WEBVTT

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<v Speaker 1>Reports are coming in from Bloomberg that Kamala Harris is

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<v Speaker 1>ready to support crypto by backing important regulations and policies.

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<v Speaker 1>This is a big update and it comes as data

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<v Speaker 1>is showing that forty eight percent of election spending has

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<v Speaker 1>come from crypto companies such as Coinbase and Ripple. And

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<v Speaker 1>we also have big news around the etherorem etf crossing

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<v Speaker 1>a significant milestone with over two billion dollars of inflows.

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<v Speaker 1>This is big. We're going to break it all down.

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<v Speaker 1>Let's get into it. Hey, everybody, welcome into The Thinking

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<v Speaker 1>Crypto Podcasts, your home for cryptocurrency news and interviews. I'm

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<v Speaker 1>your host, Tony Edward. On your way in. Please sit

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<v Speaker 1>that subscribe button as well as a thumbs up button

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<v Speaker 1>and leave a common below. If you're listening on a

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<v Speaker 1>podcast platform such as Spotify or Apple, please leave a

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<v Speaker 1>five star rating and review. So, folks, the big news

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<v Speaker 1>of the day being reported by Bloomberg is that Kamala

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<v Speaker 1>Harris is going to support policies to help digital assets grow.

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<v Speaker 1>This is according to her senior campaign advisor. Now it

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<v Speaker 1>should come as no surprise because we've been seeing anti

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<v Speaker 1>crypto candidates have been losing in the election, there's a

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<v Speaker 1>massive super pack. We're going to talk about the data

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<v Speaker 1>that is spending a significant amount of money to back

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<v Speaker 1>pro crypto candidates and go against anti crypto candidates, those

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<v Speaker 1>who have aligned themselves with Elizabeth Warren. We know many

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<v Speaker 1>Democrats like Congressman Wiley Nickel and Rocanna have been doing

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<v Speaker 1>the grassroots movement of crypto for Harris, trying to get

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<v Speaker 1>Kamala Harris's attention to back crypto and to provide her policy.

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<v Speaker 1>So this sounds really good, but as I've been saying, guys,

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<v Speaker 1>show me, don't tell me. So I'm not one hundred

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<v Speaker 1>percent sold on this, but it's a positive sign and

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<v Speaker 1>I need to see action now. This is not some

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<v Speaker 1>endorsement to go vote for Kamala Harris. That's not the

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<v Speaker 1>point of this news. But rather, as I've been saying,

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<v Speaker 1>we want crypto to be bipartisan. We want Democrats to

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<v Speaker 1>support it and Republicans so that we can get the

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<v Speaker 1>full unlock of capital, we can have the clarity and

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<v Speaker 1>legislation that's needed. We want to make it bipartisan. It

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<v Speaker 1>should not be an election issue. So Vice President Kamala

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<v Speaker 1>Harris plans to support measures to help the digital asset

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<v Speaker 1>industry grow, said Brian Nelson, the presidential candidate's senior campaign advisor. Nelson,

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<v Speaker 1>who serves as Under Secretary for Terrorism and Financial Intelligence

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<v Speaker 1>at the US Treasury Department, and said Harris would support

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<v Speaker 1>policies that ensure that emerging technologies and that sort of

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<v Speaker 1>industry can continue to grow. In an interview on Wednesday

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<v Speaker 1>with Bloomberg News Roundtable at the Democratic National Convention, he

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<v Speaker 1>also noted the industry has been calling for stable rules.

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<v Speaker 1>Both the US Treasury and Harris spokesperson Kevin Munez have

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<v Speaker 1>yet to respond to requests for comment from the Block

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<v Speaker 1>by press time. So, guys, I like what I'm hearing here.

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<v Speaker 1>This is a positive sign. It's more than we've seen

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<v Speaker 1>from the Harris camp in a since she took over

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<v Speaker 1>as the candidate. But show me, don't tell me. So

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<v Speaker 1>I am optimistic, but I'm waiting to see action. And

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<v Speaker 1>this is not an endorsement once again to have you

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<v Speaker 1>go vote for Kama Harris. That that's not the point.

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<v Speaker 1>And I'm hoping that she does come out with a

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<v Speaker 1>policy that's pro crypto and pro innovation and technology here

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<v Speaker 1>and this could be the work of Chuck Schumer specifically

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<v Speaker 1>because he's obviously the top Democrat on the Senate side.

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<v Speaker 1>He's not in alignment with Elizabeth Warren, and the recent

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<v Speaker 1>statements he made that he wants to get clear regulations

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<v Speaker 1>through by the end of the year is a positive sign.

