Speaker 1: Hey, folks, Welcome into the Thinking Crypto podcast, your home
for cryptocurrency news and interviews. I'm your host, Tony Edward.
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five star rating. Okay, First up, the Claritiac yets huge
support from Goldman Sachs CEO David Solomon. This is huge.
Here's the headline, Goldman Sachs CEO bax Claritiac. Despite banking
industry's concern over stable coin rules, The Goldman Sachs CEO
said the Crypto Market Structure Bill would create a more
stable regulatory framework, breaking with other major bank leaders who
oppose key stable coin provisions. This is a massive endorsement
because it goes against Jamie Diamond and all the rhetoric
he's been putting out there. Plus the ABA, the American
Bankers Association, who has been saying, oh, you know, credit
unions and local banks are going to see deposit flight
and much more, which is ridiculous, right, and remember this
is now law. The Genius Actors lawn and they're trying
to retroactively change the law. So there was already some
provisions that were made of some Democrats and Republicans were
able to find a compromise. But now the banks want more. Right,
so they got a cookie, Now they're asking for a
glass of milk. So it's all ridiculous. It's just they
are getting disrupted. They didn't want to compete. It goes
back to what we've been talking about. They keep the
majority of the interest they're earning, parking your money at
the FED, and they give you the breadcrumbs zero point
zero one percent. So that's what this is about. Jamie
Diamond wants to keep his big bonuses at the end
of the year. But the CEO of Goldman Sacks going
against that is very good because now it brings some
balance to the conversations. So now if the likes of
Jamie Diamond and some of his cronies start to bring
this up, especially the Senators who he's been lobbying along
with Elizabeth Warren, of course, then you have folks on
the other side of the yard Man can say, hey,
Goldman Sachs says this is good and it's important for
regulating the crypto industry. Now here's a quote from an
interview David Salman had with Politico. He says, the CLARITIAC,
like all legislation, is not perfect, and there are lots
of things that you could debate and argue about. But
I think one of the most important things that it
does is that it creates a level playing field to
enhance market stability and allow these markets to develop appropriately.
I'm very supportive of moving the CLARITIAC forward so we
can get some market structure in place and start to
move the innovation process along. Huge, huge statements here, folks,
big vote of confidence. Now, I know some of you
are thinking, why would this bank want to do that? Well,
Goldman Sachs is not your traditional commercial bank. They're a
major investment firms, so they want to build with the
technology and offer crypto investment products and much more. They
don't operate like JP Morgan. Right, we're dealing with consumers
and so forth. But regardless, this again goes back to
control Jamie Diamond and these guys don't want to give
up the big bonuses and the power they've had. But
disruptive technologies here and here's an example of some of
Jamie's cronies. So apparently the United States Hispanic Chamber of
Commerce says it represents millions of Hispanic owned businesses across
the US sent a letter to the Senate leaders this
week saying it shares community banks concerns that the CLARITIAC
could accelerate deposit flight. The group argues the bill could
reduce lending to Hispanic owned small businesses and weaken investment
in underserved communities. This is such bs. Again, there's been
a lot of studies that contradict this because the Genius
Act is already lawed. The CLARITYAC is not what gives
stable corneill or allows it. It's the Genius Act. Now
they're saying, oh, if we don't fix it via clarity,
but it's not. The CLARITIAC has nothing to do with
stable corneill. It's just the banks are trying to bring
this up to re litigate, right. But you see all
these folks coming out, Oh, you're going to get depositive, Like,
who the hell is just going to overnight start putting
all their money in stable coins. That's not realistic. Even myself,
as a native crypto user, I've been here since twenty sixteen.
I have some of my money in stable coins earning yield,
but the majority of my money to pay my everyday
bills and my mortgage in much more. It's in the bank,
right So this is really ridiculous. And if you think
about demographics, people who are using local community banks and
federal credit unions, they're not going to be big crypto
adopters right now. Maybe over time as they become educated,
they're not going to be rushing to coinbase or whatever platform.
