Speaker 1: October seventh is the deadline for the SEC to appeal
Speaker 1: the ruling from Judge Tours in the Ripple XRP lawsuit
Speaker 1: and is rl usd the Ripple stable coin bad for XRP.
Speaker 1: I'll share some details I learned today. Let's get into it. Hey, everybody,
Speaker 1: welcome into the Thinking Crypto podcast. You're home for cryptocurrency
Speaker 1: news and interviews. I'm your host, Tony Edward. On your
Speaker 1: way in, please hit that subscribe button as well as
Speaker 1: the 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, Today
Speaker 1: bitcoin pull back a bit. And this is what I've
Speaker 1: been telling you guys for weeks now. Yes, it's really
Speaker 1: nice to see bitcoin breaking out and hitting sixty five
Speaker 1: sixty six thousand, but I've been saying, ad nauseum, be
Speaker 1: cautiously optimistic because we don't know if the bottom is
Speaker 1: officially in yet, and Bitcoin has to prove itself. It
Speaker 1: has to show us the strength, and the rally has
Speaker 1: to prove itself. And of course we've got to pull back. Now.
Speaker 1: This is on the micro, on the macro, you guys
Speaker 1: know I am super bullish Q four. I believe bitcoin
Speaker 1: will hit new all time highs. It will break past
Speaker 1: seventy three thousand dollars. I could be wrong, but I
Speaker 1: believe there's a high probability of that happening. And as
Speaker 1: I've been also highlighting, the DXY could find some strength
Speaker 1: in the short term before ultimately breaking down below one hundred.
Speaker 1: I've been saying that for a long time, right But
Speaker 1: as always patients, this is why we have to exercise
Speaker 1: patients when it comes to investing. We have to form
Speaker 1: a thesis with the facts and what the data and
Speaker 1: the trends and the fundamentals are telling us, and be patient.
Speaker 1: Let these things play out and your patience will be rewarded.
Speaker 1: And if the price volatility bothers you just step away
Speaker 1: from it, take a break, don't stare at it, you
Speaker 1: know what I mean. I do that sometimes I do
Speaker 1: a bit of a digital diet. I step away from
Speaker 1: the markets, I step away from looking at the price
Speaker 1: and turning off social media. So it's important to do
Speaker 1: that for your mental health and to keep a straight
Speaker 1: mind when it comes to investing, because markets can play
Speaker 1: with your emotions and I've learned that over the years,
Speaker 1: and I'm not saying I'm perfect at it, but I've
Speaker 1: But it's like a muscle, right, you keep exercising that
Speaker 1: muscle and you get better, you become more experienced, you
Speaker 1: build thicker skin. So when you see the market pull back,
Speaker 1: you're like, oh, whatever, you know, wait till it comes
Speaker 1: back up and then we can start focusing on it again.
Speaker 1: So I hope you understand that. I hope this information
Speaker 1: is helpful. This is what I've learned over the years
Speaker 1: since I entered the crypto market in twenty sixteen. Now, guys,
Speaker 1: let's talk about some news around SEC versus Ripple. October
Speaker 1: seventh is the deadline for the SEC to challenge the
Speaker 1: July twenty twenty three ruling by Judge Analsa Torus that
Speaker 1: deemed some of the Ripples sales of XRP violated securities laws.
Speaker 1: So remember Judge Torres rule that institutional sales fell into
Speaker 1: that securities category while secondary market sales on exchanges are
Speaker 1: not securities, and that the token itself intrinsically is not
Speaker 1: a security. So the big question that everybody wants to
Speaker 1: know is will the SEC appeal and if they do appeal,
Speaker 1: will that impact the price because we see xcorp is
Speaker 1: starting to break out on the charts. Nothing to call
Speaker 1: home about, but it is breaking out, and the crypto
Speaker 1: market is starting to build momentum, and as Bitcoin heads
Speaker 1: to new all time highs, the liquidity will then start
Speaker 1: to flow down to the all coins. So we want
Speaker 1: to see XRP experience a true bull market since the
Speaker 1: last one of twenty seventeen to twenty eighteen, where there
Speaker 1: was nothing hindering it and it did really well. Now
Speaker 1: I'm diversified. I hold Bitcoin, Salona, Ethereum, XRP, and so forth,
Speaker 1: so this is not my only horse in the race.