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<v Speaker 1>So maybe he's talking to Kamala Harris's camp or Kamala

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<v Speaker 1>Harris herself, and we can get something concrete and clear

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<v Speaker 1>from Kamala Harris. But so far it's just been a

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<v Speaker 1>lot of talk, even though this news is positive. So

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<v Speaker 1>Sheila Warren of the Crypto Council for Innovation, which is

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<v Speaker 1>a crypto advocacy group, tweeted out the news earlier today.

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<v Speaker 1>I will be interviewing her tomorrow to talk about this

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<v Speaker 1>and what has been taking place on the Democrat side

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<v Speaker 1>because she was on the Crypto for Harris live stream roundtable.

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<v Speaker 1>I'll try to get you guys some of the inside

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<v Speaker 1>details as to what's happening here. But this is a

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<v Speaker 1>positive development now. Representative Wiley Nickel tweeted out the news too,

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<v Speaker 1>and he's been working hard on this, so again, show me,

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<v Speaker 1>don't tell me. But a good sign. And as mentioned earlier,

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<v Speaker 1>the political spending by the crypto industry is significant. In fact,

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<v Speaker 1>it's being reported that it is forty eight percent of

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<v Speaker 1>all corporate elections spending for this election cycle. If you

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<v Speaker 1>had told me this a year ago, that crypto would

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<v Speaker 1>be a powerhouse of political force, I would not have

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<v Speaker 1>believed you. But the industry finally woke up. They got

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<v Speaker 1>tired of the bullying and the nonsense of Elizabeth Warren

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<v Speaker 1>and Gary Genser. They put a lot of money into

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<v Speaker 1>the fair Shake pack, over two hundred million dollars, and

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<v Speaker 1>that money is going towards endorsing pro crypto candidates and

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<v Speaker 1>in defeating anti crypto candidates. So the companies included in

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<v Speaker 1>this news is Coinbase and Ripple. So Public Citizen is

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<v Speaker 1>the one reporting the details, saying crypto corporations are dominantading

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<v Speaker 1>political spending, pouring over one hundred and nineteen million dollars

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<v Speaker 1>into influencing federal elections in twenty twenty four alone. That's

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<v Speaker 1>almost half of all corporate money spent this election cycle.

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<v Speaker 1>So you mess with crypto, you go against crypto, and

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<v Speaker 1>you will lose, as we saw it on Super Tuesday,

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<v Speaker 1>and we're seeing it in the primaries now. There's also

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<v Speaker 1>the Salt Conference happening in Wyoming. That's Anthony Scaramucci and Skybridge.

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<v Speaker 1>He put together the Salt conference, and of course there

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<v Speaker 1>is a segment on crypto, and Caitlin Long was there

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<v Speaker 1>and Senator Lummis and Senator Tim Scott both Republicans. Here's

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<v Speaker 1>a quote. The DC regulators have been anti innovation. De

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<v Speaker 1>feds rejections of master accounts have been absurd, says Senator

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<v Speaker 1>Lummis with Tim and Scott at the Assault conference in

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<v Speaker 1>Jackson Hole, which is also where the Federal Reserve officials

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<v Speaker 1>are gathering at this very moment. So we're expecting to

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<v Speaker 1>hear from Jerome Powell this Friday on about the ray

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<v Speaker 1>cuts that are coming in September. So this is a

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<v Speaker 1>week and I think this was strategically done here where

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<v Speaker 1>they did this conference in Yo thing as well. So guys,

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<v Speaker 1>interesting time is ahead and fingers crossed that we can

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<v Speaker 1>get clarity because, as I've been saying, it will unlock

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<v Speaker 1>a ton of capital to come into this market. There's

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<v Speaker 1>a lot still on the sidelines, and we saw what

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<v Speaker 1>we're seeing a preview of it through the et apps

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<v Speaker 1>like the Bitcoin and the etherorem et apps. Now, quick

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<v Speaker 1>word from our sponsor and that is bitgo, which is

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<v Speaker 1>one of the top tier crypto custodians in the market.

