Speaker 1: Today was a huge day for crypto and DC with
Speaker 1: David Sacks holding the Crypto press Conference. I'll share the
Speaker 1: major takeaways. I'll share a clip of him talking and
Speaker 1: what he had to say because it's very bullish. And
Speaker 1: we got a big update around the SEC. They have
Speaker 1: launched a Crypto Task Force. They're reducing their enforcement Action
Speaker 1: legal team, which is really great, and they have launched
Speaker 1: a full email address for the crypto industry and much more,
Speaker 1: and a senator has introduced a stable coin bill. This
Speaker 1: is big. Let's get into it. Hey, everybody, welcome into
Speaker 1: the Thinking Crypto podcast, your home for cryptocurrency news and interviews.
Speaker 1: I'm your host, Tony Edward. On your way in, Please
Speaker 1: hit 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. A very big
Speaker 1: day for crypto and DC today David Sacks, the White House,
Speaker 1: Crypto and ai ZAR held his Digital Asset Press Conference
Speaker 1: and it included Senator Tim Scott, Representative French Hill, John Boozman,
Speaker 1: Congressman GT Thompson, and a bunch of other folks in
Speaker 1: the banking GOP guys, let me play a clip for
Speaker 1: you and then we'll talk about the major takeaways.
Speaker 2: The President said in his executive order in the first
Speaker 2: week that it's the policy of his administration to support
Speaker 2: the responsible growth and use of digital assets, blockchain technology,
Speaker 2: and related technologies across all sectors of the economy, and
Speaker 2: he established an Executive Branch Working Group for Digital Assets,
Speaker 2: which includes Secretary Besson, A, Treasury Secretary Nome soon to
Speaker 2: be confirmed Attorney General Bondi, Secretary Latnik, e Commerce, and
Speaker 2: other all the other key administration officials that have an
Speaker 2: equity in crypto. And similarly, the SEC has set up
Speaker 2: a Crypto Task Force led by Hester Purst, which is
Speaker 2: also looking at this issue, and together, our objective is
Speaker 2: to accomplish the task of the President assigned for US
Speaker 2: and as EO, which is to propose a federal regulatory
Speaker 2: framework governing the issuance and operation of digital assets, including
Speaker 2: stable coints in the United States. I've talked to many
Speaker 2: founders over the past few years, and they've told me
Speaker 2: repeatedly that the number one thing they need from Washington
Speaker 2: is regulatory clarity. They just want to know what the
Speaker 2: rules of the road are so they can abide by them.
Speaker 2: We're coming off, frankly, four years of arbitrary prosecution and
Speaker 2: persecution of crypto companies where the sec wouldn't tell founders
Speaker 2: what the rules were, but then they would prosecute them.
Speaker 2: And many founders have even told me stories of being
Speaker 2: debanked personally just because they had founded a crypto company.
Speaker 2: All of this, this approach was driving this important technology
Speaker 2: of the future offshore, and we want to keep that
Speaker 2: innovation onshore in the US. Financial assets are destined to
Speaker 2: become digital, just like every analog industry has become digital,
Speaker 2: and we want that value creation to happen in the
Speaker 2: United States rather than giving it away to other countries.
Speaker 2: This will also, I should add, be much better for
Speaker 2: consumer protection because it's easier for regulators to supervise an
Speaker 2: activity when it's on shore. And it's probably not a
Speaker 2: coincidence that the single biggest fraud in the history of crypto,
Speaker 2: which was FTX, was based in the Bahamas. By moving
Speaker 2: the innovation on shore, it'll be easier to separate out
Speaker 2: the good actors from the bad actors, and we want
Speaker 2: to encourage the good actors the innovators while protecting the
Speaker 2: market from the bad actors. And I think a market structure,
Speaker 2: market structured legislation with clear definitions and fair rules will
Speaker 2: do that. I want to say additionally, we're excited about
Speaker 2: working with both the House and Center on stable coin legislation. No.
