Speaker 1: Hey everyone, Welcome into the Thinking Crypto podcast. You're home
for cryptocurrency news and interviews. I'm your host, Tony Edward.
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five star rating. Folks. I want to apologize ahead of
time for my voice quality. I've been battling the flu
over the weekend and still in the recovery phase. But
we have huge updates around the Claritiac that you need
to know about, so I want to make this quick
update for you. Let's jump into it. Okay, The latest
update on the Claritiac timeline is a new Claritiac draft
has been released, merging the Senate Banking and Agriculture Committee
versions and adding an ethics provision for the first time.
Emotion to proceed is expected Monday or Tuesday, with a
possible floor vote the week of August third, So no
votes this week, folks, will likely happen next week, which
puts us against the timeline because August seventh is that
hard cut off date before the August recess where the
members of the House and Senate both go away. However,
we have a very interesting update from President Trump. He's
calling on Senator thun to cancel the August recess for
the Senate until they pass the Save America Act. Now,
it will also benefit the Claritiac because if there's no
August recess, they will have the time to vote on
not only the Save America Act but the CLARITIAC. This
is a very interesting development. I don't know if it
will actually be done, but James Murphy metelaw Man, I've
had him on the podcast many times over the year,
says the president has the legal authority to cancel the
Senate recess. The President has the constitutional authority to call
an extraordinary session of the Senate to vote on the
Save America Act and the Clarity Act. The authority is
found in Article two, Section three of the Constitution, which
provides the President may, on extraordinary occasions, convene both the
Houses or either of them. In nineteen eighty ninety, Office
of Legal Counsel of the Department of Justice issued a
legal opinion confirming this point. So could this be on
the table. It seems like it because President Trump is
talking about it, and he has the legal authority to
do it, so this could certainly play out if they
don't get these things done. I'm sure many of them
want to have that break, so they most likely will
get it done. But guys, the CLARITYAC, this updated version
is getting the support from major financial institutions on Wall Street,
which includes Blackrock, Charlis Schwab, Fidelity, Goldman Sachs, and of
course Grayscale. So the big players are coming out saying
pass this bill now and here Patrick Witt he retweeted
some news around that saying, the largest asset manager in
the world just endorsed the CLARITIAC and you're backpedaling. So
he's talking about the Democrats, right because the ethics language
has been put into the bill, But the Democrats are
making it a lot about Trump when it should be
about America and creating jobs and innovation, and the Claritiact
helps to protect consumers while fostering innovation. Right now, the
industry's unregulated, with the exception of stable coins because the
Genius Act was passed last year for stable coins. But
the Democrats know this, but they're playing the nasty political game,
which really sucks right, and look, Republicans do it too,
So the fact that they're doing this is really annoying.
And we're going to talk a bit more about it
because the usual suspects are starting to show up. But
let me highlight some of the things the folks on
Wall Street are saying. So Franklin Templeton, they put out
a message today saying Franklin Templeton supports the passage of
the CLARITIAC. The bill would make clear how cryptos regulated
investors would know what predictions apply, firms would know which
regulators they answer to. It's time to provide the industry
to clarity. It needs Fidelity posted the following Fidelity urges
the Senate passage of the Claritiac. The time is now
for clear rules of the road that are essential to
strengthening investor confidence, providing certainty for market participants, and reinforcing
US leadership in global digital asset markets. And not only
is it Wall Street firms here, the National Fraternal Order
of Police officially endorses the amended CLARITIAC. So law enforcement
agencies are backing this bill. This puts the Democrats in
a very bad spot because you have law enforcement backing it,
plus the major Wall Street firms, And I tweeted out
today about this where I said, the Clarity Act is
going to pass. Major Wall Street firms are backing the
updated bill, and when they want something, they usually get it.
