Speaker 1: The sec releases huge updates around stable coins, saying they
Speaker 1: are not securities. I'll give you all the details there,
Speaker 1: and you won't believe what Scott percent, the Secretary of
Speaker 1: the Treasury, is saying about bitcoin and black Rock's Biddle
Speaker 1: pays out incredible amounts of yield, making me think I
Speaker 1: want to invest in this. I'll give you all the details.
Speaker 1: Let's get into it. Hey, everybody, welcome into The Thinking
Speaker 1: Crypto Podcasts, your home for cryptocurrency news and interviews. I'm
Speaker 1: your host, Tony Edward. On your way in, Please at
Speaker 1: that subscribe button as well as the thumbs up button
Speaker 1: and leave a comment below. If you're listening on a
Speaker 1: podcast platform such as Spotify or Apple, please leave a
Speaker 1: five star rating and review. Folks. The tariff madness continues
Speaker 1: as China today responded to the US tariffs. And I'm
Speaker 1: not going to go through all the details there. I'm
Speaker 1: sure you guys have seen it in the mainstream news,
Speaker 1: but what I want to highlight is the impact on
Speaker 1: the markets. A very good sign that we are seeing
Speaker 1: is that bitcoin is holding up pretty good relative to
Speaker 1: everything that's happening in the market. I mean, it's not
Speaker 1: dumping it's kind of just chopping sideways. Now, that doesn't
Speaker 1: mean it can't dump further down. But when you see
Speaker 1: the SMP five hundred and the NASDAC and the Dow
Speaker 1: Jones Industrial just blood on the streets dumping heavily, and
Speaker 1: Bitcoin is just like stuck there. It's very fascinating and
Speaker 1: I want to share what different folks are saying. But
Speaker 1: like I said before, it doesn't mean Bitcoin can't dump
Speaker 1: this weekend, right, but we'll have to watch it closely.
Speaker 1: If this holds up, it could really help change a
Speaker 1: narrative around crypto because bitcoin is still an asset that
Speaker 1: is very young. It's only been around since two thousand
Speaker 1: and nine, guys, so in comparison to the stock market,
Speaker 1: gold and much more, it's a baby, right, so it
Speaker 1: has the maturity to do. But this could be one
Speaker 1: of those growing phases. Maybe it's a teenager now it's
Speaker 1: sixteen years old and it's starting to mature, so we'll
Speaker 1: have to wait and see. It would be really good
Speaker 1: if bitcoin held up because it will give a lot
Speaker 1: of investors who have been skeptics a lot of confidence
Speaker 1: to enter the crypto market. Here's what Arthur Hayes said,
Speaker 1: kind of echoing these statements. Bitcoin holders need to learn
Speaker 1: to love tarrists. Maybe we finally broke the correlation with
Speaker 1: the NASDAC and can move onto the purest form of
Speaker 1: a fiat liquidity smoke alarm, we'll see. You know, I
Speaker 1: don't want to celebrate too much because markets can certainly
Speaker 1: go against the herds everyone is. If everyone is believing,
Speaker 1: oh yeah, bigcoin's holding up, right, then bitcoin dumps, then
Speaker 1: that narrative quickly goes away. So we'll have to wait
Speaker 1: and see. Here and here, Ryan Resmussen from Bitwise Asset Management,
Speaker 1: he highlighted the performance where gold is down, the SPUI,
Speaker 1: the QQQ, Microsoft, Google, Amazon all down, but Bitcoin up
Speaker 1: two point two percent on the day since Liberation Day.
Speaker 1: So interesting statistics here. All right, big news coming out
Speaker 1: of the SEC today, folks. This one is pretty big
Speaker 1: because Congress is working on crypto legislation. This past week
Speaker 1: in the House we had the Stable Act get approved,
Speaker 1: and we know in the Senate there's the Genius Act,
Speaker 1: which was introduced by Senator Haggarty. So the SEC Division
Speaker 1: of Corporation has just put out a guidance on stable coins.