Speaker 2: Senator Hagridy introduced a bill today this stable coins really
Speaker 2: have the potential to ensure American dollar dominance internationally, to
Speaker 2: increase the usage of the US dollar digitally as a
Speaker 2: world's reserve currency, and in the process create potentially trillions
Speaker 2: of dollars of demand for US treasuries, which could lower
Speaker 2: long term interest rates. So let me stop there, and
Speaker 2: I want to thank a chairman, the chairman here today,
Speaker 2: Chairman Scott, Chairman Hill, Chairman Bozeman, Chairman Thompson. I look
Speaker 2: forward to working with them as part of the administration
Speaker 2: to help turn President Trump's policy into reality. This was
Speaker 2: a Week one priority for the administration, and we're excited
Speaker 2: that our counterparts in Congress are equally committed to ensuring
Speaker 2: American dominance and digital assets. I look forward to working
Speaker 2: with each of you, and with that, I would say,
Speaker 2: work with each of you in creating a golden age
Speaker 2: in digital assets, and with that alternative to Chairman Scott,
Speaker 2: thank you.
Speaker 1: Now I noticed, folks. He ends there by saying, in
Speaker 1: creating a golden age for digital assets, guys, bullish times
Speaker 1: are ahead. We are seeing the groundwork being laid here,
Speaker 1: the foundation being laid for more capital to come into
Speaker 1: the market. So they're essentially forming a crypto committee here.
Speaker 1: And you need to have this. You need the different
Speaker 1: parts of the government to be in alignment so that
Speaker 1: they can get legislation through. And eleanor terryt Fox Business
Speaker 1: did a great job of summarizing the major takeaways. First,
Speaker 1: the House Financial Services, House AG, Senate AG, and Senate
Speaker 1: Banking Committees are forming a bi cameral committee to lead
Speaker 1: on crypto regulation, where they will prioritize stable coin and
Speaker 1: market structure legislation. Banking GOP Chairman Senator Tim Scott says
Speaker 1: he plans to be as aggressive as possible to have
Speaker 1: bills through the Senate in the first one hundred days.
Speaker 1: The committees plan to build from the FIT twenty one
Speaker 1: bill for market structure legislation and will use Senator Haggarty's
Speaker 1: new stable coin bill that dropped today as a starting point.
Speaker 1: For new legislation this Congress. Representative French Hill notes that
Speaker 1: Haggarty's bill most closely resembles Patrick McHenry's and Representative Maxim
Speaker 1: Water's bill from last Congress. Now remember Fit twenty one
Speaker 1: made it out of the House with both Democrat and
Speaker 1: Republican support, so you have the bipartisan support it there.
Speaker 1: But the Senate is, of course more of a challenge.
Speaker 1: It's difficult to get bills through the Senate, and sometimes
Speaker 1: smaller bills have to be attached to a larger bill.
Speaker 1: So there was talks of will this have to be
Speaker 1: attached to the farm bill? But Senator Tim Scott and
Speaker 1: some of the other folks that it may not have to.
Speaker 1: So that's a very good sign. Guys. He's obviously on
Speaker 1: the Senate side, and him and Bill Haggerty and the
Speaker 1: others are trying to rally the rest of the Senate
Speaker 1: because you have to educate a lot of the older
Speaker 1: folks who don't understand his technology, and you have to
Speaker 1: undo the fud that Elizabeth Warren has been spreading for
Speaker 1: the past four years. So she continues her saying stable
Speaker 1: coin legislation is moving forward quickly. According to Senator Tim Scott.
Speaker 1: He says Republicans have been working with Democrat sponsors on
Speaker 1: the bill and they plan to move on that first.
Speaker 1: Representative french Hill says the plan to work on both
Speaker 1: markets Structure and stable coin bills simultaneously on a bipartisan
Speaker 1: basis in the House. So, guys, the stable coin bill
Speaker 1: is of higher urgency because this has implications on the
Speaker 1: US dollar as a world reserve currency and continuing that
Speaker 1: status and dominance. In addition to there's macro factors with
Speaker 1: treasury bonds and so forth, which have not been performing well.