Not to mention, lawmakers who continue to oppose the bill
and crypto more broadly could face significant political consequences in
this year's midterm elections a lah the twenty twenty four elections. Remember,
the people who are anti crypto got their assets handed
to them. And if they do that this year, in
an election year, the crypto industry is ready to deploy
the war chest. So they're playing with fire here, and
I think they better get this bill passed and not
make it all about Trump. I've been on record from
day one. I don't like the Trump meme coin. I
don't like the Milan and meme coin. No public officials
should have that. But this bill does include ethics, so
moving forward it prevents that. Let's get it done versus
looking backwards with what's already done with Trump. Right, Let's
move forward and make sure these things are in place,
and there is a larger ethics issue. It's not a
crypto specific thing. Trump and these folks and members of
Congress are invested in stocks. Right, let's be clear. So
this is not a crypto specific item. But folks, the
Democrats and their usual suspects are showing up. We got
Ben McKenzie Ryan from the OC. He's back talking about
crypto's bad and they shouldn't pass this bill. And it's
you cannot be against Trump's crypto corruption and then vote
for a bill that enables that corruption to continue. That's
such a lie. How could it can allow the corruption
to continue if there's ethics in place? Right, such a
big lie. But this guy is a paid actor, both
in Hollywood and in politics. I believe he's on Elizabeth
Warren's payroll. I could be wrong, but I believe he's
on there because since the Biden administration, he was showing
up to these hearings all of a sudden, like where
did this guy come from? And you can tell he
was buddy buddies with Elizabeth Warren. So he is certainly
a crony of Elizabeth Warren. Here's another usual suspect as
it relates to anti crypto. New York Attorney General Letitia
James just demanded Congress to block the Claritiac. Of course
she did. She claims it would neuter state and local
law enforcement. Really, really, come on, this is so dumb.
But again, we saw these actors do the same thing
under Elizabeth Warren and Biden, you know, along with Gary Genser.
So we know why all of a sudden you're seeing
this coordinated effort. We know what the game is, right,
and I'm sure Letitia James would love to bring some
sort of charge against President Trump with the mean coin.
And again I'm not a fan of it, but we
got to move forward. We got to get America in
the leadership. You got to create jobs and all these things.
That's the bigger fish to fry here. That's the bigger
picture we have to look at. But they're trying to
make it political, of course, and it's nasty work. We
know politics is nasty here. So hopefully they can get
this thing done next week. I do believe they're going
to get it done again the reasons I cited earlier.
Wall Street firms that many of the people who donate
to campaigns right, they want this pass. So you go
against that. Not to mention, the crypto industry has that
war chest ready, you're gonna get your asses handed to
you if you do that. So right now in polymarket
the odds are down to thirty eight percent. But we've
seen this fluctuate, but we got to of course mention it.
But I wouldn't bet on poly market right now. There's
been too many fluctuations around it. Looking at the big
players who are saying past this, Black Rock, Fidelity, Franklin,
Templeton and others. So if they don't get it done again,
they're going to feel it in the elections. All right, folks,
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in the description. All right. Moving ahead, Securitize Capital becomes
an SEC registered investment advisor, so the registration expands Securitize
regulated platform for tokenized assets, adding investment advisory services to
its institutional offering. Many of you know Securitize is the
firm that helped black Rock to launch their tokenized fund,
and they are leading to charge with building that infrastructure
helping other institutions. They just went public recently on the
New York Stock Exchange via a Spack merger and they
continue to build an expanse. So it's great to see
that when it comes to tokenized assets and institutions, they're
setting themselves up to handle the different requests and needs
from these institutions. So Securitize Capital, a subsidiary of tokenized
asset platform Securitized, has registered with the SEC as an
investment advisor, allowing the company to expand its regulated investment
advisory business for institutional clients. Securitized set Monday. The registration
adds investment advisory capabilities to Securitize existing regulated businesses, which
include an SEC registered broker dealer, alternative trading system, transfer agent,
and fund administration services. Well right moving ahead, Sam Altman's
world Coin or Rural Network secures fifty two point five
milliss and fresh funding to fight online aid fikes. Now,
we've talked a lot about world Coin over the years, folks,
and you know, I like the mission they have, but
the way they're going about it is draconian. I've often
talked about they're going to places where people would love
to get easy money because due to their financial situation
where maybe they're in a poor economy, poorer country and
so forth, and world coins kind of taking advantage, right
because they then scan those people's retina, they have their biometrics,
so to speak, and they get some world coin. I
think that's a bit draconian, especially the retina scan, right folks.
