Speaker 1: it was on a private permission chain and no one
Speaker 1: was going to use that. It's a wall garden. But
Speaker 1: what we saw is that public blockchains is the way
Speaker 1: public stable coins that are out there in the open market.
Speaker 1: And now JP Morgan's capitulating and they're going to support
Speaker 1: crypto in different ways, partner with coinbase. So folks, this
Speaker 1: should make you happy. They should put a smile in
Speaker 1: your face. The king of the Fiat Empire capitulating, bending
Speaker 1: the knee. It's amazing. And many of you front ran
Speaker 1: Jamie Diamond and these banks because they couldn't touch it.
Speaker 1: Legislation didn't allow him to do so. And as I've
Speaker 1: been saying, he and the banking industry lobbied Elizabeth Warn
Speaker 1: and Gary Genser to go after unlawfully in many ways,
Speaker 1: the crypto industry. That was what was going on. Elizabeth
Speaker 1: Warren as an old grandma, and Gary Genser, who loved
Speaker 1: the crypto when he was teaching it at MIT, didn't
Speaker 1: all of a sudden, you know, a turn on crypto
Speaker 1: and were super angry and wanted to destroy it. That
Speaker 1: didn't come from them. That came from the orders, came
Speaker 1: down from the top and from Jamie and much more. Folks.
Speaker 1: I've heard about this in DC, I've spoken to people
Speaker 1: off the record and much more so. It's an amazing day.
Speaker 1: I hope you see what's happening here. This is like
Speaker 1: the final boss capitulating here. And despite him still not
Speaker 1: you know, he's not going to come out and say
Speaker 1: this is the greatest thing ever since slice bread. He's
Speaker 1: going to say, yeah, we're going to use it, you know, yeah,
Speaker 1: you know, blah blah blah. But it's a very different
Speaker 1: tone from what we've seen over the years. So incredible,
Speaker 1: incredible stuff here now, folks. Speaking of capitulation, Visa expands
Speaker 1: stable coin offerings amid rising competition from institutions, So the banks,
Speaker 1: the stock markets, at credit card companies, at payment companies,
Speaker 1: they're all bending the knee, adopting crypto, offering it from
Speaker 1: a trading standpoint, custody, they're tokenizing, they're including stable coins,
Speaker 1: launching their own stable coins. So payment company Visa expanded
Speaker 1: stable coin offerings on its settlement platform by adding support
Speaker 1: for the Global Dollar USDG. That's the consortium guys, that
Speaker 1: includes Robin Hood and a bunch of other companies. They
Speaker 1: also added support for paypals PYUSD and euro Coin eu
Speaker 1: RC and two new blockchain networks, so Stellar Lumens and Avalanche,
Speaker 1: which the native token is avax. Very bullish, this is
Speaker 1: a credit card company. Do you see what's happening? And folks.