Speaker 1: But if you can get stable coin issuers to back
Speaker 1: their stable coins with treasury bonds and all these things,
Speaker 1: that helps from a government macroeconomic standpoint, right, So very
Speaker 1: bullish here. Senator Tim Scott says he wants to discuss
Speaker 1: AML laws with Democratic colleagues in a broader sense, not
Speaker 1: just as it relates to digital assets. And finally, crypto
Speaker 1: and ais are David Sachs says one of the first
Speaker 1: things they're going to look at is the feasibility of
Speaker 1: a bitcoin reserve, but they are still in the early stages,
Speaker 1: as some members of the Presidential Working Group on Digital
Speaker 1: Assets are still yet to be confirmed. Now. A lot
Speaker 1: of folks were very bearish on this. They're saying, oh,
Speaker 1: we were expecting more, but you have to understand government
Speaker 1: moves slow, and this is a big win. There's never
Speaker 1: been anything like this. And sometimes people are so focused
Speaker 1: on their bags and their coins, like I wanted to
Speaker 1: pump tomorrow. It must go to this price. And I
Speaker 1: wish they would have said this and this because they
Speaker 1: want the price to pump. But government doesn't work that way.
Speaker 1: So there's gonna be a process here. It's gonna take months,
Speaker 1: even later into the year, because the executive order is
Speaker 1: one thing to be signed. Assigning the people are one thing,
Speaker 1: but then you have to get those people to work together.
Speaker 1: You have to organize together, and there's other things happening,
Speaker 1: so you have to have the right expectations, right. But
Speaker 1: this is an excellent start, a bullish start, if you
Speaker 1: compare that this is happening in just February of the
Speaker 1: new administration compared to what we had to deal with
Speaker 1: over the past four years. And I'm gonna try to
Speaker 1: get Congressman french Hill back on the podcast. I actually
Speaker 1: met him just the week of the inauguration at the
Speaker 1: Digital Chamber event. We talked about setting up an interview,
Speaker 1: so I'll try to get you guys as much details
Speaker 1: as possible. But this is so bullish, guys, this, all
Speaker 1: of this is going to lead to more capital coming
Speaker 1: into the market and higher prices of your tokens. But
Speaker 1: you have to be patient. You have to understand that
Speaker 1: government moves slow. You have to understand the process here.
Speaker 1: But this is so bullish. And then you know, I
Speaker 1: mentioned Senator Bill Haggerty introduced his stable coin bill, and
Speaker 1: he tweeted out today today I'm introducing the Genius Act
Speaker 1: with Senator Tim Scott, Jillibrand and Lummits, a bill that
Speaker 1: establishes a clear regulatory framework for stable coins. I look
Speaker 1: forward to working with Representative Friendshill and the House Financial
Speaker 1: Services Committee to get it to the President's desk and
Speaker 1: signed into law. Guys, stable coin legislation, I think is
Speaker 1: going to get passed first through the Senate. Then market
Speaker 1: structure will follow. But my goodness, things are moving here.
Speaker 1: And on the SEC front, Commissioner Hesser Purse has officially
Speaker 1: launched a crypto task Force, and she put out a
Speaker 1: full write up on the SEC's website. It's really great, guys.
Speaker 1: I'm going to put a link in descriptions so you
Speaker 1: guys can go check it out. But let me call
Speaker 1: out the major takeaways. I'm not going to give all
Speaker 1: the details because it's a lot to read through. The
Speaker 1: top priorities are first, security status. The status of crypto
Speaker 1: assets under the securities laws is fundamental to resolving many
Speaker 1: other questions. The task Force is working hard to examine
Speaker 1: different types of crypto assets. Huge number two scoping out.
Speaker 1: The task force will work to help identify some areas
Speaker 1: that fall outside the Commission's jurisdiction. Now it goes on
Speaker 1: and on. I'm just going to call out the bullet
Speaker 1: items versus giving you the descriptions because it's so long.
Speaker 1: Coin and taking offerings, registered offerings, special purpose broker dealer,
Speaker 1: custody solutions for investment advisors, Crypto lending and staking, crypto exchange,
Speaker 1: traded products, clearing agencies and transfer agents, cross border sandbox.