And I've often stated, who's auditing this thing? That? What
are they doing with that data? Right? That's very important.
If there was a third party auditor or they're working
with the government to say, hey, this data is secure,
it's not being used in the fairest way, I would
be more open, you know, to what they're doing. But
they continue to raise capital here and it looks like
they're trying to fight AID fakes. Let's see how far
that goes. There are other blockchain projects working with news
networks and much more to solve this issue. But the
capital injection was led by Pantera Capital alongside Bain Capital,
Crypto and a Co Holdings, and will be deployed to
integrate identity technology across enterprise platforms and AI agents. So
the World Network raised one hundred and thirty five million
dollars in its first funding round in May of last
year in a private token sale of the world Coin
WLD token to venture capital giants A sixteen Z and
in Bane Capital Crypto. Now, folks, this coin could do well.
A lot of vcs backing it. AI is a huge narrative,
So up to you if you want to take a bet.
I personally don't hold it into my portfolio. And again
I don't like the way they're going about it, but
you know, my feelings is not what dictates markets. So
I'm just letting you I mean transparent, right, I'm in
my feelings a little bit here because of my own
personal beliefs. But if you don't care about this and
you want to invest, you could certainly do well. Here's
a quote. The need of proof of human is becoming
acutely clear with the acceleration of AI development, and we
see this in the influx of enterprise traction. Seid Cosmo
Gang penta Capital general partner, in a statement, So if
you hold the WLD tokens, let me know, guys, leave
the ether of your thoughts and comments in the comment
section below. Now the bear market is taking its toll,
and usually at the bottom of every bear market, you
start to see a lot of bankruptcies and collapses. Many
of you may recall FTX, and there have been others
throughout the years, and we're starting to see that now.
They're not as cataclysmic as what we saw back in
twenty twenty two because that was such a really bad
situation with to Gary Ginster, and they were allowing a
lot of the bad activity to happen. I think they
were trying to let the industry die on its own
because of letting bad actors do your thing, like Sam
Bang mcfreds with Alex Mashinski and others. So here we
got news that institutional crypto trading platform lmax is exploring
a sale or possibly an ipl. It looks like they're
in a little bit of a trouble here. They're working
with Morgan Stanley and investment bank KBW to assess their options.
But at least they're not going bankrupt because we're seeing
bankruptcy notices from Bitmark. Bitmark is closing down. I've never
used them. You got storage Labs that they have filed
for a chapter eleven bankruptcy, the fourth crypto company in
seven days to announce a failure or wine down. You
got Bitmex says they are shutting down their operations. May
even you know this was started by Arthur Hayes and
was the first to do crypto perpetuals if I'm not mistaken,
And now they're shutting their doors. But guys, this is
what happens usually in a business cycle, when you get
into a bear market, you have companies that go out
of business. So it's not unusual because this happened in
every industry and many of you know, I've talked a
lot about this over the years that with trad fin
institutions coming in and launching crypto products ETFs and different
investment vehicles and products, guess what, They're going to steal
market share from these crypto exchanges. So these crypto exchanges
didn't up their game, they would lose out and they
would go out of business. I've said that many times,
especially that these trade fid institutions, they have the brand
name they have to trust already established, right, and they
have the customer base they simply had to just push
the product out. Right. You just look at Charles Schwab
and all these guys coming in. They've got millions of
customers and they just have to say, hey, look, you
already invest with us, you know, to get your stocks,
your ETFs, your bonds. Here's the crypto for you, and
we'll take care of everything. You don't have to worry
about it. We'll give you your statements. Here's the White
Globe service, YadA YadA. Right, So we're starting to see
that play out here. And these crypto exchanges and so forth,
some of them are on the smaller side. They're not
the level of finance or coinbase. They're starting to lose out.