Speaker 1: I've been telling people for years diversify, diversify, diversify, because
Speaker 1: if you put all your eggs in one basket, you
Speaker 1: never know what could happen, and then you miss out
Speaker 1: on gains. So Eleanor Turt of Fox Business did a
Speaker 1: great write up on this. Let me share some details
Speaker 1: and what I think the impact may be on the
Speaker 1: price if the sec does appeal. So the Securities in
Speaker 1: Exchange Commission has until October seven to decide if it
Speaker 1: will challenge the July twenty twenty three ruling by US
Speaker 1: district judge and Alsa trus that deemed only some of
Speaker 1: the ripple sales of XRP cryptotoken violated securities laws, a
Speaker 1: decision that has garnered criticism from securities lawyers and other
Speaker 1: federal judges. That said, the ruling is considered a major
Speaker 1: legal victory for the still nasson crypto industry, as it
Speaker 1: attempts to prove that the emerging asset class is not
Speaker 1: in violation of US securities laws as the SEC beliefs.
Speaker 1: It has also become a cornerstone in the legal strategies
Speaker 1: of other crypto entities like exchanges, Coinbase, Finance, and Kraken,
Speaker 1: which are currently being sued by the Commission for allegedly
Speaker 1: selling unregistered securities. That's why former SEC lawyers who spoke
Speaker 1: with Fox Business say an appeal as likely as the
Speaker 1: agency and its crypto skeptic chairman Gary Genser are determined
Speaker 1: to assert jurisdiction over the two trillion dollar industry and
Speaker 1: don't want to endorse a dual system that the torre's
Speaker 1: opinion could create in the securities market. Here's a quote.
Speaker 1: I believe the SEC will appeal. I would think it
Speaker 1: would not want to have the programmatic trading analysis stand
Speaker 1: said Mark Powers, a blockchain professor at the Florida International Universe,
Speaker 1: the College of Law and former SEC enforcement attorney. It
Speaker 1: creates inconsistency in ruling by district court judges and in
Speaker 1: the Second Court. Now it's important to highlight here this
Speaker 1: is a former SEC official. So I've had like Mark Fagel,
Speaker 1: who's a former SEC director, a regional director, and he
Speaker 1: also agrees with it. So I have to say there's
Speaker 1: some bias here because he's a former SEC guy. And
Speaker 1: I've noticed a lot of these guys. You know, they
Speaker 1: stand with the SEC no matter what. If the SEC
Speaker 1: is doing the wrong thing, they will try to cover
Speaker 1: for the agency. And I get it, you know, it's
Speaker 1: kind of like you work there. It's a bit of
Speaker 1: a club and they want to paint the SEC in
Speaker 1: the best light as possible. Unfortunately, Gary Ginster is burning
Speaker 1: the house down with his political nonsense, lying, backstabbing and
Speaker 1: much more. And here's the thing, guys, I think the
Speaker 1: SEC will appeal and it's not because the SEC as
Speaker 1: an agency feels this way. It's scumbag regulator Gary Ginster
Speaker 1: that feels this way. I believe Gary's out to do
Speaker 1: whatever he wants. He's an agent of chaos. He's been
Speaker 1: weaponized by the tradifying comments to come in and kill
Speaker 1: these crypto startups, not kill crypto. So he's just going
Speaker 1: to do whatever he wants. And the reason why I
Speaker 1: feel that way is that look at all the political
Speaker 1: pressure that's been put on Gary, Donald Trump calling him out,
Speaker 1: the industry, Democrats and Republicans coming together to repeal SAB
Speaker 1: one two one to pass the FIT twenty one bill
Speaker 1: out the House. Top Democrats like Chuck Schumer supporting crypto.
Speaker 1: Yet Gary come at the beginning of September issued a
Speaker 1: wells notice the Open Sea that they went after e
Speaker 1: Toro and they're going after anything now. So he doesn't
Speaker 1: care and that is why we need Congress to pass
Speaker 1: the legislation because he doesn't care about the criticism. He
Speaker 1: doesn't care about being embarrassed and called out by the courts.
Speaker 1: So I feel he's going to appeal. The question is
Speaker 1: if they do appeal, will it roeblock the XRP price
Speaker 1: from hitting its potential high in this bullmarket cycle. On
Speaker 1: one hand, I think there will be short term volatility,
Speaker 1: but I think overall, I don't think it's going to
Speaker 1: affect xrpce price. Here's why. Even after the Ripple lawsuit
Speaker 1: in twenty twenty December twenty twenty, xrpiece still ran up
Speaker 1: to near two bucks. But what happened the exchanges started
Speaker 1: delisting it, and then the price started collapsing, right because
Speaker 1: no one can access the token, people started selling. But
Speaker 1: now that Ripple's kind of gone through the fire, you know,
Speaker 1: no one's scared of the SEC anymore as far as
Speaker 1: getting in walls known as their lawsuit. In fact, the
Speaker 1: industry's countersuing and they're doing proactive lawsuits. So I think
Speaker 1: that aspect the fear that was there, oh no, the
Speaker 1: SEC's coming after US is gone, and many investors are
Speaker 1: seeing the chink in the armor of the SEC and
Speaker 1: Gary Genser. So I don't think that fear is going
Speaker 1: to be there for the long term of the bull market.