Speaker 1: So this is so bullish, guys. And they even created
Speaker 1: a Crypto Task Force email. It's Crypto at sec dot go,
Speaker 1: so you can send information they said here by sending
Speaker 1: an email with the subject line Crypto task Force input,
Speaker 1: and you can submit ideas and all these things. And
Speaker 1: they also highlighted that you can request a meeting in
Speaker 1: person and virtual. This is a far cry from what
Speaker 1: scumbag regulator Gary Ginser was doing. And they provided a
Speaker 1: form for you to submit that request. So what a
Speaker 1: complete one eighty. They've completely turned a new leaf here.
Speaker 1: This is so bullish, guys. This is the SEC that
Speaker 1: was attacking crypto, so really really great to see this.
Speaker 1: And Cody Carbona of the Digital Chamber, I'll have him
Speaker 1: on the podcast soon. He met with the Crypto Task
Speaker 1: Force at the SEC, and I'll be interviewing one of
Speaker 1: the folks there. I obviously interviewed hester person recently, so
Speaker 1: I'll be interviewing Teresa Gillan. I'm saying her last name
Speaker 1: right pretty soon and I'll get some details for you guys,
Speaker 1: So make sure you are subscribed guys, and you get
Speaker 1: notifications turned on. And here's some more bolish news. The
Speaker 1: SEC is scaling back its crypto enforcement unit. This is
Speaker 1: also happening at the CFTC. This reports that the CFTC
Speaker 1: is also doing the same thing. So some in a
Speaker 1: special unit of fifty lawyers and staff that had been
Speaker 1: dedicated to bringing enforcement actions are being reassigned. It's a
Speaker 1: beautiful day, my friends. It's a beautiful day. How things
Speaker 1: have changed. So bullish and here, James Murphy, metlaw man
Speaker 1: said the the SEC pivots on Coinbase case. The SEC
Speaker 1: has not filed an opposition to Coinbase's motion to proceed
Speaker 1: what its interlocatory appeal at this At this second Circuit
Speaker 1: under Gensler, the SEC did oppose Coinbase's request to certify
Speaker 1: the interlocatory appeal at the district court level. Assuming the
Speaker 1: Second Circuit accepts the case for interlocatory appeal, it would
Speaker 1: be a few months before the SEC is required to
Speaker 1: file a brief and take a legal position on the
Speaker 1: question of whether crypto assets traded on secondary exchanges or
Speaker 1: investment contracts. James says, my guess is the case will
Speaker 1: either settle or be dismissed by the SEC prior to
Speaker 1: any briefing on the merits of the appeal. So I
Speaker 1: think we see the writing on the wall here, and
Speaker 1: I think James is spawn on. I think a lot
Speaker 1: of these cases are going to get dismissed or settled,
Speaker 1: and I think, honestly, the case against Coinbase should be dismissed.
Speaker 1: This is asinine. You approved coinbase to go public, do
Speaker 1: an ipo, you knew their business model, you knew they
Speaker 1: were offering cryptocurrencies and staking and much more, and then
Speaker 1: you go sue them for the very thing that they do.
Speaker 1: But that's Ginser, right, So I expect a lot of
Speaker 1: cases to drop against uniswamp against all these things. Now,
Speaker 1: if a company did fraud and they stole money, they're
Speaker 1: doing the shady stuff, they should face the penalty of
Speaker 1: the law. Right. We're not saying we want companies to
Speaker 1: break the law, but we know that many actors were
Speaker 1: attacked by gains Her over the simple fact of oh,
Speaker 1: he thinks this is a security. Stable coins are security,
Speaker 1: it's staking security. All coins are a security. This is
Speaker 1: a security. That's a security. Everything's a security. Right. It
Speaker 1: was nonsense, But we know why he was doing that.
Speaker 1: Elizabeth Warren was giving him the marching orders, and she
Speaker 1: was getting the marching orders from the trent FI incumbents
Speaker 1: that were getting disrupted. So that was the game here.
