Speaker 1: Hey folks, welcome into the Thinking Crypto podcast. You're home
for cryptocurrency news and interviews. Your host Tony Edward on
your way in. Please hit that subscribe button as well
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five star rating. As many of you may have caught
in the previous episode, i am recording in a hotel
in Las Vegas because I'm attending the Money Show where
I'm talking about tokenization, crypto and much more so. Apologies
ahead of time for the audio and video quality. I'm
not in my studio, of course. But let's jump into
the news, all right. So Bitcoin is trading over sixty
six thousand dollars, so we continue to see the rally
extend here, and we're starting to see some all coins
waking up, which is a very good sign. In fact,
XRP has broken out of its sixty six day down
trend and this is breaking a down trend line and
this is a very good sign. Expect x ORP, Solana
Ethan more to start to rally. We will have to
wait and see what's the extent of this rally is
is simply a relief rally that rejects off the two
hundred day moving average because we're still trying to find
the bottom. Even though I believe the bottom of the
bear market is very close, but it could already be
in we just need confirmation, right, So what we're close, guys.
The majority of the day side is over, and of course,
if we get positive news on the Clarity Act, we
will see a very strong rally. The question is can
we break through that two hundred day average and continue
to move higher? Now. I don't expect that move to
happen in one week or a month. It could play
out over months. Now we are getting some good news
on the Clarityact. The odds of it passing has crossed
fifty percent again. It's currently at fifty two per on
poly market. And this is because of renewed talks around
the ethics situation. Yesterday I reported that the White House
agree to certain ethics language to be placed into the
Respect Bill. Here we've got to report that President Donald
Trump is said to have made historic concessions in the
deal to allow an ethics provision in the Crypto Claritiact
that curtails the president's own activities, and the White House
is pushing Democrats to accept it. Will the Democrats accept it,
that's the big question, right. Let's hope they do and
that the ethics language is sufficient. Now we don't have
the details yet. We haven't seen any type of release
on that. And of course the White House is trying
to get these Democrats to get on board, and there
is a lot of bipartisan ethics discussions under way, so
axios confirm that this is happening. Senator Tom Tillis is
spearheading the negotiations on the GLP side. So it's great
that the dialogue and discussions are happening. Let's hope they're
fruitful and it leads to a great compromise and we
can get this bill out of the Senate where it
would have to go to the House to be voted,
and then it will pass or it will go to
President Trump for our signatures. Of course, time is not
on our side, as the members of Congress go on
recess on August seventh. This is for the August recess,
and we are in an election year, a midterm election year,
so nothing's going to happen. Come Q late Q three
into Q four. Eleanor Terry reported that Senator Angela also Brooks,
who's a Democrat, told her that the White House idea
to have the Department of Justice enforce the Clariac's ethics
provision is an unserious offer and says she would not
support the bill if that is the only enforcement option.
So stanch Sis saying that the DOJ is going to
do the bidding a President Trump, and this is not sufficient.
So we'll see again. The good thing is that negotiations
are happening, the dialogue is happening. Senator Bernie Moreno, who
has been working with Senator Cynthia Lummis to secure an
ethics agreement with the White House, told reporters last night
that the current proposal would put the DOJ, rather than
the State Attorney's General, in charge of an enforcement Here's
a quote from Senator also Brooks. But we'll keep working
from the floor to reach an agreement that is us
all accountable. Also Brookes is one of the two Democratic
senators who voted to advance the Clarity Act out of
the Senate Banking Committee in May, and has said her
continued support for the bill. Hinges on strong ethics provisions
being included in the final texts. So again, she's not
anti crypto, and she helped to vote it out of
the Senate Banking Committee, so I think she wants to
see some proper ethics language in here. Obviously, there's a
larger ethics situation we have to address with Congress being
able to trade stocks and other assets. It's not a
crypto specific issue, but I think a lot of this
may be addressing meme coins and some of the other
things happening. But again, this is all great. This is
a sausage making process and it needs to happen in
order us to get this bill done. So let's hope
they're able to come to an agreement and get this
done folks. Now, US Treasury Secretary Scott Bessant says that
the Clarity Act is at the one yard line. This
is being reported by Bloomberg, so we're very close, and
it's great to hear that progress is being made and
we're seeing, you know, based on the feedback and the
dialogue we're seeing happening now. Yesterday I reported to you
guys that Russia is looking to pass crypto legislation, and
in fact, they have passed it. So we got reports
here that Russia has passed the law that regulates the
circulation of digital currencies and digital rights in Russia for
the first time, the TASS reports. So this is kind
of good that it's happening now because it will put
more pressure and onus on Congress or the Senate to
get this done because other countries are moving forward. So
this is very good and moving ahead cryptolobby group, the
Digital Chamber sues the state of Illinois to block the
Digital Asset Tax Many. We may recall this was a
proposal by the governor. I mentioned that the government was
very close to Elizabeth Warren, so he didn't wake up
and you know, was like, oh yeah, let me do this.