Speaker 1: But short term, if the you know, the news breaks,
Speaker 1: oh the SEC is going to appeal, xrps price could
Speaker 1: see a lot of volatility. And remember xrpiece fully relisted
Speaker 1: on all exchanges in the United States and globally, and
Speaker 1: in fact, there's more exchanges than now list the token,
Speaker 1: and in fact we saw a grayscale launch and institutional
Speaker 1: trust for XRP recently, so there's a lot of momentum.
Speaker 1: There's a different narrative, there's a different feeling versus what
Speaker 1: took place in twenty twenty. So I still think XRP
Speaker 1: can run. Personally, if you look at the chart using
Speaker 1: a Fibonacci model, I could see XRP getting to just
Speaker 1: over five bucks, maybe at its highest about six dollars.
Speaker 1: But some people, some analysts, are calling for eight dollars.
Speaker 1: So you know, one user tweeted out here at chart
Speaker 1: showing that his all time high target for this cycle
Speaker 1: is eight bucks. Now, we are not talking guarantees here.
Speaker 1: These are probabilities, and I will start to take profits
Speaker 1: on XRP as it crosses four dollars and then to
Speaker 1: five and so forth, because I don't know how high
Speaker 1: this is going to go. I'm not saying I'm selling
Speaker 1: all my XRP at those prices, but I'm going to
Speaker 1: start to ladder out. And this is important because no
Speaker 1: one can call the top hoolks. No one can call
Speaker 1: the top if they know what the top's going to be,
Speaker 1: ask them for the winning lottery numbers next week. So
Speaker 1: you can go play the lottery and make money that way.
Speaker 1: It'll be a hell of a lot easier, right, So
Speaker 1: just understand that you have to dolo coast average out
Speaker 1: as a dolo coross average in. So that's what I'm
Speaker 1: expecting for XRP. And like I said, short term volatility
Speaker 1: if the SEC appeals and the news makes the rounds.
Speaker 1: But long term, I don't think this affects the price
Speaker 1: unless there's another major issue, which I'm not anticipating, because
Speaker 1: Ripple continues to build. They're launching the r l US,
Speaker 1: the stable coin, enabling smart contracts and so forth. And
Speaker 1: in fact, guys, today I was at MAInet and I'm
Speaker 1: going to be at MAInet tomorrow as well. That's Missari's
Speaker 1: main Net conference happening in New York City. I met
Speaker 1: Paul Gridwall, chief legal officer at Coinbase, and a bunch
Speaker 1: of other people who have interviewed and known the industry.
Speaker 1: So I'll be there again tomorrow. But I spoke to
Speaker 1: a former Ripple employee and I can't disclose that person's name,
Speaker 1: but let me share what I tweeted out today to everybody.
Speaker 1: I just spoke to a former Ripple employee at MAInet.
Speaker 1: This person was part of the team that developed Ripple's
Speaker 1: odel product. I asked them about the upcoming rl USD
Speaker 1: stable coin and whether they think it could negatively affect XRP.
Speaker 1: They mentioned that they had advocated for Ripple to launch
Speaker 1: a stable coin years ago. Paraphrasing their response, they said,
Speaker 1: the stable coin will actually be beneficial for XRP, as
Speaker 1: it will be paired with it. XRP will help provide
Speaker 1: the stable coin with greater liquidity since it is available
Speaker 1: in all exchanges. Additionally, this pairing will help stabilize the
Speaker 1: stable coin and prevent depegging. They also stated that the
Speaker 1: stable coin will open up new use cases in for
Speaker 1: x and much more so. I heard it directly from
Speaker 1: the horse's mouth. Had a kind of off the record conversation,
Speaker 1: so to speak, you know, not disclosing the person who
Speaker 1: it is, but I know the person very well. I
Speaker 1: know that they worked at Ripple, so just letting you
Speaker 1: guys know. And this is interesting. I know there's been
Speaker 1: a lot of talks about how this could be negative
Speaker 1: for Ripple, but I don't believe so because here's the
Speaker 1: thing people get caught up too much in is the
Speaker 1: token itself being used. That is important. Don't get me wrong.
