Speaker 1: Hey, everybody, Welcome into the Thinking Crypto Podcasts, your home
Speaker 1: for cryptocurrency news and interviews. I'm your host, Tony Edward.
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Speaker 1: We've got some huge news from the SEC today. They
Speaker 1: issued a statement highlighting that certain liquid steaking tokens and
Speaker 1: activities are not securities. So we continue to get additional
Speaker 1: clarity from the SEC and this could bode very well
Speaker 1: for the staking approval and the Etherorem's botdytfs as well
Speaker 1: as the old coin ETF approvals because you're getting, you know,
Speaker 1: the activities around these tokens, you're getting clarity around them.
Speaker 1: So the SEC put out a full write up on
Speaker 1: their website and they said liquid steak and refers to
Speaker 1: the process of steaking crypto assets through a software protocol
Speaker 1: or service provider and receiving a liquid steaking receipt token
Speaker 1: to evidence the stakers ownership for these staked crypto assets
Speaker 1: and any rewards that accrue to them. The statement clarifies
Speaker 1: the Division's view that, depending on the facts and circumstances,
Speaker 1: the liquid staking activities covered in this statement do not
Speaker 1: involve the offer and sale of securities within the meaning
Speaker 1: of the Section two A one of the Securities Act
Speaker 1: of nineteen thirty three or the Section three A ten
Speaker 1: of the Securities Act of nineteen thirty four. So really
Speaker 1: great stuff here, folks. We sold Last week, Chair Paul
Speaker 1: Atkins announced Project Crypto, where they would be providing guidance.
Speaker 1: So it seems like we're about to get a lot
Speaker 1: of guidance from the sec back to back, and one
Speaker 1: of the things the market is waiting for is approval
Speaker 1: of staking and ETHEREOMYTFS, and I've been on record saying
Speaker 1: that's going to bring a lot of inflows into ETH
Speaker 1: because Wall Street is always looking for yield and Ethereum
Speaker 1: has the natural staking built into its protocol, So that
Speaker 1: would be really huge for the Etherum's BODYTF in a
Speaker 1: to a Salona SPOTTYTF because that's also proof of steak,
Speaker 1: so any proof of steak blockchain will benefit significantly. So
Speaker 1: this is really great clarity. Nature Raci, who's an ETF expert.
Speaker 1: I interviewed him today actually and I'll be publishing that
Speaker 1: interview tomorrow, so you don't want to miss it. We
Speaker 1: talk about when he thinks Blackrock will file for the
Speaker 1: XRP and Salona SPOTTF and much more. You don't want
Speaker 1: to miss that, so make sure you got the notification
Speaker 1: bell enabled. So he said, SEC says certain liquid steaking
Speaker 1: tokens are not securities. He says, I think last hurdle
Speaker 1: in order for the SEC to approve staking in the
Speaker 1: spot ether ETFs the reason liquid staking tokens will be
Speaker 1: used to help manage liquidity within spot ETFs, something that
Speaker 1: was a concern for the SEC. So, folks, we could
Speaker 1: see the approval of staking in spot ether ETFs this
Speaker 1: month and they could align with the rally. I've been
Speaker 1: telling you guys that I believe the charts are showing
Speaker 1: us that we are headed to the over soul zone.
Speaker 1: We're going to build support levels and bounce from there,
Speaker 1: and I think we're going to see new highs for Bitcoin, Eve,
Speaker 1: x RP and all the all coins. So this could
Speaker 1: be a narrative, a huge one, right, and we could
Speaker 1: see it happen, folks. In addition to other clarity we
Speaker 1: may get from the SEC once again after Paul Atkins
Speaker 1: speech last week talking about the launch of Project Crypto. So, folks,
Speaker 1: great move from the SEC here, really awesome that we're
Speaker 1: seeing this update and we want to see more. I'm
Speaker 1: hoping we see more of this week, next week, and
Speaker 1: later this month as well. So this is really big now.