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<v Speaker 1>bill and bear markets. They work with Pantera Capital, Bitstamp Exchange,

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<v Speaker 1>Bitcoin Ira. Nike uses bitgo for their wallet services and

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<v Speaker 1>some of the services that bitgo offers includes hot wallets,

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<v Speaker 1>custodia wallets, self managed coal wallets, and NFT wallets. So

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<v Speaker 1>if you'd like to learn more about bitgo, go to

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<v Speaker 1>bitgo dot com. Link will be in a description. Now,

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<v Speaker 1>speaking of et aps, guys, black rocks etha because it

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<v Speaker 1>comes the first etherorem etf to cross one billion dollars

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<v Speaker 1>in net inflows. It started with bitcoin breaking records. Now

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<v Speaker 1>the etherorem etf is breaking records. It's amazing. And here

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<v Speaker 1>Nate Jureraci, president of the ETF store said x eth

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<v Speaker 1>over two billion dollars has now come into Spot etherorem

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<v Speaker 1>ETFs since launch in four or approximately four weeks for context.

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<v Speaker 1>If viewed cumulatively, that two billion dollars would equal top

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<v Speaker 1>four ETF launch this year. The top three ETFs are

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<v Speaker 1>all Spot Bitcoin ETFs, IBIT that's black Rock, FBTC and

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<v Speaker 1>ARC invests or arcbu on its own I shares etherorem

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<v Speaker 1>ETF equals top seven ETF launch. So talking about ETFs

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<v Speaker 1>across the board, tradfy going back years, talking about goal

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<v Speaker 1>ETFs and so forth. So there's demand for crypto folks,

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<v Speaker 1>and a lot of institutions and Dowmans pension funds have

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<v Speaker 1>already started investing in these things. It's amazing what is

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<v Speaker 1>taking place. And we're in the first inning. This is

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<v Speaker 1>just the tippitty iceberg folks. More capital is going to

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<v Speaker 1>come in, and when we have clearer regulations, imagine the

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<v Speaker 1>amount of capital is going to flow in. And keep

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<v Speaker 1>in mind that a lot of TRATFI assets are going

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<v Speaker 1>to be tokenized on the blockchain, so the amount of

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<v Speaker 1>capital coming in could be exponential. And that's not hyperbole

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<v Speaker 1>because once again, all of it it's going to go on

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<v Speaker 1>the blockchain in tokenized formats. Now. Chris Dixon of A

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<v Speaker 1>sixteen z crypto or A sixteen z highlighted that today

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<v Speaker 1>they are leading an eighty million dollars Series B financing

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<v Speaker 1>of pip Labs, developer of Story protocol. So we continue

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<v Speaker 1>to see a lot of these hedge funds, VC firms

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<v Speaker 1>investment firms are investing significant capital into different projects, and

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<v Speaker 1>I've often stated, if you're an entrepreneur you have an idea,

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<v Speaker 1>this is your time. Guys, you can get a lot

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<v Speaker 1>of capital. So I'm going to look more into story

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<v Speaker 1>protocol to see and learn more about this project. But

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<v Speaker 1>I wanted to highlight this and I often state, watch

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<v Speaker 1>what the vcs are doing. Because they're putting significant liquidity

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<v Speaker 1>into certain coins, they often do well. There's not a

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<v Speaker 1>one hundred percent correlation here, but it is a factor

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<v Speaker 1>and I've noticed that over the different bull market and

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<v Speaker 1>bear market cycles. So this is something I'm going to

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<v Speaker 1>look into the story protocol. I'll let you guys know

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<v Speaker 1>if I take a position, it doesn't mean I will

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<v Speaker 1>just because a six disea is backing it, but stated

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<v Speaker 1>quite often those tokens do well. Now, Prometheum, remember that firm,

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<v Speaker 1>Gary Ginster's pet project. I had Adam Kaplan the CEO

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<v Speaker 1>on the podcast. Was it earlier this year or late

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<v Speaker 1>last year? I don't recall, but we know Prometheum is

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<v Speaker 1>a bit shady. We know that they call crypto assets

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<v Speaker 1>digital asset securities, which is a term that was coined

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<v Speaker 1>by Gary Genser. Some people don't really trust this firm.

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<v Speaker 1>Well here's some updated news. Controversial crypto firm Promethium to

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<v Speaker 1>treat UNISWAP and Arbitram's tokens as securities. So they did

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<v Speaker 1>it with etherorem Remember they launched the Ethereum custody and

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<v Speaker 1>they said it was a security. You know, they got

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<v Speaker 1>the license, this special broker dealer license which FTX Gary

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<v Speaker 1>Ginser was gonna give FTX And they're throwing UNISWAP and

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<v Speaker 1>Arbitrum in here. This is certainly a move by Gary Ginser,

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<v Speaker 1>I think influenced by Gary Ginser. Here. Matt Wallash, general

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<v Speaker 1>partner at Castle Island Ventures, he weighed in on this,