Let me go get a whole bunch of stable coins
and come on, it's ridiculous. So again, this goes back
to these guys don't want to lose the power they've
had for a long time, and they don't want to
offer consumers competitive yield or interest payments on their money,
so they're fighting tooth and nail. But nevertheless, guys, the
sausage making process continues for the Claritiac and there is
going to be a vote next week. Nothing happened this
week here. Anthony Scaramucci gave a quick rundown. I'm not
going to read through everything because it's very, very long,
but he says the Claritiac update not passing as per
this week Thursday, July twenty third, based on publicly available
intel Republicans fifty one yes to no. Democrats two yes,
forty five no. The required number of votes is sixty
and he gives a full breakdown of the respective Democrats
and Republicans who may be no versus yes, and much more.
But it's a very long list to share, so you
guys can probably see it on the screen, or you
can go to Anthony Scaramucci's X account where he posted this.
So again, negotiations are still ongoing on ethics and of
course some of the banking concerns. And here Elizabeth Warren,
she's putting out her propaganda. She put out a video
on X, you know, stating this bill will help Donald
Trump's corruption to make more money. She knows it's not
about that, but she's trying to paint a picture dizzy.
Bill is just for Donald Trump. It's just so he
could make another one point four billion. Now, I've been
on record, I don't like that Donald Trump had a
meme coin it much more. But this bill is bigger
than Donald Trump. This is about the United States being
the leader in the technology, being able to create jobs
for people, and much more. But Elizabeth Warren, she's a liar.
She's being paid off by Jamie Diamond and the banks.
We know her moo. It goes back to the Biden
administration when she and Gary Ginster were attacking the crypto industry,
unlawful in many ways. They're ultimately lost, right, we know
how that all panned out. But she's still trying. She's
still getting those checks from the banks, so she's still
doing the bidding of Jamie Diamond and the banksters, and
she's going to put out her propaganda. But you know,
I think a lot of people are seeing through it.
It is total bs because you have many Democrats who
have common sense like Angelo, also Brooks and others who
helped pass the bill through the Senate Banking Committee, and
they're going through the negotiations with the ethics, but they
want to get the bill passed. Unlike Elizabeth Warren. She
doesn't want it to pass at all. But again, she's
a bankster puppet, so what can you expect. And speaking
of stable coins and banks, Tassot wants to help smaller
banks to tap the trillion dollars stable coin boom before
Wall Street locked them out. So this is great innovate
if you want to compete, innovate. But again, the banksters
don't want to give up their big bonuses. But great
to see that companies like these are looking to cater
to the smaller banks. So Tassot, the fintech firm behind
Signature Banks former Signet Blockchain Payments Network, is building a
stable coin reserve management platform aimed at helping regional and
midsize US banks compete for stable coin reserves as the
sector is projected to grow into a multimillion dollar market.
The company unveiled Project Nenya n NYA, otherwise referred to
as its Smart Reserve Management and Execution Engine, on Thursday,
alongside a white paper out lining the initiative. Tasot said
it expects the platform to launch in early twenty twenty seven,
after pilot programs begin in the first half of the year.
The project targets smaller banks that often lack the technology,
compliance and infrastructure and staff needed to service stable coin issues.
This is how the free market is supports to operate,
develop the technology, work with a company that can help
you make you competitive. And I'm speaking of the banks,
right they should take action instead of wining and complaining.
And trying to stop innovative technology. But I've often said, guys,
innovative technology always wins, and these banks need to get
on board, launch their own stable coins, compete, offer competitive
rates on interest payments or yield, and then you don't
have to worry about consumers going to try to get
more on their money. Right, imagine that the concept of
giving more to the consumers and your clients. Now, speaking
of stable coins, we got some updates here from Ripples.
So Ripple they posted today saying meet Ripple Mint and
a unified platform for institutions to access mint, redeem, and
manage r LUSD. So that's Ripple stable coin, which is
on the XRP ledger as well as e theorem. They said,
built for scale with both UI and API access, Ripple
Mint gives institutions the flexibility to automate stable coin operations,
integrate our LUSD into existing systems, and manage digital dollar
liquidity across chains. Available to existing r LUSD users today.