Speaker 1: Eleanor Turrett gave some additional details regarding this for the
Speaker 1: SEC putting out this guidance. She said it follows a
Speaker 1: letter last week from the industry players like gto Labs,
Speaker 1: bit Wise, multi Coin, cab, Vanak, and Solana Institute urging
Speaker 1: the agency to permit the use of liquid staking tokens
Speaker 1: and propose Solana exchange traded products. So this has implications
Speaker 1: once again for multiple proof of steak blockchains. So incredible stuff.
Speaker 1: And like I said, man, when these staking gets added
Speaker 1: to the Etherorem's body taps, the inflows are going to surge.
Speaker 1: We're going to see a lot of money come in
Speaker 1: to ETH. Many of you know I'm an ETH holder,
Speaker 1: and I believe that the market needs to see ETH
Speaker 1: rally because a lot of all coins are built on Etherorem,
Speaker 1: so we need liquidy to hit that ecosystem and it
Speaker 1: will really help a lot of all coins in the market. Now, folks,
Speaker 1: an update here from Franklin Templeton, which is a Wall
Speaker 1: Street giant building with crypto. They've launched their own ETFs.
Speaker 1: They're doing tokenization and much more. They've got trillions of
Speaker 1: dollars of assets under management. Well, today they said that
Speaker 1: Franklin Templeton is pleased to share that the Benji token,
Speaker 1: that's their tokenized money market fund token, represents shares of
Speaker 1: the Franklin on chain US Government money Fund is now
Speaker 1: being used as base collateral in structured yield strategies developed
Speaker 1: by bounce Bits. This marks one of the first implementations
Speaker 1: of a regulated fund operating with on chain financial infrastructure
Speaker 1: bb Prime. Ounce biz platform will serve as a bridge
Speaker 1: connecting institutional fixed income with automated crypto execution. The platform
Speaker 1: supports regulated custody, smart contract based capital allocation, and automated
Speaker 1: execution of strategies. Folks, look at the financialization of these
Speaker 1: tokenized assets that are happening, and if you look at
Speaker 1: where Franklin Templeton is tokenizing this one, it's on multiple blockchains,
Speaker 1: etherorem Solana, Stellar, Lumens, and much more so. They're using
Speaker 1: the blockchains that you have, many of you hold the
Speaker 1: tokens for so we've often talked about Metcal's law and
Speaker 1: reads law and the network effects. The more builders on
Speaker 1: a blockchain or a network, the more valuable becomes, the
Speaker 1: more valuable it's native token becomes. So all of this
Speaker 1: is very good for the markets. And the more building,
Speaker 1: the more participants, the more transactions, the more fees. All
Speaker 1: of that will drive higher prices. So incredible, incredible news here, folks.
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Speaker 1: look at this. It's so fascinating. It seems very simple.
Speaker 1: But go to white House dot gov slash crypto. How
Speaker 1: things have changed. There is a page on the White
Speaker 1: House's website specific to crypto. That's amazing. It's kind of surreal.
Speaker 1: You almost have to pinch yourself like it's just real
Speaker 1: and it's just amazing, amazing how things have changed. I
Speaker 1: once again, very simple, but it's a page dedicated to
Speaker 1: highlighting the recent report from the White House Digital Asset
Speaker 1: Working Group and just awesome stuff here, guys, amazing amazing stuff.