Speaker 1: The token should be used in certain ways, but remember
Speaker 1: Metcalp's law, and this applies to all blockchains out there,
Speaker 1: ethererem and so forth. The more building that you have,
Speaker 1: the more activity, the more beneficial it is for the
Speaker 1: native token. Many folks don't understand that concept. I've often
Speaker 1: shared the example of Facebook. Facebook was worth millions of
Speaker 1: dollars before they even launched an ad or had a
Speaker 1: monetization strategy. Right Why Because there was people on the
Speaker 1: network using it, and there was activity, there was adoption,
Speaker 1: and the more adoption, the more utility. The more building
Speaker 1: that a network gets, the stronger it becomes, and the
Speaker 1: more valuably becomes. What's different this time around versus Facebook
Speaker 1: is there's a native token, and that native token is
Speaker 1: used to grease the network, to help pay for fees
Speaker 1: and transactions and so forth. Token is going to raise
Speaker 1: in value because I've often shared in my newsletters the
Speaker 1: developer activity on blockchains, and there's also daily active users,
Speaker 1: the monthly active users. These are metrics that I know
Speaker 1: a lot of folks don't pay attention to, but I
Speaker 1: paying I'm paying attention to it. And this is this
Speaker 1: is going to benefit Ripple. I don't think this is
Speaker 1: going to take away anything from XRP. I think it's
Speaker 1: a different product, and while it may be a bit
Speaker 1: of a departure from strategies they had in mind years ago,
Speaker 1: I still think it's beneficial. And that's just my take
Speaker 1: on it. I could be wrong. So I'm always open
Speaker 1: to hearing feedback, and I would love to hear what
Speaker 1: you guys think if you can leave your thoughts in
Speaker 1: the comment section. So I wanted to share that with
Speaker 1: you guys. And here's something else I wanted to highlight
Speaker 1: from Jake Trawski. Apparently crypto companies and founders are thinking
Speaker 1: about geofencing the United States as a compliance strategy. I
Speaker 1: don't know how many of you know about geofencing. This
Speaker 1: is something if you're in the marketing field digital marketing,
Speaker 1: you may know about it. It's where you put up
Speaker 1: blocks on IP addresses and from people who are in
Speaker 1: a certain region. So maybe based on if you don't
Speaker 1: have a license to operate in there, you can block
Speaker 1: certain IP addresses and you know, if the user is
Speaker 1: coming from the United States in this case, they won't
Speaker 1: be able to use their respective platform, app or whatever
Speaker 1: it may be. And it's sad that these businesses have
Speaker 1: to do this. This is why we need clear regulations, guys,
Speaker 1: and we have to keep calling up our representatives. You
Speaker 1: get a vote accordingly. Here Brian Armstrong ce have Coinbase
Speaker 1: tweeted out just today elections getting close. Make sure you
Speaker 1: are registered to vote, and he highlighted Stand with Crypto
Speaker 1: you know, which is a nonprofit organization dedicated to uniting
Speaker 1: global crypto advocates. Go on there you can see who's
Speaker 1: pro crypto and who's not. Now, speaking of pro crypto,
Speaker 1: John Deaton running against Elizabeth Warren. John is of course
Speaker 1: battling crypto's greatest enemy because she's the one that controlled
Speaker 1: Gary Ginster. Remember that he tweeted out today. Tonight is
Speaker 1: the deadline. Friends. We need your support to finish the
Speaker 1: month strong. Chip into whatever you can today by going
Speaker 1: to John deatonfirst Senate dot com slash donate So guys,
Speaker 1: if you haven't donated as yet, please go donate. And
Speaker 1: I've already donated, so go check it out. Guys, support John.
Speaker 1: He's obviously procrypto and he's balanced. He's not like an
Speaker 1: extremist on either the left of the right. He's running
Speaker 1: as a Republican, but he's not any type of extremists,
Speaker 1: so check out John's policies and his things, of course,
Speaker 1: but he's trying to unseat Elizabeth Warrens, so let's make
Speaker 1: it happen now, guys. Quick word from our sponsor, and
Speaker 1: that is Gemini, which is a great crypto exchange. You
Speaker 1: can buy us all trade crypto. They have a fully
Speaker 1: functional exchange, they have staking, they have a credit card,
Speaker 1: they have a stable coin called Gemini Dollar. They also
Speaker 1: have a derivative platform where you can trade bitcoin and
Speaker 1: all coins with perpetual contracts. And if you sign up
Speaker 1: using my link guys, and you trade one hundred dollars
Speaker 1: in bitcoin, you can get fifteen dollars in bitcoin for free.
Speaker 1: So check out the link in the description and don't
Speaker 1: forget to sign it for my free email newsletter on substack.
Speaker 1: And also grab a cop in my book, Rethinking Crypto.
Speaker 1: It's available on Amazon. If you bought a copy, you ready,
Speaker 1: please leave a rating a review. It will really help
Speaker 1: out my rankings. Thank you, guys, and I'll talk to
Speaker 1: you all later.