Speaker 1: The agency has minted a new term covered stable coins,
Speaker 1: which describes stable coins that maintain a stable value relative
Speaker 1: to the United States Dollar on a one for one basis,
Speaker 1: can be redeemed for USD on a one for one basis,
Speaker 1: and are backed by assets held in reserve that are
Speaker 1: considered low risk and readily liquid, with a USD value
Speaker 1: that meets or exceeds the redemption value of stable coins
Speaker 1: and circulation. So they're essentially saying stable coins that act
Speaker 1: like this, which is the majority of stable coins out there,
Speaker 1: are not securities. Remember when Gary Genser tried to say
Speaker 1: stable coins and securities, right, he was trying to say
Speaker 1: everything's a security. But it's like, how can a stable
Speaker 1: coin be a security? One is just simple pegged to
Speaker 1: the dollar. It doesn't move beyond that value, and if
Speaker 1: you're just using it to transact, how to hell is
Speaker 1: that of security? But that's why Gary answer has gone
Speaker 1: and why I call them a scumbag regulator. So the
Speaker 1: division says that covered stable coins are not offered or
Speaker 1: sold as investment contracts and therefore do not fall within
Speaker 1: the SEC's jurisdiction. The statement does not cover algorithmic stable coins,
Speaker 1: yield bearing stable coins, or stable coins attract the value
Speaker 1: of assets other than USD so the yield bearing I
Speaker 1: could see where the SEC may call some of those
Speaker 1: securities will have to wait and see. But guys, this
Speaker 1: is huge and to have this from the SEC as
Speaker 1: stable coin legislation, I think is going to make it
Speaker 1: through this year. It's high priority because there's a geopolitical
Speaker 1: aspect to this with the US dollar being the world
Speaker 1: reserve currency, and it will give a lot of institutions
Speaker 1: the greenlight to participate, whether they launch your own stable
Speaker 1: coin or use other stable coins in the market that
Speaker 1: they're not going to get a lawsuit from the SEC
Speaker 1: if they simp want to use it for payments and
Speaker 1: issue their own and whatever it may be. So this
Speaker 1: is huge clarity, and it follows the SEC providing clarity
Speaker 1: on meme coins as well as crypto mining activities. In addition,
Speaker 1: we're waiting for the SEC to talk about NFTs. I
Speaker 1: think that's the next big one, and then eventually they're
Speaker 1: going to have to talk about different cryptocurrencies and digital assets.
Speaker 1: I think they may wait for Paul Atkins on that
Speaker 1: and there's going to have to be more work on
Speaker 1: that end because that is more complex with the amount
Speaker 1: of blockchains and tokens there are out there. David Sachs,
Speaker 1: the White House Cryptos are tweeted out the news saying
Speaker 1: the SEC has determined that fully reserved liquid dollar back
Speaker 1: stable coins are not securities. Therefore, blockchain transactions to mentor
Speaker 1: or redeem them do not need to be registered under
Speaker 1: the Securities Act. Helpful clarity from the SEC. Now, moving ahead,
Speaker 1: we get some very big statements from US Treasury Secretary
Speaker 1: Scott percent. He said bitcoin is becoming a store value.
Speaker 1: Let me play a clip for you.
Speaker 2: It was unclear whether we were going to exempt gold
Speaker 2: from terraces, which I believe we have. So there's a
Speaker 2: big move out of vaults in Switzerland, out of volts
Speaker 2: in London to get it into New York. And look
Speaker 2: that there are a lot of different stores of value
Speaker 2: over time, Bitcoin's becoming a store of value. Gold has
Speaker 2: historically been a store of value. I think what's interesting
Speaker 2: is where do we see the gold demand coming from
Speaker 2: a huge amount is from China, where As I said,
Speaker 2: they're in the middle of an economic recession slash depression.
Speaker 2: People don't trust the Chinese currency because they have capital controls.
Speaker 2: There are one point four billion Chinese who won't want
Speaker 2: to get their money out, and they won't let them.
Speaker 2: They will let them buy gold.