Speaker 1: But we can also expect to see that. I think
Speaker 1: the Ripple case wrap up a settlement or whatever it is,
Speaker 1: and this year is going to be big for the market. Guys,
Speaker 1: I know the price doesn't reflect that, but you have
Speaker 1: to zoom out. You gotta look at it bigger. You
Speaker 1: can't be stuck in the hourly daily all the price
Speaker 1: is down, those news is not driving the price. If
Speaker 1: you've been a subscriber and a follower to this podcast,
Speaker 1: you know better than to say that because market cycles
Speaker 1: are playing out and it doesn't matter that good news
Speaker 1: is coming out. If the market's in a pullback, it's
Speaker 1: not gonna pump like crazy. But all of these things
Speaker 1: will be priced in and it's gonna allow for more
Speaker 1: capital to come in. Guys, don't miss the forest for
Speaker 1: the trees. Now. Quick word from our sponsor, and that
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Speaker 1: Link will be in the description. Now, guys, we've got
Speaker 1: big news coming out of Hong Kong. Hong Kong's FSC
Speaker 1: proposes expanding cryptoregulatory staff in new physical budget. Of course
Speaker 1: they are, of course they are, guys. You know, I've
Speaker 1: been saying it for years at at nauseum right, any country,
Speaker 1: any jurisdiction that bans crypto, and if they don't embrace it,
Speaker 1: they're writing their economic death sentence. Because the markets that
Speaker 1: governments the economy will be running on blockchain and this
Speaker 1: is the future. They're gonna put all the traditional assets
Speaker 1: on the blockchain. Tokenization is the future of finance, as
Speaker 1: Larry Fink, Blackrock CEO said, They're going to tokenize goals, stocks,
Speaker 1: all other commodities and securities. That is where we're headed.
Speaker 1: So these Securities and Futures Commission proposed eight new headcounts
Speaker 1: for crypto regulatory regimes, market surveillance, and enforcement investigations. The
Speaker 1: SFC proposed the staff expansion in its budget for the
Speaker 1: fiscal years starting April first, twenty twenty five. You wouldn't
Speaker 1: be doing this if he doesn't see growth, right, if
Speaker 1: they weren't expecting growth, and this asset class is going
Speaker 1: to grow significantly. This is the final year of the
Speaker 1: bull market. You're going to see explosive growth, lots of euphoria.
Speaker 1: It's gonna get crazy. And as we've seen for each
Speaker 1: bull market cycle, the evaluation the coin grows, there's new projects,
Speaker 1: new services, and companies go through mergers and acquisitions, different expansions,
Speaker 1: they raise capital, So things are just going to get
Speaker 1: even bigger. And I've been telling you guys my strategy, right,
Speaker 1: I've been telling you guys for I'm not only looking
Speaker 1: at this bull market. I'm looking at twenty twenty eight
Speaker 1: into twenty thirty, after the having in twenty twenty eight,
Speaker 1: so I'm preparing for future bullmarkets. I will be buying
Speaker 1: the blood on the streets again when the bear market
Speaker 1: rolls around. Now moving ahead, similar Scientific buys another eight
Speaker 1: hundred and seventy one bitcoin for eighty eight point five
Speaker 1: million dollars, bringing holdings to three thousand, one hundred and
Speaker 1: ninety two bitcoin as of February third. Similar holes three
Speaker 1: thousand one hundred ninety two bitcoin worth approximate three hundred
Speaker 1: and twenty million dollars. The latest acquisitions were made with
Speaker 1: proceeds from its January twenty twenty five senior convertible notes offering.
Speaker 1: So we're seeing more companies following the micro strategy playbook.