Speaker 1: How things have changed. All right? Moving ahead now, coinbase,
Speaker 1: their ethereum layer two called Base, had an outage. That's
Speaker 1: not good, so Basse blames the faulty sequencer for thirty
Speaker 1: three minute outage. Fixes made. Now we're still early where
Speaker 1: you're going to have some bugs, and you know, I've
Speaker 1: often said that version one point zero of anything, it's
Speaker 1: going to have bugs. It's not going to be perfect,
Speaker 1: and further iteration is needed. So it wasn't a large outage,
Speaker 1: but obviously Base, the folks at cointas they don't want
Speaker 1: to have this happening over and over, especially as they
Speaker 1: have institutions now building on Base along with retails. So
Speaker 1: let me give you some details. Coinbas is ethereum layer
Speaker 1: two blockchain Base stopped producing blocks for thirty three minutes
Speaker 1: on Tuesday after switching to a backup sequencer that wasn't
Speaker 1: set properly to process transactions. The incident began at six
Speaker 1: seven am UTC when the active sequencers started falling behind
Speaker 1: on block production, prompting Conductor Basis system for managing sequencer
Speaker 1: availability and reliability to switch sequencers. However, its switched to
Speaker 1: an unhealthy Mainenet sequencer that was still being set up
Speaker 1: and thus wasn't able to produce blocks. Base bills x
Speaker 1: accounts set in a post on Tuesday. So it seems
Speaker 1: like something simple here, not too crazy. But you know,
Speaker 1: if you're a coinbase and you got JP Morgan tokenizing
Speaker 1: on Base, and you've got retail doing a lot of stuff,
Speaker 1: this is something you can have happen. But look, there's
Speaker 1: going to be issues like this for many blockchains or
Speaker 1: we've seen it across the board. But they got to
Speaker 1: resolve this and make sure they can handle more transactions
Speaker 1: and much more. But I have confidence in Base, and
Speaker 1: look the article here highlights that Base is still highly centralized,
Speaker 1: so they have to be a bit more decentralized as well.
Speaker 1: But again all the work in progress now. Coinbase also
Speaker 1: launched embedded Wallets tool as self custody DeFi gained MOMENTU
Speaker 1: so Coinbase and their team continue to innovate and build
Speaker 1: some great products. So Coinbased Crypto Exchange is launching a
Speaker 1: developer tool aimed at simplifying wallet onboarding and boosting technical
Speaker 1: capabilities as self custody gains momentum in the United States
Speaker 1: following the passage of procrypto legislation earlier this month. Offer
Speaker 1: through the coinbased Developer Platform CDP, the Embedded Wallets tool
Speaker 1: gives developers access to the same infrastructure that will power
Speaker 1: coinbases forthcoming decentralized exchange, the company disclosed Tuesday. The toolkit
Speaker 1: offers native rewards in USDC. The stable coin issued by
Speaker 1: Circle users can earn up to four point one percent
Speaker 1: APY on USDC balances held within the wallets without requiring staking.
Speaker 1: According to the Coinbased Developer Platform, this APY can either
Speaker 1: be retained by developers or passed on to the users.
Speaker 1: The new developer tool is being targeted at developers across
Speaker 1: decentralized finance, gaming, payments, and web three social media sectors.
Speaker 1: It arrives as coinbase has rebranded its own wallet into
Speaker 1: an everything app now called the Base App after its
Speaker 1: Layer two network. So this is great innovation. I love it.
Speaker 1: I love that coinbas is launching a decentralized exchange. This
Speaker 1: is the way, as the Mandalorian would say, right, this
Speaker 1: is the way, and I love that they're doing this
Speaker 1: aspect and enabling DeFi and much more so, very very
Speaker 1: great stuff here. Now look at this. Brazil's Lower House
Speaker 1: is holding a hearing on creating a national bitcoin reserve. So, folks,
Speaker 1: game theory is playing out. The United States obviously did
Speaker 1: it set up a strategic bitcoin reserve using the bitcoin
Speaker 1: to have in custody, and there are talks of them
Speaker 1: looking to buy bitcoin. I think as things progress, we're
Speaker 1: going to see more countries do this and they're going
Speaker 1: to hold bitcoin like they do gold, because bitcoin is
Speaker 1: digital gold. So this is very bullish. So Brazil's House
Speaker 1: of Representatives will hold a hearing on August twentieth to
Speaker 1: discuss a bill proposing to create of a national bitcoin
Speaker 1: reserve in the country. According to the house website, at
Speaker 1: least six institutions are slated to participate, including the Central
Speaker 1: Bank of Brazil, the Ministry of Finance, a crypto advocacy association,
Speaker 1: and representatives from fintech companies and the banking sector. The bill,
Speaker 1: introduced in November twenty twenty four, seeks to allow up
Speaker 1: to five percent of the country's treasury funds to be
Speaker 1: used to buy bitcoin, which translates to a potential investment
Speaker 1: of roughly fifteen billion dollars assuming the central Bank's total
Speaker 1: reserves of about three hundred billion as of February. Incredible
Speaker 1: stuff here, folks, I mean, this is huge. According to
Speaker 1: the bill, the Cryptocurrency Reserve would protect international reserves against
Speaker 1: exchange rate fluctuations and geopolitical risks, and promote the use
Speaker 1: of blockchain technologies in the public and private sectors. Folks,
Speaker 1: I hope you recognize the paradigm shift that's taking place
Speaker 1: here and that we are still relatively early compared to
Speaker 1: other assets like the gold and precious metals market, real estate,
Speaker 1: and the stock market. Of course, so more to come.