Speaker 1: Earlier today I published my interview with MasterCards executive vice
Speaker 1: president of crypto and blockchain, and if you want to
Speaker 1: get an idea of the thought process and the methodology
Speaker 1: and what they're thinking, watch this interview. Folks. It's not
Speaker 1: for the views, it's for the education. This is the
Speaker 1: executive vice president of blockchaining crypto at MasterCard, visas competitor obviously,
Speaker 1: and they're all building. They're all building with this technology
Speaker 1: and adopting it in different ways. So check out ot
Speaker 1: interview and folks, it's what we've been talking about for years,
Speaker 1: they will all capitulate, they will all get in. I mean,
Speaker 1: just look at what's happening. Again, if you're not bullish,
Speaker 1: I don't know what you're looking at. Maybe you're too
Speaker 1: caught up in the price and the momentary pullbacks and
Speaker 1: so forth. You don't see the broader market. You don't
Speaker 1: understand the s curve adoption and how the infrastructure needs
Speaker 1: to be built by some of these legacy firms to
Speaker 1: onboard more users, and that drives the valuation of the
Speaker 1: blockchain networks up as there's more utility on them, and
Speaker 1: of course their native tokens will go up in value
Speaker 1: as well. So this is incredible adoption news. Now look
Speaker 1: at this. Coinbase increases is Bitcoin holdings, plans tokenized stocks
Speaker 1: in US, so the tokenization wars are heating up here
Speaker 1: in addition to the stable coin wars. So Coinbase added
Speaker 1: two five hundred and nine bitcoin in Q two and
Speaker 1: it says it's buying more, so they're essentially holding this
Speaker 1: on their balance sheet. They also plan to launch tokenized
Speaker 1: US stocks and prediction markets soon, so of course on
Speaker 1: the tokenied stock side, they're going to be competing with
Speaker 1: Kraken and Robinhood and many others, and they're launching prediction markets,
Speaker 1: which is going to compete with polymarkets. So it's incredible
Speaker 1: what's happening. And I think Coinbase they know that competition's
Speaker 1: heating up, so they are ramping up and it's beautiful
Speaker 1: to see. It's amazing to watch all these firms in
Speaker 1: this race, you know, trying to get as much market
Speaker 1: share as possible, and that's very bullish for us who
Speaker 1: are holding the tokens because they're building on blockchain rails. Now.
Speaker 1: They had their earnings call and their earnings were amazing.
Speaker 1: It was over a billion dollars in revenue. But some
Speaker 1: of the other things that Brian Armstrong's CE of Coinbase
Speaker 1: mentioned that they're going to do a decentralized exchange integration
Speaker 1: inside the Coinbase app, so offering that decentralized exchange aspect,
Speaker 1: which is really great. I love that. I love that
Speaker 1: they're doing that. One of the coinbase folks highlighted that
Speaker 1: that means millions of tokens, no more waiting on list things,
Speaker 1: every Base project, instantly tradeable fully on chain access for everyone.
Speaker 1: So this is a great move by Coinbase. I really
Speaker 1: like what they're doing here and man, so bullish, guys,
Speaker 1: so bullish. Wait till the market starts pricing all of
Speaker 1: this in. You know, once we come out of this
Speaker 1: corrective phase, I guys that we're going to pullback from
Speaker 1: the overbought zone. You know, are going to get really
Speaker 1: euphoric because all these news items are going to culminate
Speaker 1: to higher prices. Final item here, guys, Today I interviewed
Speaker 1: Robin Hood's CEO, vlat Tenev. We did an in person
Speaker 1: interview at my studio in New York City and it
Speaker 1: was a great one. We talk about all of Robinhood's
Speaker 1: crypto initiatives and the future of markets and what stable
Speaker 1: coins and blockchain and crypto all, how does that all
Speaker 1: fit into what's coming. So, folks, that interview is going
Speaker 1: to be published on Monday. You don't want to miss it,
Speaker 1: so make sure you got the notification bell enable your subscribe.
Speaker 1: I know most of you don't really watch interviews, but
Speaker 1: these are interviews that are packed with a lot of
Speaker 1: knowledge and help you understand the markets better. So check
Speaker 1: them out, folks. It's knowledge is power, right, So definitely
Speaker 1: definitely be sure you watch the MasterCard interview and as
Speaker 1: well as this one. That's coming up on Monday, Folks.
Speaker 1: Great way you can support me in the podcast is
Speaker 1: by subscribing to my free email newsletter. It's one hundred
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Speaker 1: my book on Amazon. It's available in paperback, in digital,
Speaker 1: and my course at Mycrypto course dot com. This is
Speaker 1: a comprehensive course that teaches you every aspect of crypto.
Speaker 1: Check it out. You're gonna hear from founders, CEOs, institutional investors,
Speaker 1: and much more. It's packed with videos, text write ups,
Speaker 1: downloadable materials, and much more. So go to Mycrypto course
Speaker 1: dot com. All of the links will be in the description. Folks,
Speaker 1: thank you so much for watching and listening. I appreciate
Speaker 1: you all, and I'll talk to you all later.