So big update there, and Jack McDonald of Ripple also
highlighted that Ripple has made a strategic investment in NODA
being if I'm saying that right, Noaban is the trust
layer for global crypto money movement, powering the largest travel
rule compliant transaction authorization network. So he says, here bringing
together our LUSD, Ripple Payments and noaban's trusted institutional network
to help scale compliance stable coin payments, he says, IDENTI
they compliance transaction authorization enterprise ready stable coin infrastructure. This
is how we help financial institutions move value globally with
trust built in. So Ripple continues to make incredible moves
and build their network of clients and customers and partners.
So this is all great Obviously, As as mentioned before, r
l USD stable coin is built on the XRP Ledger
as well as the Etherorem, so it is core at
its core, it's built on the XRP Ledger, But in
order to have network effects you need to have your
stable coin built on other blockchains. But you can have
that core home base blockchain, which of course is the
XRP Ledger. Now a great place you can invest in
the XRP Ledger, Etherorem, Bitcoin and all the major crypto
assets is on I Trust Capital. You can also invest
in gold and silver, but you're doing it via an
IRA And you may say, Tony, why would I want
to do that, well, you get huge tax advantages, so
when you sell for a game, you don't have to
play law term or short term capital gains taxes. So
this is a huge, huge advantage and something you need
to think about, especially if you have a long term
be on these assets. Park it in the IRA and
shelter it from the taxes. And you can buy both crypto, gold,
and silver twenty four to seven. With regards to crypto,
it's over ninety crypto assets, including stable coins. You can
also steak on this platform. And with gold, it's not
paper gold or silver, it's the physical assets. If you
ever want to redeem the assets, you can do so,
and if you have an existing four oh one K
or IRA, you can simply roll it over to I
Trust Capital's version, so it's low cost, no monthly fee.
They also have a great custody solution called Premium Custody Account.
It's institutional grade to use this coin based prime which
black Rock uses, and it's a closed loop system so
if someone hacks into your account, they can't withdraw any funds.
It's only set up to go to your bank account.
You can go in and out of it. Twenty four
to seven. It's low fees as well, so you've got
to check out I trust Capital see if it's for you.
It's a great, great option and a great strategy again
for reducing your tax implications. And guys, if you sign
up with my link, you can get one hundred dollars
funding bonus. So going to I truscapital dot com, slash go,
slash thinking Crypto. I also put in the description a
representative from I trust Capital that you can reach out to.
His name is Ryan, and if you have any questions
you can talk to him, you know, during the sign
up process. So all the links and details will be
in the description. Okay, moving ahead, the SEC sets September
talks on move toward twenty four hour stock trading. So
the Nasdaq, CBOE and London Stock Exchange are among the
major exchanges moving toward longer trading hours. So we've been
talking a lot about this, right guys. So all these
folks are looking to go twenty four to seven because
that will allow for faster settlement, movement of assets, more liquidity,
more distribution of the assets, many benefits, right guys. So
the SEC of course has to make sure this is
done right because it involves tokenization and a lot of
assets going on chain. So the US Securities in Exchange
Commission is set to host a public roundtable in September
to discuss moving toward twenty four hour trading in US
equity markets. Here's a quote. We are moving towards a
new day and night in the US equity markets. SEC
Chair Paul Adkins said on Thursday. With the expansion to
overnight trading, I'm excited at the prospect of US equity
markets aligning with those markets that already trade continuously. The
roundtable will run on September seventeenth at the SEC's headquarters
in Washington, DC. Discussions will include preparations to support overnight
trading operations and resiliency in a twenty four hour market
regulator set. So obviously the vision makes sense the technologies here,
but you've got to make sure it's executed right or
we could have a lot of problems right. So the
SEC and all the respective regulatory agencies need to be
involved because one of the initial problems you could see
is that if there's laggards to adopt the technology and
to do to tokenize assets, you're gonna have two markets.