Speaker 1: And that's why I've been saying I'm not only looking
Speaker 1: to take profits in this bull market, but future bull markets,
Speaker 1: and I'll be riding the waves of the bull and
Speaker 1: bear markets, guys. And until you know, this market becomes
Speaker 1: so big you don't have the same level of upside.
Speaker 1: You're still going to be able to make money, you know,
Speaker 1: It's just like the stock market. You can make money,
Speaker 1: But as Paul trus Jones said, nothing moves like crypto
Speaker 1: and bitcoin. This is the fastest horse in the asset
Speaker 1: race right now. Now, speaking of bitcoin, Michigan Pension Fund
Speaker 1: deepens bitcoin exposure with an eleven million dollars stake in
Speaker 1: ARC ETF. So we saw multiple states their pensions started
Speaker 1: investing in bitcoin ETFs and they're going the way of
Speaker 1: arcs right here, so to increase their exposure, specifically in
Speaker 1: RC twenty one shares exchange traded fund. By the end
Speaker 1: of the second quarter, the State of Michigan Retirement System
Speaker 1: owned three hundred thousand ARC shares worth ten er point
Speaker 1: seventy three seven million dollars, according to regulatory filings with
Speaker 1: the SEC. This marks a notable increase from one hundred
Speaker 1: and ten thousand shares it held in the previous year.
Speaker 1: So you got pensions countries looking to buy and they're
Speaker 1: ramping up. They're buying more and more. And you know,
Speaker 1: as I just mentioned, Paul Trooger Jones said, nothing moves
Speaker 1: like this acid claus So it makes sense that they're
Speaker 1: diversifying and they're going to ETF route. So it's safe
Speaker 1: for them. You know, that's all regulated. And of course
Speaker 1: they're talking about the SPOTYTF. So incredible stuff, guys, and
Speaker 1: this is why you've been seeing the inflows increase, you know,
Speaker 1: for all the ETFs in general combined, but also you
Speaker 1: know you look at Black Rocks and the record number
Speaker 1: of inflows it's been having. July was a huge month
Speaker 1: for Bitcoin and etherorem SPOTYTF. So guys, things are moving ahead.
Speaker 1: I hope you are still bullish and you have not
Speaker 1: turned bearish because the price is experiencing a pullback right
Speaker 1: now as we've been talking about. As I highlighted in
Speaker 1: today's stream live stream, we are going to find a
Speaker 1: bottom soon. I believe there's going to be a rally
Speaker 1: this month. Guys. It's not guaranteed, but I believe there's
Speaker 1: a high probability of that happening. So, folks, that's the news.
Speaker 1: Let me know what you think. Leave your thoughts and
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Speaker 1: a comprehensive course that teaches you every aspect of crypto.
Speaker 1: So if you want to expand your knowledge here check
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Speaker 1: the links will being a description. Thank you so much
Speaker 1: for watching, listening. I appreciate you all, and I'll talk
Speaker 1: to you all later