Speaker 1: Folks, these are big statements from the Treasury Circuitary, and
Speaker 1: we know he's pro crypto. Know the entire US government
Speaker 1: for the most part, is pro crypto, but when you
Speaker 1: hear it from folks of this caliber and the respective
Speaker 1: positions they're in, it's huge. And I think there's going
Speaker 1: to be a global fomo for bitcoin as the United
Speaker 1: States put up this signal that they want to launch
Speaker 1: a bitcoin reserve and they're exploring the ways to buy
Speaker 1: that bitcoin that is revenue neutral and not a burden
Speaker 1: to the taxpayers. But I think central banks around the
Speaker 1: world will start holding bitcoin and it will sit alongside gold,
Speaker 1: just like they currently hold gold. And we could be
Speaker 1: at the cusp of another Bretton Woods moment, similar to
Speaker 1: what happened after World War Two, where you had the
Speaker 1: agreement of the gold backing the dollar and the US
Speaker 1: dollar becoming the world reserve currency and much more. You
Speaker 1: guys can steady up the history, but it feels like
Speaker 1: we're at that moment with bitcoin here, so big statements
Speaker 1: and Bitcoin's here to stay, and we are seeing bitcoin
Speaker 1: ETFs continue to grow and black Rocks expanding It's bitcoin
Speaker 1: E to U to UK and other countries, so things
Speaker 1: are moving in the right direction now, folks. A great
Speaker 1: place you can buy bitcoin and other cryptocurrencies is on Uphold.
Speaker 1: Uphold is a platform I've been using since twenty eighteen.
Speaker 1: They recently re added staking rewards for nineteen cryptocurrencies. They
Speaker 1: have three hundred plus cryptocurrencies on their platform and Folks,
Speaker 1: they are easy to use. They are safe and reliable.
Speaker 1: They don't commingle or lend out your crypto funds. They
Speaker 1: are one hundred percent reserved and they have a transparency
Speaker 1: report that you can review now. They offer a great
Speaker 1: reward program on stable coins where you can earn up
Speaker 1: to five point two five percent. Part of this reward
Speaker 1: program is you get twenty four hour early access to
Speaker 1: new tokens that they list, and in order to participate,
Speaker 1: you just simply have to log into the app once
Speaker 1: per month, deposit fifty dollars once per month, and trade
Speaker 1: fifty dollars once per month. And the stable coins they
Speaker 1: support include Circles USDC, Ripples, r l usd Paypals, p
Speaker 1: Yus that you can earn up to five percent of
Speaker 1: those and up to five point twenty five percent on USBC.
Speaker 1: So this is a great program, upholds a great platform.
Speaker 1: So if you'd like to learn more, visit the link
Speaker 1: in the description. Now, folks, look at this news. Black
Speaker 1: Rocks Securitize issued Biddle paid a record four point one
Speaker 1: seven million dollars in March dividends. That's pretty incredible. If
Speaker 1: you recall, Blackrock tokenize a money market fund on the
Speaker 1: Ethereum blockchain. They named it Biddle, and it's mostly for
Speaker 1: it's essentially for credited investors. But the amount of dividends
Speaker 1: they're paying out is pretty lucrative. I'm going to have
Speaker 1: to look at possibly investing in this. I have to
Speaker 1: do more research, but I like this, and you know
Speaker 1: Blackrock is backing this. And if you guys recall just
Speaker 1: I think it was last week they expanded to Solana.
Speaker 1: So the on chain money market has dished out some
Speaker 1: twenty five point four million dollars in investor returns within
Speaker 1: a year, according to a Friday disclosure from the broker dealer.
Speaker 1: Here's the quote. Biddle's market leading AUM assets under management
Speaker 1: reflects the growing demand for institutional grade yield on chain
Speaker 1: while also showcasing the many benefits of tokenization. Michael Sonnenschein's
Speaker 1: Securitize COO and former Gray Skille CEO told The Block
Speaker 1: He says, unlike traditional money market funds, which typically pay
Speaker 1: dividends monthly, delivers daily payouts, providing investors with a return
Speaker 1: on capital that they can immediately deploy. It's a clear
Speaker 1: example of how tokenization is not just making traditional financial
Speaker 1: products more accessible, but fundamentally better. The daily payout is
Speaker 1: incredible and this is why they're looking to put all
Speaker 1: of these assets on the blockchain, guys, because you have
Speaker 1: instant settlement transparency, the ability to track this in real time.
