Speaker 1: New details are coming out about the Federal Reserve removing
Speaker 1: restrictions around banks being able to participate in crypto. We
Speaker 1: got members of Congress weighing in and much more. And
Speaker 1: today was the third SEC Roundtable and new SEC Chair
Speaker 1: Paul Atkins spoke there. I'll share what he had to say.
Speaker 1: And you won't believe what the NASDAC sent to the
Speaker 1: SEC about crypto regulations. This is huge. Let's get into it. Hey, everybody,
Speaker 1: welcome into the Thinking Crypto podcast, your home for cryptocurrency
Speaker 1: news and interviews. I'm your host, Tony Edward. On your
Speaker 1: way in. Please let that subscribe button as well as
Speaker 1: a thumbs up button and leave a comment below. If
Speaker 1: you're listening on a podcast platform such as Spotify or Apple,
Speaker 1: please leave a five star rating and review. Folks, we
Speaker 1: got to talk about bitcoin because it is currently trading
Speaker 1: over ninety five thousand dollars. So this strong bullish rally
Speaker 1: is continuing, and as we've been discussing, bitcoin has reclaimed
Speaker 1: a two hundred day moving average. It's clearly above it
Speaker 1: and that's very good, guys, and the RSI shows there's
Speaker 1: a bit of room for it to keep going up,
Speaker 1: but it will hit the overbought zone very soon, so
Speaker 1: expect a bit of a pullback and it could go
Speaker 1: down and test certain lows, or it could just do
Speaker 1: a small pullback bill support and then keep moving up.
Speaker 1: So remember nothing goes up any straight line. But we
Speaker 1: are seeing signs of strength. This is very good global
Speaker 1: liquidity surging, the dxys crashing, even the stock market is
Speaker 1: starting to recover, so good signs all around. But here
Speaker 1: it's some very very bullish data, folks. I often share
Speaker 1: with you what whales are doing using on chain data
Speaker 1: from Saniment that's a partner of the Channel. And while
Speaker 1: it's of ten or more, Bitcoin just saw a massive spike. Guys.
Speaker 1: If you look at this chart, we saw a slow,
Speaker 1: steady rise happening over the past three weeks, then all
Speaker 1: of a sudden, huge spike. Whales are bullished 'or anticipating
Speaker 1: higher prices, and this is one of the bigger spikes
Speaker 1: we've seen in looking at this data. So this is
Speaker 1: very telling, and we're going to wash this closely because
Speaker 1: once they start taking profits, that's when we want to
Speaker 1: pay attention. These are the guys that move the market,
Speaker 1: and we're going to want to take profits ourselves. So
Speaker 1: make sure you have a profit taking plan. But this
Speaker 1: is a very bullish signal. The whales are anticipating higher prices,
Speaker 1: so we could be seeing, guys, what I've been saying
Speaker 1: for a while. The seasonality wise, this is a time
Speaker 1: the market's usually rally in a bull market, and it's
Speaker 1: also for the stock market, not just for crypto. And
Speaker 1: then you have all the macro factors like global liquidity
Speaker 1: and all these things in crypto legislation, huge adoption news,
Speaker 1: and we could see Bitcoin and all coins start to
Speaker 1: hit new highs come to the beginning of June, and
Speaker 1: then we'll see what the summer brings, because usually there's
Speaker 1: a sell and may go away seasonality type of action
Speaker 1: price action, so we'll see things could be different, But
Speaker 1: I like what I'm seeing here, guys. As we wrap
Speaker 1: up April and into May, May could be a really
Speaker 1: strong month. If you go back and look at the charts,
Speaker 1: when we saw the majority of our gains in Q four,
Speaker 1: it was at in November and then a little bit
Speaker 1: into December, so literally about just about a month time.
Speaker 1: So May could bring us those gains and then come
Speaker 1: June we start to see the pullback. So that's how
Speaker 1: fast this thing can move, So don't be surprised by
Speaker 1: how quickly it does move. Just to have your cash
Speaker 1: out plan and your price points you're going to take
Speaker 1: profit at. And of course I'll be sharing when I'm
Speaker 1: taking profits, and I'll be sharing the different on chain
Speaker 1: metrics and different stats for us to validate where we're
Speaker 1: at in the market, because we don't want to move
Speaker 1: by emotions. We want to use the data, folks. All right,
Speaker 1: let's jump into some news. Yesterday I told you guys
Speaker 1: about the Federal Reserve withdrawing restrictions that would prevent banks
Speaker 1: some fully participating in crypto. I told you guys, that
Speaker 1: was massive, huge news because you have the head of
Speaker 1: the snake to FED making the ultimate call. We've got
Speaker 1: guidance from the OCC the FDIC both had loosened up restrictions.