Speaker 1: So if you don't know what similar scientific is, there're
Speaker 1: a Nasdaq listed healthcare tech firm and they bought the
Speaker 1: extra eight hundred and seventy one bitcoins. So this is
Speaker 1: going to be the future, guys. I think we're going
Speaker 1: to see more companies do it as globally as many
Speaker 1: look to protect their cash reserves against inflation and debasement
Speaker 1: of currency. Now moving ahead, Travago integrates with Travlla, enabling
Speaker 1: hotel bookings with over one hundred cryptocurrencies, So you're going
Speaker 1: to continue to see more of this that. As more
Speaker 1: people participat in crypto, different merchants and businesses will start
Speaker 1: to accept crypto. So this will be the future guys,
Speaker 1: where you can pay in stable coins and different cryptocurrencies
Speaker 1: if you choose to. So, Travago has integrated with blockchain
Speaker 1: based Travala to offer hotel bookings with over one hundred cryptocurrencies.
Speaker 1: It follows integrations with sky Scanner and Kayak, making Travalla
Speaker 1: discoverable alongside leading travel agencies such as Expedia and Booking
Speaker 1: dot Com. So that's great news for adoption folks. That's
Speaker 1: the news. I hope you are as bullish as I am.
Speaker 1: I hope you can see beyond the current price points
Speaker 1: that you're not losing faith, that you're not operating with
Speaker 1: your emotions, because if you are, you're gonna get wrecked.
Speaker 1: You're gonna be disappointed, you're gonna be depressed. And I
Speaker 1: often tell you, guys on days when things are read,
Speaker 1: don't look at your portfolio and understand where we're at
Speaker 1: in the cycle. That's why I share data and charts
Speaker 1: with you guys, not emotions, because emotions would get you wrecked. Right,
Speaker 1: You can't just be super happy when the price is
Speaker 1: up and then sad and depressing the prices down when
Speaker 1: we are still in a macro bullmarket. So these prices
Speaker 1: that we're seeing right now, go back five months. Right,
Speaker 1: we were happy about these prices, oh big ones at
Speaker 1: ninety eight, right, and xrpiece now over dollars two dollars,
Speaker 1: and now people are like, oh man, it's not pumping.
Speaker 1: Look at this news is the mood I'm seeing the comments,
Speaker 1: But it's funny to watch human psychology play out. And look,
Speaker 1: I was there at one point, but I had to
Speaker 1: get financially educated to start looking at data. And this
Speaker 1: is why I tell you, guys, I'm looking at data.
Speaker 1: You're going to see a lot of people post things
Speaker 1: from a sentiment standpoint, but they never back it up
Speaker 1: with charts or data. They post up, Oh it's over
Speaker 1: the bull markets. Oh we're going up forever. You don't
Speaker 1: have to take profits, it's going to keep pumping forever.
Speaker 1: The four year cycles broken. What are you talking about right?
Speaker 1: These things is because it's out of their emotions. They
Speaker 1: think that investing with your gut is the way. But
Speaker 1: they learn how to read the chart, the on chain data,
Speaker 1: the fundamentals, the macro and much more. And that's what
Speaker 1: I try to share with you guys. I put it
Speaker 1: in my newsletter as well, so if you're not subscribed
Speaker 1: to my newsletter, you better sign up. Guys. It's free.
Speaker 1: It's one hundred percent free. You don't have to pay anything.
Speaker 1: Link will be in a description. It's on substack and guys,
Speaker 1: a great way you can support me if you are
Speaker 1: able to, is by grabbing a copy of my book,
Speaker 1: Rethinking Cript. It's available on Amazon and paperback and digital.
Speaker 1: And also, if you want to continue your crypto journey
Speaker 1: of learning as much as possible about this crypto market,
Speaker 1: check out my crypto course at mycrypto course dot com.
Speaker 1: This course is unique. It's not like any other crypto
Speaker 1: course out there. Why it includes expert commentary. I have
Speaker 1: people who are founders, CEOs, institutional investors explaining the different
Speaker 1: aspects about crypto. In this course. You pay a one
Speaker 1: time fee. You get lifetime access. You can share that
Speaker 1: access with your friends and family if you want, and
Speaker 1: I will continue to add to it and it will
Speaker 1: give you a full comprehensive overview of crypto guys. So
Speaker 1: go to mycrypto coourse dot com. Thank you for watching
Speaker 1: and listening. I appreciate you all and I'll talk to
Speaker 1: you all later. Don't don't put to the