Speaker 1: It can be used around the globe, nor more having
Speaker 1: to wait days or weeks for settlement. It settles instantly.
Speaker 1: This is the future, guys, and they're going to put
Speaker 1: stocks and everything on the blockchain. Pretty incredible stuff. Yeah,
Speaker 1: we have some interesting updates around ethereum Etherorem developers aim
Speaker 1: for May seventh main net deployment of the Pectra upgrade.
Speaker 1: So this could help Etherorem, I think perform a bit better.
Speaker 1: It's been lagging in this bullmarket. I think even staking
Speaker 1: being added to the Ethereum's body test will help Ethereum
Speaker 1: perform a bit better. So this was slightly delayed from
Speaker 1: the prior estimated date in April as far as the
Speaker 1: upgrade time, but the latest decision to finalize the May
Speaker 1: date was majoring a core developer's call on Thursday following
Speaker 1: a successful test of the Hoodi test net. The call
Speaker 1: brought together key contributors to discuss the progress in scheduling
Speaker 1: of the Petrol hardfork, the most significant update to the
Speaker 1: Ethereum network regarding software changes. The upgrade includes eleven modifications
Speaker 1: via etherorem improvement proposals, which strive to improve the network's
Speaker 1: usabilities staking capabilities. So this is a big update and
Speaker 1: and that's why I'm highlighting it because I think this
Speaker 1: could have a strong narrative and could impact the price
Speaker 1: and as mentioned in addition to staking being added to
Speaker 1: the etherory METF. But ETH hasn't had its day in
Speaker 1: this bull market. So let's say, come May. The market
Speaker 1: is bouncing because you know, right now we are maybe
Speaker 1: at the tail end of some of the tariff announcements
Speaker 1: and they're gonna be wrong. I think we have the
Speaker 1: bottom out and then we'll bounce because markets don't go
Speaker 1: down forever. I believe the FED is going to launch
Speaker 1: QE and cut rates, and I believe that's going to
Speaker 1: send the markets going higher again, and ETH could start
Speaker 1: to see some performance here, especially with things like this,
Speaker 1: which could be major catalysts. Now on the Salana front,
Speaker 1: not so good. Solana whales begin offloading soul amid a
Speaker 1: two hundred million dollars staking unlock. So this is pretty wild.
Speaker 1: Solana whales have offloaded their tokens to cash in on
Speaker 1: gains from a staking play that began four years ago.
Speaker 1: In April, only twenty one to four whale addresses staked
Speaker 1: one point seventy nine million Solana tokens, then worth about
Speaker 1: thirty seven point seven million dollars. The steak was unlocked
Speaker 1: on April fourth, in what Arkham Intelligence called the largest
Speaker 1: single day unlock of staked soul. The firm noted that
Speaker 1: the next similar unlocked is not expected until twenty twenty eight.
Speaker 1: At the time of the unlocked, the tokens were valued
Speaker 1: at roughly two hundred and six million dollars, representing a
Speaker 1: four hundred and forty six percent gain from the initial
Speaker 1: staking period, not about a return there huh, But they're dumping,
Speaker 1: so it is what it is. We'll see how this
Speaker 1: affects the remainder of the bull market as prices start
Speaker 1: to run. Maybe Solana loses some steam here and a
Speaker 1: lot of the liquidity starts going to like eth and
Speaker 1: so forth. We'll have to wait and see. I'm just
Speaker 1: speculating at this point, but a lot of coins being
Speaker 1: put out here, but we'll see that at least the
Speaker 1: next unlock is not till three years from now. Now.
Speaker 1: Final news item here, Circle and Binance have formed a partnership.