Speaker 1: We got the repeala one two one. But until the
Speaker 1: Federal Reserve, which controls all the banks, which controls the currency,
Speaker 1: gives the okay, we're not going to have full on
Speaker 1: adoption from these banks. Well, a bunch of different facts
Speaker 1: and information was revealed today folks analyzing this. But first,
Speaker 1: the US Senate Banking Committee GOP the Chairman. Senator Tim
Speaker 1: Scott said he applauds the Federal Reserve for following the
Speaker 1: OCC and the FDIC and taking the much needed action
Speaker 1: to rescind harmful biden error guidance that reduce access to
Speaker 1: financial services for the digital asset industry. So good to
Speaker 1: see this is getting endorsement from members of Congress, especially
Speaker 1: the Senate Banking Committee, and even on CNBC this morning
Speaker 1: they had a segment discussing the FED loosening this up,
Speaker 1: Andrew Ross, Sorkin and Becky Quick talking about this. So
Speaker 1: this is significant. Once again, guys, it's coming from the FED,
Speaker 1: and that's the king of the hill here, right. Even
Speaker 1: the President is not more powerful than the Fed here
Speaker 1: when it comes to the economy and the finances and
Speaker 1: much where. That's why you see Trump trying to pressure
Speaker 1: Jerome Powell to cut rates and much more. The FED,
Speaker 1: even though it's not a government entity. Go do your
Speaker 1: research and there read the book The Creature from Jackal
Speaker 1: Island and you understand how powerful this entity is. So
Speaker 1: if they're giving the green light to the banks, this
Speaker 1: is pretty big. However, Senator Cynthia Lummis weighed in, and
Speaker 1: not only her, but also Kaitlyn Long, founder of Custodia Bank,
Speaker 1: Senator Lummis says the Federal Reserves actions yesterday with drawing
Speaker 1: crypto guidance are just lip service. She says, here's why
Speaker 1: the FED continues to illegally flout the law on master accounts.
Speaker 1: Now here's the thing. I don't think that's just lip service.
Speaker 1: I think they removed about eighty percent of the restrictions,
Speaker 1: but there's a further twenty percent. So I don't think
Speaker 1: this is an accurate statement. Because even though Custodia Bank
Speaker 1: is getting blocked, and Caitlyn Long and you know, they're
Speaker 1: all in Wyoming, so I understand why she's doing this,
Speaker 1: But make no mistake about it, this was a big
Speaker 1: move for crypto. But let me continue here. She says,
Speaker 1: unlike the OCC and FDIC, the FED still uses reputation
Speaker 1: risk in bank supervision. The policy statement on section nine
Speaker 1: to one three hasn't been withdrawn, which says bitcoin and
Speaker 1: digital assets are unsafe and unsound. Lastly, but certainly not least,
Speaker 1: the FED staff behind Operation Choke point two point zero
Speaker 1: are the same people still working on the crypto issues today.
Speaker 1: So the last point, I don't really think is a
Speaker 1: big deal because they were just following the instructions of
Speaker 1: the Biden administration and Elizabeth Warren. Right, the people who
Speaker 1: are in control are going to call the shots, and
Speaker 1: these people just have to follow those orders. However, now
Speaker 1: the Trump's in office, they're following different orders, right, So
Speaker 1: I don't think that's a big deal. But I think
Speaker 1: why Senator Lummis is coming out so heavy handed on
Speaker 1: this is because she's in Wyoming. She supports Kitlyn Long
Speaker 1: and Custodia Bank, and so do I am not saying
Speaker 1: anything wrong with that, but make no mistake about it,
Speaker 1: this move by the FED is huge. Even though it's
Speaker 1: not one hundred percent, I think it's at least eighty percent.
Speaker 1: And Kitlyn to weighed in saying, I just noticed the
Speaker 1: FED didn't rescind it's January twenty seven to twenty twenty
Speaker 1: three anti crypto guidance, which the board voted seven to
Speaker 1: zero to approve at the time, but it appears to
Speaker 1: have rescinded all other guidance it issued without a board vote.