And you know, there's going to be a phase where
eventually everybody catches up. But in that implementation phase, if
you have two separate markets, you could have prices, crepency, liquidity, discrepancy.
Certainly people are going to look to do the arbitrage
trade on it. So you got to make sure it's
done well or you can really really have problems. So
I'm really happy to see that the SEC is doing
this and it's definitely the right move. Now, speaking of
the SEC, the SEC settles with coinbase over its missing
Gary Ginser texts. Now, we know Gary Ginser and under
his tenure did a lot of unlawful things. Remember he
got called arbitrary and capricious the agency and all the
things they did, Judges scolding them. I mean it was unbelievable, right,
a black stain on the SEC's record. So a new
court status reports reveals the agency will pay a flat
fee to resolve a a two year fight over what
former chair Gary Genser knew about ethereum. So this goes
back to the Ripple case and much more so. They
agreed to pay one hundred and fifty thousand dollars to
settle a four yeer lawsuit over their investigations. According to
a joint status report file in July twenty second, so
I believe Coinbase they were heading up this lawsuit. So
History Associates Incorporated in the SEC asked the US District
Court for the District of Columbia to dismiss the case
after reaching a settlement a deal. Under the agreement, the
agency will produce the remaining responsive documents and pay the
flat fee to cover the plainetemp's legal fees. History Associates,
which provides professional historical research, writing, and archival services to
government agencies, filed a lawsuit in June twenty twenty four,
working on behalf of Coinbase. The firm had submitted three
public records requests the year before. Those filings saw documents
on SEC and investigations into Zachary Coburn and Enigma NPC,
along with records on how Etherorem shifted to a proof
of steak system. The lawsuit compelled the SEC to hand
over thousands of documents, with the court explicitly ordering the
agency to prioritize all records and communications sent, received, or
evaluated by then SEC Chair Gary Genser concerning Etherorem's migration
from a proof of work blockchain to a proof of
steak network. Now, the agency said that Gary Ginser deleted
some of the text messages and much more. So let's
see what we get. I don't know. Some of the
phones apparently were wiped, so this is a mess. But
we know what Gary Ginster was up to. I don't
think there's any question of unlawful activities and an agenda,
you know, with his marching orders coming down from Elizabeth
Warren and the banks and so forth to attack the industry.
All right, Moving ahead, UNISWAP pushes deeper into tokenized assets
with permissioned trading pools. SOAP, the largest decentralized exchange, if
I'm not mistaken, continues to innovate. And if you recall
black Rock, they bought the UNISWAP token months ago. Many
of you may recall that report. So the framework developed
with superstates, securitized and dowgo lets, regulated funds and securities
trade on unisop while enforcing compliance rules necessary for institutions.
So institutions want to get involved in DeFi, and of
course tokenized assets will be involved in DeFi because just
imagine you're holding a tokenized version of SpaceX or Tesla
or Apple. You can put that asset to work, right,
you can borrow, lend in all those things. So it's
great to see that on a decentralized perspective, this is happening.
So the decentralized exchanges developer UNISWAP Labs is rolling out
permission pools on Thursday, a piece of infrastructure that allows
issuers of tokenized funds, equities, and other regulated assets to
restrict trading to approve investors while using the protocols automated
market make that gives issuers a flexible way to enforce
their own compliance rules without building separate trading infrastructure. Ken Nng,
the head of ecosystem at Uniswap's told Coindesk so institutions
again want DeFi and they're going to put tokenized assets
in there. So the infrastructure being set up for the
massive adoption of this technology, folks. Final news item here
out of Kazakhstan. So Kazakhstan approves the implementation of strategic
Digital Asset mining and a national reserve. So across the globe,
we are seeing many countries and jurisdictions move toward implementing,
adopting regulating crypto assets. No One is banning it anymore.
That was back in the day. Now they would be
idiots if they did that. The plan is for the
capital markets, the governments, and the economies to all run
on blockchain rails. Folks. That's the news. Let me know
what you think. Leave your thoughts and comments below, hit
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Thank you so much for tuning in. I appreciate you all,
and I'll talk to you all later.