Speaker 1: Usd C is now the default currency for new Binance
Speaker 1: Pay users. Jeremy Alaire, founder and CEO of Circle, says,
Speaker 1: a big move by Binance, who has quietly built one
Speaker 1: of the largest financial super apps in the world with
Speaker 1: over two hundred and fifty million users, and has now
Speaker 1: made USDC the fiat currency for Binance Pay. They're peer
Speaker 1: to peer and merchant payment solution with over forty million
Speaker 1: monthly active users. So big partnership here. Shout out to
Speaker 1: the folks at Circle, and I think they're making a
Speaker 1: lot of moves because they want to IPO. Now there
Speaker 1: are reports coming out that they may be pushing back
Speaker 1: the IPO because of all the economic uncertainty we're dealing with.
Speaker 1: You know, one of the things I mentioned the other day,
Speaker 1: way a hell would circle one to IPO in a
Speaker 1: bear market, and I believe that we were still in
Speaker 1: a bullmark. I still believe we're in a bull market.
Speaker 1: I know somebody're gonna think I'm crazy, but I'm looking
Speaker 1: at the charts and I don't see the major invalidation. Now,
Speaker 1: things could escalate further, and that's what we don't know, right.
Speaker 1: Are we near the bottom or things could get even
Speaker 1: worse that could take us out of the bullmarket. Absolutely,
Speaker 1: I'm open minded. I'm not trying to be some sort
Speaker 1: of permeable here, and I look at the data. But
Speaker 1: based on the data, based on whale activity and some
Speaker 1: of the key support levels that bitcoin still holds, I
Speaker 1: think we're still in a bull market. I think sentiment wise,
Speaker 1: And you're going to see a lot of comments saying
Speaker 1: I'm crazy, right, because people are going to get emotional.
Speaker 2: How can we be in a bull market?
Speaker 1: Look at what's happening, But they can't point you in
Speaker 1: the charts, They can't point you to the on chain
Speaker 1: data and the different metrics that have flagged the top
Speaker 1: in the past. They just operate by emotions. But that's
Speaker 1: not what I'm doing here. But I do believe in
Speaker 1: bull markets you have these severe pullbacks and crashes and
Speaker 1: so forth. I've been here since twenty sixteen, so I've
Speaker 1: seen them, and you kind of have to pump the
Speaker 1: brakes if you're looking to do anything major in a
Speaker 1: major announcement, and wait until we find the bottom and
Speaker 1: we start balancing and showing some strength to move to
Speaker 1: higher highs. But it's going to be a process. Hopefully
Speaker 1: we see some sort of v shape recovery soon, and
Speaker 1: I think some of these companies that were looking to
Speaker 1: do IPOs they probably have to push it to the
Speaker 1: latter half of the year, as you know, the market
Speaker 1: and people get more confident again, and guys, you know,
Speaker 1: to come out of this, I honestly think it's gonna
Speaker 1: have to be quantitative easy. There's gonna have to be
Speaker 1: some sort of stimulus or bailouts for some industries if
Speaker 1: these tariffs are to stay in place. So we shall see.
Speaker 1: But just want to let you guys know, right I
Speaker 1: want to be fair and transparent with you guys that
Speaker 1: this is what I'm thinking, this is what I'm seeing,
Speaker 1: is what I'm hearing, and Circle looks like they're going
Speaker 1: to push back their IPO. So guys, let me know
Speaker 1: what you think. Leave your thoughts and comments below hit
Speaker 1: the thumbs up button. A great way you can support
Speaker 1: the podcast is by subscribing to my free email newsletter.
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Speaker 1: Check out my book on Amazon it's available in paperback digital,
Speaker 1: and my new course at Mycrypto course dot com. This
Speaker 1: is a comprehensive course that helps you to learn about
Speaker 1: every aspect of crypto. Knowledge is power, so check it
Speaker 1: out at mycryptocurse dot com. Guys, thank you for watching
Speaker 1: and listening. I appreciate you all and I'll talk to
Speaker 1: you all later