Speaker 1: I think this means the FED didn't yet comply with
Speaker 1: Trump's executive order. She asked, you know, she's not too
Speaker 1: sure on that, she says, so the FED anti crypto
Speaker 1: guidance is still in place, which means FED regulated banks
Speaker 1: are disadvantage versus OCZ versus FDIC regulated banks for stable
Speaker 1: coins and other activities. The Stable Point Bill, when it
Speaker 1: becomes law, would overturn this, but it ain't over yet,
Speaker 1: so it could be the FED is waiting for a
Speaker 1: legislation from Congress. I don't know, but the Fed did
Speaker 1: make a big move here, which I think is bullish
Speaker 1: for a lot of banks. But to Caitlyn's point, there's
Speaker 1: still a portion that needs to be figured out here.
Speaker 1: But overall, guys, we've come a far away. We're we're
Speaker 1: moving in the right direction. And let's see if Kaitlin
Speaker 1: and Senator Lemis are able to put some pressure and
Speaker 1: maybe get this done. Or the FED is just going
Speaker 1: to say, hey, we're waiting for Congress past the Sleabaclin
Speaker 1: and Market Structure Bill and we're good to go. It
Speaker 1: could just be simple as that. But guys, all the
Speaker 1: major agencies, all the folks who are you know, working
Speaker 1: against crypto are now working for crypto. Operation choke point
Speaker 1: two point zero is shut down. Uh, the SA one
Speaker 1: two one rule from the sec shut down repealed. Actually,
Speaker 1: and even the I R S D five broker rule,
Speaker 1: you know that was repealed. That was actually the first
Speaker 1: crypto bill of President Trump signed into laws. So, guys,
Speaker 1: I hope seeing a bullish setup that's happening here. And
Speaker 1: while the tea's need to be crossed and the eyes
Speaker 1: need to be dotted, removing in the right direction. Now, folks,
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Speaker 1: the description. All right, folks, the next major crypto hearing
Speaker 1: will be the Joint House Financial Services SEB Committee on
Speaker 1: Digital Assets, Financial Technology, and Artificial Intelligence and the House
Speaker 1: Agricultural Subcommittee on Commodity Markets, Digital Assets and Rural Development
Speaker 1: hearing entitled American Innovation and the Future of Digital Assets,
Speaker 1: a Blueprint for the twenty first century. This will be
Speaker 1: on Tuesday, May sixth at ten am. So they're going
Speaker 1: to do an updated draft on the FIT twenty one
Speaker 1: Market Structure Bill. Remember this passed through the House last year,
Speaker 1: and remember we got to get a version together with
Speaker 1: the Senate to get it through the Senate. So things
Speaker 1: are moving. This is what we want to see in
Speaker 1: President Trump, of course, gave the deadline of Congress getting
Speaker 1: the two crypto legislation bills on his desk before the
Speaker 1: August recess. So great to see there's action here and
Speaker 1: I will try to get Congressman french Hill back on
Speaker 1: the podcast to talk about this now. Today, Folks, was
Speaker 1: the third SEC roundtable and the new chairman, Paul Atkins
Speaker 1: spoke there. He made his opening remarks there he hears
Speaker 1: a quick quote, innovation has been stifled for the last
Speaker 1: several years due to the market and regulatory uncertainty that
Speaker 1: unfortunately the SEC has fostered. And there are some other
Speaker 1: takeaways that I want to highlight here. He reiterated that
Speaker 1: among his goals at the SEC would be to facilitate
Speaker 1: clear regulatory rules of the road for digital assets, and
Speaker 1: he says I look forward to engaging with the market
Speaker 1: participants and working with colleagues in President Trump's administration and
Speaker 1: Congress to establish a rational, fit for purpose framework for
Speaker 1: crypto assets. So SEC will have to play a major
Speaker 1: part in getting the Crypto Market Structure Bill together. We've
Speaker 1: got to answer the question of what's the security, what's not?
Speaker 1: How do you what type of test do you use?
Speaker 1: Because you can't use the old Howie tests of nineteen thirties.