Elizabeth Warren is seeding the ideas here and it's of
course draconian and nonsense. It's other bs. So I'm really
happy to see that the Digital Chamber is suing these
guys that if any other states who are friends or
cronies the officials or cronies of Elizabeth Warren, they better
not do this or they're gonna get sued. Digital Chamber
alleged that the Illinois Digital Asset Tax Act violated both
the US and state constitutions and is pre empted by
a federal tax law. The lawsuit filed Tuesday, asks a
federal judge to block the Illinois state government from enforcing
the tax violates the Illinois State Constitution's uniformity and due
process clauses, the Commerce Clause of the US Constitution, and
the Internet Tax Freedom Act by specifying digital asset transactions.
The suit said, so again, this bill is utter bs,
but great to see the Digital Chamber and many of
you know I've had Cody Carbone of the Digital Chamber
on hundreds of times over the years, so they're doing
some great work here. This is really really great. And
of course crypto is a global asset class, so we're
seeing legislation and guidance being put forth across the OBEs.
So Pakistan sets up crypto enforcement with dedicated federal unit.
So the infrastructure being set up here to regulate the market,
not ban it, regulate it to let it thrive and grow.
So Pakistan's Federal Investment Agency established a dedicated investigative unit
to probe cases involving cybercrime and financial fraud. Link to
cryptocurrency first reported by Dawn News on Tuesday, the Crypto
Investigation Unit will probe digital asset use in crimes, while
Pakistan's Virtual Assets Regulatory Authority will continue being responsible for
digital asset regulation. So guys, this is straightforward, right. You
have the section of the government that gives out the
licenses and works with the companies and all these things,
but you also need the regulatory side and fight bad
actors who are going to use it to chnology for crime.
Just like every other acid in technology, right, bad actors
are going to do their thing. Humans are going to
be human, So we've got to make sure that we're
protecting consumers and allowing innovation to foster. So that's the balance.
And this is really really great, and we're seeing again
the global movement towards regulating crypto acids. Now some not
so good news movement labs for Chapter eleven bankruptcy after
months of move token turmoil. I remember reporting on this
months ago, So it looks like this blockchain is in trouble.
But this is what we've talked about for years, guys.
This is why you want to be diversified. And I've
often stated not every blockchain is going to be a winner,
just like not every company and stock that you hold
is going to be a winner, right, But you want
to make sure you do your research, and we are
seeing some not so good things here. So the blockchain
developer will continue operating under court supervision as it restructures
following a market making scandal, a co founder suspension, and
exchange the listings that rock the project. So I think
this may be a dead project right now. I was
not a holder of the move token. It did seem
very promising, but again, it's not possible to invest in everything.
I don't know if any of you watching or listening
were you know, had exposures to move token. But this
is certainly not good news. So we'll have to wait
and see how it plays out. But again a reminder
be diversified, continue to do your research. Sometimes you may
have to exit a project because there are warning signs
or things that may be coming up that you know
will not work out well. And the same principle applies
to your other investments such as stocks and much more. Now,
Galaxy sets up a five million dollar fund to help
shield bitcoin against quantum computing threats. So every blockchain is
doing this right. Quantum is certainly going to be a threat.
Is it an immediate threat that's happening right now, No,
but in the years to come, it will be as
the technology becomes more sophisticated and they can potentially now
I say potentially the cryptography of certain blockchains, so Bitcoin's
not excluded from that, and every blockchain has to make
sure to have some sort of strategy here. So it's
great to see the investment that's happening and many firms
backing the readiness initiatives to prevent any type of quantum situation.
So the Crypto Financial Services Companies said it will begin
accepting applications for the Galaxy Bitcoin Quantum Readiness Initiative immediately,
with grants focusing on developing quantum resistant signature schemes, while
ITT migration tools and security audits. The company said it
helps other firms will contribute funding and research to accelerate
the transition to quantum resistant cryptography. This is really great,
this is what you want to see. Obviously, will take
some funds like this, and I think the entire crypto
industry will probably have to set up a massive fund
is everybody's in the same boat. They're all going to
be under the attack or threat of quantum, So really
great to see the folks at Galaxy doing this. I
actually interviewed one of the folks from Galaxy at the
Injective Policy summit that I was at last week. He
heads up crypto lendings so that any interview should be
published over the next week or so. So they're doing
a lot, working with different institutions and much more. Now, folks,
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Speaker 1: All right, moving ahead, the UK part begins inquiring into
banking choke point for crypto businesses. So apparently the UK
had their own version of Operation choke point two point
zero which we had here under against there and Elizabeth
Warren's reign on the financial services side of things, we
know there was a big attack against crypto under the
Biden immoration d banking and much more. So, it looks
like the UK is trying to clean that up in
their own way. So let me give you some details.