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<v Speaker 1>saying Prometheum is up to their old tricks, trying to

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<v Speaker 1>tee up the SEC to take action against UNISWAP and

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<v Speaker 1>arbitrump in the same way they did eth in June

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<v Speaker 1>twenty twenty three. Meanwhile, Prometheum is in disarray. For those

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<v Speaker 1>not up to speed on the original plot, referred to

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<v Speaker 1>the thread below on Prometheum background and business partners. By

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<v Speaker 1>now you know that eth is not a security and

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<v Speaker 1>Prometheum has no business model. As Congressman Richie Tarres says

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<v Speaker 1>in his letter to the SEC, this is nothing more

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<v Speaker 1>than a Potemkin platform, so we got to keep an

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<v Speaker 1>eye on this. I don't know what Gary Ginzer and

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<v Speaker 1>Prometheum are cooking up, but could be. Like Matt said,

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<v Speaker 1>they're up to their old tricks. But look, we're on

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<v Speaker 1>the winning side of history. Gary's throwing up roadblocks. He's

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<v Speaker 1>trying to slow us down, but he's not going to

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<v Speaker 1>win and we'll We're already seeing that come to fruition

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<v Speaker 1>right and the SEC taking major losses in court. Now

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<v Speaker 1>we got new some tether Tether plans to launch a

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<v Speaker 1>u AE Durham pegged stable coin. So they're looking to

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<v Speaker 1>build different stable coins based on different fiat currencies. Obviously

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<v Speaker 1>United States dollars the world reserve currency, and everybody wants that,

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<v Speaker 1>but there is a market for like the Euro and

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<v Speaker 1>some of these specific regions that have certain fiat currencies.

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<v Speaker 1>So smart move on Tel's part. All fiat currencies will

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<v Speaker 1>go in the blockchain and stable coin format. We're waiting

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<v Speaker 1>to see what world governments are going to do CBDC wise,

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<v Speaker 1>but this is this is pretty big. The token would

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<v Speaker 1>come in collaboration with Phoenix Group and green Acorn Investments.

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<v Speaker 1>Now there's no guaranteed is going to be successful, but

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<v Speaker 1>I think in the direction the world is moving, we're

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<v Speaker 1>going to see more and more of this, so be prepared.

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<v Speaker 1>You know, if you're listening in different parts of the world,

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<v Speaker 1>there will be stable coins issued for your respective faut currency,

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<v Speaker 1>and I think this may be may be a way

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<v Speaker 1>for world governments to fix some of the debt problems

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<v Speaker 1>we've had historically. But who knows, right, maybe they make

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<v Speaker 1>the problem even worse. But the thing with stable coins

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<v Speaker 1>that you can track them, you can burn them. You

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<v Speaker 1>can do a lot more than you can with the

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<v Speaker 1>current money monetary system, especially with cash. But you know

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<v Speaker 1>it comes with risks as well, the cbdc risks where

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<v Speaker 1>draconian government can program the money to do certain things.

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<v Speaker 1>They don't like what you're saying. They don't want you

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<v Speaker 1>to spend in certain places, and that, of course is

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<v Speaker 1>not good. But at least we have options like bitcoin

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<v Speaker 1>and somebody's the currencies, and we have to keep these

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<v Speaker 1>governments accountable so that they don't take our rights away.

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<v Speaker 1>That is a potential risk, and it's up to us

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<v Speaker 1>to be vigilant and to watch out for these things.

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<v Speaker 1>All right, folks, that's the news. Let me know what

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<v Speaker 1>you think, especially the Kamala Harris news. It sounds promising,

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<v Speaker 1>but as I've been saying at nauseum, show me, don't

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<v Speaker 1>tell me. Leave a comment below, hit the thumbs up button.

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<v Speaker 1>Don't forget to subscribe to my free email newsletter on substack.

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<v Speaker 1>It's one hundred percent free. Also, be sure to grab

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<v Speaker 1>a copy of my book, Rethinking Crypto. It's available on

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<v Speaker 1>Amazon and paperback and digital. Grab a copy to support

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<v Speaker 1>the podcast. Grab a few copies for your friends and

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<v Speaker 1>family who want to learn about crypto. It includes information

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<v Speaker 1>about how to invest in crypto and much more. If

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<v Speaker 1>you already bought a copy, please please please leave a

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<v Speaker 1>rating and review. It would really help me out with

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<v Speaker 1>my rankings. Thank you, guys. I appreciate you all, and

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<v Speaker 1>I'll talk to you all later. Pok pok pot. Take

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<v Speaker 1>the book, Bak