And again, and I'm not cheerleading this. I'm not happy
about this. Are celebrating this. I'm just saying this is
part of the business cycle. It's a natural, healthy thing
that happens. Unfortunate people lose their jobs and so forth.
But again, this is the nature of business, all right.
Moving ahead, Brazilian farmers tokenize dairy cows to get loans
bypassing bank lending limits. This is a microcosm of the
future of the token economy. Folks with tokenized assets and
DeFi so amazing to see how it's happening across the globe.
Farmers in Pirana, Brazil, struggling to get banks to loan
and cash, become the first to tokenize livestock and place
ten dairy milk cows tokens for trade on the country's
B three National Stock Exchange. They generated nearly twenty thousand
dollars in credit backed by their cattle, signaling the potential
of tokenizing RWAs as a financing tool. The dairy cow
tokenization in Brazil is a role first and serves as
a test in a real world scenario in which farmers
are facing increasingly stringent lending limits imposed by local banks
on small agriculture businesses. Again, folks, this is a microcosm
on what's coming a lot of different assets that were
not financialized before it can be financialized opening up new opportunities. Obviously,
you have to make sure there is a third party
auditing all these things. Well, do they indeed have the
livestock they say they have, You know that they're tokenizing, right,
so that it needs to be that auditing process. That's
where I think banks and trad fi institutions will help
facilitate that, because you're gonna have the custodian. You're gonna
have to have the auditor to check in. Okay, they
have the ten cows they tokenize is it actually seven
or five right versus the ten? So this is where
these infrastructure items are going to have to be set up.
But clearly, clearly this is the path forward, and they're
going to do it with real estate and other assets
and eventually individuals. So let's say you have some rare
collectibles a Michael Jordan Rookie card, the first Superman comic,
you know what what I mean, things like it at
first Spider Man comic. Whatever it may be that you
want to tokenize that, well, you have to take it
to a trusted institution and connected to an auditor and
a custodian. They help you to tokenize it, and then
you can put that thing on the market and start
putting it to work. Obviously, these firms are going to
take their cut as far as fees, but you can
put that asset to work versus is just sitting in
your safe, or it's sitting in your office, or whatever
it may be. And I'm speaking from experience. I have
some rare comics right behind me. For those of you
watching in the video that are graded. So could I
do something like this eventually? Absolutely right and put put
those assets to work. So again this is a microcosm
on what's to come. Now, this is some interesting news.
Murray plans to turn crypto Exchange Corbett into something Korea
hasn't seen before. The South Korean financial giants says it's Corbet,
soon to be rebranded as digital X, is just a
starting point for a broader ecosystem that connects RWA's stable
coins and digital assets. So these financial institutions we're seeing
a lot actually in Japan are now integrating with Crypto
Exchange is acquiring them and looking to build a massive
infrastructure company and provide infrastructure services. So here to details.
Maray Asset has acquired Corbet and it plans for the
exchange to go just beyond capturing Korean market share. It
wants to build an intelligent investment platform. We plan to
strengthen investor education and research capabilities and develop digital X
into an intelligent investment platform where knowledge, information and in
depth investment insights are organically connected. Maray rebranded Corbet as
digital X as part of its broader vision for the
exchange X. Here represents an uncharted future and a limitless
popul stabilities created when different forms of value intersect and converge.
The firm said, So, guys, I hope you see the
infrastructure that's being built across the globe. Crypto is a
global asset class blockchain runs twenty four to seven across
the globe, So we're seeing incredible adoption. All right, folks,
that's the news. Let me know what you think, especially
about the Clarityact news, and it could be a very
very interesting week next week. Remember they're looking to pass
this thing on the week of August third. And if
that doesn't happen, good President Trump canceled the August recess.
Let me know what you guys think. Leave your thoughts
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comprehensive course that teaches you everything you need to know
about crypto folks. Thank you so much for tung in.
I appreciate you all, and I'll talk to you all later.
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