UK politicians want to know the extent to which the
country's banks have choked off cryptocurrency firms by refusing them
bank accounts and introducing restrictions on crypto related payments in
a cross party inquiry kicked off on Tuesday. The Digital
Assets All Party Parliament Group is chaired by ed Visi
from Saying That right, a former Minister for the Digital
Economy and a member of the House of Lords and
Grinder Singh Jo San, a Labor MP. According to the
press release, so this is really great, right. In order
to get crypto to grow and an innovation to happen,
you've got to make sure you tie up all loose ends.
So whether it was the banking or d banking that
was happening, you got to get that all cleared up.
I think that's pretty much been cleared up here in
the United States, but you know, in other regions and countries,
it looks like they're starting to do their own version
of what we did here in the United States. Moving ahead,
AUGUSTUS raises one hundred and eighty million dollars to build
a clearing bank for the AI and stable coin era.
We've talked a lot about this, folks. I've had guests
on via interviews to talk about the building of the
infrastructure to have stable coin payments been used by AI agents.
The agentic economy is going to be huge. Many of
you will have AI agents doing things for you, booking
your travel, managing your finances, buying your groceries. We're going
to have a lot, it's coming right, it's inevitable. But
they're not going to be using zel and they're not
going to be using cash obviously, so coins are going
to be leveraged for instant settlements. So many companies are
looking to build the infrastructure and the competition is heating up.
So Augustus is startup building a federally chartered clearing bank
for FinTechs and financial institutions. Said it raised one hundred
and eighty million dollars to expand its dollar payment infrastructure
as stable coins reshape global finance. The fundraising value the
company at one billion dollars. Wow. The investment comes as banks, FinTechs,
and crypto firms are racing to modernize the infrastructure behind
cross border payments. While much of the attention has centered
on stable coin issueries, Augustus is targeting a less visible
but crucial part of the financial system, correspondent banking. Here's
the quote. We think distribution breaks at the clearing bank layers.
CEO Ferdinand Debitz toll Coindesk in an interview. Legacy clearing
systems are slow, unavailable, take two days to settle and
close on the weekends, he argued. And he says they're
bill building an AI native clearing bank designed around stable coins,
programmable money and always on settlement. Incredible, folks, And I
think that statement summarizes a lot of the benefits of
crypto instant settlement, transparency, traceability. You know, it increases trust
because it eliminates a lot of middleman You have the
consensus of the blockchain network and much more so. Really
great stuff here. Final news item. Canton network developer Digital
Asset raises ten million dollars at same two billion dollar
equity valuation. Many of you may recall my interview with
Uvaal Ruse, who is the CEO of Digital Asset, and
again they are the developers around the Canton Network. I'm
bullish on this project. I told you about it early.
I hold the token. And you may have caught my
interview from a couple of days ago with Mark Wenlan,
who heads up the digital asset treasury company Canton Strategic Holdings.
They obviously hold Canton Network on their balance sheet, so
make sure you check out that interview. We talked a
lot about Cant but Canton developer Digital Asset continues to
raise a lot of funds here. Their most recent funding
round was three hundred and sixty five million dollars. And remember, folks,
the creator is the backing of all. This is major
institutions like Goldman, Sachs, Citadel and much more so. This
is a Wall Street blockchain built for institutions, and it
has privacy built in. And then the three hundred and
fifty five million dollars raised last month, it was led
by Andries and Howariz so A sixteen Z Cryptos. I'll
let you know that I often talked about watch what
A sixteen Z's doing. There's a lot of liquidity coming here,
so great to see they're raising the capital, people are
believing in the project, They're doing a lot of development,
and I think honestly, Canton could be a winner. Now
is that guaranteed? Of course, not right, but I think
based on what I'm seeing. It's why I'm putting my
bet on Canton in addition to other assets, and let's
see hopefully it does well in the next bull market
because I think obviously will be a huge narrative. All right, folks,
that's the news. Let me know what you think. Leave
your thoughts and comments below, hit the thumbs up button
subscribe if you happen as yet, be sure to subscribe
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check out my course at Mycrypto course dot com. This
is a comprehensive course that teaches you everything you need
to know about crypto and blockchain technology. Folks, so much
for tuning in. I appreciate you all, and I'll talk
to you all later.