Speaker 1: These are not oranges and orange trees. These are tokens
Speaker 1: on globally distributed blockchains that are decentralized. So we got
Speaker 1: to do something different here, right, You can't use the
Speaker 1: same old stuff. So this is really great and I'm
Speaker 1: hoping that we could get some things going as far
Speaker 1: as all coined ETF. So I'm I'm sure Paul is
Speaker 1: going to be working with hester person. Market waited to
Speaker 1: get all this done. So really great stuff. And look
Speaker 1: at this the NASDAC. They sent a letter to the
Speaker 1: SEC outlining what they think crypto legislation should look like. Folks,
Speaker 1: step back for a second. A stock exchange is sending
Speaker 1: the SEC it's recommendations on what crypto legislation should look like. Guys,
Speaker 1: how things have changed. I mean, the biggest institutions in
Speaker 1: the world, baying stock exchanges, hedge funds, vcs, major payment
Speaker 1: companies are all here and they are looking to go
Speaker 1: all in on crypto. This this is so bolish, so
Speaker 1: let me give you some details here. It's a lot
Speaker 1: to read, so up, I'll just give you guys the TLDR.
Speaker 1: So the NASDAK sent a lengthy letter to the SEC.
Speaker 1: Crypto task force outlining what the ideal US crypto rules
Speaker 1: would look like. So the four future categories of digital
Speaker 1: assets in Nasdaq's view should be one financial securities tokens
Speaker 1: tied to assets that are securities under existing definitions, like stocks, bonds,
Speaker 1: and exchange traded funds, which a NASDAQ set should be
Speaker 1: treated just the same as the under underlying assets. Number
Speaker 1: two Digital asset investment contracts tokenized contracts that can check
Speaker 1: all the securities boxes under a clarified version of the
Speaker 1: Supreme Court's so called Howie tests. Number three Digital asset
Speaker 1: commodities meeting the US definition of commodities. Number four other
Speaker 1: digital assets, stuff that doesn't fall anywhere else and shouldn't
Speaker 1: have rules for securities or commodities imposed on it. This
Speaker 1: makes sense. I like this. These are four solid categories.
Speaker 1: It touches on tokenization of traditional assets and some new assets.
Speaker 1: But the tokens for blockchains they're saying a fall under commodities,
Speaker 1: so this really makes sense. And then the other digital
Speaker 1: assets sounds like it's related to things like NFTs and
Speaker 1: meme coins and so forth. So I like this. This
Speaker 1: makes sense. Now, Devil's in the details. We got to
Speaker 1: make sure we get all the details, but at a
Speaker 1: high level, this makes sense. Guys. All right, final news item,
Speaker 1: Similar Scientific buys another ten million dollars worth of bitcoin.
Speaker 1: So many of you may recall this is a healthcare company.
Speaker 1: They're using the micro strategy playbook or actually say strategy
Speaker 1: playbook they got rebranded of course, to buy bitcoin put
Speaker 1: it on a balance sheet. We are seeing more and
Speaker 1: more companies are doing this. It's incredible what's going on.
Speaker 1: So they bought approximately ten million dollars worth of bitcoin
Speaker 1: since February fourteenth, and in total they bought one hundred
Speaker 1: and eleven bitcoin for an average price of about ninety
Speaker 1: thousand dollars per coin. You think they're anticipating higher prices.
Speaker 1: Yeah right. It now holds a total of more than
Speaker 1: three thousand, three hundred bitcoin worth approximately three hundred million
Speaker 1: dollars in aggregate. So, guys, this trend will continue. Corporations
Speaker 1: and different businesses they are going to do this. I mean,
Speaker 1: guess yesterday I reported to you guys that Tethers, soft
Speaker 1: Bank and Cantor Fitzgerald are partnering to form a new
Speaker 1: company called twenty one, which will be a spack and
Speaker 1: they're going to buy bitcoin. So I hope you see
Speaker 1: what's happening here. All roads point to bitcoin as a
Speaker 1: reserve asset. Now there are there are companies adding Solana.
Speaker 1: We've been reporting on that, and some have added Etherorem.
Speaker 1: I remember there was one last year that said they
Speaker 1: wanted to ad XRP. So it's going to go beyond bitcoin.
Speaker 1: But I think bitcoin is going to be the core
Speaker 1: asset for the corporate treasury reserve strategy. All right, folks,
Speaker 1: that's the news. Let me know what you think. Leave
Speaker 1: your thoughts and comments below hit the thumbs up button.
Speaker 1: A great way you can support me is by subscribing
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Speaker 1: This is a comprehensive course that helps you learn about crypto.
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Speaker 1: Thank you guys for watching and listening. I appreciate you all,
Speaker 1: and I'll talk to you all later. Pask Bake post
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